濟能力有限且信用記錄不佳客戶者。
We quickly purchased CORT for Wesco, our 80%-owned subsidiary, paying about
$386 million in cash. You will find more details about CORT’s operations in
Wesco’s 1999 and 2000 annual reports. Both Charlie and I enjoy working with
Paul, and
CORT looks like a good bet to beat our original expectations.
我們很快地透過持有80%股權的子公司Wesco名義以3.86億美元的現金買下CORT，大家可
以在Wesco 1999年及2000年的年報中找到更多有關CORT的訊息，查理跟我都很喜歡與
Paul一起共事，而CORT的表現更超乎我們的預期，我們算是押對寶了。
Early last year, Ron Ferguson of General Re put me in contact with Bob
Berry, whose family had owned U.S. Liability for 49 years. This insurer,
along with two sister companies, is a medium-sized, highly-respected writer
of unusual risks - "excess and surplus lines" in insurance jargon. After Bob
and I got in touch, we agreed
by phone on a half-stock, half-cash deal.
去年初，通用再保的董事長Ron Ferguson幫我聯絡上Bob Berry，其家族49年來一直擁
有美國責任險公司，這家保險公司，加上其他兩家姊妹公司都是屬於中小型、聲譽卓著
的特殊險保險公司，套句保險業界的行話，那是好又多的業務，而Bob在與我接觸之
後，也同意以一半股票，一半現金的方式進行交易。
In recent years, Tom Nerney has managed the operation for the Berry family
and has achieved a rare combination of excellent growth and unusual
profitability. Tom is a powerhouse in other ways as well. In addition to
having four adopted children (two
from Russia), he has an extended family: the Philadelphia Belles, a
young-teen girls basketball team that Tom coaches. The team had a 62-4
record last year and finished second in the AAU national tournament.
近幾年來，都是由Tom Nerney為Berry家族經營這家公司，不論是成長速度或是獲利能
力的表現都相當突出，Tom本身更是精力充沛，不但親自認養四名小孩(其中有兩個來自
俄國)，他本身還擔任教練帶領一支來自費城的青少女籃球隊，這隻球隊去年擁有62勝4
敗的輝煌戰績，並在AAU全國錦標賽中奪得亞軍。
Few property-casualty companies are outstanding businesses. We have far more
than our share, and U.S. Liability adds luster to the collection.
好的產物意外險公司本來就不多，但我們卻擁有不少，這超過我們應得之份，美國責任
險公司的加入，無異為我們更增添輝煌。
Ben Bridge Jeweler was another purchase we made by phone, prior to any
face-to-face meeting between me and the management. Ed Bridge, who with his
cousin, Jon, manages this 65-store West Coast retailer, is a friend of
Barnett Helzberg, from
whom we bought Helzberg Diamonds in 1995. Upon learning that the Bridge
family proposed to sell its company, Barnett gave Berkshire a strong
recommendation. Ed then called and explained his business to me, also
sending some figures, and we made a deal, again half for cash and half for
stock.
Ben Bridge珠寶公司是另外一件靠電話成交的個案，在這之前我們雙方連面對面談話都
沒有，Ed Bridge是Barnett Helzberg的好朋友，1995年我們向Barnett買下賀茲柏格珠
寶，Ed跟他的姪子Jon共同經營這家位於西岸擁有65家分店的珠寶公司，在聽到Bridge
有意出售公司之後，Barnett立刻強烈建議Berkshire買進，於是Ed打電話向我說明公司
營運的狀況，同時送了一些報表資料過來，然後雙方就此成交，這次一樣是一半現金，
一半股票。
Ed and Jon are fourth generation owner-managers of a businesss tarted 89
years ago in Seattle. Both the business and the family - including Herb and
Bob, the fathers of Jon and Ed - enjoy extraordinary reputations. Same-store
sales have increased by
9%, 11%, 13%, 10%, 12%, 21% and 7% over the past seven years, a truly
remarkable record.
早從89年前，該公司在西雅圖創立之後，到現在Ed與Jon已經是第四代了，經營成員還
包括Herb及Bob，他們分別是Jon與Ed的父親，在當地享有盛譽，過去七年來，該公司的
營業額分別成長了9%、11%、13%、10%、12%、21%及7%，這個記錄真是驚人。
It was vital to the family that the company operate in the future as in the
past. No one wanted another jewelry chain to come in and decimate the
organization with ideas about synergy and cost saving (which, though they
would never work, were certain to be tried). I told Ed and Jon that they
would be in charge, and they knew I could be believed: After all, it’s
obvious that your Chairman

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