4. 极具扩张特征的收购行为
原文
The Scott Fetzer At that time， we spent $ 315.2 million to buy a book value of $ 172.6 million， more than the $ 142.6 million premium， we think the real value of this company is about twice the book value.
In M & A transactions completed year， the company posted on excess cash Although Scott Fetzer 1986 profit of $ 40.3 million， but it can pay 125 billion dollars in dividends Berkshire， Another point I must emphasize that ， Scott Fetzer we did not have to use any of the financial leverage， in fact， the liabilities of the company in the beginning of our acquisitions will be quite limited， even after off all the debt （in addition to the financial subsidiary borrowers） ， at the same time we did not the factory to sell and then lease them back， or the sale of accounts receivable and the like move， Scott Fetzer in the past few years we have been fairly conservative financial leverage operating and maintaining a very high flowability.
Scott Fetzer surplus， we can see a steady increase in after we bought， but in the meantime， the net has not been presented， such as the increase in the proportion of， so we bought the company， it has been quite good return on equity， and now they become more excellent， and we can even take it compare with the masterpiece of the Fortune 500， the fact alone meter to Scott Fetzer scale， would have to be included in the five hundred large forest.
——摘自1994年巴菲特写给全体股东的年报
译文
当年我们花了3.152亿美元买下了账面价值为1.726亿美元的史考特飞兹，其中超过的溢价为1.426亿美元，这从某种程度上说这家公司的实际价值是其账面价值的两倍。
在并购交易完成的一年中，史考特飞兹公司账面上并没有多余的现金，虽然该公司1986年的利润只有4030美元，但却能够支付伯克希尔1.25亿美元的股利，还有一点不得不强调，在史考特飞兹我们并没有使用任何金融杠杆，事实上，该公司在年初收购之初的负债水平就相当有限，接下来的一段时期甚至还将所有债务还清（除了金融子公司的借款），同时我们没有将工厂卖掉再租回来或者将应收账款出售等之类的举动，在我们持有的这些年里，史考特飞兹以保守的金融杠杆经营且维持着很高的流动性。
我们可以看到，史考特飞兹的盈余在我们买下之后便持续且稳定的增加，不过在此期间，净值却没有呈等比例的增加，也因此在我们持有该公司时，就有非常不错的股东权益报酬率，到如今又变得更加出色，我们甚至可以将它和财富500相比较，事实上以史考特飞兹自身的规模，或许早已跻身财富500强的行列。
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