9. 长线投资带来的回报
原文
Last year， we also mentioned a tremendous investment in fixed-income characteristics： ie Salomon 9% convertible preferred shares， preferred stocks， especially require companies to set aside a sinking fund， redemption of batches from 1995 to 1999，Berkshire these investments are stated at cost in the accounts， and Charlie mentioned reasons， the estimated market value is now slightly lower than the previous annual costs for 1988， slightly higher than the cost.
Us with a good relationship between the Solomon CEO-John Gutfreund， with several years of cooperation increasingly promote， but we still can not determine the investment banking industry's prospects alike， whether it is short-term， medium-term or long-term， this is a difficult to predict future profit level of the industry， we still believe we have conversion rights， we generated a considerable contribution to the effective period， the value of this particular stocks， however， mainly from its fixed-income rather than equity characteristics above.
We will remain unchanged for long-term bonds to avoid， only when we are confident that the long-term purchasing power of the currency， we will be interested in these bonds， but this stability has simply not expected， because regardless of social or elected officials really have too many priorities conflict with the stability of the purchasing power. So our only holdings of long-term bonds is WPPSS Washington function of the electric power supply systems， some of which are short-term， some of the vote coupon redemption over several years， the current cost of $ 247 million recorded as balance sheet， the current The market price of about $ 352 million.
——摘自1988年巴菲特写给全体股东的年报
译文
就在去年，我们还提及到一个具有固定收益的投资：即所罗门9％可换股优先股，这种优先股特别要求公司提拔偿债基金，从1995年至1999年四年的时间内分批赎回，伯克希尔把这些投资以成本清晰地列示在账面上，鉴于查理提及到的原因，目前的估计市值和前一年相比显得略低。
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