蓝带印花公司

1962-1969 年惠勒和芒格证券公司的业绩好得出奇,查理·芒格的回报率是这样的,

1969 年,巴菲特清算了自己的合伙公司,查理·芒格并没有那样做。之后的 1973 年和 1974 年是一场噩梦:

造成惠勒芒格证券公司 1973-1974 年表现不佳的主要原因是他们持有大量的新美国基金和蓝带印花公司的股票。

查理·芒格 1972 年买入新美国基金的成本是每股 9.22 美元,1974 年基金股票的估值只有 3.75 美元。

@c 20 世纪 80 年代末期,新美国基金涨到 100 美元。

查理·芒格买入蓝带印花股票的平均成本 7.5 美元,1972 年股价 15 美元左右,但 1974 年底股价暴跌至 5.25 美元。

1983 年,伯克希尔·哈撒韦收购了蓝带印花,每 1 股蓝带印花换得 0.077 股伯克希尔·哈撒韦的 A 股股票。

Our story begins with S&H Green Stamps. Customers received stamps for shopping and could redeem them for a variety of items (like appliances). S&H operated under the model where only a single merchant in a given category (like a drugstore) in a geographic region would be able to issue their stamps.

The stores that did not make it into this exclusive club decided to strike out on their own. In California, nine grocers banded (百货品牌) together to start a new competitor: Blue Chip Stamps. Unlike S&H, any merchant could offer Blue Chip Stamps.

The company market cap was approximately $40 million). But the company also had roughly $90 million in float in 1970. The three men realized a certain percentage of the stamps given to customers would never be redeemed: many were lost, stuffed in the back of a kitchen drawer and forgotten about or thrown away. The “permanent float” from these unredeemed obligations was akin to free money. Pabrai estimates the “permanent float” at Blue Chip was somewhere around $60 million.

蓝带公司市值 4,000 万美元,拥有 9,000 万美元浮存金,其中有约 6,000 万美元的浮存金永久不会被兑换。

But the float was of limited value in the wrong hands. Buffett, Guerin and Munger thought it was being mismanaged. One way to effect change was to effectively take control of the company: between 1967 and 1970, they invested $24 million in Blue Chip - good for 60% ownership (at Munger’s firm, Wheeler, Munger & Co., this amounted to 61% of its assets). Eventually, the three investors joined the board of directors; they took control of the investment committee as well.

1967-1970 期间,投资 2,400 万于蓝带印花公司,获得 60% 股份,进入董事会,控制投资委员会,掌控 6,000 万美元永久浮存金的使用。

Now they had roughly $60 million to work with. In 1972, they took $25 million and bought 99% of See’s Candies. In 1973, they took another $25 million and bought 80% of Wesco Financial. Finally, in 1977, they took another $35.5 million and bought the Buffalo Evening News (with roughly 70% of the purchase price funded with the retained earnings from See’s Candies).

These investments worked out quite well. See’s generated nearly $30 million in after-tax profits from 1975 to 1980. At the Buffalo News, there were problems in the early years. But after their direct competitor went out of business, the Buffalo News earned $19 million (pre-tax) in 1982.

As Pabrai notes, they effectively bought these businesses with their $24 million investment. In 1983, the businesses were merged into Berkshire Hathaway. After 50 years, the initial investment in Blue Chip was worth $60 billion in Berkshire shares - all from a starting investment in a business where revenues declined by nearly 85% over 10 years.

在投资蓝带印花公司后的 10 年里,蓝带印花公司的收入减少了 85%,然而蓝带印花公司提供的浮存金为巴菲特收购其他公司提供了资金。50 年后,始于 1967 年的 2,400 万美元已经增长到 600 亿美元。