今天的主要任務是做公司的三張表。讀了一封信，1974年的。繼續讀證券分析這本書，感覺挺難懂得，要迎難而上，堅持讀完這本書。
關於公司的三張表，BS，IS，CF。由於會計規則的調整，07年以前的年報都要做調整。關於資產負債表，短期投資變為交易性金融資產，另加應收補貼款一項，待攤費用+預付賬款=新規則的預付賬款，長期債券投資=持有至到期投資合併價差=商譽，固定資產淨額=固定資產 應付工資+應付福利=應付職工薪酬，遞延所得稅項=遞延負債
關於IS，營業收入=主營業務收入+其他業務利潤
關於CF，基本不做相應的調整。
1974年的信
1，operatng results for 1974 overall were unsatifactory due tothe poor performance of our insurance business. But our textiledivision and our bank performed very well. insurance underwritingreports as running at levels of unsustainableprofitablitity.Insurance underwriting is a large question mark atthis time .Prospects are reasonably good for an improvement in bothinsurance investment income and our equity in earning of Blue ChipStamps.
2,Textile Operation
during the first nine months of 1974 textile demand wasexceptionally strong resulting in very firm prices.in the fourthquarter ,weakness began to appear.
3,Insurance underwriting
all major areas of insuranceoperatins, expect for "home state" companies,experiencedsignigicantly poorer results for the year.
4,Blue chip stamps
During 1974 weincreased our holdings of Blue Chip Stamps to approximately 25.5%of the outstanding shares of that company. Overall, we are quitehappy about the results of Blue Chip and its prospects for thefuture.
5,merger with diverfified retailingcompany
As you previously have been informed, the proposedmerger with Diversified Retailing Company, Inc. was terminated .Butwe think this merger is desirable.