1998年股东大会 · 巴菲特谈麦当劳和DQ公司商业模式的比较 — 文稿

M10:00

我叫 George Gatti，来自瑞士苏黎世。我的问题是关于两家食品企业，也就是 McDonald's 和 Dairy Queen。

My name is George Gatti from Zurich, Switzerland, and my question refers to 2 food businesses, namely McDonald's and Dairy Queen.

McDonald's 和 Dairy Queen 在投资特性上，有没有什么重大的区别？

Are there major differences in the investment characteristics between McDonald's and Dairy Queen?

如果有的话，您能解释一下吗？

And if yes, would you explain them?

M20:18

有，差别很大。

Yeah, there are major differences.

McDonald's——我没法告诉你准确的百分比，但如果他们有两万三千家门店的话，其中有很多很多家，成千上万家，都是他们自己持有并运营的。

McDonald's—I can't tell you the exact percentage, but if they've got 23,000 outlets, they own many, many thousands of them and operate them.

剩下那些里面，他们也持有很高比例的门店，再把这些门店租给运营者，也就是他们的 franchisees。

And then of the remainder, they own a very high percentage and lease them to their operators, their franchisees.

所以，他们在全球各地的实体设施上有非常大的投资，而且这些投资能带来很不错的回报。

So they have a very large investment on which they get very good returns in physical facilities all over the world.

Dairy Queen 如果把 Orange Julius 也算上，一共有六千多家门店。

Dairy Queen has, counting Orange Julius, 6,000-plus operations.

M30:52

哇。

Wow.

M20:52

其中只有三十多家是公司自己运营的，而且就连这些里面，有些也是通过 joint ventures 或者 partnerships 来做的。

Of which 30-odd are operated by the company, and even those, some are in joint ventures or partnerships.

所以，这两家公司在固定资产上的投资差异非常大。

So the investment in fixed assets is dramatically different between the two.

在 Dairy Queen 这边，固定资产的投入对 franchisee 或者作为房东的人来说，显然是很可观的；但对作为 franchisor 的公司本身来说，这个投入并不大。所以，Dairy Queen 所使用的资本，相比 McDonald's 所使用的资本，要小得多。不过 McDonald's 也会因为持有这些门店位置而赚到很多钱；而 Dairy Queen 在大多数情况下，拿到的是 franchisee 销售额的百分之四。

The fixed assets investment by the franchisee or the person as landlord obviously is significant at a Dairy Queen, but it's not significant to the company as the franchisor, so that the capital employed in Dairy Queen is relatively small compared to the capital employed in McDonald's, but McDonald's also makes a lot of money out of owning those locations and receives—whereas Dairy Queen will in most cases receive 4% of the franchisee's sales.

也就是作为 royalty 的销售提成。

Sales in terms of a royalty.

而在 McDonald's，那可不止这个比例，另外还有租金之类的收入。

At a McDonald's, there's more than that percentage plus rentals and so on.

所以，这是两种不同、而且是非常不同的经济模型。

So they're 2 different, very different economic models.

不过，它们最终都依赖 franchisee 的成功。

They both depend on the success of the franchisee in the end.

我的意思是，你得先让 franchisee 有一门好生意。

I mean, you have to have a good business for the franchisee.

这样时间长了，母公司才会有一门好生意。

To over time have a good business for the parent company.

这两家公司都具备这一点。

Both companies have that.

Charlie？

Charlie?

M32:17

你停下来想一想就会觉得，这其实并不算很多，因为他们提供给那一群 franchisees 的，是全国都认可的品牌、质量控制，还有各种各样理想的经营支持。

It's not very much when you stop to think about providing a group of franchisees with the nationally recognized brand and quality control and all sorts of desirable business aids.

M22:35

对，百分之四算是比较低的——如果你看整个行业的话，百分之四，呃，是处在区间偏低的位置。

No, 4% is at the low—if you look at the whole industry, 4% is on the, uh, is in the lower part of the range.

M32:42

不过，吸引我们的其中一部分原因，吸引我们的其中一部分原因是——

But part of what attracted us, part of what attracted us was the fact that the—

M22:48

Dell 的业务增长，明显超过了他在有形资产上的投入增长。

Dell's operation grew significantly more than he has invested in tangible assets.

而且我们显然也希望是这样，因为这说明他的生意是成功的，也说明随着时间推移，我们也会拥有——你希望 franchise operator 能赚到钱，也希望他打造出一项资本资产，而且这项资产的价值要高于他投进去的钱。

And we want it that way, obviously, because that means he's got a successful business, and it means that over time we will have a—you want a franchise operator—you want the franchise operator to make money, and you want him to create a capital asset that's worth more than he's put in it.

这就是目标。

That's the goal.

四区？

Area 4?