e8东的信 _作者: 美 沃伦·巴菲特-第99章
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峄蚱渌私⒏鋈斯叵档模颐侨衔亲詈檬怯米约旱那皇谴幽愕目诖锾颓�
The faithful will notice that； for the first time in some years； Charlie's annual letter to Wesco shareholders is not reprinted in this report。 Since his letter is relatively barebones this year； Charlie said he saw no point in including it in these pages； my own remendation； however； is that you get a copy of the Wesco report。 Simply write： Corporate Secretary； Wesco Financial Corporation； 315 East Colorado Boulevard； Pasadena； CA 91101。
死忠的巴菲特迷可能会发现，许多年来头一次大家在年报中找不到查理孟格写给Wesco股东的信，主要是因为他认为今年的报告相当阳春，所以没有必要附在我们的年报中，不过我个人还是建议，想办法写信给Wesco公司的秘书，就可以拿到Wesco的年报。
Malcolm G。 Chace； Jr。； now 88； has decided not to stand for election as a director this year。 But the association of the Chace family with Berkshire will not end： Malcolm III （Kim）； Malcolm's son； will be nominated to replace him。
现年88岁的Malcolm Chace二世，决定从今年起不再担任本公司的董事，但Berkshire与Chace家族的关系却不会断，他儿子也就是Malcolm三世会接替其位置继续担任本公司董事。
In 1931； Malcolm went to work for Berkshire Fine Spinning Associates； which merged with Hathaway Manufacturing Co。 in 1955 to form our present pany。 Two years later； Malcolm became Berkshire Hathaway's Chairman； a position he held as well in early 1965 when he made it possible for Buffett Partnership； Ltd。 to buy a key block of Berkshire stock owned by some of his relatives。 This purchase gave our partnership effective control of the pany。 Malcolm's immediate family meanwhile kept its Berkshire stock and for the last 27 years has had the second…largest holding in the pany； trailing only the Buffett family。 Malcolm has been a joy to work with and we are delighted that the long…running relationship between the Chace family and Berkshire is continuing to a new generation。
1931年Malcolm进入Berkshire针织工厂工作，后来该公司在1955年与Hathaway工业合并，成为现在的Berkshire Hathaway，之后两年他接任本公司董事长的职位，直到1965年由他一手促成巴菲特合伙事业买下他与亲人大部分的股权，而使得我们成功入主该公司，之后Malcolm家族在往后的27年内继续持有本公司的股份成为仅次于巴菲特家族，本公司第二大股东，Malcolm一直是个很容易相处的伙伴，我们很高兴Chase家族与巴菲特家族的感情能够延续到下一代。
The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9：30 a。m。 on Monday； April 27； 1992。 Attendance last year grew to a record 1；550； but that still leaves plenty of room at the Orpheum。
今年的股东会预计在1992年4月27日，星期一早上9点30分在位于奥玛哈市中心的Orpheum中心召开，去年股东会参加人数又创新高突破1；550人，不过会场还是剩下很多座位。
We remend that you get your hotel reservations early at one of these hotels： （1） The Radisson…Redick Tower； a small （88 rooms） but nice hotel across the street from the Orpheum； （2） the much larger Red Lion Hotel； located about a five…minute walk from the Orpheum； or （3） the Marriott； located in West Omaha about 100 yards from Borsheim's and a twenty minute drive from downtown。 We will have buses at the Marriott that will leave at 8：30 and 8：45 for the meeting and return after it ends。
我们建议大家最好先向以下旅馆预订房间（1）Radisson…Redick旅馆…就位在Orpheum中心对街拥有88个房间的一家小旅馆（2）较大一点的Red Lion旅馆…离Orpheum中心约五分钟路程，或是（3）Marriott位在奥玛哈西区，离波仙珠宝店约100公尺，开车到市中心约需20分钟，届时将会有巴士接送大家往返股东会会场。
Charlie and I always enjoy the meeting； and we hope you can make it。 The quality of our shareholders is reflected in the quality of the questions we get： We have never attended an annual meeting anywhere that features such a consistently high level of intelligent； owner…related questions。
查理跟我一直都很喜欢开股东会，我也希望大家能够来参加，我们股东的素质可由大家所提出的问题看得出来，我们参加过很多股东会，但从来没有别的公司的股东像Berkshire的股东一样由高智能水准与经营者荣枯与共的股东组合。
An attachment to our proxy material explains how you can obtain the card you will need for admission to the meeting。 With the admission card； we will enclose information about parking facilities located near the Orpheum。 If you are driving； e a little early。 Nearby lots fill up quickly and you may have to walk a few blocks。
后面附有股东会开会投票的相关资料，跟各位解释如何拿到入场所许的识别证，因为开会当天会场不好停车，我们特地为大家预留了一些位置，附件也有相关说明供大家参考。
As usual； we will have buses to take you to Nebraska Furniture Mart and Borsheim's after the meeting and to take you from there to downtown hotels or the airport later。 I hope that you will allow plenty of time to fully explore the attractions of both stores。 Those of you arriving early can visit the Furniture Mart any day of the week； it is open from 10 a。m。 to 5：30 p。m。 on Saturdays and from noon to 5：30 p。m。 on Sundays。 While there； stop at the See's Candy Cart and find out for yourself why Americans ate 26 million pounds of See's products last year。
一如往年，会后我们备有巴士带大家到内布拉斯加家具店与波仙珠宝店或是到饭店与机场，我希望大家能有多一点的时间好好探索这两家店的奥妙，当然早几天到的股东也可利用假日逛逛家具店，星期六从早上10点到下午5点30分，星期日则从中午开到下午5点30分，到那里时记得到喜斯糖果摊逛逛，了解一下为何美国人一年能够吞下2；600万磅的喜斯糖果。
Borsheim's normally is closed on Sunday； but we will be open for shareholders and their guests from noon to 6 p。m。 on Sunday； April 26。 Borsheim's will also have a special party the previous evening at which shareholders are wele。 （You must； however； write Mrs。 Gladys Kaiser at our office for an invitation。） On display that evening will be a 150…year retrospective of the most exceptional timepieces made by Patek Philippe； including watches once owned by Queen Victoria； Pope Pius IX； Rudyard Kipling； Madame Curie and Albert Einstein。 The centerpiece of the exhibition will be a 5 million watch whose design and manufacture required nine years of labor by Patek Philippe craftsmen。 Along with the rest of the collection； this watch will be on display at the store on Sunday … unless Charlie has by then impulsively bought it。
波仙星期天通常不开门营业，但在股东会期间特别为股东与来宾开放，4月26日星期天从中午开到下午6点，同时前一天晚上还将为所有股东举行一个特别的Party，（但必须事先向我们办公室的Gladys Kaiser女士登记取得邀请函），当晚将会展示Patek Philippe过去150年来的作品回顾，包含英国维多利亚女皇、教宗Pius四世与爱因斯坦等历史名人所拥有的手表，另外会场中的重头戏是一只由Patek Philippe工匠设计打造，耗时一年价值500万美元的手表，如无意外也会随着其它物品一起展出，除非查理忍不住诱惑先买下了它。
Nicholas Kenner nailed me … again … at last year's meeting； pointing out that I had said in the 1990 annual report that he was 11 in May 1990； when actually he was 9。 So； asked Nicholas rather caustically： 〃If you can't get that straight； how do I know the numbers in the back ＇the financials＇ are correct？〃 I'm still searching for a snappy response。 Nicholas will be at this year's meeting … he spurned my offer of a trip to Disney World on that day … so join us to watch a continuation of this lop…sided battle of wits。
去年股东会Nicholas Kenner又杠上我了，他表示：「我在去年1990年报中表示他在1990年5月11号满十岁，但事实上他那时才刚满9岁」，他接着又用很嘲讽的语气说：「如果你连这个都搞不清楚，我如何还能相信你报告中的其他数字是正确的」到现在我还在想如何做出一个有力的回答，今年Nicholas还会出席，他拒绝了我邀请他当天到迪士尼乐园玩的建议，所以请大家继续好好观赏这一面倒的机智问答。
一九九二
Our per…share book value increased 20。3％ during 1992。 Over the last 28 years （that is； since present management took over） book value has grown from 19 to 7；745； or at a rate of 23。6％ pounded annually。
1992年本公司的净值成长了20。3％，总计过去28年以来，也就是自从现有经营阶层接手之后，每股净值由当初的19元成长到现在的7；745美元，年复合成长率约为23。6％。
During the year； Berkshire's net worth increased by 1。52 billion。 More than 98％ of this gain came from earnings and appreciation of portfolio securities； with the remainder ing from the issuance of new stock。 These shares were issued as a result of our calling our convertible debentures for redemption on January 4； 1993； and of some holders electing to receive mon shares rather than the cash that was their a
