巴菲特致股东的信（1997年）⑬给股东的季报⑭股东指定捐赠计划

Quarterly Reports to Shareholders

In last year's letter, I described the growing costs we incur in mailing quarterly reports and the problems we have encountered in delivering them to "street-name" shareholders. I asked for your opinion about the desirability of our continuing to print reports, given that we now publish our quarterly and annual communications on the Internet, at our site, www.berkshirehathaway.com. Relatively few shareholders responded, but it is clear that at least a small number who want the quarterly information have no interest in getting it off the Internet. Being a life-long sufferer from technophobia, I can empathize with this group.

给股东的季报

在去年的年报中，我曾经向各位透露由于邮寄季报的费用大幅增加，同时要将季报寄给那些不是用本名登记的股东有其困难性，所以征询大家是否可以接受直接将季报与年报公布在公司网站上，取代原先印制与邮寄报告的做法，虽然只有少数的股东响应，但长期以来具有科技恐惧症的我很明白还是有少数想要年报信息的股东，不习惯通过网络取得相关的信息，我完全能够体会他们的想法。

The cost of publishing quarterlies, however, continues to balloon, and we have therefore decided to send printed versions only to shareholders who request them. If you wish the quarterlies, please complete the reply card that is bound into this report. In the meantime, be assured that all shareholders will continue to receive the annual report in printed form.

考虑到大幅增加的印刷费用，最后我们还是决定除非股东有特别要求，我们才邮寄印好的季报，所以若你也有意要一份书面的季报，请填写年报上所附的申请表格，同时在此也提醒所有的股东，我们还是会继续邮寄年报给所有的股东。

Those of you who enjoy the computer should check out our home page. It contains a large amount of current information about Berkshire and also all of our annual letters since 1977. In addition, our website includes links to the home pages of many Berkshire subsidiaries. On these sites you can learn more about our subsidiaries' products and -- yes -- even place orders for them.

至于喜欢利用计算机上网的股东们，一定要到我们公司网站的首页看看，里面包含大量有关伯克希尔现况的信息，同时还有 1977 年到现在为止所有的公司年报，此外网站上还有对旗下其它子公司的网站连结，经由这些网站大家可以更了解子公司的产品信息，有的甚至可以通过网络直接下单购买。

We are required to file our quarterly information with the SEC no later than 45 days after the end of each quarter. One of our goals in posting communications on the Internet is to make this material information -- in full detail and in a form unfiltered by the media -- simultaneously available to all interested parties at a time when markets are closed. Accordingly, we plan to send our 1998 quarterly information to the SEC on three Fridays, May 15, August 14, and November 13, and on those nights to post the same information on the Internet. This procedure will put all of our shareholders, whether they be direct or "street-name," on an equal footing. Similarly, we will post our 1998 annual report on the Internet on Saturday, March 13, 1999, and mail it at about the same time.

根据证监会法令的规定，我们必须在每季结束后 45 天内申报季报，而通过网络公开信息的主要原因之一是我们希望如此重大的讯息可以以完整而不经过媒体消化过滤的方式，在股市收盘后实时地传达给所有关心本公司状况的股东，因此我们决定在往后每季的最后一个周五，今年分别是 5 月 15 日、8 月 14 日及 11 月 13 日向证监会申报季报，并在当天晚上将相同的信息同步公布在公司的网站上，此举将能够使得伯克希尔所有股东，不管是以本人或挂名的方式持有，皆站在同等的地位之上，另外，我们也预计在 1999 年 3 月 13 日周六将年报公布在网站上，并在同一时间将年报邮寄出去给所有的股东。

Shareholder-Designated Contributions

About 97.7% of all eligible shares participated in Berkshire's 1997 shareholder-designated contributions program. Contributions made were $15.4 million, and 3,830 charities were recipients. A full description of the program appears on pages 52 - 53.

股东指定捐赠计划

大约有 97.7%的有效股权参与 1997 年的股东指定捐赠计划，总计约 1,540 万美元捐出的款项分配给 3,830家慈善机构，详细的名单参阅附录。

Cumulatively, over the 17 years of the program, Berkshire has made contributions of $113.1 million pursuant to the instructions of our shareholders. The rest of Berkshire's giving is done by our subsidiaries, which stick to the philanthropic patterns that prevailed before they were acquired (except that their former owners themselves take on the responsibility for their personal charities). In aggregate, our subsidiaries made contributions of $8.1 million in 1997, including in-kind donations of $4.4 million.

累计过去 17 年以来，伯克希尔总计已按照股东意愿捐赠高达 1.131 亿美元的款项，除此之外，伯克希尔还通过旗下的子公司进行捐赠，而这些慈善活动都是早在他们被我们并购以前就进行数年(除了先前的老板自行本身负责的个人捐赠计划之外)，总的来说，我们旗下的关系企业在 1997 年总计捐出810 万美元，其中包含 440 万美元等值的物品。

Every year a few shareholders miss out on our contributions program because they don't have their shares registered in their own names on the prescribed record date or because they fail to get the designation form back to us within the 60-day period allowed. Charlie and I regret this. But if replies are received late, we have to reject them because we can't make exceptions for some shareholders while refusing to make them for others.

每年都有一小部分的股东由于没有将股份登记在本人的名下，或是没能在 60 天的期限内，将指定捐赠的表格送回给我们，而没办法参加我们的指定捐赠计划，对此查理跟我感到相当头痛，不过我们必须忍痛将这些指定捐赠剔除，因为我不可能在拒绝其它不符合规定股东的同时，还破例让这些人参与。

To participate in future programs, you must own Class A shares that are registered in the name of the actual owner, not the nominee name of a broker, bank or depository. Shares not so registered on August 31, 1998, will be ineligible for the 1998 program. When you get the contributions form from us, return it promptly so that it does not get put aside or forgotten.

想要参加这项计划者，必须拥有 A 级普通股，同时确定您的股份是登记在自己而非股票经纪人或保管银行的名下，同时必须在 1998 年 8 月 31 日之前完成登记，才有权利参与 1998 年的捐赠计划，当你收到表格后，请立即填写后寄回，以免被丢在一旁给忘记了。

Shareholder-Designated Contributions About 97.7% of all eligible shares participated in Berkshire's 1997 shareholder-designated contributions program. Contributions made were $15.4 million, and 3,830 charities were recipients. A full description of the program appears on pages 52 - 53.

Shareholder-Designated Contributions

About 97.7% of all eligible shares participated in Berkshire's 1997 shareholder-designated contributions program. Contributions made were $15.4 million, and 3,830 charities were recipients. A full description of the program appears on pages 52 - 53.