巴菲特致股东的信（1997年）⑮年度股东大会

The Annual Meeting

Woodstock Weekend at Berkshire will be May 2-4 this year. The finale will be the annual meeting, which will begin at 9:30 a.m. on Monday, May 4. Last year we met at Aksarben Coliseum, and both our staff and the crowd were delighted with the venue. There was only one crisis: The night before the meeting, I lost my voice, thereby fulfilling Charlie's wildest fantasy. He was crushed when I showed up the next morning with my speech restored.

年度股东大会

今年伯克希尔的 Woodstock 狂欢节将在 5 月 2 日至 4 日举行，整个大会将在 5 月 4 日周一的年度会议召开后落幕，去年的年会在 Aksarben 体育馆召开，所有的工作人员及参与的来宾对于当天的会场都相当满意，唯一美中不足的是，在年会的前一天，我的嗓子沙哑了，当时几乎要如了查理的愿，只不过隔天当我恢复原本的声音时，在一旁的查理几乎要崩溃。

Last year about 7,500 attended the meeting. They represented all 50 states, as well as 16 countries, including Australia, Brazil, Israel, Saudi Arabia, Singapore and Greece. Taking into account several overflow rooms, we believe that we can handle more than 11,000 people, and that should put us in good shape this year even though our shareholder count has risen significantly. Parking is ample at Aksarben; acoustics are excellent; and seats are comfortable.

去年的股东会总共有 7500 位股东出席，分别来自全美 50 州以及包含澳洲、巴西、以色列、沙特阿拉伯、新加坡与希腊等在内的 16 个国家，我想即使今年我们的股东人数又大幅增加，加上其它几个备用的房间，应该可以容纳超过 1.1 万名以上的人员参加，会场备有足够的停车位，音效也不错，就连座椅坐起来也很舒服。

The doors will open at 7 a.m. on Monday and at 8:30 we will again feature the world premiere of a movie epic produced by Marc Hamburg, our CFO. The meeting will last until 3:30, with a short break at noon. This interval will permit the exhausted to leave unnoticed and allow time for the hardcore to lunch at Aksarben's concession stands. Charlie and I enjoy questions from owners, so bring up whatever is on your mind.

大门会在周一早上 7 点开放，在 8 点半会播放由我们的财务官 Marc Hamburg 精心制作具世界级水准的伯克希尔电影短片供大家欣赏，中午休息半小时，让精疲力尽的人可以去吃点东西，整个会议将一直进行到下午 3点半，查理跟我很喜欢大家提出的各种问题，所以记得准备好你要问什么。

Berkshire products will again be for sale in the halls outside the meeting room. Last year -- not that I pay attention to this sort of thing -- we again set sales records, moving 2,500 pounds of See's candy, 1,350 pairs of Dexter shoes, $75,000 of World Books and related publications, and 888 sets of Quikut knives. We also took orders for a new line of apparel, featuring our Berkshire logo, and sold about 1,000 polo, sweat, and T-shirts. At this year's meeting, we will unveil our 1998 collection.

再一次我们在会场外大厅备有伯克希尔各式各样的产品供大家选购，虽然我不是特别的用心，去年我们再度打破记录，总共搬走了 2,500 磅的糖果、1,350 双的鞋子以及价值超过 75,000 美元的世界百科全书与相关出版品，外加 888 组由旗下子公司 Quikut 所生产的小刀，同时我们也接受预订一种新款的服装，上面印有伯克希尔的 Logo，结果总计卖出 1,000 件各式 polo 衫、毛衣与 T 恤，在今年的股东会，我们还将推出 1998 年全新系列产品。

GEICO will again be on hand with a booth staffed by star associates from its regional offices. Find out whether you can save money by shifting your auto insurance to GEICO. About 40% of those who check us out learn that savings are possible. The proportion is not 100% because insurers differ in their underwriting judgments, with some favoring drivers who live in certain geographical areas and work at certain occupations more than we do. We believe, however, that we more frequently offer the low price than does any other national carrier selling insurance to all comers. In the GEICO informational material that accompanies this report, you will see that in 38 states we now offer a special discount of as much as 8% to our shareholders. We also have applications pending that would extend this discount to drivers in other states.

GEICO 保险公司再度会派出地区最优秀的业务员，在会场设立摊位，接受股东询问有关汽车保险的信息，记得去看看你是否能在汽车保险费上省一笔钱，我们估计至少有 40%的股东可以因此而节省不少保费，我之所以没说 100%的原因在于，每家保险业者对于风险的估计都不同，有些保险公司对于居住于某些特定地区的居民与从事某些特定职业的客户有偏好，不过我仍然坚信我们提供给一般民众的费率通常都低于其它全国性的业者，在随年报附赠的 GEICO 保险资料中，大家将可以看到我们提供给来自全美 38 州股东最高 8%的折扣费率，至于其它州的股东也接受开放申请取得不等的折扣。

An attachment to the proxy material that is enclosed with this report explains how you can obtain the card you will need for admission to the meeting. We expect a large crowd, so get plane, hotel and car reservations promptly. American Express (800-799-6634) will be happy to help you with arrangements. As usual, we will have buses at the larger hotels that will take you to and from the meeting and also deliver you to Nebraska Furniture Mart, Borsheim's and the airport after its conclusion. You are likely, however, to find a car handy.

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，由于预期会有相当多的人与会，我们建议大家最好先预订机位与住宿，美国运通(电话 800-799-6634)将会很高兴为您提供相关安排服务，如同以往，我们会安排巴士接送大家往返各大旅馆与会场之间，并在会后接送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，当然你可能会觉得如何有一辆车就更方便了。

NFM's main store, located on a 75-acre site about a mile from Aksarben, is open from 10 a.m. to 9 p.m. on weekdays, 10 a.m. to 6 p.m. on Saturdays, and noon to 6 p.m. on Sundays. During the period from May 1 to May 5, shareholders who present NFM with the coupon that will accompany their meeting ticket will be entitled to a discount that is otherwise restricted to its employees.

占地 75 英亩的内布拉斯加家具店主馆距离会场约 1 英里远，营业时间平日从早上 10 点到下午 9 点，周六从早上 10 点到下午 6 点，周日则从中午开到下午 6 点，在 5 月 1 日到 5 日期间，股东持随股东开会通知单附赠的点券到内布拉斯加家具店购买各类商品，将可获得员工价的优惠。

Borsheim's normally is closed on Sunday but will be open for shareholders from 10 a.m. to 6 p.m. on May 3rd. Last year was our second-best shareholder's day, exceeded only by 1996's. I regard this slippage as an anomaly and hope that you will prove me right this year. Charlie will be available for autographs. He smiles, however, only if the paper he signs is a Borsheim's sales ticket. Shareholders who wish to visit on Saturday (10 a.m. to 5:30 p.m.) or on Monday (10 a.m.-8 p.m.) should be sure to identify themselves as Berkshire owners so that Susan Jacques, Borsheim's CEO, can make you especially welcome. Susan, I should add, had a fabulous year in 1997. As a manager, she is everything that an owner hopes for.

平时周日不营业的波仙珠宝，特地在 5 月 3 日股东会当天会为股东与来宾开放，从中午开到下午 6 点，去年在周六股东会前一天，我们缔造了历史次佳的记录，仅次于 1996 年，我认为去年的下滑有点反常，所以希望大家都能前来共襄盛举，证明我的看法的对的，查理会在现场接受大家的签名，当然大家如果拿波仙的发票给他签，他会更高兴，另外选择在前一天或后一天前往参观的人，记得表明伯克希尔股东的身份，相信波仙的总裁 Susan Jacques 会给各位最热情的接待，有一点我必须特别说明的是，Susan 在 1997 年表现相当优异，她实在是所有老板心目中最理想的专业经理人。

On Sunday afternoon we will also have a special treat for bridge players in the mall outside of Borsheim's. There, Bob Hamman -- a legend of the game for more than three decades -- will take on all comers. Join in and dazzle Bob with your skill.

另外在周日天下午我们也会在波仙珠宝店外面的大厅举办一场桥牌大赛，现场桥牌界的传奇性人物 Bob Hamman 也将出席，接受各路英雄好汉的挑战，记得来参加，秀秀你的牌技给 Bob 看看。

My favorite steakhouse, Gorat's, opens one Sunday a year -- for Berkshire shareholders on the night before the annual meeting. Last year the restaurant started serving at 4 p.m. and finished about 1:30 a.m, an endurance trial that was the result of taking 1,100 reservations vs. a seating capacity of 235. If you make a reservation and then can't attend, be sure to let Gorat's know promptly, since it goes to great effort to help us and we want to reciprocate. You can make reservations beginning on April 1st (but not before) by calling 402-551-3733. Last year I had to leave Gorat's a little early because of my voice problem, but this year I plan to leisurely savor every bite of my rare T-bone and double order of hash browns.

我个人最爱的 Gorat's 牛排馆为了伯克希尔股东年会破例在周日开门营业，去年为了消化 1100 位预订的席次，只有 235 个座位的 Gorat's 牛排馆从下午四点开始营业，一直到半夜一点半，所以已经预订座位的人，要是临时无法光临，请记得一定要打电话取消订位，因为 Gorat's 如此尽心尽力的为我们服务，这是我们可以给他们最起码的回报，今年该餐厅从 4 月 1 号开始接受预订(电话 402-551-3733)，去年由于我的喉咙有问题，所以必须提早离开，但今年我一定会到 Gorat's 好好享用我最喜爱的丁骨牛排加上双份的牛肉丸。

After this warmup, Charlie and I will head for the Dairy Queen on 114th, just south of Dodge. There are 12 great Dairy Queens in metropolitan Omaha, but the 114th Street location is the best suited to handle the large crowd that we expect. South of the property, there are hundreds of parking spaces on both sides of the street. Also, this Dairy Queen will extend its Sunday hours to 11 p.m. in order to accommodate our shareholders.

吃完牛排后，查理跟我还会赶到位于道奇街 114 号的冰雪皇后冰淇淋摊，在整个奥马哈地区总计有 12 家冰雪皇后，但是 114 街却是最适合接待大量群众的地点，在店的两旁有好几百个停车场供大家使用，同时该店也会延长假日营业时间到晚上 11 点，以接待所有前往光顾的伯克希尔股东。

The 114th Street operation is now run by two sisters, Coni Birge and Deb Novotny, whose grandfather put up the building in 1962 at what was then the outer edge of the city. Their mother, Jan Noble, took over in 1972, and Coni and Deb continue as third generation owner-managers. Jan, Coni and Deb will all be on hand Sunday evening, and I hope that you meet them. Enjoy one of their hamburgers if you can't get into Gorat's. And then, around eight o'clock, join me in having a Dusty Sundae for dessert. This item is a personal specialty -- the Dairy Queen will furnish you a copy of my recipe -- and will be offered only on Shareholder Sunday.

114 街的分店目前由 Coni Birge 与 DebNovotny 两姊妹所经营，系由她们的祖父于 1962 年在当时还是市中心外围的现址创立，在 1972 年由她们的母亲接手经营，Coni 与 Deb 则是第三代的经营者，Jan、Coni 及 Deb 在周日晚上将会在现场为大家服务，希望大家可以去和她们见见面，若是大家挤不进 Gorat's 的话，也可以尝尝两姊妹亲手做的汉堡，八点整我将会出现享用我喜欢的冰风暴圣代，这是个人特调的秘方，当然你也可以要求冰雪皇后照我的配方给你来一份，这可是只有在股东会当天才对外提供的独家秘方。

The Omaha Royals and Albuquerque Dukes will play baseball on Saturday evening, May 2nd, at Rosenblatt Stadium. As usual, your Chairman, shamelessly exploiting his 25% ownership of the team, will take the mound. But this year you will see something new.

在前一天 5 月 2 日周六晚上，Rosenblatt 体育馆将会有一场奥马哈皇家队对 Albuquerque Dukes 队的比赛，一如往年厚颜无耻的我会利用拥有该球队 25%的特权，站上投手丘担任首发，不过今年我保证各位一定会有新的感受。

In past games, much to the bafflement of the crowd, I have shaken off the catcher's first call. He has consistently asked for my sweeping curve, and I have just as regularly resisted. Instead, I have served up a pathetic fast ball, which on my best day was clocked at eight miles per hour (with a following wind).

过去几年，可能是受到现场观众喧闹声所影响，我总是不顾捕手对我所做出的暗号，虽然他一直要求我投出拿手的变化曲球，但我总是极力反抗，结果总是投出软趴趴的快速球，最快的球速也不过是每小时 8 英里(这还是在顺风的情况下)。

There's a story behind my unwillingness to throw the curve ball. As some of you may know, Candy Cummings invented the curve in 1867 and used it to great effect in the National Association, where he never won less than 28 games in a season. The pitch, however, drew immediate criticism from the very highest of authorities, namely Charles Elliott, then president of Harvard University, who declared, "I have heard that this year we at Harvard won the baseball championship because we have a pitcher who has a fine curve ball. I am further instructed that the purpose of the curve ball is to deliberately deceive the batter. Harvard is not in the business of teaching deception." (I'm not making this up.)

其实我之所以不愿意投曲球背后有极大的隐情，大家或许知道，Candy Cummings 在1867 年发明曲球的时候，曾在国家联盟引起极大的效应，这种球路使得他每个球季至少可以赢得 28 场胜投，但是这样的投球方式也立刻引起最高当局的严厉批评，当时的哈佛校长 Charles Elliott 对外宣称，我听说今年哈佛棒球队靠着一位专门投曲球的投手赢得冠军，有人还告诉我，这种曲球基本上是一种欺骗打者的行为，我必须说的是，哈佛从来不教人这种骗人的勾当。

Ever since I learned of President Elliott's moral teachings on this subject, I have scrupulously refrained from using my curve, however devastating its effect might have been on hapless batters. Now, however, it is time for my karma to run over Elliott's dogma and for me to quit holding back. Visit the park on Saturday night and marvel at the majestic arc of my breaking ball.

而自从我知道 Elliott 校长的教诲之后，我就一直小心翼翼地避免使用到我这种杀人无数拿手的曲球，不过现在已经到了忍无可忍的地步了，我决定再度使出我的杀手锏，周六晚上大家记得光临球场，让你们见识一下我这魔球的威力。

Our proxy statement includes information about obtaining tickets to the game. We will also provide an information packet describing the local hot spots, including, of course, those 12 Dairy Queens.

股东会资料将告诉大家如何取得球赛入场的门票，里面同时包含一本旅行小手册，介绍本地热门的旅游景点，当然也包括 12 家冰雪皇后在内。

Come to Omaha -- the cradle of capitalism -- in May and enjoy yourself.

欢迎大家在 5 月莅临资本主义的摇篮奥马哈，也预祝大家玩得愉快。