巴菲特致股东的信（1998年）
⑭年度股东大会

The Annual Meeting

         This year's Woodstock for Capitalists will be held May 1-3, and we may face a problem. Last year more than 10,000 people attended our annual meeting, and our shareholders list has since doubled. So we don't quite know what attendance to expect this year. To be safe, we have booked both Aksarben Coliseum, which holds about 14,000 and the Holiday Convention Centre, which can seat an additional 5,000. Because we know that our Omaha shareholders will want to be good hosts to the out-of-towners (many of them come from outside the U.S), we plan to give those visitors first crack at the Aksarben tickets and to subsequently allocate these to greater Omaha residents on a first-come, first-served basis. If we exhaust the Aksarben tickets, we will begin distributing Holiday tickets to Omaha shareholders.

年度股东大会

今年伯克希尔的 Woodstock 狂欢节将在 5 月 1 日至 3 日举行，只是我们面临到一个问题，去年总计有超过10000 名的股东来参加我们的股东年会，而如今我们股东的人数又增加了一倍，这使得我们很难预估今年到底会有多少股东与会，为了安全起见，我们特别订下可容纳 1.4 万名观众的 Aksarben 体育馆，另外外加 5 千个座位的 Holiday 会议中心，而奥马哈地区的股东们为了尽地主之谊，也特地将场地的前排座位让给远道而来的股东(很多都来自海外)，至于大奥马哈地区的股东则采取先到先选的方式入座，如果 Aksarben 体育馆的门票发光了，就会开始发放 Holiday 会议中心的门票给奥马哈地区的股东。

         If we end up using both locations, Charlie and I will split our pre-meeting time between the two. Additionally, we will have exhibits and also the Berkshire movie, large television screens and microphones at both sites. When we break for lunch, many attendees will leave Aksarben, which means that those at Holiday can, if they wish, make the five-minute trip to Aksarben and finish out the day there. Buses will be available to transport people who don't have cars.

而万一要是两个场地还不够，查理跟我就会将正式会议前的时间分成两部分，此外，在两个会场我们都准备了展示品、伯克希尔特别制作的影片、大型的电视屏幕以及麦克风，等到中午休息时间，许多与会者陆续离开 Aksarben 体育馆后，此时坐在 Holiday 会议中心的股东就可以利用简短的五分钟时间参观一下会场，然后一直待到会议结束，会后我们也备有巴士接送没有开车的股东。

         The doors will open at both locations at 7 a.m. on Monday, and at 8:30 we will premier the 1999 Berkshire movie epic, produced by Marc Hamburg, our CFO. The meeting will last from 9:30 until 3:30, interrupted only by the short lunch break.

大门会在周一早上 7 点开放，同时照例在 8 点半会播放由我们财务长 Marc Hamburg 精心制作具顶级水准的伯克希尔 1999 年电影短片供大家欣赏，扣除中午短暂的休息时间，整个会议将一直进行到下午 3 点半。

         An attachment to the proxy material that is enclosed with this report explains how you can obtain the badge you will need for admission to the meeting and other events. As for plane, hotel and car reservations, we have again signed up American Express (800-799-6634) to give you special help. In our normal fashion, we will run buses from the larger hotels to the meeting. After the meeting, these will make trips back to the hotels and to Nebraska Furniture Mart, Borsheim's and the airport. Even so, you are likely to find a car useful.

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。

         The full line of Berkshire products will be available at Aksarben, and the more popular items will also be at Holiday. Last year we set sales records across-the-board, moving 3,700 pounds of See's candy, 1,635 pairs of Dexter shoes, 1,150 sets of Quikut knives and 3,104 Berkshire shirts and hats. Additionally, $26,944 of World Book products were purchased as well as more than 2,000 golf balls with the Berkshire Hathaway logo. Charlie and I are pleased but not satisfied with these numbers and confidently predict new records in all categories this year. Our 1999 apparel line will be unveiled at the meeting, so please defer your designer purchases until you view our collection.

在 Aksarben 体育馆的会场我们也将备有伯克希尔全系列的产品供大家选购，另外我们也会把其中最热门的商品陈列在 Holiday 会议中心，去年我们再度打破记录，大家总共买走了 3700 磅的糖果、1635 双的鞋子、1150 组 Quikut 小刀以及 3140 件伯克希尔的衣服与帽子，另外也卖出 26944 美元的世界百科全书与相关出版品以及 2000 颗上面印有伯克希尔 Logo 的高尔夫球，老实说，查理跟我对于这样的成绩并不太满意，不过我们相当有信心今年一定能够再度刷新所有品项的记录，而我们 1999 年全新的服装也将在会议期间公布，所以请大家在看过我们的样式之前，暂且将今年的治装费保留住。

         Dairy Queen will also be on hand and will again donate all proceeds to the Children's Miracle Network. Last year we sold about 4,000 Dilly® bars, fudge bars and vanilla/orange bars. Additionally, GEICO will have a booth that will be manned by a number of our top counselors from around the country, all of them ready to supply you with auto insurance quotes. In almost all cases, GEICO will be able to offer you a special shareholder's discount. Check out whether we can save you some money.

冰雪皇后也将再度在现场摆设摊位，同时将所得全数捐给儿童希望联盟，去年我们总共卖出 4000 根 Dilly、雪花棒以及香草/橘子口味的巧克力棒，此外 GEICO 保险公司会再度派出各地区最优秀的业务员，在会场设立摊位，随时提供股东们汽车保单的报价，在大多数的情况下，GEICO 保险都可以提供给你一个相当优惠的股东折扣，各位记得问看看是否能帮自己省下一笔钱。

         The piece de resistance of our one-company trade show will be a 79-foot-long, nearly 12-foot-wide, fully-outfitted cabin of a 737 Boeing Business Jet ("BBJ"), which is NetJets' newest product. This plane has a 14-hour range; is designed to carry 19 passengers; and offers a bedroom, an office, and two showers. Deliveries to fractional owners will begin in the first quarter of 2000.

这次的会议还有另一位主秀，那就是 79 英尺长 12 英尺宽满配的波音 737 商务机展示座舱(简称 BBJ)，这是 Netjet 最新推出的产品，这架飞机飞行时长可达 14 个小时，可搭载 19 位乘客，并附有一个卧室、一间办公室以及两套淋浴设备，预计在 2000 年春季加入服务客户的行列。

         The BBJ will be available for your inspection on May 1-3 near the entrance to the Aksarben hall. You should be able to minimize your wait by making your visit on Saturday or Sunday. Bring along your checkbook in case you decide to make an impulse purchase.

BBJ 在 5 月 1 日到 3 日期间，将会陈列在 Aksarben 体育馆的大厅入口处，不想排队的人最好提早在周六或周日去参观，记得随身携带你的支票本，以备一时心动的不时之需。

         NFM's multi-stored complex, located on a 75-acre site about a mile from Aksarben, is open from 10 a.m. to 9 p.m. on weekdays, and 10 a.m. to 6 p.m. on Saturdays and Sundays. This operation did $300 million in business during 1998 and offers an unrivaled breadth of merchandise -- furniture, electronics, appliances, carpets and computers -- all at can't-be-beat prices. During the April 30th to May 4th period, shareholders presenting their meeting badge will receive a discount that is customarily given only to its employees.

占地 75 英亩的内布拉斯加家具店多层复合式建筑距离 Aksarben 体育馆约 1 英里远，营业时间平日从早上10 点到下午 9 点，周六及周日则从早上 10 点到下午 6 点，内布拉斯加家具店 1998 年单店的营业额高达三亿美元，提供各式各样的产品，举凡家具、电子产品、小家电、地毯以及计算机，全部都以超低的价格供大家选购，在 4 月 30 日到 5 月 4 日期间，股东只要持随股东通知附赠的优惠券到内布拉斯加家具店购买各类商品，都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 2nd. On annual meeting weekend last year, the store did an incredible amount of business. Sales were double those of the previous year, and the store's volume on Sunday greatly exceeded volume for any day in Borsheim's history. Charlie attributes this record to the fact that he autographed sales tickets that day and, while I have my doubts about this proposition, we are not about to mess with a winning formula. Please give him writer's cramp. On last year's Sunday, Borsheim's wrote 2,501 tickets during the eight hours it was open. For those of you who are mathematically challenged, that is one ticket every 11 seconds.

平时礼拜天不营业的波仙珠宝，特地在 5 月 2 日股东会当天会为股东与来宾开放，从中午开到下午 6 点，去年在股东会的那一个周末，我们缔造了历史最佳的记录，业绩比前一个年度增长一倍，周日单日销售额打破历史记录，查理臭屁的认为这完全要归功于当天他在现场接受大家用发票索取签名的缘故，当然我对于这样的推论持保留态度，我不认为这是成功因素中的重要因子，在去年周日短短 8 个小时的营业时间内，波仙总共开出了 2501 张的发票，数学好的人可以掐指一算，这约等于每 11 秒钟开出一张发票，不过请大家千万不要对查理客气，务必让他签名签到手抽筋。

         Shareholders who wish to avoid Sunday's crowd can visit Borsheim's on Saturday (10 a.m.-5:30 p.m.) or on Monday (10 a.m.-8 p.m.). Be sure to identify yourself as a Berkshire owner so that Susan Jacques, Borsheim's CEO, can quote you a "shareholder-weekend" price. Susan joined us in 1983 as a $4-per-hour salesperson and was made CEO in 1994. This move ranks as one of my best managerial decisions.

怕挤的股东可以选择在周六(早上 10 点到下午 5 点半)或周一(早上 10 点到下午 8 点)光临波仙珠宝，记得向波仙的总裁 Susan Jacques 表明你伯克希尔股东的身份，如此她才能够给各位股东周末的优惠价，Susan 在 1983 年从每小时时薪 4 美元的业务员做起，并在 1994 年成为公司的 CEO，这项人事调整事后证明是我一生中最佳的管理决策之一。

         Bridge players can look forward to a thrill on Sunday, when Bob Hamman -- the best the game has ever seen -- will turn up to play with our shareholders in the mall outside of Borsheim's. Bob plays without sorting his cards -- hey, maybe that's what's wrong with my game. We will also have a couple of other tables at which another expert or two will be playing.

桥牌爱好者请屏息以待，桥牌界的传奇性人物 Bob Hamman 将会在周日下午出席在波仙珠宝店外面大厅举办的一场桥牌大赛，Bob 打牌从来不用整理排堆，嘿嘿！或许这就是我为什么一直打不好的原因，当然现场还会有其它高手出现与大家一起打牌。

         Gorat's -- my favorite steakhouse -- will again be open especially for Berkshire shareholders on the Sunday night before the meeting. Though Gorat's served from 4 p.m. until about 1 a.m. last year, its crew was swamped, and some of our shareholders had an uncomfortable wait. This year fewer reservations will be accepted, and we ask that you don't come on Sunday without a reservation. In other years, many of our shareholders have chosen to visit Gorat's on Friday, Saturday or Monday. You can make reservations beginning on April 1 (but not before) by calling 402-551-3733. The cognoscenti will continue to order rare T-bones with double orders 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，虽然去年 Gorat's 牛排馆从下午四点开始营业，一直到半夜一点半，但是餐厅还是被拥挤的人群给挤爆了，以致于让许多股东等候多时，今年我们将减少订位人数，事先没有订位的人请勿前往，当然股东也可选择在周、周六或下周一前往，该餐厅从 4 月 1 日后才开始接受预订(电话 402-551-3733)，识途的老马都知道要点丁骨牛排加上双份的牛肉丸。

         The Omaha Golden Spikes (neé the Omaha Royals) will meet the Iowa Cubs on Saturday evening, May 1st, at Rosenblatt Stadium. Your Chairman, whose breaking ball had the crowd buzzing last year, will again take the mound. This year I plan to introduce my "flutterball." It's a real source of irritation to me that many view our annual meeting as a financial event rather than the sports classic I consider it to be. Once the world sees my flutterball, that misperception will be erased.

奥马哈金钉鞋队(原奥马哈皇家队)将于 5 月 1 日周六晚上在 Rosenblatt 体育馆对上爱荷华州的小熊队，去年本人技惊四座的变化球，将会再度出现在投手丘上，不过今年我还预计祭出新练的上飘球，对于许多人将伯克希尔股东会视为投资金融界而非体育界的盛事，我感到相当的气愤，相信等到世人看过我的上飘球后，应该就能导正大家这种错误的观念。

         Our proxy statement includes instructions about obtaining tickets to the game and also a large quantity of other information that should help you to enjoy your visit. I particularly urge the 60,000 shareholders that we gained through the Gen Re merger to join us. Come and meet your fellow capitalists.

股东会资料将告诉大家如何取得球赛入场的门票，以及有关本次会议期间大量的旅游信息，在此我也特别呼吁经由并购通用再保险而新加入的 6 万名股东，一定要来见见其它伙伴。

                  * * * * * * * * * * * *

         It wouldn't be right to close without a word about the 11.8 people who work with me in Berkshire's corporate office. In addition to handling the myriad of tax, regulatory and administrative matters that come with owning dozens of businesses, this group efficiently and cheerfully manages various special projects, some of which generate hundreds of inquiries. Here's a sample of what went on in 1998:

                  * * * * * * * * * * * *

在年报结束前，我一定要再感谢一下在伯克希尔企业总部与我一起共事的 11.8 位工作伙伴，这个团队除了平时要处理旗下数十家经营业务繁杂的租税、法律与行政事务之外，同时还非常有效率且热心地管理许多特别的事务，包含了上千次的不厌其烦的回答，以下就是他们在 1998 年所做的一些工作。

● 6,106 shareholders designated 3,880 charities to receive contributions.
● Kelly Muchemore processed about 17,500 admission tickets for the annual meeting, along with orders and checks for 3,200 baseball tickets.
● Kelly and Marc Hamburg produced and directed the Aksarben extravaganza, a job that required them to arrange the presentations made by our subsidiaries, prepare our movie, and sometimes lend people a hand with travel and lodging.
● Debbie Bosanek satisfied the varying needs of the 46 media organizations (13 of them non-U.S.) that covered the meeting, and meanwhile, as always, skillfully assisted me in every aspect of my job.
● Debbie and Marc assembled the data for our annual report and oversaw the production and distribution of 165,000 copies. (This year the number will be 325,000.)
● Marc handled 95% of the details -- and much of the substance -- connected with our completing two major mergers.
● Kelly, Debbie and Deb Ray dealt efficiently with tens of thousands of requests for annual reports and financial information that came through the office.

(1)6106 位股东指定捐赠给 3880 个慈善机关团体。
(2)Kelly 与 Marc Hamburg 处理超过 1.75 万件股东会出席证，外加 3200 件棒球赛的订单与支票。
(3)Kelly 与 Marc Hamburg 负责制作、导演整个 Aksarben 秀，包含安排各个子公司所做的演示文稿、准备短片，有时还要协助来宾解决交通与食宿的问题。
(4)Debbie Bosanek 满足了 46 家采访媒体机构各种不同的需求(其中还包含 13 家外国媒体)，同时一如往常地协助我处理所有日常事务。
(5)Debbie 及 Marc 负责整理股东会报告并负责 16.5 万份年报的制作与发送(今年份数将增加至 32.5 万份)。
(6)Marc 负责处理 95%以上的细节，同时更重要的是完成两件重大并购案的后续处理工作 Kelly、Debbie 以及DebRay 非常快速地处理成千上万要求寄发年报及相关财务信息的回函。

         You and I are paying for only 11.8 people, but we are getting what would at most places be the output of 100. To all of the 11.8, my thanks.

虽然我们只支付 11.8 人份的薪水，但我们所得到的成果却相当于 100 位人力的付出，对于这支 11.8 个人的团队，我衷心地致上个人的感谢之意。

Warren E. Buffett
Chairman of the Board
March 1, 1999

沃伦.巴菲特
董事会主席
1999年3月1日

上一页

〔译文源于芒格书院整理的巴菲特致股东的信〕

© Copyright 2023 Meitiandudian. All Rights Reserved.