巴菲特致股东的信（2001年）
⑩年度股东大会

The Annual Meeting

     This year's annual meeting will be on Saturday, May 4, and we will again be at the Civic Auditorium. The doors will open at 7 a.m., the movie will begin at 8:30, and the meeting itself will commence at 9:30. There will be a short break at noon for food. (Sandwiches can be bought at the Civic's concession stands.) Except for that interlude, Charlie and I will answer questions until 3:30. Give us your best shot.

年度股东大会

今年的股东会将在 5 月 4 日周六举行，地点还是在市政礼堂，大门会在当天早上 7 点开放，同时电影短片照例会在 8 点半播放，正式会议则从 9 点半开始，扣除中午短暂的休息时间(会场外有供应三明治等各类点心)，查理跟我本人会在现场回答大家各类问题直到下午 3 点半，记得将你的问题准备好。

     For at least the next year, the Civic, located downtown, is the only site available to us. We must therefore hold the meeting on either Saturday or Sunday to avoid the traffic and parking nightmare sure to occur on a weekday. Shortly, however, Omaha will have a new Convention Center with plenty of parking facilities. Assuming that we then head for the Center, I will poll shareholders to see whether you wish to return to the Monday meeting that was standard until 2000. We will decide that vote based on a count of shareholders, not shares. (This is not a system, however, we will ever institute to decide who should be CEO.)

至少在明年以前，位于市中心的市政礼堂仍将是我们唯一的选择，而为了解决交通与停车问题，我们只能在周六或周日举行，以避开工作日的交通阻塞，所幸在不久之后，奥马哈将会有一个新大型会议中心落成，拥有宽敞的停车场，等到这个会议中心完成之后，我会再发问卷调查来询问大家将会议时间改回 2000 年以前在周一开会的惯例，届时我们将以股东投票人数而非股权比例来决定(当然这并非一般的做法，各位休想按照此做法选出新任总裁)。

     An attachment to the proxy material that is enclosed with this report explains how you can obtain the credential 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. They do a terrific job for us each year, and I thank them for it.

后面附有股东会的相关资料，向各位解释如何拿到股东会入场及其它活动必须的识别证，至于有关机位、住宿、租车等预订服务，我们很高兴与美国运通(电话 800-799-6634)再次签约为您提供相关安排，每年他们都为大家提供非常好的服务，在此谨代表大家向他们说声谢谢。 

     In our usual fashion, we will run buses from the larger hotels to the meeting. Afterwards, the buses 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.

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，当然即便如此你可能会觉得如果有一辆车会更方便。

     We have added so many new companies to Berkshire this year that I'm not going to detail all of the products that we will be selling at the meeting. But come prepared to carry home everything from bricks to candy. And underwear, of course. Assuming our Fruit of the Loom purchase has closed by May 4, we will be selling Fruit's latest styles, which will make you your neighborhood's fashion leader. Buy a lifetime supply.

今年由于我们又新加入了许多公司，所以我就不再详细说明在现场会提供什么产品供大家选购，总之从糖果到砖块应有尽有，当然还有内衣，假设鲜果布衣的并购能在 5 月 4 日以前顺利结案的话，我们也会在现场销售鲜果布衣的最新款式，保证让你在街坊邻居间成为时尚领导者，记得一次买个够。

     GEICO will have a booth staffed by a number of its top counselors from around the country, all of them ready to supply you with auto insurance quotes. In most cases, GEICO will be able to give you a special shareholder discount (usually 8%). This special offer is permitted by 41 of the 49 jurisdictions in which we operate. Bring the details of your existing insurance and check out whether we can save you money.

GEICO 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 都可以提供给你一个相当优惠的股东折扣(大约 8%)，这个特别优惠在我们有营业据点的 49州中的 41 州都有效，各位记得将自己现在的投保资料带来，看看是否能帮自己省下一笔钱。

     At the Omaha airport on Saturday, we will have the usual array of aircraft from NetJets® available for your inspection. Just ask a representative at the Civic about viewing any of these planes. If you buy what we consider an appropriate number of items during the weekend, you may well need your own plane to take them home. And, if you buy a fraction of a plane, we might even throw in a three-pack of briefs or boxers.

周六在奥马哈机场，我们仍将展示一系列的机队供大家参观，请到市政礼堂向 EJA 的业务代表洽询参观的事宜，如果你股东会买了一大推相关产品，我相信你一定也需要用自己的飞机把它们带回家，如果你真的买下飞机的部分所有权，我们还会附赠几个大行李箱。

     At Nebraska Furniture Mart, located on a 75-acre site on 72nd Street between Dodge and Pacific, we will again be having "Berkshire Weekend" pricing, which means we will be offering our shareholders a discount that is customarily given only to employees. We initiated this special pricing at NFM five years ago, and sales during the "Weekend" grew from $5.3 million in 1997 to $11.5 million in 2001.

位于道奇街与太平洋街的内布拉斯加家具店，再度会有伯克希尔周特卖，我们将特别提供给股东原先只有员工可以享有的优惠价，我们在五年前首次推出这种促销活动，营业额更一举从 1997 年的 530 万美元成长到 2001年的 1,150 万美元。

     To get the discount, you must make your purchases on Thursday, May 2 through Monday, May 6 and also present your meeting credential. The period's special pricing will even apply to the products of several prestigious manufacturers that normally have ironclad rules against discounting but that, in the spirit of our shareholder weekend, have made an exception for you. We appreciate their cooperation. NFM is open from 10 a.m. to 9 p.m. on weekdays and 10 a.m. to 6 p.m. on Saturdays and Sundays.

想要享有折扣记得在 5 月 2 日周四到 5 月 6 日周一间采购，并出示股东开会证明，在这期间的特卖活动也适用于许多原本从不打折的顶级品牌，这可是为了股东会才特别破例，我们很感谢他们的配合，内布拉斯加家具店的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。

     Borsheim's ¾ the largest jewelry store in the country except for Tiffany's Manhattan store ¾ will have two shareholder-only events. The first will be a cocktail reception from 6 p.m. to 10 p.m. on Friday, May 3. The second, the main gala, will be from 9 a.m. to 5 p.m. on Sunday, May 5. Shareholder prices will be available Thursday through Monday, so if you wish to avoid the large crowds that will assemble on Friday evening and Sunday, come at other times and identify yourself as a shareholder. On Saturday, we will be open until 6 p.m. Borsheim's operates on a gross margin that is fully twenty percentage points below that of its major rivals, so the more you buy, the more you save (or at least that's what my wife and daughter tell me). Come by and let us perform a walletectomy on you.

波仙珠宝-全美单店营业额仅次于纽约曼哈顿蒂芬妮的珠宝店，在股东会期间将会有两场专为股东举办的展览会，第一场是在 5 月 3 日周五的鸡尾酒会，时间从下午 6 点到晚上 10 点，第二场大型售卖活动则在 5 月 5 日周日举行，从早上 9 点到下午 6 点，从周四到周一的股东会期间，波仙都将提供股东特惠价，所以如果你希望避开周五晚上到周日的拥挤人潮，你可以在其它的时间上门光顾，记得表明股东的身分，周六我们会营业到晚上 7点，波仙的营业毛利要比其它主要竞争对手低 20 个百分点以上，所以买得越多省得越多，(这是我的家人告诉我的)，记得来到现场，让我们替你的荷包减减肥。

     In the mall outside of Borsheim's, we will have some of the world's top bridge experts available to play with our shareholders on Sunday afternoon. We expect Bob and Petra Hamman along with Sharon Osberg to host tables. Patrick Wolff, twice U.S. chess champion, will also be in the mall, taking on all comers ¾ blindfolded! Last year, Patrick played as many as six games simultaneously ¾ with his blindfold securely in place ¾ and this year will try for seven. Finally, Bill Robertie, one of only two players who have twice won the backgammon world championship, will be on hand to test your skill at that game. Come to the mall on Sunday for the Mensa Olympics.

周日下午，我们照例会在波仙珠宝店外面大厅为股东们举办的一场桥牌大赛，邀请多位世界级桥牌顶尖高手与大家同乐，Hamman 兄弟及莎伦·奥斯伯格(Sharon Osberg)预期都将出席，另外 PatrickWolff-美国棋两度冠军，也会再度在会场蒙眼与所有挑战者对奕，去年他一口气同时与六位对手下棋，今年他将同时挑战七位对手。最后，两度世界双陆旗冠军 Bill Robertie，也会莅临测试各位双陆旗的实力，记得周日到现场参加奥林匹亚棋艺大赛。

     Gorat's ¾ my favorite steakhouse ¾ will again be open exclusively for Berkshire shareholders on Sunday, May 5, and will be serving from 4 p.m. until 10 p.m. Please remember that to come to Gorat's on Sunday, you must have a reservation. To make one, call 402-551-3733 on April 1 (but not before). If Sunday is sold out, try Gorat's on one of the other evenings you will be in town. Show your sophistication by ordering a rare T-bone with a double order of hash browns.

我个人最爱的牛排馆 Gorat's 为了伯克希尔股东年会破例在 5 月 5 日周日开门营业，从下午 4 点开始营业，一直到晚上 10 点，请记得，周日没有事先预定请勿前往，要预约请在 4 月 1 日以后打电话(402-551-3733)，若周日订不到位子，可以试试其它晚上，记得要点丁骨牛排加双份土豆饼，如此人家就知道你是老粉。

     The usual baseball game will be held at Rosenblatt Stadium at 7 p.m. on Saturday night. This year the Omaha Royals will play the Oklahoma RedHawks. Last year, in an attempt to emulate the career switch of Babe Ruth, I gave up pitching and tried batting. Bob Gibson, an Omaha native, was on the mound and I was terrified, fearing Bob's famous brush-back pitch. Instead, he delivered a fast ball in the strike zone, and with a Mark McGwire-like swing, I managed to connect for a hard grounder, which inexplicably died in the infield. I didn't run it out: At my age, I get winded playing a hand of bridge.

例行的棒球赛将于周六晚上 7 点在 Rosenblatt 体育馆举行，今年奥马哈皇家队将对上奥克拉荷玛红鹰队，去年为了仿效贝比鲁斯的传奇挥击，我弃投从打，在奥马哈出身的选手-BobGibson 站上投手丘后，我当场被吓坏了，因为 Bob 以内角上飘球著名，谁知道他最后投出的竟是正中直球，那时只见我用力使出马奎尔式的挥击，击出内野方向的软弱滚地球，我并没有往一垒跑，因为以我这个年纪，只适合在桥牌桌上驰骋。

     I'm not sure what will take place at the ballpark this year, but come out and be surprised. Our proxy statement contains instructions for obtaining tickets to the game. Those people ordering tickets to the annual meeting will receive a booklet containing all manner of information that should help you enjoy your visit in Omaha. There will be plenty of action in town. So come for Woodstock Weekend and join our Celebration of Capitalism at the Civic.

我不确定今年球场会发生什么事，记得到现场体验惊奇，股东会资料将告诉大家如何取得球赛入场的门票，所有决定参加股东会的股东将会收到一大本册子，大量有关奥马哈的旅游信息，股东会期间将有许多活动，所以一定要来参加资本家的伍斯达克嘉年华会，并到市政礼堂参与资本主义的盛宴。

     * * * * * * * * * * * *

     Finally, I would like to thank the wonderful and incredibly productive crew at World Headquarters (all 5,246.5 square feet of it) who make my job so easy. Berkshire added about 40,000 employees last year, bringing our workforce to 110,000. At headquarters we added one employee and now have 14.8. (I've tried in vain to get JoEllen Rieck to change her workweek from four days to five; I think she likes the national recognition she gains by being .8.)

     * * * * * * * * * * * *

最后我要感谢伯克希尔企业总部(占地约 5,246 平方英尺)那群最棒、生产力最高的员工，是他们让我的工作轻松愉快，伯克希尔去年增加了 40,000 名员工，使得员工总数增加到 110,000 人，为此总部人员编制增加一名成为 14.8 人(虽然我试图说服 JoEllenRieck 将她的每周上班天数从 4 天改为 5 天，不过我想她还是喜欢当那个0.8)。

     The smooth handling of the array of duties that come with our current size and scope ¾ as well as some additional activities almost unique to Berkshire, such as our shareholder gala and designated-gifts program ¾ takes a very special group of people. And that we most definitely have.

以我们目前的规模，为了要顺利处理好所有的日常业务，同时还要加上伯克希尔特有的一些活动，诸如股东盛会及指定捐赠计划等，我们绝对必须有一群特别的人，而可以肯定的是我们已经找到了合适的对象。

Warren E. Buffett
Chairman of the Board
February 28, 2002

沃伦.巴菲特
董事会主席
2002年2月28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.