巴菲特致股东的信（2003年）⑭年度股东大会

The Annual Meeting

年度股东大会

Last year, I asked you to vote as to whether you wished our annual meeting to be held on Saturday or Monday. I was hoping for Monday. Saturday won by 2 to 1. It will be a while before shareholder democracy resurfaces at Berkshire.

去年我要大家投票决定股东会在周六或周一召开，我个人是比较偏爱周一，不过最后投票结果，周六以二比一的比例胜出，我想可能还要好长的一段时间才会再产生下一次的股东式民主。

But you have spoken, and we will hold this year’s annual meeting on Saturday, May 1 at the new Qwest Center in downtown Omaha. The Qwest offers us 194,000 square feet for exhibition by our subsidiaries (up from 65,000 square feet last year) and much more seating capacity as well. The Qwest’s 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 will be available at the Qwest’s concession stands.) That interlude aside, Charlie and I will answer questions until 3:30. We will tell you everything we know . . . and, at least in my case, more.

当然既然股东们都已经说话了，我们还是决定于 5 月 1 日周六在奥马哈市中心新落成的 Qwest 中心举行年度股东大会，Qwest 中心这次提供了19.4 万平方英尺的场地给我们(去年只有 6.5 万平方英尺)，同时还增加了许多座位，Qwest 中心的大门会在早上七点钟准时开放、电影短片照例会在八点半播放，正式会议则从九点半开始，中午休息时间会场外有供应三明治等各类点心，除了中午短暂的休息时间外，查理跟我本人会坚持在现场回答大家各类问题直到下午三点半，我会向各位爆更多的料。

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.

后面附有股东会开会投票的相关资料，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 vans from the larger hotels to the meeting. Afterwards, the vans 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.

一如以往，我们会安排小巴士往来会场与旅馆之间，同时在会后小巴士还会载大家回旅馆或是到内布拉斯加家具店、波仙珠宝店及机场等地，当然即便如此你可能会觉得如果有一辆车会更方便。

Our exhibition of Berkshire goods and services will blow you away this year. On the floor, for example, will be a 1,600 square foot Clayton home (featuring Acme brick, Shaw carpet, Johns-Manville insulation, MiTek fasteners, Carefree awnings, and outfitted with NFM furniture). You’ll find it a far cry from the mobile-home stereotype of a few decades ago.

今年会场展示的伯克希尔各项产品及服务，将让大家眼花撩乱，比如说一楼将会有 Clayton 1600 平方英尺大型的组合式房屋(配有 Acme 瓷砖、Shaw 地毯、Johns Manville隔热材料、MiTek 扣件、Carefree 雨蓬外加内布拉斯加家具店各式家具)，各位将会发现与以往印象中的活动式房屋有大大的不同。

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顶尖的业务员，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 都可以提供给股东一个约 8%的折扣，这个特别优惠在我们有营业据点的全美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。

On Saturday, at the Omaha airport, we will have the usual array of aircraft from NetJets® available for your inspection. Stop by the NetJets booth at the Qwest to learn about viewing 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.

周六在奥马哈机场，我们仍将展示 NetJets 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。

At Nebraska Furniture Mart, located on a 77-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 seven years ago, and sales during the “Weekend” grew from $5.3 million in 1997 to $17.3 million in 2003. Every year has set a new record.

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，我们在七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 2002 年的 1730 万美元，每年的销售成绩持续创新高。

To get the discount, you must make your purchases between Thursday, April 29 and Monday, May 3 inclusive, 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. Monday through Saturday, and 10 a.m. to 6 p.m. on Sunday. On Saturday this year, from 5:30 p.m. to 8 p.m., we are having a special affair for shareholders only. I’ll be there, eating barbeque and drinking Coke.

想要享有折扣记得在 4 月 29 日周四到 5 月 3 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，在今年的周六，我们将有一个股东会特卖会，时间从下午 6 点到下午 10 点，我本人也将出席，顺便吃点烤肉配配可乐。

Borsheim’s -- the largest jewelry store in the country except for Tiffany’s Manhattan store ⎯ will have two shareholder-only events. The first will be a cocktail reception from 6 p.m. to 10 p.m. on Friday, April 30. The second, the main gala, will be from 9 a.m. to 4 p.m. on Sunday, May 2. Ask Charlie to autograph your sales ticket.

全美单店营业额仅次于纽约曼哈顿蒂芬妮的波仙珠宝店，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 4 月30 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 2 日周日举行，从早上 9 点到下午 5 点，记得请查理在你的收据上签名。

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 – at least that’s what my wife and daughter tell me. (Both were impressed early in life by the story of the boy who, after missing a street car, walked home and proudly announced that he had saved 5¢ by doing so. His father was irate: “Why didn’t you miss a cab and save 85¢?”)

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 6 点，波仙的营业毛利要比其它主要竞争对手要低 20%以上，所以买得越多省得越多，这是我的老婆跟女儿告诉我的，她们两人都谨记从前一个小男孩的故事，他因为错过一班公车而走路回家，同时骄傲的表示自己因此省下了五毛钱，他爸爸听到之后，很生气的说，要是你错过的是出租车，不就可以省下十块钱吗？

In the mall outside of Borsheim’s, we will have Bob Hamman and Sharon Osberg, two of the world’s top bridge experts, available to play with our shareholders on Sunday afternoon. Additionally, Patrick Wolff, twice U.S. chess champion, will be in the mall, taking on all comers ⎯ blindfolded! I’ve watched, and he doesn’t peek.

周日下午，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，这次我们了邀请两位世界级桥牌顶尖高手BobHamman、SharonOsberg 与大家同乐，此外美国棋两度冠军 Patrick Wolff，也会再度在会场蒙着眼与所有挑战者对奕，去年我特定留意了一下，他确实没有偷看。

Gorat’s -- my favorite steakhouse -- will again be open exclusively for Berkshire shareholders on Sunday, May 2, 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. Flaunt your mastery of fine dining by ordering, as I do, 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 2 日周日开门营业，从下午 4 点开始营业，一直到晚上 10 点，请记得周日事先若没有订位的人请勿前往以免向隅，要预约请在 4 月 1 日以后打电话(402-551-3733)，若订不到周日的位子，也可以试试其它晚上，记得跟我一样，老练一点地点丁骨牛排加上双份的牛肉丸。

We will have a special reception on Saturday afternoon from 4:00 to 5:00 for shareholders who come from outside of North America. Every year our meeting draws many people from around the globe, and Charlie and I want to be sure we personally meet those who have come so far. Any shareholder who comes from other than the U.S. or Canada will be given special credentials and instructions for attending this function.

周六下午 4-5 点，我们也会为来自北美以外地区的股东举行欢迎会，每年股东年会吸引了来自世界各地的人们参与，查理跟我不想错过与所有参加过的人会面的机会，任何来自美国与加拿大地区以外的股东事先都会拿到参与这项仪式的证明与注意事项。

Charlie and I have a great time at the annual meeting. And you will, too. So join us at the Qwest for our annual Woodstock for Capitalists.

每年股东大会查理跟我都相当尽兴，而我相信你也一样，所以再次欢迎大家到 Qwest 中心参加为资本家举办的年度伍德斯托克音乐节。

Warren E. Buffett
Chairman of the Board
February 27, 2004

沃伦.巴菲特
董事会主席
2004年2月27日

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