巴菲特致股东的信（2004年）⑩年度股东大会

The Annual Meeting

年度股东大会

There are two changes this year concerning the annual meeting. First, we have scheduled the meeting for the last Saturday in April (the 30th), rather than the usual first Saturday in May. This year Mother’s Day falls on May 8, and it would be unfair to ask the employees of Borsheim’s and Gorat’s to take care of us at that special time – so we’ve moved everything up a week. Next year we’ll return to our regular timing, holding the meeting on May 6, 2006.

关于股东年会今年有两项变革，首先由于母亲节缘故，股东大会日期改为 4 月的最后一个周六(也就是 4 月30 日)，而不是以往的 5 月第一个周六，实在是不好意思要求波仙珠宝及 Gorats 牛排店在这个重要节日来为我们服务，因此我们决定提早一个周举行，明年我们就会恢复以往惯例，在 2006 年 5 月 6 日召开。

Additionally, we are changing the sequence of events on meeting day, April 30. Just as always, the doors will open at the Qwest Center at 7 a.m. and the movie will be shown at 8:30. At 9:30, however, we will go directly to the question and answer period, which (allowing for lunch at the Qwest’s stands) will last until 3:00. Then, after a short recess, Charlie and I will convene the annual meeting at 3:15.

此外，我们也改变了开会当天的程序，Qwest 中心的大门还是会在早上 7 点钟准时开放、电影短片照例会在8 点半播放，不过问答的时间会提早到 9 点半开始，(会场中午备有点心摊位)，一直到下午 3 点为止，然后在短暂的休息之后，在 3:15 开始召开正式会议。

We have made this change because a number of shareholders complained last year about the time consumed by two speakers who advocated proposals of limited interest to the majority of the audience – and who were no doubt relishing their chance to talk to a captive group of about 19,500. With our new procedure, those shareholders who wish to hear it all can stick around for the formal meeting and those who don’t can leave – or better yet shop.

之所以会这样做，是因为有些股东抱怨去年有两位股东提出两项无关紧要的议题，浪费在座 19500 位股东宝贵的时间，在改变程序之后，那些想要畅所欲言，全程参与的股东，可以一直待到会议结束，而没有兴趣浪费时间的股东也可提早离开去血拼。

There will be plenty of opportunity for that pastime in the vast exhibition hall that adjoins the meeting area. Kelly Muchemore, the Flo Ziegfeld of Berkshire, put on a magnificent shopping extravaganza last year, and she says that was just a warm-up for this year. (Kelly, I am delighted to report, is getting married in October. I’m giving her away and suggested that she make a little history by holding the wedding at the annual meeting. She balked, however, when Charlie insisted that he be the ringbearer.)

当天在会场旁边的展场也会有许多娱兴节目，Kelly Muchemore 伯克希尔的 Flo Ziegfeld 去年布置了一件大型的展览品，不过她说去年只是热身而已，我很高兴向大家报告，Kelly 在去年十月结婚，我本来建议她选在股东大会时举行婚礼，可惜由于查理坚持要做男伴郎而作罢。

Again we will showcase a 2,100 square foot Clayton home (featuring Acme brick, Shaw carpet, Johns Manville insulation, MiTek fasteners, Carefree awnings and NFM furniture). Take a tour through the home. Better yet, buy it.

再一次我们将在会场展示一个 2100 平方英尺的 Clayton预制房屋，配备有 Acme 砖块、Shaw 地毯、JohnsManville 隔热材料、MiTek 连接件、Carefree 屋檐及内布拉斯加家具店家具，记得来参观一下，最好顺便买一套。

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 45 of the 50 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全美50 州中的 45 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. Come to Omaha by bus; leave in your new plane.

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 Qwest 会场向 EJA 的业务代表洽询参观的事宜，来的时候坐车，回去可以搭飞机。

The Bookworm shop did a terrific business last year selling Berkshire-related books. Displaying 18 titles, they sold 2,920 copies for $61,000. Since we charge the shop no rent (I must be getting soft), it gives shareholders a 20% discount. This year I’ve asked The Bookworm to add Graham Allison’s Nuclear Terrorism: The Ultimate Preventable Catastrophe, a must-read for those concerned with the safety of our country. In addition, the shop will premiere Poor Charlie’s Almanack, a book compiled by Peter Kaufman. Scholars have for too long debated whether Charlie is the reincarnation of Ben Franklin. This book should settle the question.

去年书虫书店在会场设摊销售伯克希尔相关书籍，全部 18 种，总计卖出 2,920 本，因为摊位不收租金(我越来越好讲话了)，所以股东买书都可以打 8 折，今年我特地要求书虫增加 GrahamAllison 所著的《核恐怖主义:可预防的终极灾害》，这是所有关心国家安危必读的书籍，此外当天还会发行 PeterKaufman 所著《穷查理宝典》，一直以来许多学者都在争论查理是否为富兰克林再世，我想这本书或可解决大家的疑问。

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。

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. We initiated this special event at NFM eight years ago, and sales during the “Weekend” grew from $5.3 million in 1997 to $25.1 million in 2004 (up 45% from a year earlier). Every year has set a new record, and on Saturday of last year, we had the largest single-day sales in NFM’s history – $6.1 million.

位于道奇街与太平洋街占地 77 英亩的内布拉斯加家具店，再度会有伯克希尔周特卖，我们在八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 2004 年的 2,510 万美元，每年的销售成绩持续创新高，去年股东会周末再度创下单日营业额新高 610 万美元。

To get the discount, you must make your purchases between Thursday, April 28 and Monday, May 2 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 28 日周四到 5 月 2 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 5 点半到下午 8 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 29. The second, the main gala, will be from 9 a.m. to 4 p.m. on Sunday, May 1. On Saturday, we will be open until 6 p.m.

波仙珠宝是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 4 月 29 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 1 日周日举行，从早上 9 点到下午 4 点，周六则营业到下午 6 点。

We will have huge crowds at Borsheim’s throughout the weekend. For your convenience, therefore, shareholder prices will be available from Monday, April 25 through Saturday, May 7. During that period, just identify yourself as a shareholder through your meeting credentials or a brokerage statement.

整个周末波仙都将人满为患，从 4 月 25 日周一到 5 月 7 日周六的股东会期间，波仙都将提供股东特惠价，只要出示出席证或者是委托书表明股东的身分即可享有折扣。

Borsheim’s operates on a gross margin that is fully twenty percentage points below that of its major rivals, even before the shareholders’ discount. Last year, business over the weekend increased 73% from 2003, setting a record that will be tough to beat. Show me it can be done.

波仙的营业毛利要比其它主要竞争对手要低 20 个百分点以上，去年的营业额较前年又成长了 73%，再度创下历史的新高，让我们努力把它打破。

In a tent outside of Borsheim’s, Patrick Wolff, twice U.S. chess champion, will take on all comers in groups of six – blindfolded. Additionally, 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. They plan to keep their eyes open – but Bob never sorts his cards, even when playing for a national championship.

波仙外面所搭的棚子内，Patrick Wolff 美国棋两度冠军，也会再度在会场蒙着眼与所有挑战者分六个一组分批对奕，此外两位世界级桥牌顶尖高手 Bob Hamman、Sharon Osberg 也会在周日下午与大家同乐，当然他们不会蒙眼，不过以 Bob 的习惯，他从来不整理牌组，就算是在参加全国桥牌大赛时，也是如此。

Gorat’s – my favorite steakhouse – will again be open exclusively for Berkshire shareholders on Sunday, May 1, and will be serving from 4 p.m. until 10 p.m. Please remember that to come to Gorat’s on that day, 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. Enhance your reputation as an epicure by ordering, as I do, a rare T-bone with a double helping 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 5 月 1 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 again have a special reception from 4:00 to 5:30 on Saturday afternoon for shareholders who have 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 greet those who have come so far. Last year we enjoyed meeting more than 400 of you including at least 100 from Australia. Any shareholder who comes from other than the U.S. or Canada will be given a special credential and instructions for attending this function.

周六下午 4 点到 5 点半，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，查理跟我希望能够亲自接待这些远道而来的股东，去年人数达到 400 位，其中至少有 100 位是来自澳洲，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。

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Charlie and I are lucky. We have jobs that we love and are helped every day in a myriad of ways by talented and cheerful associates. No wonder we tap-dance to work. But nothing is more fun for us than getting together with our shareholder-partners at Berkshire’s annual meeting. So join us on April 30th at the Qwest for our annual Woodstock for Capitalists.

查理跟我真是幸运，每天能够从事我们喜爱的工作，同时有这么多有干劲的同仁协助，也难怪我们每天都能够跳着踢踏舞上班，当然每年能够与股东伙伴们同乐更是一大乐事，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 28, 2005