巴菲特致股东的信（2005年）⑪年度股东大会

The Annual Meeting

年度股东大会

Our meeting this year will be on Saturday, May 6. As always, the doors will open at the Qwest Center at 7 a.m., and the latest Berkshire movie will be shown at 8:30. At 9:30 we will go directly to the question-and-answer period, which (with a break 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. This schedule worked well last year, because it let those who wanted to attend the formal session to do so, while freeing others to shop.

2006 年我们的股东大会将在 5 月 6 日周六召开。与往常一样，Qwest 中心的大门将会在早上 7:00 准时打开，最新的伯克希尔电影短片将在 8:30 开始播放，9:30 我们将直接进入提问回答时间，并将一直持续到下午3:00 为止(中间短暂地休息，在 Qwest 摊位上有午餐供应)。短暂休息之后，我和查理将在 3:15 正式召开年度股东大会，这一会议的程序去年进行得十分顺利，因为这使得那些想要参加正式会议的股东可以如愿参加，没有兴趣的股东也可以自由地去购物。

You certainly did your share in this respect last year. The 194,300 square foot hall adjoining the meeting area was filled with the products of Berkshire subsidiaries, and the 21,000 people who came to the meeting allowed every location to rack up sales records. Kelly Broz (neé Muchemore), the Flo Ziegfeld of Berkshire, orchestrates both this magnificent shopping extravaganza and the meeting itself. The exhibitors love her, and so do I. Kelly got married in October, and I gave her away. She asked me how I wanted to be listed in the wedding program. I replied “envious of the groom,” and that’s the way it went to press.

你去年肯定也参与了购物方面的活动，与大会场地相连的 194,300 平方英尺的大厅布满了伯克希尔下属公司的产品，而且 2.1 万名参加会议的股东将会让每个展台创造新的销售纪录。KellyBroz 组织了这次超豪华的购物秀和年度大会。展出者都非常喜欢她，我也同样如此。Kelly 问我，是否愿意在婚礼节目上亮相，我的回答是"嫉妒新郎"，这句话竟然原封不动地就上了新闻。

This year we will showcase two Clayton homes (featuring Acme brick, Shaw carpet, Johns Manville insulation, MiTek fasteners, Carefree awnings and NFM furniture). You will find that these homes, priced at $79,000 and $89,000, deliver excellent value. In fact, three shareholders came so firmly to that conclusion last year that they bought the $119,000 model we then showcased. Flanking the Clayton homes on the exhibition floor will be RVs from Forest River.

今年我们将重点展示两套 Clayton 预制房屋(内部布置有 Acme 的砖块、Shaw 的地毯、Johns Manville 的隔热材料、MiTek 的连接件、Carefree 的遮阳篷及内布拉斯加家具店的家具)。你会发现，这些标价 7.9 万-8.9 万美元的预制房屋非常价廉物美。事实上，2005 年三位与会股东对这些房屋的性价比非常青睐，以至于他们竟然购买了我们用来展示的价值 11.9 万美元的样板房。与 Clayton 预制房屋相邻的是森林之河的房车展览。

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. (One supplemental point: The discount is not additive if you qualify for another, such as that given certain groups.) Bring the details of your existing insurance and check out whether we can save you money. For at least 50% of you, I believe we can. And while you’re at it, sign up for the new GEICO credit card. It’s the one I now use.

GEICO 公司将在会场设立摊位，取信全美最顶尖的保险顾问，他们将为你提供汽车保险的报价，在大多数情况下，GEICO 都会为你提供一个相当优惠的股东折扣(大约 8%)。这个特别优惠在我们开展业务的全美 50 个州中的 45 个州都可以提供。请各位股东将自己现在的详细保险资料带来，GEICO 的顾问将会帮你检查是否能为你省下一笔保费。我相信，我们至少能为你们之中的一半人省下不少的保费。当你到了之后，请签名申请新的 GEICO信用卡，我现在用的就是这张卡。

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 一系列的机型以供大家检阅。请到 Qwest 中心会场里 NetJets 的展位参观了解这些飞机的详情。来奥马哈时是坐车，回去时坐你的新飞机。

The Bookworm boutique at the Qwest broke all records last year selling Berkshire-related books. An amazing 3,500 of these were Poor Charlie’s Almanack, the collected wisdom of my partner. This means that a copy was sold every 9 seconds. And for good reason: You will never find a book with more useful ideas. Word-of-mouth recommendations have caused Charlie’s first printing of 20,500 copies to sell out, and we will therefore have a revised and expanded edition on sale at our meeting. Among the other 22 titles and DVDs available last year at the Bookworm, 4,597 copies were sold for $84,746. Our shareholders are a bookseller’s dream.

2005 年书虫书店在 Qwest 销售与伯克希尔公司相关的书籍打破了所有的销售纪录，令人吃惊的是，竟然卖出了 3500 本收集了我的合伙人查理·芒格智慧妙论的好书《穷查理宝典》，这意味着，每隔 9 秒种就会卖出一本。如此畅销的原因相当简单，你无法找到比这本书拥有更多有价值的思想的书。口口相传的一致推荐使查理第一次印刷的 20500 册书已经销售一空，我们在今年的股东大会上将推出经过修订和扩充的新版。2005 年在书虫书店还展示了其他 22 种书籍和 DVD，总共销售了 4,597 册，销售收入 84,746 美元。我们的股东们确实是书商们梦寐以求的客户。

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. Carol Pedersen, who handles these matters, does a terrific job for us each year, and I thank her for it.

这份报告后面附有股东大会相关资料，向各位解释如何索取参加股东大会以及其他活动所需的证件。至于有关机票、住宿、用车预订服务，我们很高兴再次与美国运通(电话 800-799-6634)签约，为您提供具体帮助。负责处理这些事宜的 Carol Pedersen 每年都为我们提供非常周到的服务，在此向他表示感谢。

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 nine years ago, and sales during the “Weekend” grew from $5.3 million in 1997 to $27.4 million in 2005 (up 9% from a year earlier). I get goose bumps just thinking about this volume.

在第 72 大街位于 Dodge 与 Pacific 之间的占地 77 英亩的内布拉斯加家具店中，我们将再次举办"伯克希尔周末"专场特卖会。我们在 9 年前首次推出这种专场特卖活动，"伯克希尔周末"的营业额从 1997 年的 530 万美元增长到 2005 年的 2,740 万美元(平均每年增长 9%)，去年股东会周末再度创下单日营业额新高 610 万美元。一想到如此之高的销售额，我不禁热血沸腾。

To obtain the discount, you must make your purchases between Thursday, May 4 and Monday, May 8 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, drinking Coke, and counting sales.

想要获得优惠折扣，你必须在 5 月 4 日(周四)到 5 月 8 日(周一)之间进行采购，并且出示你参加股东大会的证件。这期间的优惠活动将包括一些平常从不打折的顶级品牌，这可是为了我们伯克希尔股东周末专场才特别破的例，我们非常感谢他们的配合。内布拉斯加家具店的营业时间是周一到周六从上午 10:00 到下午 9:00，周日则是从早上 10:00 到下午 6:00。在今年股东大会期间，周六从下午 5:30 到下午 8:00，我们将举行一个只对股东开放的特别活动，我本人也将到场，一边吃着烤肉喝着可乐，一边计算销售额。

Borsheim’s again will have two shareholder-only events. The first will be a cocktail reception from 6 p.m. to 10 p.m. on Friday, May 5. The second, the main gala, will be from 9 a.m. to 4 p.m. on Sunday, May 7. On Saturday, we will be open until 6 p.m.

波仙珠宝在股东会期间将再次有两场专门为股东举办的活动，第一场是 5 月 5 日(周五)从下午 6:00 到晚上10:00 举办的鸡尾酒会；第二场是大型售卖活动，在 5 月 7 日(周日)从早上 9:00 到下午 4：00 举行，周六营业时间一直到下午 6:00。

We will have huge crowds at Borsheim’s throughout the weekend. For your convenience, therefore, shareholder prices will be available from Monday, May 1 through Saturday, May 13. During that period, just identify yourself as a shareholder through your meeting credentials or a brokerage statement.

整个周末，波仙珠宝店都将人满为患。为了方便股东们购物，从 5 月 1 日(周一)到 5 月 13日(周六)期间，波仙珠宝店都将为股东提供优惠价，只要出示参加股东大会的证件或者是交易单表明你的股东身份，即可享受优惠。

Borsheim’s operates on a gross margin that, even before the shareholders’ discount, is fully twenty percentage points below that of its major rivals. Last year, our shareholder-period business increased 9% from 2004, which came on top of a 73% gain the year before. The store sold 5,000 Berkshire Monopoly games – and then ran out. We’ve learned: Plenty will be in stock this year.

波仙珠宝店的营业毛利即使是不计算为股东提供的折扣，也要比其主要竞争对手低 20%以上。2005 年股东大会期间营业额比 2004 年增长了 9%，2004 年股东大会期间营业额则比 2003 年创纪录地增长了 73%。这家店销售了 5,000 套伯克希尔大富翁游戏 Monopoly，后来一度脱销。我们已经汲取了教训，今年将有充足的库存。

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.

在波仙外面所搭的帐篷里，美国两届棋赛冠军 PatrickWolff 将蒙上双眼与所有挑战者们六个一组地进行对奕。此外，两位世界级桥牌顶尖高手 Bob Hamman 和 Sharon Osberg 也会在周日下午与我们的股东们进行比赛，他们当然不会蒙着双眼，但 Bob 从来不理牌，就算是参加全国桥牌冠军大赛也如此。

Gorat’s – my favorite steakhouse – will again be open exclusively for Berkshire shareholders on Sunday, May 7, 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).

我个人最爱的牛排餐厅 Gorat's 将再次单独为伯克希尔股东们在 5 月 7 日(周日)开放，从下午 4:00 开始一直营业到晚上 10:00。请记得周日务必光临 Gorat's 牛排馆，你一定要提前预约订位，预约请在 5 月 1 日之后(请不要在此之前预约)，请致电 402-551-3733。

In this school year, about 35 university classes will come to Omaha for sessions with me. I take almost all – in aggregate, perhaps 2,000 students – to lunch at Gorat’s. And they love it. To learn why, come join us on Sunday.

在这个学年，大约有 35 个班级的大学生到奥马哈来和我交流。我带所有的学生到 Gorat's 共进午餐，学生人数总计约有 2,000 人之多，他们都非常喜欢这家餐馆。要想知道原因何在，周日请和我们一道光临。

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 from many dozens of countries. 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 4:00-5:30，我们会为来自北美地区以外的股东们举行一个特别招待会，每年股东年度大会都吸引了全球各地的人们参加，查理跟我希望能够亲自接待这些远道而来的股东们。去年我们非常高兴地接待了 400 多位来自北美以外数十个国家的股东们，任何来自美国与加拿大以外其他国家的股东都会拿到参与这个活动的专门证件与具体指南。

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

Charlie and I are extraordinarily lucky. We were born in America; had terrific parents who saw that we got good educations; have enjoyed wonderful families and great health; and came equipped with a “business” gene that allows us to prosper in a manner hugely disproportionate to other people who contribute as much or more to our society’s well-being. Moreover, we have long had jobs that we love, in which we are helped every day in countless 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 May 6th at the Qwest for our annual Woodstock for Capitalists. We’ll see you there.

查理跟我实在是万分幸运。我们出生在美国；我们有杰出的父母抚育我们并让我们受到良好的教育；我们享受到幸福的家庭生活并拥有非常健康的身体；上天赋予我们一种"商业"基因，从而使我们在商业上所取得的成就大大超过了其他为我们这个社会贡献同样多甚至更多的人。不仅如此，我们能够长期从事我们喜爱的工作，工作中方方面面得到了既聪明能干又令人心情愉悦的同事们的大力帮助。因此，毫不奇怪我们每天都会跳着踢踏舞来工作。当然，没有什么比每年能够在伯克希尔年度股东大会上与我们的股东兼合伙人们欢聚一堂更开心的事了，所以请大家 5 月 6 日来 Qwest 中心参加我们为资本家举办的年度伍德斯托克音乐节(Woodstock for Capitalists)。

Warren E. Buffett
Chairman of the Board

February 28, 2006

沃伦.巴菲特
董事会主席
2006年2月28日