巴菲特致股东的信（2006年）⑪年度股东大会

The Annual Meeting

年度股东大会

Our meeting this year will be held on Saturday, May 5th. As always, the doors will open at the Qwest Center at 7 a.m., and a new 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. If you decide to leave during the day’s question periods, please do so while Charlie is talking.

今年的股东会将于 5 月 5 日周六召开。一如往常，Qwest 中心的大门将于早上 7 点开启，介绍伯克希尔的影片将在 8:30 开始播映，9:30 我们会直接进入问答时间，直到下午 3 点结束(中间将有午餐休息时间)。在短暂的休息之后，查理和我将在 3:15 召开年度会议。而如果您决定在问答时间中途离席，请等到查理发言时再这么做吧。

The best reason to exit, of course is to shop. We will help you do that by filling the 194,300 square foot hall that adjoins the meeting area with the products of Berkshire subsidiaries. Last year, the 24,000 people who came to the meeting did their part, and almost every location racked up record sales. But records are made to be broken, and I know you can do better.

离开会议的最好理由当然是"购物"。在毗邻会场的 194,300 平方尺的大厅里，将会堆放伯克希尔各业务的产品，如此绝对会符合您的需求。去年经过总计 2.4 万位与会人士的努力，让每个摊位的销售记录都不断向上攀升。不过纪录就是为了被打破而设立的，我相信各位今年会表现地比去年更好。

This year we will again showcase a Clayton home (featuring Acme brick, Shaw carpet, Johns Manville insulation, MiTek fasteners, Carefree awnings and NFM furniture). You will find that the home, priced at $139,900, delivers excellent value. Last year, a helper at the Qwest bought one of two homes on display well before we opened the doors to shareholders. Flanking the Clayton home on the exhibition floor this year will be an RV and pontoon boat from Forest River.

今年我们将再次展示一组 Clayton 的房屋，并由 Acme 砖块、萧氏地毯、JohnsManville 隔热材料、Mitek紧固件、 Carefree 雨篷、以及内布拉斯加家具共同构成。而您会发现，这样的房子才开价 139,900 美元，真是物超所值。去年 Qwest 的工作人员在还未向股东开展前，就从所展示的两间样品屋中订走一栋。今年在 Clayton 房屋展示场地的两旁，将会展示森林之河所提供的房车(RV)与浮船。

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 (sparingly, of course).

GEICO 的摊位上，将由许多来自全国的顶尖保险顾问，为您提供汽车保险的报价。在大多数的状况，GEICO会给股东们特别的优惠(通常为 8%)，这个优惠在我们全美 50 州中 45 州的营运据点，都可适用(补充一下，若各位股东同时适用于其它特定团体的优惠，不同优惠方案是不能累加的)。请各位股东带着你目前的保险资料，让顾问们为您研究是否有省钱的可能，而我相信有一半以上的股东，是能够办到的。在此同时，您也可以申请一张新的 GEICO 信用卡，我也是爱用者之一(当然，请抱持节俭的心来使用)。

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. And take all the hair gel that you wish on board with you.

在周六当天的奥马哈机场，NetJets 公司将会一如往常地陈列机队，可供各位股东参观。各位不妨到 Qwest 会场的 NetJets 公司的摊位，索取相关飞机的数据。对于坐车来奥马哈的人，或许可以搭乘全新的客机回家，但请记得带着您的造型发胶上飞机。

In the Bookworm’s corner of our bazaar, there will be about 25 books and DVDs – all discounted – led again by Poor Charlie’s Almanack. (One hapless soul last year asked Charlie what he should do if he didn’t enjoy the book. Back came a Mungerism: “No problem – just give it to someone more intelligent.”) We’ve added a few titles this year. Among them are Seeking Wisdom: From Darwin to Munger by Peter Bevelin, a long-time Swedish shareholder of Berkshire, and Fred Schwed’s classic, Where are the Customers’ Yachts? This book was first published in 1940 and is now in its 4th edition. The funniest book ever written about investing, it lightly delivers many truly important messages on the subject.

在书虫书屋 Bookworm，将会以折扣销售 25 本书与光盘，主打著作依然会是《穷查理宝典》(附带一提，去年有位读者询问查理，如果他不喜欢这本书怎么办？查理则以一贯的芒氏风格回答："请不用担心，只要把书交给另一位更聪明的家伙就行了！")。今年在摊位里又多加了几本著作，包括瑞典的伯克希尔长期忠实股东 Peter Bevelin 的《探索智慧：从达尔文到芒格》，与 Fred Schwed 的经典著作《客户的游艇在哪里》，后者在 1940 年出版后目前已第四次再版。这本书可说是有史以来最有趣的投资类书籍，以微言大义的方式点出许多重要的主题。

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. Hotel rooms can be hard to find, but work with Carol and you will get one.

随着本年报一同寄发的委托书附件中，说明了如何取得参加股东会及相关活动的入场券。关于飞机、旅馆、及租车等预约服务，也可以像往常一样向美国运通(800-799-6634)联系以获得协助。Carol Pedersen 每年都负责此工作，而且成果非凡，在此表示感谢。旅馆或许会一位难求，但若跟 Carol 小姐联系，相信不会让您失望。

At Nebraska Furniture Mart, located on a 77-acre site on 72nd Street between Dodge and Pacific, we will again be having “Berkshire Weekend” discount pricing. We initiated this special event at NFM ten years ago, and sales during the “Weekend” grew from $5.3 million in 1997 to $30 million in 2006. I get goose bumps just thinking about this volume.

位于道奇及太平之间七十二街，占地 77 英亩的内布拉斯加家具卖场，今年将再度举办"伯克希尔周末"特价活动。我们在十年前开始此一活动，活动期间的销售额从 1997 年的 530 万美元，到 2006 年已成长至 3,000 万美元。光想到此一惊人的销售量，都会令我起鸡皮疙瘩。

To obtain the Berkshire discount, you must make your purchases between Thursday, May 3rd and Monday, May 7th 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 which, 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., NFM is having a special shareholder picnic featuring chicken and beef tacos (and hamburgers for traditionalists like me).

如果要享受特价优惠，请您务必在 5 月 3 日周四，到 5 月7 日周一这一期间(包含头尾)购买商品，同时要以会议入场券作为证明。此一期间的特价也适用于部分知名厂商几乎从不打折的产品，唯有在股东会期间例外，非常感谢这些厂商的鼎力支持。内布拉斯加家具卖场周一到周六的营业时间为早上 10 点到晚上 9 点，周日则为早上 10 点到晚上 6 点。今年在周六下午 5:30 到 8 点，卖场将会举办只限股东参加的餐会，供应鸡肉与牛肉墨西哥卷饼(或是为像我这样的传统主义者提供汉堡类食物)。

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

在重新扩充装潢的波仙珠宝店也会再次举办两场股东限定的特卖会。第一场鸡尾酒招待会，在 5 月 4 日周五晚上 6 点到 10 点；第二场重头戏大型售卖活动，将在 5 月 6 日周日的早上 9 点到下午 4 点。周六则在晚上 6 点前，都照常营业。

We will have huge crowds at Borsheim’s throughout the weekend. For your convenience, therefore, shareholder prices will be available from Monday, April 30th through Saturday, May 12th. During that period, please identify yourself as a shareholder by presenting your meeting credentials or a brokerage statement that shows you are a Berkshire holder.

整个周末波仙珠宝都将人山人海，因此为了您的方便起见，股东的特惠期间将自 4 月 30 日周一开始，一直到 5 月 12 日周六为止。在此期间请出示你的股东会入场券、或券商对账单，以确认你的股东身份。

On Sunday, in a tent outside of Borsheim’s, a blindfolded Patrick Wolff, twice U.S. chess champion, will take on all comers – who will have their eyes wide open – in groups of six. Last year I carried on a conversation with Patrick while he played in this manner. Nearby, Norman Beck, a remarkable magician from Dallas, will bewilder onlookers. Additionally, we will have Bob Hamman and Sharon Osberg, two of the world’s top bridge experts, available to play bridge with our shareholders on Sunday afternoon.

周日，两届美国西洋棋冠军 Patrick Wolff，以下盲棋的方式，将在波仙珠宝外的帐棚，接受所有六人一组来宾的挑战，不过这些来宾并不蒙眼睛。去年我在 Patrick 下盲棋时曾跟他有过简短对话。而在帐篷附近，著名的达拉斯魔术师 Norman Beck 也将会用精彩的手法迷炫观众的眼睛。此外，我们也邀请了世界顶尖的桥牌高手 BobHamman 及 Sharon Osberg，在周日下午和各位股东切磋牌艺。

To add to the Sunday fun at Borsheim’s, Ariel Hsing will play table tennis (ping-pong to the uninitiated) from 1 p.m. to 4 p.m. against anyone brave enough to take her on. Ariel, though only 11, is ranked number one among girls under 16 in the U.S. (and number 1 among both boys and girls under 12). The week I turned 75 I played Ariel, then 9 and barely tall enough to see across the table, thinking I would take it easy on her so as not to crush her young spirit. Instead she crushed me. I’ve since devised a plan that will give me a chance against her. At 1 p.m. on Sunday, I will initiate play with a 2-point game against Ariel. If I somehow win the first point, I will then feign injury and claim victory. After this strenuous encounter wears Ariel down, our shareholders can then try their luck against her.

为了增加博盛周日的趣味，从下午 1 点到 4 点，邢延华(ArielHsing)将会接受所有在场者的乒乓球挑战，虽然她只有 11 岁，不过已经是美球界的第一把交椅(同时也是 12 岁以下青少男女组的冠军)。在我 75 岁生日那周我曾跟她挑战桌球，当时她九岁，身高甚至只能让她刚好够到桌面，我还在思索要如何才不会因赢的太轻松，而伤害她的幼小心灵，不过最后被伤害的那个人是我。所以从那时开始我就策划，要如何能再次挑战她。因此周日下午一点，我会担任比赛的第一位挑战者，进行一场抢两分的赛局。如果我能先抢下一分，到时我就会佯装受伤，并带着胜利光荣退场。经过这场艰苦的赛局应该可以削弱爱尔信的实力，我们的股东或许就能凭运气获胜。

Gorat’s will again be open exclusively for Berkshire shareholders on Sunday, May 6th, 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 1st (but not before).

我最爱的 Gorat's 牛排馆，也会再度于 5 月 6 日周日，仅为伯克希尔股东敞开大门，自下午 4 点到晚上 10点为各位服务。若欲当日至该店消费，记得务必事先订位，并请在 4 月 1 日以专线 402-551-3733 预约(但 4 月 1日前恕不开放)。

In the 2006-2007 school year, 35 university classes, including one from IBMEC in Brazil, will come to Omaha for sessions with me. I take almost all – in aggregate, more than 2,000 students – to lunch at Gorat’s. And they love it. To learn why, come join us on Sunday.

在 2006-2007 学年，将会有 35 个大学班级到奥马哈与我会面讨论(包括巴西的 IBMEC)。我将带着全部超过 2,000 位的学生，到 Gorat's 牛排享用午餐，他们对此都兴奋无比。请各位周日到那里用餐，便可了解个中原因。

We will again have a reception at 4 p.m. 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.

在周六下午 4 点，我们将再度为来自美加以外地区的股东举办招待会。每年的股东会，都会吸引世界各地的人齐聚一堂，芒格和我都希望亲自接待这些远道而来的贵客，去年共有来自数十个国家 400 多位来宾参与。针对这些美加以外的股东，我们将提供特别的入场券、及指引说明，以便其参与此一盛会，共襄盛举。

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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 5th at the Qwest for our annual Woodstock for Capitalists. We’ll see you there.

芒格和我都无比幸运，能够生在美国，在父母的良好照顾下，接受高等教育，建立和乐融融的家庭，并且享受健康的生活。同时又因为具备了"商业"基因，我们获得无与伦比的财富；但在增进社会福祉的贡献上，却未必超出一般人。而且，拜许多杰出与热情同僚的协助所赐，我们能一直以无比热忱对工作乐在其中，难怪我们上班都像在跳踢踏舞一样，热闹有趣。但我们觉得，没有什么比得上在年度股东会、和各位股东欢聚一堂，更让人愉悦。因此， 5 月 5 日请来参加这场在 Qwest 中心为各位资本家召开的年度嘉年华会，期待各位股东的光临，我们将恭候大驾。

Warren E. Buffett
Chairman of the Board

February 28, 2007