巴菲特致股东的信（2007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 3rd. 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.

我们今年的股东大会将在 5 月 3 日周六举行。与往常一样，Qwest 中心在上午 7 点开门，一部伯克希尔的新影片将在 8 点半放映。9 点半开始我们直接进入问答环节，(中间休息一下，在 Qwest 中心的展位上吃午饭)，直到下午 3 点。接着，在稍作休息后，查理和我将在 3:15 召开年度股东大会。如果在当天的问答阶段你打算离开的话，拜托请在查理讲话时那样做。

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 27,000 people who came to the meeting did their part, and almost every location racked up record sales. But you can do better. (If necessary, I’ll lock the doors.)

离开最好的理由，当然是购物。在毗邻会议区，我们辟出 194,300 平方英尺的场地，摆满伯克希尔旗下公司的产品，希望能满足你们的购物欲望。去年，由于 2.7 万名与会人士各尽其力，几乎所有的摊位的销售额记录都创下新高。但是今年你们能做的更好。(如果需要，我会锁上所有的门。)

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 this 1,550-square-foot home, priced at $69,500, delivers exceptional value. And after you purchase the house, consider also acquiring the Forest River RV and pontoon boat on display nearby.

今年我们将再次展示克莱顿公司的预制房屋，(包括 Acme 砖块；Shaw 地毯；JohnManville 隔热材料；MiTek 连接件；Carefree 遮阳蓬；NFM 家具)。你会发现这间 1,550 平方英尺的房屋，售价在 69,500 美元，非常超值。在你买下房屋后，考虑一下摊位附近森林之河公司的房车和浮船。

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.

GEICO 保险将有一个摊位，来自全国的顶尖保险顾问齐聚于此，他们全部准备给你提供车辆保险的报价。在大多情况里，GEICO 保险能给你一个特殊的股东折扣(通常是 8％)。这个特殊的报价在我们全美 50 个州中的 45 个营业网点都适用。(补充一点：如果你有资格享受另一个折扣，比如给特定团体的折扣，这些折扣不能累加。)带上你已有保险的详细资料，让我们看看是否能帮你省钱。至少 50％的人，我相信我们能做到。

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 and scissors that you wish on board with you.

周六，在奥马哈机场，NetJet 公司象以往一样陈列他们的飞机供你们参观。NetJet 公司在 Qwest 中心的摊位上，你也可以看到这些飞机的资料。坐大巴来奥马哈的，乘你的新飞机离开吧。你可以带上所有你想带的定型发胶和剪刀，和你一起上飞机。随本报告一起寄送的股东委托资料里，会解释你如何获得参加股东大会和其他活动的凭据。我们也再次委托美国运通公司(800-799-6634)为你们提供飞机、宾馆和汽车预订方面的帮助。负责此事的 Carol Pedersen ，每年都为我们做了出色的工作，我为此特别感谢她。宾馆的房间会很紧张，但与卡洛尔联系，你将会得到一间。

Next, if you have any money left, visit the Bookworm, where you will find about 25 books and DVDs – all discounted – led again by Poor Charlie’s Almanack. Without any advertising or bookstore placement, Charlie’s book has now remarkably sold nearly 50,000 copies. For those of you who can’t make the meeting, go to poorcharliesalmanack.com to order a copy.

接下来，如果你还有钱剩下，去看看书虫的摊位，你会找到大约 25 种图书和 DVD 碟片，以《穷查理宝典》为首，全部打折。在没有做任何广告或在书店做陈列，查理的书现在引入注目，卖出近 5 万本。你们中谁没有参会的话，上网站 poorcharliesalmanack.com 预订一本。

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.

随本报告附上的代理材料附件解释了如何获得参加会议和其他活动所需的证书。关于机票、酒店和汽车的预订，我们再次与美国运通(800-799-6634)签约，为您提供特别的帮助。卡罗尔·彼得森(Carol Pedersen)负责这些事务，她每年都为我们做得非常出色，我为此感谢她。旅馆房间很难找，但和卡罗尔合作，你会找到的。

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 eleven years ago, and sales during the “Weekend” grew from $5.3 million in 1997 to $30.9 million in 2007. This is more volume than most furniture stores register in a year.

坐落于道奇街和太平洋街之间的第 72 街，占地 77 英亩的内布拉斯加家具中心。在那里，我们会再次举办"伯克希尔周末"大减价。我们开始举办这一特殊活动是在 11 年前。"周末大减价"的销售额也从 1997 年的 530 万美元，增加到 2007 年的 3090 万美元。这个数目比许多家具店一年登记的销售额要大的多。

To obtain the Berkshire discount, you must make your purchases between Thursday, May 1st and Monday, May 5th 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 Baja Beach Bash featuring beef and chicken tacos.

你只有在 5 月 1 日到 5月 5 日的这段时间内购买，并出示你的年会入场券，才能享受折扣价。在此期间的折扣价，也适用于部分几乎从不打折销售的知名厂商，为祝贺我们的股东周末，特别破例。我们非常感谢这些厂商的支持。内布拉斯加家具中心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，在周六从下午 5 点半到 8 点，卖场会举办一场巴加海滩盛会，供应墨西哥特色的牛肉和鸡肉卷饼。

At Borsheims, 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 2nd. The second, the main gala, will be held on Sunday, May 4th, from 9 a.m. to 4 p.m. On Saturday, we will be open until 6 p.m.

在波仙珠宝，我们将再次举办两场特别针对伯克希尔股东的活动。第一场是鸡尾酒招待会，时间是 5 月 2日，周五下午 6 点到晚上 10 点。第二场是大型售卖活动，将在 5 月 4 日，周日的上午 9 点到下午 4 点举行，周六我们将开放到下午 6 点。

We will have huge crowds at Borsheims throughout the weekend. For your convenience, therefore, shareholder prices will be available from Monday, April 28th through Saturday, May 10th. 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.

在整个周末，波仙珠宝店里将会人山人海。为了方便你们，股东特惠价格将从 4 月 28日，周一开始，一直到 5 月 10 日，周六，一直有效。在此期间，请出示你的年会入场券，以证明你的股东身份，或出示交易说明，证明你是一个伯克希尔股票持有人。

On Sunday, in a tent outside of Borsheims, 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. 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，在波仙珠宝店外的帐篷里，两届美国国际象棋冠军Patrick Wolff 将带着眼罩，和来宾下盲棋，当然六人一组的来宾可以睁大双眼。从达拉斯来的著名魔术师 PatrickWolff 会在附近迷惑观众。另外，我们还请到两位世界顶级的桥牌高手 Bob Hamman 和 Sharon Osberg，在周日下午，会和我们的股东们玩桥牌。

Gorat’s will again be open exclusively for Berkshire shareholders on Sunday, May 4th, and will be serving from 4 p.m. until 10 p.m. Last year Gorat’s, which seats 240, served 915 dinners on Shareholder Sunday. The three-day total was 2,487 including 656 T-bone steaks, the entrée preferred by the cognoscenti. 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).

Gorat's 餐厅照例再次在 5 月 4 日周日对伯克希尔股东独家开放。服务时间是下午 4 点到晚上 10 点。去年，240 个座位的 Gorat's 餐厅，在周日接待了 915 位来晚餐的股东，三天里共卖出2,487 份牛排，其中 656 份是丁骨牛排。这是美食鉴赏家的首选主菜，请记住那天去 Gorat's 餐厅，你必须提前预约，需要的人在 4 月 1 日(不要提前)打 402-551-3733 进行预订。

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.

周六下午 4 点，我们将再次为从北美以外来的股东，举办一个招待会。每年我们的股东大会吸引来自全球的许多人，查理和我想对这些来自远方的客人，表示一下我们个人的问候。去年，我们很高兴与来自许多国家的400 位股东会面。任何非美国和加拿大的股东，将收到特别的入场券，上面有参加这个招待会的说明。

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At 84 and 77, Charlie and I remain lucky beyond our dreams. 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 that experienced by many 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 in countless ways by talented and cheerful associates. Every day is exciting to us; 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 3rd at the Qwest for our annual Woodstock for Capitalists. We’ll see you there.

84 岁的查理和 77 岁的我，拥有的幸运超过了我们的梦想。我们都出生在美国；都有非常了不起的父母，让我们能获得良好的教育；都有美满的家庭和健康的身体；都有一些"商业"基因，让我们取得了某种其他人未经历过的巨大成功，这些人对我们社会的福祉做出了相同甚至更多的贡献。而且，我们长期以来一直拥有自己热爱的工作，并得到了无数才华横溢和令人愉快同事的无数协助。对于我们，每天都是那样令人兴奋；所以不要惊讶，看到我们跳着踢踏舞去上班。不过对我们来说，没有什么比在伯克希尔每年的股东大会上，与我们的股东合伙人欢聚一堂，更让人兴奋的了。因此，5 月 3 日在 Qwest 中心，来参加我们"为资本家举办的年度伍德斯托克音乐节"。我们将在那里恭候各位。

Warren E. Buffett
Chairman of the Board
February 2008

沃伦.巴菲特
董事会主席
2008年2月

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