巴菲特致股东的信（2009年）⑩年度股东大会

The Annual Meeting

年度股东大会

Our best guess is that 35,000 people attended the annual meeting last year (up from 12 – no zeros omitted – in 1981). With our shareholder population much expanded, we expect even more this year. Therefore, we will have to make a few changes in the usual routine. There will be no change, however, in our enthusiasm for having you attend. Charlie and I like to meet you, answer your questions and – best of all – have you buy lots of goods from our businesses.

我们最乐观的估计是，去年有大约 3.5 万人参加了年会(1981 年仅 12 名，没有漏零)。随着股东人数的大幅增加，今年可能有更多人参会。因此，我们将不得不对惯例做一些改变。尽管如此，我们对大家的热情欢迎不减。我和查理将与大家见面，回答你的问题，最好还能让你们购买更多的产品。

The meeting this year will be held on Saturday, May 1st. 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 3:30. After a short recess, Charlie and I will convene the annual meeting at 3:45. If you decide to leave during the day’s question periods, please do so while Charlie is talking. (Act fast; he can be terse.)

今年的年会将在 5 月 1 日周六召开。同往常一样，Qwest 中心的大门会在早上 7 点准时敞开。8 点半放映一部新的伯克希尔影片。9 点半直接进入问答环节并持续到下午 3 点半(中间在 Qwest 休息午餐)。短暂休会后，我和查理将在 3:45 分召开会议。如果你决定在问答环节离开，请在查理讲话的时候走(但要快，他讲话很简短)。

The best reason to exit, of course, is to shop. We will help you do that by filling the 194,300-squarefoot hall that adjoins the meeting area with products from dozens of Berkshire subsidiaries. Last year, you did your part, and most locations racked up record sales. But you can do better. (A friendly warning: If I find sales are lagging, I get testy and lock the exits.)

离开会议去做的最佳活动当然是购物。我们将在 19.43 万平尺的相邻大厅里摆满各种伯克希尔商品。去年大家买东西都很努力，销售额破了纪录。今年大家还可以做的更好。(友情提示，如果我发现销量上不去将会很生气，并把出口锁上)。GEICO 保险将设一个展台，有来自全国的优秀顾问为您服务，竭诚为您提供汽车保险建议。

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 shareholder discount (usually 8%). This special offer is permitted by 44 of the 51 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 保险将给您一个股东折扣(通常是 8%)。我们开展业务的 51 个区域中的 44 个都允许了这个特别优惠。(额外提示：这个折扣不可累加在其他优惠上)带上你详细的保险资料，看看能否再省点钱。我相信你们中至少 50%可以。

Be sure to visit the Bookworm. Among the more than 30 books and DVDs it will offer are two new books by my sons: Howard’s Fragile, a volume filled with photos and commentary about lives of struggle around the globe and Peter’s Life Is What You Make It. Completing the family trilogy will be the debut of my sister Doris’s biography, a story focusing on her remarkable philanthropic activities. Also available will be Poor Charlie’s Almanack, the story of my partner. This book is something of a publishing miracle – never advertised, yet year after year selling many thousands of copies from its Internet site. (Should you need to ship your book purchases, a nearby shipping service will be available.)

一定要光顾书虫书屋，它提供 30 余种书和 DVD，其中有两本我儿子新出的书：《霍华德的脆弱》(Howard'sFragile)，其中有采自全球的照片和评论，另一本是：《彼得的生活由你造就》(Peter's Life Is What You MakeIt)。完成家庭三部曲的是我妹妹的处女作《多莉斯自传》(Doris's biography)，这本书讲述了她著名的慈善活动。还有《穷查理宝典》(Charlie's Almanac)，这是我合伙人的故事。它可以说是出版届的奇迹，从不打任何广告，每年都在网上售出上千本。如果您需要将买的书邮寄回去的话，旁边就有邮递服务。

If you are a big spender – or, for that matter, merely a gawker – visit Elliott Aviation on the east side of the Omaha airport between noon and 5:00 p.m. on Saturday. There we will have a fleet of NetJets aircraft that will get your pulse racing.

如果您是一位骨灰级购物狂或者只是观众，可以在在周六中午到下午 5 点光顾奥马哈机场东侧的 ElliottAviation。NetJet 公司的机队将让您心跳加速。

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.

有一个随信附件告诉您如何获取参会凭证，来参加会议和其它活动。至于航班、酒店和汽车租赁，我们仍将与美国运通(800-799-6634)合作，为您提供专门的服务。卡洛尔彼得森(CarolPedersen)将一如既往为我们处理相关事务，我知道这很繁杂，在此对她表示感谢。酒店房间可能很难找，但是通过卡洛尔应该能订到。

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. To obtain the Berkshire discount, you must make your purchases between Thursday, April 29th and Monday, May 3rd 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 Berkyville BBQ to which you are all invited.

内布拉斯加家具商场位于 72 街上道奇和太平洋之间，占地 77 英亩，在这里我们将召开"伯克希尔周末"特价促销。要得到伯克希尔折扣，你必须在 4 月 29 日周四到 5 月 3 日周一之间光临并出示参会证。本季特价包括了几个大牌产品，这几个牌子通常是没有任何折扣的，但由于是股东周末，所以有例外。我们感谢他们的支持。内布拉斯加家具店在周一至周六早 10 点到晚 9 点开放，周日是早上 10 点到晚上 6 点。周六下午 5 点半到晚 8 点，内布拉斯加家具店都举行烧烤晚会，邀请所有与会者。

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, April 30th. The second, the main gala, will be held on Sunday, May 2nd, from 9 a.m. to 4 p.m. On Saturday, we will be open until 6 p.m.

在波仙珠宝，我们将再次召开两场股东专场活动。首先将是一个鸡尾酒招待会，在 4 月 30 日周五下午 6 点到晚上 10 点。然后是一个大型售卖活动，在 5 月 2 日周日早上 9 点到下午 4 点。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 26th through Saturday, May 8th. 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. Enter with rhinestones; leave with diamonds. My daughter tells me that the more you buy, the more you save (kids say the darnedest things).

我们将在波仙周末迎来大批顾客。为了您的方便，股东优惠将从 4 月 26 日周一持续到 5 月 8 日周六。在此期间，请出示您的参会卡或者股东证明来享受优惠。带水钻来带钻石走。我的女儿告诉我买的越多省得越多。

On Sunday, in the mall 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.

周日，在波仙外面的大厅，两届美国国际象棋冠军帕特里克·沃尔夫(Patrick Wolff)将以一敌六，蒙眼应战挑战者。著名的达拉斯魔术师贝克(Norman Beck)将进行精彩表演。

Our special treat for shareholders this year will be the return of my friend, Ariel Hsing, the country’s top-ranked junior table tennis player (and a good bet to win at the Olympics some day). Now 14, Ariel came to the annual meeting four years ago and demolished all comers, including me. (You can witness my humiliating defeat on YouTube; just type in Ariel Hsing Berkshire.)

今年的特别活动是我一位朋友的再次光临，她就是邢延华(ArielHsing)，中国顶级青少年乒乓球运动员(将来很有可能获得奥运会奖牌)。今年 14 岁的邢延华四年前参加过年会，打败了所有挑战者，包括我。(你可以在 YouTube 上参观我被打败的过程，只要输入 ArielHsing Berkshire 即可)

Naturally, I’ve been plotting a comeback and will take her on outside of Borsheims at 1:00 p.m. on Sunday. It will be a three-point match, and after I soften her up, all shareholders are invited to try their luck at similar three-point contests. Winners will be given a box of See’s candy. We will have equipment available, but bring your own paddle if you think it will help. (It won’t.)

当然，我一直在策划她的再次光临，她将在周日下午一点出现。所有的股东都可以试试运气。获奖者将获得一盒喜诗糖果。我们将准备现成的球拍，但你也可以带上自己的球拍，如果你觉得有所帮助的话(其实不会有差别)。

Gorat’s will again be open exclusively for Berkshire shareholders on Sunday, May 2nd, and will be serving from 1 p.m. until 10 p.m. Last year, though, it was overwhelmed by demand. With many more diners expected this year, I’ve asked my friend, Donna Sheehan, at Piccolo’s – another favorite restaurant of mine – to serve shareholders on Sunday as well. (Piccolo’s giant root beer float is mandatory for any fan of fine dining.) I plan to eat at both restaurants: All of the weekend action makes me really hungry, and I have favorite dishes at each spot. Remember: To make a reservation at Gorat’s, call 402-551-3733 on April 1st (but not before) and at Piccolo’s call 402-342-9038.

Gorat's 餐馆将在 5 月 2 日周日开放伯克希尔股东专场，从下午 1 点至晚上 10 点。去年简直人满为患。今年我已经让我的朋友，Piccolo's 餐馆的唐纳·希恩(DonnaSheehan)，我的另一家最爱的餐馆，为股东在周日提供用餐服务。我计划两个餐厅都去，周日的活动将让我胃口大开，我在两家都有最爱的菜。要在 Gorat's 订餐，请在 4月 1 日拨打电话 402-551-3733(但不要提前)，Piccolo's 电话是 402-342-9038。

Regrettably, we will not be able to have a reception for international visitors this year. Our count grew to about 800 last year, and my simply signing one item per person took about 21⁄2 hours. Since we expect even more international visitors this year, Charlie and I decided we must drop this function. But be assured, we welcome every international visitor who comes.

遗憾的是，今年我们将不能为外国客人提供特别接待。我们国际客户去年增加了 800 个。既然今年要增加更多的国际客人，我和查理决定取消特殊接待。但是我们仍然一如既往地欢迎与会的国际客人。

Last year we changed our method of determining what questions would be asked at the meeting and received many dozens of letters applauding the new arrangement. We will therefore again have the same three financial journalists lead the question-and-answer period, asking Charlie and me questions that shareholders have submitted to them by e-mail.

去年我们改变了问答环节挑选问题的方法，会后很多人表示喜欢这样的安排。所以今年我们将同样由这三位财经记者主持问答环节，他们将通过电子邮件收集股东的问题，并对我和查理进行提问。

The journalists and their e-mail addresses are: Carol Loomis, of Fortune, who may be e-mailed at cloomis@fortunemail.com; Becky Quick, of CNBC, at BerkshireQuestions@cnbc.com, and Andrew Ross Sorkin, of The New York Times, at arsorkin@nytimes.com. From the questions submitted, each journalist will choose the dozen or so he or she decides are the most interesting and important. The journalists have told me your question has the best chance of being selected if you keep it concise and include no more than two questions in any e-mail you send them. (In your e-mail, let the journalist know if you would like your name mentioned if your question is selected.)

这三位记者和他们的电子邮件分别是：财富杂志记者卡罗尔·卢米斯(Carol Loomis)：cloomis@fortunemail.com；CNBC 记者贝基·奎克(Becky Quick)：BerkshireQuestions@cnbc.com；纽约时报记者安德鲁·罗斯·索金(Andrew Ross Sorkin)：arsorkin@nytimes.com。从提交的问题中，每位记者将选择十几个他认为最有趣最重要的问题。希望你们的邮件尽量简洁明了，并且不超过两个问题。(并注明是否介意透露姓名。)

Neither Charlie nor I will get so much as a clue about the questions to be asked. We know the journalists will pick some tough ones and that’s the way we like it.

我和查理事先都不知道问题。记者们会挑选一些有挑战性的，这正是我们所喜欢的。

We will again have a drawing at 8:15 on Saturday at each of 13 microphones for those shareholders wishing to ask questions themselves. At the meeting, I will alternate the questions asked by the journalists with those from the winning shareholders. We’ve added 30 minutes to the question time and will probably have time for about 30 questions from each group.

我们将在周六八点十五分通过十三台手机抽签选出问题。在会议上，我将轮流回答记者提的问题和抽中的问题。我们已经将提问时间延长了三十分钟，所以每组大概能有三十个问题。

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At 86 and 79, 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. Indeed, over the years, our work has become ever more fascinating; no wonder we tap-dance to work. If pushed, we would gladly pay substantial sums to have our jobs (but don’t tell the Comp Committee).

查理今年 86 岁，我 79 岁，我们仍然感到很幸运。我们在美国出生，我们的父母让我们接受了良好的教育，我们有美好的家庭和良好的健康，我们拥有的商业天赋给我们带来了财富，比那些跟我们一样为社会做出贡献的人获得的要多。不仅如此，我们一直以来都热爱我们的工作，我们得到了无数的才华横溢开朗的同事的无数的帮助，事实上这些年来，我们的工作变得越来越迷人，难怪我们跳着踢踏舞去上班。如果需要的话，我们简直愿意花钱来保住我们的工作(但请不要告诉薪酬委员会)。

Nothing, however, is more fun for us than getting together with our shareholder-partners at Berkshire’s annual meeting. So join us on May 1st at the Qwest for our annual Woodstock for Capitalists. We’ll see you there.

然而，对我们来说，没有什么比在年会上同我们的股东合伙人相聚更加让人开心的了。所以，加入我们 5 月1 日在 Qwest 为资本家举办的年度伍德斯托克音乐节吧。我们在那里见。

Warren E. Buffett
Chairman of the Board

February 26, 2010

沃伦.巴菲特
董事会主席
2010年2月26日