巴菲特致股东的信（2010年）⑫年度股东大会

The Annual Meeting

年度股东大会

The annual meeting will be held on Saturday, April 30th. Carrie Kizer from our home office will be the ringmaster, and her theme this year is Planes, Trains and Automobiles. This gives NetJets, BNSF and BYD a chance to show off.

年会将于 4 月 30 日周六召开。来自总部的 CarrieKizer 将成为主持人，她今年的主题是飞机、火车和汽车，NetJets、BNSF 和比亚迪将有一个上场的机会。

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.)

同往常一样，Qwest 中心的大门会在早上 7 点准时开放。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(中午在 Qwest 午餐)。在一个短暂的休息后，我和查理将在 3:45 做会议总结。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. In a nine-hour period, we sold 1,053 pairs of Justin boots, 12,416 pounds of See’s candy, 8,000 Dairy Queen Blizzards® and 8,800 Quikut knives (that’s 16 knives per minute). But you can do better. Remember: Anyone who says money can’t buy happiness simply hasn’t learned where to shop.

离开会议的最佳原因当然是购物。我们将在 194300 万平米的相邻大厅里摆满各种伯克希尔子公司的商品。去年大家踊跃购物，销售额破了纪录。在 9 个小时之内，我们出售了 1053 双 Justin 长靴，12416 磅糖果，8000个 DQ 暴风雪冰激凌，8800 把 Quikut 餐刀(相当于每分钟销售 16 把餐刀)。今年大家还可以做的更好。记住: 那些说金钱买不到幸福的人只是还没有学会在哪里购物。

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 half of you, I believe we can.

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 保险将给您一个股东折扣(通常是 8%)。我们开展业务的 51 个司法管辖区内的 44 个都允许了这个特别优惠。(额外提示：这个折扣不可以累积在其他优惠上)把你现在的保险拿来，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. It will carry more than 60 books and DVDs, including the Chinese language edition of Poor Charlie’s Almanack, the ever-popular book about my partner. So what if you can’t read Chinese? Just buy a copy and carry it around; it will make you look urbane and erudite. Should you need to ship your book purchases, a shipping service will be available nearby.

一定要光顾书虫书吧。它提供 60 余种书和 DVD，其中包括《穷查理宝典》，这是本我合伙人的畅销书。不识中文又怎样？只要买一本带在身边，它会让你看起来彬彬有礼、博学多才。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 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. Come by bus; leave by private jet.

如果您是一位骨灰级购物狂，或者只是喜欢到处看看，可以在在周六中午到下午 5 点光顾奥马哈机场东侧的伊里亚特飞机(ElliottAviation)。NetJet 公司的机队将让您心跳加速。坐车来，乘私人飞机离开。

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.

本报告随附的代理材料告诉您如何获取参加会议和其它活动的参会凭证。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。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 Carol 应该能订到。

Airlines have often jacked up prices – sometimes dramatically so – for the Berkshire weekend. If you are coming from far away, compare the cost of flying to Kansas City versus Omaha. The drive is about 21⁄2 hours and it may be that you can save significant money, particularly if you had planned to rent a car in Omaha.

航空公司经常在伯克希尔周末期间抬高价格，有时会大幅上涨。如果你来自遥远的地方，比较一下飞往堪萨斯城和奥马哈的费用。开车大约需要 2.5小时，这可能会让你节省很多钱，特别是如果你计划在奥马哈租车的话。

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. Last year the store did $33.3 million of business during its annual meeting sale, a volume that – as far as I know – exceeds the one-week total of any retail store anyplace. To obtain the Berkshire discount, you must make your purchases between Tuesday, April 26th and Monday, May 2nd 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 picnic 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。去年，该商场在年后期间的销售收入为 3330 万美元，超过一个零售商店一周的销售收入总额。要得到伯克希尔折扣，你必须在 4 月 26 日周二到 5 月 2 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 9 p.m. on Friday, April 29th. The second, the main gala, will be held on Sunday, May 1st , from 9 a.m. to 4 p.m. On Saturday, we will be open until 6 p.m. On Sunday, around 1 p.m., I will be at Borsheims with a smile and a shoeshine, selling jewelry just as I sold men’s shirts at J.C. Penney’s 63 years ago. I’ve told Susan Jacques, Borsheims’ CEO, that I’m still a hotshot salesman. But I see doubt in her eyes. So cut loose and buy something from me for your wife or sweetheart (presumably the same person). Make me look good.

在波仙珠宝，我们将再次举办两场股东专场活动。首先将是一个鸡尾酒招待会，在 4 月 29 日周五下午 6 点到晚上 9 点。然后是一个大型售卖活动，在 5月 1 日周日早上 9 点到下午 4点。周六，我们将开放到下午 6 点。周日下午 1 点左右，我将面带微笑和擦鞋的态度，在博尔斯海姆卖珠宝，就像 63 年前我在 J.C.Penney's 卖男式衬衫一样。波仙将在周末迎来大批顾客。我已经告诉 Borsheims 的 CEO-Susan Jacques，我仍然是一个炙手可热的推销员，但我从她的眼神中看到了怀疑。所以放开手脚，从我这里买些东西给你的妻子或爱人(大概是同一个人)，让我看起来宝刀不老。

We will have huge crowds at Borsheims throughout the weekend. For your convenience, therefore, shareholder prices will be available from Monday, April 25th through Saturday, May 7th. During that period, please identify yourself as a shareholder by presenting your meeting credentials or a brokerage statement that shows you are a Berkshire shareholder.

整个周末波仙珠宝都会有很多人。为了您的方便，股东优惠将从 4 月 25 日周一持续到 5 月 7 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。

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. 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，在波仙外面的大厅，两届美国国际象棋冠军 Patrick Wolff 将以一敌六，盲棋应战挑战者。著名的达拉斯魔术师 Norman Beck 将进行精彩表演。此外，周日下午，我们将邀请 Bob Hamman 和 Sharon Osberg 两位世界顶尖的桥牌专家与我们的股东一起玩桥牌。

Gorat’s and Piccolo’s will again be open exclusively for Berkshire shareholders on Sunday, May 1st. Both will be serving until 10 p.m., with Gorat’s opening at 1 p.m. and Piccolo’s opening at 4 p.m. These restaurants are my favorites and – still being a growing boy – I will eat at both of them on Sunday evening. 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 和 Piccolo's 餐馆将在 5 月 1 日周日开放伯克希尔股东专场，从下午 1 点至晚上 10 点。Gorat's 餐馆下午 1 点钟开始营业，Piccolo's 餐馆下午 4 点开始营业。我在两家都有最爱的菜，作为一个还在长身体的男孩，周日晚上将在这两家餐厅用餐。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。

We will 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. The journalists and their e-mail addresses are: Carol Loomis, of Fortune, who may be emailed 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.

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。这三位记者和他们的电子邮件分别是：财富杂志记者卡 Carol Loomis：cloomis@fortunemail.com；CNBC 记者 Becky Quick：BerkshireQuestions@cnbc.com；纽约时报记者 Andrew Ross Sorkin：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, avoid sending it in at the last moment, make it Berkshire-related and include no more than two questions in any email you send them. (In your email, let the journalist know if you would like your name mentioned if your question is selected.)

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。他们表示，如果你的邮件保持简洁明了，与伯克希尔有关并不超过两个问题，那么你的问题最有可能被选中(请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.

查理和我都不会提前得到要问问题的线索。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 a.m. 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 hope to answer at least 60 questions. From our standpoint, the more the better. Our goal, which we pursue both through these annual letters and by our meeting discussions, is to give you a better understanding of the business that you own.

我们将在周六 8 点 15 分我们将再次在 13 个麦克中为希望现场提问的股东通过抽签选出问题。在会议上，我将轮流回答记者提的问题和抽中的问题。我们希望能够至少回答 60 个问题。从我们的立场来看，越多越好。每年公布致股东信函和召开年后讨论的目的是让你们更好地理解你所拥有的业务。

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For good reason, I regularly extol the accomplishments of our operating managers. Equally important, however, are the 20 men and women who work with me at our corporate office (all on one floor, which is the way we intend to keep it!).

出于充分的理由，我定期赞美我们运营经理人所取得的成就。但是，同等重要的是那些和我在企业办公室一块工作的 20 名男女同事(我们有意安排所有人在同一个楼层工作)。

This group efficiently deals with a multitude of SEC and other regulatory requirements, files a 14,097-page Federal income tax return along with state and foreign returns, responds to countless shareholder and media inquiries, gets out the annual report, prepares for the country’s largest annual meeting, coordinates the Board’s activities – and the list goes on and on.

我们的小组高效处理众多的 SEC 和其他监管要求，整理多达 14097 页的联邦所得税申报单、州所得税和外国所得税申报单，回答股东和媒体的无数个询问，编制年度报表，准备召开全美最大的年会，协调董事会活动，等等。

They handle all of these business tasks cheerfully and with unbelievable efficiency, making my life easy and joyful. Their efforts go beyond activities strictly related to Berkshire: They deal with 48 universities (selected from 200 applicants) who will send students to Omaha this school year for a day with me and also handle all kinds of requests that I receive, arrange my travel, and even get me hamburgers for lunch. No CEO has it better.

他们以令人难以置信的效率开心地处理各种业务任务，让我倍感轻松和愉悦。他们的努力不仅局限于公司，他们还需要同 48 所大学(从 200 所大学中选出)打交道。这些大学在该学年将选送学生到位于奥马哈，与我共处一天。同时还处理我收到的各种询问，安排我的旅行，甚至给我买汉堡包当午餐。没有那位 CEO 比这更好。

This home office crew has my deepest thanks and deserves yours as well. Come to our Woodstock for Capitalism on April 30th and tell them so.

我衷心感谢总部办公室全体成员，他们也值得你们的感谢。请在 4 月 30 日来参加为资本家举办的年度伍德斯托克音乐节，并告诉他们这一点。

Warren E. Buffett
Chairman of the Board

February 26, 2011

沃伦.巴菲特
董事会主席
2011年2月26日