巴菲特致股东的信（2012年）⑧年度股东大会

The Annual Meeting

年度股东大会

The annual meeting will be held on Saturday, May 4 th at the CenturyLink Center. Carrie Sova will be in charge. (Though that’s a new name, it’s the same wonderful Carrie as last year; she got married in June to a very lucky guy.) All of our headquarters group pitches in to help her; the whole affair is a homemade production, and I couldn’t be more proud of those who put it together.

年会将在 5 月 4 号周六在 CenturyLink 中心举行。Carrie sova 总负责。(虽然看起来是个新名字，其实仍是去年那个优秀的 carrie。她刚刚嫁给一个幸运的男士)所有我们总部的团队都会协助她，整个活动都是我们公司自己操办，我为所有参与其中的员工由衷的感到骄傲。

The doors will open at 7 a.m., and at 7:30 we will have our second International Newspaper Tossing Challenge. The target will be the porch of a Clayton Home, precisely 35 feet from the throwing line. Last year I successfully fought off all challengers. But now Berkshire has acquired a large number of newspapers and with them came much tossing talent (or so the throwers claim). Come see whether their talent matches their talk. Better yet, join in. The papers will be 36 to 42 pages and you must fold them yourself (no rubber bands).

我们将在早上 7 点开门，7 点半我们将开展我们的第二届国际报纸投递挑战赛。目标将在克莱顿之家的门廊,精确来说从投掷线算起有 35 英尺。去年我成功的打败了所有的挑战者。但是如今伯克希尔已经收购了一大批报业公司，与之同来的有很多的报纸投递高手(当然投递者都这么说)。来看看他们的才能是否有他们说的那么好。最好你也加入进来。这些报纸有 36-42 页，你必须自己把他们折起来。(不准用橡皮筋)

At 8:30, a new Berkshire movie will be shown. An hour later, we will start the question-and-answer period, which (with a break for lunch at the CenturyLink’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.

早上 8 点半，一部新的伯克希尔电影会上映。一个小时以后我们将开始股东问答，这将会持续到下午 3 点半(其间会在 CenturyLink 的看台休息吃午饭)。在短暂的休息之后，查理与我将会在 3 点 45 分召开年度会议。如果你决定在白天的提问时间离开,请在查理说话的时候溜走。

The best reason to exit, of course, is to shop. We will help you do so by filling the 194,300-square-foot 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 1,090 pairs of Justin boots, (that’s a pair every 30 seconds), 10,010 pounds of See’s candy, 12,879 Quikut knives (24 knives per minute) and 5,784 pairs of Wells Lamont gloves, always a hot item. But you can do better. Remember: Anyone who says money can’t buy happiness simply hasn’t shopped at our meeting.

最好的退出理由当然是购物。毗邻会议区，一个占地达 19.43 万平方英尺的大堂里会放满伯克希尔旗下数十家企业的产品，我们将为你提供帮助。去年你们尽了全力，大多数地点都创下了销售新纪录。在 9 小时内我们卖出了 1090 双 Justin 靴子(每 30 秒一双)，10010 磅的喜诗糖果，12879 把 Quikut 小刀(每分钟 24 把)与 5784 双Wells Lamont 手套，这些都是热门商品。但你可以做的更好。记住，那些说金钱不能买到幸福的人根本还没有在我们的年会上买过东西。

Last year, Brooks, our running shoe company, exhibited for the first time and ran up sales of $150,000. Brooks is on fire: Its volume in 2012 grew 34%, and that was on top of a similar 34% gain in 2011. The company’s management expects another jump of 23% in 2013. We will again have a special commemorative shoe to offer at the meeting.

去年，我们的跑鞋公司 Brooks，在第一次展览时就获得了 15 万美元的销售。Brooks 现在火了，其销售额在2012 年增长了 34%，紧跟在其 2011 年约 34%的增长之后。公司的管理层预计 2013 年销售额还能再提升23%。我们将再次有一款特殊的纪念性跑鞋在年会上供应。

On Sunday at 8 a.m., we will initiate the “Berkshire 5K,” a race starting at the CenturyLink. Full details for participating will be included in the Visitor’s Guide that you will receive with your credentials for the meeting. We will have plenty of categories for competition, including one for the media. (It will be fun to report on their performance.) Regretfully, I will forego running; someone has to man the starting gun.

周日早上 8 点，我们开启了"伯克希尔 5 公里"活动，一场从 Century Link 开始的跑步比赛，参赛的所有细节可参见来宾手册。你在收到你的会议邀请函同时会收到这本手册。我们将会有各类比赛，包括一个对于媒体的比赛。(当他们报道自己的表现时一定会很有趣)。遗憾的是，我会错过这项跑步比赛，必须有人去打响发令枪。

I should warn you that we have a lot of home-grown talent. Ted Weschler has run the marathon in 3:01. Jim Weber, Brooks’ dynamic CEO, is another speedster with a 3:31 best. Todd Combs specializes in the triathlon, but has been clocked at 22 minutes in the 5K.

我得给你们提个醒，我们有很多本土人才。Ted Weschler 的马拉松纪录为 3 小时 1 分钟。Brooks 跑鞋公司的 CEO-Jim Weber 是另一位体力充沛的跑步健将，有着 3 小时 31 分的记录。Todd Combs 的专长是铁人三项全能，但他在 5 公里项目上有着 22 分钟的记录。

That, however, is just the beginning: Our directors are also fleet of foot (that is, some of our directors are). Steve Burke has run an amazing 2:39 Boston marathon. (It’s a family thing; his wife, Gretchen, finished the New York marathon in 3:25.) Charlotte Guyman’s best is 3:37, and Sue Decker crossed the tape in New York in 3:36. Charlie did not return his questionnaire.

然而，这仅仅是开始：我们的管理者也是跑步健将(或者说，我们一些董事也是)。Steve Burke 在波士顿马拉松赛的成绩是 2 小时 39 分。(这是他家特色：他的妻子 Gretchen在 3 小时 25 分内完成了纽约马拉松赛)。Charlotte Guyman 的最好成绩是 3 小时 37 分，Sue Decker 在纽约跑了 3 小时 36 分。至于查理，他没有回复我给他的问卷。

GEICO will have a booth in the shopping area, staffed by a number of its top counselors from around the country. Stop by for a quote. 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 将会在购物区设个展位，由其在全国各地的顶级顾问们负责。插一句，在多数情况下，GEICO 会给你一个股东优惠(通常为 8%)。在我们运营的 51 个地区中有 44 个区可以享受这个特别的优惠。(加一点：这个优惠不可以与其他优惠同时享有，假如你已经享受到另一个优惠，比如给予某些特殊群体的)。带上你现存保险的细节，我们来看看是否能帮你省钱。你们当中有至少一半以上的人，我相信我们能够帮到。

Be sure to visit the Bookworm. It will carry about 35 books and DVDs, including a couple of new ones. Carol Loomis, who has been invaluable to me in editing this letter since 1977, has recently authored Tap Dancing to Work: Warren Buffett on Practically Everything. She and I have cosigned 500 copies, available exclusively at the meeting.

你一定要去书虫书店看看。它会带来 35 种书籍及 DVD 产品，包括一些新书。Carol Loomis，自 1977 年来就在帮我修改这封信，对我来说是无价之宝，她最近写了《跳着踢踏舞去上班：沃伦巴菲特和他的一切》。她和我已经一起签了 500 本书，只有在会场专卖。

The Outsiders, by William Thorndike, Jr., is an outstanding book about CEOs who excelled at capital allocation. It has an insightful chapter on our director, Tom Murphy, overall the best business manager I’ve ever met. I also recommend The Clash of the Cultures by Jack Bogle and Laura Rittenhouse’s Investing Between the Lines. Should you need to ship your book purchases, a shipping service will be available nearby.

《商界局外人》(The Outsiders)由 William Thorndike,Jr.撰写，是一本杰出的好书，是关于 CEO 如何在资本配置方面达到出色业绩。Tom Murphy 是我所见到过的最好的商业管理者，在这本书中写了有洞察力的一章。我也推荐 Jack Bogle 的《文化冲突：投资与投机》(The Clash of theCultures)与 Laura Rittenhouse 的《从字里行间间挖掘投资机会》(Investing Between Lines)。如果你需要运输你买的书，附近就有一家能提供物流服务。

The Omaha World-Herald will again have a booth, offering a few books it has recently published. Red- blooded Husker fans – is there any Nebraskan who isn’t one? – will surely want to purchase Unbeatable. It tells the story of Nebraska football during 1993-97, a golden era in which Tom Osborne’s teams went 60-3.

《奥马哈世界先驱报》将会再设一个展位，提供其最近出版的几本书。活跃的 Huskers 粉丝(有没有内布拉斯加州人不是的？)将会想买一本《不可战胜》(Unbeatable)。它讲述了内布拉斯加州橄榄球在 1993-97 的故事，那个黄金时代里 Tom Osborne 的队伍赢得了 60 胜 3 负的战绩。

If you are a big spender – or aspire to become one – visit Signature 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. Live a little.

如果你很能烧钱，或有打算这样做，周六中午至下午 5 点来奥马哈机场东面的 Signature Aviation。在那里我们会有一队 NetJets 飞机供你来爽一把。你可以坐巴士来，开私人飞机走，活着不就要享受一下嘛。

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. Airlines have sometimes jacked up prices for the Berkshire weekend. If you are coming from far away, compare the cost of flying to Kansas City versus Omaha. The drive between the two cities is about 2 1 ⁄ 2 hours, and it may be that you can save significant money, particularly if you had planned to rent a car in Omaha. Spend the savings with us.

代理投票材料的附件中有报告，可以告诉你如何获得进入会场与其他活动的邀请函。这周到伯克希尔航线价格已经大大上涨。如果你从远方来，可以比较飞去堪萨斯城与直飞奥马哈的成本。这两个城市之间的车程在 2 个半小时，你也许可以省不少钱，尤其如果你打算在奥马哈租车的话。请把省下的钱花在我们这里。

At Nebraska Furniture Mart, located on a 77-acre site on 72 nd Street between Dodge and Pacific, we will again be having “Berkshire Weekend” discount pricing. Last year the store did $35.9 million of business during its annual meeting sale, an all-time record that makes other retailers turn green. To obtain the Berkshire discount, you must make your purchases between Tuesday, April 30 th and Monday, May 6 th 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.

在 Dodge 路与 Pacific 路之间的 72 号大街，有着 77 英亩的土地，上面坐落着内布拉斯加州家具市场，我们在那儿会再次举办"伯克希尔周末"的打折活动。去年这家店在会议期间的销售额达 3590 万美元，是一项划时代的记录，这让其它零售商脸都绿了。为了获得伯克希尔的折扣，你必须在 4 月 30 日周二至 5 月 6 日周一之间(包含这两天)的这段时间购物，同时也必须出示你的邀请函。这段时间的特殊折扣甚至适用于好几家知名生产商的产品，通常是不给打折销售的，但出于股东周末的考虑，给予你一个例外。我们感激他们的合作。内布拉斯加州家具市场的营业时间是周一至周六早上 10 点至晚上 9 点，周日是早 10 点至晚 6 点。今年的周六，从晚上 5 点半到8 点，家具市场会举办一个野餐会，你们都会被邀请的。

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, May 3 rd . The second, the main gala, will be held on Sunday, May 5 th , from 9 a.m. to 4 p.m. On Saturday, we will be open until 6 p.m. In recent years, our three-day volume has far exceeded sales in all of December, normally a jeweler’s best month.

在波仙珠宝我们会再次开展两个股东独有的活动。第一个是鸡尾酒招待会，从 5 月 3 日周五晚上 6 点至 9点。第二个是大型售卖活动，5 月 5 日周日早上 9 点至下午 4 点。在周六，我们会开到晚上 6 点。最近几年，我们三天的销售额已经超过了 12 月的所有销售额，12 月通常是珠宝商的最好月份。

Around 1 p.m. on Sunday, I will begin clerking at Borsheims. Last year my sales totaled $1.5 million. This year I won’t quit until I hit $2 million. Because I need to leave well before sundown, I will be desperate to do business. Come take advantage of me. Ask for my “Crazy Warren” price.

周日下午 1 点，我会在波仙珠宝店开始我的销售工作。去年我的销售额累计到 150 万美元。今年我会坚持到 200 万美元。因为我需要在日落前离开，所以我会拼命努力。来占我便宜好了。为"疯狂的沃伦"开个价吧。

We will have huge crowds at Borsheims throughout the weekend. For your convenience, therefore, shareholder prices will be available from Monday, April 29 th through Saturday, May 11 th . 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.

整个周末我们在波仙有巨大的人群。为你的方便考虑，股东优惠价从 4 月 29 日周一至 5 月 11 日周六都可以。在此期间，请出示你的参会邀请函或证券单据来证明你是伯克希尔的股东。

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. Don’t play them for money.

在周日，波仙外面的大厅，两次美国国际象棋冠军 Patrick Wolff 蒙住眼睛，将以六人一组的方式迎战所有的挑战者，他们将大开眼界。来自达拉斯的魔术师 Norman Beck，会震撼观众。此外，我们会邀请两位世界顶级桥牌大师 Bob Hamman 与 Sharon Osberg，在周日下午与我们的股东玩桥牌。不过别和他们玩牌赌钱。

Gorat’s and Piccolo’s will again be open exclusively for Berkshire shareholders on Sunday, May 5 th . 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 I will eat at both of them on Sunday evening. Remember: To make a reservation at Gorat’s, call 402-551-3733 on April 1 st (but not before) and at Piccolo’s call 402-342-9038. At Piccolo’s, order a giant root beer float for dessert. Only sissies get the small one. (I once saw Bill Gates polish off two of the giant variety after a full-course dinner; that’s when I knew he would make a great director.)

5 月 5 日周日 Gorat's 与 Piccolo's 两家餐馆会再次向伯克希尔的股东开放。他们会服务到晚上10 点，Gorat's 下午 1 点开门，Piccolo's4 点开门。这两家餐馆都是我的最爱，周日晚上两家我都会去光顾。记住，要在Gorat's 预定，4 月 1 日起拨打 402-551-3733，Piccolo's 电话是 402-342-9038。在 Piccolo's 可以点一个"大屋顶啤酒冰淇淋"作为饭后甜点。只有娘娘腔才会点小的。我曾经看到比尔盖茨在一顿晚饭后干掉大屋顶，那时我认识到他会成为一个伟大的管理者的。

We will again have the same three financial journalists lead the question-and-answer period at the meeting, 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.

我们再次会有三位财经记者主持会议的问答环节，他们会向查理和我提出股东通过电子邮件发来的问题。他们及他们的电子邮箱地址是：财富杂志 Carol Loomis：cloomis@fortunemail.com；CNBC 的 Becky Quick：BerkshireQuestions@cnbc.com，纽约时报 Andrew Ross Sorkin：arsorkin@nytimes.com。

From the questions submitted, each journalist will choose the six 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.)

那些被提交的问题中，每一个记者将会选择六个他(她)认为最有趣和重要的进行提问。他们过去的选择已经告诉我那些简洁，提交时间较早，和伯克希尔相关的问题(请记住，每封电子邮件最好不要提出超过两个问题)最有可能被选中(在您的邮件中，请告诉记者如果问题被选中，您希不希望自己的名字被公开)。

Last year we had a second panel of three analysts who follow Berkshire. All were insurance specialists, and shareholders subsequently indicated they wanted a little more variety. Therefore, this year we will have one insurance analyst, Cliff Gallant of Nomura Securities. Jonathan Brandt of Ruane, Cunniff & Goldfarb will join the analyst panel to ask questions that deal with our non-insurance operations.

去年我们邀请了一个由三名研究伯克希尔的分析师组成的分析师团队，但是由于他们三人都是保险业的专家，所以很多股东在会后表示希望今年的分析师团队能够更加多元化一些。因此，今年我们将只邀请一名保险行业的专家：来自野村证券(Nomura)的 Cliff Gallant。除了他以外，来自红杉基金(Ruane,Cunniff & Goldfarb)的Jonathan Brandt 将会被邀请到今年的分析师团队对非保险业务进行提问。

Finally – to spice things up – we would like to add to the panel a credentialed bear on Berkshire, preferably one who is short the stock. Not yet having a bear identified, we would like to hear from applicants. The only requirement is that you be an investment professional and negative on Berkshire. The three analysts will bring their own Berkshire-specific questions and alternate with the journalists and the audience in asking them.

最后，为了让整个提问过程变得更为给力，我们希望能够有一位看空伯克希尔的分析师加入到分析师团队中，如果是已经开始在做空伯克希尔的那就更理想了。尽管此前从来没有过对伯克希尔的前景看空的论调，我们仍然希望能找到这样的分析师。对这位分析师唯一的要求是你是一位投资专家并且看空伯克希尔。三位分析师将会提出他们自身对于伯克希尔的疑问，同时，记者和其他参会者也将会交替对他们发问。

Charlie and I believe that all shareholders should have access to new Berkshire information simultaneously and should also have adequate time to analyze it, which is why we try to issue financial information after the market close on a Friday and why our annual meeting is held on Saturdays. We do not talk one-on-one to large institutional investors or analysts. Our hope is that the journalists and analysts will ask questions that will further educate shareholders about their investment.

查理和我认为所有的股东都应该在同一时间获得伯克希尔的信息，并且拥有充足的时间去分析它们，而这也是为什么我们在周五收盘之后公布去年的年度报告，并在周六举行年度股东大会的原因。我们不会与大型的机构投资者或者分析师一对一交谈。我们希望记者和分析师所提出的问题能够帮助伯克希尔的股东进一步理解他们对伯克希尔的投资。

Neither Charlie nor I will get so much as a clue about the questions to be asked. We know the journalists and analysts will come up with some tough ones, and that’s the way we like it. All told, we expect at least 54 questions, which will allow for six from each analyst and journalist and 18 from the audience. If there is some extra time, we will take more from the audience. Audience questioners will be determined by drawings that will take place at 8:15 a.m. at each of the 11 microphones located in the arena and main overflow room.

我和查理将不会获知那些即将被问及的问题的细节。我们也知道记者和分析师将会提出很有水准的问题(有些甚至会让我们难堪)，可是那正是我们所希望看到的。总的来说，我们希望能被问到至少 54 个问题，其中每个分析师和记者将提出 6 个，剩余的 18 个将由其他股东大会参与者提出。如果有多余的时间，我们将从股东哪里获得更多的问题。那些有权提出问题的其他与会者将会被选择并在早上 8:15 通过 11 个布置在主会场和分会场的麦克风进行抽签决定。

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

For good reason, I regularly extol the accomplishments of our operating managers. They are truly All- Stars, who run their businesses as if they were the only asset owned by their families. I believe their mindset to be as shareholder-oriented as can be found in the universe of large publicly-owned companies. Most have no financial need to work; the joy of hitting business “home runs” means as much to them as their paycheck.

出于充分的理由，我时常对旗下运营经理所取得的成就进行褒奖。他们都是真正的全明星，并且把他们所经营的生意当成他们家族唯一的资产一样来对待。我确信他们拥有和大多数大型公众公司相同的"以股东为导向"的信念。他们中的大多数人已经实现了财务自由，对他们而言，打出商业上"本垒打"的乐趣和薪水一样重要。

Equally important, however, are the 23 men and women who work with me at our corporate office (all on one floor, which is the way we intend to keep it!).

当然，另外 23 名与我在公司办公室共事的员工(我们都在一层楼层办公，这是一个我们一直在维持的工作传统)也是同样出色和重要的。

This group efficiently deals with a multitude of SEC and other regulatory requirements, files a 21,500-page Federal income tax return as well as 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.

这个团队高效率地去应对 SEC 和其他监管机构繁杂的监管要求，提交了 21,500 页的联邦，州立以及海外联邦所得税申报表，回复数不清的股东及媒体要求，制作公司的年度报告，准备公司一年一度最大规模的股东年会，协调董事会的活动并且年复一年日复一日地重复着上述繁杂的工作任务。

They handle all of these business tasks cheerfully and with unbelievable efficiency, making my life easy and pleasant. Their efforts go beyond activities strictly related to Berkshire: Last year they dealt with 48 universities (selected from 200 applicants) who sent students to Omaha for a Q&A day with me. They also handle all kinds of requests that I receive, arrange my travel, and even get me hamburgers for lunch. No CEO has it better; I truly do feel like tap dancing to work every day.

他们以一种欢欣的态度和令人难以置信的效率去处理上述一切事宜，从而让我的生活变得轻松和快乐。他们还将精力花在与伯克希尔的业务非直接相关的事务中：去年他们接待了 48 个学校的代表(他们是从 200 多个申请学校中选拔出来的)，他们来到奥马哈参加和我的问答日活动。除此之外，他们还着手处理一切我所收到的请求，安排我的行程，甚至给我订购午餐吃的汉堡。作为一个 CEO，没有比这更轻松的了。我感觉每一天自己都是开心到跳着踢踏舞去上班的。

This home office crew, along with our operating managers, has my deepest thanks and deserves yours as well. Come to Omaha – the cradle of capitalism – on May 4 th and chime in.

这个家庭办公室的职员和我们的运营经理，请接受我最真挚的感谢，他们也值得你们的感谢。5 月 4 号，请来资本家的摇篮奥马哈为我助阵。

Warren E. Buffett
Chairman of the Board

March 1, 2013

沃伦.巴菲特
董事会主席
2013年3月1日