巴菲特致股东的信（1982年）⑥其他事项

Miscellaneous

This annual report is read by a varied audience, and it is possible that some members of that audience may be helpful to us in our acquisition program.

其他事项

由于会有许多不同的读者看到这份报告，其中可能会有人对我们的购并计划有所帮助。

We prefer:
(1) large purchases (at least $5 million of after-tax earnings),
(2) demonstrated consistent earning power (future projections are of little interest to us, nor are “turn-around” situations),
(3) businesses earning good returns on equity while employing little or no debt,
(4) management in place (we can’t supply it),
(5) simple businesses (if there’s lots of technology, we won’t understand it),
(6) an offering price (we don’t want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown).

我们对具以下条件的公司有兴趣:
(1)巨额交易(每年税后盈余至少有五百万美元)
(2)持续稳定获利(我们对有远景或具转机的公司没兴趣)
(3)高股东报酬率(并甚少举债)
(4)具备管理阶层(我们无法提供)
(5)简单的企业(若牵涉到太多高科技，我们弄不懂)
(6)合理的价格(在价格不确定前，我们不希望浪费自己与对方太多时间)

We will not engage in unfriendly transactions. We can promise complete confidentiality and a very fast answer as to possible interest - customarily within five minutes. Cash purchases are preferred, but we will consider the use of stock when it can be done on the basis described in the previous section.

我们不会进行敌意购并，并承诺完全保密并尽快答复是否感兴趣(通常不超过五分钟)，我们倾向采现金交易，但若符合先前所提状况也会考虑发行股份。

* * * * *
Our shareholder-designated contributions program met with enthusiasm again this year; 95.8% of eligible shares participated. This response was particularly encouraging since only $1 per share was made available for designation, down from $2 in 1981. If the merger with Blue Chip takes place, a probable by-product will be the attainment of a consolidated tax position that will significantly enlarge our contribution base and give us a potential for designating bigger per-share amounts in the future.

* * * * *
今年的股东指定捐赠计划再度得到热烈回响，虽然每股仅分配1美元较去年的2美元少，仍有95.8%的有效票参与，若与蓝筹印花的合并案成真，附代的好处是合并报税将使我们可捐赠的总额大幅增加，每位股东可分配的金额未来也会跟着增加。

If you wish to participate in future programs, we strongly urge that you immediately make sure that your shares are registered in the actual owner’s name, not a “street” or nominee name. For new shareholders, a more complete description of the program is on pages 62-63.

若你也想参加的话，我们强烈建议你赶快把股份从经纪人那儿改登记于自己的名下。对于新股东来说，更完整的计划描述见第62-63页。

* * * * *
In a characteristically rash move, we have expanded World Headquarters by 252 square feet (17%), coincidental with the signing of a new five-year lease at 1440 Kiewit Plaza. The five people who work here with me - Joan Atherton, Mike Goldberg, Gladys Kaiser, Verne McKenzie and Bill Scott - outproduce corporate groups many times their number. A compact organization lets all of us spend our time managing the business rather than managing each other.

* * * * *
在一时冲动之下，我们将企业总部的面积增加252平方呎(约17%)，恰巧碰上重新签订五年的租约，和我一同工作的五个人-Joan Atherton、Mike Goldberg、Gladys Kaiser、Verne McKenzie与Bill Scott等其生产力远超过企业集团，精简的组织使我们有更多的时间管理旗下公司而非互相管理。

Charlie Munger, my partner in management, will continue to operate from Los Angeles whether or not the Blue Chip merger occurs. Charlie and I are interchangeable in business decisions. Distance impedes us not at all: we’ve always found a telephone call to be more productive than a half-day committee meeting.

我的合伙人查理.芒格将继续留在洛杉矶，不管与蓝筹印花的合并成功与否，查理跟我在企业决策上是可以互相替代的，距离一点也不会阻碍我们，我们总是发现一通电话会比半天冗长的会议更有效率。

* * * * *
Two of our managerial stars retired this year: Phil Liesche at 65 from National Indemnity Company, and Ben Rosner at 79 from Associated Retail Stores. Both of these men made you, as shareholders of Berkshire, a good bit wealthier than you otherwise would have been. National Indemnity has been the most important operation in Berkshire’s growth. Phil and Jack Ringwalt, his predecessor, were the two prime movers in National Indemnity’s success. Ben Rosner sold Associated Retail Stores to Diversified Retailing Company for cash in 1967, promised to stay on only until the end of the year, and then hit business home runs for us for the next fifteen years.

* * * * *
今年我们有两位经营明星退休，国民保险65岁的Phil Liesche和Associated Retail79岁的BenRosner，这两个人都让身为伯克希尔股东的你更为富有，国民保险是支持伯克希尔成长的重要力量。Phil和他的继任者Ringwalt是该公司成功主要的推动者，而Ben Rosner在1967年将Associated Retail以现金卖给多元零售后，原本仅承诺继续待到当年度年底，结果在往后的十五年仍持续表现杰出。

Both Ben and Phil ran their businesses for Berkshire with every bit of the care and drive that they would have exhibited had they personally owned 100% of these businesses. No rules were necessary to enforce or even encourage this attitude; it was embedded in the character of these men long before we came on the scene. Their good character became our good fortune. If we can continue to attract managers with the qualities of Ben and Phil, you need not worry about Berkshire’s future.

他们两人皆为伯克希尔尽心尽力管理公司就好象是他们100%拥有这家公司一样，不须订定额外的规则来强迫他们，这种态度早在伯克希尔加入前便已深植在他们的人格特质中，他们好的个性成就我们更多的财富，如果我们能持续吸引到像Ben和Phil这样的人，你将可不必担心伯克希尔的未来。

Warren E. Buffett
Chairman of the Board

沃伦.巴菲特
董事会主席

Miscellaneous This annual report is read by a varied audience, and it is possible that some members of that audience may be helpful to us in our acquisition program.

If you wish to participate in future programs, we strongly urge that you immediately make sure that your shares are registered in the actual owner’s name, not a “street” or nominee name. For new shareholders, a more complete description of the program is on pages 62-63.

Warren E. Buffett Chairman of the Board

Miscellaneous

This annual report is read by a varied audience, and it is possible that some members of that audience may be helpful to us in our acquisition program.

Warren E. Buffett
Chairman of the Board