巴菲特致股东的信（1986年）
⑧其它事项

Miscellaneous

     We bought a corporate jet last year. What you have heard about such planes is true: they are very expensive and a luxury in situations like ours where little travel to out-of-the-way places is required. And planes not only cost a lot to operate, they cost a lot just to look at. Pre-tax, cost of capital plus depreciation on a new $15 million plane probably runs $3 million annually. On our own plane, bought for $850,000 used, such costs run close to $200,000 annually.

其它事项

去年公司新添购了一架飞机，没错一架对很少到远处旅行的我们来说，算是相当昂贵且豪华的飞机，这架飞机不仅所费不贷，还要花许多钱在保养之上，一架 1,500 万美元的新飞机，每年光是帐上的资金成本与折旧提列就要 300 万美金，比起先前那架 85 万美元二手飞机，每年只会产生 20 万美元的费用，确实有极大的差别。 

     Cognizant of such figures, your Chairman, unfortunately, has in the past made a number of rather intemperate remarks about corporate jets. Accordingly, prior to our purchase, I was forced into my Galileo mode. I promptly experienced the necessary "counter-revelation" and travel is now considerably easier - and considerably costlier - than in the past. Whether Berkshire will get its money’s worth from the plane is an open question, but I will work at achieving some business triumph that I can (no matter how dubiously) attribute to it. I’m afraid Ben Franklin had my number. Said he: "So convenient a thing it is to be a reasonable creature, since it enables one to find or make a reason for everything one has a mind to do."

虽然充分了解其中的差异，不幸的是你们的主席还是对于企业专用飞机发表了许多不当的言论，因此在购买之前，我不得已暂时变身成为伽利略，突然间得到一项反启示，原来旅行可以比过去来的容易多了，只是也变得比过去更贵了，到底伯克希尔会不会因为这架飞机而受益，目前尚无定论，但我个人一定会将部分企业的成功因素归诸于它(不管别人如何地怀疑)，我很害怕富兰克林打电话告诉我说：没错！人类身为一种有理性的动物实在是太方便了，只要他想要做的，随时可以找一个理由来解释它。 

     About 97% of all eligible shares participated in Berkshire’s 1986 shareholder-designated contributions program. Contributions made through the program were $4 million, and 1,934 charities were recipients.

大约有 97%的股东参加了去年的股东指定捐赠计划，通过这项计划去年我们总共捐出了 400 万美元给 1,934个不同的慈善团体机构。

     We urge new shareholders to read the description of our shareholder-designated contributions program that appears on pages 58 and 59. If you wish to participate in future programs, we strongly urge that you immediately make sure your shares are registered in the name of the actual owner, not in "street" name or nominee name. Shares not so registered on September 30, 1987 will be ineligible for the 1987 program.

我们敦促新股东阅读58页和59页对股东指定捐赠计划的描述。如果您希望参与未来的计划，我们强烈建议您立即确保将股份登记在自己而非信托公司的名下。没有在1987年9月30日登记的股票将没有资格参加1987年计划。

                           * * *

     Last year almost 450 people attended our shareholders’ meeting, up from about 250 the year before (and from about a dozen ten years ago). I hope you can join us on May 19th in Omaha. Charlie and I like to answer owner-related questions and I can promise you that our shareholders will pose many good ones. Finishing up the questions may take quite a while - we had about 65 last year so you should feel free to leave once your own have been answered.

                           * * *

去年总计有 450 位股东参加股东年会，(前年约有 250 位，十年前则只有十几位)，我很期望各位在 5 月 19日都能到奥马哈来参加今年的股东会，查理与我会很乐意为各位回答所有有关公司经营的问题，去年所有股东总共提了 65 个问题，其中有许多相当好的意见。

     Last year, after the meeting, one shareholder from New Jersey and another from New York went to the Furniture Mart, where each purchased a $5,000 Oriental rug from Mrs. B. (To be precise, they purchased rugs that might cost $10,000 elsewhere for which they were charged about $5,000.) Mrs. B was pleased - but not satisfied - and she will be looking for you at the store after this year’s meeting. Unless our shareholders top last year’s record, I’ll be in trouble. So do me (and yourself) a favor, and go see her.

去年股东会结束后，两位分别来自纽泽西与纽约的股东到内布拉斯加家具店花了 5 千元向 B 夫人各买了一套市价 1 万元的地毯，B 夫人相当高兴但却不甚满意，所以今年股东会后，B 夫人将在店内等待各位，希望各位能够打败去年的记录，否则我可能会有麻烦，所以各位请帮帮忙，不要忘了顺道去看看她。

Warren E. Buffett
Chairman of the Board
February 27, 1987

沃伦.巴菲特
董事会主席
1987年2月27日

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