巴菲特致股东的信（1990年）⑩其它事项

Miscellaneous

Ken Chace has decided not to stand for reelection as a director at our upcoming annual meeting. We have no mandatory retirement age for directors at Berkshire (and won't!), but Ken, at 75 and living in Maine, simply decided to cut back his activities.

其它事项

Ken Chace 决定从今年股东会起不再担任本公司的董事，在伯克希尔我们没有强制董事退休的年龄限制(以后绝对也不会有)，但是住在缅因州 75 岁的 Ken 还是决定减少自己在伯克希尔的活动量。

Ken was my immediate choice to run the textile operation after Buffett Partnership, Ltd. assumed control of Berkshire early in 1965. Although I made an economic mistake in sticking with the textile business, I made no mistake in choosing Ken: He ran the operation well, he was always 100% straight with me about its problems, and he generated the funds that allowed us to diversify into insurance.

Ken 是我在 1965 年通过巴菲特合伙入主伯克希尔时，选择经营纺织业务的第一人选，虽然我在坚持纺织业务继续经营上做了错误的决策，但选择 Ken 却是正确的决定，他把公司经营的非常好，对于所面临的问题也是百分之百地坦诚，更重要的是他生产出足够让我们进军保险业的资金。

My wife, Susan, will be nominated to succeed Ken. She is now the second largest shareholder of Berkshire and if she outlives me will inherit all of my stock and effectively control the company. She knows, and agrees, with my thoughts on successor management and also shares my view that neither Berkshire nor its subsidiary businesses and important investments should be sold simply because some very high bid is received for one or all.

我的夫人 Susan 将会被提名接替 Ken 担任董事，她个人现在是伯克希尔第二大股东，而且要是她活的比我久的话，还会继承我个人所持有的股份，进而取得公司的控制权，她明了也完全同意我对于可能接替人选的想法，同时也认同不管是伯克希尔本身或是旗下业务与主要的投资，都不会单纯地因为有人出高价要买，便轻易地对外出售。

I feel strongly that the fate of our businesses and their managers should not depend on my health - which, it should be added, is excellent - and I have planned accordingly. Neither my estate plan nor that of my wife is designed to preserve the family fortune; instead, both are aimed at preserving the character of Berkshire and returning the fortune to society.

我强烈地感觉伯克希尔企业与经理人的命运不应该依赖在我个人的健康之上，当然若是因此可以加分会更好，为此我已做好的万全的计划，不管是我个人或是我内人的遗嘱都不打算将这些财产留给家族，相反地重点会放在如何保持伯克希尔的特质，并将所有的财富回馈给社会。

Were I to die tomorrow, you could be sure of three things: (1) None of my stock would have to be sold; (2) Both a controlling shareholder and a manager with philosophies similar to mine would follow me; and (3) Berkshire's earnings would increase by $1 million annually, since Charlie would immediately sell our corporate jet, The Indefensible (ignoring my wish that it be buried with me).

所以万一要是明天我突然死了，大家可以确定三件事：(1)我在伯克希尔的股份，一股都不会卖；(2)继承我的所有权人与经理人一定会遵循我的投资哲学；(3)伯克希尔的收益每年可增加 100 万美元，因为查理会立即出售我们的公务机-无可辩解号 (不要管我希望让它陪葬的遗愿)。

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About 97.3% of all eligible shares participated in Berkshire's 1990 shareholder-designated contributions program. Contributions made through the program were $5.8 million, and 2,600 charities were recipients.

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大约有 97.3%的有效股权参与 1990 年的股东指定捐赠计划，总计约 580 万美元捐出的款项分配给 2,600 家慈善机构。

We suggest that new shareholders read the description of our shareholder-designated contributions program that appears on pages 54-55. To participate in future programs, you must make sure your shares are registered in the name of the actual owner, not in the nominee name of a broker, bank or depository. Shares not so registered on August 31, 1991 will be ineligible for the 1991 program.

我们敦促新加入的股东，仔细阅读年报上有关股东捐赠计划的详细内容，如果在未来年度内，你想要参加这类的计划，我们强烈建议你将股份登记在自己而不是受托人的名下，必须在 1991 年 8 月 31 日之前完成登记，才有权利参与 1991 年的捐赠计划。

In addition to the shareholder-designated contributions that Berkshire distributes, managers of our operating businesses make contributions, including merchandise, averaging about $1.5 million annually. These contributions support local charities, such as The United Way, and produce roughly commensurate benefits for our businesses.

伯克希尔除了通过股东指定捐赠计划对外捐赠之外，我们旗下业务的经理人还贡献了包含商品在内的捐款，每年平均金额约在 150 万美元左右。这些捐赠主要是赞助当地像是联合劝募等慈善团体，所得的效益应该与我们所捐出的相当。

However, neither our operating managers nor officers of the parent company use Berkshire funds to make contributions to broad national programs or charitable activities of special personal interest to them, except to the extent they do so as shareholders. If your employees, including your CEO, wish to give to their alma maters or other institutions to which they feel a personal attachment, we believe they should use their own money, not yours.

然而不管是旗下业务或是母公司的经理人在利用伯克希尔的资金对外捐赠给全国性组织或特别利益团体时，都是以站在股东利益立场所应该做的，相对地若是你的员工也包含 CEO 在内，想要与其校友会或其它人建立个人关系的，我们认为他们最好是用自己的钱，而不是从你的口袋里掏钱。

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The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9:30 a.m. on Monday, April 29, 1991. Attendance last year grew to a record 1,300, about a 100-fold increase from ten years ago.

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今年的股东年会预计在 1991 年 4 月 29 日，周一早上 9 点 30 分举行在奥芬剧院 Orpheum 召开，去年股东年会参加人数突破 1300 人，大概是十年前的一百倍。

We recommend getting your hotel reservations early at one of these hotels: (1) The Radisson-Redick Tower, a small (88 rooms) but nice hotel across the street from the Orpheum; (2) the much larger Red Lion Hotel, located about a five-minute walk from the Orpheum; or (3) the Marriott, located in West Omaha about 100 yards from Borsheim's and a twenty minute drive from downtown. We will have buses at the Marriott that will leave at 8:30 and 8:45 for the meeting, and return after it ends.

我们建议大家最好先向以下旅馆预订房间：(1)Radisson-Redick 旅馆，位于奥芬剧院对街，是拥有 88 个房间的一家小旅馆；(2)较大一点的 RedLion 旅馆，离奥芬剧院约五分钟路程；(3)万豪酒店 Marriott，位在奥马哈西区，离波仙珠宝店约 100 公尺，开车到市中心约需 20 分钟，届时将会有巴士接送大家往返股东会会场。

Charlie and I always enjoy the meeting, and we hope you can make it. The quality of our shareholders is reflected in the quality of the questions we get: We have never attended an annual meeting anywhere that features such a consistently high level of intelligent, owner-related questions.

查理跟我一直都很喜欢开股东会，我也希望大家能够来参加，我们股东的素质可由大家所提出的问题看得出来，我们参加过很多股东会，但从来没有别的公司的股东像伯克希尔的股东一样由高智商水准与经营者荣枯与共的股东组合。

An attachment to our proxy material explains how you can obtain the card you will need for admission to the meeting. Because weekday parking can be tight around the Orpheum, we have lined up a number of nearby lots for our shareholders to use. The attachment also contains information about them.

后面附有股东会开会投票的相关资料，跟各位解释如何拿到入场所许的识别证，因为开会当天会场不好停车，我们特地为大家预留了一些位置，附件也有相关说明供大家参考。

As usual, we will have buses to take you to Nebraska Furniture Mart and Borsheim's after the meeting and to take you to downtown hotels or to the airport later. I hope that you will allow plenty of time to fully explore the attractions of both stores. Those of you arriving early can visit the Furniture Mart any day of the week; it is open from 10 a.m. to 5:30 p.m. on Saturdays, and from noon to 5:30 p.m. on Sundays. While there, stop at the See's Candy cart and see for yourself the dawn of synergism at Berkshire.

一如往常，会后我们备有巴士带大家到内布拉斯加家具店与波仙珠宝店或是到饭店与机场，我希望大家能有多一点的时间好好探索这两家店的奥妙，当然早几天到的股东也可利用假日逛逛家具店，周六从早上 10 点到下午5 点 30 分，周日则从中午开到下午 5 点 30 分，到那里时记得到喜诗糖果摊逛逛，看看伯克希尔企业综效的初步成果。

Borsheim's normally is closed on Sunday, but we will open for shareholders and their guests from noon to 6 p.m. on Sunday, April 28. At our Sunday opening last year you made Ike very happy: After totaling the day's volume, he suggested to me that we start holding annual meetings quarterly. Join us at Borsheim's even if you just come to watch; it's a show you shouldn't miss.

波仙周日通常不开门营业，但在股东会期间特别破例，4 月 28 日周日从中午开到下午 6 点，去年由于大家的卖力表现让 Ike 相当的开心，在看过那天的业绩数字之后，他建议我们最好能够每一季都召开股东会，今年记得到波仙去看看，就算不买也没有关系，那是一场你不能错过的秀。

Last year the first question at the annual meeting was asked by 11-year-old Nicholas Kenner, a third-generation shareholder from New York City. Nicholas plays rough: "How come the stock is down?" he fired at me. My answer was not memorable.

去年股东年会第一个问题是由来自纽约 11 岁的 Nicholas Kenner 所提出，他们一家三代都是伯克希尔的股东，一开场 Nicholas 就来硬的：“为什么股价会下跌？”面对如此强大的火力，我的回答却不甚了了。

We hope that other business engagements won't keep Nicholas away from this year's meeting. If he attends, he will be offered the chance to again ask the first question; Charlie and I want to tackle him while we're fresh. This year, however, it's Charlie's turn to answer.

我希望今年 Nicholas 最好有其它的事要忙，不要来参加今年的股东会，若他真的出席了，他可能有机会再提出第一个问题，查理跟我都希望尽量不要碰到他，还好今年轮到查理先回答。

Warren E. Buffett
Chairman of the Board
March 1, 1991

沃伦.巴菲特
董事会主席
1991年3月1日

Miscellaneous Ken Chace has decided not to stand for reelection as a director at our upcoming annual meeting. We have no mandatory retirement age for directors at Berkshire (and won't!), but Ken, at 75 and living in Maine, simply decided to cut back his activities.

* * * * * * * * * * * * About 97.3% of all eligible shares participated in Berkshire's 1990 shareholder-designated contributions program. Contributions made through the program were $5.8 million, and 2,600 charities were recipients.

* * * * * * * * * * * * The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9:30 a.m. on Monday, April 29, 1991. Attendance last year grew to a record 1,300, about a 100-fold increase from ten years ago.