巴菲特致股东的信（1991年）⑫其它事项

Miscellaneous

About 97.7% of all eligible shares participated in Berkshire's 1991 shareholder-designated contributions program. Contributions made through the program were $6.8 million, and 2,630 charities were recipients.

其它事项

大约有 97.7%的有效股权参与 1991 年的股东指定捐赠计划，总计约 680 万美元捐出的款项分配给 2,630 家慈善机构。

We suggest that new shareholders read the description of our shareholder-designated contributions program that appears on pages 48-49. 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, 1992 will be ineligible for the 1992 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 1992 年 8 月 31 日之前完成登记，才有权利参与 1992 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，我们旗下事业的经理人每年也会通过公司对外捐赠，包含商品在内每年平均金额约在 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.

然而不管是旗下事业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。

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

The faithful will notice that, for the first time in some years, Charlie's annual letter to Wesco shareholders is not reprinted in this report. Since his letter is relatively barebones this year, Charlie said he saw no point in including it in these pages; my own recommendation, however, is that you get a copy of the Wesco report. Simply write: Corporate Secretary, Wesco Financial Corporation, 315 East Colorado Boulevard, Pasadena, CA 91101.

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

忠实的巴菲特迷可能会发现，许多年来头一次大家在年报中找不到查理·芒格写给 Wesco 股东的信，主要是因为他认为今年的报告相当阳春，所以没有必要附在我们的年报中，不过我个人还是建议，想办法写信给 Wesco公司的秘书，就可以拿到 Wesco 的年报。

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

Malcolm G. Chace, Jr., now 88, has decided not to stand for election as a director this year. But the association of the Chace family with Berkshire will not end: Malcolm III (Kim), Malcolm's son, will be nominated to replace him.

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

现年 88 岁的马尔科姆二世(Malcolm G. Chace, Jr.)，决定从今年起不再担任本公司的董事，但伯克希尔与蔡斯家族的关系却不会断，他儿子马尔科姆三世(Malcolm Kim Chace)会接替其位置继续担任本公司董事。

In 1931, Malcolm went to work for Berkshire Fine Spinning Associates, which merged with Hathaway Manufacturing Co. in 1955 to form our present company. Two years later, Malcolm became Berkshire Hathaway's Chairman, a position he held as well in early 1965 when he made it possible for Buffett Partnership, Ltd. to buy a key block of Berkshire stock owned by some of his relatives. This purchase gave our partnership effective control of the company. Malcolm's immediate family meanwhile kept its Berkshire stock and for the last 27 years has had the second-largest holding in the company, trailing only the Buffett family. Malcolm has been a joy to work with and we are delighted that the long-running relationship between the Chace family and Berkshire is continuing to a new generation.

1931 年老马尔科姆进入伯克希尔针织工厂工作，在 1955 年公司与哈撒韦工业合并，成为现在的伯克希尔·哈撒韦，之后两年他接任本公司董事长，直到 1965 年由他一手促成巴菲特合伙公司买下他与亲人大部分的股权，而使得我们成功控股公司，之后蔡斯家族在往后的 27 年内继续持有本公司的股份成为仅次于巴菲特家族本公司第二大股东，小马尔科姆一直是个很容易相处的伙伴，我们很高兴蔡斯家族与巴菲特家族的感情能够延续到下一代。

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

The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9:30 a.m. on Monday, April 27, 1992. Attendance last year grew to a record 1,550, but that still leaves plenty of room at the Orpheum.

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

今年的股东年会预计在 1992 年 4 月 27 日周一早上 9 点 30 分，在位于奥马哈市中心的奥芬剧院(Orpheum)召开，去年股东年会参加人数又创新高，突破 1550 人，不过会场还是剩下很多座位。

We recommend that you get 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-就位在 Orpheum 对街拥有 88 个房间的一家小旅馆；(2)较大一点的 RedLion 旅馆-离 Orpheum 约五分钟路程；(3)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能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. With the admission card, we will enclose information about parking facilities located near the Orpheum. If you are driving, come a little early. Nearby lots fill up quickly and you may have to walk a few blocks.

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 from there to downtown hotels or 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 find out for yourself why Americans ate 26 million pounds of See's products last year.

一如往年，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，了解一下为何美国人一年能够吞下 2,600 万磅的喜诗糖果。

Borsheim's normally is closed on Sunday, but we will be open for shareholders and their guests from noon to 6 p.m. on Sunday, April 26. Borsheim's will also have a special party the previous evening at which shareholders are welcome. (You must, however, write Mrs. Gladys Kaiser at our office for an invitation.) On display that evening will be a 150-year retrospective of the most exceptional timepieces made by Patek Philippe, including watches once owned by Queen Victoria, Pope Pius IX, Rudyard Kipling, Madame Curie and Albert Einstein. The centerpiece of the exhibition will be a $5 million watch whose design and manufacture required nine years of labor by Patek Philippe craftsmen. Along with the rest of the collection, this watch will be on display at the store on Sunday - unless Charlie has by then impulsively bought it.

波仙周日通常不开门营业，但在股东会期间特别为股东与来宾开放，4 月 26 日周日从中午开到下午 6 点，同时前一天晚上还将为所有股东举行一个特别的派对，(但必须事先向我们办公室的Gladys Kaiser 女士登记取得邀请函)，当晚将会展示百达翡丽(PatekPhilippe)过去 150 年来的作品回顾，包含英国维多利亚女皇、教宗庇护九世、鲁德亚德·吉卜林、居里夫人和阿尔伯特·爱因斯坦曾经拥有的腕表。另外会场中的重头戏是一只由百达翡丽工匠设计打造，耗时九年价值 500 万美元的手表，如无意外也会随着其它物品一起展出，除非查理忍不住诱惑先买下了它。

Nicholas Kenner nailed me - again - at last year's meeting, pointing out that I had said in the 1990 annual report that he was 11 in May 1990, when actually he was 9. So, asked Nicholas rather caustically: "If you can't get that straight, how do I know the numbers in the back [the financials] are correct?" I'm still searching for a snappy response. Nicholas will be at this year's meeting - he spurned my offer of a trip to Disney World on that day - so join us to watch a continuation of this lop-sided battle of wits.

去年股东年会 Nicholas Kenner 又杠上我了，他表示：“我在去年 1990 年报中表示他在 1990 年 5 月 11 号满十岁，但事实上他那时才刚满 9 岁”，他接着又用很嘲讽的语气说：“如果你连这个都搞不清楚，我如何还能相信你报告中的其他数字是正确的。”到现在我还在想如何做出一个有力的回答，今年 Nicholas 还会出席，他拒绝了我邀请他当天到迪士尼乐园玩的建议，所以请大家继续好好观赏这一面倒的机智问答。

Warren E. Buffett
Chairman of the Board
February 28, 1992

沃伦.巴菲特
董事会主席
1992年2月28日

Miscellaneous About 97.7% of all eligible shares participated in Berkshire's 1991 shareholder-designated contributions program. Contributions made through the program were $6.8 million, and 2,630 charities were recipients.

* * * * * * * * * * * * Malcolm G. Chace, Jr., now 88, has decided not to stand for election as a director this year. But the association of the Chace family with Berkshire will not end: Malcolm III (Kim), Malcolm's son, will be nominated to replace him.

* * * * * * * * * * * * The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9:30 a.m. on Monday, April 27, 1992. Attendance last year grew to a record 1,550, but that still leaves plenty of room at the Orpheum.

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.

Warren E. Buffett Chairman of the Board February 28, 1992

Miscellaneous

About 97.7% of all eligible shares participated in Berkshire's 1991 shareholder-designated contributions program. Contributions made through the program were $6.8 million, and 2,630 charities were recipients.

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

Malcolm G. Chace, Jr., now 88, has decided not to stand for election as a director this year. But the association of the Chace family with Berkshire will not end: Malcolm III (Kim), Malcolm's son, will be nominated to replace him.

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

The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9:30 a.m. on Monday, April 27, 1992. Attendance last year grew to a record 1,550, but that still leaves plenty of room at the Orpheum.

Warren E. Buffett
Chairman of the Board
February 28, 1992