巴菲特致股东的信（1994年）⑩其它事项

Miscellaneous

Two CEO's who have done great things for Berkshire shareholders retired last year: Dan Burke of Capital Cities/ABC and Carl Reichardt of Wells Fargo. Dan and Carl encountered very tough industry conditions in recent years. But their skill as managers allowed the businesses they ran to emerge from these periods with record earnings, added luster, and bright prospects. Additionally, Dan and Carl prepared well for their departure and left their companies in outstanding hands. We owe them our gratitude.

其它事项

去年有两位对伯克希尔贡献卓著的经理人决定退休，分别是大都会/ABC 的 Dan Burke 与富国银行的 CarlReichardt，Dan 与 Carl 近年来在各自的产业都面临到相当大的挑战，但他们杰出的管理能力使得他们经营的事业在这段期间内仍能保有出色的收益，并赋予公司光明与璀璨的前景，此外，对于他们的离开，Dan 与 Carl 都已作好准备，将公司交由能干的人才接手，我们对他们报以深深的敬意。

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About 95.7% of all eligible shares participated in Berkshire's 1994 shareholder-designated contributions program. Contributions made through the program were $10.4 million and 3,300 charities were recipients.

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大约有 95.7%的有效股权参与 1994 年的股东指定捐赠计划，总计约 1,040 万美元捐出的款项分配给 3,300家慈善机构。

Every year a few shareholders miss participating in the program because they either do not have their shares registered in their own names on the prescribed record date or because they fail to get the designation form back to us within the 60-day period allowed for its return. Since we don't make exceptions when requirements aren't met, we urge that both new shareholders and old read the description of our shareholder-designated contributions program that appears on pages 50-51.

每年都有一小部分的股东由于没有将股份登记在本人的名下，或是没能在 60 天的期限内，将指定捐赠的表格送回给我们，而没办法参加我们的指定捐赠计划，凡是不符合规定者，都不能参加这项计划，也因此我们敦促不管是原有或新加入的股东，仔细阅读年报上有关股东捐赠计划的详细内容。

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, 1995 will be ineligible for the 1995 program.

想要参加这项计划者，请确定您的股份是登记在自己而非股票经纪人或保管银行的名下，同时必须在 1995 年 8 月 31 日之前完成登记，才有权利参与 1995 年的捐赠计划。

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We made only one minor acquisition during 1994 - a small retail shoe chain - but our interest in finding good candidates remains as keen as ever. The criteria we employ for purchases or mergers is detailed in the appendix on page 21.

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1994 年我们只进行了一项小型的并购案，一家鞋业零售连锁店，然而对于寻找好的候选对象，我们的兴致与过去一样热烈，对于买进与并购标准请参阅附录。

Last spring, we offered to merge with a large, family-controlled business on terms that included a Berkshire convertible preferred stock. Though we failed to reach an agreement, this episode made me realize that we needed to ask our shareholders to authorize preferred shares in case we wanted in the future to move quickly if a similar acquisition opportunity were to appear. Accordingly, our proxy presents a proposal that you authorize a large amount of preferred stock, which will be issuable on terms set by the Board of Directors. You can be sure that Charlie and I will not use these shares without being completely satisfied that we are receiving as much in intrinsic value as we are giving.

去年春天，我们曾经对一家大型的家族企业提出并购的提议，交易的内容包含发行伯克希尔可转换优先股，虽然后来双方未能达成协议，但这次的经验提醒我们必须先取得伯克希尔股东们的同意，授权董事会发行，好让我们在合适的并购机会出现时，可以做出快速的响应，因此，在今年的股东会议案中，包含了一项授权董事会在适当的时机发行优先股的提案，当然大家可以百分之百地相信，除非我们认为所得到的内在价值跟我们所付出的相当，否则查理跟我绝对不会轻易地发行这些股份。

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Charlie and I hope you can come to the Annual Meeting - at a new site. Last year, we slightly overran the Orpheum Theater's seating capacity of 2,750, and therefore we will assemble at 9:30 a.m. on Monday, May 1, 1995, at the Holiday Convention Centre. The main ballroom at the Centre can handle 3,300, and if need be, we will have audio and video equipment in an adjacent room capable of handling another 1,000 people.

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查理跟我很希望各位都能够来参加今年的股东年会，由于去年参加人数稍微超过奥芬剧院(Orpheum)2750 座位容量，因此今年股东会我们决定于 1995 年 5 月 1 日，周一早上 9 点 30 分在新的场地假日会议中心召开，新场地的大厅可以容纳 3300 人，若有必要，藉由视听器材的辅助，旁边还有一个可以容纳 1000 人的会议室。

Last year we displayed some of Berkshire's products at the meeting, and as a result sold about 800 pounds of candy, 507 pairs of shoes, and over $12,000 of World Books and related publications. All these goods will be available again this year. Though we like to think of the meeting as a spiritual experience, we must remember that even the least secular of religions includes the ritual of the collection plate.

去年我们在会场上展示了一些伯克希尔的产品，结果总计卖出了 800 磅的糖果、507 双鞋子以及价值超过12,000 美元的世界百科全书与相关出版物，今年这些商品会再度与会，虽然我们认为这次会议的意义主要在于精神层面，但我们不要忘记，即使是最神圣的宗教典礼，也包含奉献捐献的仪式。

Of course, what you really should be purchasing is a video tape of the 1995 Orange Bowl. Your Chairman views this classic nightly, switching to slow motion for the fourth quarter. Our cover color this year is a salute to Nebraska's football coach, Tom Osborne, and his Cornhuskers, the country's top college team. I urge you to wear Husker red to the annual meeting and promise you that at least 50% of your managerial duo will be in appropriate attire.

当然大家绝对不能错过的是 1995 年橘子杯的录像带，本人利用晚上的时间观看这场经典的赛事，甚至还用慢动作播放精彩的第四节，我们以今年封面的颜色表示对内布拉斯加美式足球队教练 Tom Osborne 以及其所带领的全美最佳队伍 Cornhuskers 队的敬意，我敦促大家一定要穿 Huskers 队的红色出席今年的股东会，而我也可以向各位保证伯克希尔的经营双人组会有 50%以上穿著正确的服色出席。

We recommend that you promptly get hotel reservations for the meeting, as we expect a large crowd. Those of you who like to be downtown (about six miles from the Centre) may wish to stay at the Radisson Redick Tower, a small (88 rooms) but nice hotel or at the much larger Red Lion Hotel a few blocks away. In the vicinity of the Centre are the Holiday Inn (403 rooms), Homewood Suites (118 rooms) and Hampton Inn (136 rooms). Another recommended spot is the Marriott, whose west Omaha location is about 100 yards from Borsheim's and a ten-minute drive from the Centre. There will be buses at the Marriott that will leave at 8:45 and 9:00 for the meeting and return after it ends.

由于预期会有相当多的人与会，我们建议大家最好先预订房间，想要住在市中心的人(距离会场约 6 英里)可以选择拥有 88 个房间的一家小旅馆 Radisson Redick Tower，或是旁边较大一点的 RedLion Hotel，会场附近还有Holiday Inn(403 个房间)、Homewood Suites(118 个房间)、Hampton Inn(136 个房间)，另一个推荐的旅馆是位在奥马哈西区的 Marriott，离波仙珠宝店约 100 码，距离会场约 10 分钟的车程，届时在哪里将会有巴士接送大家往返股东会会场。

An attachment to our proxy material explains how you can obtain the card you will need for admission to the meeting. A good-sized parking area is available at the Centre, while those who stay at the Holiday Inn, Homewood Suites and Hampton Inn will be able to walk to the meeting.

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，当天会场有相当大的停车场，住在 Holiday Inn、Homewood Suites 或 Hampton Inn 的人可以直接走路过来开会。

As usual, we will have buses to take you to the Nebraska Furniture Mart and Borsheim's after the meeting and to take you from there to hotels or the airport later. I hope you make a special effort to visit the Nebraska Furniture Mart because it has opened the Mega Mart, a true retailing marvel that sells electronics, appliances, computers, CD's, cameras and audio equipment. Sales have been sensational since the opening, and you will be amazed by both the variety of products available and their display on the floor.

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，我希望大家特别能到内布拉斯加家具店参观，因为今年新开幕的超大卖场，贩卖各式家电、电子信息、CD 唱片、摄影机与视听产品，自开幕以来，销售业绩惊人，到了现场之后，你绝对会对产品的多样与展示方式印象深刻。

The Mega Mart, adjacent to NFM's main store, is on our 64-acre site about two miles north of the Centre. The stores are open from 10 a.m. to 9 p.m. on Fridays, 10 a.m. to 6 p.m. on Saturdays and noon to 6 p.m. on Sundays. When you're there be sure to say hello to Mrs. B, who, at 101, will be hard at work in our Mrs. B's Warehouse. She never misses a day at the store - or, for that matter, an hour.

位于内布拉斯加家具店主馆旁边的超级大卖场距离会场约 2 英里远，营业时间平日从早上 10 点到下午 9 点，周六从早上 10 点到下午 6 点，周日则从中午开到下午 6 点，到了那里记得向高龄 101 岁的 B 夫人 SayHello，她每天都会到 B 夫人仓库工作，或者应该说是每个小时。

Borsheim's normally is closed on Sunday but will be open for shareholders and their guests from noon to 6 p.m. on Sunday. This is always a special day, and we will try to have a few surprises. Usually this is the biggest sales day of the year, so for more reasons than one Charlie and I hope to see you there.

平时礼拜天不营业的波仙珠宝，在股东会当天会特别为股东与来宾开放，从中午开到下午 6 点，这天总是相当的特别，我们会试着让大家得到一些意外的惊喜，而通常那天也是该店全年营业额最高的一天，这也是查理跟我希望能在那里看到各位的主要原因之一。

On Saturday evening, April 29, there will be a baseball game at Rosenblatt Stadium between the Omaha Royals and the Buffalo Bisons. The Buffalo team is owned by my friends, Mindy and Bob Rich, Jr., and I'm hoping they will attend. If so, I will try to entice Bob into a one-pitch duel on the mound. Bob is a capitalist's Randy Johnson - young, strong and athletic - and not the sort of fellow you want to face early in the season. So I will need plenty of vocal support.

在前一天 4 月 29 日，周六晚上，Rosenblatt 体育馆将会有一场奥马哈皇家队对布法罗水牛队的比赛，水牛队的老板是我的好朋友，Mindy 跟 Bob Rich, Jr.，我希望他们也能参加，若他们真的来了，我会引诱 Bob 与我在投手丘上来一场对决，Bob 可以称得上是资本家的强森巨投，年轻、健壮且精力充沛，绝对是你在球季中不会想要遇到的对手，所以届时我希望大家都能到场给予我声援。

The proxy statement will include information about obtaining tickets to the game. About 1,400 shareholders attended the event last year. Opening the game that night, I had my stuff and threw a strike that the scoreboard reported at eight miles per hour. What many fans missed was that I shook off the catcher's call for my fast ball and instead delivered my change-up. This year it will be all smoke.

股东会资料将告诉大家如何取得入场的门票，去年大约有 1400 位股东出席这项盛会，当晚开赛前，我投出一只时速高达 8 英里的好球，只是许多球迷在当场并没有看到我不顾捕手的要求投出快速球的指示反而祭出我的上飘球，至于今年我要投出的球路至今仍然是个谜。

Warren E. Buffett
Chairman of the Board
March 7, 1995

沃伦.巴菲特
董事会主席
1995年3月7日

* * * * * * * * * * * * About 95.7% of all eligible shares participated in Berkshire's 1994 shareholder-designated contributions program. Contributions made through the program were $10.4 million and 3,300 charities were recipients.

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, 1995 will be ineligible for the 1995 program.

* * * * * * * * * * * * We made only one minor acquisition during 1994 - a small retail shoe chain - but our interest in finding good candidates remains as keen as ever. The criteria we employ for purchases or mergers is detailed in the appendix on page 21.

An attachment to our proxy material explains how you can obtain the card you will need for admission to the meeting. A good-sized parking area is available at the Centre, while those who stay at the Holiday Inn, Homewood Suites and Hampton Inn will be able to walk to the meeting.

Warren E. Buffett Chairman of the Board March 7, 1995

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About 95.7% of all eligible shares participated in Berkshire's 1994 shareholder-designated contributions program. Contributions made through the program were $10.4 million and 3,300 charities were recipients.

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

We made only one minor acquisition during 1994 - a small retail shoe chain - but our interest in finding good candidates remains as keen as ever. The criteria we employ for purchases or mergers is detailed in the appendix on page 21.

Warren E. Buffett
Chairman of the Board
March 7, 1995