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去年我曾经告诉大家我考虑提高Berkshire股东指定捐赠计画的额度，并询问大家的意见，不过我们却收到一些股东来信反对整个计画，他们认为我们的责任是将公司经营好而不是去强迫股东做一些慈善捐赠，当然大部分的股东还是支持这项计画，认为这种做法可以享受租税优惠，并敦促我们提高捐赠的额度，有好几位把部份股份移转给子女或孙子女的股东告诉我，他们认为这是让下一代了解施比受有福最好的教育方法，因此最后我们还是决定将下限从每股8美元提高到每股10元。
In addition to the shareholder…designated contributions that Berkshire distributes； our operating businesses make contributions； including merchandise； averaging about 2。5 million annually。 These contributions support local charities； such as The United Way； and produce roughly mensurate benefits for our businesses。
Berkshire除了透过股东指定捐赠计画对外捐赠之外，我们旗下事业的经理人每年也会透过公司对外捐赠，包含商品在内每年平均金额约在250万美元左右。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。
We suggest that new shareholders read the description of our shareholder…designated contributions program that appears on pages 50…51。 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； 1994 will be ineligible for the 1994 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画的详细内容，如果在未来年度内，你想要参加这类的计画，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1994年8月31日之前完成登记，才有权利参与1994年的捐赠计画。
A Few Personal Items几件私人事务
Mrs。 B … Rose Blumkin … had her 100th birthday on December 3； 1993。 （The candles cost more than the cake。） That was a day on which the store was scheduled to be open in the evening。 Mrs。 B； who works seven days a week； for however many hours the store operates； found the proper decision quite obvious： She simply postponed her party until an evening when the store was closed。
B太太在12月3日渡过她100岁的生日，（光是蜡烛钱就比蛋糕还贵），本来当天家具店预计营业到晚上，对于每周工作七天的B太太来说，二话不说，等到晚上店关门之后，才开始她的生日宴会。
Mrs。 B's story is well…known but worth telling again。 She came to the United States 77 years ago； unable to speak English and devoid of formal schooling。 In 1937； she founded the Nebraska Furniture Mart with 500。 Last year the store had sales of 200 million； a larger amount by far than that recorded by any other home furnishings store in the United States。 Our part in all of this began ten years ago when Mrs。 B sold control of the business to Berkshire Hathaway； a deal we pleted without obtaining audited financial statements； checking real estate records； or getting any warranties。 In short； her word was good enough for us。
虽然B太太的传奇故事已广为人知，但我还是不厌其烦地再说一次，77年前她逃到美国来，不会说英文也没有受过正式的教育，1937年她以500美元创立内布拉斯加家具店，截至去年该店的年营业额达到2亿美元，远远超过全美其他单一家具店的业绩，我们与她的关系肇始于十年前，B太太将大部分的股权卖给Berkshire，当然双方既没有看会计师的财务报表、也没有对房地产权状或是提供任何保证，简而言之，B太太的一诺值千金。
Naturally； I was delighted to attend Mrs。 B's birthday party。 After all； she's promised to attend my 100th。
当然我很高兴能受邀参加她100岁的生日宴会，另外她还答应以后要来参加我100岁的生日宴会。
Katharine Graham retired last year as the chairman of The Washington Post pany； having relinquished the CEO title three years ago。 In 1973； we purchased our stock in her pany for about 10 million。 Our holding now garners 7 million a year in dividends and is worth over 400 million。 At the time of our purchase； we knew that the economic prospects of the pany were good。 But equally important； Charlie and I concluded that Kay would prove to be an outstanding manager and would treat all shareholders honorably。 That latter consideration was particularly important because The Washington Post pany has two classes of stock； a structure that we've seen some managers abuse。
华盛顿邮报的发行人…凯萨琳葛兰姆女士在去年决定正式退休，1973年我们斥资1；000万美元买进她公司的股份，时至今日我们每年从该公司取得700万美元的股利，而持有股票的市值已超过4亿美元，当初在决定买进该公司的股份时，我们便看好该公司的前景，但另外一点同样重要的是，查理跟我都认为凯萨琳将会证明自己是位杰出的经理人，同时能够诚实地对待所有的股东，后面那一点尤其重要，因为该公司股份分成两种，而这种架构常常遭到许多经理人滥用。
All of our judgments about this investment have been validated by events。 Kay's skills as a manager were underscored this past year when she was elected by Fortune's Board of Editors to the Business Hall of Fame。 On behalf of our shareholders； Charlie and I had long ago put her in Berkshire's Hall of Fame。
而我们做这项投资的正确判断可由许多事件获得证明，凯萨琳杰出的表现使得她获得财富杂志编辑群选为商业名人堂，而对于身为股东的我们来说，查理跟我早就把她列入Berkshire的名人堂之中。
Another of last year's retirees was Don Keough of Coca…Cola； although； as he puts it； his retirement lasted 〃about 14 hours。〃 Don is one of the most extraordinary human beings I've ever known … a man of enormous business talent； but； even more important； a man who brings out the absolute best in everyone lucky enough to associate with him。 Coca…Cola wants its product to be present at the happy times of a person's life。 Don Keough； as an individual； invariably increases the happiness of those around him。 It's impossible to think about Don without feeling good。
另外一位在去年退休的人是可口可乐的Don Keough，虽然如同他本人所说的他的退休只维持了14个小时，Don是我认识最优秀的人类之一，他不但拥有绝佳的商业天分，同时更重要的是使得每个幸运能够与他共事的人发挥其潜能，可口可乐希望其产品能够伴随每个人一生最快乐的时光，而Don这个人却带给周围的人无限的欢乐，每当想起Don时，没有不让人会心一笑的。
I will edge up to how I met Don by slipping in a plug for my neighborhood in Omaha： Though Charlie has lived in California for 45 years； his home as a boy was about 200 feet away from the house where I now live； my wife； Susie； grew up 1 1/2 blocks away； and we have about 125 Berkshire shareholders in the zip code。 As for Don； in 1958 he bought the house directly across the street from mine。 He was then a coffee salesman with a big family and a small ine。
在介绍我如何结识Don时，顺便介绍一下我在奥玛哈的街坊邻居，虽然查理住在加州长达45年，但他儿时的老家距离我现在住的地方不到100公尺，而我的内人苏珊从小就住在对街，Berkshire有125个股东住在同一个邮政编码，而Don在1958买的房子就在我家的正对面，当年他还是一个收入微薄，却必须养一大家子的咖啡销售员。
The impressions I formed in those days about Don were a factor in my decision to have Berkshire make a record 1 billion investment in Coca…Cola in 1988…89。 Roberto Goizueta had bee CEO of Coke in 1981； with Don alongside as his partner。 The two of them took hold of a pany that had stagnated during the previous decade and moved it from 4。4 billion of market value to 58 billion in less than 13 years。 What a difference a pair of managers like this makes； even when their product has been around for 100 years。
当年我对Don的印象是我在1988到1989年间，决定替Berkshire买下10亿美元可口可乐股票的因素之一，Roberto Goizueta在1981年当上可口可乐总裁时，Don是他的副手，两人联手接掌这家业务已停滞成长10多年的公司，短短13年期间将这家原本44亿市值的公司变成为580亿美元，虽然所贩卖的产品已经问世100年，这两个人却还能让这家公司产生如此大的变化。
Frank Rooney did double duty last year。 In addition to leading H。 H。 Brown to record profits … 35％ above the 1992 high … he also was key to our merger with Dexter。
Frank Rooney从去年开始做了双份的工作，除了领导的HH布朗鞋业在去年创下获利历史新高，较去年同期增加35％之外，他也是购并Dexter鞋业的主要灵魂人物。
Frank has known Harold Alfond and Peter Lunder for decades； and shortly after our purchase of H。 H。 Brown； told me what a wonderful operation they managed。 He encouraged us to get together and in due course we made a deal。 Frank told Harold and Peter that Berkshire would provide an ideal corporate 〃home〃 for Dexter； and that assurance undoubtedly contributed to their decision to join with us。
Frank认识Harold与Peter有好几十年了，在买下布朗鞋业不久之后，他向我提到这家由他们管理良善的公司，他积极地把我们凑在一起，过了不久之后，我们便达成协议，Frank告诉Harold与Peter说，Berkshire将会是Dexter企业最理想的归宿，而这种安全感无疑的是他们最后决定加入我们最关键的因素。
I've told you in the past of Frank's extraordinary record in building Melville Corp。 during his 23 year tenure as CEO。 Now； at 72； he's setting an even faster pace at Berkshire。 Frank has a low…key； relaxed style； but don't let that fool you。 When he swings； the ball disappears far over the fence。
过去我曾向各位提过Frank在Melville企业23年总裁期间的杰出表现，如今高龄72岁的他在Berkshire的速度甚至比以前还快，虽然Frank有个低调又闲散的Style，但千万不要被他的外表所骗，当他大棒一挥时，球儿可是会一飞冲天、消失在围墙之外呢！
The Annual Meeting年度股东会
This year the Annual Meeting will be held at the Orpheum Theater in downtown Omaha at 9：30 a。m。 on Monday； April 25； 1994。 A record 2；200 people turned up for the meeting last year； but the theater can handle many more。 We will have a display in the lobby featuring many of our consumer products … candy； spray guns； shoes； cutlery； encyclopedias； and the like