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ey would feel if the process were reversed and shareholders could invade the directors' pockets for charities favored by the shareholders。） When A takes money from B to give to C and A is a legislator； the process is called taxation。 But when A is an officer or director of a corporation； it is called philanthropy。 We continue to believe that contributions； aside from those with quite clear direct benefits to the pany； should reflect the charitable preferences of owners rather than those of officers and directors。
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1988年9月30日之前完成登记，才有权利参与1988年的计画。
We urge new shareholders to read the description of our shareholder…designated contributions program that appears on pages 54 and 55。 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； l988 will be ineligible for the 1988 program。
去年总共有450位股东参加年度股东会，总计提出了60个左右精彩的问题，在许多公司股东会只是浪费时间，因为大多流于形式，不过我们的股东会却不一样，股东们非常具有建设性且带来了许多欢乐。
Last year we again had about 450 shareholders at our annual meeting。 The 60 or so questions they asked were； as always； excellent。 At many panies； the annual meeting is a waste of time because exhibitionists turn it into a sideshow。 Ours； however； is different。 It is informative for shareholders and fun for us。 （At Berkshire's meetings； the exhibitionists are on the dais。） This year our meeting will be on May 23； 1988 in Omaha； and we hope that you e。 The meeting provides the forum for you to ask any owner…related questions you may have； and we will keep answering until all （except those dealing with portfolio activities or other proprietary information） have been dealt with。
今年的股东会将在1988年5月23日在奥玛哈举行，我们希望你们都能来参加，这个会议提供一个场所让你能够提出任何与股东有关的问题，我们会一直回答到所有股东都满意为止（除了那些想要知道投资组合明牌或是内线消息的人）
Last year we rented two buses … for 100 … to take shareholders interested in the trip to the Furniture Mart。 Your actions demonstrated your good judgment： You snapped up about 40；000 of bargains。 Mrs。 B regards this expense/sales ratio as on the high side and attributes it to my chronic inattention to costs and generally sloppy managerial practices。 But； gracious as always； she has offered me another chance and we will again have buses available following the meeting。 Mrs。 B says you must beat last year's sales figures； and I have told her she won't be disappointed。
去年我们花了100元租两台巴士载着有兴趣的股东到家具广场，大家的行动展现了明智的抉择，总共买下了约4万美元的东西， B太太认为这样的营业费用比例太高，认为这都是我个人长久以来对于成本没有概念、管理松散的缘故，不过还是一样大方，今年她再次给我机会，在会后还是会有巴士等着各位，B太太希望我一定要打破去年的记录，而我也已经答应她不会让她失望。
一九八八
Our gain in net worth during 1988 was 569 million； or 20。0％。 Over the last 24 years （that is； since present management took over）； our per…share book value has grown from 19。46 to 2；974。52； or at a rate of 23。0％ pounded annually。
本公司1988年的净值增加了五亿六千九百万美元，较去年增加了20。0％，而过去24年以来（自从现有经营阶层接手后），每股净值从19元成长到现在的2；974美元，年复合成长率约为23。0％。
We’ve emphasized in past reports that what counts； however； is intrinsic business value … the figure； necessarily an estimate； indicating what all of our constituent businesses are worth。 By our calculations； Berkshire intrinsic business value significantly exceeds its book value。 Over the 24 years； business value has grown somewhat faster than book value； in 1988； however； book value grew the faster； by a bit。
在过去的年报中我们一再强调真正重要的是企业的真实价值，它代表着我们旗下企业组成份子到底值多少钱？这个数字绝对是个估计数，根据我们内部的估算，目前Berkshire真实的价值已大幅超越其帐面价值，过去24年以来，企业价值成长的速度一直要比帐面价值成长的幅度要高一点，但在1988年情况有点不同，后者增加的幅度略高于前者。
Berkshire past rates of gain in both book value and business value were achieved under circumstances far different from those that now exist。 Anyone ignoring these differences makes the same mistake that a baseball manager would were he to judge the future prospects of a 42…year…old center fielder on the basis of his lifetime batting average。
过去Berkshire真实与帐面价值成长的背景，与现在有很大的不同，若搞不清楚其间的差异，就好象是一位棒球教练在判断高龄42岁的中外野手未来潜力时，以他一生的平均打击率作为判断依据。
Important negatives affecting our prospects today are： （1） a less attractive stock market than generally existed over the past 24 years； （2） higher corporate tax rates on most forms of investment ine； （3） a far more richly…priced market for the acquisition of businesses； and （4） industry conditions for Capital Cities/ABC； Inc。； GEICO Corporation； and The Washington Post pany … Berkshire three permanent investments； constituting about one…half of our net worth … that range from slightly to materially less favorable than those existing five to ten years ago。 All of these panies have superb management and strong properties。 But； at current prices； their upside potential looks considerably less exciting to us today than it did some years ago。
今日我们所面临不利的因素主要有︰（1）目前的股票市场过热，股价相对偏高（2）企业投资利益的税负过高（3）企业被购并的价格偏高（4） Berkshire主要三大投资事业（约占本公司净值的一半） 资本城/ABC、GEICO汽车保险与华盛顿邮报，个别的产业状况多多少少不若以往，虽然这些公司有杰出的管理与强势的资产，但以目前的股价来看，他们向上成长的潜力相对有限。
The major problem we face； however； is a growing capital base。 You have heard that from us before； but this problem； like age； grows in significance each year。 （And also； just as with age； it’s better to have this problem continue to grow rather than to have it old。？
然而我们面对的主要问题还是不断增加的资金规模，先前各位也听过类似的说明，不过这个问题就好象是一个人的身体健康与年纪的关系一样，随着时间的流逝，问题也越严重，（当然在这种情况下，我们是希望这个问题越严重越好）
Four years ago I told you that we needed profits of 3。9 billion to achieve a 15％ annual return over the decade then ahead。 Today； for the next decade； a 15％ return demands profits of 10。3 billion。 That seems like a very big number to me and to Charlie Munger； Berkshire Vice Chairman and my partner。 （Should that number indeed prove too big； Charlie will find himself； in future reports； retrospectively identified as the senior partner。）
四年前我曾告诉各位若在未来十年，Berkshire想要每年维持15％的报酬，我们总共约要有39亿美元的获利，时至今日，这个数字暴增到103亿美元，对查理与我来说，这实在是无法承担之重，（当然若这个数字事后发现真的过大，大家或许会在以后的报告中，查理可能会另外个别署名资深合伙人）
As a partial offset to the drag that our growing capital base exerts upon returns； we have a very important advantage now that we lacked 24 years ago。 Then； all our capital was tied up in a textile business with inescapably poor economic characteristics。 Today part of our capital is invested in some really exceptional businesses。
虽然资金规模会影响到最后的投资报酬率，但同时我们也拥有另外一项以前没有的优势，过去我们大部分的资金都被绑在没有多大经济效益的纺织事业之上，如今部份的资金已转移到一些相当不错的事业。去年我将他们取名叫做七个圣徒�；水牛城日报、费区海默、寇比吸尘器、内布拉斯加家具量贩店、史考特费兹制造集团、喜斯糖果及世界百科全书等，今年七圣徒持续向前迈进，大家可以发现以历史投资成本的角度来看，他们的投资报酬实在是惊人，没有依靠财务杠杆，平均股东权益报酬率高达67％。
Last year we dubbed these operations the Sainted Seven： Buffalo News； Fechheimer； Kirby； Nebraska Furniture Mart； Scott Fetzer Manufacturing Group； See； and World Book。 In 1988 the Saints came marching in。 You can see just how extraordinary their returns on capital were by examining the historical…cost financial statements on page 45； which bine the figures of the Sainted Seven with those of several smaller units。 With no benefit from financial leverage； this group earned about 67％ on average equity capital。 In most cases the remarkable performance of these units arises partially from an exceptional business franchise； in all cases an exceptional management is a vital factor。 The contribution Charlie and I make is to leave these managers alone。
虽然其中一部分的企业本身就是属于强势的企业，但优良的管理却是绝对必要的条件，查理跟我唯一可以做的就是让他们放手去干。
In my judgment； these businesses； in aggregate； will continue to produce superb returns。 We’ll need these： Without this help Berkshire would not have a chance of achieving our 15％ goal。 You can be sure that our operating managers will deliver； the question mark in our future is whether Charlie and I can effectively employ the funds that they generate。
根据我个人的判断，这些企业总的来说，应该还会持续有好的表现，我们想要在往后年度继续维持15％报酬率的目标，绝对需要他们的支持，唯一的关键在于查理跟我是否能够有效地运用他们所贡献出来源源不绝的资金。
In that respect； we took a step in the right direction early