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ss value。
当然还是有些Berkshire股东需要或是想要偶尔把他持有的股份卖掉，而我们希望能够找到合适的人以适当的价格来接手，因此我们试着透过我们的政策、表现与沟通，吸引真正了解我们营运、认同我们理念并用同样的方式来对待我们的新股东，如果我们能够持续地吸引这种类型的股东，同时很重要的，让那些短视近利的投资人远离我们，相信Berkshire一定能够持续地以合理的价格交易买卖。
David L。 Dodd
大卫．陶德
Dave Dodd； my friend and teacher for 38 years； died last year at age 93。 Most of you don know of him。 Yet any long…time shareholder of Berkshire is appreciably wealthier because of the indirect influence he had upon our pany。
与我相交38年亦师亦友的大卫．陶德，于去年以高龄93岁过世，大多数的人可能都不知道他是谁，但是许多Berkshire的老股东却因为他对本公司的间接影响而受益良多。
Dave spent a lifetime teaching at Columbia University； and he co…authored Security Analysis with Ben Graham。 From the moment I arrived at Columbia； Dave personally encouraged and educated me； one influence was as important as the other。 Everything he taught me； directly or through his book； made sense。 Later； through dozens of letters； he continued my education right up until his death。
大卫终其一生在哥伦比亚大学教书，同时他也与葛拉罕合作著述「证券分析」一书，自从我到哥伦比亚之后，大卫不时地鼓励与教导我，给我的影响一个接着一个，他所教导我的很一件事，不论是直接或透过他的著作都非常有道理，后来毕业后，透过不断往来的信件，他给我的教育持续到他逝世之前。
I have known many professors of finance and investments but I have never seen any； except for Ben Graham； who was the match of Dave。 The proof of his talent is the record of his students： No other teacher of investments has sent forth so many who have achieved unusual success。
我认识许多财经与投资学的教授，除了葛拉罕以外，没有人可以比得上大卫，最好的证明就是他学生的成绩，没有其它投资学的教授可以造就出那么多杰出的英才。
When students left Dave classroom； they were equipped to invest intelligently for a lifetime because the principles he taught were simple； sound； useful； and enduring。 Though these may appear to be unremarkable virtues； the teaching of principles embodying them has been rare。
当学生离开大卫的教室，就代表着他们一生将具备有投资智能，因为他所教导的
原则是如此的简单、完整有用且持久，虽然这些特点看起来并不显著，但要将这
些原则教导给学生却不是一件容易的事。
It particularly impressive that Dave could practice as well as preach。 just as Keynes became wealthy by applying his academic ideas to a very small purse； so； too； did Dave。 Indeed； his financial performance far outshone that of Keynes； who began as a market…timer （leaning on business and credit…cycle theory） and converted； after much thought； to value investing。 Dave was right from the start。
让我印象最深刻的是大卫总是言行一致，就像凯恩斯运用自己研究出的学术观点来致富，大卫也是如此。事实上他在财务操作上的表现远比凯恩斯来得出色，凭借着企业与信用循环理论，之后再演变成价值投资，大卫一开始就选择了正确的方向。
In Berkshire investments； Charlie and I have employed the principles taught by Dave and Ben Graham。 Our prosperity is the fruit of their intellectual tree。
查理跟我运用大卫与葛拉罕所教的原则，在Berkshire的投资之上，我们的成功正代表着他们心血的结晶。
Miscellaneous
其它事项
We hope to buy more businesses that are similar to the ones we have； and we can use some help。 If you have a business that fits the following criteria； call me or； preferably； write。
我们希望能够买进更多像我们现在拥有一样的企业，当然我们可以透过大家的协助，如果你拥有符合以下条件的企业，记得打电话或者是写信告诉我，
Here what wee looking for：
（1） large purchases （at least 10 million of after…tax earnings）；
（2） demonstrated consistent earning power （future projections are of little interest to us； nor are urnaround？ situations）；
（3） businesses earning good returns on equity while employing little or no debt；
（4） management in place （we can supply it）；
（5） simple businesses （if there lots of technology； we won understand it）；
（6） an offering price （we don want to waste our time or that of the seller by talking； even preliminarily； about a transaction when price is unknown）。
我们想要找
（1）巨额交易（每年税后盈余至少有一千万美元）
（2）持续稳定获利（我们对有远景或具转机的公司没兴趣）
（3）高股东报酬率（并且甚少举债）
（4）具备管理阶层（我们无法提供）
（5）简单的企业（若牵涉到太多高科技，我们弄不懂）
（6）合理的价格（在价格不确定前，我们不希望浪费自己与对方太多时间）
我们不会进行敌意的购并，并承诺完全保密并尽快答复是否感兴趣（通常不超过五分钟） ，我们倾向采现金交易，除非我们所换得的内含价值跟我们付出的一样多，否则不考虑发行股份。我们最喜欢的交易对象之一是像B太太… Heldman家族那样，公司经营者希望能马上有一大笔现金，不管是给自己、家人或是其它股东，最好这些经营者如往常一样能够继续留在公司，我想我们可以提供具有以上想法的经营者，一个满意的方式，我们也欢迎可能的卖方与那些过去与我们合作过的对象打听。
We will not engage in unfriendly takeovers。 We can promise plete confidentiality and a very fast answer … customarily within five minutes … as to whether wee interested。 We prefer to buy for cash； but will consider issuing stock when we receive as much in intrinsic business value as we give。 Our favorite form of purchase is one fitting the Blumkin…Friedman…Heldman mold。 In cases like these； the pany owner…managers wish to generate significant amounts of cash； sometimes for themselves； but often for their families or inactive shareholders。 However； these managers also wish to remain significant owners who continue to run their panies just as they have in the past。 We think we offer a particularly good fit for owners with these objectives and invite potential sellers to check us out by contacting people with whom we have done business in the past。 Charlie and I frequently get approached about acquisitions that don e close to meeting our tests： Wee found that if you advertise an interest in buying collies； a lot of people will call hoping to sell you their cocker spaniels。 Our interest in new ventures； turnarounds； or auction…like sales can best be expressed by another Goldwynism： lease include me out。？
另一方面我们也持续接到一些不符合我们条件的询问，包括新事业、转机股、拍卖案以及最常见的中介案。我们发现如果你登广告要买牧羊犬，结果却有一大堆人打电话来要卖你长耳猎犬，在此重申我们对这些交易，只有高德温的另一句话可以形容，请把我排除在外。
Besides being interested in the purchase of businesses as described above； we are also interested in the negotiated purchase of large； but not controlling； blocks of stock parable to those we hold in Cap Cities and Salomon。 We have a special interest in purchasing convertible preferreds as a long…term investment； as we did at Salomon。
除了以上买下整家公司的购并案外，我们也会考虑买进一大部份不具控制权的股份，就像我们在资本城与所罗门这两个Case一样，尤其是我们对于像这次购买所罗门一样的可转换特别股当作长期投资特别有兴趣。
We received some good news a few weeks ago： Standard & Poor raised our credit rating to AAA； which is the highest rating it bestows。 Only 15 other U。S。 industrial or property…casualty panies are rated AAA； down from 28 in 1980。
几个礼拜以前，我们接到了一个好消息，史坦普评等机构将我们的债信等级调高的三A的最高标准，相较于1980年的28家，目前全美只有15家公司可以拥有此殊荣。
Corporate bondholders have taken their lumps in the past few years from vent risk。？This term refers to the overnight degradation of credit that acpanies a heavily…leveraged purchase or recapitalization of a business whose financial policies； up to then； had been conservative。 In a world of takeovers inhabited by few owner…managers； most corporations present such a risk。 Berkshire does not。 Charlie and I promise bondholders the same respect we afford shareholders。
过去几年企业公司债的持有人在事件风险上跌了一大跤，意思是说一家原本财务操作保守的公司，因为进行高杠杆购并或是重整再造，使得公司在一夜之间被大幅调降信用评等，购并的世界之中，除了少数经营权与所有权一致的公司之外，大部分的公司都会面临这样的风险，但Berkshire绝对不会，查理跟我保证给债券持有人与股东一样的承诺。
About 97。4％ of all eligible shares participated in Berkshire 1988 shareholder…designated contributions program。 Contributions made through the program were 5 million； and 2；319 charities were recipients。 If we achieve reasonable business results； we plan to increase the per…share contributions in 1989。
大约有97。4％的有效股权参与1988年的股东指定捐赠计划，总计约500万美元捐出的款项分配给2；319家慈善机构，若经营情况许可，我们计画在1989年扩大这项捐赠计画。
We urge new shareholders to read the description of our shareholder…designated contributions program that appears on pages 48…49。 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 the nominee name of a broker； bank or depository。 Shares not so registered on September 30； 1989 will be ineligible for the 1989 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1989年9月30日之前完成登记，才有权利参与1989年的计画。
Berkshire annual meeting will be held in Omaha on Monday； April 24； 1989； and I hope you will 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 t