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is a natural for K&W。 That pany'sprofitability may well be increased 50％ by this coup。 Watch this space for future bulletins on Harry's triumphs。
两年前，我曾跟各位提到Harry Bottle这个人，他在1962年曾帮我解决我个人所控制的第一家公司Dempster纺织制造公司（又是一个便宜货），一个大难题，接着在24年后又重出江湖来拯救我，那次换做K&W一家Berkshire所属专门生产自动组件的小公司，就像我曾提到的，Harry很快地就有效地降低K&W的资金负担、大砍成本使获利倍增，你或许认为任务完成后，他铁定要休息一下喘口气，但是去年高龄70岁的他，又参与一家破产公司的拍卖，以极少数的资金取得符合K&W使用的产品线，经过这次斩获，公司的获利又因此将增加50％以上，请大家好好拭目以待，这个专门替Harry准备的专栏。
With more than a year behind him of trading Berkshire's stock on the New York Stock Exchange； our specialist； Jim Maguire of Henderson Brothers； Inc。 （〃HBI〃）； continues his outstanding performance。 Before we listed； dealer spreads often were 3％ or more of market price。 Jim has maintained the spread at 50 points or less； which at current prices is well under 1％。 Shareholders who buy or sell benefit significantly from this reduction in transaction costs。
Henderson 兄弟公司的Jim Maguire是纽约证交所专门帮我们买卖Berkshire股票的交易员，一年下来他的表现相当称职，在Berkshire上市挂牌之前，公司股份买卖的价差多在3％甚至以上，但Jim却能将价差维持在50点以下，这使得股东在买卖本公司股份的交易成本降到1％以下。
Because we are delighted by our experience with Jim； HBI and the NYSE； I said as much in ads that have been run in a series placed by the NYSE。 Normally I shun testimonials； but I was pleased in this instance to publicly pliment the Exchange。
因为我们与Jim、NYSE与纽约证交所这次合作愉快的经验，使我尽可能在纽约证交所安排的活动中免费帮他们打广告，通常我种场合我是能免则免，但这次我很高兴能够公开地赞扬交易所的表现。
Last summer we sold the corporate jet that we purchased for 850；000 three years ago and bought another used jet for 6。7 million。 Those of you who recall the mathematics of the multiplying bacteria on page 5 will understandably panic： If our net worth continues to increase at current rates； and the cost of replacing planes also continues to rise at the now…established rate of 100％ pounded annually； it will not be long before Berkshire's entire net worth is consumed by its jet。
去年夏天我们把三年前以85万美元买的公司专机给卖掉，另外又以670万美元买了一架二手飞机，大家只要想到先前我提过的细胞复制的数字游戏就会觉得很惊讶，如果我们公司的净值持续以相同速度增长，而更换飞机的成本同样也以每年100％的速度上升，大家会发现，Berkshire庞大的净值很快就会被这架飞机给吃光光。
Charlie doesn't like it when I equate the jet with bacteria； he feels it's degrading to the bacteria。 His idea of traveling in style is an air…conditioned bus； a luxury he steps up to only when bargain fares are in effect。 My own attitude toward the jet can be summarized by the prayer attributed； apocryphally I'm sure； to St。 Augustine as he contemplated leaving a life of secular pleasures to bee a priest。 Battling the conflict between intellect and glands； he pled： 〃Help me； Oh Lord； to bee chaste … but not yet。〃
查理对于我将飞机比喻成细菌的做法不太高兴，他认为这样岂不污辱了细菌，他个人最理想的旅行方式是坐有空调冷气的巴士，这还是当车票有打折时才有的奢侈做法。对于这架专机我个人一贯的态度是圣奥古斯丁当初想要脱离世俗的富裕生活出家去到教士一样，在理智与荣耀的中间天人交战，他乞求上天，救救我吧，让我成为一个圣洁的人，不过不是现在！
Naming the plane has not been easy。 I initially suggested 〃The Charles T。 Munger。〃 Charlie countered with 〃The Aberration。〃 We finally settled on 〃The Indefensible。〃
替这架飞机命名可不是一件简单的事，一开始我建议取名叫做查理孟格号，查理反击说应该叫神经有问题号，最后双方妥协决定称它为「无可辩解号」。
About 96。9％ of all eligible shares participated in Berkshire's 1989 shareholder…designated contributions program。 Contributions made through the program were 5。9 million； and 2；550 charities were recipients。
大约有96。9％的有效股权参与1989年的股东指定捐赠计划，总计约590万美元捐出的款项分配给2；550家慈善机构。
We urge new shareholders to read the description of our shareholder…designated contributions program that appears on pages 52…53。 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 August 31； 1990 will be ineligible for the 1990 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1990年8月31日之前完成登记，才有权利参与1990年的计画。
The annual meeting this year will take place at 9：30 a。m。 on Monday； April 30； 1990。 Attendance grew last year to about 1；000； very close to the seating capacity of the Witherspoon Hall at Joslyn Museum。 So this year's meeting will be moved to the Orpheum Theatre； which is in downtown Omaha； about one…quarter of a mile from the Red Lion Hotel。 The Radisson…Redick Tower； a much smaller but nice hotel； is located across the street from the Orpheum。 Or you may wish to stay at the Marriott； which is in west Omaha； about 100 yards from Borsheim's。 We will have buses at the Marriott that will leave at 8：30 and 8：45 for the meeting and return after it ends。
今年的股东会预计在1990年4月30日，星期一早上9点30分举行，去年股东会参加人数突破一万人，差点超过开会场地的座位容量，所以今年的会场将会移到奥玛哈市中心的Orpheum中心，对街有一家不错的旅馆叫Radisson…Redick，另外距离红狮旅馆约有1英理远，当然你也可以选择离波仙珠宝店100公尺远的Marriott，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Berkshire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。 Because weekday parking can be tight around the Orpheum； we have lined up a number of nearby lots for our shareholders to use。 The attachment also contains information about them。
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 to downtown hotels or to 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。
一如往常，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，星期六从早上10点到下午5点30分，星期日则从中午开到下午5点30分。
Borsheim's normally is closed on Sunday； but we will open for shareholders and their guests from noon to 6 p。m。 on Sunday； April 29th。 Ike likes to put on a show； and you can rely on him to produce something very special for our shareholders。
波仙星期天通常不开门营业，但在股东会期间特别破例，4月29日星期天从中午开到下午6点，Ike特地为股东们准备了一场秀，相信他一定可以让大家见识到一些特别的东西。
In this letter we've had a lot to say about rates of pounding。 If you can bear having your own rate turn negative for a day … not a pretty thought； I admit … visit Ike on the 29th。
今年我们提到很多次有关复利的事，若是你能忍受个人净值暂时倒退一天的话，虽然不建议常常这样做，记得在29号去看看Ike的秀吧！
一九九零
Last year we made a prediction： 〃A reduction ＇in Berkshire's net worth＇ is almost certain in at least one of the next three years。〃 During much of 1990's second half； we were on the road to quickly proving that forecast accurate。 But some strengthening in stock prices late in the year enabled us to close 1990 with net worth up by 362 million； or 7。3％。 Over the last 26 years （that is； since present management took over） our per…share book value has grown from 19。46 to 4；612。06； or at a rate of 23。2％ pounded annually。
去年我们曾经预测过，Berkshire的净值在未来的三年内有可能会减少，结果在1990年的下半年我们差点就证明了这项预测的真实性，还好年底前股票价格的上涨使得我们公司的净值，还是较前一个年度增加7。3％，约3。62亿美元；而总计过去26年以来（也就是自从现有经营阶层接手后），每股净值从19元成长到现在的4；612美元，年复合成长率约为23。2％。
Our growth rate was lackluster in 1990 because our four major mon stock holdings； in aggregate； showed little change in market value。 Last year I told you that though these panies … Capital Cities/ABC； Coca…Cola； GEICO； and Washington Post … had fine businesses and superb managements； widespread recognition of these attributes had pushed the stock prices of the four to lofty levels。 The market prices of the two media panies have since fallen significantly … for good reasons relating to evolutionary industry