ÓÑÇéÌáʾ£ºÈç¹û±¾ÍøÒ³´ò¿ªÌ«Âý»òÏÔʾ²»ÍêÕû£¬Çë³¢ÊÔÊó±êÓÒ¼ü¡°Ë¢Ð¡±±¾ÍøÒ³£¡ÔĶÁ¹ý³Ì·¢ÏÖÈκδíÎóÇë¸æËßÎÒÃÇ£¬Ð»Ð»£¡£¡ ±¨¸æ´íÎó
¾ÅÉ«Êé¼® ·µ»Ø±¾ÊéĿ¼ ÎÒµÄÊé¼Ü ÎÒµÄÊéÇ© TXTÈ«±¾ÏÂÔØ ½øÈëÊé°É ¼ÓÈëÊéÇ©

e8¶«µÄÐÅ _×÷Õß: ÃÀ ÎÖÂס¤°Í·ÆÌØ-µÚ99ÕÂ

°´¼üÅÌÉÏ·½Ïò¼ü ¡û »ò ¡ú ¿É¿ìËÙÉÏÏ·­Ò³£¬°´¼üÅÌÉ쵀 Enter ¼ü¿É»Øµ½±¾ÊéĿ¼ҳ£¬°´¼üÅÌÉÏ·½Ïò¼ü ¡ü ¿É»Øµ½±¾Ò³¶¥²¿£¡
¡ª¡ª¡ª¡ªÎ´ÔĶÁÍꣿ¼ÓÈëÊéÇ©ÒѱãÏ´μÌÐøÔĶÁ£¡



¬ÒòΪ³¬¹ýÉÏÏÞ´ú±í¾èÔùÈ˱ØÐëʹµÃ¸öÈËÖÕÉí¾èÔùµÄÉÏÏÞ¶î¶È£¬¶øÇÒÈôÊÇÔÙ³¬¹ýµÄ»°£¬¾Í±ØÐëÒª½ÉÔùÓëË°¡£
I¡¡can¡¡suggest¡¡three¡¡ways¡¡to¡¡address¡¡this¡¡problem¡£¡¡The¡¡first¡¡would¡¡be¡¡useful¡¡to¡¡a¡¡married¡¡shareholder£»¡¡who¡¡can¡¡give¡¡up¡¡to¡¡20£»000¡¡annually¡¡to¡¡a¡¡single¡¡recipient£»¡¡as¡¡long¡¡as¡¡the¡¡donor¡¡files¡¡a¡¡gift¡¡tax¡¡return¡¡containing¡¡his¡¡or¡¡her¡¡spouse's¡¡written¡¡consent¡¡to¡¡gifts¡¡made¡¡during¡¡the¡¡year¡£
¶ÔÓÚÕâ¸öÎÊÌ⣬ÎÒ¸öÈËÌá³öÈýÖÖ½â¾öµÄ·½°¸£¬µÚÒ»¶ÔÓÚÒÑ»éµÄ¹É¶«£¬¿ÉÒÔÓëÅäż¹²Í¬ÀûÓÃ20£»000ÃÀÔªµÄ¶î¶È£¬Ö»ÒªÔÚÉ걨Äê¶ÈÔùÓë˰ʱ£¬¸½ÉÏÅäżµÄͬÒâÊé¼´¿É¡£
Secondly£»¡¡a¡¡shareholder£»¡¡married¡¡or¡¡not£»¡¡can¡¡make¡¡a¡¡bargain¡¡sale¡£¡¡Imagine£»¡¡for¡¡example£»¡¡that¡¡Berkshire¡¡is¡¡selling¡¡for¡¡12£»000¡¡and¡¡that¡¡one¡¡wishes¡¡to¡¡make¡¡only¡¡a¡¡10£»000¡¡gift¡£¡¡In¡¡that¡¡case£»¡¡sell¡¡the¡¡stock¡¡to¡¡the¡¡giftee¡¡for¡¡2£»000¡£¡¡£¨Caution£º¡¡You¡¡will¡¡be¡¡taxed¡¡on¡¡the¡¡amount£»¡¡if¡¡any£»¡¡by¡¡which¡¡the¡¡sales¡¡price¡¡to¡¡your¡¡giftee¡¡exceeds¡¡your¡¡tax¡¡basis¡££©
µÚ¶þ²»ÂÛ½á»éÓë·ñ£¬¹É¶«¿ÉÒÔ¿¼ÂÇÒԽϵ͵ļ۸ñ½øÐÐתÈã¬ÀýÈç¼ÙÉèBerkshireµÄ¹É¼ÛΪ12£»000ÃÀÔª£¬Ôò¹É¶«¿ÉÒÔ¿¼ÂÇÓÃ2£»000ÔªµÄ¼Û¸ñ½øÐÐÒÆת£¬ÔòÆä¼ä10£»000ÃÀÔªµÄ²î¼ÛÔòÊÓͬÔùÓ룬£¨µ«ÊÇ´ó¼Ò»¹ÊDZØÐë×¢Ò⣬ÈôÊǼ۲¹ýÄã±¾ÉíÀÛ»ýµÄÃâË°¶î¶Èʱ£¬»¹ÊÇÒª±»¿ÎÔùÓëË°£©¡£
Finally£»¡¡you¡¡can¡¡establish¡¡a¡¡partnership¡¡with¡¡people¡¡to¡¡whom¡¡you¡¡are¡¡making¡¡gifts£»¡¡fund¡¡it¡¡with¡¡Berkshire¡¡shares£»¡¡and¡¡simply¡¡give¡¡percentage¡¡interests¡¡in¡¡the¡¡partnership¡¡away¡¡each¡¡year¡£¡¡These¡¡interests¡¡can¡¡be¡¡for¡¡any¡¡value¡¡that¡¡you¡¡select¡£¡¡If¡¡the¡¡value¡¡is¡¡10£»000¡¡or¡¡less£»¡¡the¡¡gift¡¡will¡¡be¡¡tax¡­free¡£
×îºó£¬Äã¿É¿¼ÂÇÓëÄãÒªÔùÓëµÄ¶ÔÏó³ÉÁ¢ºÏ»ï¹Øϵ£¬ÒÔBerkshireµÄ¹É·Ý²ÎÓëºÏ»ï£¬È»ºóÿÄêÔÙ½«²¿·ÝȨÒæÂýÂýÒÆת¸øºÏ»ïÈË£¬½ð¶îµÄ´óС¿ÉÒÔÓÉÄã×ÔÐоö¶¨£¬Ö»ÒªÃ¿Äê²»³¬¹ý10£»000ÃÀÔªµÄÉÏÏÞ£¬¼´¿ÉÃâ¿ÎÔùÓëË°¡£
We¡¡issue¡¡the¡¡customary¡¡warning£º¡¡Consult¡¡with¡¡your¡¡own¡¡tax¡¡advisor¡¡before¡¡taking¡¡action¡¡on¡¡any¡¡of¡¡the¡¡more¡¡esoteric¡¡methods¡¡of¡¡gift¡­making¡£
²»¹ýÕÕ¹ßÀýÎÒÃÇ»¹ÊÇÒªÌá³ö¾¯¸æ£¬ÔÚ´ÓʱÈÕâЩÀý×Ó¸ü¼«¶ËµÄ½»Ò×֮ǰ£¬×îºÃ»¹ÊǸúÄãµÄË°Îñ¹ËÎÊ×ÉѯһϱȽÏÍ×µ±¡£
We¡¡hold¡¡to¡¡the¡¡view¡¡about¡¡stock¡¡splits¡¡that¡¡we¡¡set¡¡forth¡¡in¡¡the¡¡1983¡¡Annual¡¡Report¡£¡¡Overall£»¡¡we¡¡believe¡¡our¡¡owner¡­related¡¡policies¡¡¡­¡¡including¡¡the¡¡no¡­split¡¡policy¡¡¡­¡¡have¡¡helped¡¡us¡¡assemble¡¡a¡¡body¡¡of¡¡shareholders¡¡that¡¡is¡¡the¡¡best¡¡associated¡¡with¡¡any¡¡widely¡­held¡¡American¡¡corporation¡£¡¡Our¡¡shareholders¡¡think¡¡and¡¡behave¡¡like¡¡rational¡¡long¡­term¡¡owners¡¡and¡¡view¡¡the¡¡business¡¡much¡¡as¡¡Charlie¡¡and¡¡I¡¡do¡£¡¡Consequently£»¡¡our¡¡stock¡¡consistently¡¡trades¡¡in¡¡a¡¡price¡¡range¡¡that¡¡is¡¡sensibly¡¡related¡¡to¡¡intrinsic¡¡value¡£
ÔÚ1983ÄêµÄÄ걨ÖУ¬ÎÒÃÇÔø¾­Ìáµ½¶ÔÓÚ¹ÉƱ·Ö¸îÎÒÃdzֱ£ÁôµÄ̬¶È£¬±Ï¾¹ÎÒÃÇÏàÐÅÎÒÃÇÒԹɶ«ÀûÒæΪÓÅÏȵÄÕþ²ß£¬Ò²°üº¬²»·Ö¸î¹É·ÝÔÚÄÚ£¬Ê¹µÃÎÒÃǵÃÒÔ×é³ÉһȺȫÃÀ¹úÆóÒµÖУ¬×îÓÅÐãµÄ¹É¶«ÕóÈÝ£¬ÎÒÃǵĹɶ«²»ÂÛÊÇÔÚÏë·¨»òÊÇ×ö·¨ÉÏ£¬¶¼Êdz¤ÆÚÎȽ¡µÄͶ×ÊÈË£¬Í¬Ê±Óë²éÀí¸úÎÒÒ»Ñù¿´Öع«Ë¾£¬Ò²Òò´ËBerkshireµÄ¹É¼ÛÒ²²ÅÄÜÒ»Ö±Ó빫˾±¾ÉíµÄʵÖʼÛÖµ±£³ÖÒ»Ö¡£
Additionally£»¡¡we¡¡believe¡¡that¡¡our¡¡shares¡¡turn¡¡over¡¡far¡¡less¡¡actively¡¡than¡¡do¡¡the¡¡shares¡¡of¡¡any¡¡other¡¡widely¡­held¡¡pany¡£¡¡The¡¡frictional¡¡costs¡¡of¡¡trading¡¡¡­¡¡which¡¡act¡¡as¡¡a¡¡major¡¡¡¨tax¡¨¡¡on¡¡the¡¡owners¡¡of¡¡many¡¡panies¡¡¡­¡¡are¡¡virtually¡¡non¡­existent¡¡at¡¡Berkshire¡£¡¡£¨The¡¡market¡­making¡¡skills¡¡of¡¡Jim¡¡Maguire£»¡¡our¡¡New¡¡York¡¡Stock¡¡Exchange¡¡specialist£»¡¡definitely¡¡help¡¡to¡¡keep¡¡these¡¡costs¡¡low¡££©¡¡Obviously¡¡a¡¡split¡¡would¡¡not¡¡change¡¡this¡¡situation¡¡dramatically¡£¡¡Nonetheless£»¡¡there¡¡is¡¡no¡¡way¡¡that¡¡our¡¡shareholder¡¡group¡¡would¡¡be¡¡upgraded¡¡by¡¡the¡¡new¡¡shareholders¡¡enticed¡¡by¡¡a¡¡split¡£¡¡Instead¡¡we¡¡believe¡¡that¡¡modest¡¡degradation¡¡would¡¡occur¡£
´ËÍ⣬ÎÒÏàÐÅBerkshire¹É·ÝµÄÖÜתÂʱÈÆðÆäËü¹«¿ª·¢ÐеĹ«Ë¾À´Ëµ£¬ÒªµÍµÄÐí¶à£¬¹ÉȨ½»Ò×Ëù²úÉúµÄĦ²Á³É±¾£¬»òÊÇÎÒÃdzÆ֮Ϊ³ÖÓйÉȨÖ÷ÒªµÄË°¸º£¬ÔÚBerkshireÉíÉϼ¸ºõÊÇ¿´²»µ½£¬£¨ÔÚŦԼ֤ȯ½»Ò×Ëù¸ºÔðÎÒÃǹɷݽ»Ò×µÄÓªÒµÔ±¡­Jim¡¡Maguire½åÓÉÆä´êºÏÊг¡µÄÄÜÁ¦Ê¹µÃÎÒÃǵĽ»Ò׳ɱ¾½øÒ»²½Ï½µ£©£¬¶øºÜÏÔÈ»µØ£¬¹É·Ý·Ö¸î¶ÔÓÚ½»Ò׳ɱ¾µÄ½µµÍ¹±Ï××ÅʵÓÐÏÞ£¬¶øÇҹɷݷָîÒ²²»¿ÉÒÔʹÎÒÃǵĹɶ«ÕóÈÝË®×¼½øÒ»²½Ìá¸ß£¬Ïà·´µÄÎÒÃÇÈÏΪÒòΪ¹É·Ý·Ö¸î¶ø±»ÒýÎüÉÏÃŵÄйɶ«¿ÉÄÜ»áʹµÃÎÒÃǵĹɶ«Ë®×¼±äµÃ¸üµÍ¡£
As¡¡I¡¡mentioned¡¡earlier£»¡¡on¡¡December¡¡16th¡¡we¡¡called¡¡our¡¡zero¡­coupon£»¡¡convertible¡¡debentures¡¡for¡¡payment¡¡on¡¡January¡¡4£»¡¡1993¡£¡¡These¡¡obligations¡¡bore¡¡interest¡¡at¡¡5¡¡1/2£¥£»¡¡a¡¡low¡¡cost¡¡for¡¡funds¡¡when¡¡they¡¡were¡¡issued¡¡in¡¡1989£»¡¡but¡¡an¡¡unattractive¡¡rate¡¡for¡¡us¡¡at¡¡the¡¡time¡¡of¡¡call¡£
ÏÈÇ°Ôø¾­Ìáµ½¹ý£¬ÔÚ12ÔÂ16ÈÕÎÒÃÇÐû²¼½«ÓÚ1993Äê1ÔÂ4ºÅ½«ÏÈÇ°Ëù·¢ÐеÄÁãÏ¢¿Éת»»Õ®È¯Êê»Ø£¬ÕâЩծÎñÔÚ1989Äê·¢ÐеÄʱºò£¬Ëù±³¸ºµÄ×ʽð³É±¾´óÔ¼ÔÚ5¡£5£¥×óÓÒ£¬ÔÚµ±Ê±ËãÊÇÏ൱µÍµÄÀûÂÊ£¬µ«Ê±ÖÁ½ñÈÕÕâÑùµÄÀûÂÊË®×¼²¢²»ÎüÒýÈË£¬ËùÒÔÎÒÃǾö¶¨½«ËûÃǸøÊê»Ø¡£
The¡¡debentures¡¡could¡¡have¡¡been¡¡redeemed¡¡at¡¡the¡¡option¡¡of¡¡the¡¡holder¡¡in¡¡September¡¡1994£»¡¡and¡¡5¡¡1/2£¥¡¡money¡¡available¡¡for¡¡no¡¡longer¡¡than¡¡that¡¡is¡¡not¡¡now¡¡of¡¡interest¡¡to¡¡us¡£¡¡Furthermore£»¡¡Berkshire¡¡shareholders¡¡are¡¡disadvantaged¡¡by¡¡having¡¡a¡¡conversion¡¡option¡¡outstanding¡£¡¡At¡¡the¡¡time¡¡we¡¡issued¡¡the¡¡debentures£»¡¡this¡¡disadvantage¡¡was¡¡offset¡¡by¡¡the¡¡attractive¡¡interest¡¡rate¡¡they¡¡carried£»¡¡by¡¡late¡¡1992£»¡¡it¡¡was¡¡not¡£
ÕâЩծȯÆä³ÖÓÐÈË¿ÉÑ¡ÔñÔÚ1994Äê9ÔÂÒÔ5¡£5£¥µÄÀûÂÊÒªÇó¹«Ë¾Êê»Ø£¬´ËÍâBerkshireÓпÉת»»µÄȨÀûÁ÷ͨÔÚÍ⣬¶ÔÆäËû¹É¶«¶øÑÔ£¬ÊµÔÚ²»ÊǼþÓÐÀûµÄÊ£¬µ±È»µ±³õծȯ·¢ÐÐʱ£¬ÆäÀûÂÊË®×¼Ïà¶Ô¶ÔÎÒÃÇÓÐÀû¡£
In¡¡general£»¡¡we¡¡continue¡¡to¡¡have¡¡an¡¡aversion¡¡to¡¡debt£»¡¡particularly¡¡the¡¡short¡­term¡¡kind¡£¡¡But¡¡we¡¡are¡¡willing¡¡to¡¡incur¡¡modest¡¡amounts¡¡of¡¡debt¡¡when¡¡it¡¡is¡¡both¡¡properly¡¡structured¡¡and¡¡of¡¡significant¡¡benefit¡¡to¡¡shareholders¡£
×ܵÄÀ´Ëµ£¬ÎÒÃÇ»¹ÊǾ¡Á¿±ÜÃâ¾ÙÕ®£¬ÓÈÆäÊǶÌÆڵĽè¿î£¬²»¹ýÈôÊǹ滮µÃµ±ÇÒ¶ÔÓڹɶ«ÓÐÀûµÄ»°£¬ÎÒÃÇÒ²²»Åųâ³Ðµ£ÉÙÁ¿µÄÕ®Îñ¡£
About¡¡97£¥¡¡of¡¡all¡¡eligible¡¡shares¡¡participated¡¡in¡¡Berkshire's¡¡1992¡¡shareholder¡­designated¡¡contributions¡¡program¡£¡¡Contributions¡¡made¡¡through¡¡the¡¡program¡¡were¡¡7¡£6¡¡million£»¡¡and¡¡2£»810¡¡charities¡¡were¡¡recipients¡£¡¡I'm¡¡considering¡¡increasing¡¡these¡¡contributions¡¡in¡¡the¡¡future¡¡at¡¡a¡¡rate¡¡greater¡¡than¡¡the¡¡increase¡¡in¡¡Berkshire's¡¡book¡¡value£»¡¡and¡¡I¡¡would¡¡be¡¡glad¡¡to¡¡hear¡¡from¡¡you¡¡as¡¡to¡¡your¡¡thinking¡¡about¡¡this¡¡idea¡£
´óÔ¼ÓÐ97£¥µÄÓÐЧ¹ÉȨ²ÎÓë1992ÄêµÄ¹É¶«Ö¸¶¨¾èÔù¼Æ»®£¬×ܼÆÔ¼760ÍòÃÀÔª¾è³öµÄ¿îÏî·ÖÅä¸ø2£»810¼Ò´ÈÉÆ»ú¹¹£¬Ä¿Ç°ÎÒÕý¿¼ÂÇÊÇ·ñ¸ÃÌá¸ßÌᲦ¾èÔùµÄ±ÈÂÊʹµÃÆ䳬ԽBerkshire±¾Éí¾»ÖµÔö¼ÓµÄ·ù¶È£¬Í¬Ê±ÎÒÒ²ºÜÔ¸ÒâÌýµ½¸÷λ¶ÔÓÚÕâ¼þÊÂÇéµÄ¿´·¨¡£
We¡¡suggest¡¡that¡¡new¡¡shareholders¡¡read¡¡the¡¡description¡¡of¡¡our¡¡shareholder¡­designated¡¡contributions¡¡program¡¡that¡¡appears¡¡on¡¡pages¡¡48¡­49¡£¡¡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£»¡¡1993¡¡will¡¡be¡¡ineligible¡¡for¡¡the¡¡1993¡¡program¡£
ÎÒÃǶشÙмÓÈëµÄ¹É¶«£¬×ÐϸÔĶÁÄ걨ÉÏÓйعɶ«¾èÔù¼Æ»­µÄÏêϸÄÚÈÝ£¬Èç¹ûÔÚδÀ´Äê¶ÈÄÚ£¬ÄãÏëÒª²Î¼ÓÕâÀàµÄ¼Æ»­£¬ÎÒÃÇÇ¿ÁÒ½¨ÒéÄ㽫¹É·ÝµÇ¼ÇÔÚ×Ô¼º¶ø²»ÊÇÊÜÍÐÈ˵ÄÃûÏ£¬±ØÐëÔÚ1993Äê8ÔÂ31ÈÕ֮ǰÍê³ÉµÇ¼Ç£¬²ÅÓÐȨÀû²ÎÓë1993ÄêµÄ¾èÔù¼Æ»­¡£
In¡¡addition¡¡to¡¡the¡¡shareholder¡­designated¡¡contributions¡¡that¡¡Berkshire¡¡distributes£»¡¡managers¡¡of¡¡our¡¡operating¡¡businesses¡¡make¡¡contributions£»¡¡including¡¡merchandise£»¡¡averaging¡¡about¡¡2¡£0¡¡million¡¡annually¡£¡¡These¡¡contributions¡¡support¡¡local¡¡charities£»¡¡such¡¡as¡¡The¡¡United¡¡Way£»¡¡and¡¡produce¡¡roughly¡¡mensurate¡¡benefits¡¡for¡¡our¡¡businesses¡£
Berkshire³ýÁË͸¹ý¹É¶«Ö¸¶¨¾èÔù¼Æ»­¶ÔÍâ¾èÔùÖ®Í⣬ÎÒÃÇÆìÏÂÊÂÒµµÄ¾­ÀíÈËÿÄêÒ²»á͸¹ý¹«Ë¾¶ÔÍâ¾èÔù£¬°üº¬ÉÌÆ·ÔÚÄÚÿÄêƽ¾ù½ð¶îÔ¼ÔÚ150ÍòÃÀÔª×óÓÒ¡£ÕâЩ¾èÔùÖ÷ÒªÊÇÔÞÖúµ±µØÏñÊÇÁªºÏȰļµÈ´ÈÉÆÍÅÌ壬ËùµÃµÄЧÒæÓ¦¸ÃÓëÎÒÃÇËù¾è³öµÄÏ൱¡£
However£»¡¡neither¡¡our¡¡operating¡¡managers¡¡nor¡¡officers¡¡of¡¡the¡¡parent¡¡pany¡¡use¡¡Berkshire¡¡funds¡¡to¡¡make¡¡contributions¡¡to¡¡broad¡¡national¡¡programs¡¡or¡¡charitable¡¡activities¡¡of¡¡special¡¡personal¡¡interest¡¡to¡¡them£»¡¡except¡¡to¡¡the¡¡extent¡¡they¡¡do¡¡so¡¡as¡¡shareholders¡£¡¡If¡¡your¡¡employees£»¡¡including¡¡your¡¡CEO£»¡¡wish¡¡to¡¡give¡¡to¡¡their¡¡alma¡¡maters¡¡or¡¡other¡¡institutions¡¡to¡¡which¡¡they¡¡feel¡¡a¡¡personal¡¡attachment£»¡¡we¡¡believe¡¡they¡¡should¡¡use¡¡their¡¡own¡¡money£»¡¡not¡¡yours¡£
È»¶ø²»¹ÜÊÇÆìÏÂÊÂÒµ»òÊÇĸ¹«Ë¾µÄ¾­ÀíÈËÔÚÀûÓÃBerkshireµÄ×ʽð¶ÔÍâ¾èÔù¸øÈ«¹úÐÔ×éÖ¯»òÌرðÀûÒæÍÅÌåʱ£¬¶¼ÊÇÒÔÕ¾Ôڹɶ«ÀûÒæÁ¢³¡ËùÓ¦¸Ã×öµÄ£¬Ïà¶ÔµØÈôÊÇÄãµÄÔ±¹¤Ò²°üº¬CEOÔÚÄÚ£¬ÏëÒªÓëÆäУÓÑ»á»òÆäËüÈ˽¨Á¢¸öÈ˹ØϵµÄ£¬ÎÒÃÇÈÏΪËûÃÇ×îºÃÊÇÓÃ×Ô¼ºµÄÇ®£¬¶ø²»ÊÇ´ÓÄãµÄ¿Ú´üÀïÌÍÇ®¡£
This¡¡year¡¡the¡¡Annual¡¡Meeting¡¡will¡¡be¡¡held¡¡at¡¡the¡¡Orpheum¡¡Theater¡¡in¡¡downtown¡¡Omaha¡¡at¡¡9£º30¡¡a¡£m¡£¡¡on¡¡Monday£»¡¡April¡¡26£»¡¡1993¡£¡¡A¡¡record¡¡1£»700¡¡people¡¡turned¡¡up¡¡for¡¡the¡¡meeting¡¡last¡¡year£»¡¡but¡¡that¡¡number¡¡still¡¡leaves¡¡plenty¡¡of¡¡room¡¡at¡¡the¡¡Orpheum¡£
½ñÄêµÄ¹É¶«»áÔ¤¼ÆÔÚ1993Äê4ÔÂ26ÈÕ£¬ÐÇÆÚÒ»ÔçÉÏ9µã30·ÖÔÚλÓÚ°ÂÂê¹þÊÐÖÐÐĵÄOrpheumÖÐÐÄÕÙ¿ª£¬È¥Äê¹É¶«»á²Î¼ÓÈËÊýÓÖ´´Ð¸ßÍ»ÆÆ1£»700ÈË£¬²»¹ý»á³¡»¹ÊÇʣϺܶà×ùλ¡£
We¡¡remend¡¡that¡¡you¡¡get¡¡your¡¡hotel¡¡reservations¡¡early¡¡at¡¡one¡¡of¡¡these¡¡hotels£º¡¡£¨1£©¡¡The¡¡Radisson¡­Redick¡¡Tower£»¡¡a¡¡small¡¡£¨88¡¡rooms£©¡¡but¡¡nice¡¡hotel¡¡across¡¡the¡¡street¡¡from¡¡the¡¡Orpheum£»¡¡£¨2£©¡¡the¡¡much¡¡larger¡¡Red¡¡Lion¡¡Hotel£»¡¡located¡¡about¡¡a¡¡five¡­minute¡¡walk¡¡from¡¡the¡¡Orpheum£»¡¡or¡¡£¨3£©¡¡the¡¡Marriott£»¡¡located¡¡in¡¡West¡¡Omaha¡¡about¡¡100¡¡yards¡¡from¡¡Borsheim's£»¡¡which¡¡is¡¡a¡¡twenty¡¡minute¡¡drive¡¡from¡¡downtown¡£¡¡We¡¡will¡¡have¡¡buses¡¡at¡¡the¡¡Marriott¡¡that¡¡will¡¡leave¡¡at¡¡8£º30¡¡and¡¡8£º45¡¡for¡¡the¡¡meeting¡¡and¡¡return¡¡after¡¡it¡¡ends¡£
ÎÒÃǽ¨Òé´ó¼Ò×îºÃÏÈÏòÒÔÏÂÂùÝÔ¤¶©·¿¼ä£¨1£©Radisson¡­RedickÂùݡ­¾ÍλÔÚOrpheumÖÐÐĶԽÖÓµÓÐ88¸ö·¿¼äµÄÒ»¼ÒСÂùݣ¨2£©½Ï´óÒ»µãµÄRed¡¡LionÂùݡ­ÀëOrpheumÖÐÐÄÔ¼Îå·ÖÖÓ·³Ì£¬»òÊÇ£¨3£©MarriottλÔÚ°ÂÂê¹þÎ÷Çø£¬À벨ÏÉÖ鱦µêÔ¼100¹«³ß£¬¿ª³µµ½ÊÐÖÐÐÄÔ¼Ðè20·ÖÖÓ£¬½ìʱ½«»áÓаÍÊ¿½ÓËÍ´ó¼ÒÍù·µ¹É¶«»á»á³¡¡£
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£º¡¡We¡¡have¡¡never¡¡attended¡¡an¡¡annual¡¡meeting¡¡anywhere¡¡that¡¡features¡¡such¡¡a¡¡consistently¡¡high¡¡level¡¡of¡¡intelligent£»¡¡owner¡­related¡¡questions¡£
²éÀí¸úÎÒÒ»Ïò¶¼ºÜϲ»¶¿ª¹É¶«»á£¬ÎÒҲϣÍû´ó¼ÒÄܹ»À´²Î¼Ó£¬ÎÒÃǹɶ«µÄËØÖÊ¿ÉÓÉ´ó¼ÒËùÌá³öµÄÎÊÌâ¿´µÃ³öÀ´£¬ÎÒÃDzμӹýºÜ¶à¹É¶«»á£¬µ«´ÓÀ´Ã»ÓбðµÄ¹«Ë¾µÄ¹É¶«ÏñBerkshireµÄ¹É¶«Ò»ÑùÓɸßÖÇÄÜË®×¼Óë¾­ÓªÕßÈÙ¿ÝÓë¹²µÄ¹É¶«×éºÏ¡£
A
·µ»ØĿ¼ ÉÏÒ»Ò³ ÏÂÒ»Ò³ »Øµ½¶¥²¿ ÔÞ£¨0£© ²È£¨0£©
δÔĶÁÍꣿ¼ÓÈëÊéÇ©ÒѱãÏ´μÌÐøÔĶÁ£¡
ÎÂÜ°Ìáʾ£º ο´Ð¡ËµµÄͬʱ·¢±íÆÀÂÛ£¬Ëµ³ö×Ô¼ºµÄ¿´·¨ºÍÆäËüС»ï°éÃÇ·ÖÏíÒ²²»´íŶ£¡·¢±íÊéÆÀ»¹¿ÉÒÔ»ñµÃ»ý·ÖºÍ¾­Ñé½±Àø£¬ÈÏÕæдԭ´´ÊéÆÀ ±»²ÉÄÉΪ¾«ÆÀ¿ÉÒÔ»ñµÃ´óÁ¿½ð±Ò¡¢»ý·ÖºÍ¾­Ñé½±ÀøŶ£¡