这场经典的赛事，甚至还用慢动作播放精彩的第四节，我们以今年封面的颜色表 .36
安排巴士接送大家往返各大旅馆与会场之间，并在会后接送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，当然你可能会觉得如何有一辆车就更方便
了。
We have scheduled the meeting in 2002 and 2003 on the customary
first Saturday in May. In 2001, however, the Civic is already booked on
that Saturday, so we will meet on April 28. The Civic should fit our needs
well on any weekend, since there will then be more than ample parking
in nearby lots and garages as well as on streets. We will also be able to
greatly enlarge the space we give exhibitors. So, overcoming my normal
commercial reticence, I will see that you have a wide display of Berkshire
products at the Civic that you can purchase. As a benchmark, in 1999
shareholders bought 3,059 pounds of See's candy, $16,155 of World
Book Products, 1,928 pairs of Dexter shoes, 895 sets of Quikut knives,
1,752 golf balls with the Berkshire Hathaway logo and 3,446 items of
Berkshire apparel. I know you can do better.
今年(2001年)由于市立体育馆的预定时间已提早被订走，所以我们被迫将时间
改成4月28日，但明(2002年)后年(2003年)的股东会我们仍将按照惯例在五
月的第一个星期六举行，不论如何，市立体育馆应该能够满足我们的需要，因为
周围拥有足够的停车位，同时提供的与会者空间将较以往宽敞许多，而我已成功
克服了本身的商业坚持，我将保证各位在市立体育馆可以买到Berkshire一系列
的产品，去年的记录是大家总共搬走了3,059磅的糖果、16,155美元的世界百
科全书与相关出版品、1,928双Dexter鞋子、895组Quikut小刀以及1,725
颗上面印有Berkshire Logo的高尔夫球和3,446件Berkshire的衣服与帽子，
我相信今年的成绩一定会更好。
Last year, we also initiated the sale of at least eight fractions of
Executive Jet aircraft. We will again have an array of models at the
Omaha airport for your inspection on Saturday and Sunday. Ask an EJA
representative at the Civic about viewing any of these planes.
去年我们开始试着推出EJA的专机所有权，今年的星期六与星期天，在奥玛哈机
场，我们仍将展示一系列的机队供大家参观，请到市立体育馆向EJA的业务代表
洽询参观的事宜。
Dairy Queen will also be on hand at the Civic and again will donate all
proceeds to the Children's Miracle Network. Last year we sold 4,586
DillyR bars, fudge bars and vanilla/orange bars. Additionally, GEICO will
have a booth that will be staffed by a number of our top counselors from
around the country, all of them ready to supply you with auto insurance
quotes. In most cases, GEICO will be able to offer you a special
shareholder's discount. Bring the details of your existing insurance, and
check out whether we can save you some money.
乳品皇后也将再度在市立体育馆现场摆设摊位，同时将所得全数捐给儿童希望联
盟，去年我们总共卖出4,586根Dilly、雪花棒以及香草/橘子口味的巧克力棒，
此外GEICO公司会再度派出各地区最优秀的业务员，在会场设立摊位，随时提
供股东们汽车保单的报价，在大多数的情况下，GEICO都可以提供给你一个相
当优惠的股东折扣，各位记得将自己现在的投保资料带来，看看是否能帮自己省
下一笔钱。
Finally, Ajit Jain and his associates will be on hand to offer both nocommission
annuities and a liability policy with jumbo limits of a size
rarely available elsewhere. Talk to Ajit and learn how to protect yourself
and your family against a $10 million judgment.
最后Ajit Jain跟他的同事也会在现场受理钜额无佣金年金与责任保险的服务，
其最高上限是你在别的地方所找不到的，记得找Ajit聊聊如何帮你自己及家人
规避1,000万美元以上的潜在风险。
NFM's newly remodeled complex, located on a 75-acre site on 72nd
Street between Dodge and Pacific, is open from 10 a.m. to 9 p.m. on
weekdays and 10 a.m. to 6 p.m. on Saturdays and Sundays. This
operation offers an unrivaled breadth of merchandise -- furniture,
electronics, appliances, carpets and computers -- all at can't-be-beat
prices. In 1999 NFM did more than $300 million of business at its 72nd
Street location, which in a metropolitan area of 675,000 is an absolute
miracle. During the Thursday, April 27 to Monday, May 1 period, any
shareholder presenting his or her meeting credential will receive a
discount that is customarily given only to employees. We have offered
this break to shareholders the last couple of years, and sales have been
amazing. In last year's five-day "Berkshire Weekend," NFM's volume was
$7.98 million, an increase of 26% from 1998 and 51% from 1997.
NFM位于道奇街与太平洋街，新改装的大卖场占地75英亩，营业时间平日从
早上10点到下午9点，星期六及星期日则从早上10点到下午6点，提供各式
各样的产品，举凡家具、电子产品、小家电、地毯以及计算机，全部都以超低的价
格供大家选购，NFM 1999年单店的营业额超过三亿美元，以奥玛哈区区67.5
万都会人口而言，实在称得上是个商业奇迹，在四月27日到五月1日股东会期
间，股东只要持随股东开会通知单附赠的优惠券到NFM购买各类商品，都可获
得员工价的优惠，自从这项优惠推出以来，销售业绩十分惊人，以去年股东会的
五天期间，NFM的营业额高达798万美元，较前两年分别增加26%及51%。
Borsheim's -- the largest jewelry store in the country except for
Tiffany's Manhattan store -- will have two shareholder-only events. The
first will be a champagne and dessert party from 6 p.m.-10 p.m. on
Friday, April 28. The second, the main gala, will be from 9 a.m. to 6 p.m.
on Sunday, April 30. On that day, Charlie and I will be on hand to sign
sales tickets. Shareholder prices will be available Thursday through
Monday, so if you wish to avoid the largest crowds, which will form on
Friday evening and Sunday, come at other times and identify yourself as
a shareholder. On Saturday, we will be open until 7 p.m. Borsheim's
operates on a gross margin that is fully twenty percentage points below
that of its major rivals, so be prepared to be blown away by both our
prices and selection.
波仙珠宝-全美单店营业额仅次于纽约曼哈顿蒂芬妮的珠宝店，在股东会期间将
会有两场专为股东举办的展览会，第一场是在四月28日的鸡尾酒会，时间从下
午6点到晚上10点，第二场主秀则在四月30日举行，从早上9点到下午6点，
当天查理跟我也会出席，在现场接受大家凭发票索取签名，在星期四到星期一的
股东会期间，波仙都将提供股东特惠价，所以如果你希望避开星期五晚上到星期
天的拥挤人潮，你可以在其它的时间上门光顾，记得表明股东的身分，星期六我
们会营业到晚上7点，波仙的营业毛利要比其它主要竞争对手要低20个百分点
以上，所以请大家准备好席卷我们所有的商品吧!
In the mall outside of Borsheim's, we will again have Bob Hamman --
the best bridge player the game has ever seen -- available to play with
our shareholders on Sunday. We will also have a few other experts
playing at additional tables. In 1999, we had more demand than tables,
but we will cure that problem this year.
照例桥牌界的传奇性人物Bob Hamman将会在星期天下午出席在波仙珠宝店
外面大厅举办的一场桥牌大赛，除此之外还会有其它桥牌高手与股东们同乐，去
年由于参加人数比预期多，造成牌桌不够，今年我们将改善这个问题。
Patrick Wolff, twice US chess champion, will again be in the mall playing
blindfolded against all comers. He tells me that he has never tried to
play more than four games simultaneously while handicapped this way
but might try to bump that limit to five or six this year. If you're a chess
fan, take Patrick on -- but be sure to check his blindfold before your
first move.
Patrick Wolff-美国棋两度冠军，也会再度在会场蒙眼与所有挑战者对奕，他向
我透露，他从来没有这样与四位以上的对手下棋，不过他今年会试着挑战同时对
付五位甚至是六位对手，如果你也是个棋迷，记得到现场找Patrick挑战，但在
下棋前记得要确定他的眼睛是否真的蒙住了。
Gorat's -- my favorite steakhouse -- will again be open exclusively for
Berkshire shareholders on Sunday, April 30, and will be serving from 4
p.m. until about midnight. Please remember that you can't come to
Gorat's on Sunday without a reservation. To make one, call 402-551-
3733 on April 3 (but not before). If Sunday is sold out, try Gorat's on one
of the other evenings you will be in town. I make a "quality check" of
Gorat's about once a week and can report that their rare T-bone (with a
double order of hash browns) is still unequaled throughout the country.
我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在4月30日星期
天开门营业，从下午四点开始营业，一直到午夜，请记得星期天事先若没有订位
的人请勿前往以免向隅，要预约请在四月3日以后打电话(402-551-3733)，
若订不到当天的位子，也可以试试其它晚上，每个星期我都会到Gorat做一次
品质检查，而我可以向各位保证它的丁骨\牛排加上双份的牛肉丸仍然是全美之
最。
The usual baseball game will be held at Rosenblatt Stadium at 7 p.m. on
Saturday night. This year the Omaha Golden Spikes will play the Iowa
Cubs. Come early, because that's when the real action takes place.
Those who attended last year saw your Chairman pitch to Ernie Banks.
按照往例棒球赛将于星期六晚上在Rosenblatt体育馆举行，今年奥玛哈金钉鞋
队将对上爱荷华小熊队，记得早一点来，因为重头戏在一开始就会出现，去年有
参加的人都知道，本人一开球就把球砸在Rrnie Banks的身上。
This encounter proved to be the titanic duel that the sports world had
long awaited. After the first few pitches -- which were not my best, but
when have I ever thrown my best? -- I fired a brushback at Ernie just to
let him know who was in command. Ernie charged the mound, and I
charged the plate. But a clash was avoided because we became
exhausted before reaching each other.
这样的结果证明这是运动界期待已久的大对决，在前面几次不痛不痒的投球之
后，(当然是因为我还没有使出绝招，只是不知道我的绝招何时才会出现!)，我狠
狠地将球砸要Ernie的背上，好让他知道谁才是老大，Ernie立刻冲向投手丘，
我也不甘示弱往本垒板前进，可惜的是在正面对决之前，两人早已气力放尽。
Ernie was dissatisfied with his performance last year and has been
studying the game films all winter. As you may know, Ernie had 512
home runs in his career as a Cub. Now that he has spotted telltale
weaknesses in my delivery, he expects to get #513 on April 29. I,
however, have learned new ways to disguise my "flutterball." Come and
watch this matchup.
Ernie对于他去年的表现感到非常不满意，所以整个冬天都在研究比赛时的录像
带，大家可能知道，Ernie在小熊队时代拥有生涯512支全垒打的惊人记录，现
在据可靠消息指出，他已经找到我投球的弱点，准备在4月29日当天挥出第
513支全垒打，不过我也不是省油的灯，准备将我拿手的上飘球加以改良，记
得到现场观赏这场精彩的大对决。
I should add that I have extracted a promise from Ernie that he will not
hit a "come-backer" at me since I would never be able to duck in time to
avoid it. My reflexes are like Woody Allen's, who said his were so slow
that he was once hit by a car being pushed by two guys.
不过我也已经得到Ernie的保证，不会回敬我飞奔而来的滚地球，因为我实在是
没有能力躲过，我的反应神经跟伍迪艾伦一样差，据说他曾经被一辆用两人手推
的车子撞到。
Our proxy statement contains instructions about obtaining tickets to
the game and also a large quantity of other information that should help
you enjoy your visit in Omaha. Join us at the Capitalist Caper on Capitol
Avenue
股东会资料将告诉大家如何取得球赛入场的门票，以及有关本次会议期间大量的
旅游信息，股东会场见!
March 1, 2000
Warren E. Buffett
Chairman of the Board
华伦．巴菲特
董事会主席
2000年3月1日
BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司
Note: The following table appears in the printed Annual Report on the
facing page of the Chairman's Letter and is referred to in that letter.
附注：下表系董事长致股东信的参考资料，并载于年度报告的封面。
Berkshire's Corporate Performance vs. the S&P 500
Berkshire vs S&P 500指数的比较表
Annual Percentage Change
Year
in Per-
Share
in Per-Share
Book
Value of
Berkshire
(1) (1)
in S&P
500
in S&P 500
with
Dividends
Included
(2) (2)
Relative
Relative
Results
(1)-(2)
1965 23.8 10.0 10. 13.8 13.
1966 20.3 (11.7) 32.0 32.
1967 11.0 30.9 30. (19.9)
1968 19.0 11.0 11. 8.0 8.
1969 16.2 (8.4) 24.6 24.
1970 12.0 3.9 3. 8.1 8.
1971 16.4 14.6 14. 1.8 1.
1972 21.7 18.9 18. 2.8 2.
1973 4.7 (14.8) 19.5 19.
1974 5.5 (26.4) 31.9 31.
1975 21.9 37.2 37. (15.3)
1976 59.3 23.6 23. 35.7 35.
1977 31.9 (7.4) 39.3 39.
1978 24.0 6.4 6. 17.6 17.
1979 35.7 18.2 18. 17.5 17.
1980 19.3 32.3 32. (13.0)
1981 31.4 (5.0) 36.4 36.
1982 40.0 21.4 21. 18.6 18.
1983 32.3 22.4 22. 9.9 9.
1984 13.6 6.1 6. 7.5 7.
1985 48.2 31.6 31. 16.6 16.
1986 26.1 18.6 18. 7.5 7.
1987 19.5 5.1 5. 14.4 14.
1988 20.1 16.6 16. 3.5 3.
1989 44.4 31.7 31. 12.7 12.
1990 7.4 (3.1) 10.5 10.
1991 39.6 30.5 30. 9.1 9.
1992 20.3 7.6 7. 12.7 12.
1993 14.3 10.1 10. 4.2 4.
1994 13.9 1.3 1. 12.6 12.
1995 43.1 37.6 37. 5.5 5.
1996 31.8 23.0 23. 8.8 8.
1997 34.1 33.4 33. .7 .
1998 48.3 28.6 . 19.7 19.
1999 .5 21.0 21. (20.5)
2000 6.5 (9.1) 15.6 15.
Average Annual Gain - 1965-
2000
23.6% 11.8% 11.8 11.8% 11.8
Overall Gain - 1964-2000 207,821% 5,383% 5,383 202,438%
202,438
Notes:
Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30;
1967, 15 months ended 12/31.
资料以历年制为准，除了1965年及1966年系至9/30;1967年则为至12/31的15个月。
Starting in 1979, accounting rules required insurance companies to value the equity
securities they hold at market rather than at the lower of cost or market, which was
previously the requirement. In this table, Berkshire's results through 1978 have been
restated to conform to the changed rules. In all other respects, the results are calculated
using the numbers originally reported.
从1979年开始，会计原则规定保险公司持有的股权投资必须采用市价法取代原先的成本与市价
孰低法，在本表中，1978年以前的资料已依照该原则重新调整，除此之外，其它的数字皆依照
原则的结果未作更动。
The S&P 500 numbers are pre-tax whereas the Berkshire numbers are after-tax. If a
corporation such as Berkshire were simply to have owned the S&P 500 and accrued the
appropriate taxes, its results would have lagged the S&P 500 in years when that index
showed a positive return, but would have exceeded the S&P in years when the index
showed a negative return. Over the years, the tax costs would have caused the
aggregate lag to be substantial.
S&P 500指数系以税前为准，而Berkshire的数字则属于税后，如果Berkshire直接投资S&P 500
并依此课征相关税负，则当S&P 500的报酬为正时，Berkshire的表现将不如S&P 500，相反地
若S&P 500的报酬为负时，Berkshire的表现将优于S&P 500，就长期而言，Berkshire额外承
担的税负成本将使得中间的差异日益扩大。
BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司
To the Shareholders of Berkshire Hathaway Inc.:
致Berkshire所有股东:
Our gain in net worth during 2000 was $3.96 billion, which
increased the per-share book value of both our Class A and Class B
stock by 6.5%. Over the last 36 years (that is, since present management
took over) per-share book value has grown from $19 to $40,442, a gain
of 23.6% compounded annually.*
本公司2000年的净值增加了39.6亿美元，每股A股或B股的帐面净值成长了
6.5%，累计过去36年以来，也就是自从现有经营阶层接手之后，每股净值由当
初的19元成长到现在的40,442美元，年复合成长率约为23.6%*。
* * All figures used in this report apply to Berhire's A shares, the successor to the only stock
that the company had outstanding before 1996. The B shares have an economic interest equal
to 1/30th that of the A.
*1在年报中所谓的每股数字系以A级普通股约当数为基础，这是本公司在1996年以前流通在
外唯一的一种股份，B级普通股则拥有A级普通股三十分之一的权利。
Overall, we had a decent year, our book-value gain having outpaced
the performance of the S&P 500. And, though this judgment is
necessarily subjective, we believe Berkshire’s gain in per-share intrinsic
value moderately exceeded its gain in book value. (Intrinsic value, as
well as other key investment and accounting terms and concepts, are
explained in our Owner’s Manual on pages 59-66. Intrinsic value is
discussed on page 64.)
总的来说，Berkshire去年的表现还算不错，不管是每股净值或价值的表现都超
越S&P500指数，虽然这样的说法略显主观，但我们认为Berkshire每股实质
价值的成长甚至超过帐面价值的成长，(不管是投资学或是会计学，实质价值都
是相当关键的一个名词，有关实质价值详细的说明，请参阅股东手册)。
Furthermore, we completed two significant acquisitions that we
