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 .44
traffic and parking nightmare that would occur on a weekday. Shortly,
however, Omaha will have a new Convention Center with ample parking.
Assuming that the Center is then available to us, I will poll shareholders
to see whether you wish to return to a Monday meeting. We will decide
that vote based on the wishes of a majority of shareholders, not shares.
在未来几年内，市立体育馆将是我们唯一的选择，而为了解决交通与停车问题，
我们只能在星期六或星期天举行，以避开平日的交通阻塞，所幸在不久之后，奥
玛哈将会有一个大型的新会议中心诞生，拥有宽敞的停车场，等到这个会议中心
完成之后，我会再发问券询问大家将会议时间改回星期一的看法，届时我们将以
股东投票人数而非股权比例来决定。
An attachment to the proxy material that is enclosed with this report
explains how you can obtain the credential you will need for admission
to this year’s meeting and other events. As for plane, hotel and car
reservations, we have again signed up American Express (800-799-
6634) to give you special help. In our normal fashion, we will run buses
from the larger hotels to the meeting. After the meeting, the buses will
make trips back to the hotels and to Nebraska Furniture Mart,
Borsheim's and the airport. Even so, you are likely to find a car useful.
后面附有股东会开会投票的相关资料，向各位解释如何拿到入场所许的识别证，
由于预期会有相当多的人与会，我们建议大家最好先预订机位与住宿，美国运通
(电话800-799-6634)将会很高兴为您提供相关安排服务，如同以往，我们会
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会更方便
。
We have added so many new companies to Berkshire this year that
I’m not going to detail all of the products that we will be selling at the
meeting. But come prepared to carry home everything from bricks to
candy. One new product, however, deserves special note: Bob Shaw has
designed a 3 x 5 rug featuring an excellent likeness of Charlie.
Obviously, it would be embarrassing for Charlie - make that humiliating
- if slow sales forced us to slash the rug’s price, so step up and do your
part.
今年由于我们又新加入了许多公司，所以我就不再详细说明在现场会提供什么产
品供大家选购，总之从糖果到砖块应有尽有，不过有一项新产品值得特别向各位
推荐，那就是Bob Shaw 专门以查理的形貌所设计3x5 的地毯，很显然的若这
款地毯销售情形不佳而迫使我们降价的话，查理的面子可能会挂不住，所以请大
家千万响应支持他。
GEICO will have a booth staffed by a number of its 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 (usually 8%). Bring the details of your
existing insurance and check out whether we can save you some money.
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(大约8%)，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。
At the Omaha airport on Saturday, we will have the usual array of
aircraft from Executive Jet available for your inspection. Just ask an EJA
representative at the Civic about viewing any of these planes. If you buy
what we consider an appropriate number of items during the weekend,
you may well need your own plane to take them home.
星期六在奥玛哈机场，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，如果你股东会买了一大推相关产品，我相信
你一定也需要用自己的飞机把它们带回家。
At Nebraska Furniture Mart, located on a 75-acre site on 72nd Street
between Dodge and Pacific, we will again be having "Berkshire Weekend"
pricing, which means we will be offering our shareholders a discount
that is customarily given only to employees. We initiated this special
pricing at NFM four years ago and sales during the "Weekend" grew from
$5.3 million in 1997 to $9.1 million in 2000.
位于道奇街与太平洋街的内布拉斯加家具店NFM，再度会有Berkshire周特价，
我们将特别提供给股东原先只有员工可以享有的优惠价，我们在四年前首次推出
这种促销活动，营业额更一举从1997年的530万美元成长到2000年的910
万美元。
To get the discount, you must make your purchases between
Wednesday, April 25 and Monday, April 30 and also present your
meeting credential. The period’s special pricing will even apply to the
products of several prestige manufacturers that normally have ironclad
rules against discounting but that, in the spirit of our shareholder
weekend, have made an exception for you. We appreciate their
cooperation. NFM is open from 10 a.m. to 9 p.m. on weekdays and 10
a.m. to 6 p.m. on Saturdays and Sundays.
想要享有折扣记得在4月25号星期三到4月30号星期一间采购，并出示股东
开会证明，在这期间的特卖活动也适用于许多原本从不打折的顶级品牌，这可是
为了股东会才特别破例，我们很感谢他们的配合，NFM的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。
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 cocktail reception from 6 p.m. to 10 p.m. on Friday, April
27. The second, the main gala, will be from 9 a.m. to 5 p.m. on Sunday,
April 29. Shareholder prices will be available Thursday through Monday,
so if you wish to avoid the large crowds that will assemble on Friday
evening and Sunday, come at other times and identify yourself as a
shareholder. On Saturday, we will be open until 6 p.m. Borsheim's
operates on a gross margin that is fully twenty percentage points below
that of its major rivals, so the more you buy, the more you save (or at
least that’s what my family always tells me).
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27日星期五的鸡尾酒会，时
间从下午6点到晚上10点，第二场主秀则在四月29日星期天举行，从早上9
点到下午6点，从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，所以买得越多省得越多，(这是我
的家人告诉我的)
In the mall outside of Borsheim's, we will have local bridge experts
available to play with our shareholders on Sunday. Bob Hamman, who
normally is with us, will be in Africa this year. He has promised,
however, to be on hand in 2002. Patrick Wolff, twice U.S. chess
champion, will also be in the mall, taking on all comers - blindfolded!
Last year, Patrick played as many as six games simultaneously - with his
blindfold securely in place - and demolished his opponents.
照例在星期天下午波仙珠宝店外面大厅将举办的一场桥牌大赛，桥牌界的传奇性
人物Bob Hamman，由于今年要到非洲所以不克出席，不过他已经承诺2002
年一定会再度出席。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，去年他一口气同时与六位对手下棋，并获得全胜。
As if all this isn’t enough to test your skills, our Borsheim’s Olympiad
this year will also include Bill Robertie, one of only two players to twice
win the backgammon world championship. Backgammon can be a big
money game, so bring along your stock certificates.
如果你认为这还不够看，今年的波仙奥林匹亚棋艺大赛将新增Bill Robertie-两
度世界双陆旗冠军，双陆旗的赌注通常都不小，所以记得把你的Berkshire股票
带来。
Gorat's - my favorite steakhouse - will again be open exclusively for
Berkshire shareholders on Sunday, April 29, and will be serving from 4
p.m. until 10 p.m. Please remember that you can't come to Gorat's on
Sunday without a reservation. To make one, call 402-551-3733 on April
2 (but not before). If Sunday is sold out, try Gorat's on one of the other
evenings you will be in town. If you order a rare T-bone with a double
order of hash browns, you will establish your credentials as an epicure.
我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在4月29日星期
天开门营业，从下午4点开始营业，一直到晚上10点，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2日以后打电话(402-551-
3733)，若订不到星期天的位子，也可以试试其它晚上，如果你点的是丁骨\牛
排加上双份的牛肉丸的话，你就有资格被称作是老饕。
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 New
Orleans Zephyrs. Ernie Banks is again going to be on hand to - bravely -
face my fastball (once clocked at 95 mpm - miles per month).
例行的棒球赛将于星期六晚上7点在Rosenblatt体育馆举行，今年奥玛哈金钉
鞋队将对上纽奥良西风队，Rrnie Banks将再度勇敢地站上打击区面对我的快速
球(据说球速约在95英哩.. .. .. ..每个月!)
My performance last year was not my best: It took me five pitches to
throw anything resembling a strike. And, believe me, it gets lonely on
the mound when you can’t find the plate. Finally, I got one over, and
Ernie lashed a line drive to left field. After I was yanked from the game,
the many sports writers present asked what I had served up to Ernie. I
quoted what Warren Spahn said after Willie Mays hit one of his pitches
for a home run (Willie’s first in the majors): "It was a helluva pitch for the
first sixty feet."
去年我的表现未达最佳状态，我投了五次才勉强丢出一记好球，相信我，当你在
投手丘上却找不到本垒板时的感觉有多孤单，最后我勉强挤出一记好球，Ernie
将之击到左外野，在我被拉出球场后，许多运动记者问我对上Ernie时作何感想?
我引述Warren Spahn在被Willie Mays击出全垒打时所说的话(那是Willie大
联盟的第一发全垒打)：「这真是一个好的开始。」
It will be a different story this year. I don’t want to tip my hand, so
let’s just say Ernie will have to deal with a pitch he has never seen
before.
今年的剧情将会不太一样，我将不会再透露我的球路，我只能说Ernie今年要面
对的将是与以往截然不同的球路。
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. There will be plenty of action in town. So
come for Woodstock Weekend and join our Celebration of Capitalism at
the Civic.
股东会资料将告诉大家如何取得球赛入场的门票，以及大量有关奥玛哈的旅游资
讯，股东会期间将有许多活动，所以一定要来参加资本家的伍斯达克嘉年华会。
February 28, 2001
Warren E. Buffett
Chairman of the Board
华伦．巴菲特
董事会主席
2001年2月28日
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 23. 10.0 10. 13.8 13.
1966 20.3 20. (11.7) 32.0 32.
1967 11.0 11. 30.9 30. (19.9)
1968 19.0 19. 11.0 11. 8.0 8.
1969 16.2 16. (8.4) 24.6 24.
1970 12.0 12. 3.9 3. 8.1 8.
1971 16.4 16. 14.6 14. 1.8 1.
1972 21.7 21. 18.9 18. 2.8 2.
1973 4.7 4. (14.8) 19.5 19.
1974 5.5 5. (26.4) 31.9 31.
1975 21.9 21. 37.2 37. (15.3)
1976 59.3 59. 23.6 23. 35.7 35.
1977 31.9 31. (7.4) 39.3 39.
1978 24.0 24. 6.4 6. 17.6 17.
1979 35.7 35. 18.2 18. 17.5 17.
1980 19.3 19. 32.3 32. (13.0)
1981 31.4 31. (5.0) 36.4 36.
1982 40.0 40. 21.4 21. 18.6 18.
1983 32.3 32. 22.4 22. 9.9 9.
1984 13.6 13. 6.1 6. 7.5 7.
1985 48.2 48. 31.6 31. 16.6 16.
1986 26.1 26. 18.6 18. 7.5 7.
1987 19.5 19. 5.1 14.4 14.
1988 20.1 20. 16.6 16. 3.5 3.
1989 44.4 44. 31.7 31. 12.7 12.
1990 7.4 7. (3.1) 10.5 10.
1991 39.6 39. 30.5 30. 9.1 9.
1992 20.3 20. 7.6 7. 12.7 12.
1993 14.3 14. 10.1 10. 4.2 4.
1994 13.9 13. 1.3 1. 12.6 12.
1995 43.1 43. 37.6 37. 5.5 5.
1996 31.8 31. 23.0 23. 8.8 8.
1997 34.1 34. 33.4 33. .7 .
1998 48.3 48. 28.6 28. 19.7 19.
1999 .5 . 21.0 21. (20.5)
2000 6.5 6. (9.1) 15.6 15.
2001 (6.2) (11.9) 5.7 5.
Average Annual Gain - 1965-
2001
22.6% 11.0% 11.6%
Overall Gain - 1964-2001 194,936% 4,742% 190,194%
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额外负
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公司全体股东:
Berkshire’s loss in net worth during 2001 was $3.77 billion, which
decreased the per-share book value of both our Class A and Class B
stock by 6.2%. Over the last 37 years (that is, since present management
took over) per-share book value has grown from $19 to $37,920, a rate
of 22.6% compounded annually.*
本公司2001年的净值减少了37.7亿美元，每股A股或B股的帐面净值减少了
6.2%，累计过去37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37,920美元，年复合成长率约为22.6%*。
*All figures used in this report apply to Berkshire'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。
Per-share intrinsic grew somewhat faster than book value during these
37 years, and in 2001 it probably decreased a bit less. We explain
intrinsic value in our Owner’s Manual, which begins on page 62. I urge
new shareholders to read this manual to become familiar with
Berkshire’s key economic principles.
过去37年以来，每股实质价值成长的速度一直高于帐面净值增加的幅度，不过
时至2001年情况可能有所改变，有关实质价值的说明请参见62页的股东手
册，我建议新加入的股东多看看这本手册，如此方能对Berkshire的一些主要经
营原则有所了解。
Two years ago, reporting on 1999, I said that we had experienced both
the worst absolute and relative performance in our history. I added that
"relative results are what concern us," a viewpoint I’ve had since forming
my first investment partnership on May 5, 1956. Meeting with my seven
founding limited partners that evening, I gave them a short paper titled
"The Ground Rules" that included this sentence: "Whether we do a good
job or a poor job is to be measured against the general experience in
securities." We initially used the Dow Jones Industrials as our
