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 .51
designated by shareholders. We do not match contributions made by
directors or employees, nor do we give to the favorite charities of the
Buffetts or the Mungers. However, prior to our purchasing them, a few
of our subsidiaries had employee-match programs and we feel fine
about their continuing them: It's not our style to tamper with successful
business cultures.
至于在母公司方面，除非股东指定，否则我们不进行任何其它形式的捐赠，我们
不会依照董事或任何其它员工的意愿进行捐赠，同时我们也不会特别独厚巴菲特
家族或曼格家族相关的基金会，虽然在买下公司之前，部份公司就存在有员工指
定的捐赠计画，但我们仍支持他们继续维持下去，干扰经营良好公司的运作，并
不是我们的作风。
To implement our owners' charitable desires, each year we notify
registered holders of A shares (A's represent 86.6% of our equity capital)
of a per-share amount that they can instruct us to contribute to as many
as three charities. Shareholders name the charity; Berkshire writes the
check. Any organization that qualifies under the Internal Revenue Code
can be designated by shareholders. Last year Berkshire made
contributions of $16.7 million at the direction of 5,700 shareholders,
who named 3,550 charities as recipients. Since we started this program,
our shareholders' gifts have totaled $181 million.
为了落实股东们的捐赠意愿，每年我们都会通知A股股东的合法登记人(A股约
占Berkshire所有资本的86.6%)，他们可以指定捐赠的每股金额，至多可分给
三家指定慈善机构，由股东指名慈善机构，Berkshire则负责开支票，只要国税
局IRS认可的慈善机构都可以捐赠，去年在5,700位股东的指示下，Berkshire
捐出了1,670万美元给3,550家慈善机构，自从这项计画推出之后，累计捐赠
的金额高达1.81亿美元。
Most public corporations eschew gifts to religious institutions. These,
however, are favorite charities of our shareholders, who last year named
437 churches and synagogues to receive gifts. Additionally, 790 schools
were recipients. A few of our larger shareholders, including Charlie and
me, designate their personal foundations to get gifts, so that those
entities can, in turn, disburse their funds widely.
大部分的上市公司都回避对宗教团体的捐赠，但这却是我们股东们最偏爱的慈善
团体，总计去年有437家教会及犹太教堂名列受捐赠名单，此外还有790间学
校，至于包含查理跟我本人在内的一些大股东，则指定个人的基金会作为捐赠的
对象，从而透过各自的基金会做进一步的分配运用。
I get a few letters every week criticizing Berkshire for contributing to
Planned Parenthood. These letters are usually prompted by an
organization that wishes to see boycotts of Berkshire products. The
letters are invariably polite and sincere, but their writers are unaware of
a key point: It's not Berkshire, but rather its owners who are making
charitable decisions - and these owners are about as diverse in their
opinions as you can imagine. For example, they are probably on both
sides of the abortion issue in roughly the same proportion as the
American population. We'll follow their instructions, whether they
designate Planned Parenthood or Metro Right to Life, just as long as the
charity possesses 501(c)(3) status. It's as if we paid a dividend, which
the shareholder then donated. Our form of disbursement, however, is
more tax-efficient.
每个星期，我都会收到一些批评Berkshire捐赠支持计画生育的信件，这些信件
常常是由一个希望Berkshire受到抵制的单位所策划推动，这些信件的措词往往
相当诚挚有礼，但他们却忘了最重要的一件事，那就是做出此项捐赠决定的并非
Berkshire本身，而是其背后的股东，而这些股东的意见可想而知本身就非常的
分歧，举例来说，关于堕胎这个问题，股东群中支持与反对的比例与美国一般民
众的看法比例相当，我们必须遵从他们的指示，不论他们决定捐给计画生育或者
是生命之光，只要这些机构符合税法501(c)(3)的规定，这就等于是我们支付股
利，然后由股东自行捐赠出去一样，只是这样的形式在税负上比较有利。
In neither the purchase of goods nor the hiring of personnel, do we ever
consider the religious views, the gender, the race or the sexual
orientation of the persons we are dealing with. It would not only be
wrong to do so, it would be idiotic. We need all of the talent we can find,
and we have learned that able and trustworthy managers, employees
and suppliers come from a very wide spectrum of humanity.
不论是在采购物品或是聘用人员，我们完全不会有宗教上、性别上、种族上或性
向上的考量，那样的想法不但错误，而且无聊，我们需要人才，而在我们能干又
值得信赖的经理人、员工与供货商当中，充满了各式各样的人士。
* * * * * * * * * * *
To participate in our future charitable contribution programs, you must
own Class A shares that are registered in the name of the actual owner,
not the nominee name of a broker, bank or depository. Shares not so
registered on August 31, 2002 will be ineligible for the 2002 program.
When you get the contributions form from us, return it promptly.
Designations received after the due date will not be honored.
想要参加这项计画者，必须拥有A级普通股，同时确定您的股份是登记在自己
而非股票经纪人或保管银行的名下，同时必须在2002年8月31日之前完成登
记，才有权利参与2002年的捐赠计画，当你收到表格后，请立即填写后寄回，
逾期恕不受理。
The Annual Meeting
年度股东大会
This year's annual meeting will be on Saturday, May 4, and we will again
be at the Civic Auditorium. The doors will open at 7 a.m., the movie will
begin at 8:30, and the meeting itself will commence at 9:30. There will
be a short break at noon for food. (Sandwiches can be bought at the
Civic's concession stands.) Except for that interlude, Charlie and I will
answer questions until 3:30. Give us your best shot.
今年的股东会将在5/4星期六举行，地点还是在市立体育馆，大门会在当天早
上七点开放，同时电影短片照例会在八点半播放，正式会议则从九点半开始，扣
除中午短暂的休息时间， (会场外有供应三明治等各类点心)，除了中午休息时
间外，查理跟我本人会在现场回答大家各类问题直到下午三点半，记得将你的问
题准备好。
For at least the next year, the Civic, located downtown, is the only site
available to us. We must therefore hold the meeting on either Saturday
or Sunday to avoid the traffic and parking nightmare sure to occur on a
weekday. Shortly, however, Omaha will have a new Convention Center
with plenty of parking facilities. Assuming that we then head for the
Center, I will poll shareholders to see whether you wish to return to the
Monday meeting that was standard until 2000. We will decide that vote
based on a count of shareholders, not shares. (This is not a system,
however, we will ever institute to decide who should be CEO.)
至少在明年以前，位于市中心的市立体育馆仍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2000年以
前在星期一开会的惯例，届时我们将以股东投票人数而非股权比例来决定。(当
然这并非一般的做法，各位休想比照此做法选出新任总裁)
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 the 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. They do a terrific job for us each year,
and I thank them for it.
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股东会入场及其它活
动必须的识别证，至于有关机位、住宿、租车等预订服务，我们很高兴与美国运
通(电话800-799-6634)再次签约为您提供相关安排，每年他们都为大家提供
非常好的服务，在此谨代表大家向他们说声谢谢。
In our usual fashion, we will run buses from the larger hotels to the
meeting. Afterwards, 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.
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，当然即便如此你可能会
觉得如果有一辆车会更方便。
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. And underwear, of course. Assuming our Fruit of the Loom
purchase has closed by May 4, we will be selling Fruit's latest styles,
which will make you your neighborhood's fashion leader. Buy a lifetime
supply.
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，当然还有内衣，假设Fruit of the
Loom的购并能在5/4以前顺利结案的话，我们也会在现场销售Fruit的最新款
式，保证让你在街坊邻居间成为时尚领导，记得一次买个够。
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 give you a special
shareholder discount (usually 8%). This special offer is permitted by 41
of the 49 jurisdictions in which we operate. Bring the details of your
existing insurance and check out whether we can save you 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%)，这个特别优惠在我们有营业据点的49州中的41州都
有效，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 NetJetsR available for your inspection. Just ask a 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. And, if you buy a fraction of a plane,
we might even throw in a three-pack of briefs or boxers.
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，如果你真的买下飞机的部份所有权，
我们还会附赠几个大行李箱。
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 five years ago, and sales during the "Weekend" grew from
$5.3 million in 1997 to $11.5 million in 2001.
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周特卖，
我们将特别提供给股东原先只有员工可以享有的优惠价，我们在五年前首次推出
这种促销活动，营业额更一举从1997年的530万美元成长到2001年的1,150
万美元。
To get the discount, you must make your purchases on Thursday, May 2
through Monday, May 6 and also present your meeting credential. The
period's special pricing will even apply to the products of several
prestigious 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5/2星期四到5/6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, May 3. The
second, the main gala, will be from 9 a.m. to 5 p.m. on Sunday, May 5.
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 wife and daughter tell me). Come by and let us perform a
walletectomy on you.
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5/3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5/5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)，记得来到现场，让我们替你的荷包减减肥。
In the mall outside of Borsheim's, we will have some of the world's top
bridge experts available to play with our shareholders on Sunday
afternoon. We expect Bob and Petra Hamman along with Sharon Osberg
to host tables. 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 this year will try for seven. Finally, Bill Robertie, one of only two
players who have twice won the backgammon world championship, will
be on hand to test your skill at that game. Come to the mall on Sunday
for the Mensa Olympics.
星期天下午，我们照例会在波仙珠宝店外面大厅为股东们举办的一场桥牌大赛，
邀请多位世界级桥牌顶尖高手与大家同乐，Hamman兄弟及Sharon Osberg
预期都将出席，另外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，今年他将同时挑战七位对
手，最后两度世界双陆旗冠军-Bill Robertie，也会莅临测试各位双陆旗的实力，
记得星期天到现场参加奥林匹亚棋艺大赛。
Gorat's - my favorite steakhouse - will again be open exclusively for
Berkshire shareholders on Sunday, May 5, and will be serving from 4
p.m. until 10 p.m. Please remember that to come to Gorat's on Sunday,
you must have a reservation. To make one, call 402-551-3733 on April
1 (but not before). If Sunday is sold out, try Gorat's on one of the other
evenings you will be in town. Show your sophistication by ordering a
rare T-bone with a double order of hash browns.
我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在5/5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4/1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，记得你点的是丁骨\牛排加上双份
的牛肉丸，如此人家就知道你是识途老马。
The usual baseball game will be held at Rosenblatt Stadium at 7 p.m. on
Saturday night. This year the Omaha Royals will play the Oklahoma
RedHawks. Last year, in an attempt to emulate the career switch of Babe
Ruth, I gave up pitching and tried batting. Bob Gibson, an Omaha native,
was on the mound and I was terrified, fearing Bob's famous brush-back
pitch. Instead, he delivered a fast ball in the strike zone, and with a Mark
McGwire-like swing, I managed to connect for a hard grounder, which
inexplicably died in the infield. I didn't run it out: At my age, I get
winded playing a hand of bridge.
例行的棒球赛将于星期六晚上7点在Rosenblatt体育馆举行，今年奥玛哈皇家
队将对上奥克拉荷玛红鹰队，去年为了仿效贝比鲁斯的传奇挥击，我弃投从打，
在奥玛哈出身的选手-Bob Gibson站上投手丘后，我当场被吓坏了，因为Bob
以内角上飘球著名，谁知道他最后投出的竟是正中直球，那时只见我用力使出马
奎尔式的挥击，击出内野方向的软弱滚地球，我并没有往一垒跑，因为以我这个
年纪，只适合在桥牌桌上驰骋。
I'm not sure what will take place at the ballpark this year, but come out
and be surprised. Our proxy statement contains instructions for
obtaining tickets to the game. Those people ordering tickets to the
annual meeting will receive a booklet containing all manner of
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.
我不确定今年球场会发生什么事，记得到现场体验惊奇，股东会资料将告诉大家
如何取得球赛入场的门票，所有决定参加股东会的股东将会收到一大本册子，内
含大量有关奥玛哈的旅游信息，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，并到市立体育馆参与资本主义的飨宴。
* * * * * * * * * * * *
Finally, I would like to thank the wonderful and incredibly productive
crew at World Headquarters (all 5,246.5 square feet of it) who make my
job so easy. Berkshire added about 40,000 employees last year,
bringing our workforce to 110,000. At headquarters we added one
