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 .60
In our 1992 annual report, discussing the unseemly and self-serving
behavior of so many CEOs, I said “the business elite risks losing its
credibility on issues of significance to society – about which it may have
much of value to say – when it advocates the incredible on issues of
significance to itself.”
在我们1992年的年报当中，我们提到了许多CEO不当的自肥行为，我将之称为"企
业菁英冒着失去他们在社会重大议题公信力的风险-这是他们本来拥有相当发言份
量的领域-当他们在大力鼓吹让自己夺取不合理利益的做法"。
That loss of credibility has occurred. The job of CEOs is now to regain
America’s trust – and for the country’s sake it’s important that they do so.
They will not succeed in this endeavor, however, by way of fatuous ads,
meaningless policy statements, or structural changes of boards and
committees. Instead, CEOs must embrace stewardship as a way of life and
treat their owners as partners, not patsies. It’s time for CEOs to walk the
walk.
这种公信力沦丧的现象已经发生，目前CEO们最大的任务是如何重拾美国大众对他
们的信任，而站在国家利益的立场，他们绝对有必要这样做，但如果我们看到的是
一再自以为是的言论、无意义的政策说明、董事会与委员会形式上的搬风改组，那
么一切的努力终将徒劳无功，相反的，我认为CEO们应该将领导力落实到内心中，
将股东们视为真正的伙伴而不是其禁脔，现在是CEO们起而行的时候了。
* * * * * * * * * * * *
Three suggestions for investors: First, beware of companies displaying
weak accounting. If a company still does not expense options, or if its
pension assumptions are fanciful, watch out. When managements take the
low road in aspects that are visible, it is likely they are following a similar
path behind the scenes. There is seldom just one cockroach in the kitchen.
给投资人三个衷心的建议，第一，特别注意会计帐务有问题的公司，如果一家公司
迟迟不肯将选择权成本列为费用，或者其退休金精算的假设过于乐观，千万要小心。
当管理当局在人前选择比较软的柿子来吃，那么在人后很有可能也是如此，厨房里
绝对不可能只有一只蟑螂。
Trumpeting EBITDA (earnings before interest, taxes, depreciation and
amortization) is a particularly pernicious practice. Doing so implies that
depreciation is not truly an expense, given that it is a “non-cash” charge.
That’s nonsense. In truth, depreciation is a particularly unattractive
expense because the cash outlay it represents is paid up front, before the
asset acquired has delivered any benefits to the business. Imagine, if you
will, that at the beginning of this year a company paid all of its employees
for the next ten years of their service (in the way they would lay out cash for
a fixed asset to be useful for ten years). In the following nine years,
compensation would be a “non-cash” expense – a reduction of a prepaid
compensation asset established this year. Would anyone care to argue that
the recording of the expense in years two through ten would be simply a
bookkeeping formality?
大力鼓吹EBITDA-亦即扣除利息税负及折旧摊销前盈余的观念更是一项危险的举
动，这意思好象说折旧根本就不是费用的一种，因为它并不影响到现金的流出，这
根本就是一派胡言，确实折旧是一项很不起眼的费用，因为它的现金支出是在取得
的资产还未发挥效益之前就预先支付的，然而现在假设你在年初就预先支付公司员
工未来十年的薪资报酬(就好象是支付现金购买一项耐用年限达十年的固定资产一
般)，那么在接下来的九年之间，所有的薪资报酬都将变成一项没有现金支出的费
用，会计上系做为预付费用的减项。在这种状况下，不知道还有没有人敢说后九年
所记录的费用只不过是会计上的形式而已呢
Second, unintelligible footnotes usually indicate untrustworthy
management. If you can’t understand a footnote or other managerial
explanation, it’s usually because the CEO doesn’t want you to. Enron’s
descriptions of certain transactions still baffle me. Finally, be suspicious of
companies that trumpet earnings projections and growth expectations.
Businesses seldom operate in a tranquil, no-surprise environment, and
earnings simply don’t advance smoothly (except, of course, in the offering
books of investment bankers).
第二，复杂难懂的财务报表附注揭露通常暗示管理当局不值得信赖，如果你根本就
看不懂附注揭露或管理当局的说明解释，这通常代表管理当局压根就不想让你搞
懂，安隆在某些交易的过程说明，到现在还让我相当困惑。最后要特别小心那些习
惯夸大盈余预测及成长预期的公司，企业很少能够在一帆风顺、毫无意外的环境下
经营，所以盈余也很难按照当初预计般稳定成长(那只有券商提供的公开说明书才看
得到)。
Charlie and I not only don’t know today what our businesses will earn next
year – we don’t even know what they will earn next quarter. We are
suspicious of those CEOs who regularly claim they do know the future –
and we become downright incredulous if they consistently reach their
declared targets. Managers that always promise to “make the numbers” will
at some point be tempted to make up the numbers.
目前查理跟我不仅不清楚明年我们旗下事业到底能够赚多少钱，我们甚至不知道下
一季的数字，所以我们相当怀疑那些常常声称知道未来会如何如何的人，而如果他
们真的每次都能达到盈余目标，我们反而更怀疑这其中有鬼，那些习惯保证能够达
到数字目标的人，总有一天会被迫去假造数字。
Shareholder-Designated Contributions
股东指定慈善捐赠
About 97.3% of all eligible shares participated in Berkshire's 2002
shareholder-designated contributions program, with contributions
totaling $16.5 million.
大约有97.3%的有效股权参与Berkshire 2002年的股东指定捐赠计划，捐出的款项
总计约1,650万美元。
Cumulatively, over the 22 years of the program, Berkshire has made
contributions of $197 million pursuant to the instructions of our
shareholders. The rest of Berkshire's giving is done by our subsidiaries,
which stick to the philanthropic patterns that prevailed before they were
acquired (except that their former owners themselves take on the
responsibility for their personal charities). In aggregate, our subsidiaries
made contributions of $24 million in 2002, including in-kind donations of
$4 million.
累计过去22年以来，Berkshire总计已依照股东意愿捐赠出高达1.97亿美元的款
项，除了之外，Berkshire还透过旗下的子公司进行捐赠，而这些慈善活动都是早
在他们被我们购并以前就行之有年的(扣除先前的老板自行本身负责的个人捐赠计
画)，总的来说，我们旗下的关系企业在2002年总计捐出2,400万美元，其中包含
400万美元等值的物品。
To participate in future 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, 2003
will be ineligible for the 2003 program. When you get the contributions
form from us, return it promptly so that it does not get put aside or
forgotten. Designations received after the due date will not be honored.
想要参加这项计画的人，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2003年8月31日之前完成登记，才有
权利参与2003年的捐赠计画，当你收到表格后，请立即填写后寄回，以免被丢在
一旁给忘记了，逾期恕不受理。
The Annual Meeting
年度股东大会
This year’s annual meeting will be held on Saturday, May 3, and once again
we will 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 will be available at the
Civic’s concession stands.) That interlude aside, Charlie and I will answer
questions until 3:30. Give us your best shot.
今年的股东会预计在5/3星期六举行，地点仍将选在市立体育馆，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。
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.
In our usual fashion, we will run vans from the larger hotels to the meeting.
Afterwards, the vans 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，一如往来我们会安排小巴士往来会场与旅
馆之间，同时在会后小巴士还会载大家回旅馆或是到内布拉斯加家具店、波仙珠宝
店及机场等地，当然即便如此你可能会觉得如果有一辆车会更方便。
Our exhibit area for Berkshire goods and services will be bigger and better
than ever this year. So be prepared to spend. I think you will particularly
enjoy visiting The Pampered Chef display, where you may run into Doris
and Sheila.
今年Berkshire各项产品及服务的展示场地将会比以往更大更好，所以请大家准备
好大大地血拼，我想大家应该会特别喜欢TPC的摊位，在那里你很有可能会碰到
Doris及Sheila。
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全美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。
On Saturday, at the Omaha airport, 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. Furthermore, if you buy a fraction of a
plane, I’ll personally see that you get a three-pack of briefs from Fruit of
the Loom.
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，甚至如果你真的买下飞机的部份所有权，我
个人也亲自确定你收到一个Fruit of Loom生产的大行李箱。
At Nebraska Furniture Mart, located on a 77-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 six years ago, and sales during the “Weekend” grew from $5.3
million in 1997 to $14.2 million in 2002.
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6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2002年的1,420万美元。
To get the discount, you must make your purchases during the Thursday,
May 1 through Monday, May 5 period 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
Sundays. On Saturday this year, from 6 p.m. to 10 p.m., we are having a
special affair for shareholders only. I’ll be there, eating hot dogs and
drinking Coke.
想要享有折扣记得在5/1星期四到5/5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，在今年的星期六，我们将有一个股东会特卖
会，时间从下午6点到下午10点，我本人也将出席，顺便吃点热狗配配可乐。
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 2. The second,
the main gala, will be from 9 a.m. to 5 p.m. on Sunday, May 4. Ask Charlie
to autograph your sales ticket.
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5/2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5/4星期天举行，从早上9点到下午5点，记得请查
理在你的收据上签名。
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).
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6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，(这是我的老婆跟女儿告诉我的)。
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 Hamman, Sharon Osberg, Fred Gitelman and
Sheri Winestock 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 six games simultaneously --with his blindfold securely in
place --and for the first time suffered a loss. (He won the other five games,
however.) He’s been training overtime ever since and is planning to start a
new streak this year.
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，Bob Hamman、Sharon Osberg、Fred
Gitelman及Sheri Winestock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，而且头
一次落败，(不过他还是赢了其它五个对手)，不过事后他已加紧练习，计画重新展
开连胜的记录。
Additionally, 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. Finally, we will have a newcomer: Peter Morris, the winner of the
World Scrabble Championship in 1991. Peter will play on five boards
simultaneously (no blindfold for him, however) and will also allow his
challengers to consult a Scrabble dictionary.
此外，Bill Robertie-史上惟二赢得两度世界双陆旗冠军的人，也会莅临测试各位双
陆旗的实力，最后今年将会有一位新面孔-Peter Morris，他是1991年世界拼字大
赛的冠军，Peter这次将一口气挑战五位对手(当然他无法蒙眼)，并允许其对手查阅
字典。
We are also going to test your vocal chords at the mall. My friend, Al Oehrle
of Philadelphia, will be at the piano to play any song in any key. Susie and I
will lead the singing. She is good.
此外在会场我们也将测试各位的歌喉，我的好朋友-来自费城的Al Oehrle将会在现
场以钢琴做伴奏，任何歌任何Key都行，我内人苏珊跟我本人将会为大家开唱，她
的歌声相当不错。
Gorat’s --my favorite steakhouse --will again be open exclusively for
Berkshire shareholders on Sunday, May 4, 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5/4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，记得老练一点地点丁骨\牛排加上双份的牛肉丸。
There won’t be a ball game this year. After my fastball was clocked at 5
mph last year, I decided to hang up my spikes. So I’ll see you on Saturday
night at NFM instead.
很可惜今年将没有棒球赛可以看了，在我的快速球时速降到5英哩之后，我就决定
要高挂钉鞋，所以星期六晚上大家在NFM见。
* * * * * * * * * * * *
Next year our meeting will be held at Omaha’s new convention center. This
switch in locations will allow us to hold the event on either Saturday or
Monday, whichever the majority of you prefer. Using the enclosed special
