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 .68
we already mentioned, from our selling down our major positions. The profits in
governments arose from our liquidation of long-term strips (the most volatile of
government securities) and from certain strategies I follow within our finance
and financial products division. We retained most of our junk portfolio, selling
only a few issues. Calls and maturing bonds accounted for the rest of the gains
in the junk category.
普通股的获利主要来自于处分其它一些次要的持股，而非先前提到的那些主要持
股，至于政府公债的处分利益主要系出售长期债票(这是政府公债中价格变动最剧烈
的券种)以及财务与金融商品部门投资策略上的调整，我们保留大部分的垃圾债券，
只出售了其中一少部份，另外垃圾债券的利益还包含了一些到期或是提前赎回的债
券。
During 2002 we entered the foreign currency market for the first time in my
life, and in 2003 we enlarged our position, as I became increasingly bearish on
the dollar. I should note that the cemetery for seers has a huge section set
aside for macro forecasters. We have in fact made few macro forecasts at
Berkshire, and we have seldom seen others make them with sustained success.
2002年我们生涯首度进入外汇市场，2003年我们进一步扩大这方面的部位，主要原
因在于个人长期看空美元，我必须强调的是，预言家的墓地有一大半都躺着总体经
济分析家，在Berkshire我们很少对于总体经济做出预测，我们也很少看到有人可以
长期做出准确的预测。
We have – and will continue to have – the bulk of Berkshire’s net worth in U.S.
assets. But in recent years our country’s trade deficit has been force-feeding
huge amounts of claims on, and ownership in, America to the rest of the world.
For a time, foreign appetite for these assets readily absorbed the supply. Late
in 2002, however, the world started choking on this diet, and the dollar’s value
began to slide against major currencies. Even so, prevailing exchange rates will
not lead to a material letup in our trade deficit. So whether foreign investors
like it or not, they will continue to be flooded with dollars. The consequences
of this are anybody’s guess. They could, however, be troublesome – and reach,
in fact, well beyond currency markets.
展望未来，我们仍然会将Berkshire大部分的投资摆在美国资产之上，然而近年来，
我们国家的贸易赤字持续强迫全世界其它国家吸收美国的债权与资产，曾经一度，
外国对于这类资产的兴趣消化了这类供给，但是到了2002年，全世界开始吃撑到
吐，使得美元相对于其它货币开始贬值，然而汇率的变动却无法有效地解决贸易的
赤字，所以不管外国投资人愿意与否，他们手上仍将抱满美元，其结果大家很容易
想象，最后还是会对外汇市场造成困扰。
As an American, I hope there is a benign ending to this problem. I myself
suggested one possible solution – which, incidentally, leaves Charlie cold – in a
November 10, 2003 article in Fortune Magazine. Then again, perhaps the alarms
I have raised will prove needless: Our country’s dynamism and resiliency have
repeatedly made fools of naysayers. But Berkshire holds many billions of cashequivalents
denominated in dollars. So I feel more comfortable owning foreignexchange
contracts that are at least a partial offset to that position.
身为一位美国人，我衷心希望这个问题能够得到圆满的解决，我个人就曾提出一个
解决之道，这篇文章业已刊登在2003年11月10日财富杂志之上，然而再一次的，或
许我提出的警讯事后很可能证实无效，我们国家的活力以及耐力一再让唱衰者像个
傻瓜，不过Berkshire手握数百亿美元的美金，这也是为何我会想到如果有一些外汇
契约可以抵消部份的部位会感到比较安心。
These contracts are subject to accounting rules that require changes in their
value to be contemporaneously included in capital gains or losses, even though
the contracts have not been closed. We show these changes each quarter in the
Finance and Financial Products segment of our earnings statement. At yearend,
our open foreign exchange contracts totaled about $12 billion at market values
and were spread among five currencies. Also, when we were purchasing junk
bonds in 2002, we tried when possible to buy issues denominated in Euros.
Today, we own about $1 billion of these.
依照会计原则，这些契约的价值若有任何变动都必须立即反应在损益表之上，即便
这些契约尚未到期也一样，我们把这部份的损益归类到财务与金融商品部门，截至
年底，我们签订的外汇契约总额累计达到120亿美元，分布在五种外国货币，此外
当我们在2002年买入垃圾债券时，我们也尽量买进一些以欧元计价的债券，目前这
部份投资的金额约有10亿美元左右。
When we can’t find anything exciting in which to invest, our “default” position
is U.S. Treasuries, both bills and repos. No matter how low the yields on these
instruments go, we never “reach” for a little more income by dropping our
credit standards or by extending maturities. Charlie and I detest taking even
small risks unless we feel we are being adequately compensated for doing so.
About as far as we will go down that path is to occasionally eat cottage cheese
a day after the expiration date on the carton.
当我们找不到什么可以投资时，我们所设定投资选择就是美国债券，包含国库券以
及附买回债在内券，不管这些投资的报酬率有多低，我们从来不会因为想要获得更
多利益就降低我们的信用评估标准或延长到期日，除非得到合理的报酬，否则查理
跟我痛恨接受任何些微的风险，到目前为止，我们勉强可以接受的最大风险限度就
是：吃标示过期一天的乳酪。
* * * * * * * * * * * *
A 2003 book that investors can learn much from is Bull! by Maggie Mahar. Two
other books I’d recommend are The Smartest Guys in the Room by Bethany
McLean and Peter Elkind, and In an Uncertain World by Bob Rubin. All three are
well-reported and well-written. Additionally, Jason Zweig last year did a firstclass
job in revising The Intelligent Investor, my favorite book on investing.
2003年投资人可以好好读的好书，包含Maggie Mahar的「牛市!」，另外两本推荐
好书是Bethany McLean及Peter Elkind合着的「交易室里最聪明的人」以及Bob
Rubin「不确定的年代」，这三本书都写得相当详实，文笔也颇佳，此外Jason
Zweig去年重编了智能型投资人，这是我个人最钟爱的投资工具书。
Designated Gifts Program
股东指定捐赠计画
From 1981 through 2002, Berkshire administered a program whereby
shareholders could direct Berkshire to make gifts to their favorite charitable
organizations. Over the years we disbursed $197 million pursuant to this
program. Churches were the most frequently named designees, and many
thousands of other organizations benefited as well. We were the only major
public company that offered such a program to shareholders, and Charlie and I
were proud of it.
从1981年到2002年，Berkshire执行了一项股东指定捐赠计画，股东们可以指定
Berkshire捐赠给其喜爱的慈善机构，这些年下来，在这项计画下，我们总共捐出
1.97亿美元，教会是最常被指明的捐赠对象，当然还有其它成千上万的单位受惠，
我们是唯一一家提供这类服务的公开上市公司，查理跟我对于这项计画相当引以为
荣。
We reluctantly terminated the program in 2003 because of controversy over the
abortion issue. Over the years numerous organizations on both sides of this
issue had been designated by our shareholders to receive contributions. As a
result, we regularly received some objections to the gifts designated for
prochoice operations. A few of these came from people and organizations that
proceeded to boycott products of our subsidiaries. That did not concern us. We
refused all requests to limit the right of our owners to make whatever gifts they
chose (as long as the recipients had 501(c)(3) status).
不过我们却不得不在2003年停止这项计画，其导火线在于对于堕胎问题的争议，多
年来，在股东的指定下，Berkshire同时捐赠的许多金钱给多家与堕胎议题相关的组
织，支持与反对双方都有，这也使得我们时常收到反对捐赠给敌对阵营的抗议，其
中有些组织甚至发动其成员抵制我们关系企业的产品，我们原本并不以为意，我们
拒绝了所有限制股东依其喜好捐赠的无理要求，(只要受赠者符合501(c)(3)税法要求
的规定即可)。
In 2003, however, many independent associates of The Pampered Chef began to
feel the boycotts. This development meant that people who trusted us – but
who were neither employees of ours nor had a voice in Berkshire decisionmaking
– suffered serious losses of income.
然而到了2003年，The Pampered Chef旗下许多独立的会员却开始感受到抵制的效
应，这样的演变代表某些信赖我们，但并非我们员工或是在Berkshire决策过程中无
法发言的人将面临收入锐减的困境。
For our shareholders, there was some modest tax efficiency in Berkshire doing
the giving rather than their making their gifts directly. Additionally, the
program was consistent with our “partnership” approach, the first principle set
forth in our Owner’s Manual. But these advantages paled when they were
measured against damage done loyal associates who had with great personal
effort built businesses of their own. Indeed, Charlie and I see nothing charitable
in harming decent, hard-working people just so we and other shareholders can
gain some minor tax efficiencies.
对于股东来说，相较于自行捐赠，股东指定捐赠在税法上享有较优惠的效益，此外
这样的计画符合我们一向倡议的合伙人制度精神，这也是我们在股东手册中揭示的
首要的原则，但这样的优点在部份白手起家辛苦建立自己事业的死忠成员无端受害
之下相形失色，确实，查理跟我认为若仅为了股东自身些许的税务优惠，就伤害这
些正正当当、辛勤工作的善良百姓，实在称不上是什么慈善之举。
Berkshire now makes no contributions at the parent company level. Our various
subsidiaries follow philanthropic policies consistent with their practices prior to
their acquisition by Berkshire, except that any personal contributions that
former owners had earlier made from their corporate pocketbook are now
funded by them personally.
也因此Berkshire往后将不在母公司阶段进行任何形式的捐赠，至于旗下关系公司仍
将维持其各自在并入Berkshire之前就行之有年的惯例，除非这些捐赠是先前的老板
自行本身负责的个人捐赠计画，这部份必须要从他们自己的腰包掏钱。
The Annual Meeting
年度股东大会
Last year, I asked you to vote as to whether you wished our annual meeting to
be held on Saturday or Monday. I was hoping for Monday. Saturday won by 2 to
1. It will be a while before shareholder democracy resurfaces at Berkshire.
去年我要大家投票决定股东会在星期六或星期一召开，我个人是比较偏爱星期一，
不过最后投票结果，星期六以二比一的比例胜出，我想可能还要好长的一段时间才
会再产生下一次的股东式民主。
But you have spoken, and we will hold this year’s annual meeting on Saturday,
May 1 at the new Qwest Center in downtown Omaha. The Qwest offers us
194,000 square feet for exhibition by our subsidiaries (up from 65,000 square
feet last year) and much more seating capacity as well. The Qwest’s 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 Qwest’s concession stands.) That interlude aside,
Charlie and I will answer questions until 3:30. We will tell you everything we
know . . . and, at least in my case, more.
当然既然股东们都已经说话了，我们还是决定于五月一日星期六在奥玛哈市中心新
落成的Qwest中心举行年度股东大会，Qwest中心这次提供了194,000平方英呎的场
地给我们(去年只有65,000平方英呎)，同时还增加了许多座位，Qwest中心的大门
会在早上七点钟准时开放、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一五一十地回答大家各类问题直到下午三点半，我
会向各位爆更多的料。
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 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.
一如以往，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 exhibition of Berkshire goods and services will blow you away this year. On
the floor, for example, will be a 1,600 square foot Clayton home (featuring
Acme brick, Shaw carpet, Johns-Manville insulation, MiTek fasteners, Carefree
awnings, and outfitted with NFM furniture). You’ll find it a far cry from the
mobile-home stereotype of a few decades ago.
今年会场展示的Berkshire各项产品及服务，将让大家眼花撩乱，比如说一楼将会有
Clayton1,600平方英呎大型的组合式房屋(配有Acme瓷砖、Shaw地毯、Johns-
Manville隔热材料、MiTek扣件、Carefree雨蓬外加NFM各式家具)，各位将会发现
与以往印象中的活动式房屋有大大的不同。
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顶尖的业务员，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 NetJets. available for your inspection. Stop by the NetJets booth at the
Qwest to learn about viewing 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NetJets@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 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 seven years ago, and
sales during the “Weekend” grew from $5.3 million in 1997 to $17.3 million in
2003. Every year has set a new record.
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，我们在七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1,730万美元，每年的
销售成绩持续创新高。
To get the discount, you must make your purchases between Thursday, April 29
and Monday, May 3 inclusive, 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. Monday
through Saturday, and 10 a.m. to 6 p.m. on Sunday. On Saturday this year, from
5:30 p.m. to 8 p.m., we are having a special affair for shareholders only. I’ll be
there, eating barbeque and drinking Coke.
想要享有折扣记得在4/29星期四到5/3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，顺便吃点烤肉配配可乐。
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, April 30. The second, the
main gala, will be from 9 a.m. to 4 p.m. on Sunday, May 2. 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4/30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5/2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
