书的第八章便有所解释，他引用了市场先生理论，市场先生每天都会出现在你面 .3
program.
我们敦促新加入的股东，仔细阅读年报上有关股东捐赠计画的详细内容，如果在
未来年度内，你想要参加这类的计画，我们强烈建议你将股份登记在自己而不是
受托人的名下，必须在1994年8月31日之前完成登记，才有权利参与1994
年的捐赠计画。
A Few Personal Items
几件私人事务
Mrs. B - Rose Blumkin - had her 100th birthday on December 3,
1993. (The candles cost more than the cake.) That was a day on
which the store was scheduled to be open in the evening. Mrs. B,
who works seven days a week, for however many hours the store
operates, found the proper decision quite obvious: She simply
postponed her party until an evening when the store was closed.
B太太在12月3日渡过她100岁的生日，(光是蜡烛钱就比蛋糕还贵)，本来当
天家具店预计营业到晚上，对于每周工作七天的B太太来说，二话不说，等到晚
上店关门之后，才开始她的生日宴会。
Mrs. B's story is well-known but worth telling again. She
came to the United States 77 years ago, unable to speak English and
devoid of formal schooling. In 1937, she founded the Nebraska
Furniture Mart with $500. Last year the store had sales of $200
million, a larger amount by far than that recorded by any other
home furnishings store in the United States. Our part in all of
this began ten years ago when Mrs. B sold control of the business
to Berkshire Hathaway, a deal we completed without obtaining
audited financial statements, checking real estate records, or
getting any warranties. In short, her word was good enough for us.
虽然B太太的传奇故事已广为人知，但我还是不厌其烦地再说一次，77年前她
逃到美国来，不会说英文也没有受过正式的教育，1937年她以500美元创立
内布拉斯加家具店，截至去年该店的年营业额达到2亿美元，远远超过全美其
他单一家具店的业绩，我们与她的关系肇始于十年前，B太太将大部分的股权卖
给Berkshire，当然双方既没有看会计师的财务报表、也没有对房地产权状或是
提供任何保证，简而言之，B太太的一诺值千金。
Naturally, I was delighted to attend Mrs. B's birthday party.
After all, she's promised to attend my 100th.
当然我很高兴能受邀参加她100岁的生日宴会，另外她还答应以后要来参加我
100岁的生日宴会。
* * * * * * * * * * * *
Katharine Graham retired last year as the chairman of The
Washington Post Company, having relinquished the CEO title three
years ago. In 1973, we purchased our stock in her company for
about $10 million. Our holding now garners $7 million a year in
dividends and is worth over $400 million. At the time of our
purchase, we knew that the economic prospects of the company were
good. But equally important, Charlie and I concluded that Kay
would prove to be an outstanding manager and would treat all
shareholders honorably. That latter consideration was particularly
important because The Washington Post Company has two classes of
stock, a structure that we've seen some managers abuse.
华盛顿邮报的发行人-凯萨琳葛兰姆女士在去年决定正式退休，1973年我们斥
资1,000万美元买进她公司的股份，时至今日我们每年从该公司取得700万美
元的股利，而持有股票的市值已超过4亿美元，当初在决定买进该公司的股份
时，我们便看好该公司的前景，但另外一点同样重要的是，查理跟我都认为凯萨
琳将会证明自己是位杰出的经理人，同时能够诚实地对待所有的股东，后面那一
点尤其重要，因为该公司股份分成两种，而这种架构常常遭到许多经理人滥用。
All of our judgments about this investment have been validated
by events. Kay's skills as a manager were underscored this past
year when she was elected by Fortune's Board of Editors to the
Business Hall of Fame. On behalf of our shareholders, Charlie and
I had long ago put her in Berkshire's Hall of Fame.
而我们做这项投资的正确判断可由许多事件获得证明，凯萨琳杰出的表现使得她
获得财富杂志编辑群选为商业名人堂，而对于身为股东的我们来说，查理跟我早
就把她列入Berkshire的名人堂之中。
* * * * * * * * * * * *
Another of last year's retirees was Don Keough of Coca-Cola,
although, as he puts it, his retirement lasted "about 14 hours."
Don is one of the most extraordinary human beings I've ever known -
a man of enormous business talent, but, even more important, a man
who brings out the absolute best in everyone lucky enough to
associate with him. Coca-Cola wants its product to be present at
the happy times of a person's life. Don Keough, as an individual,
invariably increases the happiness of those around him. It's
impossible to think about Don without feeling good.
另外一位在去年退休的人是可口可乐的Don Keough，虽然如同他本人所说的
他的退休只维持了14个小时，Don是我认识最优秀的人类之一，他不但拥有绝
佳的商业天分，同时更重要的是使得每个幸运能够与他共事的人发挥其潜能，可
口可乐希望其产品能够伴随每个人一生最快乐的时光，而Don这个人却带给周
围的人无限的欢乐，每当想起Don时，没有不让人会心一笑的。
I will edge up to how I met Don by slipping in a plug for my
neighborhood in Omaha: Though Charlie has lived in California for
45 years, his home as a boy was about 200 feet away from the house
where I now live; my wife, Susie, grew up 1 1/2 blocks away; and we
have about 125 Berkshire shareholders in the zip code. As for Don,
in 1958 he bought the house directly across the street from mine.
He was then a coffee salesman with a big family and a small income.
在介绍我如何结识Don时，顺便介绍一下我在奥玛哈的街坊邻居，虽然查理住
在加州长达45年，但他儿时的老家距离我现在住的地方不到100公尺，而我
的内人苏珊从小就住在对街，Berkshire有125个股东住在同一个邮政编码，
而Don在1958买的房子就在我家的正对面，当年他还是一个收入微薄，却必
须养一大家子的咖啡销售员。
The impressions I formed in those days about Don were a factor
in my decision to have Berkshire make a record $1 billion
investment in Coca-Cola in 1988-89. Roberto Goizueta had become
CEO of Coke in 1981, with Don alongside as his partner. The two of
them took hold of a company that had stagnated during the previous
decade and moved it from $4.4 billion of market value to $58
billion in less than 13 years. What a difference a pair of
managers like this makes, even when their product has been around
for 100 years.
当年我对Don的印象是我在1988到1989年间，决定替Berkshire买下10
亿美元可口可乐股票的因素之一，Roberto Goizueta在1981年当上可口可乐
总裁时，Don是他的副手，两人联手接掌这家业务已停滞成长10多年的公司，
短短13年期间将这家原本44亿市值的公司变成为580亿美元，虽然所贩卖的
产品已经问世100年，这两个人却还能让这家公司产生如此大的变化。
* * * * * * * * * * * *
Frank Rooney did double duty last year. In addition to
leading H. H. Brown to record profits - 35% above the 1992 high -
he also was key to our merger with Dexter.
Frank Rooney从去年开始做了双份的工作，除了领导的HH布朗鞋业在去年创
下获利历史新高，较去年同期增加35%之外，他也是购并Dexter鞋业的主要灵
魂人物。
Frank has known Harold Alfond and Peter Lunder for decades,
and shortly after our purchase of H. H. Brown, told me what a
wonderful operation they managed. He encouraged us to get together
and in due course we made a deal. Frank told Harold and Peter that
Berkshire would provide an ideal corporate "home" for Dexter, and
that assurance undoubtedly contributed to their decision to join
with us.
Frank认识Harold与Peter有好几十年了，在买下布朗鞋业不久之后，他向我
提到这家由他们管理良善的公司，他积极地把我们凑在一起，过了不久之后，我
们便达成协议，Frank告诉Harold与Peter说，Berkshire将会是Dexter企
业最理想的归宿，而这种安全感无疑的是他们最后决定加入我们最关键的因素。
I've told you in the past of Frank's extraordinary record in
building Melville Corp. during his 23 year tenure as CEO. Now, at
72, he's setting an even faster pace at Berkshire. Frank has a
low-key, relaxed style, but don't let that fool you. When he
swings, the ball disappears far over the fence.
过去我曾向各位提过Frank在Melville企业23年总裁期间的杰出表现，如今
高龄72岁的他在Berkshire的速度甚至比以前还快，虽然Frank有个低调又闲
散的Style，但千万不要被他的外表所骗，当他大棒一挥时，球儿可是会一飞冲
天、消失在围墙之外呢！
The Annual Meeting
年度股东会
This year the Annual Meeting will be held at the Orpheum
Theater in downtown Omaha at 9:30 a.m. on Monday, April 25, 1994.
A record 2,200 people turned up for the meeting last year, but the
theater can handle many more. We will have a display in the lobby
featuring many of our consumer products - candy, spray guns, shoes,
cutlery, encyclopedias, and the like. Among my favorites slated to
be there is a See's candy assortment that commemorates Mrs. B's
100th birthday and that features her picture, rather than Mrs.
See's, on the package.
今年的股东会预计在1994年4月25日，星期一早上9点30分在位于奥玛哈
市中心的Orpheum中心召开，去年股东会参加人数又创新高突破2,200人，
不过这个会场还可以容纳更多的人，会场中将展示我们所销售的许多产品，包含
糖果、水枪、鞋子、刀叉、百科全书等，其中喜斯糖果为了庆祝B太太100年
生日所推出的纪念礼盒是我的最爱，不同于原本喜斯太太的画像，礼盒上所附的
是B太太的画像。
We recommend that you promptly get hotel reservations at one
of these hotels: (1) The Radisson-Redick Tower, a small (88 rooms)
but nice hotel across the street from the Orpheum; (2) the much
larger Red Lion Hotel, located about a five-minute walk from the
Orpheum; or (3) the Marriott, located in West Omaha about 100 yards
from Borsheim's, which is a twenty-minute drive from downtown. We
will have buses at the Marriott that will leave at 8:30 and 8:45
for the meeting and return after it ends.
我们建议大家最好先向以下旅馆预订房间(1)Radisson-Redick旅馆-就位在
Orpheum中心对街拥有88个房间的一家小旅馆(2)较大一点的Red Lion旅馆
-离Orpheum中心约五分钟路程，或是(3)Marriott位在奥玛哈西区，离波仙珠
宝店约100公尺，开车到市中心约需20分钟，届时将会有巴士接送大家往返
股东会会场。
An attachment to our proxy material explains how you can
obtain the card you will need for admission to the meeting. With
the admission card, we will enclose information about parking
facilities located near the Orpheum. If you are driving, come a
little early. Nearby lots fill up quickly and you may have to walk
a few blocks.
后面附有股东会开会投票的相关资料，跟各位解释如何拿到入场所许的识别证，
由于开会当天会场不好停车，如果你开车过来，记得早一点到，否则附近的车位
很快就会停满，你可能就必须要停远一点，再走路过来。
As usual, we will have buses to take you to Nebraska Furniture
Mart and Borsheim's after the meeting and to take you from there to
downtown hotels or the airport later. Those of you arriving early
can visit the Furniture Mart any day of the week; it is open from
10 a.m. to 5:30 p.m. on Saturdays and from noon to 5:30 p.m. on
Sundays. Borsheim's normally is closed on Sunday but will be open
for shareholders and their guests from noon to 6 p.m. on Sunday,
April 24.
一如往年，会后我们备有巴士带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，我希望大家能有多一点的时间好好探索这两家店的奥妙，当然早几天
到的股东也可利用假日逛逛家具店，星期六从早上10点到下午5点30分，星
期日则从中午开到下午5点30分，平时礼拜天不营业的波仙珠宝，在4月24
号当天会特别为股东与来宾开放。
In past trips to Borsheim's, many of you have met Susan
Jacques. Early in 1994, Susan was made President and CEO of the
company, having risen in 11 years from a $4-an-hour job that she
took at the store when she was 23. Susan will be joined at
Borsheim's on Sunday by many of the managers of our other
businesses, and Charlie and I will be there as well.
过去几年若你去过波仙，应该都碰到过Susan Jacques， 23岁那年她进入公
司从4美元时薪的小妹做起，经过11年的工作生涯，在1994年初Susan成
为波仙珠宝公司的总裁，星期天Susan连同Berkshire旗下许多经理人以及查
理和我都会出席。
On the previous evening, Saturday, April 23, there will be a
baseball game at Rosenblatt Stadium between the Omaha Royals and
the Nashville Sounds (which could turn out to be Michael Jordan's
team). As you may know, a few years ago I bought 25% of the Royals
(a capital-allocation decision for which I will not become famous)
and this year the league has cooperatively scheduled a home stand
at Annual Meeting time.
在前一天4月23日，星期六晚上，在Rosenblatt体育馆将会有一场奥玛哈皇
家队对Nashville (就是麦可乔登后来加入的那只棒球队)，或许大家知道，几年
前我个人买下皇家队25%的股权(一个我自己不太好意思让大家知道的资金分配
决策)，今年联盟特地将主场安排在Berkshire股东年会期间。
I will throw the first pitch on the 23rd, and it's a certainty
that I will improve on last year's humiliating performance. On
that occasion, the catcher inexplicably called for my "sinker" and
I dutifully delivered a pitch that barely missed my foot. This
year, I will go with my high hard one regardless of what the
catcher signals, so bring your speed-timing devices. The proxy
statement will include information about obtaining tickets to the
game. I regret to report that you won't have to buy them from
scalpers.
我将会担任开场的先发投手，而我绝对保证将一雪去年差劲的表现，记得当时捕
手突然向我做出投出下沉球的指示，我遵照指示投出却差点砸到我自己的脚，今
年不管捕手做出什么暗号，我都将祭出个人最拿手的上飘速球，所以大家最好把
测速器都带来，股东会资料将告诉大家如何取得入场的门票，大家千万不要向黄
牛买门票。
Warren E. Buffett
March 1, 1994 Chairman of the Board
华伦．巴菲特
董事会主席
1994年3月1日
BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司
To the Shareholders of Berkshire Hathaway Inc.:
致所有股东:
Our gain in net worth during 1994 was $1.45 billion or 13.9%.
Over the last 30 years (that is, since present management took
over) our per-share book value has grown from $19 to $10,083, or
at a rate of 23% compounded annually.
1994年本公司的净值成长了14.5亿美元或是14.3%，总计过去30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
10,083美元，年复合成长率约为23%。
Charlie Munger, Berkshire's Vice Chairman and my partner,
and I make few predictions. One we will confidently offer,
however, is that the future performance of Berkshire won't come
close to matching the performance of the past.
查理．孟格-Berkshire的主要合伙人跟我本身很少做预测，不过有一点我们倒
是很确定，那就是Berkshire未来的表现将很难再像过去那样的辉煌。
The problem is not that what has worked in the past will
cease to work in the future. To the contrary, we believe that
our formula - the purchase at sensible prices of businesses that
have good underlying economics and are run by honest and able
people - is certain to produce reasonable success. We expect,
therefore, to keep on doing well.
问题不在于过去的方法在以后会不管用，相反的，我们认为我们的成功方程式-
那就是以合理的价格买进具有产业竞争优势同时由诚实有才干的人经营的做
法，在往后同样能够获致令人满意的结果，我们预估应该可以继续保持这种好成
绩。
A fat wallet, however, is the enemy of superior investment
results. And Berkshire now has a net worth of $11.9 billion
compared to about $22 million when Charlie and I began to manage
the company. Though there are as many good businesses as ever,
it is useless for us to make purchases that are inconsequential
in relation to Berkshire's capital. (As Charlie regularly
reminds me, "If something is not worth doing at all, it's not
worth doing well.") We now consider a security for purchase only
if we believe we can deploy at least $100 million in it. Given
that minimum, Berkshire's investment universe has shrunk
dramatically.
然而皮夹子太厚，却是投资成果的大敌，目前Berkshire的净值已高达119亿
美元，还记得当初查理跟我开始经营这家公司时，公司的净值只有2,200万美
元，虽然还是一样有许多好的公司，但却很难在找到规模够大的对象，(就像是
查理常常说的，如果一件事情不值得去做，那么就算是你把它做的再好也没有用)
现在我们只考虑买进至少一亿美元以上的投资，在这样的高门槛下，Berkshire
的投资世界，一下子缩小了许多。
Nevertheless, we will stick with the approach that got us
here and try not to relax our standards. Ted Williams, in
The Story of My Life, explains why: "My argument is, to be
a good hitter, you've got to get a good ball to hit. It's the
first rule in the book. If I have to bite at stuff that is out
of my happy zone, I'm not a .344 hitter. I might only be a .250
hitter." Charlie and I agree and will try to wait for
opportunities that are well within our own "happy zone."
尽管如此，我们才是会坚持让我们成功的方法，绝对不会放宽原有的标准，Ted
Williams在我妻子的故事中写到，我个人的看法是如果你想成为一个优秀的打
击者的话，首先你得先相中一颗好球来打，这是教科书里的第一课，如果强迫自
