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 .9
episode made me realize that we needed to ask our shareholders to
authorize preferred shares in case we wanted in the future to move
quickly if a similar acquisition opportunity were to appear.
Accordingly, our proxy presents a proposal that you authorize a
large amount of preferred stock, which will be issuable on terms
set by the Board of Directors. You can be sure that Charlie and I
will not use these shares without being completely satisfied that
we are receiving as much in intrinsic value as we are giving.
去年春天，我们曾经对一家大型的家族企业提出购并的提议，交易的内容包含发
行Berkshire可转换的特别股，虽然后来双方未能达成协议，但这次的经验提醒
我们必须先取得Berkshire股东们的同意，授权董事会发行特别股，好让我们在
合适的购并机会出现时，可以做出快速的响应，因此，在今年的股东会议案中，
包含了一项授权董事会在适当的时机发行特别股的提案，当然大家可以百分之百
地相信，除非我们认为所得到的实质价值跟我们所付出的相当，否则查理跟我绝
对不会轻易地发行这些股份。
* * * * * * * * * * * *
Charlie and I hope you can come to the Annual Meeting - at a
new site. Last year, we slightly overran the Orpheum Theater's
seating capacity of 2,750, and therefore we will assemble at 9:30
a.m. on Monday, May 1, 1995, at the Holiday Convention Centre. The
main ballroom at the Centre can handle 3,300, and if need be, we
will have audio and video equipment in an adjacent room capable of
handling another 1,000 people.
查理跟我很希望各位都能够来参加今年的股东会，由于去年参加的人数稍微超过
了Orpheum中心2,750的座位容量，因此今年股东会我们决定于1995年5
月1日，星期一早上9点30分在新的场地-Holiday会议中心召开，新场地的
大厅可以容纳3,300人，若有必要，藉由视听器材的辅助，旁边还有一个可以
容纳1,000人的会议室。
Last year we displayed some of Berkshire's products at the
meeting, and as a result sold about 800 pounds of candy, 507 pairs
of shoes, and over $12,000 of World Books and related publications.
All these goods will be available again this year. Though we like
to think of the meeting as a spiritual experience, we must remember
that even the least secular of religions includes the ritual of the
collection plate.
去年我们在会场上展示了一些Berkshire的产品，结果总计卖出了800磅的糖
果、507双的鞋子以及价值超过12,000美元的世界百科全书与相关出版品，
今年这些商品会再度与会，虽然我们认为这次会议的意义主要在于精神层面，但
我们不要忘记，即使是最神圣的宗教典礼，也包含的奉献捐献的仪式。
Of course, what you really should be purchasing is a video
tape of the 1995 Orange Bowl. Your Chairman views this classic
nightly, switching to slow motion for the fourth quarter. Our
cover color this year is a salute to Nebraska's football coach, Tom
Osborne, and his Cornhuskers, the country's top college team. I
urge you to wear Husker red to the annual meeting and promise you
that at least 50% of your managerial duo will be in appropriate
attire.
当然大家绝对不能错过的是1995年橘子杯的录像带，本人利用晚上的时间观看
