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 .21
裁Frank Olson一起打高尔夫球，Frank是一位相当优秀的经理人，因为业务
的关系相当熟悉信用卡的行业，所以打从第一洞开始我就一直追问他有关这行业
的种种问题，到了第二洞的果岭时，Frank已经让我完全相信美国运通的企业卡
是一项绝佳的生意，所以当下我就决定不卖了，等到后九洞时，我更决定加码投
资，于是在回来的几个月后，Berkshire已经拥有该公司10%的股权。
We now have a $3 billion gain in our Amex shares, and I naturally
feel very grateful to Frank. But George Gillespie, our mutual friend, says
that I am confused about where my gratitude should go. After all, he
points out, it was he who arranged the game and assigned me to Frank's
foursome.
现在我们光是在美国运通的投资潜在利益就有30亿美元，当然这一切都要感谢
Frank，不过我们俩人共同的好友-George Gillspie却直说我搞错应该要感恩的
对象了，他强调要不是因为他安排这次的球会，并且把我跟Frank摆在同一组
的话，也不会有今天这样的成果。
Quarterly Reports to Shareholders
给股东的季报
In last year's letter, I described the growing costs we incur in
mailing quarterly reports and the problems we have encountered in
delivering them to "street-name" shareholders. I asked for your opinion
about the desirability of our continuing to print reports, given that we
now publish our quarterly and annual communications on the Internet,
at our site, www.berkshirehathaway.com. Relatively few shareholders
responded, but it is clear that at least a small number who want the
quarterly information have no interest in getting it off the Internet.
Being a life-long sufferer from technophobia, I can empathize with this
group.
在去年的年报中，我曾经向各位透露由于邮寄季报的费用大幅增加，同时要将季
报寄给那些不是用本名登记的股东有其困难性，所以征询大家是否可以接受直接
将季报与年报公布在公司网站上，取代原先印制与邮寄报告的做法，虽然只有少
数的股东响应，但长期以来具有科技恐惧症的我很明白还是有少数想要年报信息
的股东，不习惯透过网络取得相关的信息，我完全能够体会他们的想法。
The cost of publishing quarterlies, however, continues to balloon,
and we have therefore decided to send printed versions only to
shareholders who request them. If you wish the quarterlies, please
complete the reply card that is bound into this report. In the meantime,
be assured that all shareholders will continue to receive the annual
report in printed form.
惟考量大幅增加的印刷费用，最后我们还是决定除非股东有特别要求，我们才邮
寄印好的季报，所以若你也有意要一份书面的季报，请填妥年报上所附的申请表
格，同时在此也提醒所有的股东，我们还是会继续邮寄年报给所有的股东。
Those of you who enjoy the computer should check out our home
page. It contains a large amount of current information about Berkshire
and also all of our annual letters since 1977. In addition, our website
includes links to the home pages of many Berkshire subsidiaries. On
these sites you can learn more about our subsidiaries' products and --
yes -- even place orders for them.
至于喜欢利用计算机上网的股东们，一定要到我们公司网站的首页看看，里面包含
大量有关Berkshire现况的信息，同时还有1977年到现在为止的公司年报，此
外网站上还有对旗下其它子公司的网站连结，经由这些网站大家可以更了解子公
司的产品信息，有的甚至可以透过网络直接下单购买。
We are required to file our quarterly information with the SEC no
later than 45 days after the end of each quarter. One of our goals in
posting communications on the Internet is to make this material
information -- in full detail and in a form unfiltered by the media --
simultaneously available to all interested parties at a time when markets
are closed. Accordingly, we plan to send our 1998 quarterly information
to the SEC on three Fridays, May 15, August 14, and November 13, and
on those nights to post the same information on the Internet. This
procedure will put all of our shareholders, whether they be direct or
"street-name," on an equal footing. Similarly, we will post our 1998
annual report on the Internet on Saturday, March 13, 1999, and mail it
at about the same time.
根据证管会法令的规定，我们必须在每季结束后45天内申报季报，而透过网络
公开信息的主要原因之一是我们希望如此重大的讯息可以以完整而不经过媒体
消化过滤的方式，在股市收盘后实时地传达给所有关心本公司状况的人士，因此
我们决定在往后每季的最后一个星期五，今年分别是5/15、8/14及11/13将
季报对证管会做申报的动作，并在当天晚上将相同的信息同步公布在公司的网站
上，此举将能够使得Berkshire所有股东，不管是以本人或挂名的方式持有，皆
站在同等的地位之上，另外，我们也预计在1999年3月13日星期六将年报公
布在网站上，并在同一时间将年报邮寄出去给所有的股东。
Shareholder-Designated Contributions
股东指定捐赠计划
About 97.7% of all eligible shares participated in Berkshire's 1997
shareholder-designated contributions program. Contributions made
were $15.4 million, and 3,830 charities were recipients. A full
description of the program appears on pages 52 - 53.
大约有97.7%的有效股权参与1997年的股东指定捐赠计划，总计约1,540万
美元捐出的款项分配给3,830家慈善机构，详细的名单参阅附录。
Cumulatively, over the 17 years of the program, Berkshire has
made contributions of $113.1 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 $8.1 million in 1997, including inkind
donations of $4.4 million.
累计过去17年以来，Berkshire总计已按照股东意愿捐赠高达1.131亿美元的
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(除了先前的老板自行本身负责的个人
捐赠计画之外)，总的来说，我们旗下的关系企业在1997年总计捐出810万美
元，其中包含440万美元等值的物品。
Every year a few shareholders miss out on our contributions
program because they don't have their shares registered in their own
names on the prescribed record date or because they fail to get the
designation form back to us within the 60-day period allowed. Charlie
and I regret this. But if replies are received late, we have to reject them
because we can't make exceptions for some shareholders while refusing
to make them for others.
每年都有一小部份的股东由于没有将股份登记在本人的名下，或是没能在60天
的期限内，将指定捐赠的表格送回给我们，而没办法参加我们的指定捐赠计画，
对此查理跟我感到相当头痛，不过我们必须忍痛将这些指定捐赠剔除，因为我不
可能在拒绝其它不符合规定股东的同时，还破例让这些人参与。
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, 1998, will be ineligible for the 1998 program. When you get
the contributions form from us, return it promptly so that it does not
get put aside or forgotten.
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1998年8月31日之前完成登
记，才有权利参与1998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。
The Annual Meeting
年度股东会
Woodstock Weekend at Berkshire will be May 2-4 this year. The
finale will be the annual meeting, which will begin at 9:30 a.m. on
Monday, May 4. Last year we met at Aksarben Coliseum, and both our
staff and the crowd were delighted with the venue. There was only one
crisis: The night before the meeting, I lost my voice, thereby fulfilling
Charlie's wildest fantasy. He was crushed when I showed up the next
morning with my speech restored.
今年Berkshire的伍斯达克将在五月2号到4号举行，整个大会将在五月4号
星期一的年度会议召开后落幕，去年的年会在Aksarben体育馆召开，所有的工
作人员及参与的来宾对于当天的会场都相当满意，唯一美中不足的是，在年会的
前一天，我的嗓子沙哑了，当时几乎要如了查理的愿，只不过隔天当我恢复原本
的声音时，在一旁的查理几乎要崩溃。
Last year about 7,500 attended the meeting. They represented all
50 states, as well as 16 countries, including Australia, Brazil, Israel,
Saudi Arabia, Singapore and Greece. Taking into account several
overflow rooms, we believe that we can handle more than 11,000
people, and that should put us in good shape this year even though our
shareholder count has risen significantly. Parking is ample at Aksarben;
acoustics are excellent; and seats are comfortable.
去年的股东会总共有7,500位股东出席，分别来自全美50州以及包含澳洲、巴
西、以色列、沙特阿拉伯、新加坡与希腊等在内的16个国家，我想即使今年
我们的股东人数又大幅增加，加上其它几个备用的房间，应该可以容纳超过
11,000名以上的人员参加，会场备有足够的停车位，音效也不错，就连座椅坐
起来也很舒服。
The doors will open at 7 a.m. on Monday and at 8:30 we will again
feature the world premiere of a movie epic produced by Marc Hamburg,
our CFO. The meeting will last until 3:30, with a short break at noon.
This interval will permit the exhausted to leave unnoticed and allow time
for the hardcore to lunch at Aksarben's concession stands. Charlie and I
enjoy questions from owners, so bring up whatever is on your mind.
大门会在星期一早上七点开放，同时照例在八点半会播放由我们财务长Marc
Hamburg精心制作具世界级水准的Berkshire电影短片供大家欣赏，扣除中午
短暂的休息时间，让精疲力尽的人可以偷偷离开到阿肯萨本中心的小吃摊吃点东
西，整个会议将一直进行到下午三点半，查理跟我很喜欢老板们提出的各种问
题，所以记得准备好你要问什么。
Berkshire products will again be for sale in the halls outside the
meeting room. Last year -- not that I pay attention to this sort of thing
-- we again set sales records, moving 2,500 pounds of See's candy,
1,350 pairs of Dexter shoes, $75,000 of World Books and related
publications, and 888 sets of Quikut knives. We also took orders for a
new line of apparel, featuring our Berkshire logo, and sold about 1,000
polo, sweat, and T-shirts. At this year's meeting, we will unveil our 1998
collection.
再一次我们在会场外大厅备有Berkshire各式各样的产品供大家选购，虽然我不
是特别的用心，去年我们再度打破记录，总共搬走了2,500磅的糖果、1,350
双的鞋子以及价值超过75,000美元的世界百科全书与相关出版品，外加888
组由旗下子公司Quikut所生产的小刀，同时我们也接受预订一种新款的服装，
上面印有Berkshire的Logo，结果总计卖出1,000件各式polo衫、毛衣与T
恤，在今年的股东会，我们还将推出1998年全新系列产品。
GEICO will again be on hand with a booth staffed by star associates
from its regional offices. Find out whether you can save money by
shifting your auto insurance to GEICO. About 40% of those who check us
out learn that savings are possible. The proportion is not 100% because
insurers differ in their underwriting judgments, with some favoring
drivers who live in certain geographical areas and work at certain
occupations more than we do. We believe, however, that we more
frequently offer the low price than does any other national carrier
selling insurance to all comers. In the GEICO informational material that
accompanies this report, you will see that in 38 states we now offer a
special discount of as much as 8% to our shareholders. We also have
applications pending that would extend this discount to drivers in other
states.
GEICO公司再度会派出地区最优秀的业务员，在会场设立摊位，接受股东询问
有关汽车保险的信息，记得去看看你是否能在汽车保险费上省一笔钱，我们估计
至少有40%的股东可以因此而节省不少保费(我只所以没说100%的原因在于，
每家保险业者对于风险的估计都不同，有些保险公司对于居住于某些特定地区的
居民与从事某些特定职业的客户有偏好，不过我仍然坚信我们提供给一般民众的
费率通常都低于其它全国性的业者，在随年报附赠的GEICO资料中，大家将可
以看到我们提供给来自全美38州股东最高8%的折扣费率，至于其它州的股东
也接受开放申请取得不等的折扣。
An attachment to the proxy material that is enclosed with this
report explains how you can obtain the card you will need for admission
to the meeting. We expect a large crowd, so get plane, hotel and car
reservations promptly. American Express (800-799-6634) will be
happy to help you with arrangements. As usual, we will have buses at
the larger hotels that will take you to and from the meeting and also
deliver you to Nebraska Furniture Mart, Borsheim's and the airport after
its conclusion. You are likely, however, to find a car handy.
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，
由于预期会有相当多的人与会，我们建议大家最好先预订机位与住宿，美国运通
(电话800-799-6634)将会很高兴为您提供相关安排服务，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，当然你可能会觉得如何有一辆车就更方便
了。
NFM's main store, located on a 75-acre site about a mile from
Aksarben, is open from 10 a.m. to 9 p.m. on weekdays, 10 a.m. to
6 p.m. on Saturdays, and noon to 6 p.m. on Sundays. During the period
from May 1 to May 5, shareholders who present NFM with the coupon
that will accompany their meeting ticket will be entitled to a discount
that is otherwise restricted to its employees.
占地75英亩的NFM主馆距离会场约1英哩远，营业时间平日从早上10点到
下午9点，星期六从早上10点到下午6点，星期日则从中午开到下午6点，
在五月1日到5日期间，股东持随股东开会通知单附赠的点券到NFM购买各类
商品，将可获得员工价的优惠。
Borsheim's normally is closed on Sunday but will be open for
shareholders from 10 a.m. to 6 p.m. on May 3rd. Last year was our
second-best shareholder's day, exceeded only by 1996's. I regard this
slippage as an anomaly and hope that you will prove me right this year.
Charlie will be available for autographs. He smiles, however, only if the
paper he signs is a Borsheim's sales ticket. Shareholders who wish to
visit on Saturday (10 a.m. to 5:30 p.m.) or on Monday (10 a.m.-8 p.m.)
should be sure to identify themselves as Berkshire owners so that Susan
Jacques, Borsheim's CEO, can make you especially welcome. Susan, I
should add, had a fabulous year in 1997. As a manager, she is
everything that an owner hopes for.
平时礼拜天不营业的波仙珠宝，特地在五月三日股东会当天会为股东与来宾开
放，从中午开到下午6点，去年在星期六股东会前一天，我们缔造了历史次佳
的记录，仅次于1996年，我认为去年的下滑有点反常，所以希望大家都能前来
共襄盛举，证明我的看法的对的，查理会在现场接受大家的签名，当然大家如果
拿波仙的发票给他签，他会更高兴，另外选择在前一天或后一天前往参观的人，
记得表明Berkshire股东的身分，相信波仙的总裁-Susan Jacques会给各位最
热情的接待，有一点我必须特别说明的是，Susan在1997年表现相当优异，
她实在是所有老板心目中最理想的专业经理人。
On Sunday afternoon we will also have a special treat for bridge
players in the mall outside of Borsheim's. There, Bob Hamman -- a
legend of the game for more than three decades -- will take on all
comers. Join in and dazzle Bob with your skill.
另外在星期天下午我们也会在波仙珠宝店外面的大厅举办一场桥牌大赛，现场
Bob Hamman 桥牌界的传奇性人物也将出席，接受各路英雄好汉的挑战，记得
来参加，秀秀你的牌技给Bob看看。
My favorite steakhouse, Gorat's, opens one Sunday a year -- for
Berkshire shareholders on the night before the annual meeting. Last
year the restaurant started serving at 4 p.m. and finished about 1:30
a.m, an endurance trial that was the result of taking 1,100 reservations
vs. a seating capacity of 235. If you make a reservation and then can't
attend, be sure to let Gorat's know promptly, since it goes to great effort
to help us and we want to reciprocate. You can make reservations
beginning on April 1st (but not before) by calling 402-551-3733. Last
year I had to leave Gorat's a little early because of my voice problem, but
this year I plan to leisurely savor every bite of my rare T-bone and
double order of hash browns.
我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在星期天开门营
业，去年为了消化1,100位预订的席次，只有235个座位的Gorat's牛排馆从
下午四点开始营业，一直到半夜一点半，所以已经预订座位的人，要是临时无法
光临，请记得一定要打电话取消订位，因为Gorat's如此尽心尽力的为我们服
务，这是我们可以给他们最起码的回报，今年该餐厅从四月一号开始接受预订(电
话402-551-3733)，去年由于我的喉咙有问题，所以必须提早离开，但今年我
一定会到Gorat's好好享用我最喜爱的丁骨\牛排加上双份的牛肉丸。
After this warmup, Charlie and I will head for the Dairy Queen on
114th, just south of Dodge. There are 12 great Dairy Queens in
metropolitan Omaha, but the 114th Street location is the best suited to
handle the large crowd that we expect. South of the property, there are
hundreds of parking spaces on both sides of the street. Also, this Dairy
Queen will extend its Sunday hours to 11 p.m. in order to accommodate
our shareholders.
吃完牛排后，查理跟我还会赶到位于道奇街114号的乳品皇后冰淇淋摊，在整
个奥玛哈地区总计有12家乳品皇后，但是114街却是最适合接待大量群众的
