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a fan of hers； whether she was a partner or a petitor。 But believe me； partner is better。
我很高兴B太太可以再度与我们合伙做生意，她成功的故事实在是前所未有，而我本人也是她忠实的支持者，不管她是我们的伙伴或是竞争对手，当然最好是能成为伙伴。
This time around； Mrs。 B graciously offered to sign a non…pete agreement … and I； having been incautious on this point when she was 89； snapped at the deal。 Mrs。 B belongs in the Guinness Book of World Records on many counts。 Signing a non…pete at 99 merely adds one more。
有鉴于上次她89岁时，我在签约时疏忽掉，这一次经过B太太的首肯，同意签下竞业禁止的条款了，B太太有好几项记录可以名列金氏世界记录之中，在99岁签下竞业禁止条款，只不过是再增添一项罢了。
Ralph Schey； CEO of Scott Fetzer and a manager who I hope is with us at 99 also； hit a grand slam last year when that pany earned a record 110 million pre…tax。 What's even more impressive is that Scott Fetzer achieved such earnings while employing only 116 million of equity capital。 This extraordinary result is not the product of leverage： The pany uses only minor amounts of borrowed money （except for the debt it employs … appropriately … in its finance subsidiary）。
Ralph Schey…史考特飞兹的总裁，也是另一位我希望他能够一直工作到99岁的经理人，在去年击出了满贯全垒打，总计去年创造出1。1亿美元的税前获利，更令人印象深刻的是史考特飞兹总计也不过用了1。16亿美元的资本，就缔造出这样惊人的盈余数字，而且这样的结果并没有靠任何的财务杠杆，整个公司只有少量的借款（扣除旗下的财务金融子公司所运用的借款不算）。
Scott Fetzer now operates with a significantly smaller investment in both inventory and fixed assets than it had when we bought it in 1986。 This means the pany has been able to distribute more than 100％ of its earnings to Berkshire during our seven years of ownership while concurrently increasing its earnings stream … which was excellent to begin with … by a lot。 Ralph just keeps on outdoing himself； and Berkshire shareholders owe him a great deal。
史考特飞兹现在在存货与固定资产上的投资比起当初我们在1986年买下该公司时还要少，这代表着公司不但可以将我们拥有该公司七年的期间，所赚到的盈余全部分配给我们，同时还能继续保持获利能力大幅度的成长，Ralph不断地超越自我，而Berkshire欠他的也越来越多。
Those readers with particularly sharp eyes will note that our corporate expense fell from 5。6 million in 1991 to 4。2 million in 1992。 Perhaps you will think that I have sold our corporate jet； The Indefensible。 Forget it！ I find the thought of retiring the plane even more revolting than the thought of retiring the Chairman。 （In this matter I've demonstrated uncharacteristic flexibility： For years I argued passionately against corporate jets。 But finally my dogma was run over by my karma。）
眼尖的读者应该会发现，1992年420万美元的营业费用，比起1991年的560万还要少的多，或是各位会以为是我把企业专机…无可辩解号给卖掉了，别做梦！除非我退休，否则别想打这架飞机的主意，（对于这点我个人展现了前所未有的弹性，早年对于企业专机我曾大力反对，不过到最后我的理念还是屈服在个人的因果报应之下）。
Our reduction in corporate overhead actually came about because those expenses were especially high in 1991； when we incurred a one…time environmental charge relating to alleged pre…1970 actions of our textile operation。 Now that things are back to normal； our after…tax overhead costs are under 1％ of our reported
operating earnings and less than 1/2 of 1％ of our look…through earnings。 We have no legal； personnel； public relations； investor relations； or strategic planning departments。 In turn this means we don't need support personnel such as guards； drivers； messengers； etc。 Finally； except for Verne； we employ no consultants。 Professor Parkinson would like our operation … though Charlie； I must say； still finds it outrageously fat。
其实公司营业费用的减少主要是因为1991年的费用特别高的缘故，当时因为一次性地提列早期1970年代纺织事业与环境相关的费用所致，而现在一切回复正常，所以我们税后的费用占帐列税后盈余的比率不到1％，占年度透视盈余的比率更低于0。5％，在Berkshire我们没有法律、人事、公关或是营运企划部门，这同时也代表我们不需要警卫、司机或是跑腿的人，最后除了Vernre以外，我们也没有任何的顾问，Parkinson教授一定会喜欢我们的营运模式，虽然我必须说查理还是觉得我们的组织过于庞杂。
At some panies； corporate expense runs 10％ or more of operating earnings。 The tithing that operations thus makes to headquarters not only hurts earnings； but more importantly slashes capital values。 If the business that spends 10％ on headquarters' costs achieves earnings at its operating levels identical to those achieved by the business that incurs costs of only 1％； shareholders of the first enterprise suffer a 9％ loss in the value of their holdings simply because of corporate overhead。 Charlie and I have observed no correlation between high corporate costs and good corporate performance。 In fact； we see the simpler； low…cost operation as more likely to operate effectively than its bureaucratic brethren。 We're admirers of the Wal…Mart； Nucor； Dover； GEICO； Golden West Financial and Price Co。 models。
在某些公司，营业费用可能占营业利益10％以上，这种十分法不但对于盈余有来说，投资人可能因为企业总部额外的费用，立即就要遭受9％以上的损失，查理跟我这么多年观察下来的结果，企业总部的高成本与公司的绩效改善之间可以说是完全没有关系，事实上我们认为组织越简单、成本越低的公司运作起来会比那些拥有庞大官僚组织的公司更有效率的多，就这点而言，我们相当佩服Wal…Mart、Nucor、Dover、GEICO与Golden West等公司。
Late last year Berkshire's stock price crossed 10；000。 Several shareholders have mentioned to me that the high price causes them problems： They like to give shares away each year and find themselves impeded by the tax rule that draws a distinction between annual gifts of 10；000 or under to a single individual and those above 10；000。 That is； those gifts no greater than 10；000 are pletely tax…free； those above 10；000 require the donor to use up a portion of his or her lifetime exemption from gift and estate taxes； or； if that exemption has been exhausted； to pay gift taxes。
去年底Berkshire的股价正式超越10；000美元大关，有许多股东反应高股价让他们产生相当的困扰，因为他们每年必须分出部份股份，却发现Berkshire的股份价值超过10；000美元年度赠与税上限的门槛，因为超过上限代表捐赠人必须使得个人终身捐赠的上限额度，而且若是再超过的话，就必须要缴赠与税。
I can suggest three ways to address this problem。 The first would be useful to a married shareholder； who can give up to 20；000 annually to a single recipient； as long as the donor files a gift tax return containing his or her spouse's written consent to gifts made during the year。
对于这个问题，我个人提出三种解决的方案，第一对于已婚的股东，可以与配偶共同利用20；000美元的额度，只要在申报年度赠与税时，附上配偶的同意书即可。
Secondly； a shareholder； married or not； can make a bargain sale。 Imagine； for example； that Berkshire is selling for 12；000 and that one wishes to make only a 10；000 gift。 In that case； sell the stock to the giftee for 2；000。 （Caution： You will be taxed on the amount； if any； by which the sales price to your giftee exceeds your tax basis。）
第二不论结婚与否，股东可以考虑以较低的价格进行转让，例如假设Berkshire的股价为12；000美元，则股东可以考虑用2；000元的价格进行移转，则其间10；000美元的差价则视同赠与，（但是大家还是必须注意，若是价差超过你本身累积的免税额度时，还是要被课赠与税）。
Finally； you can establish a partnership with people to whom you are making gifts； fund it with Berkshire shares； and simply give percentage interests in the partnership away each year。 These interests can be for any value that you select。 If the value is 10；000 or less； the gift will be tax…free。
最后，你可考虑与你要赠与的对象成立合伙关系，以Berkshire的股份参与合伙，然后每年再将部份权益慢慢移转给合伙人，金额的大小可以由你自行决定，只要每年不超过10；000美元的上限，即可免课赠与税。
We issue the customary warning： Consult with your own tax advisor before taking action on any of the more esoteric methods of gift…making。
不过照惯例我们还是要提出警告，在从事比这些例子更极端的交易之前，最好还是跟你的税务顾问咨询一下比较妥当。
We hold to the view about stock splits that we set forth in the 1983 Annual Report。 Overall； we believe our owner…related policies … including the no…split policy … have helped us assemble a body of shareholders that is the best associated with any widely…held American corporation。 Our shareholders think and behave like rational long…term owners and view the business much as Charlie and I do。 Consequently； our stock consistently trades in a price range that is sensibly related to intrinsic value。
在1983年的年报中，我们曾经提到对于股票分割我们持保留的态度，毕竟我们相信我们以股东利益为优先的政策，也包含不分割股份在内，使得我们得以组成一群全美国企业中，最优秀的股东阵容，我们的股东不论是在想法或是做法上，都是长期稳健的投资人，同时与查理跟我一样看重公司，也因此Berkshire的股价也才能一直与公司本身的实质价值保持一致。
Additionally； we believe that our shares turn over far less actively than do the shares of any other widely…held pany。 The frictional costs of trading … which act as a major 〃tax〃 on the owners of many panies … are virtually non…existent at Berkshire。 （The market…making skills of Jim Maguire； our New York Stock Exchange specialist； definitely help to keep these costs low。） Obviously a split would not change this situation dramatically。 Nonetheless； there is no way that our shareholder group would be upgraded by the new shareholders enticed by a split。 Instead we believe that modest degradation would occur。
此外，我相信Berkshire股份的周转率比起其它公开发行的公司来说，要低的许多，股权交易所产生的摩擦成本，或是我们称之为持有股权主要的税负，在Berkshire身上几乎是看不到，（在纽约证券交易所负责我们股份交易的营业员…Jim Maguire藉由其搓合市场的能力使得我们的交易成本进一步下降），而很显然地，股份分割对于交易成本的降低贡献着实有限，而且股份分割也不可以使我们的股东阵容水准进一步提高，相反的我们认为因为股份分割而被引吸上门的新股东可能会使得我们的股东水准变得更低。
As I mentioned earlier； on December 16th we called our zero…coupon； convertible debentures for payment on January 4； 1993。 These obligations bore interest at 5 1/2％； a low cost for funds when they were issued in 1989； but an unattractive rate for us at the time of call。
先前曾经提到过，在12月16日我们宣布将于1993年1月4号将先前所发行的零息可转换债券赎回，这些债务在1989年发行的时候，所背负的资金成本大约在5。5％左右，在当时算是相当低的利率，但时至今日这样的利率水准并不吸引人，所以我们决定将他们给赎回。
The debentures could have been redeemed at the option of the holder in September 1994； and 5 1/2％ money available for no longer than that is not now of interest to us。 Furthermore； Berkshire shareholders are disadvantaged by having a conversion option outstanding。 At the time we issued the debentures； this disadvantage was offset by the attractive interest rate they carried； by late 1992； it was not。
这些债券其持有人可选择在1994年9月以5。5％的利率要求公司赎回，此外Berkshire有可转换的权利流通在外，对其他股东而言，实在不是件有利的事，当然当初债券发行时，其利率水准相对对我们有利。
In general； we continue to have an aversion to debt； particularly the short…term kind。 But we are willing to incur modest amounts of debt when it is both properly structured and of significant benefit to shareholders。
总的来说，我们还是尽量避免举债，尤其是短期的借款，不过若是规划得当且对于股东有利的话，我们也不排斥承担少量的债务。
About 97％ of all eligible shares participated in Berkshire's 1992 shareholder…designated contributions program。 Contributions made through the program were 7。6 million； and 2；810 charities were recipients。 I'm considering increasing these contributions in the future at a rate greater than the increase in Berkshire's book value； and I would be glad to hear from you as to your thinking about this idea。
大约有97％的有效股权参与1992年的股东指定捐赠计划，总计约760万美元捐出的款项分配给2；810家慈善机构，目前我正考虑是否该提高提拨捐赠的比率使得其超越Berkshire本身净值增加的幅度，同时我也很愿意听到各位对于这件事情的看法。
We suggest that new shareholders read the description of our shareholder…designated contributions program that appears on pages 48…49。 To participate in future programs； you must make sure your shares are registered in the name of the actual owner； not in the nominee name of a broker； bank or depository。 Shares not so registered on August 31； 1993 will be ineligible for the 1993 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