查询词典 Berkshire

The Bookworm boutique at the Qwest broke all records last year selling Berkshire-related books. An amazing 3500 of these were Poor Charlie's Almanack, the collected wisdom of my partner. This means that a copy was sold every 9 seconds. And for good reason: You will never find a book with more useful ideas. Word-of-mouth recommendations have caused Charlie's first printing of 20500 copies to sell out, and we will therefore have a revised and expanded edition on sale at our meeting. Among the other 22 titles and DVDs available last year at the Bookworm, 4597 copies were sold for $84746. Our shareholders are a bookseller's dream.

去年书虫书店在会场设摊贩售Berkshire相关书籍，其数量再次打破纪录，其中光是我合伙人查理的智慧语录-可怜查理的年鉴就卖出了3500本，这意味着每隔九秒就卖出一本，这当然是有原因的，你再也找不到其他任何一本如此实用的了，光是靠着口耳相传，第一刷的20500本一下子就卖光了，使得我们赶紧在年会中推出修订二版，其它22种书目及影音光碟，总计也卖出了4597份，销售金额达84746美元，我们的股东群实在是书商们的最爱。

And the students? In October, we had a surprise "graduation" ceremony in Knoxville for the 40 who sparked my interest in Clayton. I donned a mortarboard and presented each student with both a PhD (for phenomenal, hard-working dealmaker) from Berkshire and a B share. Al got an A share. If you meet some of the new Tennessee shareholders at our annual meeting, give them your thanks. And ask them if they've read any good books lately.

至於那40位有功的学生，我们十月在Knoxville举办了一次特别的毕业典礼，我身著学士帽，亲自颁发每位学生一张Berkshire PhD(专门用以表彰对於Berkshire购并有功人员)外加每人一股Berkshire B股，至於Al教授则获赠一股A股，所以如果各位在今年的股东大会上遇到来自田纳西州的新股东，请向他们表示感谢，并记得顺便问问他们最近读了什麼新书。

You certainly did your share in this respect last year. The 194300 square foot hall adjoining the meeting area was filled with the products of Berkshire subsidiaries, and the 21000 people who came to the meeting allowed every location to rack up sales records. Kelly Broz ( neé Muchemore), the Flo Ziegfeld of Berkshire, orchestrates both this magnificent shopping extravaganza and the meeting itself. The exhibitors love her, and so do I. Kelly got married in October, and I gave her away. She asked me how I wanted to be listed in the wedding program. I replied "envious of the groom," and that's the way it went to press.

去年各位的表现相当不错，面积19.4万多平方英呎的会场中布满了Berkshire关系企业各式各样的产品，21000名出席的股东让股东年会期间产品的销售数量屡创新高，Kelly Broz - Berkshire的齐格飞，主导了整个股东年会的购物秀，所有参展的公司都爱死她了，当然我也一样，Kelly去年十月结婚，我被迫放弃掉她，她问我在婚礼上该如何被称呼，我回答说「最嫉妒新郎的人」，结果喜帖上还真的就这样印。

In 1985, Berkshire paid $132 million in federal income taxes, and all corporations paid $61 billion. The comparable amounts in 1995 were $286 million and $157 billion respectively. And, as mentioned, we will pay about $3.3 billion for 2003, a year when all corporations paid $132 billion. We hope our taxes continue to rise in the future – it will mean we are prospering – but we also hope that the rest of Corporate America antes up along with us. This might be a project for Ms. Olson to work on.

1985年Berkshire支付了1.32亿美元的联邦所得税，而所有美国企业合计缴纳了610亿美元，相较于1995年，Berkshire支付了2.86亿美元的税，而所有美国企业合计缴纳了1570亿美元，另外刚刚说过，2003年Berkshire支付了33亿美元的联邦所得税，但所有美国企业合计缴纳的金额却仅有1320亿美元，我们期望未来Berkshire缴纳的所得税金额能够继续增加，因为那代表我们又赚了更多的钱，但在这同时，我们也希望其他美国企业也能够向我们看齐，我认为这才是Olson女士应该努力的方向。

Last spring, we offered to merge with a large, family-controlled business on terms that included a Berkshire convertible preferred stock. Though we failed to reach an agreement, this 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。

Additionally, I will keep well over 99% of my net worth in Berkshire. My wife and I have never sold a share nor do we intend to. Charlie and I are disgusted by the situation, so common in the last few years, in which shareholders have suffered billions in losses while the CEOs, promoters, and other higher-ups who fathered these disasters have walked away with extraordinary wealth. Indeed, many of these people were urging investors to buy shares while concurrently dumping their own, sometimes using methods that hid their actions. To their shame, these business leaders view shareholders as patsies, not partners.

此外，我也将继续将个人 99%以上的身家财产摆在 Berkshire 上面，我和我内人过去从来就没有卖过任何 Berkshire 的股份，而且以后也没有打算要卖，查理跟我对于近年来，许多让公司亏损累累的经理人与公司高层，竟然能够带着丰厚的利润弃股东们扬长而去感到相当不耻，这些人在公开场合鼓励投资人高价买进公司股份的同时，自己却暗中将股票倒到市场上，这些可耻的企业领导人简直把股东当作是自己的禁脔而非伙伴。

But there's also a powerful financial reason behind the preference, and that has to do with taxes. The tax code makes Berkshire's owning 80% or more of a business far more profitable for us, proportionately, than our owning a smaller share. When a company we own all of earns $1 million after tax, the entire amount inures to our benefit. If the $1 million is upstreamed to Berkshire, we owe no tax on the dividend. And, if the earnings are retained and we were to sell the subsidiary - not likely at Berkshire!- for $1 million more than we paid for it, we would owe no capital gains tax. That's because our "tax cost" upon sale would include both what we paid for the business and all earnings it subsequently retained.

当然除此之外还有一个重大的财务理由，而且是跟税负有关，根据税法规定，持有80%以上的股权比起拥有少数股权对Berkshire要有利的多，当一家完全由我们持有的公司税后赚了100万美元，这笔钱将全数纳到我们的口袋里，Berkshire不会因为收到股利而被课任何的税，而且如果我们将盈余全数保留，之后再把这家子公司出售-当然Berkshire是不可能做这样的事，那么就算之后的卖价超过100万美元，我们也不必为此支付任何的资本利得税，原因在于我们在税法上的成本包含我们先前买下该公司的成本以及以后年度保留的所有盈余。

Our board knows that the ultimate scorecard on its performance will be determined by the record of my successor. He or she will need to maintain Berkshire's culture, allocate capital and keep a group of America's best managers happy in their jobs. This isn't the toughest task in the world – the train is already moving at a good clip down the track – and I'm totally comfortable about it being done well by any of the four candidates we have identified. I have more than 99% of my net worth in Berkshire and will be happy to have my wife or foundation (depending on the order in which she and I die) continue this concentration.

我们的董事会相当了解，其功过将由其选定接任我的继承者实际的成绩来论定，他或是她必须要能够维持Berkshire的企业文化、分配资金同时让这群全美最优秀的经理人乐在各位的岗位上，这绝非世界上最困难的任务，因为我们的事业早已步入正轨，而我个人对于目前四位可能接替我的人选都感到相当放心，目前我个人将超过99%的身家都摆在Berkshire之上，而往后我也很乐见我太太或基金会将财产继续集中在Berkshire。

Identical reasoning guides our thinking about Berkshire's investment. We will be buying business — or small parts of business, called stocks — year in, year out as long as I live ( and longer, if Berkshire's directors attend the seances I have scheduled ).

同样的道理套在 Berkshire 的投资思惟上，我们会一直买进企业（或企业的一部份，也就是股票），在我还活着的期间都将持续地买（如果我死后， Berkshire 董事会能够参加降神会听取我的意见，那该期间就会更长）。

Identical reasoning guides our thinking about Berkshire's investment. We will be buying business — or small parts of business, called stocks — year in, year out as long as I live ( and longer, if Berkshire's directors attend the seances I have scheduled ).

同样的道理套在 Berkshire 的投资思惟上，我们会一直买进企业（或企业的一部份，也就是股票），在我还活着的期间都将持续地买（如果我死后， Berkshire 董事会还愿意接受我透过降灵、观落阴所下的指示，那该期间就会更长）。

As she looked at Warrington's manly face, and dark, melancholy eyes, she had settled in her mind that he must have been the victim of an unhappy attachment.

每逢看到沃林顿那刚毅的脸，那乌黑、忧郁的眼睛，她便会相信，他一定作过不幸的爱情的受害者。

Maybe they'll disappear into a pothole.

也许他们将在壶穴里消失