查询词典 Berkshire

As I mentioned earlier, the yearend prices of our major investees were much higher relative to their intrinsic values than theretofore. While those prices may not yet cause nosebleeds, they are clearly vulnerable to a general market decline. A drop in their prices would not disturb us at all - it might in fact work to our eventual benefit - but it would cause at least a one-year reduction in Berkshire's net worth. We think such a reduction is almost certain in at least one of the next three years.

就像是我上次所提到的，相较于过去，我们这些被投资公司的股价已高于其实质价值，虽然目前以这种价位不会造成我们流鼻血，但难免会受到大盘波动的影响，当然股价下挫一点都不会造成我们的困扰，甚至反而对我们有利，但不可避免地可能会造成伯克希尔年度净值的减少，只要在未来的两，三年间，我们的投资组合市值平均每年减少 10%，就有可能会发生这种状况。

Buffett settled back to manage the business interests he had acquired, including Diversified Retailing, a chain of women's apparel stores; Blue Chip Stamps, a western states trading stamp operation; and Berkshire Hathaway, a diversified banking and insurance company that owned, among other things, a weekly newspaper, The Omaha Sun .

巴菲特往后靠管理的商业利益，他已经获得，包括多元化零售，连锁女装店；蓝筹邮票，一个西方国家的贸易邮票操作；和伯克希尔哈撒韦，一个多样化的银行业和保险业国有公司，除其他外周报， Sun公司的奥马哈。

If regulators believe that "significant" money taints independence, they have overlooked a massive class of possible offenders. At Berkshire, wanting our fees to be meaningless to our directors, we pay them only a pittance. Additionally, not wanting to insulate our directors from any corporate disaster we might have, we don't provide them with officers' and directors' liability insurance (an unorthodoxy that, not so incidentally, has saved our shareholders many millions of dollars over the years).

Any change we make in the composition of our board will not alter the way Charlie and I run 的，一位收入普通相当依赖董事酬劳，而且亟欲受邀担任其它公司董事以获取更多董事报酬的人，他很有可能不敢斗胆冒犯 CEO 或其它董事成员，因为后者对于前者在公司业界的名声有相当大的影响力，而如果管理当局相信高额金钱会影响到独立性，那么他们很有可能错过了一大群真正敢发出声音的人。

He has vaulted atop Berkshire's corporate ladder and won Mr. Buffett's admiration.

索科尔已经升至了伯克希尔公司权力金字塔的顶端，并赢得了巴菲特的赞美。

Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided. After making some expensive mistakes because I ignored the power of the imperative, I have tried to organize and manage Berkshire in ways that minimize its influence. Furthermore, Charlie and I have attempted to concentrate our investments in companies that appear alert to the problem.

是组织的动力而非腐败或愚蠢，误导他们走上这些路子，也因为我忽略了这种规律的力量，使我为这些所犯的错误付出高昂的代价，之后我便试图组织管理伯克希尔尽量让这种规律降低其影响程度，同时查理跟我也试着将我们的投资集中在对于这种问题有相当警觉的公司之上。

Institutional dynamics, not venality or stupidity, set businesses on these courses, which are too often misguided. After making some expensive mistakes because I ignored the power of the imperative, I have tried to organize and manage Berkshire in ways that minimize its influence.

是组织的动力而非腐败或愚蠢，误导他们走上这些路子，也因为我忽略了这种规律的力量，使我为这些所犯的错误付出高昂的代价，之后我便试图组织管理伯克希尔尽量让这种规律降低其影响程度，同时查理跟我也试着将我们的投资集中在对于这种问题有相当警觉的公司之上。

When growth rates are under discussion, it will pay you to be suspicious as to why the beginning and terminal years have been selected. If either year was aberrational, any calculation of growth will be distorted. In particular, a base year in which earnings were poor can produce a breathtaking, but meaningless, growth rate. In the table above, however, the base year of 1965 was abnormally good ; Berkshire earned more money in that year than it did in all but one of the previous ten.

一般在谈到成长率时，各位可能会怀疑基期与终期是如何选定的，因为如果选择不当，任何计算出来的结果都可能会被大大扭曲，尤其当基期的盈余过低时，很可能得出惊人但却不合理的成长率，不过在上表中，1965年的表现算是相当的不错，当年度的获利在那之前的十年中排名第二。

In his annual letter to Berkshire shareholders, Mr Buffett recounted how frozen credit markets dovetailed with tumbling home and stock prices to imperil many banks and produce "a paralysing fear that engulfed the country".

在他写给伯克希尔股东的年度信件中，巴菲特详述了陷入冻结的信贷市场如何与暴跌的房价、股价结合在一起，危及众多银行，引发&一种席卷全国的令人瘫痪的恐惧&。

In his annual letter to Berkshire shareholders, Mr Buffett recounted how frozen credit markets dovetailed with tumbling home stock prices to imperil many banks produce "a paralysing fear that engulfed the country".

在他写给伯克希尔股东的年度信件中，巴菲特详述了陷入冻结的信贷市场如何与暴跌的房价、股价结合在一起，危及众多银行，引发&一种席卷全国的令人瘫痪的恐惧&。

This is an extraordinary result, and our thanks go to Rod Eldred of Berkshire Hathaway Homestate Companies, John Kizer of Central States Indemnity, Tom Nerney of U. S. Liability, Don Towle of Kansas Bankers Surety and Don Wurster of National Indemnity.

而我们旗下其它的保险公司，合计12.7亿美元的保费收入中，仍有3.24亿美元的利益，这样的成绩实在是相当的不错，这一切都要感谢， Homestate 的 Rod 、 Central States 的 John 、 Kansas 银行保险的 Don 及国家产险的 Don 。

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