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In these years," Credit first, Customer first " is our lodestar."to own best management and quantity, to create excellent goods " is our core value. Our strict technique line and delivery time are approved by our both domestic and oversea customers.

我公司多年来秉承"信誉第一，用户至上"的思想理念，以"一流的管理，一流的质量，争创一流的产品"为立足点，严格工艺流程和交货时间，赢的了中外客户的信赖。

" I believe the best way to think about our earnings is in terms of "look-through results, calculated as follows: Take $250 million, which is roughly our share of the 1990 operating earnings retained by our investees; subtract $30 million, for the incremental taxes we would have owed had that $250 million been paid to us in dividends; and add the remainder,$220 million, to our reported operating earnings of $371 million.

我个人相信最好的方式是利用透视的方法来衡量伯克希尔的盈余，2 亿 5，000 万美元大概是我们在 1990 年可以从被投资公司那边未分配到的营业利润，扣除 3，000 万的额外股利所得税，再将剩下的 2 亿 2，000 万美元加到本来的帐列盈余 3 亿 7，100 万，所得的 5 亿 9，000 万大概就是我们经过透视的真正盈余。

Now, however, expectations for media have moved toward the bob-around model. And, as our simplified example illustrates, valuations must change dramatically when expectations are revised. We have a significant investment in media - both through our direct ownership of Buffalo News and our shareholdings in The Washington Post Company and Capital Cities/ABC - and the intrinsic value of this investment has declined materially because of the secular transformation that the industry is experiencing. Cyclical factors have also hurt our current look-through earnings, but these factors do not reduce intrinsic value.

我们在媒体事业有相当大的投资，不管是百分之百拥有的水牛城日报或是在华盛顿邮报与资本城/ABC 的股票投资，而这些媒体事业的价值因为前面所提到的产业所面临的形态转变而大幅滑落，(景气循环因素也使得我们现在的透视盈余大受影响，虽然还不致于让实质价值减少)，然而就像是我们经营伯克希尔的企业原则所揭示的，我们不会只是因为还有其它更有利的资金用途，就随便将已被列为永恒的事业或主要投资出售，(当然之前我们也确实卖了一些媒体股，不过规模相对较小)。

At our present vantage point, it is very natural to want to build machines that extend our abilities to take over our manufacturing, enable our global communication or the computation of the unknowns of macrophysics.

在我们当前的观点来看，很自然想要去建造能够延伸我们能力，接管我们的制造，使我们进行全球交流，或者，对宏观物理未知进行计算的机器。

However, due to the large differences in economic development, social operation model, political system and cultural customs etc., there are many pecularities in China. We can see from the two following aspects: one is our the selection of pension institutions which possesses more character of "institutional dependency", and the determinative role of the evolvement of the pension structure on the choice of pension risk management mode can\'t directly be embodied, but the determinative role of the financial structure on overall the pension structure registers as the restriction of our financial system to the development of our private pension plans; the other one is that the magistral situation and product structure of traditional financial institutions, especially insurers, reflect our financial system is not quick to manage pension risk.

然而，由于我国在经济发展水平、社会运行模式、政治制度体制、社会文化习俗等方面与OECD国家存在较大的差异，我国养老金结构与金融结构的相关性也具有一定的特殊性，这种特殊性体现在两个方面：一是我国公共养老金计划主导的养老金制度选择更具有"制度依赖性"，并不能直接地、自然而然地体现出养老金结构演变对养老风险管理模式的决定作用，而金融结构对养老金整体结构的决定作用则更多地表现为金融系统对我国私营养老金计划发展的掣肘；二是我国传统金融机构特别是人寿保险公司在私营养老金计划中的主导地位和产品结构反映出我国金融体系管理养老风险的整体能力还不理想。

Mr. Minter, it was a great edification since I heard your education belief:Teach our children to respect themselves as well as respect others;Teach our children to open their hearts and be responsible;Teach our children to be confidence and ready to go;Teach our children gain respect and understanding though the communications

在与您的交流中，您十分坦诚地表达了您的教育信仰，"让儿童们学会尊重自己的同时学会尊重他人；为自己的行为负责的同时敞开心扉；学会勇敢中塑造自信；学会理解中获得交流与尊重；学会合作中建构交流的平台……"，对我启发很大，也学到了很多。

Cinema apparatus functions relatively like a mirror, during a film we recognize ourselves through the on screen 'Other' and we project our egos onto that 'Other' - we superimpose ourselves onto them, going through events as they do. Film spectatorship involves the engagement of our entire body – our bodies react to the films, for example our heart rate would go up when sitting through an intense car chase scene, and we feel the natural reflex to throw up when seeing some grotesque zombies with intestines gushing out their abdomen on screen.

住："镜像阶段"是法国心理学家Jacques Lacan所推崇的一个概念，他认为新生儿在刚出生是没有自我意识，它认为自己是和母体连在一起的，又或是不知道自己已经离开子宫；而它将在第一次照镜子时，也就是看见自己的镜像时认识到自己是独立的一个个体）相似的，电影这个视觉机构也有类似镜子一样的功能，在观看电影的同时，我们通过对比银幕上和我们不同的其他人，进而肯定和巩固我们的自主形象和意识。

Journalism became not descriptive but prescriptive -"and that had an enormous effect on our political life, our policy, our nightmarish policy, our misbegotten military strategy".

报纸和杂志不再是叙事载体，而成为了指导性的规范教条----从而对我们的政治生活、我们的政策、我们噩梦般的政策方针、我们可鄙的军事战略产生巨大影响。

Going into our fear and confronting our greed, our weaknesses, our neediness is the way out.

走进我们的恐惧，直面我们的贪婪、弱点和缺陷。

Going into our fear and confront ing our greed, our weaknesses, our neediness is the way out.

走进我们的恐惧，直面我们的贪婪、弱点和缺陷。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。