各位

Lemen, Id be happy to answer any questions that you might hxdye.

各位女士各位先生，现在你们有任何问题我都乐意答复。

The following table sets forth our 1996 look-through earnings,though I warn you that the figures can be no more than approximate, since

各位可以从下表看出我们是如何计算出1996年透视盈余的，不过我还是要提醒各位

We also believe that investors can benefit by focusing on their own look-through earnings.

各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，(被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下)我们也相信投资人可以透过研究自己的透视盈余而受益，在算这个东西时，他们就会了解到其个别投资组合所应分配到的真正盈余的合计数，所有投资人的目标，应该是要建立一项投资组合可以让其透视盈余在从现在开始的十年内极大化。

If our intrinsic value is to grow at our target rate of 15%, our look-through earnings, over time, must also increase at about that pace.

各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，(被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下)。

Last year, however, our look-through earnings did not grow at all but rather declined by 14%. To an extent, the decline was precipitated by two forces that I discussed in last year's report and that I warned you would have a negative effect on look-through earnings.

然而去年我们的透视盈余不但没有增加，反而减少了 14%，这样的下滑主要导源于去年年报就曾经向各位提过的两项因素，那时我就曾经警告各位那对我们的透视盈余将会有负面的影响。

The following table sets forth our 2000 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls. The dividends paid to us by these investees have been included in the operating earnings itemized on page 15, mostly under Insurance Group: Net Investment Income.

第 42 页共 56 页 www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism 各位可以从下表看出我们是如何计算出 2000 年透视盈余的，不过我还是要提醒各位这些数字只不过是估计数，很多都是基于简单的判断，(被投资公司所分配的股利收入已经列在 15 页的营业利益之内，大部分包含在保险事业的净投资收益项下)。

Many of you here today could present the issues under discussion more succinctly than I can , and although I feel I am not qualified enough to address the issue, I ask that you should please bear with me.

在讨论之中，关於这个议题今天许多在场的各位能提出比我更简洁的，尽管我觉得我并不够资格来提出本议题，请各位多见谅。

Referring to the Pole Management from western public apartments and BalancedScorecard from private organizations, catering to china's specialty, this thesisraises 5P apraisal system which apraise the civil servants from 5 dimensionality:Profits for economic development, Public for social benefits, Process foradministrative behavior, Potency for servants'self-development and People for humanresource management. Such system makes more people participate in setting effectiveobjectives and complish those aims by decentralization while becomes a nice managecycle by enrolling more people joining in the apraisal.Those 5 dimensionality don't exist irrespectively: via good HR management, weattract more talent people, via exert their potation and creative, civil servants willdevelop themselves constantly and work hardly; Via the hard work of those servants,we may get pretty good economic efficacy and social benefits and finally obtain theultimate strategy, to make the public satisfied.

本文参照了西方公共部门的标杆管理等方法和私营组织的平衡记分卡，针对中国公务员管理的特点，尝试提出了5P 评估体系，从经济效益、社会效益、行政过程、潜力发展、人力资源五个维度对公务员的行为结果进行考察，并且通过放权具体指标的制定让更多的人参与设定可能的和有效的目标，从而促进组织目标的完成；通过全方位主体评价让更多的公众参与绩效的评估，最终形成良好的自我循环管理模式。5P 评估体系的五个维度之间相互紧密联系：通过良好的人力资源管理，我们吸收优秀的人才，通过培训和科学的管理，充分发挥各位公务员的潜力和创造力，激励公务员不断学习和提高自己，更好地完成自己的工作，为人民服务，而通过各位公务员共同的努力，我们将会得到良好的经济效益和社会效益，由此达到让公众满意的最终战略目标。

With the concern and guidance of all leaders and friends, the 2000 Proseminar of Chinese IP Voice Net Technique has been closed successfully.

2000年中国IP语音网络研讨会在各位领导、各位同仁的关心指导下顺利闭幕了。

Distinguished guests, teachers and students, that's the end of the opening ceremony of 2009 Sino-British Summer Sports Camp.

尊敬的各位领导、各位老师、亲爱的同学们，2009 中英体育文化夏令营开营仪式到此结束。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。