大型的

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。

We made only one minor acquisition during 1994 - a small retail shoe chain - but our interest in finding good candidates remains as keen as ever. The criteria we employ for purchases or mergers is detailed in the appendix on page 21. 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

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伯克希尔可转换的特别股，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伯克希尔股东们的同意，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， www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism set by the Board of Directors。

Through field observations and sampling, by referencing to other documents and information, with correlation analysis and principal component analysis as mathematical tools, we know that: the distribution of the number of birds has close relations with density of zoobenthos and ratio of water area, the correlation coefficient of the distribution and the two factors are 0.916 and 0.745, the density of zoobenthos is the most direct reflection; Vegetation types , the coverage and water level may have relations with the distribution of the kind of birds, normally, middle and large volume birds need high vegetation and high coverage as their habitats, and waterfowl like deep water as their habitats; Human activities have low impact on the the distribution of the number of birds, but the activities have relations with all the other environmental factors.

通过实地的观测、采样，并结合其他文献的资料，以相关分析和主成分分析作为数学工具，得知：鸟类的数量分布和底栖生物密度、水域面积比例有着密切关系，鸟类数量分布与两者的相关系数分别为0.916和0.745，其中，底栖生物密度是鸟类数量分布的最直接反映；植被类型、植被盖度和水位可能与鸟类的种类分布有一定关系，通常体积中、大型的鸟类需要较高的植被高度，来作为自己的栖息场所，水禽需要水位较深的区域作为自己的栖息场所；人为活动对鸟类数量分布的影响不大，但对所有自然环境因子都有一定影响。

Stamped into the very fiber of the Senate, within its genetic code, was the same contest between power and principle that characterized America as a whole, a lasting expression of that great debate among a few brilliant, flawed men that had concluded with the creation of a form of government unique in its genius-yet blind to the whip and the chain.

参议院的本质特性，存在于它的&遗传密码&中，即是，从整体上代表了美国特性的、在权力和原则之间同样的斗争，是一种持久的表达方式，通过这种方式，少数一些才华横溢但并不完美的人举行大型的辩论，创造出了一种独特风格的政府运作形式（然而却忽视了监督和约束的力量）。

Ft. worth Stock Yard offers the world's only twice daily cattle drive. The Old West comes to life before your eyes as a team of cowhands drives a herd of longhorns through the Stockyards. Every detail of this cattle drive — from the saddles to the chaps, from the hats to the boots — is authentic and historically true.

Will Rogers 纪念中心是美国最好的马术中心之一，这里每年年初举行的种牛表演和牛仔竞赛技表演是全美国此类活动中最古老的赛事，世界上原汁原味的室内牛仔竞技表演把沃茨堡变成了西部风情的大秀场，除了一个大型的狂欢活动以外，还有充满趣味的教育展、地产的买卖、牲畜的展卖等等。

Our quality management is to take relatively large-scale factory packaging materials, high quality, punctual delivery, reasonable prices, but also in accordance with the requirements of customers as quickly as possible for your product design, packaging, the Company often has a spot, roll feed, bag, sheet, size, size, to one that is to do, at the same time have a transport truck 4, as well as the specialized has a single client urgently a used car, and ensure timely delivery to ensure that your production normal operation, excellent quality and good reputation enable us to win the trust of customers.

我司是采取优质管理的比较大型的包装材料厂，品质优良，交货准时，价格合理，还能根据客户的要求以最快速度为贵司的产品设计包装，本公司常拥有现货，卷料，袋子，片材，大小尺寸，来单即做，同时拥有运输大车四辆，以及专门拥有客户急单用的小车一辆，保证送货及时，确保贵司的生产正常运转，优良的品质和良好的信誉使我们赢得客户的信赖。

The company occupies 55 acres and production workshop area of 23000 M3, with all kinds of skilled workers and technical staff of 220, divided into a casting workshop, spare parts processing workshops, high-frequency Heat Treatment workshops, equipment assembly plant tests, all spare parts, no one Purchase, a new modern office buildings are under construction, covering the cement square hollow brick production equipment of the modern large-scale job-shop has拔地而起pipeline, the first in-house and set up the State Institute of Zhuanji automation equipment And formed a set research and development and production of new simultaneous integration of the modern enterprise Zhuanji brick, Zhuanji ensure the quality and low-cost operation, so that every one of the guests are in the enterprise to purchase a complete set for themselves satisfied with the "Guaranteed quality / price popularization of" brick equipment, we have been tireless pursuit, and insisted on maintaining the leading position in the peer.

公司占地55亩，生产车间总面积23000M3，拥有各类技术人员熟练工人220人，分设了铸钢车间，零配件加工车间，高频淬火热处理车间，设备组装测试车间，所有零配件无一外购，现在一座崭新的现代办公大楼正在兴建之中，占地平方的水泥空心砖生产设备大型的现代化流水线作业车间已拔地而起，并首家在企业内部成立了国发砖机自动化设备研究所，形成了集研发和生产同步一体化的现代新型砖机制砖企业，保证了砖机的品质和低成本运作，让每一位客人都能在国发企业内选购到一整套适合自己满意的&品质有保证/价格大众化&的制砖设备，是我们一直以来孜孜不倦的追求，并坚持保持着在同行中的领先地位。

Belong to the larger machine, the price from more than 10 million to hundreds of thousands, the difference between the two machines is provided by the pressure of the adequacy of standard nine millibars of pressure is atmospheric pressure, although small home appliances machine is constantly The improvement, however, constrained by the cost, so the pressure it is still to be questioned.

属於较大型的机台，价格从十几万到几十万，这两种的差别就在於机器所提供的压力是否足够，标准的压力是九毫巴的大气压力，小型的家电机器虽然也是不断的改进中，但受制於成本，因此它所产生的压力仍是有待质疑的。

With regard to this last question, we might note in passing that Thompson, while rightly restoring laboring people to the stage of eighteen-century English history, has probably exaggerated the opposition of these people to the inroads of capitalist consumerism in general: for example, laboring people

关于这个最后的问题，我们可以顺便指出，T尽管正确的使劳动人民重返十八世纪英国的历史舞台，但是她又可能吹嘘了这些人对于资本主义消费观在普遍意义上的敌视态度；比如说，十八世纪的英国劳动人民就很容易从家酿的啤酒转而引用由大型的、资本密集的城市酿酒厂生产的标准啤酒。

With regard to this last question, we might note in passing that Thompson, while rightly restoring laboring people to the stage of eighteen-century English history, has probably exaggerated the opposition of these people to the inroads of capitalist consumerism in general: for example, laboring

关于这个最后的问题，我们可以顺便指出，T尽管正确的使劳动人民重返十八世纪英国的历史舞台，但是她又可能吹嘘了这些人对于资本主义消费观在普遍意义上的敌视态度；比如说，十八世纪的英国劳动人民就很容易从家酿的啤酒转而引用由大型的、资本密集的城市酿酒厂生产的标准啤酒。

She gently rebuff ed him, but agreed that they could be friends

她婉言拒绝了，但同意作为朋友相处。

If in the penal farm, you were sure to be criticized.

要是在劳改农场，你等着挨绳子吧！