我们

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。

As our ancestors didn't leave over any heritage about citizen consciousness, the "citizen" that we talked about now is imported from Europe and America, certainly, the importing process is companied by throe from the very begriming which we can hardly adapt to, But with over one hundred years' communication and integration with the world, all the advanced Chinese people know that if we want to create glory in china , we must learn the world advanced civilization that we ourselves lacks in, one important principle of which is that citizen consciousness must replace subject consciousness, citizen consciousness is a very important factor that strict Chinese modernization process, In order to catch up with advanced countries and realize modernization, we must cultivate citizen consciousness and make Chinese people who have sticked to old practices for thousands of years become citizens with modern consciousness as well as consciousness of human beings.

我们的先人没有给我们留下任何关于公民意识的遗产，现在的我们谈的"公民"是舶来品，是从遥远的欧美进口而来。当然，这种进口一开始就伴随着阵痛，让我们极不适应。但随着一百多年与世界的交流和接轨，先进的中国人都知道中国要想再造辉煌，必须学习我们自身所缺乏的世界先进文明，其中非常重要的一项就是公民意识必须代替臣民意识。公民意识是为制约中国现代化进程的重要因素，中国现在要赶上先进国家，要实行现代化，就要培养人的公民意识，使在中国大地上因循守旧生活了几千年的中国人成为有现代意识的公民，有人的觉悟的公民。

For Berkshire's shareholders, myself included, the cost of this thumb-sucking has been huge. o Our consistently-conservative financial policies may appear to have been a mistake, but in my view were not. In retrospect, it is clear that significantly higher, though still conventional, leverage ratios at Berkshire would have produced considerably better returns on equity than the 23.8% we have actually averaged. Even in 1965, perhaps we could have judged there to be a 99% probability that higher leverage would lead to nothing but good. Correspondingly, we might have seen only a 1% chance that some shock factor, external or internal, would cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default.

另外我们一贯保守财务政策可能也是一种错误，不过就我个人的看法却不认为如此，回想起来，很明显的我们只要能够再多用一点财务杠杆操作(虽然较之他人还是很保守)，就可以得到远比现在每年平均 23.8%还要高的投资报酬率，即使是在 1965 年我们也可以百分之九十九地确定高一点的财务杠杆绝对只有好处没有坏处，但同时我们可能也会有百分之一的机会，不管是从内部或是外部所引发令人异想不到的因素，使得我们负债比率提高到介于一时冲高到负债倒闭之间。

Sunday's coming i wanna drive my car to your apartment with present like a star forecaster said the weather may be rainy hard but i know the sun will shine for us oh lazy seagull fly me from the dark i dress my jeans and feed my monkey banana then i think my age how old,skyline how far or we need each other in california you show me your body before night comes down i touch your face and promise to stay ever young on this ivory beach we kissed so long it seems that the passion's never gone you sing me your melody and i feel so please i want you to want me to keep your dream together we'll run wild by a summer symphony this is what we enjoyed not a fantasy the tin-man's surfing i wanna try my luck to the top of tide rip like just have some drugs i know you have no blame for my proud moonish heart the golden beatnik park oh diamond seashore drag me from the yard incredible sunward i watch as you're in photograph for camera your smile's so sweet,palm trees' so lush would you believe my honey it's califonia

周日的未来我想我的赛车驾驶您的公寓，目前像明星气象预报说，天气可能是雨季硬盘但我知道太阳的光芒，我们将噢懒惰海鸥飞我从黑暗字母i穿着我的牛仔裤和饲料我国香蕉猴子然后我想我的年龄多大年纪，地平线多远或者，我们需要彼此在加利福尼亚州您能告诉我你的身体在晚上归结我触手你的脸，并承诺保持以往任何时候都年轻在此象牙海滩只要我们吻看来，热情从未经历你唱我的旋律，我觉得所以请我要你要我让您的梦想同时我们会横行的夏季交响曲这就是我们喜欢不是幻想锡人的冲浪我想我的运气顶端的潮流瑞普只想有一些药物我知道你有没有责怪我的骄傲moonish心金比特尼克公园哦钻石海滨拖我从码难以置信的sunward我看是你的照片你的微笑相机如此甜美，棕榈树，所以葱郁你会相信我的蜂蜜是加州

We are the tie-dyed garments manufacturer in china ,and we have made garments for famous first-class company,such as jack and jones ,pepe jeans london and so on.we have a good reputation on good price,punctual shipment and high quality.so we want to make business relationship with you .

我们是中国的一家织成衣制造商，而且我们的一流的服装品牌公司。我们的产品如杰克和琼斯，牛仔等名满中国。我们价格划算，运输准时，品质优异。因此，我们希望能与贵公司就此产品建立业务关系。

Our society insists on regular habits, timekeeping and punctuality, and whether we like it or not, if we mean to make our way in society we have to comply with its demands.

我们的社会坚持经常性的习惯，计时和准时，以及我们是否喜欢还是不喜欢，如果我们的意思，使我们的方式在社会中我们必须遵守其要求。

I hope to use visualized language to probe the injuries and pains that inflict our bodies and souls, to probe the tininess of the individual and the vastness of the times. We encounter these conundrums and pressures in every era, and it seems that in our historical experience, every time we encounter massive social change and destruction, Chinese culture comes out with a shocking ability to recover, so that our spiritual roots have never totally collapsed but continued on to this day through the impermanent cycles of the millennia. Rebirth and transmutation from destruction seems to be the religion that universally connects us as a people.

我希望是用视觉化的语言来讨论我们的灵与肉的创伤和阵痛，个体的渺小和时代的漫无边际，在任何时代里我们都会遭遇这种相似的困境和压力，似乎在过去的历史经验中我们每遇重大社会变革和灾难中，中国文化总是有一种惊人的自我修复能力，才使我们的精神文脉并没有全面的崩溃，反而是在数千年无常的时间轮回中绵延至今，在幻灭中重生和蜕变似乎是我们这个具有现世宗教的民族的普遍性联系。

Whatever our necessities, however great our difficulties, and though to all appearance help is impossible, yet our business is to hope in God, and it will be found that it is not in vain.

不管我们的需要何等多，我们的难处何等大，我们的指望何等小，我们的责任只是仰望神；结果，我们会发现：这样的仰望并不是徒然的。

Rather than design our own fabrics in house, at this stage we are looking to find a mill or source that holds inventory of ready-made patterned fabric suitable for bed linen, We would be looking at around 1000 and maybe up to 3000 metres depending upon our needs - smaller amounts if fabric is to be used as a trim rather than base fabric; my earlier email outlined the types of fabrics we are looking for, mainly Toile's, Chinoiserie, Stripes even and variegated, Floral, Paisleys and Arabesques and Geometrics that co-ordinate with these designs.

而不是我们自己设计在内部面料，在这个阶段，我们希望找到一个工厂或来源保存库存现成的图案面料床适合亚麻，我们将看看，也许约1000至3000米不同根据我们的需要-如果织物较小数额是用来作为装饰，而比基布，我的以前的电子邮件概述了织物类型，我们是寻找的，主要是Toile的，情调，甚至和杂色条纹，花卉，Paisleys和阿拉贝斯克和几何图案的合作，这些协调设计。

We have Visited a local art fair, everything is one of kind hand-made by the local artists from painting, jewelry to gourmet food,visited a Sunday yard sale, the thrill of getting some unique things ona dollar or fraction of market price, a local gourmet breakfast which satisfied our big appetite on 'everyone favor's omelet' to blueberry pancake sharing the laughing on the table and that is 'PRICELESS',and a tradition Halloween Sees little Tricker Treat dressing all kinds costumes knocking on the door asking 'giving me something good to eat (Treat or Trick??)'.

我们逛着当地的市集，摆满各种艺术品，你眼前所见的无一不是当地艺术家手工制成的作品，从绘画、珠宝到令人垂涎欲滴的美食，无所不包。我们还光临周日的车库拍卖，满是可以只要不到一元就可买到的各式奇珍异品，那种血拼的乐趣，现在想起还是令人兴奋。我们共进无数充满欢乐和家常美食的早餐，不论是"讨好每个人味蕾"的蛋饼或是蓝莓松饼，抑或是餐桌上从来不缺的笑语，不但满足我们的胃，也满足我们的心，而这一切回忆是再多金钱也无法买到的。恭逢万圣节，当然无法免俗地套上最有趣的服装，敲着每户人家的大门，玩着"不给糖就捣蛋"传统把戏。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。