证券转换

Zero-Coupon Securities In September, Berkshire issued $902.6 million principal amount of Zero-Coupon Convertible Subordinated Debentures, which are now listed on the New York Stock Exchange.

零息债券去年九月，伯克希尔发行了 9 亿美元的零息可转换次顺位债券，目前并已在纽约证券交易所挂牌交易，由所罗门公司负责本次的债券承销工作，提供了我们宝贵的建议与完美无缺的执行结果。

Many of the biggest users of these pre-IPO convertibles were in sectors that are now reeling, particularly Asian real estate.

这些首次公开发行前可转换证券(pre-IPO convertibles)的许多最大用户都身处目前陷入困境的行业，特别是亚洲房地产行业。

Next time I make a big, dumb decision, Berkshire shareholders will know what to do: Phone Mr. Wolf. In addition to the convertible preferreds, we purchased one other private placement in 1991,$300 million of American Express Percs. This security was essentially a common stock that featured a tradeoff in its first three years: We received extra dividend payments during that period, but we were also capped in the price appreciation we could realize.

除了可转换特别股，我们在 1991 年还透过私募的方式投资了三亿美元的美国运通俗称&Percs&的股票，这种证券基本上算是一种普通股，只不过在投资的前三年我们可以领取一笔特别的股利，条件是在同时间我们因为股价上涨所带来的资本利得将受到限制，然而即便如此，这笔投资还是因为本人的英明决策而获利不菲，当然其中也包含一些运气的成份，比例约是 110%。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。