ving early can visit the Furniture Mart any day of the week； it is open from 10 a。m。 to 5：30 p。m。 on Saturdays and from noon to 5：30 p。m。 on Sundays。 Borsheim's normally is closed on Sunday but will be open for shareholders and their guests from noon to 6 p。m。 on Sunday； April 24。
一如往年，会后我们备有巴士带大家到内布拉斯加家具店与波仙珠宝店或是到饭店与机场，我希望大家能有多一点的时间好好探索这两家店的奥妙，当然早几天到的股东也可利用假日逛逛家具店，星期六从早上10点到下午5点30分，星期日则从中午开到下午5点30分，平时礼拜天不营业的波仙珠宝，在4月24号当天会特别为股东与来宾开放。
In past trips to Borsheim's； many of you have met Susan Jacques。 Early in 1994； Susan was made President and CEO of the pany； having risen in 11 years from a 4…an…hour job that she took at the store when she was 23。 Susan will be joined at Borsheim's on Sunday by many of the managers of our other businesses； and Charlie and I will be there as well。
过去几年若你去过波仙，应该都碰到过Susan Jacques， 23岁那年她进入公司从4美元时薪的小妹做起，经过11年的工作生涯，在1994年初Susan成为波仙珠宝公司的总裁，星期天Susan连同Berkshire旗下许多经理人以及查理和我都会出席。
On the previous evening； Saturday； April 23； there will be a baseball game at Rosenblatt Stadium between the Omaha Royals and the Nashville Sounds （which could turn out to be Michael Jordan's team）。 As you may know； a few years ago I bought 25％ of the Royals （a capital…allocation decision for which I will not bee famous） and this year the league has cooperatively scheduled a home stand at Annual Meeting time。
在前一天4月23日，星期六晚上，在Rosenblatt体育馆将会有一场奥玛哈皇家队对Nashville （就是麦可乔登后来加入的那只棒球队），或许大家知道，几年前我个人买下皇家队25％的股权（一个我自己不太好意思让大家知道的资金分配决策），今年联盟特地将主场安排在Berkshire股东年会期间。
I will throw the first pitch on the 23rd； and it's a certainty that I will improve on last year's humiliating performance。 On that occasion； the catcher inexplicably called for my 〃sinker〃 and I dutifully delivered a pitch that barely missed my foot。 This year； I will go with my high hard one regardless of what the catcher signals； so bring your speed…timing devices。 The proxy statement will include information about obtaining tickets to the game。 I regret to report that you won't have to buy them from scalpers。
我将会担任开场的先发投手，而我绝对保证将一雪去年差劲的表现，记得当时捕手突然向我做出投出下沉球的指示，我遵照指示投出却差点砸到我自己的脚，今年不管捕手做出什么暗号，我都将祭出个人最拿手的上飘速球，所以大家最好把测速器都带来，股东会资料将告诉大家如何取得入场的门票，大家千万不要向黄牛买门票。
一九九四
Our gain in net worth during 1994 was 1。45 billion or 13。9％。 Over the last 30 years （that is； since present management took over） our per…share book value has grown from 19 to 10；083； or at a rate of 23％ pounded annually。
1994年本公司的净值成长了14。5亿美元或是14。3％，总计过去30年以来，也就是自从现有经营阶层接手之后，每股净值由当初的19元成长到现在的10；083美元，年复合成长率约为23％。
Charlie Munger； Berkshire's Vice Chairman and my partner； and I make few predictions。 One we will confidently offer； however； is that the future performance of Berkshire won't e close to matching the performance of the past。
查理．孟格…Berkshire的主要合伙人跟我本身很少做预测，不过有一点我们倒是很确定，那就是Berkshire未来的表现将很难再像过去那样的辉煌。
The problem is not that what has worked in the past will cease to work in the future。 To the contrary； we believe that our formula … the purchase at sensible prices of businesses that have good underlying economics and are run by honest and able people … is certain to produce reasonable success。 We expect； therefore； to keep on doing well。
问题不在于过去的方法在以后会不管用，相反的，我们认为我们的成功方程式…那就是以合理的价格买进具有产业竞争优势同时由诚实有才干的人经营的做法，在往后同样能够获致令人满意的结果，我们预估应该可以继续保持这种好成绩。