Our favorite form of purchase is one fitting the Blumkin… Friedman…Heldman mold。 In cases like these； the pany's owner… managers wish to generate significant amounts of cash； sometimes for themselves； but often for their families or inactive shareholders。 At the same time； these managers wish to remain significant owners who continue to run their panies just as they have in the past。 We think we offer a particularly good fit for owners with such objectives。 We invite potential sellers to check us out by contacting people with whom we have done business in the past。
我们最喜欢的交易对象之一是像B太太… Heldman家族那样，公司经营者希望能马上有一大笔现金，不管是给自己、家人或是其它股东，最好这些经营者如往常一样能够继续留在公司，我想我们可以提供具有以上想法的经营者，一个满意的方式，我们也欢迎可能的卖方与那些过去与我们合作过的对象打听。
Charlie and I frequently get approached about acquisitions that don't e close to meeting our tests： We've found that if you advertise an interest in buying collies； a lot of people will call hoping to sell you their cocker spaniels。 A line from a country song expresses our feeling about new ventures； turnarounds； or auction…like sales： 〃When the phone don't ring； you'll know it's me。〃
另一方面查理跟我也常常接到一些不符合我们条件的询问，包括新事业、转机股、拍卖案以及最常见的中介案。我们发现如果你登广告要买牧羊犬，结果却有一大堆人打电话来要卖你长耳猎犬，对于这类的事业，有首乡村歌曲其中的一句歌词最能描述我们的感觉，「若电话不响，你就知道那是我」。
Besides being interested in the purchase of businesses as described above； we are also interested in the negotiated purchase of large； but not controlling； blocks of stock parable to those we hold in Capital Cities； Salomon； Gillette； USAir； and Champion。 We are not interested； however； in receiving suggestions about purchases we might make in the general stock market。
除了以上买下整家公司的购并案外，我们也会考虑买进一大部份不具控制权的股份，就像我们在资本城、所罗门、吉列、美国航空与冠军企业这几个Case一样的公司，不过对于一般直接从股票市场上买进股份的建议我们，则一点兴趣都没有。
Miscellaneous
其它事项
Ken Chace has decided not to stand for reelection as a director at our uping annual meeting。 We have no mandatory retirement age for directors at Berkshire （and won't！）； but Ken； at 75 and living in Maine； simply decided to cut back his activities。
Ken Chace决定从今年股东会起不再担任本公司的董事，在Berkshire我们没有强制董事退休的年龄限制（以后绝对也不会有），但是住在缅因州75岁的Ken还是决定减少自己在Berkshire的活动量。
Ken was my immediate choice to run the textile operation after Buffett Partnership； Ltd。 assumed control of Berkshire early in 1965。 Although I made an economic mistake in sticking with the textile business； I made no mistake in choosing Ken： He ran the operation well； he was always 100％ straight with me about its problems； and he generated the funds that allowed us to diversify into insurance。
Ken是我在1965年透过巴菲特合伙入主Berkshire时，选择经营纺织事业的第一人选，虽然我在坚持纺织事业继续经营上做了错误的决策，但选择Ken却是正确的决定，他把公司经营的非常好，对于所面临的问题也是百分之百地坦诚，更重要的是他产生出足够让我们进军保险业的资金。
My wife； Susan； will be nominated to succeed Ken。 She is now the second largest shareholder of Berkshire and if she outlives me will inherit all of my stock and effectively control the pany。 She knows； and agrees； with my thoughts on successor management and also shares my view that neither Berkshire nor its subsidiary businesses and important investments should be sold simply because some very high bid is received for one or all。
我的内人Susan将会被提名接替Ken担任董事，她个人现在是Berkshire第二大股东，而且要是她活的比我久的话，还会继承我个人所持有的股份，进而取得公司的控制权，她明了也完全同意我个人对于可能接替人选的想法，同时也认同不管是Berkshire本身或是旗下事业与主要的投资，都不会单纯地因为有人出高价要买，便轻易地对外出售。
I feel strongly that the fate of our businesses and their managers should not depend on my health … which； it should be added； is excellent … and I have planned accordingly。 Neither my estate plan nor that of my wife is designed to preserve the family fortune； instead； both are aimed at preserving the character of Berkshire and returning the fortune to society。
我强烈地感觉Berkshire企业与经理人的命运不应该依赖在我个人的健康之上，当然若是因此可以加分会更好，为此我已做好的万全的计画，不管是我个人或是我内人的遗嘱都不打算将这些财产留给家族，相反地重点会放在如何保持Berkshire的特质，并将所有的财富回归给社会。
Were I to die tomorrow； you could be sure of three things： （1） None of my stock would have to be sold； （2） Both a controlling shareholder and a manager with philosophies similar to mine would follow me； and （3） Berkshire's earnings would increase by 1 million annually； since Charlie would immediately sell our corporate jet； The Indefensible （ignoring my wish that it be buried with me）。
所以万一要是明天我突然死了，大家可以确定三件事（1）我在Berkshire的股份，一股都不会卖（2）继承我的所有权人与经理人一定会遵循我的投资哲学 （3）Berkshire的盈余会因为出售我个人的专用飞机…无可辩解号，每年可增加100万美元（不要管我希望让她陪葬的遗愿）。
About 97。3％ of all eligible shares participated in Berkshire's 1990 shareholder…designated contributions program。 Contributions made through the program were 5。8 million； and 2；600 charities were recipients。
大约有97。3％的有效股权参与1990年的股东指定捐赠计划，总计约580万美元捐出的款项分配给2；600家慈善机构。
We suggest that new shareholders read the description of our shareholder…designated contributions program that appears on pages 54…55。 To participate in future programs； you must make sure your shares are registered in the name of the actual owner； not in the nominee name of a broker； bank or depository。 Shares not so registered on August 31； 1991 will be ineligible for the 1991 program。
我们敦促新加入的股东，仔细阅读年报上有关股东捐赠计画的详细内容，如果在未来年度内，你想要参加这类的计画，我们强烈建议你将股份登记在自己而不是受托人的名下，必须在1991年8月31日之前完成登记，才有权利参与1991年的捐赠计画。
In addition to the shareholder…designated contributions that Berkshire distributes； managers of our operating businesses make contributions； including merchandise； averaging about 1。5 million annually。 These contributions support local charities； such as The United Way； and produce roughly mensurate benefits for our businesses。
Berkshire除了透过股东指定捐赠计画对外捐赠之外，我们旗下事业的经理人每年也会透过公司对外捐赠，包含商品在内每年平均金额约在150万美元左右。这些捐赠主要是赞助当地像是联合劝募等慈善团体，所得的效益应该与我们所捐出的相当。
However； neither our operating managers nor officers of the parent pany use Berkshire funds to make contributions to broad national programs or charitable activities of special personal interest to them； except to the extent they do so as shareholders。 If your employees； including your CEO； wish to give to their alma maters or other institutions to which they feel a personal attachment； we believe they should use their own money； not yours。
然而不管是旗下事业或是母公司的经理人在利用Berkshire的资金对外捐赠给全国性组织或特别利益团体时，都是以站在股东利益立场所应该做的，相对地若是你的员工也包含CEO在内，想要与其校友会或其它人建立个人关系的，我们认为他们最好是用自己的钱，而不是从你的口袋里掏钱。
The annual meeting this year will be held at the Orpheum Theater in downtown Omaha at 9：30 a。m。 on Monday； April 29； 1991。 Attendance last year grew to a record 1；300； about a 100…fold increase from ten years ago。
今年的股东会预计在1991年4月29日，星期一早上9点30分举行在Orpheum中心召开，去年股东会参加人数突破1；300人，大概是十年前的一百倍。
We remend getting your hotel reservations early at one of these hotels： （1） The Radisson…Redick Tower； a small （88 rooms） but nice hotel across the street from the Orpheum； （2） the much larger Red Lion Hotel； located about a five…minute walk from the Orpheum； or （3） the Marriott； located in West Omaha about 100 yards from Borsheim's and a twenty minute drive from downtown。 We will have buses at the Marriott that will leave at 8：30 and 8：45 for the meeting； and return after it ends。
我们建议大家最好先向以下旅馆预订房间（1）Radisson…Redick旅馆…就位在Orpheum中心对街拥有88个房间的一家小旅馆（2）�