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eligible for the 1993 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1993年8月31日之前完成登记，才有权利参与1993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 2。0 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。
This year the Annual Meeting will be held at the Orpheum Theater in downtown Omaha at 9：30 a。m。 on Monday； April 26； 1993。 A record 1；700 people turned up for the meeting last year； but that number still leaves plenty of room at the Orpheum。
今年的股东会预计在1993年4月26日，星期一早上9点30分在位于奥玛哈市中心的Orpheum中心召开，去年股东会参加人数又创新高突破1；700人，不过会场还是剩下很多座位。
We remend that you get 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； which is 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）较大一点的Red Lion旅馆…离Orpheum中心约五分钟路程，或是（3）Marriott位在奥玛哈西区，离波仙珠宝店约100公尺，开车到市中心约需20分钟，届时将会有巴士接送大家往返股东会会场。
Charlie and I always enjoy the meeting； and we hope you can make it。 The quality of our shareholders is reflected in the quality of the questions we get： We have never attended an annual meeting anywhere that features such a consistently high level of intelligent； owner…related questions。
查理跟我一向都很喜欢开股东会，我也希望大家能够来参加，我们股东的素质可由大家所提出的问题看得出来，我们参加过很多股东会，但从来没有别的公司的股东像Berkshire的股东一样由高智能水准与经营者荣枯与共的股东组合。
An attachment to our proxy material explains how you can obtain the card you will need for admission to the meeting。 With the admission card； we will enclose information about parking facilities located near the Orpheum。 If you are driving； e a little early。 Nearby lots fill up quickly and you may have to walk a few blocks。
后面附有股东会开会投票的相关资料，跟各位解释如何拿到入场所许的识别证，由于开会当天会场不好停车，如果你开车过来，记得早一点到，否则附近的车位很快就会停满，你可能就必须要停远一点，再走路过来。
As usual； we will have buses to take you to Nebraska Furniture Mart and Borsheim's after the meeting and to take you from there to downtown hotels or the airport later。 I hope that you will allow plenty of time to fully explore the attractions of both stores。 Those of you arriving 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。 While there； stop at the See's Candy Cart and find out for yourself why Charlie and I are a good bit wider than we were back in 1972 when we bought See's。
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，到那里时记得到喜斯糖果摊逛逛，你就知道为何我跟查理在1972年买下喜斯之后，腰围会有如此大的变化了。
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 25。 Charlie and I will be in attendance； sporting our jeweler's loupes； and ready to give advice about gems to anyone foolish enough to listen。 Also available will be plenty of Cherry Cokes； See's candies； and other lesser goodies。 I hope you will join us。
波仙星期天通常不开门营业，但在股东会期间特别为股东与来宾开放，4月25日星期天从中午开到下午6点，当天查理跟我都会带着放大镜出席，预备提供任何人都知道的，如何鉴定宝石的基本常识，现场还备有樱桃可乐、喜斯糖果及其它纪念品，我希望大家都能够来参加。
一九九三
Our per…share book value increased 14。3％ during 1993。 Over the last 29 years （that is； since present management took over） book value has grown from 19 to 8；854； or at a rate of 23。3％ pounded annually。
1993年本公司的净值成长了14。3％，总计过去29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8；854美元，年复合成长率约为23。3％。
During the year； Berkshire's net worth increased by 1。5 billion； a figure affected by two negative and two positive non…operating items。 For the sake of pleteness； I'll explain them here。 If you aren't thrilled by accounting； however； feel free to fast…forward through this discussion：
回顾过去一年，Berkshire的净值增加了15亿美元，主要受到两项负面以及两项正面非营业的因素所影响，为了做完整的表达，我将它们条列如下，若是大家对于会计有点感冒，大可直接跳过本段不看。
1。 The first negative was produced by a change in Generally Accepted Accounting Principles （GAAP） having to do with the taxes we accrue against unrealized appreciation in the securities wecarry at market value。 The old rule said that the tax rate used should be the one in effect when the appreciation took place。 Therefore； at the end of 1992； we were using a rate of 34％ on the 6。4 billion of gains generated after 1986 and 28％ on the 1。2 billion of gains generated before that。 The new rule stipulates that the current tax rate should be applied to all gains。 The rate in the first quarter of 1993； when this rule went into effect； was 34％。Applying that rate to our pre…1987 gains reduced net worth by 70 million。
1．一个负面因素是由于一般公认会计原则变动所造成，主要与帐上依照市价计算的未实现增值利益所估列的所得税有关，原来规定税率必须按照涨价所发生时点来计算，因此在1992年底，我们的未实现利益也64亿美元系按照34％计算，其余12亿则按28％计算；而新的规定则改成全部依照现行税率计算，故1993年第一季所适用的税率则为34％，包含1987年以前的未实现利得在内全部适用，此举将使得我们的净值因此减少7；000万美元。
2。 The second negative； related to the first； came about because the corporate tax rate was raised in the third quarter of 1993 to 35％。 This change required us to make an additional charge of 1％ against all of our unrealized gains； and that charge penalized net worth by 75 million。 Oddly； GAAP required both this charge and the one described above to be deducted from the earnings we report； even though the unrealized appreciation that gave rise to the charges was never included in earnings； but rather was credited directly to net worth。
2。第二个负面因素与第一个也有关，因为从1993年开始企业税率提高为35％，此举又使得我们必须为帐上未实现利得多提1％的税负，导致我们的净值又减少7；500万美元，奇怪的是一般公认会计原则要求这两项变动皆须列入损益表，却不顾当初这些未实现利得根本就从未列入盈余之内，而是直接当作是净值的增加。
3。 Another 1993 change in GAAP affects the value at which we carry the securities that we own。 In recent years； both the mon stocks and certain mon…equivalent securities held by our insurance panies have been valued at market； whereas equities held by our non…insurance subsidiaries or by the parent pa