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d soundly invested。 A sale would change the form of your wealth； but it wouldn't change its amount。 If you sell； you will have exchanged a 100％…owned valuable asset that you understand for another valuable asset cash that will probably be invested in small pieces （stocks） of other businesses that you understand less well。 There is often a sound reason to sell but； if the transaction is a fair one； the reason is not so that the seller can bee wealthier。
另外也必须要提醒你在交易完成后，你并不会比原来还富有，因为拥有原来的事业已经让你用最有利的投资方式赚了很多钱，整个交易只会让你的财富形式有所改变，但基本上金额数量并不会改变，若你要卖，你可以确定将能够把原有100％持有且熟悉的资产，换得另外一种资产…现金，或再加上一小部份你比较不熟悉的企业股份，要做出出售的决定总有许多理由，但若整个交易是公平合理的话，这个理由绝对不是卖方因此可以变得更富有。
I will not pester you； if you have any possible interest in selling； I would appreciate your call。 I would be extraordinarily proud to have Berkshire； along with the key members of your family； own ___I believe we would do very well financially； and I believe you would have just as much fun running the business over the next 20 years as you have had during the past 20。我不会刻意纠缠你，但若你有任何的意愿想要出售的话，我会很乐意接到你的电话，我很荣幸能够让Berkshire与你的家族成员一起拥有这份事业；我相信公司在财务上一定会变得更好，而我也相信在未来的20年内，你也会像过去20年来一样，愉快地继续经营这份事业。
一九九一
Our gain in net worth during 1991 was 2。1 billion； or 39。6％。 Over the last 27 years （that is； since present management took over） our per…share book value has grown from 19 to 6；437； or at a rate of 23。7％ pounded annually。
1991年本公司的净值成长了21亿美元，较去年增加了39。6％，而总计过去27年以来，也就是自从现有经营阶层接手之后，每股净值从19元成长到现在的6；437美元，年复合成长率约为23。7％。
The size of our equity capital … which now totals 7。4 billion … makes it certain that we cannot maintain our past rate of gain or； for that matter； e close to doing so。 As Berkshire grows； the universe of opportunities that can significantly influence the pany's performance constantly shrinks。 When we were working with capital of 20 million； an idea or business producing 1 million of profit added five percentage points to our return for the year。 Now we need a 370 million idea （i。e。； one contributing over 550 million of pre…tax profit） to achieve the same result。 And there are many more ways to make 1 million than to make 370 million。
现在我们股东权益的资金规模已高达74亿美元，所以可以确定的是，我们可能再也无法像过去那样继续维持高成长，而随着Berkshire不断地成长，世上所存可以大幅影响本公司表现的机会也就越来越少。当我们操作的资金只有2；000万美元的时候，一项获利100万美元的案子就可以使得我们的年报酬率增加5％，但时至今日，我们却要有3。7亿美元的获利（要是以税前计算的话，更要5。5亿美元），才能达到相同的效果，而要一口气赚3。7亿美元比起一次赚100万美元的难度可是高的多了。
Charlie Munger； Berkshire's Vice Chairman； and I have set a goal of attaining a 15％ average annual increase in Berkshire's intrinsic value。 If our growth in book value is to keep up with a 15％ pace； we must earn 22 billion during the next decade。 Wish us luck … we'll need it。
查理孟格…Berkshire的副主席与我一起设定，以15％做为每年公司实质价值成长的目标，也就是说如果在未来十年内，公司要能达到这个目标，则帐面净值至少要增加22亿美元，请大家祝我们好运吧！ 我们真的很需要祝福。
Our outsized gain in book value in 1991 resulted from a phenomenon not apt to be repeated： a dramatic rise in the price…earnings ratios of Coca…Cola and Gillette。 These two stocks accounted for nearly 1。6 billion of our 2。1 billion growth in net worth last year。 When we loaded up on Coke three years ago； Berkshire's net worth was 3。4 billion； now our Coke stock alone is worth more than that。
我们在1991年所经历帐面数字的超额成长是一种不太可能再发生的现象，受惠于可口可乐与吉列刮胡刀本益比的大幅飙升，光是这两家公司就合计贡献了我们去年21亿美元净值成长中的16亿美元，三年前当我们大笔敲进可口可乐股票的时候，Berkshire的净值大约是34亿美元，但是现在光是我们持有可口可乐的股票市值就超过这个数字。
Coca…Cola and Gillette are two of the best panies in the world and we expect their earnings to grow at hefty rates in the years ahead。 Over time； also； the value of our holdings in these stocks should grow in rough proportion。 Last year； however； the valuations of these two panies rose far faster than their earnings。 In effect； we got a double…dip benefit； delivered partly by the excellent earnings growth and even more so by the market's reappraisal of these stocks。 We believe this reappraisal was warranted。 But it can't recur annually： We'll have to settle for a single dip in the future。
可口可乐与吉列刮胡刀可说是当今世上最好的两家公司，我们预期在未来几年他们的获利还会以惊人的速度成长，相对地我们持股的价值也会以等比例的程度增加，然而另一方面去年这两家公司的股价上涨的幅度却远高于其本身获利增长的幅度，所以说去年我们是两面得利，一方面是靠公司绝佳的获利能力，一方面是市场对于公司股票的重新评价，当然我们认为这样的调整是经得起考验的，但这种情况不太可能每年都发生，展望未来我们可能只能靠前面那点而获益。
A Second Job第二件工作
In 1989 when I … a happy consumer of five cans of Cherry Coke daily … announced our purchase of 1 billion worth of Coca…Cola stock； I described the move as a rather extreme example of putting our money where my mouth was。 On August 18 of last year； when I was elected Interim Chairman of Salomon Inc； it was a different story： I put my mouth where our money was。
1989年当我以每天五瓶樱桃可乐的爱用者身分，宣布买进价值10亿美元的可口可乐股票时，我曾形容这项举动其实只是将钱花在嘴巴上的最佳例证，在去年8月18日当我被推举为所罗门公司的临时主席时，则完全是另外一件事，这次我把嘴巴摆在我们的钱上。
You've all read of the events that led to my appointment。 My decision to take the job carried with it an implicit but important message： Berkshire's operating managers are so outstanding that I knew I could materially reduce the time I was spending at the pany and yet remain confident that its economic progress would not skip a beat。 The Blumkins； the Friedman family； Mike Goldberg； the Heldmans； Chuck Huggins； Stan Lipsey； Ralph Schey and Frank Rooney （CEO of H。H。 Brown； our latest acquisition； which I will describe later） are all masters of their operations and need no help from me。 My job is merely to treat them right and to allocate the capital they generate。 Neither function is impeded by my work at Salomon。
我想大家应该都已经从报上看过有关我个人任命为所罗门董事会临时主席的报导，我之所以愿意接受这个职位具有一个深刻且重要的意义，那就是Berkshire旗下事业的经理人是如此的优秀，让我可能很放心的时间摆在别的心思之上，而完全不必担心公司的营运会走样，Blumkins家族、Friedman 家族、Mike Goldberg、the Heldmans、Chuck Huggins、Stan Lipsey 、Ralph Schey与Frank Rooney（我们最新购并的HH Brown鞋业的CEO，后面还会有详细的介绍）等人，都是所属产业的龙头，因此根本就不需要我个人的协助，我的工作只是要思考如何更公平合理地对待他们，同时有效地运用他们所产生出来的资金，而这两方面都不会因为我在所罗门的工作而受到影响。
The role that Charlie and I play in the success of our operating units can be illustrated by a story about George Mira； the one…time quarterback of the University of Miami； and his coach； Andy Gustafson。