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precision。 Right now； accounting abounds with imprecision。 After all； no manager or auditor knows how long a 747 is going to last； which means he also does not know what the yearly depreciation charge for the plane should be。 No one knows with any certainty what a bank's annual loan loss charge ought to be。 And the estimates of losses that property…casualty panies make are notoriously inaccurate。
公司股东们必须了解当公司将某些有价值的东西交给别人，实际上就已经发生成本了，而不是等到现金付出去时才算，还有一点，如果有人说因为所付出的实在是难以准确衡量，因此就可以不须认列成本，这实在是既愚蠢又让人啼笑皆非的说法。会计这档子事本来就充满的不确定性，有哪一个经理人或是会计师可以正确的预估一架波音747客机的寿命到底有多久，那么难道他就不能估列这架飞机一年所需分担的折旧费用有多少吗？ 何况像是产险业的损失估计更是有名的不准。
Does this mean that these important items of cost should be ignored simply because they can't be quantified with absolute accuracy？ Of course not。 Rather； these costs should be estimated by honest and experienced people and then recorded。 When you get right down to it； what other item of major but hard…to…precisely…calculate cost … other； that is； than stock options … does the accounting profession say should be ignored in the calculation of earnings？
所以难道这类重大的成本项目，就可以因为一句难以估计而加以省略吗？ 当然不行，相反地这些成本应该由诚实有经验的人加以估算并认列在帐上，而说到这里，没有其它任何成本，会像员工认股权成本金额既高影响更重大的了，难道会计师在计算年度损益时真的可以将这个项目刻意省略不计吗？
Moreover； options are just not that difficult to value。 Admittedly； the difficulty is increased by the fact that the options given to executives are restricted in various ways。 These restrictions affect value。 They do not； however； eliminate it。 In fact； since I'm in the mood for offers； I'll make one to any executive who is granted a restricted option； even though it may be out of the money： On the day of issue； Berkshire will pay him or her a substantial sum for the right to any future gain he or she realizes on the option。 So if you find a CEO who says his newly…issued options have little or no value； tell him to try us out。 In truth； we have far more confidence in our ability to determine an appropriate price to pay for an option than we have in our ability to determine the proper depreciation rate for our corporate jet。
更何况，选择权也不是那么地难以估计，虽然授与经理人的选择权，因为加了许多限制条款，而使得计算的难度增加，所代表的价值也略微减少，但却从不表示他们就完全没有价值，事实上，如果我们旗下的经理人愿意，我也可以提供给他们有限制的认股权作为报酬奖励，而在发行的那天，虽然行使的价格远高于现在的市价，但Berkshire还是必须因此付出一大笔金额，好让他们能在未来年度行使这项认股权，所以如果若你遇到任何一位总裁跟你说他发行的认股权一点价值都没有的话，告诉他来找我们试一试，事实上比起决定企业专机每年的折旧费用，对于认股权的评价我们觉得有信心多了。
It seems to me that the realities of stock options can be summarized quite simply： If options aren't a form of pensation； what are they？ If pensation isn't an expense； what is it？ And； if expenses shouldn't go into the calculation of earnings； where in the world should they go？
总而言之，个人对于认股权的看法可以归纳为以下简单几点。如果认股权不算是对经理人的一种报酬的话，那么它又算是什么？ 而如果一家公司可以不必把报酬列为是一种费用的话，那么它又算是什么？ 又如果一家公司可以不必把费用列入盈余计算的话，那么它到底又跑到哪里去了呢？
The accounting profession and the SEC should be shamed by the fact that they have long let themselves be muscled by business executives on the option…accounting issue。 Additionally； the lobbying that executives engage in may have an unfortunate by…product： In my opinion； the business elite risks losing its credibility on issues of significance to society … about which it may have much of value to say … when it advocates the incredible on issues of significance to itself。
会计学者以及证管会应该对于选择权会计长期受到企业牵制而感到羞愧，此外企业长期不遗余力的游说也会产生相当不良的副作用，个人认为，企业人士竟会为了一己之私利而干冒为社会尽一份心力、失去重大议题公信力的风险。
Miscellaneous其它事项
We have two pieces of regrettable news this year。 First； Gladys Kaiser； my friend and assistant for twenty…five years； will give up the latter post after the 1993 annual meeting； though she will certainly remain my friend forever。 Gladys and I have been a team； and though I knew her retirement was ing； it is still a jolt。
今年我们有两件遗憾的消息，首先Gladys Kaiser我个人的朋友同时也是我25年的助理决定在1993年股东会后，辞去后面那项职务，虽然她永远都是我的好朋友，长久以来Gladys与我已培养出相当好的团队默契，虽然我老早就知道她准备退休的计画，但一时之间我还是不太能够接受这项事实。
Secondly； in September； Verne McKenzie relinquished his role as Chief Financial Officer after a 30…year association with me that began when he was the outside auditor of Buffett Partnership； Ltd。 Verne is staying on as a consultant； and though that job description is often a euphemism； in this case it has real meaning。 I expect Verne to continue to fill an important role at Berkshire but to do so at his own pace。 Marc Hamburg； Verne's understudy for five years； has succeeded him as Chief Financial Officer。
第二去年九月Verne McKenzie辞去在本公司长达30年的财务长职位，早期Verne曾担任巴菲特合伙企业的签证会计师，不过他将以顾问的名义继续留在Berkshire，虽然在大部分的情形下，这种顾问名义只是形式性的，但Verne却是真的会在Berkshire扮演重要的角色，只是会稍做调整以符合他本身的步调，而跟在Verne已有五年之久的Marc Hamburg，将会接替Verne担任Berkshire财务长的位置。
I recall that one woman； upon being asked to describe the perfect spouse； specified an archeologist： 〃The older I get；〃 she said； 〃the more he'll be interested in me。〃 She would have liked my tastes： I treasure those extraordinary Berkshire managers who are working well past normal retirement age and who conitantly are achieving results much superior to those of their younger petitors。 While I understand and empathize with the decision of Verne and Gladys to retire when the calendar says it's time； theirs is not a step I wish to encourage。 It's hard to teach a new dog old tricks。
我一直记得有个女人曾经被问到什么样的男人是最理想的终身伴侣，她回答说：「考古学家！因为我越老，他就越对我有兴趣。」我想她也应该会喜欢我的品味，对于Berkshire这群老早就超过他们退休年龄的资深经理人，我特别珍惜，因为相较之下他们远比那些年轻许多的同侪表现要出色的多，不过我还是相当尊重Verne与Gladys决定退休的想法，时间到了就必须休息，当然我也绝对不鼓励其它人这样做，因为实在很难教新狗老把戏。
I am a moderate in my views about retirement pared to Rose Blumkin； better known as Mrs。 B。 At 99； she continues to work seven days a week。 And about her； I have some particularly good news。
对于退休年龄的看法比起B太太我可算是温和的多，现年99岁的她还是一样每周工作七天，提到她我有一项好消息要报告。
You will remember that after her family sold 80％ of Nebraska Furniture Mart （NFM） to Berkshire in 1983； Mrs。 B continued to be Chairman and run the carpet operation。 In 1989； however； she left because of a managerial disagreement and opened up her own operation next door in a large building that she had owned for several years。 In her new business； she ran the carpet section but leased out ot