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t 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。