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ic business value （which we hope increases at a reasonable … or； better yet； unreasonable … rate）。 Charlie and I are bothered as much by significant overvaluation as significant undervaluation。 Both extremes will inevitably produce results for many shareholders that will differ sharply from Berkshire business results。 If our stock price instead consistently mirrors business value； each of our shareholders will receive an investment result that roughly parallels the business results of Berkshire during his holding period。
有两点是我们与其它挂牌公司最大不同的地方，第一我们不希望Berkshire的股价过高，主要是希望它能够反应的实质价值范围内交易（当然我们希望实质价值能够以合理的速度增加，当然能够不合理的增加更好），查理跟我都不希望，股价被过分高估或是被过分低估，两者都会使Berkshire的股东的获利与公司本身经营获利状况不相当，所以如果Berkshire的股价持续地反应企业实质的价值，则我们可以确定每个股东在他持有公司股份的期间所获得的利益，都能与公司本身营运的获利成等比。
Second； we wish for very little trading activity。 If we ran a private business with a few passive partners； we would be disappointed if those partners； and their replacements； frequently wanted to leave the partnership。 Running a public pany； we feel the same way。
第二我们希望交易量越少越好，如果我们经营的是一家只有几位合伙人的私人企业，我们也不希望合伙人时常进进出出合伙事业，经营一家公开上市公司也是同样的道理。
Our goal is to attract long…term owners who； at the time of purchase； have no timetable or price target for sale but plan instead to stay with us indefinitely。 We don understand the CEO who wants lots of stock activity； for that can be achievedonly if many of his owners are constantly exiting。 At what other organization … school； club； church； etc。 … do leaders cheer when members leave？ （However； if there were a broker whose livelihood depended upon the membership turnover in such organizations； you could be sure that there would be at least one proponent of activity； as in： here has not been much going on in Christianity for a while； maybe we should switch to Buddhism next week。？
我们希望能够吸引具有远见的投资人，在买进股份时，抱着打算与我们永远同在而不是订有卖出价格的时间表，我们实在不能理解为何有公司的CEO希望自己公司的股份交易量越多越好，这代表公司的股东组合会变来变去，在其它如学校、俱乐部、教堂等社会机构当中，没有主持人希望自己的组织成员离开的，（然而偏偏就有营业员就是要靠着说服成员离开组织来维生，你有没有听过有人劝你反正最近基督教也没有什么搞头，不如下礼拜大家改信佛教试一试）。
Of course； some Berkshire owners will need or want to sell from time to time； and we wish for good replacements who will pay them a fair price。 Therefore we try； through our policies； performance； and munications； to attract new shareholders who understand our operations； share our time horizons； and measure us as we measure ourselves。 If we can continue to attract this sort of shareholder … and； just as important； can continue to be uninteresting to those with short…term or unrealistic expectations … Berkshire shares should consistently sell at prices reasonably related to business value。
当然还是有些Berkshire股东需要或是想要偶尔把他持有的股份卖掉，而我们希望能够找到合适的人以适当的价格来接手，因此我们试着透过我们的政策、表现与沟通，吸引真正了解我们营运、认同我们理念并用同样的方式来对待我们的新股东，如果我们能够持续地吸引这种类型的股东，同时很重要的，让那些短视近利的投资人远离我们，相信Berkshire一定能够持续地以合理的价格交易买卖。
David L。 Dodd
大卫．陶德
Dave Dodd； my friend and teacher for 38 years； died last year at age 93。 Most of you don know of him。 Yet any long…time shareholder of Berkshire is appreciably wealthier because of the indirect influence he had upon our pany。
与我相交38年亦师亦友的大卫．陶德，于去年以高龄93岁过世，大多数的人可能都不知道他是谁，但是许多Berkshire的老股东却因为他对本公司的间接影响而受益良多。
Dave spent a lifetime teaching at Columbia University； and he co…authored Security Analysis with Ben Graham。 From the moment I arrived at Columbia； Dave personally encouraged and educated me； one influence was as important as the other。 Everything he taught me； directly or through his book； made sense。 Later； through dozens of letters； he continued my education right up until his death。
大卫终其一生在哥伦比亚大学教书，同时他也与葛拉罕合作著述「证券分析」一书，自从我到哥伦比亚之后，大卫不时地鼓励与教导我，给我的影响一个接着一个，他所教导我的很一件事，不论是直接或透过他的著作都非常有道理，后来毕业后，透过不断往来的信件，他给我的教育持续到他逝世之前。
I have known many professors of finance and investments but I have never seen any； except for Ben Graham； who was the match of Dave。 The proof of his talent is the record of his students： No other teacher of investments has sent forth so many who have achieved unusual success。
我认识许多财经与投资学的教授，除了葛拉罕以外，没有人可以比得上大卫，最好的证明就是他学生的成绩，没有其它投资学的教授可以造就出那么多杰出的英才。
When students left Dave classroom； they were equipped to invest intelligently for a lifetime because the principles he taught were simple； sound； useful； and enduring。 Though these may appear to be unremarkable virtues； the teaching of principles embodying them has been rare。
当学生离开大卫的教室，就代表着他们一生将具备有投资智能，因为他所教导的
原则是如此的简单、完整有用且持久，虽然这些特点看起来并不显著，但要将这
些原则教导给学生却不是一件容易的事。
It particularly impressive that Dave could practice as well as preach。 just as Keynes became wealthy by applying his academic ideas to a very small purse； so； too； did Dave。 Indeed； his financial performance far outshone that of Keynes； who began as a market…timer （leaning on business and credit…cycle theory） and converted； after much thought； to value investing。 Dave was right from the start。
让我印象最深刻的是大卫总是言行一致，就像凯恩斯运用自己研究出的学术观点来致富，大卫也是如此。事实上他在财务操作上的表现远比凯恩斯来得出色，凭借着企业与信用循环理论，之后再演变成价值投资，大卫一开始就选择了正确的方向。
In Berkshire investments； Charlie and I have employed the principles taught by Dave and Ben Graham。 Our prosperity is the fruit of their intellectual tree。
查理跟我运用大卫与葛拉罕所教的原则，在Berkshire的投资之上，我们的成功正代表着他们心血的结晶。
Miscellaneous
其它事项
We hope to buy more businesses that are similar to the ones we have； and we can use some help。 If you have a business that fits the following criteria； call me or； preferably； write。
我们希望能够买进更多像我们现在拥有一样的企业，当然我们可以透过大家的协助，如果你拥有符合以下条件的企业，记得打电话或者是写信告诉我，
Here what wee looking for：
（1） large purchases （at least 10 million of after…tax earnings）；
（2） demonstrated consistent earning power （future projections are of little interest to us； nor are urnaround？ situations）；
（3） businesses earning good returns on equity while employing little or no debt；
（4） management in place （we can supply it）；
（5） simple businesses （if there lots of technology； we won understand it）；
（6） an offering price （we don want to waste our time or that of the seller by talking； even preliminarily； about a transaction when price is unknown）。
我们想要找
（1）巨额交易（每年税后盈余至少有一千万美元）
（2）持续稳定获利（我们对�