±´¿Çµç×ÓÊé > ¾­¼Ã¹ÜÀíµç×ÓÊé > e8¶«µÄÐÅ _×÷Õß: ÃÀ ÎÖÂס¤°Í·ÆÌØ >

µÚ98ÕÂ

e8¶«µÄÐÅ _×÷Õß: ÃÀ ÎÖÂס¤°Í·ÆÌØ-µÚ98ÕÂ

С˵£º e8¶«µÄÐÅ _×÷Õß: ÃÀ ÎÖÂס¤°Í·ÆÌØ ×ÖÊý£º ÿҳ4000×Ö

°´¼üÅÌÉÏ·½Ïò¼ü ¡û »ò ¡ú ¿É¿ìËÙÉÏÏ·­Ò³£¬°´¼üÅÌÉ쵀 Enter ¼ü¿É»Øµ½±¾ÊéĿ¼ҳ£¬°´¼üÅÌÉÏ·½Ïò¼ü ¡ü ¿É»Øµ½±¾Ò³¶¥²¿£¡
¡ª¡ª¡ª¡ªÎ´ÔĶÁÍꣿ¼ÓÈëÊéÇ©ÒѱãÏ´μÌÐøÔĶÁ£¡



118£»683 263£»265£¨1£©£¨2£© 300£»000£¨1£© 50£»000£¨1£©£¨2£© 285£»683 714£»000£¨1£© 232£»700£¨1£© 203£»071
£¨1£©Fair¡¡value¡¡as¡¡determined¡¡by¡¡Charlie¡¡and¡¡me¡¡£¨1£©¹«Æ½¼ÛÖµÊÇÓɲéÀí¸úÎÒÀ´ÅжÏ
£¨2£©¡¡Carrying¡¡value¡¡in¡¡our¡¡financial¡¡statements¡¡£¨2£©ÊÇÖ¸²ÆÎñ±¨±íÉϵÄÕÊÃæ¼ÛÖµ
Our¡¡40¡¡million¡¡of¡¡First¡¡Empire¡¡State¡¡preferred¡¡carries¡¡a¡¡9£¥¡¡coupon£»¡¡is¡¡non¡­callable¡¡until¡¡1996¡¡and¡¡is¡¡convertible¡¡at¡¡78¡£91¡¡per¡¡share¡£¡¡Normally¡¡I¡¡would¡¡think¡¡a¡¡purchase¡¡of¡¡this¡¡size¡¡too¡¡small¡¡for¡¡Berkshire£»¡¡but¡¡I¡¡have¡¡enormous¡¡respect¡¡for¡¡Bob¡¡Wilmers£»¡¡CEO¡¡of¡¡First¡¡Empire£»¡¡and¡¡like¡¡being¡¡his¡¡partner¡¡on¡¡any¡¡scale¡£
ÎÒÃÇÔÚµÚÒ»µÛ¹ú9£¥ÊÕÒæÂʵÄÌرð¹ÉͶ×ÊÁË4£»000ÍòÃÀÔª£¬ÔÚ1996ÄêÇ°¹«Ë¾ÎÞ·¨Êê»Ø£¬Ã¿¹Éת»»¼Û¸ñ¶©Îª78¡£91ÃÀÔª£¬Í¨³£ÎÒ»áÈÏΪÕâÑùµÄ¹æÄ£¶ÔÓÚBerkshireÀ´ËµÊµÔÚÊÇ̫СÁË£¬µ«ÓÉÓÚÎÒÃǶÔÓڸù«Ë¾×ܲÃBob¡¡WilmersʵÔÚÊǹýÓڳ羴£¬ËùÒÔ²»¹Ü½ð¶î´óС£¬»¹ÊÇÏ£ÍûÓлú»áÄÜÓëËûÒ»ÆðºÏ»ï¹²Ê¡£
Our¡¡American¡¡Express¡¡preferred¡¡is¡¡not¡¡a¡¡normal¡¡fixed¡­ine¡¡security¡£¡¡Rather¡¡it¡¡is¡¡a¡¡¡¨Perc£»¡¨¡¡which¡¡carries¡¡a¡¡fixed¡¡dividend¡¡of¡¡8¡£85£¥¡¡on¡¡our¡¡300¡¡million¡¡cost¡£¡¡Absent¡¡one¡¡exception¡¡mentioned¡¡later£»¡¡our¡¡preferred¡¡must¡¡be¡¡converted¡¡three¡¡years¡¡after¡¡issuance£»¡¡into¡¡a¡¡maximum¡¡of¡¡12£»244£»898¡¡shares¡£¡¡If¡¡necessary£»¡¡a¡¡downward¡¡adjustment¡¡in¡¡the¡¡conversion¡¡ratio¡¡will¡¡be¡¡made¡¡in¡¡order¡¡to¡¡limit¡¡to¡¡414¡¡million¡¡the¡¡total¡¡value¡¡of¡¡the¡¡mon¡¡we¡¡receive¡£¡¡Though¡¡there¡¡is¡¡thus¡¡a¡¡ceiling¡¡on¡¡the¡¡value¡¡of¡¡the¡¡mon¡¡stock¡¡that¡¡we¡¡will¡¡receive¡¡upon¡¡conversion£»¡¡there¡¡is¡¡no¡¡floor¡£¡¡The¡¡terms¡¡of¡¡the¡¡preferred£»¡¡however£»¡¡include¡¡a¡¡provision¡¡allowing¡¡us¡¡to¡¡extend¡¡the¡¡conversion¡¡date¡¡by¡¡one¡¡year¡¡if¡¡the¡¡mon¡¡stock¡¡is¡¡below¡¡24¡£50¡¡on¡¡the¡¡third¡¡anniversary¡¡of¡¡our¡¡purchase¡£
ÖÁÓÚÃÀ¹úÔËͨµÄͶ×ÊÔò²»ÊÇÒ»°ãµÄ¹Ì¶¨ÊÕÒæ֤ȯ£¬ËüËãÊÇÒ»ÖÖPerc¡­Ã¿Äê¿ÉÒÔΪÎÒÃÇ3ÒÚÃÀÔªµÄͶ×ʹ±Ï×8¡£85£¥µÄ¹ÉÀûÊÕÈ룬³ýÁ˽ÓÏÂÀ´»áÌáµ½µÄÒ»¸öÌص㣬ÄǾÍÊÇÎÒÃǵÄÌرð¹ÉÔÚ·¢ÐкóµÄÈýÄê¿ÉÒÔת»»³É×î¶à12£»244£»898¹ÉµÄÆÕͨ¹É£¬ÈôÓбØÒªÎÒÃÇ¿Éת»»µÄ¹É·Ý¿ÉÄÜ»áÏòϵ÷Õû£¬ÒÔÈ·¶¨ÎÒÃÇËùÊÕµ½µÄ¹É·Ý×ÜÖµ²»Äܹ»³¬¹ý4¡£14ÒÚÃÀÔª£¬ËäÈ»¶ÔÓÚ¿ÉÄÜÈ¡µÃµÄÆÕͨ¹É¼ÛÖµÓÐÆäÉÏÏÞ£¬µ«Ïà¶ÔµØȴûÓÐÏÂÏÞ£¬²»¹ýÕâÑùµÄÌرðÌõ¿î»¹°üº¬ÈôÊÇÈýÄêÆÚÏÞµ½Ê±¹«Ë¾¹É¼ÛµÍÓÚ24¡£5ÃÀԪʱ£¬¿ÉÒÔÓÐȨÇëÇóÑÓ³¤×ª»»ÆÚÏÞÒ»Äê¡£
Overall£»¡¡our¡¡fixed¡­ine¡¡investments¡¡have¡¡treated¡¡us¡¡well£»¡¡both¡¡over¡¡the¡¡long¡¡term¡¡and¡¡recently¡£¡¡We¡¡have¡¡realized¡¡large¡¡capital¡¡gains¡¡from¡¡these¡¡holdings£»¡¡including¡¡about¡¡152¡¡million¡¡in¡¡1991¡£¡¡Additionally£»¡¡our¡¡after¡­tax¡¡yields¡¡have¡¡considerably¡¡exceeded¡¡those¡¡earned¡¡by¡¡most¡¡fixed¡­ine¡¡portfolios¡£
×ܵÄÀ´Ëµ£¬²»¹Ü×î½ü»òÊÇÊdz¤ÆÚ¶øÑÔ£¬ÎÒÃÇÔڹ̶¨ÊÕÒæ֤ȯÉϵÄͶ×ʱíÏÖ»¹Ëã²»´í£¬¿¿×ÅÕâÑùµÄͶ×ÊÎÒÃÇ׬ȡ´óÁ¿µÄ×ʱ¾ÀûµÃ£¬ÔÚ1991ÄêÕâ¸öÊý×Ö´óÔ¼ÔÚ1¡£52ÒÚÃÀÔª×óÓÒ£¬´ËÍâÎÒÃǵÄË°ºóͶ×ʱ¨³êÂÊÒ²Ô¶¸ßÓÚÒ»°ãµÄ¹Ì¶¨ÊÕÒæ֤ȯ¡£
Nevertheless£»¡¡we¡¡have¡¡had¡¡some¡¡surprises£»¡¡none¡¡greater¡¡than¡¡the¡¡need¡¡for¡¡me¡¡to¡¡involve¡¡myself¡¡personally¡¡and¡¡intensely¡¡in¡¡the¡¡Salomon¡¡situation¡£¡¡As¡¡I¡¡write¡¡this¡¡letter£»¡¡I¡¡am¡¡also¡¡writing¡¡a¡¡letter¡¡for¡¡inclusion¡¡in¡¡Salomon's¡¡annual¡¡report¡¡and¡¡I¡¡refer¡¡you¡¡to¡¡that¡¡report¡¡for¡¡an¡¡update¡¡on¡¡the¡¡pany¡£¡¡£¨Write¡¡to£º¡¡Corporate¡¡Secretary£»¡¡Salomon¡¡Inc£»¡¡Seven¡¡World¡¡Trade¡¡Center£»¡¡New¡¡York£»¡¡NY¡¡10048£©¡¡Despite¡¡the¡¡pany's¡¡travails£»¡¡Charlie¡¡and¡¡I¡¡believe¡¡our¡¡Salomon¡¡preferred¡¡stock¡¡increased¡¡slightly¡¡in¡¡value¡¡during¡¡1991¡£¡¡Lower¡¡interest¡¡rates¡¡and¡¡a¡¡higher¡¡price¡¡for¡¡Salomon's¡¡mon¡¡produced¡¡this¡¡result¡£
²»¹ýÔÚÕâÆÚ¼äÒ²·¢ÉúһЩСÒâÍ⣬µ±È»Ã»ÓÐÏñËùÂÞÃÅʼþÄÇÑùÈÃÎÒ±¾È˶¼Ìø½øÈ¥£¬µ±ÎÒÔÚ׫дÕâ·âÐÅʱ£¬ÎÒҲͬʱдÁËÒ»·âÐÅÒª·ÅÔÚËùÂÞÃŵÄÄê¶È±¨¸æÖ®ÄÚ£¬ÎÒ˳±ãÌá³öÀ´ËãÊǶÔÓڸù«Ë¾½ü¿öµÄÒ»·Ý±¨¸æ£¬£¨Ð´¸øŦԼµÚÆßÊÀó´óÂ¥ËùÂÞÃŹ«Ë¾£©£¬ËäÈ»¹«Ë¾Ôâ·ê²»ÐÒ£¬µ«²éÀí¸úÎÒ¶¼ÏàÐÅ£¬Ä¿Ç°µÍÀûÂʵĻ·¾³¼ÓÉÏËùÂÞÃÅÆÕͨ¹ÉµÄ¹É¼Û»ØÉý£¬Ê¹ÎÒÃÇÔÚËùÂÞÃŵÄÌرð¹É¼ÛÖµÒÑÂÔ¼ûÔö¼Ó¡£
Last¡¡year¡¡I¡¡told¡¡you¡¡that¡¡our¡¡USAir¡¡investment¡¡¡¨should¡¡work¡¡out¡¡all¡¡right¡¡unless¡¡the¡¡industry¡¡is¡¡decimated¡¡during¡¡the¡¡next¡¡few¡¡years¡£¡¨¡¡Unfortunately¡¡1991¡¡was¡¡a¡¡decimating¡¡period¡¡for¡¡the¡¡industry£»¡¡as¡¡Midway£»¡¡Pan¡¡Am¡¡and¡¡America¡¡West¡¡all¡¡entered¡¡bankruptcy¡£¡¡£¨Stretch¡¡the¡¡period¡¡to¡¡14¡¡months¡¡and¡¡you¡¡can¡¡add¡¡Continental¡¡and¡¡TWA¡££©
È¥ÄêÎÒÔø¸æË߸÷λ³ý·Çº½¿ÕÒµµÄ¾­Óª»·¾³ÔÚδÀ´¼¸ÄêÄÚ¼ÓËÙ¶ñ»¯£¬·ñÔòÎÒÃÇÔÚÃÀ¹úº½¿ÕµÄͶ×ÊÓ¦¸Ã¿ÉÒÔÓв»´íµÄ½á¹û£¬²»¹ýºÜ²»ÐÒµÄËæ×ÅÖÐÃÀ¡¢·ºÃÀÓëÃÀÎ÷º½¿ÕÏà¼Ìµ¹±Õ£¬1991ÄêÕýÊǺ½¿ÕÒµ¼ÓËÙ¶ñ»¯µÄÒ»Ä꣬£¨ÈôÊÇ°Ñʱ¼äÑÓ³¤Îª14¸öÔ£¬Ôò»¹Òª°üÀ¨´ó½º½¿ÕÓëTWAÁ½¼Òº½¿Õ¹«Ë¾£©¡£
The¡¡low¡¡valuation¡¡that¡¡we¡¡have¡¡given¡¡USAir¡¡in¡¡our¡¡table¡¡reflects¡¡the¡¡risk¡¡that¡¡the¡¡industry¡¡will¡¡remain¡¡unprofitable¡¡for¡¡virtually¡¡all¡¡participants¡¡in¡¡it£»¡¡a¡¡risk¡¡that¡¡is¡¡far¡¡from¡¡negligible¡£¡¡The¡¡risk¡¡is¡¡heightened¡¡by¡¡the¡¡fact¡¡that¡¡the¡¡courts¡¡have¡¡been¡¡encouraging¡¡bankrupt¡¡carriers¡¡to¡¡continue¡¡operating¡£¡¡These¡¡carriers¡¡can¡¡temporarily¡¡charge¡¡fares¡¡that¡¡are¡¡below¡¡the¡¡industry's¡¡costs¡¡because¡¡the¡¡bankrupts¡¡don't¡¡incur¡¡the¡¡capital¡¡costs¡¡faced¡¡by¡¡their¡¡solvent¡¡brethren¡¡and¡¡because¡¡they¡¡can¡¡fund¡¡their¡¡losses¡¡¡­¡¡and¡¡thereby¡¡stave¡¡off¡¡shutdown¡¡¡­¡¡by¡¡selling¡¡off¡¡assets¡£¡¡This¡¡burn¡­the¡­furniture¡­to¡­provide¡­firewood¡¡approach¡¡to¡¡fare¡­setting¡¡by¡¡bankrupt¡¡carriers¡¡contributes¡¡to¡¡the¡¡toppling¡¡of¡¡previously¡­marginal¡¡carriers£»¡¡creating¡¡a¡¡domino¡¡effect¡¡that¡¡is¡¡perfectly¡¡designed¡¡to¡¡bring¡¡the¡¡industry¡¡to¡¡its¡¡knees¡£
±íÉÏÎÒÃǶÔÓÚÔÚÃÀ¹úº½¿ÕͶ×ʵÄÆÀ¼ÛÖ®ËùÒÔÈç´ËµÄµÍ£¬·´Ó¦³öÕû¸ö²úҵĿǰËùÃæÁÙµ½µÄ»ñÀûÇ°¾°²»¼ÑµÄ·çÏÕ£¬Õâ¸ö·çÏÕÓÖÒòΪ·¨Ôº¹ÄÀøÒѾ­Ðû²¼ÆƲúµÄº½¿Õ¹«Ë¾¼ÌÐøÓªÔ˶ø¸ü¼ÓÌá¸ß£¬ÕâЩͬҵµÃÒÔÓñÈÒ»°ã³É±¾»¹µÍµÄ¼Û¸ñ£¬ÒòΪËüÃÇÍêÈ«¿ÉÒÔ²»±ØÔÚºõÆäËü»¹ÑÊÑÊһϢµÄͬҵËùÐ踺µ£µÄ×ʽð³É±¾£¬ÒòΪΪÁ˱ÜÃâÓªÔËÍ£°Ú£¬ËüÃÇ¿ÉÒÔ¿¿×űäÂô×ʲúÀ´ÃÖ²¹Ëù·¢ÉúµÄËðʧ£¬ÕâÖÖ²ð¼Ò¾ßÄÃÀ´µ±²Ä»ðÉÕµÄ×ö·¨£¬ÓпÉÄܽøÒ»²½Î£¼°ÆäËüÓªÔË»¹ËãÕý³£µÄͬҵ£¬È»ºóÒý·¢¹ÇÅÆЧӦ£¬Ê¹µÃÕû¸ö²úÒµÒ»°ÜÍ¿µØ¡£
Seth¡¡Schofield£»¡¡who¡¡became¡¡CEO¡¡of¡¡USAir¡¡in¡¡1991£»¡¡is¡¡making¡¡major¡¡adjustments¡¡in¡¡the¡¡airline's¡¡operations¡¡in¡¡order¡¡to¡¡improve¡¡its¡¡chances¡¡of¡¡being¡¡one¡¡of¡¡the¡¡few¡¡industry¡¡survivors¡£¡¡There¡¡is¡¡no¡¡tougher¡¡job¡¡in¡¡corporate¡¡America¡¡than¡¡running¡¡an¡¡airline£º¡¡Despite¡¡the¡¡huge¡¡amounts¡¡of¡¡equity¡¡capital¡¡that¡¡have¡¡been¡¡injected¡¡into¡¡it£»¡¡the¡¡industry£»¡¡in¡¡aggregate£»¡¡has¡¡posted¡¡a¡¡net¡¡loss¡¡since¡¡its¡¡birth¡¡after¡¡Kitty¡¡Hawk¡£¡¡Airline¡¡managers¡¡need¡¡brains£»¡¡guts£»¡¡and¡¡experience¡¡¡­¡¡and¡¡Seth¡¡possesses¡¡all¡¡three¡¡of¡¡these¡¡attributes¡£
Seth¡¡SchofieldÔÚ1991Äê³ÉΪÃÀ¹úº½¿Õ¹«Ë¾µÄ×ܲã¬Õý¶ÔÕû¸ö¹«Ë¾µÄÓªÔË×ö³öÏ൱ÖØ´óµÄµ÷Õû£¬ÆÚÄÜÔö¼ÓÆä³ÉΪº½¿ÕÒµ½ö´æµÄ¼¸Î»ÐÒ´æÕßÖ®Ò»£¬ÔÚÃÀ¹úûÓбȾ­ÓªÒ»¼Òº½¿Õ¹«Ë¾»¹ÒªÀ§ÄѵÄÐÐÒµ£¬ËäÈ»´ó±ÊµÄ×ʽðÒѾ­Í¶Èëµ½Õâ¸ö²úÒµ£¬µ«ÊÇ´ÓСӥºÅµ®Éú¿ªÊ¼£¬º½¿ÕÒµÀúÊ·ÀÛ»ý¼Ó×ÜËù²úÉúµÄËðʧȴÊÇÏ൱¾ªÈË£¬º½¿Õ¹«Ë¾µÄ¾­ÀíÈËÐèÒªµÄ²»Ö»ÊÇÖÇÄÜ¡¢ÓÂÆø»¹ÒªÔÙ¼ÓÉϾ­Ñ飬¶øºÁÎÞÒÉÎʵģ¬Seth¡¡Í¬Ê±¾ßÓÐÒÔÉÏÈýÏîµÄÌØÖÊ¡£
MiscellaneousÆäËüÊÂÏî
About¡¡97¡£7£¥¡¡of¡¡all¡¡eligible¡¡shares¡¡participated¡¡in¡¡Berkshire's¡¡1991¡¡shareholder¡­designated¡¡contributions¡¡program¡£¡¡Contributions¡¡made¡¡through¡¡the¡¡program¡¡were¡¡6¡£8¡¡million£»¡¡and¡¡2£»630¡¡charities¡¡were¡¡recipients¡£
´óÔ¼ÓÐ97¡£7£¥µÄÓÐЧ¹ÉȨ²ÎÓë1991ÄêµÄ¹É¶«Ö¸¶¨¾èÔù¼Æ»®£¬×ܼÆÔ¼680ÍòÃÀÔª¾è³öµÄ¿îÏî·ÖÅä¸ø2£»630¼Ò´ÈÉÆ»ú¹¹¡£
We¡¡suggest¡¡that¡¡new¡¡shareholders¡¡read¡¡the¡¡description¡¡of¡¡our¡¡shareholder¡­designated¡¡contributions¡¡program¡¡that¡¡appears¡¡on¡¡pages¡¡48¡­49¡£¡¡To¡¡participate¡¡in¡¡future¡¡programs£»¡¡you¡¡must¡¡make¡¡sure¡¡your¡¡shares¡¡are¡¡registered¡¡in¡¡the¡¡name¡¡of¡¡the¡¡actual¡¡owner£»¡¡not¡¡in¡¡the¡¡nominee¡¡name¡¡of¡¡a¡¡broker£»¡¡bank¡¡or¡¡depository¡£¡¡Shares¡¡not¡¡so¡¡registered¡¡on¡¡August¡¡31£»¡¡1992¡¡will¡¡be¡¡ineligible¡¡for¡¡the¡¡1992¡¡program¡£
ÎÒÃǶشÙмÓÈëµÄ¹É¶«£¬×ÐϸÔĶÁÄ걨ÉÏÓйعɶ«¾èÔù¼Æ»­µÄÏêϸÄÚÈÝ£¬Èç¹ûÔÚδÀ´Äê¶ÈÄÚ£¬ÄãÏëÒª²Î¼ÓÕâÀàµÄ¼Æ»­£¬ÎÒÃÇÇ¿ÁÒ½¨ÒéÄ㽫¹É·ÝµÇ¼ÇÔÚ×Ô¼º¶ø²»ÊÇÊÜÍÐÈ˵ÄÃûÏ£¬±ØÐëÔÚ1992Äê8ÔÂ31ÈÕ֮ǰÍê³ÉµÇ¼Ç£¬²ÅÓÐȨÀû²ÎÓë1992ÄêµÄ¾èÔù¼Æ»­¡£
In¡¡addition¡¡to¡¡the¡¡shareholder¡­designated¡¡contributions¡¡that¡¡Berkshire¡¡distributes£»¡¡managers¡¡of¡¡our¡¡operating¡¡businesses¡¡make¡¡contributions£»¡¡including¡¡merchandise£»¡¡averaging¡¡about¡¡1¡£5¡¡million¡¡annually¡£¡¡These¡¡contributions¡¡support¡¡local¡¡charities£»¡¡such¡¡as¡¡The¡¡United¡¡Way£»¡¡and¡¡produce¡¡roughly¡¡mensurate¡¡benefits¡¡for¡¡our¡¡businesses¡£
Berkshire³ýÁË͸¹ý¹É¶«Ö¸¶¨¾èÔù¼Æ»­¶ÔÍâ¾èÔùÖ®Í⣬ÎÒÃÇÆìÏÂÊÂÒµµÄ¾­ÀíÈËÿÄêÒ²»á͸¹ý¹«Ë¾¶ÔÍâ¾èÔù£¬°üº¬ÉÌÆ·ÔÚÄÚÿÄêƽ¾ù½ð¶îÔ¼ÔÚ150ÍòÃÀÔª×óÓÒ¡£ÕâЩ¾èÔùÖ÷ÒªÊÇÔÞÖúµ±µØÏñÊÇÁªºÏȰļµÈ´ÈÉÆÍÅÌ壬ËùµÃµÄЧÒæÓ¦¸ÃÓëÎÒÃÇËù¾è³öµÄÏ൱¡£
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¡£
È»¶ø²»¹ÜÊÇÆìÏÂÊÂÒµ»òÊÇĸ¹«Ë¾µÄ¾­ÀíÈËÔÚÀûÓÃBerkshireµÄ×ʽð¶ÔÍâ¾èÔù¸øÈ«¹úÐÔ×éÖ¯»òÌرðÀûÒæÍÅÌåʱ£¬¶¼ÊÇÒÔÕ¾Ôڹɶ«ÀûÒæÁ¢³¡ËùÓ¦¸Ã×öµÄ£¬Ïà¶ÔµØÈôÊÇÄãµÄÔ±¹¤Ò²°üº¬CEOÔÚÄÚ£¬ÏëÒªÓëÆäУÓÑ»á»òÆäËüÈ˽¨Á¢¸öÈ˹ØϵµÄ£¬ÎÒÃÇÈÏΪËûÃÇ×îºÃÊÇÓÃ×Ô¼ºµÄÇ®£¬¶

·µ»ØĿ¼ ÉÏÒ»Ò³ ÏÂÒ»Ò³ »Øµ½¶¥²¿ ÔÞ£¨0£© ²È£¨0£©

Äã¿ÉÄÜϲ»¶µÄ