e8东的信 _作者: 美 沃伦·巴菲特-第99节
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I can suggest three ways to address this problem。 The first would be useful to a married shareholder； who can give up to 20；000 annually to a single recipient； as long as the donor files a gift tax return containing his or her spouse's written consent to gifts made during the year。
对于这个问题，我个人提出三种解决的方案，第一对于已婚的股东，可以与配偶共同利用20；000美元的额度，只要在申报年度赠与税时，附上配偶的同意书即可。
Secondly； a shareholder； married or not； can make a bargain sale。 Imagine； for example； that Berkshire is selling for 12；000 and that one wishes to make only a 10；000 gift。 In that case； sell the stock to the giftee for 2；000。 （Caution： You will be taxed on the amount； if any； by which the sales price to your giftee exceeds your tax basis。）
第二不论结婚与否，股东可以考虑以较低的价格进行转让，例如假设Berkshire的股价为12；000美元，则股东可以考虑用2；000元的价格进行移转，则其间10；000美元的差价则视同赠与，（但是大家还是必须注意，若是价差超过你本身累积的免税额度时，还是要被课赠与税）。
Finally； you can establish a partnership with people to whom you are making gifts； fund it with Berkshire shares； and simply give percentage interests in the partnership away each year。 These interests can be for any value that you select。 If the value is 10；000 or less； the gift will be tax…free。
最后，你可考虑与你要赠与的对象成立合伙关系，以Berkshire的股份参与合伙，然后每年再将部份权益慢慢移转给合伙人，金额的大小可以由你自行决定，只要每年不超过10；000美元的上限，即可免课赠与税。
We issue the customary warning： Consult with your own tax advisor before taking action on any of the more esoteric methods of gift…making。
不过照惯例我们还是要提出警告，在从事比这些例子更极端的交易之前，最好还是跟你的税务顾问咨询一下比较妥当。
We hold to the view about stock splits that we set forth in the 1983 Annual Report。 Overall； we believe our owner…related policies … including the no…split policy … have helped us assemble a body of shareholders that is the best associated with any widely…held American corporation。 Our shareholders think and behave like rational long…term owners and view the business much as Charlie and I do。 Consequently； our stock consistently trades in a price range that is sensibly related to intrinsic value。
在1983年的年报中，我们曾经提到对于股票分割我们持保留的态度，毕竟我们相信我们以股东利益为优先的政策，也包含不分割股份在内，使得我们得以组成一群全美国企业中，最优秀的股东阵容，我们的股东不论是在想法或是做法上，都是长期稳健的投资人，同时与查理跟我一样看重公司，也因此Berkshire的股价也才能一直与公司本身的实质价值保持一致。
Additionally； we believe that our shares turn over far less actively than do the shares of any other widely…held pany。 The frictional costs of trading … which act as a major 〃tax〃 on the owners of many panies … are virtually non…existent at Berkshire。 （The market…making skills of Jim Maguire； our New York Stock Exchange specialist； definitely help to keep these costs low。） Obviously a split would not change this situation dramatically。 Nonetheless； there is no way that our shareholder group would be upgraded by the new shareholders enticed by a split。 Instead we believe that modest degradation would occur。
此外，我相信Berkshire股份的周转率比起其它公开发行的公司来说，要低的许多，股权交易所产生的摩擦成本，或是我们称之为持有股权主要的税负，在Berkshire身上几乎是看不到，（在纽约证券交易所负责我们股份交易的营业员…Jim Maguire藉由其搓合市场的能力使得我们的交易成本进一步下降），而很显然地，股份分割对于交易成本的降低贡献着实有限，而且股份分割也不可以使我们的股东阵容水准进一步提高，相反的我们认为因为股份分割而被引吸上门的新股东可能会使得我们的股东水准变得更低。
As I mentioned earlier； on December 16th we called our zero…coupon； convertible debentures for payment on January 4； 1993。 These obligations bore interest at 5 1/2％； a low cost for funds when they were issued in 1989； but an unattractive rate for us at the time of call。
先前曾经提到过，在12月16日我们宣布将于1993年1月4号将先前所发行的零息可转换债券赎回，这些债务在1989年发行的时候，所背负的资金成本大约在5。5％左右，在当时算是相当低的利率，但时至今日这样的利率水准并不吸引人，所以我们决定将他们给赎回。
The debentures could have been redeemed at the option of the holder in September 1994； and 5 1/2％ money available for no longer than that is not now of interest to us。 Furthermore； Berkshire shareholders are disadvantaged by having a conversion option outstanding。 At the time we issued the debentures； this disadvantage was offset by the attractive interest rate they carried； by late 1992； it was not。
这些债券其持有人可选择在1994年9月以5。5％的利率要求公司赎回，此外Berkshire有可转换的权利流通在外，对其他股东而言，实在不是件有利的事，当然当初债券发行时，其利率水准相对对我们有利。
In general； we continue to have an aversion to debt； particularly the short…term kind。 But we are willing to incur modest amounts of debt when it is both properly structured and of significant benefit to shareholders。
总的来说，我们还是尽量避免举债，尤其是短期的借款，不过若是规划得当且对于股东有利的话，我们也不排斥承担少量的债务。
About 97％ of all eligible shares participated in Berkshire's 1992 shareholder…designated contributions program。 Contributions made through the program were 7。6 million； and 2；810 charities were recipients。 I'm considering increasing these contributions in the future at a rate greater than the increase in Berkshire's book value； and I would be glad to hear from you as to your thinking about this idea。
大约有97％的有效股权参与1992年的股东指定捐赠计划，总计约760万美元捐出的款项分配给2；810家慈善机构，目前我正考虑是否该提高提拨捐赠的比率使得其超越Berkshire本身净值增加的幅度，同时我也很愿意听到各位对于这件事情的看法。
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； 1993 will be ineligible for the 1993 program。
我们敦促新加入的股东，仔细阅读年报上有关股东捐赠计画的详细内容，如果在未来年度内，你想要参加这类的计画，我们强烈建议你将股份登记在自己而不是受托人的名下，必须在1993年8月31日之前完成登记，才有权利参与1993年的捐赠计画。
In addition to the shareholder…designated contributions that Berkshire distributes； managers of our operating businesses make contributions； including merchandise； averaging about 2。0 million annually。 These contributions support local charities； such as The United Way； and produce roughly mensurate benefits for our businesses。
Berkshire除了透过股东指定捐赠计画对外捐赠之外，我们旗下事业的经理人每年也会透过公司对外捐赠，包含商品在内每年平均金额约在150万美元左右。这些捐赠主要是赞助当地像是联合劝募等慈善团体，所得的效益应该与我们所捐出的相当。
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。
然而不管是旗下事业或是母公司的经理人在利用Berkshire的资金对外捐赠给全国性组织或特别利益团体时，都是以站在股东利益立场所应该做的，相对地若是你的员工也包含CEO在内，想要与其校友会或其它人建立个人关系的，我们认为他们最好是用自己的钱，而不是从你的口袋里掏钱。
This year the Annual Meeting will be held at the Orpheum Theater in downtown Omaha at 9：30 a。m。 on Monday； April 26； 1993。 A record 1；700 people turned up for the meeting last year； but that number still leaves plenty of room at the Orpheum。
今年的股东会预计在1993年4月26日，星期一早上9点30分在位于奥玛哈市中心的Orpheum中心召开，去年股东会参加人数又创新高突破1；700人，不过会场还是剩下很多座位。
We remend that you get your hotel reservations early at one of these hotels： （1） The Radisson…Redick Tower； a small （88 rooms） but nice hotel across the street from the Orpheum； （2） the much larger Red Lion Hotel； located about a five…minute walk from the Orpheum； or （3） the Marriott； located in West Omaha about 100 yards from Borsheim's； which is a twenty minute drive from downtown。 We will have buses at the Marriott that will leave at 8：30 and 8：45 for the meeting and return after it ends。
我们建议大家最好先向以下旅馆预订房间（1）Radisson…Redick旅馆…就位在Orpheum中心对街拥有88个房间的一家小旅馆（2）较大一点的Red Lion旅馆…离Orpheum中心约五分钟路程，或是（3）Marriott位在奥玛哈西区，离波仙珠宝店约100公尺，开车到市中心约需20分钟，届时将会有巴士接送大家往返股东会会场。
Charlie and I always enjoy the meeting； and we hope you can make it。 The quality of our shareholders is reflected in the quality of the questions we get： We have never attended an annual meeting anywhere that features such a consistently high level of intelligent； owner…related questions。
查理跟我一向都很喜欢开股东会，我也希望大家能够来参加，我们股东的素质可由大家所提出的问题看得出来，我们参加过很多股东会，但从来没有别的公司的股东像Berkshire的股东一样由高智能水准与经营者荣枯与共的股东组合。
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