We will have the same three financial journalists lead the question-and-answer period at the meeting, asking Charlie and me questions that shareholders have submitted to them by e-mail. The journalists and their e-mail addresses are: Carol Loomis, the preeminent business journalist of her time, who may be e-mailed at loomisbrk@gmail.com; Becky Quick, of CNBC, at BerkshireQuestions@cnbc.com; and Andrew Ross Sorkin, of the New York Times, at arsorkin@nytimes.com.
我们还是原来的三位金融记者来引导会议问答环节，她们会向查理和我提出股东们通过邮件发送给她们的问题。这些记者和邮箱地址分别是：卡罗·卢米斯, 她那个时代的杰出商业记者，邮箱是：loomisbrk@gmail.com; 贝基.奎克, CNBC记者, 邮箱是： BerkshireQuestions@cnbc.com; 安德鲁罗斯索尔金, 《纽约时报》记者, 邮箱是： arsorkin@nytimes.com。
From the questions submitted, each journalist will choose the six he or she decides are the most interesting and important to shareholders. The journalists have told me your question has the best chance of being selected if you keep it concise, avoid sending it in at the last moment, make it Berkshire-related and include no more than two questions in any e-mail you send them. (In your e-mail, let the journalist know if you would like your name mentioned if your question is asked.)
每位记者都会从提交的问题中选出六个他或者她认为股东最感兴趣或最重要的问题。记者们告诉我，如果你的提问精确、避免在最后一分钟发送、和伯克希尔相关、邮件中不超过两个问题，那么就比较有机会被选中。（邮件中请注明，如果你的问题被提及的时候，是否同意记者提到你的名字。）
An accompanying set of questions will be asked by three analysts who follow Berkshire. This year the insurance specialist will be Jay Gelb of Barclays. Questions that deal with our non-insurance operations will come from Jonathan Brandt of Ruane, Cunniff & Goldfarb and Gregg Warren of Morningstar. Since what we will be conducting is a shareholders’ meeting, our hope is that the analysts and journalists will ask questions that add to our owners’ understanding and knowledge of their investment.
另外还有跟踪研究伯克希尔的三位分析师也会问一些问题。今年的保险业务专家是Barclays的Jay Gelb。而有关我们非保险业务的问题则由投资公司Ruane, Cunniff & Goldfarb的Jonathan Brandt和晨星的Gregg Warren提出。因为我们开的是股东大会，因此我们希望分析师和记者们问的问题能够让我们的股东能加理解他们的投资。
Neither Charlie nor I will get so much as a clue about the questions headed our way. Some will be tough, for sure, and that’s the way we like it. Multi-part questions aren’t allowed; we want to give as many questioners as possible a shot at us. Our goal is for you to leave the meeting knowing more about Berkshire than when you came and for you to have a good time while in Omaha.
查理和我均不会提前知道问题的内容。当然有些问题可能比较犀利，但这是我们喜欢的方式。涉及过多方面的问题将不会允许；我们希望更多的提问人有机会对我们发问。我们的目标是，当你散会的时候对伯克希尔的了解比来之前的要多；另外，希望你在奥马哈过得开心。
All told, we expect at least 54 questions, which will allow for six from each analyst and journalist and for 18 from the audience. The questioners from the audience will be chosen by means of 11 drawings that will take place at 8:15 a.m. on the morning of the annual meeting. Each of the 11 microphones installed in the arena and main overflow room will host, so to speak, a drawing.
总共，我们会回答至少54个问题，包括每位分析师或记者各六个，以及观众的18个问题。54个问题之后就是现场观众的提问时间了。从观众中选取提问者是通过年会早晨8:15抽11签决定的。11个麦克风安装在会场，也就是说会在过道里抽签。
While I’m on the subject of our owners’ gaining knowledge, let me remind you that Charlie and I believe all shareholders should simultaneously have access to new information that Berkshire releases and, if possible, should also have adequate time to digest and analyze it before any trading takes place. That’s why we try to issue financial data late on Fridays or early on Saturdays and why our annual meeting is always held on a Saturday (a day that also eases traffic and parking problems).
趁这会我在谈论股东获取知识的话题，我也想提醒各位，查理和我希望所有的股东同时能够获取到伯克希尔发布的信信息。如果可能的话，在股票开盘前需要足够的时间来消化和分析这些信息。这也是为何我们会选择周五晚上或者周六早上来公布财务数据或者年会总是选择周六举行（这天交通不那么拥挤，停车也不是问题）。
We do not follow the common practice of talking one-on-one with large institutional investors or analysts, treating them instead as we do all other shareholders. There is no one more important to us than the shareholder of limited means who trusts us with a substantial portion of his or her savings. As I run the company day-to-day – and as I write this letter – that is the shareholder whose image is in my mind.
我们并没有采取和大型机构投资者或分析师一对一面谈的常规操作方式，相反，我们是和投资者面对面交谈。这些股东那么信任我们，用他们存款中较大的部分来购买我们公司股票，但是和我们沟通的方式却有限，所以这个方式是最合适的。当我每日打理公司的时候 - 当我写下这封信的时候 - 在我脑中浮现的就是股东们的形象。
For good reason, I regularly extol the accomplishments of our operating managers. They are truly All-Stars who run their businesses as if they were the only asset owned by their families. I also believe the mindset of our managers to be as shareholder-oriented as can be found in the universe of large publicly-owned companies. Most of our managers have no financial need to work. The joy of hitting business “home runs” means as much to them as their paycheck.
我经常表扬我们那些运营经理们所取得的成就。他们是真正的全明星。他们工作的时候，把公司的业务看成了其家庭仅有的资产。我也相信我们经理人的思考模式是以股东为中心，就如大型公众公司那样。他们中间大部分并没有财务上的工作需求。工作上取得类似于“本垒打”那种成功所带来的快乐，对他们来说不亚于工作报酬。
Equally important, however, are the men and women who work with me at our corporate office. This team efficiently deals with a multitude of SEC and other regulatory requirements, files a 30,450-page Federal income tax return, oversees the filing of 3,580 state tax returns, responds to countless shareholder and media inquiries, gets out the annual report, prepares for the country’s largest annual meeting, coordinates the Board’s activities, fact-checks this letter – and the list goes on and on.
同样重要的是，我们总部的团队也很棒。这个团队高效地处理各种各样的证券与合规要求，申报多达30,450页的联邦所得税申报表，监督3,580份州级所得税申报，回复无数来自股东和媒体的问询，制作年报，筹备美国最大规模的年度股东大会，安排董事会活动，审核这封信，等等等等。
They handle all of these business tasks cheerfully and with unbelievable efficiency, making my life easy and pleasant. Their efforts go beyond activities strictly related to Berkshire: Last year, for example, they dealt with the 40 universities (selected from 200 applicants) who sent students to Omaha for a Q&A day with me.
他们充满激情地处理这些商业事务，有着令人难以置信的高效，这让我的生活更舒适愉悦。他们的努力并不仅限于严格和伯克希尔有关的活动：例如，去年，他们和四十所大学（从200个申请者中挑选出来的）沟通协调其委派学生来奥马哈和我进行的问答活动。
They also handle all kinds of requests that I receive, arrange my travel, and even get me hamburgers and French fries (smothered in Heinz ketchup, of course) for lunch. In addition, they cheerfully pitch in to help Carrie Sova – our talented ringmaster at the annual meeting – deliver an interesting and entertaining weekend for our shareholders. They are proud to work for Berkshire, and I am proud of them.
他们还处理各种各样我收到的疑问、安排我的行程、甚至帮我买汉堡和薯条（当然是蘸亨氏番茄酱）当午餐。另外，他们还乐意地帮助卡丽·索瓦-我们的年会领班，来安排年度股东大会-为我们的股东准备一个有趣的周末。他们以为伯克希尔工作为傲，我为他们自豪。
I’m a lucky guy, very fortunate in being surrounded by this excellent staff, a team of highly-talented operating managers and a boardroom of very wise and experienced directors. Come to Omaha – the cradle of capitalism – on May 6th and meet the Berkshire Bunch. All of us look forward to seeing you.
我是一个幸运的人，周围环绕着这些杰出的同事，一群高智商的运营经理，一局智慧且经验丰富的董事会成员。来奥马哈吧 - 资本主义的摇篮 - 就在五月六日，来见见伯克希尔这群人。我们全都期待你的光临。
February 25, 2017 Warren E. Buffett
Chairman of the Board
2017年2月25日 沃伦.巴菲特
董事会主席