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nts 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。
表上我们对于在美国航空投资的评价之所以如此的低，反应出整个产业目前所面临到的获利前景不佳的风险，这个风险又因为法院鼓励已经宣布破产的航空公司继续营运而更加提高，这些同业得以用比一般成本还低的价格，因为它们完全可以不必在乎其它还咽咽一息的同业所需负担的资金成本，因为为了避免营运停摆，它们可以靠着变卖资产来弥补所发生的损失，这种拆家具拿来当材火烧的做法，有可能进一步危及其它营运还算正常的同业，然后引发骨牌效应，使得整个产业一败涂地。
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： 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 Schofield在1991年成为美国航空公司的总裁，正对整个公司的营运做出相当重大的调整，期能增加其成为航空业仅存的几位幸存者之一，在美国没有比经营一家航空公司还要困难的行业，虽然大笔的资金已经投入到这个产业，但是从小鹰号诞生开始，航空业历史累积加总所产生的损失却是相当惊人，航空公司的经理人需要的不只是智能、勇气还要再加上经验，而毫无疑问的，Seth 同时具有以上三项的特质。
Miscellaneous其它事项
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。
大约有97。7％的有效股权参与1991年的股东指定捐赠计划，总计约680万美元捐出的款项分配给2；630家慈善机构。
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。
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1992年8月31日之前完成登记，才有权利参与1992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 1。5 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。
The faithful will notice that； for the first time in some years； Charlie's annual letter to Wesco shareholders is not reprinted in this report。 Since his letter is relatively barebones this year； Charlie said he saw no point in including it in these pages； my own remendation； however； is that you get a copy of the Wesco report。 Simply write： Corporate Secretary； Wesco Financial Corporation； 315 East Colorado Boulevard； Pasadena； CA 91101。
死忠的巴菲特迷可能会发现，许多年来头一次大家在年报中找不到查理孟格写给Wesco股东的信，主要是因为他认为今年的报告相当阳春，所以没有必要附在我们的年报中，不过我个人还是建议，想办法写信给Wesco公司的秘书，就可以拿到Wesco的年报。
Malcolm G。 Chace； Jr。； now 88； has decided not to stand for election as a director this year。 But the association of the Chace family with Berkshire will not end： Malcolm III （Kim）； Malcolm's son； will be nominated to replace him。
现年88岁的Malcolm Chace二世，决定从今年起不再担任本公司的董事，但Berkshire与Chace家族的关系却不会断，他儿子也就是Malcolm三世会接替其位置继续担任本公司董事。
In 1931； Malcolm went to work for Berkshire Fine Spinning Associates； which merged with Hathaway Manufacturing Co。 in 1955 to form our present pany。 Two years later； Malcolm became Berkshire Hathaway's Chairman； a position he held as well in early 1965 when he made it possible for Buffett Partnership； Ltd。 to buy a key block of Berkshire stock owned by some of his relatives。 This purchase gave our partnership effective control of the pany。 Malcolm's immediate family meanwhile kept its Berkshire stock and for the last 27 years has had the second…largest holding in the pany； trailing only the Buffett family。 Malcolm has been a joy to work with and we are delighted that the long…running relationship between the Chace family and Berkshire is continuing to a new generation。
1931年Malcolm进入Berkshire针织工厂工作，后来该公司在1955年与Hathaway工业合并，成为现在的Berkshire Hathaway，之后两年他接任本公司董事长的职位，直到1965年由他一手促成巴菲特合伙事业买下他与亲人大部分的股权，而使得我们成功入主该公�