在伯克希尔，我们没做任何对冲。
在伯克希尔，我们配置资本时不会面临制度上的限制。
At Berkshire we face no institutional restraints when we deploy capital.
并且，他知道尽管他提出这个建议，但他在伯克希尔没有决定权。
Furthermore, he knew he would have no voice in Berkshire's decision once he suggested the idea;
在伯克希尔，管理者们可以专注地做他们的生意：他们不需要去总部开会，不必揪心于筹措资金，不会受华尔街骚扰。
At Berkshire, managers can focus on running their businesses: They are not subjected to meetings at headquarters nor financing worries nor Wall Street harassment.
那些经理主要都在思考如果把股票打气到更高价格。在伯克希尔，我们不参与那个游戏。我们买那些能产生现金流的生意。
The managers were mainly thinking about how they can pump stocks higher. At Berkshire we are not in that game. We buy business that can generate cash.
在伯克希尔的所有活动中，查理和我感到最兴奋的是并购具有优秀经济特征以及有着我们喜欢，信任和钦佩的管理层的公司。
Of all our activities at Berkshire, the most exhilarating for Charlie and me is the acquisition of a business with excellent economic characteristics and a management that we like, trust and admire.
在于上周日播出的《60分钟》访谈栏目中，沃伦?巴菲特宣布，他已选定儿子霍华德成为自己在伯克希尔?哈撒韦公司中的继承人。 霍华德在家族中被称为“Howie”。
In an interview with 60 Minutes that will air this Sunday, Warren Buffett announces his choice of son Howard – or "Howie", as he's known in the family – as his successor at Berkshire Hathaway.
不过伯克希尔在信贷危机大多数时候的表现好于标普指数，因其2008年的损失远低于整体市场。
But Berkshire outperformed the index over the lion's share of the credit crisis, since losses in 2008 were far lower than the broader market's.
在2010年2月，BNSF已经变成股神巴菲特的伯克希尔有限公司的子公司。
BNSF became a subsidiary of Warren Buffet's Berkshire Hathaway Inc in February 2010.
在其中一起交易中，伯克希尔显著提高了在信用违约掉期领域的敞口。
With one, Berkshire significantly increased its exposure to credit-default swaps.
沃伦·巴菲特(Warren Buffett)上周六在一年一度的致股东信中说，2009年是他旗下的伯克希尔·哈撒韦公司(BerkshireHathaway) 45年历史中增长最为强劲的年头之一。
Warren Buffett presided over one of the strongest growth spurts in Berkshire Hathaway Inc. 's 45-year history in 2009, he said in his annual shareholder letter Saturday.
在董事会决定回购其部分股票后，美国保险公司伯克希尔•哈撒韦公司不断下滑的股价飙升。
Berkshire Hathaway's slumping share price soared after its board decided to buy back some of the firm's own stock.
在九月，美国联合能源公司拒绝了同一公司的出价，且表示愿意被巴菲特·伯克希尔·哈撒韦公司旗下的一间公司收购。
In September Constellation rejected a bid for all its operations from EDF, agreeing instead to be bought by a unit of Warren Buffett's Berkshire Hathaway.
巴菲特说在周六每年给伯克希尔·哈撒韦股东的信中提到他仍然认为美国最好的日子还在前面。
Buffett said in his annual letter to Berkshire Hathaway shareholders Saturday that he still believes America's best days are ahead.
在巴菲特的邀请下，韦斯·切勒随后参加了今年春季的伯克希尔·哈撒韦2011年度股东大会。
At Buffett's invitation, Weschler later came to the 2011 Berkshire Hathaway (BRKA) annual meeting, held last spring.
在向他们开火的同时，巴菲特告诉投资者们前方还有很多危险，并且暗示了美元贬值之后伯克希尔会在境外何处寻找新的收购对象。
In between scoldings, Buffett told investors more damage lay ahead and dropped hints about where Berkshire is looking for purchases abroad as the dollar falls.
在2010年致西尔斯股东的信中，兰伯特表示：“我们的财务业绩依然让人无法接受。”而伯克希尔的股东却很少听到这种话。
Lampert's 2010 annual letter to Sears shareholders stated, "Our financial results remain at unacceptable levels," a line Berkshire shareholders seldom encounter.
如果我们的成功依赖于我们在工厂巡视时得到的深入见解，伯克希尔将有大麻烦。
If our success were to depend upon insights we developed through plant inspections, Berkshire would be in big trouble.
在1965年我开始掌控伯克希尔时，我还没有开发出这一优势。
When I took control of Berkshire in 1965, I didn't exploit this advantage.
在去年，受经济环境的影响，伯克希尔的大部分业务的实际表现达不到其潜力，2009年也将延续这一情形。
Most of the Berkshire businesses whose results are significantly affected by the economy earned below their potential last year, and that will be true in 2009 as well.
迈克尔•道格拉斯在“华尔街”中出演的角色叫戈登•“蛤蚧”（就是奥利佛•斯通也不敢照字面意思来），伯克希尔哈撒韦公司的领导人是“巴菲特”。
The Michael Douglas character in “Wall Street” is Gordon “Gecko” (even Oliver Stone isn’t quite that literal) and the head of Berkshire Hathaway “Warrant Buffet”.
在很多情况下，是这些人找到伯克希尔收购他们及其家庭所长期拥有的企业的。
In many cases, these are people who have sought out Berkshire as an acquirer for a business that they and their families have long owned.
到目前为止，伯克希尔·哈撒韦在承保标准和潜在损失估算方面都做得很好。
So far, Berkshire Hathaway's underwriting standards, and estimates of potential loss, have been strong.
这种不一致的存在是由于在合并时，伯克希尔股票的市场价值低于其内在商业价值，对我们来说这才是决定真实成本的价值。
This disparity exists because the market value of the Berkshire shares given up in the merger was less than their intrinsic business value, which is the value that defines the true cost to us.
这种不一致的存在是由于在合并时，伯克希尔股票的市场价值低于其内在商业价值，对我们来说这才是决定真实成本的价值。
This disparity exists because the market value of the Berkshire shares given up in the merger was less than their intrinsic business value, which is the value that defines the true cost to us.
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