英文早读第260篇，选自巴菲特年度信，友才翻译。
1981 Letter
BERKSHIRE HATHAWAY INC.
February 26, 1982
1981年度信
伯克希尔哈撒韦公司
1982年2月26日
To the Shareholders of Berkshire Hathaway Inc.:
致伯克希尔哈萨维公司股东：
Operating earnings of 39.7 million in 1981 amounted to 15.2% of beginning equity capital (valuing securities at cost) compared to 17.8% in 1980. Our new plan that allows stockholders to designate corporate charitable contributions (detailed later) reduced earnings by about 900,000 in 1981. This program, which we expect to continue subject to annual evaluation of our corporate tax position, had not been initiated in 1980.
1981年的营业收益为3970万美元，占期初权益资本的15.2%（股票按成本进行估值），而1980年这一比例为17.8%。我们允许股东指定公司慈善捐款的新计划（详见后文）使1981年的收益减少了约90万美元。我们预计该计划将继续实施，但需根据公司税务状况进行年度评估，该计划在1980年尚未启动。
Non-Controlled Ownership Earnings
非控制类股权利润
In the 1980 annual report we discussed extensively the concept of non-controlled ownership earnings. i.e.. Berkshire's share of the undistributed earnings of companies we don't control or significantly influence but in which we, nevertheless, have important investments. (We will be glad to make available to new or prospective shareholders copies of that discussion or others from earlier reports to which we refer in this report.) No portion of those undistributed earnings is included in the operating earnings of Berkshire.
在1980年的年度报告中，我们广泛讨论了非控制性股权收益的概念，也就是说，伯克希尔在那些我们既不控制也没有重大影响力、但却持有重要投资的公司中所占有的未分配收益份额。（我们很乐意向前来咨询的新股东或潜在股东提供那份关于此概念的讨论内容副本，或者提供本报告中所提及的早期报告中的其他相关内容副本。）那些未分配收益中没有任何一部分被计入伯克希尔的营业收益之中。
However, our belief is that, in aggregate, those undistributed and, therefore, unrecorded earnings will be translated into tangible value for Berkshire shareholders just as surely as if subsidiaries we control had earned, retained- and reported - similar earnings.
然而，我们坚信，总体而言，那些未分配、因而也未记录入账的收益，必将切实转化为对伯克希尔股东具有实际意义的价值，就如同我们所控制的子公司所赚取、留存并报告的类似收益一样。
1.designate：指定；命名；选定
2.charitable：慈善的
3.initiate：开始
4.tangible：可触及的；有形的
