9. 财务年报是最直观的投资意见书
原文
When Charlie and I read the financial report， we do not have much interest in personnel， factory or product introduction， a reference to the surplus net of tax burden before interest， depreciation and amortization （EBITDA） made us alarmed， do managerstake teeth in exchange for large sums of capital expenditures it？ （Note： American children believe teeth out， teeth hidden under his pillow， tooth fairy money to change your teeth） really think those fuzzyunclear accounting principles， we have been skeptical， because managers usually like to take to conceal the fact that， in addition， we also do not want to read the information provided by the public relations department or consultant， we hope to be able to personally explain the actual CEO ownhappened.
For us， informative report on behalf of 300，000 partner can get the same information， at least be able to do as much as possible， so we are accustomed to the quarterly and annual network unified announced at the close of the market on a Friday， so a ， shareholders and all concerned about Berkshire's investment can timely get an important message， opened on Monday at the same time， there is enough time to assimilate the information， this year， our quarterly reports respectively in may 12 No.， announced on August 11 and Saturday， November 10， the 2001 Annual Report will be open on March 9.
——摘自2000年巴菲特写给全体股东的年报
译文
当我和查理阅读财务报表时，人员、工厂或者产品介绍等不会让我俩产生多大兴趣，有关扣除折旧摊销税负利息前的盈余（EBITDA）的引用则让我们备感焦虑，我们在想：难道经营阶层真的觉得用牙齿就可以换来大笔的资金支出？（注：美国小孩更愿意相信当牙齿掉了，只要将其藏在枕头下面，牙仙就会用钱换牙齿），对于那些含糊不清的会计原则，我们俩一直持怀疑态度，因为经营层面大多会借此掩饰一些事实。此外，我们根本不想阅读那些由公关部门提供的缺少权威性的资料，我们更希望这些资料由首席执行官亲自做出解释。
对于我们来说，权威且详实的资料说明，像我们这样三十万合伙人都可以在第一时间得到相同的信息，至少能尽可能低做到这一点，因此我们更习惯把季度报告与年度报告在周五收盘之后通过发达的网络媒介向外统一发布出去，在这样的情况下，无论是股东还是对伯克希尔关心的投资者都可以及时得到有价值的信息，这使得在周一开盘之前，他们有足够的时间吸收并消化获得的信息。今年我们的季度报告会分别在5月12号、8月11号及11月10号星期六对外公布，而2001年的年报会在3月9号对外公开。
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