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Owner's Manual (1)

̹ Ұ 帱 ֿ ' ޴'̶ Դϴ. ֽ ̶⺸ٴ ظ ȸ  Ģ س ̶ Ͻø ˴ϴ.

 Ұص帮ڽϴ.... ؿ ޾Ƶξϴ~


In June 1996, Berkshire's Chairman, Warren E. Buffett, issued a booklet entitled "An Owner's Manual" to Berkshire's Class A and Class B shareholders. The purpose of the manual was to explain Berkshire's broad economic principles of operation. The Owner's Manual is reproduced on this and the following six pages.

1996 6 ȸ A, B ֽ ֵ鿡 ' ޴'̶ åڸ ߴ. ޴  Ģ ϰ ϴ ̴.

--------------------------------------------------------------------------------

INTRODUCTION



Augmented by the General Re merger, Berkshires shareholder count has doubled in the past year to about 250,000. Charlie Munger, Berkshire's Vice Chairman and my partner, and I welcome each of you. As a further greeting, we have prepared a second printing of this booklet to help you understand our business, goals, philosophy and limitations.

ʷ μ ź 2 þ 25 ̸ Ǿ. ȸ Ʈ ۰ſ е ȯѴ. ɽ λ Բ 츮 ֵ 츮 ǥ, ö, Ѱ踦 Ȯ νϴµ ֱ غߴ.

These pages are aimed at explaining our broad principles of operation, not at giving you detail about Berkshire's many businesses. For more detail and a continuing update on our progress, you should look to our annual reports. We will be happy to send a copy of our 1997 report to any shareholder requesting it. A great deal of additional information, including our 1977-1996 annual letters, is available at our Internet site: www.berkshirehathaway.com.

ǵ 鿡 λ ֱ ƴ϶  Ģ ִµ ִ. ˷ ż ϴ . ֵ 䱸ϸ ְ ִ. 켭 Ʈ 77 96 Ȯ ִ.

OWNER-RELATED BUSINESS PRINCIPLES

μ ȸ翡 Ģ

At the time of the Blue Chip merger in 1983, I set down 13 owner-related business principles that I thought would help new shareholders understand our managerial approach. As is appropriate for "principles," all 13 remain alive and well today, and they are stated here in italics. A few words have been changed to bring them up-to-date and to each I've added a short commentary.

1983 Ĩ ƽ պ ο ֵ 츮 ٹ ϱ 13 μ ȸ翡 Ģ Ȯߴ. Ģ̶ ɸ° 13 Ģ ó ϴ. Ģ Ʒ Ÿü ǥõǾ ִ. ٸ  ܾ Ʈ üǾ ĿƮ ÷ߴ.

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