经理人

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We have "professional" investors, those who manage many billions, to thank for most of this turmoil. Instead of focusing on what businesses will do in the years ahead, many prestigious money managers now focus on what they expect other money managers to do in the days ahead. For them, stocks are merely tokens in a game, like the thimble and flatiron in Monopoly.

市场上有所谓专业的投资人，掌管着数以亿万计的资金，就是这些人造成市场的动荡，他们不去研究企业下一步发展的方向，反而专研于其它基金经理人下一步的动向，对他们来说，股票只不过是赌博交易的筹码，就像是大富翁里的棋子一样。

In China Resources, 170,000 as manager of the renowned real estate Gijon, presided over the event either as 170,000 Tianjin City Garden, Beijing Feicuicheng such residential suburbs, or a superior Court, Phoenix City this city apartments, the principal attacking property buyers are young, trendy, educational, cool middle class. 2004, launched in Tianjin Gijon "Hay son," and they think "the Hayne son" is such a group: they are efficient category, a search for fashion; at the same time know how to comfort and enjoyment, know quality people.

曾在华润、万科担任总经理的知名房地产经理人郭钧，主持过的楼盘无论是像天津万科城市花园、北京翡翠城这样的郊区住宅，还是优士阁、凤凰城这样的城市公寓，其主打购房者都是年轻、时尚、知性、冷静的中产阶级。2004年，郭钧在天津推出了"海河之子"，他们认为"海河之子"是这样的一个群体：他们是讲究效率的一类人，是以简约为时尚的人；同时也是懂得舒适和享受的人，知道品位的人。

4 Loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against expenses payable under Clause 2 above

4.5 船舶所有人、经理人、承租人或经营人的破产或财务困境引起的灭失、损害或费用。

So, It has became the regardful focus to the enterprise owners and theorists that how to set up the effective pay inspiration system and how many to the managers based on the value of enterprise, and it is the same thing to the enterprise owners.

因此，如何建立有效的薪酬激励机制，如何根据经理人为企业创造价值的大小来支付薪酬，这已成为企业所有者和理论界非常关心的问题，也是我国企业所有者对经理人激励的难点。

The higher the ratio of independent director is, the higher the possibility of dismissing the unfitted top managers will be. But the indicator is irrelevant to the performance improvement.

独立董事制度在2003年之后逐渐起到了监督经理人的作用，独立董事的比例越高，董事会越有可能解聘不称职的经理，但这一指标对于高管更换后业绩的改善却没有显著影响力。

1 Unseaworthiness of vessel or craft or unfitness of vessel or craft for the safe carriage of the subject-matter insured, where the Assured are privy to such unseaworthiness or unfitness, at the time the subject-matter insured is loaded therein

由于船舶所有人、经理人、承租人或经营人的破产或财务困境造成的灭失、损害或费用除外，被限于被保险人知道或应当知道因该原因会导致航程落空或受阻风险的情形。

Additionally, I will keep well over 99% of my net worth in Berkshire. My wife and I have never sold a share nor do we intend to. Charlie and I are disgusted by the situation, so common in the last few years, in which shareholders have suffered billions in losses while the CEOs, promoters, and other higher-ups who fathered these disasters have walked away with extraordinary wealth. Indeed, many of these people were urging investors to buy shares while concurrently dumping their own, sometimes using methods that hid their actions. To their shame, these business leaders view shareholders as patsies, not partners.

此外，我也将继续将个人 99%以上的身家财产摆在 Berkshire 上面，我和我内人过去从来就没有卖过任何 Berkshire 的股份，而且以后也没有打算要卖，查理跟我对于近年来，许多让公司亏损累累的经理人与公司高层，竟然能够带着丰厚的利润弃股东们扬长而去感到相当不耻，这些人在公开场合鼓励投资人高价买进公司股份的同时，自己却暗中将股票倒到市场上，这些可耻的企业领导人简直把股东当作是自己的禁脔而非伙伴。

Additionally, I will keep well over 99% of my net worth in Berkshire. My wife and I have never sold a share nor do we intend to. Charlie and I are disgusted by the situation, so common in the last few years, in which shareholders have suffered billions in losses while the CEOs, promoters, and other higher-ups who fathered these disasters have walked away with extraordinary wealth. Indeed, many of these people were urging investors to buy shares while concurrently dumping their own, sometimes using methods that hid their actions. To their shame, these business leaders view shareholders as patsies, not partners.

此外，我也将继续将个人 99%以上的身家财产摆在伯克希尔上面，我和我内人过去从来就没有卖过任何伯克希尔的股份，而且以后也没有打算要卖，查理跟我对于近年来，许多让公司亏损累累的经理人与公司高层，竟然能够带着丰厚的利润弃股东们扬长而去感到相当不耻，这些人在公开场合鼓励投资人高价买进公司股份的同时，自己却暗中将股票倒到市场上，这些可耻的企业领导人简直把股东当作是自己的禁脔而非伙伴。

From the PMI manufacturing sector purchasing managers index and the consumer confidence index, the two leading index of view, from the beginning of July two indices have been turning point .

从采购经理指数制造业采购经理人指数和消费者信心指数，两个角度领先指数，从7月初两个指数已转向点。

In her eyes, because that is the doorway toher heart * the place where love resides.

女人的漂亮必須從她的眼睛中去看，因為那是她心靈的窗戶和愛居住的地方

I will send some postcards to you.

我会向你发送一些明信片。