当然我很高兴能受邀参加她100岁的生日宴会，另外她还答应以后要来参加我100岁的生日宴会。
Katharine Graham retired last year as the chairman of The Washington Post Company, having relinquished the CEO title three years ago. In 1973, we purchased our stock in her company for about $10 million. Our holding now garners $7 million a year in dividends and is worth over $400 million. At the time of our purchase, we knew that the economic prospects of the company were good. But equally important, Charlie and I concluded that Kay would prove to be an outstanding manager and would treat all shareholders honorably. That latter consideration was particularly important because The Washington Post Company has two classes of stock, a structure that we've seen some managers abuse.
华盛顿邮报的发行人-凯萨琳葛兰姆女士在去年决定正式退休，1973年我们斥资1,000万美元买进她公司的股份，时至今日我们每年从该公司取得700万美元的股利，而持有股票的市值已超过4亿美元，当初在决定买进该公司的股份时，我们便看好该公司的前景，但另外一点同样重要的是，查理跟我都认为凯萨琳将会证明自己是位杰出的经理人，同时能够诚实地对待所有的股东，后面那一点尤其重要，因为该公司股份分成两种，而这种架构常常遭到许多经理人滥用。
All of our judgments about this investment have been validated by events. Kay's skills as a manager were underscored this past year when she was elected by Fortune's Board of Editors to the Business Hall of Fame. On behalf of our shareholders, Charlie and I had long ago put her in Berkshire's Hall of Fame.
