英文早讀第13篇，選自巴菲特年度信，友才翻譯。
Results in 1959:
1959年的成果：
There has been emphasis in previous letters on a suggested standard of performance involving relatively good results (compared to general market indices and leading investment trusts) in periods of declining or level prices but relatively umimpressive results in rapidly rising markets.
在之前的信中強調過對表現的建議標準，包括在市場下降或維持價格時有相對好的結果（相比于一般市場指數或領先的投資信托），但相對普通的表現在快速上升的市場。
We were fortunate to achieve reasonably good results in 1959. The six partnerships that operated throughout the year achieved overall net gains ranging from 22.3% to 30.0%, and averaging about 25.9%. Portfolios of these partnerships are now about 80% comparable, but there is some difference due to securities and cash becoming available at varying times, payments made to partners, etc. Over the past few years, there hasn't been any partnership which was consistently been at the top or bottom of performance from year to year, and the variance in narrowing as the portfolios tend to become comparable.
我們很幸運在1959年取得很好的結果。六個合伙基金獲得了從22.3%到30.0%的凈值增長，平均大約25.9%。這些合伙基金的投資組合現在大約80%相似，但存在小的區別，因為股票和資金獲得的時間不同，支付給合伙人資金不同，等等。在過去這些年，沒有哪一只合伙基金一年一年的連續頭部或者墊底，區別變得越來越小因為投資組合趨向類似。
The overall net gain is determined on the basis of market values at the begining and end of the year adjusted for payments made to partners or contributions received from them. It is not based on actual realized profits during the year, but is intended to measure the change in liquidating value for the year. It is before interest allowed to partners (where that is specified in partnership agreement) and before any division of profit to general partner, but after operating expenses.
凈利潤是由年初與年終的市值為基礎，并經支付給合伙人款項和從他們募資款調整后決定的。他不是基于這一年實際獲得的收益，但是可以能夠測算這年的變現水平。這個數字是在給所有合伙人利息前（這一點在合伙協議中特別約定了）和在給一般合伙人利益分紅前，但是是在運營費用之后。
The principal operating expense is the Nebraska Intangibles Tax which amounts to .4% of market value on practically all securities. Last year represented the first time that this tax had been effectively enforced and, of course penalized our results to the extent of .4%.
主要的運營費用是內布拉斯州無形資產稅，按幾乎所有股票市值的0.4%計算。去年這個稅首次有力影響了我們，當然減少了我們的0.4%的成果。
18.emphasis：強調；重要性；加重語氣
19.indices：index的復數；標志；跡象；（刻度盤上的）指針；食指
20.unimpressive：給人印象不深的；普通的；平庸的；毫無特色的
21.comparable：類似的；可比較的
22.consistent：一致的；連續的；與……一致的；始終如一的
23.liquidate：清算；清還；清盤；變現
24.intangible：無形的
25.practical：實際的；適用的；真實的；明智的；幾乎完全的；客觀存在的
26.penalize：處罰；懲罰；判罰；置于不利地位
