英文早讀第130篇，選自巴菲特年度信，友才翻譯。

BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NERBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基維特廣場(chǎng)610室
內(nèi)布拉斯卡，奧馬哈, 68131
電話042-4110

January 24, 1968
1968年1月24日

Our Performance in 1967
我們?cè)?967年的表現(xiàn)

By most standards, we had a good year in 1967. Our overall performance was plus 35.9% compared to plus 19.0% for the Dow, thus surpassing our previous objective of performance ten points superior to the Dow. Our overall gain was 19,384,250 which, even under accelerating inflation, will buy a lot of Pepsi. And, due to the sale of some longstanding large positions in marketable securities, we had realized taxable income of 27,376,667 which has nothing to do with 1967 performance but should give all of you a feeling of vigorous participation in The Great Society on April 15th.
根據(jù)大多數(shù)標(biāo)準(zhǔn)，我們?cè)?967年都是好的年份。我們的整體表現(xiàn)是+35.9%，相比于道瓊斯指數(shù)是19.0%，因此產(chǎn)過(guò)了我們之前的優(yōu)于道瓊斯10個(gè)百分點(diǎn)的表現(xiàn)目標(biāo)。我們的整體盈利是1938萬(wàn)4250美金，即使在加速的通脹情況下，都可以買很多百事股份。另外，由于出售一些長(zhǎng)期持有的市場(chǎng)股票，我們實(shí)現(xiàn)了結(jié)算的應(yīng)納稅收入2737萬(wàn)6667美金，這些都和1967年表現(xiàn)無(wú)關(guān)但是會(huì)在4月15日全社會(huì)申報(bào)個(gè)稅時(shí)給你強(qiáng)烈的參與感。

The minor thrills described above are tempered by any close observation of what really took place in the stock market during 1967. Probably a greater percentage of participants in the securities markets did substantially better than the Dow last year than in virtually any year in history. In 1967, for many, it rained gold and it paid to be out playing the bass tuba. I don't have a final tabulation at this time but my guess is that at least 95% of investment companies following a common stock program achieved better results than the Dow - in many cases be very substantial amounts. It was a year when profits achieved were in inverse proportion to age - and I am in the geriatric ward, philosophically.
上面描述的小激動(dòng)將被任何近距離觀察在1967年股市發(fā)生的事情所緩和。或許很大比例的股市參與者在去年都比幾乎歷史上任何一年表現(xiàn)明顯好于道瓊斯。在1967年，很多情況下，天上掉金條，而今天用來(lái)付費(fèi)吹低音大號(hào)。截至當(dāng)前我還沒(méi)有最終表格但是我猜測(cè)至少95%的在股市的投資公司實(shí)現(xiàn)了優(yōu)于道瓊斯的表現(xiàn)——在很多情況下時(shí)非常大的比例。這也是一年盈利結(jié)果和年齡比例相反的年份——哲學(xué)上說(shuō)，我屬于老年區(qū)。

The following summarizes the year-by-year performance of the Dow, the Partnership before allocation (one quarter of the excess over 6%) to the general partner, and the results for limited partners:
下面總結(jié)了道瓊斯、合伙基金給GP分潤(rùn)前（超過(guò)6%部分的1/4）、給LP的結(jié)果的年度表現(xiàn)：

(1)Based on yearly changes in the value of the Dow plus dividends that would have been received through ownership of the Dow during that year. The table includes all complete years of partnership activity.
（1）基于道瓊斯價(jià)值年度的變化加上在當(dāng)年持有道瓊斯會(huì)收到的分紅。這個(gè)表格包括所有完整年份的基金活動(dòng)。
(2)For 1957-61 consists of combined results of all predecessor limited partnerships operating throughout the entire year after all expenses, but before distributions to partners or allocations to the general partner.
（2）對(duì)1957-61年包括整合了之前合伙基金的運(yùn)作結(jié)果，在扣除費(fèi)用但在給合伙人和GP分潤(rùn)前。
(3)For 1957-61 computed on the basis of the preceding column of partnership results allowing for allocation to the general partner based upon the present partnership agreement, but before monthly withdrawals by limited partners.
（3）對(duì)1957-61年基于前面基金結(jié)果和基于現(xiàn)在合伙協(xié)議給GP分配后計(jì)算而來(lái)，但是實(shí)在LP月度提現(xiàn)前。

On a cumulative of compounded basis, the results are:
基于復(fù)利的計(jì)算結(jié)果如下：

Investment Companies
投資公司

On the following page is the usual tabulation showing the results of what were the two largest mutual funds (they have stood at the top in size since BPL was formed - this year, however Dreyfus Fund overtook them) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies.
在下一頁(yè)是常規(guī)表格展示兩家最大的遵守一個(gè)政策典型的95-100%投資于一般股市的互助基金（他們?cè)谝?guī)模上從巴菲特合伙基金成立就在頂部，然而這一年，德雷福斯基金超過(guò)了他們）和兩家最大的分散式封閉投資公司的結(jié)果。

(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1967 Moody's Bank & Finance Mannual for 1957-1966. Estimated for 1967.
（1）由資產(chǎn)價(jià)值加上在當(dāng)年記錄分配給持股人的分紅計(jì)算而來(lái)；
（2）從1967年的穆迪銀行和財(cái)經(jīng)手冊(cè)1957-1966版而來(lái)。1967年預(yù)估而來(lái)。

Last year I said:

"A few mutual funds and some private investment operations have compiled records vastly superior to the Dow and, in some cases, substantially superior to Buffett Partnership, Ltd. Their investment techniques are usually very dissimilar to ours and not within my capabilities. "

去年我說(shuō)過(guò)：

"一些共同基金和一些私募投資運(yùn)作實(shí)現(xiàn)了大幅領(lǐng)先道瓊斯的記錄，在某些情況下，也大幅優(yōu)于巴菲特合伙基金。他們的投資技術(shù)經(jīng)常和我們很不一樣也不在我的能力范圍。"

In 1967 this condition intensified. Many investment organizations performed substantially better than BPL, with gains ranging to over 100%. Because of these spectacular results, money, talent and energy are converging in a maximum effort for the achievement of large and quick stock market profits. It looks to me like greatly intensified speculation with concomitant risks - but many of the advocates insist otherwise.
在1967年這個(gè)情況加劇了。很多投資組織表現(xiàn)大幅優(yōu)于巴菲特合伙基金，盈利超過(guò)100%。因?yàn)檫@些牛逼的結(jié)果，資金、人才和資源都匯集起來(lái)以最大努力去獲取更大且快速的股市盈利。對(duì)我來(lái)說(shuō)這很像加劇的投資伴隨著風(fēng)險(xiǎn)——但是很多支持者堅(jiān)持相反的觀點(diǎn)。

My mentor, Ben Graham, used to say. "Speculation is neither illegal, immoral nor fattening (financially)." During the past year, it was possible to become fiscally flabby through a steady diet of speculative bonbons. We continue to eat oatmeal but if indigestion should set in generally, it is unrealistic to expect that we won't have some discomfort.
我的導(dǎo)師，本格雷厄姆過(guò)去常說(shuō)“投機(jī)既不是非法和不道德的，也不是會(huì)升值的（財(cái)務(wù)上）”。在過(guò)去一年，持續(xù)吃大量的糖果可能會(huì)變得財(cái)務(wù)疲軟。我們將繼續(xù)吃燕麥片除非消化不良了，不然很不現(xiàn)實(shí)會(huì)想我們有任何不適。

1.inflation：通貨膨脹；充氣
2.thrill：激動(dòng)；興奮；令人興奮的經(jīng)歷
3.temper：脾氣；情緒；使溫和；使緩和
4.bass tuba：低音大號(hào)
5.geriatric：老人的；老年的；老年人；老年醫(yī)學(xué)；老年病人
6.ward：病房；區(qū)
7.intensify：加強(qiáng)；增強(qiáng)；加劇；強(qiáng)化
8.converge：匯聚；集中；聚集
9.concomitant：伴隨的；相伴的
10.advocate：提倡者；擁護(hù)者
11.insist：堅(jiān)持；堅(jiān)持說(shuō)；固執(zhí)己見(jiàn)
12.flabby：松弛的；軟弱的；無(wú)力的；肥胖的
13.bonbon：軟夾心糖果
14.oatmeal：燕麥片
15.indigestion：消化不良