英文早讀第131篇，選自巴菲特年度信薪前，友才翻譯润努。
Analysis of 1967 Results
1967年結(jié)果分析
The overall figures given earlier conceal vast differences in profitability by portfolio category during 1967.
之前給的整體數(shù)據(jù)按組合范疇分在1967年隱藏著很大的盈利能力差異。
We had our worst performance in history in the "Workout" section. In the 1965 letter, this category was defined as,
我們發(fā)生了歷史上在“套利類”模塊最差表現(xiàn)示括。在1965年信中铺浇，這個范疇被定義為，
"...securities with a timetable. They arise from corporate activity -- sell-outs, mergers, reorganizations, spin-offs, etc. In this category, we are not talking about rumors or inside information pertaining to such developments, but to publicly announced activities of this sort. We wait until we can read it in the paper. The risk does not pertain primarily to general market behavior (although that is sometimes tied in. to a degree). but instead to something upsetting the applecart so that the expected corporate development does not materialize."
“…有時間表的股票垛膝。他們源于公司行為——出售鳍侣、合并、重組吼拥、拆分等等倚聚。在這個范疇，我們不是談?wù)撨@類發(fā)展中存在的傳聞或內(nèi)部消息凿可，而是這類公開宣告的活動惑折。我們等待到直到可以在報紙上讀到他。首要風險不是存在于股市行為（盡管某種程度上有時有聯(lián)系）枯跑，而是那些擾亂進度表以至于預期公司發(fā)展沒有實現(xiàn)的事惨驶。”
The streets were filled with upset applecarts - our applecarts - during 1967. Thus, on an average investment of 17,246,879, our overall gain was 153,273. For those of you whose slide rule does not go to such insulting depths, this represents a return of .89 of 1%. While I don't have complete figures. I doubt that we have been below 10% in any past year. As in other categories, we tend to concentrate our investments in the workout category in just a few situations per year. This technique gives more variation in yearly results than would be the case if we used an across-the-board approach. I believe our approach will result in as great (or greater) profitability on a long-term basis, but you can't prove it by 1967.
道路上充滿著打亂的進度表——我們的進度表——在1967年敛助。因此敞咧，平均1724萬6879美金的投資，我們的整體盈利事15萬3273美金辜腺。對于那些計算尺還沒有到過如此侮辱人的地步休建，這代表著0.89%的回報率。盡管我沒有完整的數(shù)據(jù)评疗。我懷疑在過去任何一年我們是否低于過10%测砂。如在其它范疇，我試圖在套利類策略里集中我們的投資在每年僅有幾個案子上百匆。這個技術(shù)使年度結(jié)果有更大差異相比于我們按全盤方法來計算砌些。我相信我們的方法將帶來長期維度的較大（或者更大）盈利能力，但是你不能在1967年證明他加匈。
Our investment in controlled companies was a similar drag on relative performance in 1967, but this is to be expected in strong markets. On an average investment of 20,192,776 we had an overall gain of 2,894,571. I am pleased with this sort of performance, even though this category will continue to underperform if the market continues strong during 1968. Through our two controlled companies (Diversified Retailing and Berkshire Hathaway), we acquired two new enterprises in 1967. Associated Cotton Shops and National Indemnity (along with National Fire & Marine, an affiliated company). These acquisitions couldn't be more gratifying. Everything was as advertised or better. The principal selling executives, Ben Rosner and Jack Ringwalt, have continued to do a superb job (the only kind they know), and in every respect have far more than lived up to their end of the bargain.
我們在控制類公司的投資在1967年同樣在表現(xiàn)上相對拖后腿存璃，但是在強勁的市場他預期就是這樣。平均2019萬2775美金投資金額擁有整體盈利289萬4571美金雕拼。我對這類表現(xiàn)很開心纵东，即使如果1968年市場繼續(xù)強勁這個范疇將繼續(xù)低于市場。通過2個我們控制的公司（零售百貨和伯克希爾哈撒韋）啥寇，我們在1967年獲得了2家新的公司偎球。聯(lián)合棉紡商店和國立保障（和國立火災(zāi)和海事公司一起，一家子公司）辑甜。這些收獲再令人高興不過了衰絮。每件事都如宣傳的一樣甚至更好。主要的銷售人員磷醋，本羅斯恩和杰克倫懷特繼續(xù)做著卓越的工作（他們只知道卓越這個類型）猫牡，每一方面都比他們在交易結(jié)束的時候還要好。
The satisfying nature of our activity in controlled companies is a minor reason for the moderated investment objectives discussed in the October 9th letter. When I am dealing with people I like, in business I find stimulating (what business isn't?), and achieving worthwhile overall returns on capital employed (say, 10-12%), it seems foolish to rush from situation to situation to earn a few more percentage points. It also does not seem sensible to me to trade known pleasant relationships with high grade people, at a decent rate of return, for possible irritation, aggravation or worse at potentially higher returns. Hence, we will continue to keep a portion of our capital (but not over 40% because of the possible liquidity requirements arising from the nature of our partnership agreement) invested in controlled operating businesses at an expected rate of return below that inherent in an aggressive stock market operation.
在控制類公司我們的行動令人滿意的性質(zhì)是在10月9日信件中討論溫和投資目標的小原因邓线。當我和我喜歡的人打交道淌友，在我發(fā)現(xiàn)的振奮人心的業(yè)務(wù)上（什么業(yè)務(wù)不是呢？）褂痰，并且實現(xiàn)有價值的資金整體回報（也就是說亩进，10-12%），那將看起來很蠢疲于從一個案子跳到另一個案子上去賺取僅有的幾個更多的百分點缩歪。那也似乎沒有意義對我來說從已知的令人滿意的和高層次人群的關(guān)系中以可觀的回報率去為了潛在可能更好的回報归薛，而去交易到可能的惱怒、惡化或者更糟的事情上匪蝙。因此主籍，我們將繼續(xù)保持我們的資金比例（不超過40%因為根據(jù)我們的合伙協(xié)議要求的可能的流動需求）投資在控制類運作業(yè)務(wù)上以低于在更積極股票操作可能的預期回報率。
With a conbined total of 37,439,655 in workouts and controls producing an overall gain of only 3,047,844 the more alert members of the class will have already concluded we had a whale of a year in the "Generals - Relatively Undervalued" category. On a net average investment of 19,487,996, we had an overall gain of 14,096,593, or 72%. Last year I referred to one investment which substantially outperformed the general market in 1964, 1965 and 1966 and because of its size (the largest proportion we have ever had in anything - we hit our 40% limit) had a very material impact on our overall results and, even more so, this category. This excellent performance continued throughout 1967 and a large portion of total gain was again accounted for by this single security. Our holdings of this security have been very substantially reduced and we have nothing in this group remotely approaching the size or potential which formerly existed in this investment.
合計3743萬9655美金在套利類和控制類金額產(chǎn)生僅僅整體盈利304萬7844美金逛球，班里相對敏感的同學已經(jīng)得出我們在“一般類——相對低估”范疇是一個猛擊一年的結(jié)論千元。以平均1948萬7996美金投資額，我們有整體1409萬6593美金或者說72%的盈利颤绕。去年我提到一個投資在1964幸海、1965和1966年都大幅優(yōu)于股市表現(xiàn)祟身，因為他的規(guī)模（我們在任何標的上持有的最大比例——我們達到了40%的上限）對我們的結(jié)果尤其是在這個范疇里有很大的實質(zhì)性影響。這個優(yōu)秀的表現(xiàn)在整個1967年都持續(xù)了并且我們再一次獲得的大比例盈利都有這個單一股票貢獻物独。我們在這個股票上的持續(xù)現(xiàn)在很大幅減少了并且在這個組合中之前存在的投資還沒有什么未來達到或潛在達到這個規(guī)模袜硫。
The "Generals - Private Owner" section produced good results last year (1,297,215 on 5,141,710 average investment), and we have some mildly interesting possibilities in this area at present.
“一般類——私有化”去年產(chǎn)生了好的結(jié)果（514萬1710平均投資盈利129萬7215美金），我們現(xiàn)在已經(jīng)有一些還不錯的感興趣的可能機會挡篓。
Miscellaneous
雜項
We begin the new year with net assets of 68,108,088. We had partners with capital of about 1,600,000 withdraw at yearend, primarily because of the reduced objectives announced in the October 9th letter. This makes good sense for them, since most of them have the ability and motivation to surpass our objectives and I am relieved from pushing for results that I probably can't attain under present conditions.
我們以6810萬8088美金資產(chǎn)開啟了這個新年婉陷。我們合伙人在年末支取了160萬美金因為在10月9日信件中宣布減少的目標。這對他們很有意義官研，既然他們大部分有能力和動機去超越我們的目標秽澳，我也得以從追求或許在現(xiàn)在條件下達不到的結(jié)果中解脫出來。
Some of those who withdrew (and many who didn't) asked me, "What do you really mean?" after receiving the October 9th letter. This sort of a question is a little bruising to any author, but I assured them I meant exactly what I had said. I was also asked whether this was an initial stage in the phasing out of the partnership. The answer to this is, "Definitely, no". As long as partners want to put up their capital alongside of mine and the business is operationally pleasant (and it couldn't be better), I intend to continue to do business with those who have backed me since tennis shoes.
一些贖回的人（還有沒有贖回的）問我戏羽，“你到底什么意思担神？”在收到10月9日信件后。這類問題有點讓任何一個作者受打擊蛛壳，但是我保證我的意思就是我已經(jīng)說的那些杏瞻。我也被問到這是否是結(jié)束合伙協(xié)議的征兆。這個答案是衙荐，“絕對不是”捞挥。只要合伙人還想把他們的錢和我的放在一起，并且這個業(yè)務(wù)還運作的滿意（沒有什么比這個更好）忧吟，我就傾向于繼續(xù)和那些從白手期間就在我身后的人做這個業(yè)務(wù)砌函。
Gladys Kaiser has joined us and is doing the same sort of top-notch job that we have long received from Donna, Bill and John. The office group, spouses and children have over 15 million invested in BPL on January 1, 1968, so we have not had a need for NoDoz during business hours.
格萊迪絲凱瑟加入了我們，做著和我們長期收到的來自于多娜溜族、比爾和約翰一樣的一流工作讹俊。辦公室人員、配偶和子女們在1968年1月1日有超過1500萬美金投資在巴菲特合伙基金煌抒，因此我們在工作時間沒有對NoDoz（提神丸）的需求仍劈。
Within a few days, you will receive:
在幾天后，你將會收到：
A tax letter giving you all BPL information needed for your 1967 federal income tax return. This letter is the only item that counts for tax purposes.
1.一封稅務(wù)信給你所有的巴菲特合伙基金信息用于1967年聯(lián)邦個人所得稅申報寡壮。這封信是唯一一個用于稅務(wù)用途的贩疙。An audit from Peat, Marwick, Mitchell & Co. (they have again done an excellent job) for 1967, setting forth the operations and financial position of BPL, as well as your own capital account.
2.一封來自于畢馬威公司（他們一直做著優(yōu)秀的工作）對1967年審計報告，闡述巴菲特合伙基金的運作和財務(wù)狀況况既，同樣包括你自己的資金賬戶这溅。A letter signed by me setting forth the status of your BPL interest on January 1, 1968. This is identical with the figures developed in the audit.
3.一封由我簽署用于闡述你于1968年1月1日在巴菲特合伙基金股份狀況的信。這和在審計報告中發(fā)展的數(shù)據(jù)是一致的棒仍。
Let me know if anything in this letter or that occurs during the year needs clarifying. My next letter will be about July 15th, summarizing the first half of this year.
讓我知道如果在這封信有任何事或者在這一年發(fā)生的事有需要澄清的悲靴。我的下一封信將會大約在7月15日，總結(jié)上半年度莫其。
Cordially,
Warren E. Buffett
熱情的癞尚，
沃倫E.巴菲特
16.conceal：隱藏耸三；隱瞞；掩蓋
17.spin-off：拆分浇揩；副產(chǎn)品
18.pertaining：適用吕晌；存在；與……有關(guān)系
19.slide rule：計算尺临燃；滑尺
20.insulting：無禮的；有冒犯性的
21.across-the-board：全面的烙心；包括一切的
22.indemnity：賠償膜廊；補償；保障淫茵；賠款
23.affiliated：附屬的
24.gratifying：令人高興的爪瓜；使人滿意的
25.live up to：不辜負；符合
26.stimulating：振奮人心的匙瘪；激勵人的
27.worthwhile：值得的铆铆；重要的；有趣的
28.irritation：生氣丹喻；氣惱薄货；惱怒；刺激碍论；煩心事
29.aggravation：加重谅猾；惡化
30.whale：鯨魚；捕鯨鳍悠；擊打税娜；猛擊
31.relieved：放心的；釋然的藏研；感到寬慰的敬矩；顯得開心的；從……解脫出來
32.bruising：艱難討厭的蠢挡；繁重麻煩的弧岳；擦傷；磋商袒哥；打擊
33.phase out：逐步淘汰缩筛；停止使用
34.top-notch：一流的；最好的堡称；卓越的
