英文早讀第40篇锦茁，選自巴菲特年度信似袁，友才翻譯洞辣。
Our performance in 1962
1962年的表現(xiàn)
I have consistently told partners that we expect to shine on a relative basis during minus years for the Dow, whereas plus years of any magnitude may find us blushing. This held true in 1962.
我已經(jīng)不斷告訴合伙人我們預(yù)期會在道瓊斯指數(shù)下跌的年份閃閃發(fā)光，卻會在大幅上漲的年份黯然失色昙衅。在1962年就是這樣扬霜。
Because of a strong rally in the last few months, the general market as measured by the Dow really did not have such a frightening decline as many might think. From 731 at the beginning of the year, it dipped to 535 in June, but closed at 652. At the end of 1960, the Dow stood at 616, so you can see that while there has been a good deal of action in the past few years, the investing public as a whole is not too far from where it was in 1959 or 1960. If one had owned the Dow last year (and I image there are a few people playing the high flyers of 1961 who wish they had), they would have had a shrinkage in market value of 79.04 or 10.8%. However, dividends of approximately 23.30 would have been received to bring the overall results from the Dow for the year to minus 7.6%. Our own overall record was plus 13.9%. Below we show the year-by-year performance of the Dow, the partnership before allocation to the general partner, and the limited partners' results for all full years of Buffett Partnership, Ltd.'s and predecessor partnerships' activities:
因為最近幾個月的強(qiáng)力回升，道瓊斯股市確實沒有像很多人認(rèn)為的讓人恐慌的下跌而涉。從年初的731點(diǎn)著瓶，在6月跌到了535點(diǎn)，最后652點(diǎn)結(jié)束啼县。在1960年底材原，道瓊斯點(diǎn)位616點(diǎn)沸久，因此你可以看到盡管在過去幾年是一個很好的交易，公眾投資整體并沒有距離1959或者1960年水平太遠(yuǎn)余蟹。如果一個人去年持有道瓊斯指數(shù)（或者我想有些人希望持有但是在1961年遠(yuǎn)走高飛了）卷胯，他們會經(jīng)歷市值收縮79.04點(diǎn)或者10.8%。然而威酒，接近23.3的分紅已經(jīng)給到窑睁，帶來這年度最終整體結(jié)果是-7.6%。我們自己的記錄是+13.9%葵孤。下面我們展示了道瓊斯指數(shù)担钮，巴菲特合伙基金及之前的合伙基金分配給GP前的合伙基金和LP的凈收益按年計的表現(xiàn)，
The following table shows the cumulative or compounded results in the same three categories, as well as the average annual compounded rate:
接下來的表格展示了計算的這三個范疇的復(fù)合結(jié)果尤仍，也包括平均年度復(fù)合增長率：
My (unscientific) opinion is that a margin of ten percentage points per annum over the Dow is very maximum that can be achieved with invested funds over any long period of years, so it may be well to mentally modify some of the above figures.
我有個觀點(diǎn)（不太科學(xué)）每年領(lǐng)先道瓊斯指數(shù)10個百分點(diǎn)對于投資資金在任何一個長期的年份都是最大可實現(xiàn)的了箫津，因此上面這些數(shù)據(jù)最好在頭腦里修正下。
Partners have sometimes expressed concern as to the effect of size upon performance. This subject was reflected upon in last year's annual letter. The conclusion reached was that there were some situations when larger sums helped and some where they hindered, but on balance, i did not feel they would penalize performance. I promised to inform partners if my conclusions on this should change. At the beginning of 1957, combined limited partnership assets totaled 303,726 and grew to 7,178,500 at the beginning or 1962. To date, anyway, our margin over the Dow has indicated no tendency to narrow as funds increase.
合伙人有時會表達(dá)他們對規(guī)模增長影響的擔(dān)心宰啦。這個話題在上封年度信中已經(jīng)反饋了苏遥。結(jié)論是有些場合大資金有幫助，有些場合有阻礙绑莺，平衡的看暖眼，我不認(rèn)為他對表現(xiàn)有傷害。我承諾在一點(diǎn)上如果我的結(jié)論變了我會通知合伙人纺裁。在1957年初，整合合伙基金資產(chǎn)總額是303726美金司澎，在1962年初增長到了7178500美金欺缘。截至到今天，無論如何挤安，我們比道瓊斯指數(shù)領(lǐng)先的幅度都表明隨著資金增長沒有萎縮的趨勢谚殊。
10.magnitude：巨大；量級蛤铜；重大嫩絮；重要性
11.blushing：鮮紅的；臉紅的围肥；（因害羞或?qū)擂危┠樇t
12.rally：集會剿干；拉力賽；止跌回升穆刻；集合置尔；復(fù)原；恢復(fù)健康
13.frighten：嚇唬氢伟；使恐慌
14.dip：蘸榜轿；浸幽歼；下降；下沉谬盐；減少甸私；下降；衰退飞傀；泡一泡
15.mentally：心理上颠蕴；精神上；智力上
16.hinder：阻礙助析；妨礙犀被；阻擋；后面的
17.margin：邊緣外冀；（獲勝者在時間或者票數(shù)上領(lǐng)先的）幅度寡键，差額；余地雪隧；邊緣部分西轩；空白；備用的時間
18.shrinkage：收縮脑沿；縮小
