英文早讀第57篇，選自巴菲特年度信怖侦，友才翻譯篡悟。
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
January 18, 1964
巴菲特合伙公司
基偉特廣場(chǎng)810室
內(nèi)布拉斯加州奧馬哈市31區(qū)
1964年1月18日
Our Performance in 1963
我們1963年的表現(xiàn)
1963 was a good year. It was not a good year because we had an overall gain of 3,637,167 or 38.7% on our beginning net assets, pleasant as that experience may be to the pragmatists in our group. Rather it was a good year because our performance was substantially better than that of our fundamental yardstick --the Dow-Jones Industrial Average (hereinafter called the "Dow"). If we had been down 20% and the Dow had been down 30%, this letter would still have begun "1963 was a good year." Regardless of whether we are plus or minus in a particular year, if we can maintain a satisfactory edge on the Dow over an extended period of time, our long term results will be satisfactory -- financially as well as philosophically.
1963是個(gè)好年份。他是個(gè)好年不是因?yàn)槲覀儷@得了整體盈利363.7167萬(wàn)美金或者38.7%增長(zhǎng)相比于我們的初始凈資產(chǎn)匾寝，開心的是這個(gè)經(jīng)歷在我們的組合中是實(shí)用主義的搬葬。而是因?yàn)槲覀兊谋憩F(xiàn)大幅優(yōu)于我們的基礎(chǔ)標(biāo)尺——道瓊斯工業(yè)平均指數(shù)（在此之后稱為“道瓊斯”）才是個(gè)好年份。如果我們下跌20%且道瓊斯下跌30%艳悔，這封信將仍會(huì)以“1963是個(gè)好年份”開頭急凰。不管我們?cè)诰唧w某一年是漲是跌，如果我們可以在一段較長(zhǎng)時(shí)間獲得對(duì)道瓊斯的令人滿意的優(yōu)勢(shì)猜年，我們的長(zhǎng)期結(jié)果將會(huì)是令人滿意的——財(cái)務(wù)上和哲理上抡锈。
To bring the record up to date, the following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation to the general partner, and the limited partners' results for all full years of BPL's and predecessor partnerships' activites:
帶來截至目前的記錄，下面總結(jié)了年復(fù)一年的表現(xiàn)對(duì)于道瓊斯乔外，合伙基金在分潤(rùn)給GP前企孩，LP的結(jié)果，在巴菲特合伙基金和前序基金的所有完整年份：
(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.
(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.
(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.
（1）基于道瓊斯價(jià)值的年度變化加上在當(dāng)年道瓊斯持有者收到的股息
（2）對(duì)于1957-61年袁稽，包括結(jié)合所有前序運(yùn)作一整年在除去所有花費(fèi)但在分配給合伙人和分潤(rùn)給GP之前的合伙基金
（3）對(duì)于1957-61年勿璃，基于前列合伙基金結(jié)果和當(dāng)前合伙協(xié)議分配給GP后的計(jì)算結(jié)果
One wag among the limited partners has suggested I add a fourth column showing the results of the general partner --let's just say he, too, has an edge on the Dow.
有個(gè)人在LP中搖頭，建議我添加第4列展示GP的結(jié)果——讓我僅僅能說推汽，他补疑，也，比道瓊斯好歹撒。
The following table shows the cumulative or compounded results based on the preceding table:
下面的表格展示了基于前面表格的復(fù)利計(jì)算結(jié)果：
It appears that we have completed seven fat years. With apologies to Joseph we shall attempt to ignore the biblical script. (I've never gone overboard for Noah's ideas on diversification either.)
似乎我們完成了7個(gè)豐收的年份莲组。對(duì)約瑟夫懷有歉意，我們?cè)噲D忽略了圣經(jīng)上的劇本暖夭。（我也從來沒有對(duì)諾亞的多樣化理念上頭）
In a more serious vein, I would like to emphasize that, in my judgment, our 17.7 margin over the Dow shown above is unattainable over any long period of time. A ten percentage point advantage would be a very satisfactory accomplishment and even a much more modest edge would produce impressive gains as will be touched upon later. This view (and it has to be guesswork -- informed or otherwise) carries with it the corollary that we must expect prolonged periods of much narrower margins over the Dow as well as at least occasional years when our record will be inferior (perhaps substantially so) to the Dow.
在一個(gè)更加重要的脈絡(luò)上锹杈，我想強(qiáng)調(diào)，在我的判斷看迈着，我們上面展示的17.7%的領(lǐng)先道瓊斯力度在任何長(zhǎng)期時(shí)間看都是不可獲得的竭望。10個(gè)百分點(diǎn)的領(lǐng)先優(yōu)勢(shì)將會(huì)是令人滿意的成果，并且甚至更加溫和的優(yōu)勢(shì)也會(huì)產(chǎn)生較大的增長(zhǎng)長(zhǎng)期來看裕菠。這個(gè)觀點(diǎn)（或許是猜想——有見識(shí)的等等）伴隨著一個(gè)推論是我們必須期望更長(zhǎng)時(shí)間一個(gè)更窄的領(lǐng)先比道瓊斯咬清，同時(shí)至少偶爾的年份我們的記錄將會(huì)低于（或許是大幅）道瓊斯。
Much of the above sermon is reflected in "The Ground Rules" sent to everyone in November, but it can stand repetition.
上面大部分論述都反應(yīng)了11月發(fā)給各位的“基本準(zhǔn)則”，但是仍然要重復(fù)旧烧。
1.pragmatists：務(wù)實(shí)主義者
2.financially：財(cái)政上的影钉；經(jīng)濟(jì)上
3.philosophically：哲學(xué)的；處亂不驚的
4.wag：搖擺掘剪；（狗）搖平委；逃學(xué)；搖（頭或手指夺谁，常表示不贊成）
5.have an edge on：有優(yōu)勢(shì)廉赔；勝過；優(yōu)于
6.Biblical：圣經(jīng)的予权；有關(guān)圣經(jīng)的
7.script：劇本；腳本浪册；筆稿
8.go overboard：做得過分扫腺；過火
9.vein：靜脈；礦脈村象；紋理笆环；葉脈；量厚者；風(fēng)格躁劣；紋路；條紋
10.guesswork：猜想库菲；猜測(cè)
11.informed：見多識(shí)廣的账忘；有見識(shí)的；有學(xué)問的
12.corollary：推論熙宇；必然的結(jié)果
13.prolong：延長(zhǎng)鳖擒；長(zhǎng)期；持久
14.occasional：偶爾的烫止；偶然的蒋荚；臨時(shí)的
15.inferior：較差的；次的馆蠕；較低的期升；級(jí)別低的
16.sermon：布道；講道互躬；冗長(zhǎng)的說教
