英文早讀第71篇票从，選自巴菲特年度信，友才翻譯浸间。
BUFFETT PARTNERSHIP, LTD
810 KIEWIT PLAZA
OMAHA 31, NEVRASKA
July 8, 1964
巴菲特合伙公司
基維特廣場810
內(nèi)布拉斯卡奧馬哈31區(qū)
1964年7月8日
First Half Performance
上半年度表現(xiàn)
The whole family is leaving for California on June 23rd so I am fudging a bit on this report and writing it June 18th. However, for those of you who set your watches by the receipt of our letters. I will maintain our usual chronological symmetry in reporting, leaving a few blanks which Bill will fill in after the final June 30th figures are available.
全家將于6月23日出發(fā)去加州魁蒜，因此我在這篇報(bào)告中有些含糊其辭的地方吩翻，并在6月18日寫了他。然而细移，你們有些人盯著時間在等我們的信弧轧。我將會按照常規(guī)的時間線寫下碗殷，留下一些空格，當(dāng)比爾6月30日最終數(shù)據(jù)得到后填入代乃。
During the first half of 1964 the Dow-Jones Industrial Average (hereinafter called the "DOW") advanced from 762.95 to 831.50. If one had owned the Dow during this period, dividends of approximately 14.40 would have been received, bring the overall return from the Dow during the first half to plus 10.0%. As I write this on June 18th, it appears that our results will differ only insignificantly from those of the Dow. I would feel much better reporting to you that the Dow had broken even, and we had been plus 5%, or better still, that the Dow had been minus 10%, and we had broken even. I have always pointed out, however, that gaining an edge on the Dow is more difficult for us in advancing markets than in static or declining ones.
在1964上半年襟己，道瓊斯工業(yè)平均指數(shù)（以下稱為道瓊斯）從762.95增長到831.50牍陌。如果一個人在這期間持有道瓊斯，分紅大約14.40會被收到贮预，是道瓊斯在上半年整體回報(bào)率為+10.0%。當(dāng)我在6月18日寫到這里時滑频，似乎我們的結(jié)果和道瓊斯差別幾乎沒有峡迷。我會感覺更好如果道瓊斯不賺不虧但我們是+5%你虹，或者更好，道瓊斯是-10%但我們不賺不虧夯辖。
To bring the record up to date, the following summarizes the performance of the Dow, the performance of the Partnership before allocation to the general partner and the limited partners' results:
為了帶來截至今天的記錄董饰，下面總結(jié)了道瓊斯、分配給GP前合伙基金表現(xiàn)和LP的結(jié)果：
Footnotes to preceding table:
前面表格的腳注：
(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）基于道瓊斯價值年度的變化加上在當(dāng)年持有道瓊斯會收到的分紅。這個表格包括所有完整年份的基金活動介却。
(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分潤前桂肌。
(3)For 1957-61 computed on the basis of the preceding column of partnership results allowing for allocation to the general partner based up on the present partnership agreement, but before monthly withdrawals by limited partners.
（3）對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)算而來崎场，但是實(shí)在LP月度提現(xiàn)前遂蛀。
Buying activities during the first half were quite satisfactory. This is of particular satisfaction to me since I consider the buying end to be about 90% of this business. Our General category now includes three companies where B.P.L. is the largest single stockholder. These stocks have been bought and are continuing to be bought at prices considerably below their value to a private owner. We have been buying one of these situations for approximately eighteen months and both of the others for about a year. It would not surprise me if we continue to do nothing but patiently buy these securities week after week for at least another year, and perhaps even two years or more.
在這半年的購買行動十分讓人滿意。這對我來說尤其滿意螃宙，因?yàn)槲艺J(rèn)為購買將會是這個生意的90%谆扎。我們一般類現(xiàn)在包括三家公司BPL是最大單一股東芹助。這些股票已經(jīng)被購買并將繼續(xù)被以低于私有價格更低的價格購買闲先。其中一個我們已經(jīng)購買了將近18個月伺糠，剩下兩個將近一年斥季。我不會吃驚如果我們繼續(xù)什么都不做而只是耐心的一周一周的購買這些股票，還要至少一年渊迁，或許甚至兩年或更多灶挟。
What we really like to see in situations like the three mentioned above is a condition where the company is making substantial progess in terms of improving earnings, increasing asset values, etc., but where the market price of the stock is doing very little while we continue to acquire it. This doesn't do much for our short-term performance, particularly relative to a rising market, but it is a comfortable and logical producer of longer-term profits. Such activity should usually result in either appreciation of market prices from external factors or the acquisition by us of a controlling position in a business at a bargain price. Either alternative suits me.
我們希望看到的是像上面三個提到的情況公司正在做出巨大的進(jìn)步在提高盈利稚铣、提高資產(chǎn)價值等等惕医，但是股市價格變化很小因而我們可以持續(xù)獲得他算色。這對我們短期表現(xiàn)沒什么作用，尤其是在上漲的市場峡钓，但是他是舒服的和有邏輯地長期利潤產(chǎn)生者若河。這些行動將通常導(dǎo)致要么由于外部因素使股價提升或者我們以折扣價格獲得控制地位。任何一個選項(xiàng)都很適合我拉鹃。
It is important to realize, however, that most of our holdings in the General category continue to be securities which we believe to be considerably undervalued, but where there is not the slightest possibility that we could have a controlling position. We expect the market to justify our analyses of such situations in a reasonable period of time, but we do not have the two strings to our bow mentioned in the above paragraph working for us in these securities.
然而膏燕，很重要地意識到我們大部分地一般類股票會持續(xù)成為我們認(rèn)為相當(dāng)?shù)凸赖毓善蔽蛎瘢緵]有可能我們成為控制位置。我們希望市場在合理的時間內(nèi)按我們分析調(diào)整阀溶，但是這兩個因素都不會適用上面段落提到的股票。
1.fudge：含糊其辭银锻；回避；胡說鼎姐；軟糖更振；裝模做樣
2.chronological：按時間順序的；按發(fā)生時間順序排列的
3.symmetry：對稱献宫；對稱性实撒；相似；相等捷兰；相仿
4.break even：收支平衡负敏；收支相抵；不賠不賺
5.bow：弓顶考；弓形物妖泄；船頭；船首
