英文早读第142篇，选自巴菲特年度信，友才翻译。
Therefore, before yearend. I intend to give all limited partners the required formal notice of my intention to retire. There are, of course, a number of tax and legal problems in connection with liquidating the Partnership, but overall, I am concerned with working out a plan that attains the following objectives:
因此在年底前，我试图给所有LP这份必须的正式的关于我离职意愿的通告。当然，有很多税务和法规问题在清算合伙基金上，但整体而言，我考量制定一个可以获得下面目标的方案：
The most important item is that I have an alternative regarding money management to suggest to the many partners who do not want to handle this themselves. Some partners of course, have alternatives of their own in which they have confidence and find quite acceptable. To the others, however, I will not hand over their money with a "good luck". I intend to suggest an alternative money manager to whom I will entrust funds of my relatives and others for whom I have lifetime financial responsibility. This manager has integrity and ability and will probably perform as well or better than I would in the future (although nowhere close to what he or I have achieved in the past). He will be available to any partner, so that no minimum size for accounts will cause any of you a problem. I intend, in the future, to keep in general touch with what he is doing, but only on an infrequent basis with any advice on my part largely limited to a negative type.
1.最重要的一点是我要有一个替代的关于资金管理方案来建议很多不想自己管理资金的合伙人。当然有些合伙人有他们自己的备选方案，他们有信心并找到相当满意的方案。对于剩下的人，然而，我不想把他们的资金移交给“好运气”。我试图建议的备选资金管理者是我将托付我亲戚和其他一些我需要终身财务负责的人的资金。这个管理者需要正直且有能力，并且或许需要业绩和我未来一样好甚至更好（尽管无法接近他或者我在过去实现的）。他将对任何合伙人都是可接受的，这意味着没有引起你们任何人有问题的最低规模要求。我试图，在未来，跟踪他在做的事，但是以非频繁的基础，主要基于我过去大部分负面类型案例的建议。I want all partners to have the option of receiving cash and possibly readily marketable securities (there will probably be only one where this will apply) where I like both the prospects and price but which partners will be able to freely convert to cash if they wish.
2.我想所有合伙人都有获得现金和可以随时交易的股票（这将或许是唯一需要适用的），愿景和价格我都喜欢但是当合伙人希望时他可以自由转化为现金。However, I also want all partners to have the option of maintaining their proportional interests in our two controlled companies (Diversified Retailing Company Inc. and Berkshire Hathaway Inc.) and one other small "restricted" holding. Because these securities will be valued unilaterally by me at fair value, I feel it is essential that, if you wish, you can maintain your proportionate interest at such valuation.
3.然而，我也希望所有合伙人都有机会获得他们在我们两家控制类公司对应比例的股份（百货零售公司和伯克希尔哈撒伟公司）和其他一个小的“保密的”持股。因为这些股票将会为我以公平的价值单方面估价，我认为这是必须的，如果你愿意，你可以以这个估值获得你对应比例的股份。
However, these securities are not freely marketable (various SEC restrictions apply to "control" stock and non-registered stock) and they will probably be both non-transferable and non-income-producing for a considerable period of time. Therefore, I want you to be able to go either way in our liquidation - either stick with the restricted securities or take cash equivalent. I strongly like all of the people running our controlled business (joined now by the Illinois National Bank and Trust Company of Rochford, Illinois, a 100 million plus, extremely well-run bank, purchased by Berkshire Hathaway earlier this year), and want the relationship to be life long. I certainly have no desire to sell a good controlled business run by people I like and admire, merely to obtain a fancy price. However, specific conditions may cause the sale of one operating unit at some point.
然而，这些股票不是可以自由交易的（不同的SEC规章对“控股类”股票和非注册股票有约束）并且他们将或许在相当长一段时间不可转让和不可带来收入。因此，我想你能够以两种方式参与我们的清算——和这些受限制股份粘在一起或者带走等额的现金。我非常喜欢所有运营我们控制类企业的团队（现在伊利诺伊国立银行和伊利诺伊罗斯福德信托公司，超过1亿美金且非常良好运转的银行，由伯克希尔哈撒韦在今年早些时候购买的也加入了进来），我希望和他们一生合作。我当然不想出售一个由我喜欢和钦佩的团队运作的好的控制类业务，仅仅为了获得一个好的价格。然而，特定条件或许导致某个时刻需要出售一个运作的公司。
11.liquidating：清算；清盘；变现；变卖
12.regarding：关于；至于；把…视为；看待
13.hand over：移交；转交；递交
14.nowhere：不存在的；没有的；哪里都不
15.readily：轻而易举地；乐意地；欣然地
16.unilaterally：单方面地
17.restricted：受限制的；约束的；保密的
18.equivalent：相同的；相当的；相等的
