英文早读第129篇，选自巴菲特年度信，友才翻译。
Specifically, our longer term goal will be to achieve the lesser of 9% per annum or a five percentage point advantage over the Dow. Thus, if the Dow averages -2% over the next five years, I would hope to average +3% but if the Dow averages +12%, I will hope to achieve an average of only +9%. These may be limited objectives, but I consider it no more likely that we will achieve even these more modest results under present conditions than I formerly did that we would achieve oure previous goal of a ten percentage point average annual edge over the Dow. Furthermore, I hope limited objectives will make for more limited effort (I'm quite sure the converse is true).
具体来说，我们的长期目标将会是获得更少的每年9%或者比道琼斯指数领先5个百分点。因此，如果道琼斯在接下来5年平均-2%收益，我希望我们是+3%，但是如果道琼斯平均是+12%，我希望将实现平均+9%。这或许是有限的目标，但是我认为不太可能像之前实现的平均年度领先道琼斯10个百分点的目标那样在当前的条件下即使是实现这些更加温和的目标。更进一步，我希望有限的目标将只需要更加有限的努力（我很确信反过来也是真的）。
I will incorporate this new goal into the Groud Rules to be mailed you about November 1, along with the 1968 Commitment Letter. I wanted to get this letter off to you prior to that mailing so you would have ample time to consider your personnal situation, and if necessary get in touch with me to clear up some of the enclosed, before making a dicision on 1968. As always, I intend to continue to leave virtually all of my capital (excluding Data Documents stock), along with that of my family, in BPL. What I consider satisfactory and achievable may well be different from what you consider so. Partners with attractive alternative investment opportunities may logically decide that their funds can be better employed elsewhere, and you can be sure I will be wholly in sympathy with such a decision.
我将合并这个新的目标到将在11月1日寄给你们的基本准则信件中，与1968年认筹函一起。我想在那封信前将这封信发出给你，这样你将有充足的时间去考虑你个人的处境，如果有必要请联系我去澄清附函中的内容，在做出1968年决定前。像往常一样，我将继续留下几乎我所有的资产（包括数据文件夹），我的家人也一样，在巴菲特合伙基金。我感到满意和有成就感的事或许和你感觉的很不一样。合伙人有有吸引力的备选投资机会可以有逻辑的决定他们的资金可以在别处更好的利用，请相信对这样的决定我会完全支持。
I have always found behavior most distasteful which publicly annouces one set of goals and motivations when actually an entirely different set of factors prevails. Therefore, I have always tried to be 100% candid with you about my goals and personnal feelings so you aren't making important decisions pursuant to phony proclamations (I've run into a few of these in our investment experience). Obviously all the conditions enumerated in this letter haven't appeared overnight, I am sure, that I wanted to pick a time when past goals had been achieved to set forth a reduction in future goals. I would not want to reduce the speed of the treadmill unless I had fulfilled my objectives to this point.
我发现最令人讨厌的行为就是公开宣告一个目标和动机而实际上另一个完全不同的因素在主导。因此，我试图100%对你坦诚关于我的目标和个人感受这样你就不会依照假的宣告做重要决策（在我们的投资经历中我也踩过几次坑）。很明显所有这封信中列举的条件都还没过夜，我确信，我是想挑个过去的目标已经被实现的时间去设置未来目标的减少。我不想降低跑步机的速度除非我已经实现了我的目标。
Please let me know if I can be of any help in deciphering any portion of this letter.
请让我知道我是否可以在破译这封信的任何一部分内容上有帮助。
Cordially,
Warren E. Buffett
真诚地，
沃伦E.巴菲特
66.incorporate：使并入；包含；合并；注册成立；吸收
67.sympathy：同情；支持；赞同；志同道合
68.distasteful：讨厌的；令人反感的
69.candid：坦率的；坦诚的；公正的；直言不讳的
70.pursuant：依照；依据；按照
71.phony：假的；虚伪的；伪造的
72.proclamation：宣言；宣告；公告
73.enumerate：列举；枚举
74.deciphering：破译；辨认
75.specifically：具体来说；确切地说；专门地
