英文早读第56篇,选自巴菲特年度信,友才翻译。
Complete tax information for your 1963 return will be in your hands by January 25th. If you should need an estimate of your tax position before that time, let me know and I will give you a rough idea. We will also send out a short letter on taxes in late December.
完成你的1963税务申报信息将会在1月25日前到你手边。如果你需要在那之前预估你的税务位置,让我直到,我将会给你粗略的主意。我们也将在12月末发出一封税务简信。
At the end of October, the overall result from the Dow for 1963 was plus 18.8%. We have had a good year in all three categories, generals, work-outs and controls. A satisfactory sale on a going concern basis of Dempster Mill Manufacturing operating assets was made about a month ago. I will give the full treatment to the Dempster story in the annual letter, perhaps climaxed by some lyrical burst such as "Ode to Harry Bottle." While we always had a built-in profit in Dempster because of our bargain purchase price, Harry accounted for several extra servings of dessert by his extraordinary job. Harry, incidentally, has made an advance payment toward becoming a limited partner in 1964-- we consider this the beginning, not the end.
在10月末,道琼斯指数1963年整体增长18.8%。我们在三个范畴都是好的年份,一般类、套利类和控制类。一个令人满意的出售关于持续关心邓普斯特磨机运营资产在一个月前达成了。我将会在年度信中给邓普斯特故事全面的对待,或许在某种抒情爆发到高潮例如“哈利波特的赞歌”。尽管我们已经在邓普斯特有了内置的利润因为我们还价式的交易价格,哈利实现了提供额外的甜点通过卓越的同坐。免不了的,他支付了提前付款成为1964年LP——我们认为这是开始,而不是结束。
However, 1963 has not been all Dempster. While a great deal can happen the last two months and therefore interim results should not been taken too seriously, at the end of October the overall gain for the partnership was about 32%. Based on the allocation embodied in our agreement, this works out to plus 25 1/2% for the limited partners before monthly payments to those who take them. Of our approximate 3 million gain, something over 2 million came from marketable securities and a little less than 1 million from Dempster operating assets. The combined gain from our single best general and best work-out situation approximated the gain on the Dempster operating assets.
然而,1963年不全都是邓普斯特。尽管大事件仍可能在最后两个月发生,因此中间的结果不应该太当真,在10月末合伙基金净利润大约32%。根据我们合伙协议讲到的,这将给LP带来25.5%的收益,在给需要的合伙人月度支付前。在我们大约300万美金收益中,大约超过200万美金来自于流通股票,少于100万美金来自于邓普斯特运营资产。从我们单个最好的一般类和最好的套利类股票都大约和邓普斯特运营资产收益相当。
8.climax:(戏剧、音乐通常接近结束时的)高潮;达成极点;达到性高潮
9.lyrical:抒情的
10.burst:爆发;迸发
11.ode:颂诗;颂歌
12.bargain:讨价还价;交易;协议;便宜货
13.incidental:次要的;附带发生的;免不了的;作为自然结果的
14.embody:体现;包含;代表;收录
15.scurry:急促跑;碎步疾跑;骤雨;骤雪
16.pronto:马上;立即;火速