英文早读第24篇，选自巴菲特年度信，友才翻译。
(E) The right to borrow during the year, up to 20% of the value of your partnership interest, at 6%, such loans to be liquidated at yearend or earlier. This will add a degree of liquidity to an investment which can now only be disposed of at yearend. It is not intended that anything but relatively permanent funds be invested in the partnership, and we have no desire to turn it into a bank. Rather, I expect this to be a relatively unused provision, which is available when something unexpected turns up and a wait until yearend to liquidate part of all of a partner's interest would cause hardship.
有权利在年中按照6%利率借取你合伙基金收益的20%，这类借款会在年底或者更早清算。这样会增加投资的资金流动性，现在他们只能在年终才分配。我无意是要求将相对永久性资金投入到合伙基金，我们也无意将他变成一个银行。然而，我希望这是一条相对不会被使用的条款，只有当意外发生，等待年底清算合伙人收益会引起麻烦时才会用到。
(F) An agreement whereby any relatively small tax adjustment, made in the later years on the partnership's return will be assessed directly to me. This way, we will not be faced with the problem of asking eighty people, or more, to amend their return over some small matter. As it stands now, a small change, such as a decision that a dividend received by the partnership has 63% a return of capital instead of 68%, could cause a multitude of paper work. To prevent this, any change amounting to less than 1000 of tax will be charged directly to me.
一个协议借以产生，任何相对小的税务调整，在之后一些年份做出的在合伙基金回报时，将直接由我处置。这样的方式，我们将不会在面对这个问题时问80个人或者更多，来去在一些小的事情上修订回报。就像现在，一个小的改变，例如将合伙基金股息的回报从68%变为63%的决定，可能会引起大量的纸面工作，为了避免这个，然后最终少于1000美金的税务改变将直接由我负责。
We have submitted the proposed agreement to Washington for a ruling that the merger would be tax-free, and that the partnership would be treated as a partnership under the tax laws. While all of this is a lot of work, it will make things enormously easier in the future. You might save this letter as a reference to read in conjunction with the agreement which you will receive later in the year.
我们已经将草拟的协议提交给了华盛顿，为了裁定这次合并是免税的，并且合伙基金符合税法。尽管这些有大量工作，但是会在将来让事情更加简单。你可以保存这封信作为参考，当合并时结合你在今年晚些将收到的合伙协议一起读。
24.dispose：处置；布置；排列；安排；使易于；倾向于
25.turn up：出现；（常指出其不意地）出现；调大
26.whereby：由此；借以；凭此
27.enormous：巨大的；庞大的
