英文早读第21篇，选自巴菲特年度信，友才翻译。
1960 Letter
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
July, 1961
1960公开信
巴菲特合伙公司
基伟特广场810室
内布拉斯加州奥马哈市31区
1961年7月
TO MY PARTNERS:
致我的合伙人：
In the past, partners have commended that a once-a-year letter was "a long time between drinks", and that a semi-annual letter would be a good idea. It really shoudn't be too difficult to find something to say twice a year; at least it isn't this year. Hence, this letter whick will be continued in future years.
在过去，合伙人评论说一年一次的信在两次饮酒庆祝间太久了，半年度信或许是个好主意。找些事情一年说两次确实不会太困难，至少今年不困难。因此，这类信在接下来几年都会持续。
During the first half of 1961, the overall gain of the Dow-Jones Industrial Average was about 13%, including dividends. Although this is the type of period when we should have the most difficulty in exceeding this standard, all partnerships that operated throughout the six months did moderately better than the Average. Partnerships formed during 1961 either equaled or exceeded results of the Average from the time of formation, depending primarily on how long they were in operation.
在1961上半年度，道琼斯工业指数获得了大约13%的净收益，包含分红。尽管这类时期是我们最难超过这个标准的类型，但所有这六个月都运行的合伙仅仅表现确实比指数要好。在1961年成立的合伙基金从成立开始计算要么和指数相等，要么超过这个结果，这首要取决于他们运行了多久。
Let me, however, emphasize two points. First, one year is far too short a period to form any kind of an opinion as to investment performance, and measurements based upon six months become even more unreliable. One factor that has caused some reluctance on my part to write semi-annual letters is the fear that partners may begin to think in terms of short-term performance which can be most misleading. My own thinking is much more geared to five year performance, preferably with tests of relative results in both strong and weak markets.
然而，让我强调两点。第一，一年时间实在太短了对投资表现形成任何观点，那基于六个月的表现变得更加不可靠。引起我对写半年度信的反抗的一个因素是担心合伙人开始考虑短期表现，这可能会误导。我自己思考更多的是考虑5年的表现，或许包括强力增长和下跌的市场的相对表现测试。
The second point I want everyone to understand is that if we continue in a market which advances at the pace of the first half of 1961, not only do I doubt that we will continue to exceed the results of the DJIA, but it is very likely that our performance will fall behind the Average.
第二点是我想每一个人都理解如果继续处在像1961年上半年这样的上涨节奏的市场，我不怀疑我们会继续超过道琼斯工业指数的结果，但是很有可能我们的表现接下来会落后于指数。
1.moderate：适度的；中等的；温和的；适中的；合理的；不激烈的；缓和；使适中
2.reluctance：不愿意；磁阻；厌恶；反抗（to、at）
3.gear：换挡；适合；使准备好；使兴奋起来；齿轮；器械；装置；努力；设备；用具
