英文早读第26篇，选自巴菲特年度信，友才翻译。
1961 Letter
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
January 24, 1962
1961年公开信
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
1962年1月24日
Our performance in 1961
在1961年我们的表现
I have consistently told partners that it is my expectation and hope (it's always hard to tell which is which) that we will do relatively well compared to the general market in down or static markets, but that we may not look so good in advancing markets. In strongly advancing markets I expect to have real difficulty keeping up with the general market.
我已经持续告知了合伙人我的预期和希望（这经常很难说哪一个是哪一个）在下降或平稳的市场，相比于大盘我们将会做的相对好，但是在上涨的市场我们看起来没这么好。在强力上涨的市场，我预期和大盘保持一致会很有困难。
Although 1961 was certainly a good year for the general market, and in addition, a very good year for us on both an absolute and relative basis, the expectations in the previous paragraph remain unchanged.
尽管1961年对大盘来说确实是好的年份，除此之外，对我们的绝对表现和相对表现也是一个非常好的年份，但这些在前文的预期仍然是不变的。
During 1961, the general market as measured by the Dow-Jones Industrial Average (hereinafter called the "Dow") showed an over-all gain of 22.2% including dividends received through ownership of the Dow. The gain for all partnerships operating throughout the entire year, after all expenses of operation, but before payments to limited partners or accrual to the general partner, averaged 45.9%. The details of this gain by partnership are shown in the appendix along with results for the partnerships started during the year.
在1961年间，大盘用道琼斯工业指数（下文简称道琼斯）来衡量表现出22.2%的净增长，包括通过持有道琼斯收到的分红。所有一整年都运作了的合伙基金，在扣除运作费用，但在支付给LP和GP付款前，收益平均达到45.8%。合伙基金收益的细节在附录里有展现，也包括在年间开始启动的合伙基金。
We have now completed five full years of partnership operation, and the results of these five years are shown below on a year-by-year basis and also on a cumulative or compounded basis. These results are stated on the basis described in the preceding paragraph; after expenses, but before division of gains among partners or payments to partners.
我们现在已经完成了5年的合伙基金运营，这五年的结果在下方通过一年接一年的方式展现，同时通过复合方式展现累积结果。这些结果的计算方式在前文中已经陈述了，在扣除费用之后，但是在合伙人分红或付款之前。
On a compounded basis, the cumulative results have been:
基于复合算法，复利累积结果如下：
These results do not measure the gain to the limited partners, which of course, is the figure in which you are most interested. Because of the varying partnership arrangements that have existed in the past, I have used the over-all net gain (based on market values at the beginning and end of the year) to the partnership as being the fairest measure of over-all performance.
这些结果不是测算给LP的净收益，当然这个数据是你们最关心的。因为在过去不同合伙协议的区别，我已经使用总净收益（基于年初和年末的市值）来作为衡量综合表现最公平的方法了。
On a pro-forma basis adjusted to the division of gain's entailed in our present Buffett Partnership, Ltd. agreement, the results would have been:
假设基于在我们当前巴菲特合伙基金协议的收益分配规则，预期的LP收益将会如下：
1.in addition: 此外，另外；除……之外；加之
2.hereinafter: 在下文
3.accrual：（投资的）增加；（利息的）自然累积
4.cumulative：累积的；累计的；（在力量或重要性方面）聚积的
5.pro-forma: 预计的；预期的
