英文早读第145篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基维特广场610室
内布拉斯卡，奥马哈, 68131
电话042-4110
October 9th, 1969
1969年10月9日
To My Partners:
致我的合伙人：
Here is my present estimate of the BPL calendar for the months to come:
下面是我现在对接下来几个月巴菲特合伙基金日历事件的预估：
(1) This letter - to tell you something of Bill Ruane, the money manager within my knowledge who ranks the highest when combining the factors of integrity, ability and continued availability to all partners. I also want to comment upon the present range of expectations involved in deciding on a bond-stock mix.
（1）这封信的时候——告诉你一些关于比尔罗恩的事情，在我认知内他是排名最高的资金管理人，结合正直、能力和所有合伙人可持续获得性等因素。我也想谈谈在包括债券和股票混合的决策的预期范围。
(2) Late November - the required thirty days formal notice of my intent to retire from the Partnership at the end of the year.
（2）十一月晚些时候——是关于我意图年底从合伙基金离职正式通告所必须提前30天的时间。
(3) Early December - a package of publicly available material, as well as some general comments by me relating to our controlled companies. Berkshire Hathaway Inc. (owing the textile business, Illinois National Bank and Trust Company of Rockford, Illinois, National Indemnity Company and National Fire and Marine Insurance Company and Sun Newspapers) and Diversified Retailing Company (owning Hochschild, Kohn & Co. and Associated Cotton Shops). I want you to have ample time to study the material relating to such companies before you make any decision to hold, sell or buy such securities after distribution to you in early January. I will solicit written questions from partners (I don't want to talk to you individually about such companies, as I want all partners to obtain exactly the same information) and then have a further mailing late in December, giving all questions received relating to these companies along with my answers, if possible. I still anticipate having a plan enabling partners to promptly convert such controlled company holdings to cash, if they wish.
（3）十二月早些时候——公众可获得的资料，也包括一些由我和我们的控制类公司的做出的协议将会打包给你。伯克希尔哈撒韦公司（拥有纺织业务，伊尼诺伊国立银行和伊利诺伊罗克福德信托公司，国家保障公司和国家火灾与海洋保险公司和太阳报）和百货零售公司（拥有霍希尔德科恩公司和联合棉纺公司）。我希望你有重组的时间去研究这些关于这些公司的材料在你做出任何决定持有、出售或者购买这些1月初分配给你的股票后。我会征集合伙人的书面问题（我不想和你们单独谈论这些公司，因为我希望所有合伙人都获得完全相同的信息）并会在12月末进一步给你们一封信，用来给出我对收到的关于这些公司的问题的答案。如果可能，我将参与制定一个计划使合伙人能够迅速将这类控制公司股份转化为现金，如果他们愿意。
(4) About January 5th - (a) a cash distribution amounting to at least 56% (probably more - depending upon what percentage of our remaining holdings are sold before yearend) of your January 1, 1969 capital, less any distributions (the regular monthly payments many of you receive) or borrowings by you during 1969, (b) your proportional share of our holdings in Diversified Retailing Company Inc. and Berkshire Hathaway Inc. I which, if you dispose of them, will bring 30%-35% (my estimate of value will be made at yearend) of your January 1, 1969 capital.
（4）大约1月5日——（a）至少分配1969年1月1日资金的56%（或许更多——取决于在年底前卖出的剩余持股的比例），扣除任何你在1969年的分配（你们很多人收到的常规月度付款）和借款；（b）你在我们在百货零售公司和伯克希尔哈撒韦公司持股的比例。那将会，如果你处置他们，带来你在1969年1月1日资金的30%-35%（我的估价将会在年底做出）。
We may make substantial additional sales before yearend - if so, the early January cash distribution will be somewhat larger than the 56% mentioned above. If we don't, such sales will be made during the first half of 1970 and an interim distribution made. Residual assets will be sold at appropriate times and I believe not more than 10% of our present asset value will remain after June 30th, 1970 pending a final distribution when all assets and liabilities have been cleaned up.
我们或许会在年底前做出重大额外出售——如果这样， 1月初的现金被配将会比上面提到的56%更多。如果我们不这样做，这些出售将会在1970年上半年完成，这样将会有年中分配。剩下的资产将会在合适时间出售，我相信在1970年6月30日之后剩余的资产价值不会超过现在的10%，当所有资产和债务都清理完成时将会有待定的最终分配。
Unless there is a further substantial decline in the market. I still expect about a breakeven performance before any monthly payments for 1969. We were lucky - if we had not been in liquidation this year, our results would have been significantly worse. Ideas that looked potentially interesting on a "continuing" basis have on balance performed poorly to date. We have only two items of real size left - one we are selling as I write this and the other is a holding of limited marketability representing about 7-1/2% of the outstanding stock of Blue Chip Stamps which we may sell via a registered public offering around yearend, depending upon market conditions and other factors.
除非市场进一步重大下跌，我仍然认为在包含任何月度支付前，1969年将会不赚不亏。我们很幸运——如果我们不是在这一年清算，我们的结果将会很糟糕。那些看起来有潜力的兴趣可以持续观察的标的到今天总的来说表现糟糕。我们只有剩下两个有规模的案子——一个我写这封信时正在出售，另一个是限售类代表大约7.5%的蓝色芯片邮票，或许会大约在年底通过公开转让的方式出售，这取决于市场环境和其它因素。
(5) March 1st. 1970 - John Harding expects to leave Buffett Partnership. Ltd. and open a branch office in Omaha for Ruane, Cunniff & Stires. Bill Scott and I will be available at BPL offices to help any partners who are desirous of purchasing bonds, tax-free or taxable. We will set aside the month of March to make our services available without cost to those who want to acquire bonds. Because of some experience we have in analysis and purchasing, as well as the access we have to wholesale markets. I think it is likely we can save material elements of cost as well as help select better relative values for those of you who wish to invest in bonds. After April 1st, however, we want to be out of any form of personal advisory activity.
（5）1970年3月1日——约翰汉丁将会离开巴菲特合伙基金公司然后开设一家罗恩、库尼佛和斯特斯投资合伙公司奥马哈分公司。比尔斯科特和我将会在巴菲特合伙公司办公室来帮助任何对购买债券、免税或有税的，感兴趣的合伙人。我们将会留出这个月让我们的服务免费对那些希望获得债券的人。因为我们有一些分析和购买的经验，也有去大规模市场的渠道。我认为很有可能我们可以节约成本并帮助你们中一些人选择到相对更好价值的债券。在4月1日之后，然而，我不想参与任何形式的个人咨询业务。
(6) After March, 1970 - Bill and I will continue to office in Kiewit Plaza, spending a very minor portion of our time completing the wind-up of BPL. This will mean filing tax returns for 1970 and probably 1971 resolving minor assets and liabilities etc.
（6）在1970年3月之后——比尔和我将会继续在基维特广场办公，花费很小比例的时间来完成巴菲特合伙基金收尾。这将会意味着处理1970年甚至或许1971年的税务申报及小额的资产和债务等等。
1.solicit：恳求；征求；筹集；拉（客）；索求
2.pending：悬而未决的；即将发生的；待定
3.on balance：总的来说；权衡之后；全面考虑之后
4.wind-up：意欲结束的；终了的；收场的
