英文早读第146篇，选自巴菲特年度信，友才翻译。
Now, to Bill Ruane - we met in Ben Graham's class at Columbia University in 1951 and I have had considerable opportunity to observe his qualities of character, temperament and intellect since that time. If Susie and I were to die while our children are minors, he is one of three trustees who have carte blanche on investment matters - the other two are not available for continuous investment management for all partners, large or small.
现在，谈谈比尔罗恩——我们于1951年在本格雷厄姆在哥伦比亚大学的课上认识，并且我有相当多机会从那时开始观察它的性格、脾气和智力。如果苏西和我去世了而我们的孩子们还未成年，他将会是三个受托人中的一个可以全权处理投资事务——其他两个不是对所有合伙人都可以持续投资管理，要么大了要么小了。
There is no way to eliminate the possibility of error when judging humans particularly in regard to future behavior in an unknown environment. However, decisions have to be made - whether actively or passively - and I consider Bill to be an exceptionally high probability decision on character and a high probability one on investment performance. I also consider it likely that Bill will continue as a money manager for many years to come.
没有办法预估错误的可能性当判断人类时，尤其考虑到在未知环境下的未来行为。然而，决定必须要做出——无论是积极的还是消极的——我考虑比尔将会是罕见的在性格上有高概率的决策并且在投资业绩上也有高概率。我也认为比尔将会在接下来很多年继续做资金管理人。
Bill has recently formed a New York Stock Exchange firm, Runae, Cunniff & Stires, Inc., 85 Broad Street, New York, N.Y. 10004, telephone number (212) 344-6700. John Harding presently plans to establish an office for the firm in Omaha about March 1st, 1970. Bill manages accounts individually on a fee basis and also executes brokerage for the accounts - presently with some portion of the brokerage commissions used to offset a portion of the investment advisory fee. His method of operation allows monthly withdrawals on a basis similar to BPL - as a percentage of capital and unrelated to realized or unrealized gain or loss. It is possible he may form some sort of pooled account but such determinations will be made between him and those of you who elect to go with him. I, of course, will not be involved with his operation. I am making my list of partners available to him and he will be writing you fairly soon regarding a trip he plans to make before yearend to Omaha, Los Angeles and Chicago, so that those of you who wish to meet him may do so. Any of you who are going to be in New York during the next few months can contact him directly.
别人最近成立了一家纽交所备案公司，罗恩、库尼佛和斯特斯投资合伙公司，位于宽街85号，纽约州纽约市10004，电话号码（212）344-6700。约翰汉丁现在计划为这家公司在1970年3月1日左右在奥马哈建立一件办公室。比尔基于管理费方式进行单独管理账户，并且也对账户收取经纪佣金——现在有一定比例经纪合同用于抵消投资咨询费。他的运作方法允许像巴菲特合伙基金一样的方式月底取现——以资金的一定比例并且和盈亏是否交割无关。有可能他会形成某种合并账户，但这些决定将会由他和你们中决定跟随他的人一起决定。我当然不会参与到他的运作。我正在制作我的合伙人清单给他，他将很快给你们写信并考虑一个在年底前去奥马哈、洛杉矶和芝加哥的旅行，这样你们中想见到他的话就可以这样做。你们中任何想在接下来几个月去纽约的人可以直接联系他。
Bill's overall record has been very good-averaging fairly close to BPL's, but with considerably greater variation. From 1956-1961 and from 1964-1968, a composite of his individual accounts averaged over 40% per annum. However, in 1962, undoubtedly somewhat as a product of the euphoric experience of the earlier years, he was down about 50%. As he re-oriented his thinking, 1963 was about breakeven.
比尔的整体业绩平均下来很好几乎接近巴菲特合伙基金的，但是业绩波动更大。从1956到1961年和从1964到1968年，他所管理的独立账户平均年度盈利超过40%。然而，在1962年，毫无疑问是早些年狂喜的经历的结果，他下跌了超过50%。当他重新调整了思路，1963年是盈亏平衡的。
5.carte blanche：全权委托；自由行使权
6.exceptionally：罕见的；特别的；破例的
7.individually：单独的；分别的；个别的
8.brokerage：经纪业务；经纪人佣金
9.pooled：合并的
10.euphoric：兴高采烈的；狂喜的
