英文早读第159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
February 25th, 1970
1970年2月25日
To My Partners:
致我的合伙人：
This letter will attempt to provide a very elementary regarding tax-exempt bonds with emphasis on the types and maturities of bonds which we expect to help partners in purchasing next month. If you expect to use our help in the purchase of bonds, it is important that you carefully read (and, if necessary, reread) this letter as it will serve as background for the specific purchases I suggest. If you disagree with me as to conclusions regarding types of bonds or maturities (and you would have been right and I would have been wrong if you had disagreed with me on the latter point either one or two years ago), you may well be correct, but we cannot be of assistance to you in the purchase of bonds outside our area. We will simply have our hands full concentrating in our recommended area, so will be unavailable to assist or advise in the purchase of convertible bonds, corporate bonds or short term issues.
这封信试图提供一个非常基础的关于税务豁免类债券信息，重点在我们希望帮助合伙人在下个月购买的债券类型和期限上。如果你们希望在购买债券时采纳我们的帮助，那你仔细阅读这封信（如有必要，反复阅读）就很重要，他将作为这些我建议具体交易的背景。如果你在债券类型或期限上不同意我的结论（如果你不同意我1年前或2年前的信中内容，你将会是对的而我将是错的），你或许是对的，但是我们不能在购买我们的领域以外的债券上协助你。我们光是在聚焦在我们推荐的领域就已经很忙了，因此我们无法帮助或建议你购买可转换债券、公司债券或短期债券。
I have tried to boil this letter down as much as possible. Some of it will be a little weightly - some a little over-simplified. I apologize for the shortcomings in advance. I have a feeling I am trying to put all the meat of a 100 page book in 10 pages - and have it read like the funny papers.
我已经试图将这封信尽可能浓缩了。他中间有些内容有点繁重，有些有点过于简化。我提前为这些缺点道歉。我感觉我正在试图将一本100页书中的实质内容放到10页里，并且让他读起来像漫画一样。
I am sure you understand that our aid in the purchase of bonds will involve no future assistance regarding either these specific bonds or general investment decisions. I want to be available at this time to be of help because of the unusual amount of cash you have received in one distribution from us. I have no desire to be in the investment counseling business, directly or indirectly, and will not be available for discussion of financial matters after March 31st.
我需要你明确理解我们在购买债券上的协助不包括未来的在无论这些特定债券或者一般投资决定上的协助。我这个时间能够帮助是因为你们在我们的这次分配中收到的大量现金。我无意参与投资咨询业务，无论是直接还是间接的，并且在3月31日之后我将不会再出现在财务类事务的讨论中。
1.exempt：豁免；免除
2.maturity：成熟；到期；成年；完全长成
3.convertible：可兑换的；可转换的；可改变的
4.boil down：把…熬稠；（液体或食物）煮稠
5.shortcoming：缺点；短处
6.funny paper：漫画
