英文早读第135篇，选自巴菲特年度信，友才翻译。
序(1968半年度信)
Taxes
税务
Several unusual factors make the tax figure even more difficult than usual to estimate this year. We will undoubtedly have an above average amount of ordinary income. The picture on short term and long term capital gain is subject to unusually substantial variance. At the beginning of the year, I suggested that you use an 8% ordinary income factor (it won't come in this manner but this figure embodies an adjustment for long term capital gain) applied to your BPL capital account on an interim basis to compute quarterly tax estimates. If a figure different from 8% seems more appropriate for your September 15th quarterly estimate. I will let you know by September 5th. If no change is necessary, you will next hear from me on November 1st with the Commitment Letter for 1969.
一些不寻常的因素使评估今年的税务数据比往常更加困难。我们毫无疑问我们将会有超出平均数量的一般收入。短期表现和长期资本收益受不同寻常的大幅差异影响。在年初，我建议你用8%作为一般收入参数（他不会这样但是这个数字包括对长期资本获利的调整）应用到你巴菲特合伙基金账户年中季度税务预缴计算上。如果在9月15日季度预估时数据和8%很不一样，我会在9月5日前让你知道。如果没有必须的变化，你将会在11月1日和1969承诺函一起收到税务信息。
Cordially,
Warren E. Buffett
热情的，
沃伦E.巴菲特
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NERBRASKA 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
January 22nd, 1969
1969年1月22日
Our Performance in 1968
我们在1968年的表现
Everyone makes mistakes.
每个人都会犯错误。
At the beginning of 1968, I felt prospects for BPL performance looked poorer than at any time in our history. However, due in considerable measure to one simple but sound idea whose time had come (investment ideas, like women are often more exciting than punctual), we recorded an overall gain of 40,032,691.
在1968年初，我感觉巴菲特合伙基金预期表现看起来比我们历史上任何时候都要差。然而，由于在一个简单但是可靠的标的上时机到了（投资标的，就像女人经常很兴奋但不准时），我们创下了超过4003万2691美金收益的记录。
Naturally, you all possess sufficient intellectual purity to dismiss the dollar result and demand an accounting of performance relative to the Dow-Jones Industrial Average. We established a new mark at plus 58.8% versus an overall plus 7.7% for the Dow, including dividends which would have been received through ownership of the Average throughout the year. This result should be treated as a freak like picking up thirteen spades in a bridge game. You bid the slam, make it look modest, pocket the money and then get back to work on the part scores. We will also have our share of hands when we go set.
自然的，你们都拥有充分的智商去忽略这个美金结果而换算到相对于道琼斯工业平均指数的计算表现。我们创下一个+58.8%的新纪录相比于道琼斯整体+7.7%，包括这一年收到的股息。这个结果应该看做是畸形的，就像在桥牌游戏中拿到十三个黑桃。你叫满贯，表现地很温和，赢钱装进口袋然后回到其它计分局。我们也会遇到一些打宕的牌局。
The following summarizes the year-by-year performance of the Dow, the Partnership before allocation (one quarter of the excess over 6%) to the General Partner, and the results for limited partners:
下面总结了道琼斯、合伙基金给GP分润前（超过6%部分的1/4）、给LP的结果的年度表现：
(1)Based on yearly changes in the value of the Dow plus dividends that would have been received through ownership of the Dow during that year. The table includes all complete years of Partnership activity.
（1）基于道琼斯价值年度的变化加上在当年持有道琼斯会收到的分红。这个表格包括所有完整年份的基金活动。
(2)For 1957-61 consists of combined results of all predecessor limited partnerships operating throughout the entire year after all expenses, but before distributions to partners or allocations to the General partner.
（2）对1957-61年包括整合了之前合伙基金的运作结果，在扣除费用但在给合伙人和GP分润前。
(3)For 1957-61 computed on the basis of the preceding column of Partnership results allowing for allocation to the General Partner based upon the present Partnership Agreement, but before monthly withdrawals by limited partners.
（3）对1957-61年基于前面基金结果和基于现在合伙协议给GP分配后计算而来，但是实在LP月度提现前。
On a cumulative of compounded basis, the results are:
基于复利的计算结果如下：
36.be subject to：受…影响；受…支配
37.embody：体现；包含；代表
1.punctual：准时的；守时的；按时的
2.purity：纯洁；纯粹；纯净
3.freak：怪胎；畸形；怪人
4.bid：投标；出价；命令；吩咐；努力争取
5.slam：砰地关上；猛烈抨击；谩骂
6.go set：设置；确定；决定；规定
