英文早读第130篇，选自巴菲特年度信，友才翻译。
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 24, 1968
1968年1月24日
Our Performance in 1967
我们在1967年的表现
By most standards, we had a good year in 1967. Our overall performance was plus 35.9% compared to plus 19.0% for the Dow, thus surpassing our previous objective of performance ten points superior to the Dow. Our overall gain was 19,384,250 which, even under accelerating inflation, will buy a lot of Pepsi. And, due to the sale of some longstanding large positions in marketable securities, we had realized taxable income of 27,376,667 which has nothing to do with 1967 performance but should give all of you a feeling of vigorous participation in The Great Society on April 15th.
根据大多数标准，我们在1967年都是好的年份。我们的整体表现是+35.9%，相比于道琼斯指数是19.0%，因此产过了我们之前的优于道琼斯10个百分点的表现目标。我们的整体盈利是1938万4250美金，即使在加速的通胀情况下，都可以买很多百事股份。另外，由于出售一些长期持有的市场股票，我们实现了结算的应纳税收入2737万6667美金，这些都和1967年表现无关但是会在4月15日全社会申报个税时给你强烈的参与感。
The minor thrills described above are tempered by any close observation of what really took place in the stock market during 1967. Probably a greater percentage of participants in the securities markets did substantially better than the Dow last year than in virtually any year in history. In 1967, for many, it rained gold and it paid to be out playing the bass tuba. I don't have a final tabulation at this time but my guess is that at least 95% of investment companies following a common stock program achieved better results than the Dow - in many cases be very substantial amounts. It was a year when profits achieved were in inverse proportion to age - and I am in the geriatric ward, philosophically.
上面描述的小激动将被任何近距离观察在1967年股市发生的事情所缓和。或许很大比例的股市参与者在去年都比几乎历史上任何一年表现明显好于道琼斯。在1967年，很多情况下，天上掉金条，而今天用来付费吹低音大号。截至当前我还没有最终表格但是我猜测至少95%的在股市的投资公司实现了优于道琼斯的表现——在很多情况下时非常大的比例。这也是一年盈利结果和年龄比例相反的年份——哲学上说，我属于老年区。
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：
Investment Companies
投资公司
On the following page is the usual tabulation showing the results of what were the two largest mutual funds (they have stood at the top in size since BPL was formed - this year, however Dreyfus Fund overtook them) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies.
在下一页是常规表格展示两家最大的遵守一个政策典型的95-100%投资于一般股市的互助基金（他们在规模上从巴菲特合伙基金成立就在顶部，然而这一年，德雷福斯基金超过了他们）和两家最大的分散式封闭投资公司的结果。
(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1967 Moody's Bank & Finance Mannual for 1957-1966. Estimated for 1967.
（1）由资产价值加上在当年记录分配给持股人的分红计算而来；
（2）从1967年的穆迪银行和财经手册1957-1966版而来。1967年预估而来。
Last year I said:
"A few mutual funds and some private investment operations have compiled records vastly superior to the Dow and, in some cases, substantially superior to Buffett Partnership, Ltd. Their investment techniques are usually very dissimilar to ours and not within my capabilities. "
去年我说过：
"一些共同基金和一些私募投资运作实现了大幅领先道琼斯的记录，在某些情况下，也大幅优于巴菲特合伙基金。他们的投资技术经常和我们很不一样也不在我的能力范围。"
In 1967 this condition intensified. Many investment organizations performed substantially better than BPL, with gains ranging to over 100%. Because of these spectacular results, money, talent and energy are converging in a maximum effort for the achievement of large and quick stock market profits. It looks to me like greatly intensified speculation with concomitant risks - but many of the advocates insist otherwise.
在1967年这个情况加剧了。很多投资组织表现大幅优于巴菲特合伙基金，盈利超过100%。因为这些牛逼的结果，资金、人才和资源都汇集起来以最大努力去获取更大且快速的股市盈利。对我来说这很像加剧的投资伴随着风险——但是很多支持者坚持相反的观点。
My mentor, Ben Graham, used to say. "Speculation is neither illegal, immoral nor fattening (financially)." During the past year, it was possible to become fiscally flabby through a steady diet of speculative bonbons. We continue to eat oatmeal but if indigestion should set in generally, it is unrealistic to expect that we won't have some discomfort.
我的导师，本格雷厄姆过去常说“投机既不是非法和不道德的，也不是会升值的（财务上）”。在过去一年，持续吃大量的糖果可能会变得财务疲软。我们将继续吃燕麦片除非消化不良了，不然很不现实会想我们有任何不适。
1.inflation：通货膨胀；充气
2.thrill：激动；兴奋；令人兴奋的经历
3.temper：脾气；情绪；使温和；使缓和
4.bass tuba：低音大号
5.geriatric：老人的；老年的；老年人；老年医学；老年病人
6.ward：病房；区
7.intensify：加强；增强；加剧；强化
8.converge：汇聚；集中；聚集
9.concomitant：伴随的；相伴的
10.advocate：提倡者；拥护者
11.insist：坚持；坚持说；固执己见
12.flabby：松弛的；软弱的；无力的；肥胖的
13.bonbon：软夹心糖果
14.oatmeal：燕麦片
15.indigestion：消化不良
