英文早读第37篇，选自巴菲特年度信，友才翻译。
Please be sure the signature on your partnership agreement is notarized. Partners in Omaha may obtain the notarization at our office if they wish. Also, be sure to let us know by an appropriate circle on the commitment letter whether you wish to receive monthly payments in 1963. In order to be sure everyone understands this, let me again state that these monthly payments are in no sense guaranteed earnings or anything of the sort. They represent a convenient form of regular withdrawl, which to the extent we earn better than 6% are payments from earnings, and the the extent we don't, are payments from capital.
请确保在合伙基金协议上的签名是公证的。如果公证人员愿意，在奥马哈的合伙人或许可以在我们的办公室获得公证。同时，请确保让我们知道你在承诺函上画了圈如果你希望在1963年获得月度提款。为了确保每个人都对此理解，让我再讲一次这些月度提款不是对盈利或任何其他这类的保证。他们代表常规提款的便捷形式，某种程度上，如果我们赚的比6%多，是从盈利中提取，如果没有，就从本金中支付。
Complete tax information for your 1962 return will be in your hands by January 20th. If you should need an estimate of your tax position before that time, let me know and I will give you a rough idea. We will also send out a short letter on taxes in late December.
用于你1962年申报的完整税务信息将在1月20日前送达。如果你需要在那之前对你税务状况进行评估，我们给你粗略的建议。我们也会在12月下旬发送一封关于税务的简信。
Having read this far, you are entitled to report on how we have done to date in 1962. For the period ending October 31st, the Dow-Jones Industrials showed an overall loss, including dividends received, of approximately 16.8%. We intend to use the same method of valuing our controlling interest in Dempster Mill Manufacturing at this yearend that we did at the end of last year. This involved applying various discounts to the balance sheet items to reflect my opinion as to what could be realized on a very prompt sale. Last year this involved a 40% discount on inventories, a 15% discount on receivables, estimated auction value of fixed assets, etc., which led to an approximately value or 35 per share.
读到这里，你可以获得1962年截至现在我们表现如何的报告。截止到10月31日这段期间，道琼斯工业指数呈现亏损，包含获得的分红，大约16.8%。我们打算用同样的方法估算今年末我们在邓普斯特磨机制造厂的控股股份利益，像去年末那样。这包括采取不同程度的对资产负债表科目的折扣来反映我认为如果迅速卖出可以实现的价值。去年这包括在存货上40%的折扣，在应收款上15%的折扣，评估固定资产拍卖价值等等，最终每股大约35美金。
The successful conversion of substantial portions of the assets of Dempster to cash, at virtually 100 cents on the dollar, has been the high point of 1962. For example, inventory of 4.2 million at last yearend will probably be about 1.9 million this yearend, reducing the discount on this item by about 920,000 (40% of 2.3 million reduction). I will give this story my full journalistic treatment in my annual letter. Suffice to say at this point that applying the same discounts described above will probably result in a yearend value of at least 50.00 per share. The extent of the asset conversion job can perhaps best be illustrated in a sentence by pointing out that whereas we had 166,000 of cash and 2,315,000 of liabilities at November 30, 1961 (Dempster fiscal yearend), we expect this year to have about 1 million in cash and investments (of the type the Partnership buys) against total liabilities of 250,000. Prospects for future improvement in this situation in 1963 appear good, and we expect a substantially expanded investment portfolio in Dempster next year.
成功将邓普斯特大量的资产转化为现金，以几乎用100美分换1美金的方式，在1962年达到了高点。例如，在去年末的420万美金存货在今年末将大约只有190万美金，在这个科目上减少折扣大约92万美金（230美金存货减少的40%）。我将会在我的年度信中像新闻工作一样讲述这个故事。足够说出这一点，应用上述同样的折扣方法，今年末每股大约结果至少50美金。资产转换工作的程度可以用一句话来演绎通过指出尽管我们在1961年11月30日（邓普斯特财政年度末）拥有16.6万美金现金和231.5万美金负债，我们希望今年我们有100万美金现金及投资物（像合伙基金购买的这类）和大约总共25万美金的负债。展望1963年这类投资似乎会很好，我们期望下一年在邓普斯特上能大幅扩大投资占比。
7.notarized：公证；由公证人证实
8.no sense：毫无意义；不必；没道理
9.tax return：纳税申报单
10.prompt：迅速的；及时的；准时的；敏捷的；鼓励；提示；提醒；促使；导致
11.inventory：库存；存货；清单；财产清单
12.receivables：应收款项
13.auction：拍卖
14.conversion：转换；转化；转变；（宗教或信仰的）改变；皈依
15.virtually：实际上；几乎；虚拟；模拟；差不多
16.journalistic：新闻工作的；新闻业的
17.suffice：足够；足以
18.liability：责任；负债；债务；义务；欠债
19.fiscal：财政；财政年度；会计年度
20.prospective：潜在的；可能的；预期的；有望的；即将发生的
21.distinctly：明显地；显然
22.recur：反复出现；重现；再发生
23.if at all：如果有的话
24.soar：翱翔；高飞；猛增；高耸；增强；急升
25.totem pole：图腾柱；级别
26.throw in the towel：承认失败；认输
27.sermon：布道；讲道；冗长的说教
28.gear up：为……做好了准备
29.pronto：（俚语）马上；火速
