英文早读第40篇，选自巴菲特年度信，友才翻译。
Our performance in 1962
1962年的表现
I have consistently told partners that we expect to shine on a relative basis during minus years for the Dow, whereas plus years of any magnitude may find us blushing. This held true in 1962.
我已经不断告诉合伙人我们预期会在道琼斯指数下跌的年份闪闪发光，却会在大幅上涨的年份黯然失色。在1962年就是这样。
Because of a strong rally in the last few months, the general market as measured by the Dow really did not have such a frightening decline as many might think. From 731 at the beginning of the year, it dipped to 535 in June, but closed at 652. At the end of 1960, the Dow stood at 616, so you can see that while there has been a good deal of action in the past few years, the investing public as a whole is not too far from where it was in 1959 or 1960. If one had owned the Dow last year (and I image there are a few people playing the high flyers of 1961 who wish they had), they would have had a shrinkage in market value of 79.04 or 10.8%. However, dividends of approximately 23.30 would have been received to bring the overall results from the Dow for the year to minus 7.6%. Our own overall record was plus 13.9%. Below we show the year-by-year performance of the Dow, the partnership before allocation to the general partner, and the limited partners' results for all full years of Buffett Partnership, Ltd.'s and predecessor partnerships' activities:
因为最近几个月的强力回升，道琼斯股市确实没有像很多人认为的让人恐慌的下跌。从年初的731点，在6月跌到了535点，最后652点结束。在1960年底，道琼斯点位616点，因此你可以看到尽管在过去几年是一个很好的交易，公众投资整体并没有距离1959或者1960年水平太远。如果一个人去年持有道琼斯指数（或者我想有些人希望持有但是在1961年远走高飞了），他们会经历市值收缩79.04点或者10.8%。然而，接近23.3的分红已经给到，带来这年度最终整体结果是-7.6%。我们自己的记录是+13.9%。下面我们展示了道琼斯指数，巴菲特合伙基金及之前的合伙基金分配给GP前的合伙基金和LP的净收益按年计的表现，
The following table shows the cumulative or compounded results in the same three categories, as well as the average annual compounded rate:
接下来的表格展示了计算的这三个范畴的复合结果，也包括平均年度复合增长率：
My (unscientific) opinion is that a margin of ten percentage points per annum over the Dow is very maximum that can be achieved with invested funds over any long period of years, so it may be well to mentally modify some of the above figures.
我有个观点（不太科学）每年领先道琼斯指数10个百分点对于投资资金在任何一个长期的年份都是最大可实现的了，因此上面这些数据最好在头脑里修正下。
Partners have sometimes expressed concern as to the effect of size upon performance. This subject was reflected upon in last year's annual letter. The conclusion reached was that there were some situations when larger sums helped and some where they hindered, but on balance, i did not feel they would penalize performance. I promised to inform partners if my conclusions on this should change. At the beginning of 1957, combined limited partnership assets totaled 303,726 and grew to 7,178,500 at the beginning or 1962. To date, anyway, our margin over the Dow has indicated no tendency to narrow as funds increase.
合伙人有时会表达他们对规模增长影响的担心。这个话题在上封年度信中已经反馈了。结论是有些场合大资金有帮助，有些场合有阻碍，平衡的看，我不认为他对表现有伤害。我承诺在一点上如果我的结论变了我会通知合伙人。在1957年初，整合合伙基金资产总额是303726美金，在1962年初增长到了7178500美金。截至到今天，无论如何，我们比道琼斯指数领先的幅度都表明随着资金增长没有萎缩的趋势。
10.magnitude：巨大；量级；重大；重要性
11.blushing：鲜红的；脸红的；（因害羞或尴尬）脸红
12.rally：集会；拉力赛；止跌回升；集合；复原；恢复健康
13.frighten：吓唬；使恐慌
14.dip：蘸；浸；下降；下沉；减少；下降；衰退；泡一泡
15.mentally：心理上；精神上；智力上
16.hinder：阻碍；妨碍；阻挡；后面的
17.margin：边缘；（获胜者在时间或者票数上领先的）幅度，差额；余地；边缘部分；空白；备用的时间
18.shrinkage：收缩；缩小
