英文早读第75篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
January 18, 1965
巴菲特合伙基金
基维特广场810室
内布拉斯卡，奥马哈31区
1965年1月18日
Our Performance in 1964
1964年我们的表现
Although we had an overall gain of 4,846,312.37 in 1964, it was not one of our better years as judged by our fundamental yardstick, the Dow-Jones Industrial Average (hereinafter called the "Dow"). The overall result for BPL was plus 27.8% compared to an overall plus 18.7% for the Dow. The overall result for limited partners was plus 22.3%. Both the advantage of 9.1 percentage points on a partnership basis and 3.6 points by the limited partners were the poorest since 1959, which was a year of roughly comparable gains for the Dow.
尽管在1964年我们拥有整体获利484万6312.37美金，这并不是按我们的基础尺码衡量更好的年份，道琼斯平均工业指数（此后简称道琼斯）。巴菲特基金整体结果是+27.8%相比于道琼斯整体+18.7%。LP的整体结果是+22.3%。基金9.1%的领先和LP3.6%的领先自1959年来都是最差的，那年我们获利和道琼斯基本相当。
Nevertheless, I am not depressed. It was a strong year for the general market, and it is always tougher for us to outshine the Dow in such a year. We are certain to have years when the Dow gives us a drubbling and, in some respects, I feel rather fortunate that 1964 wasn't the year. Because of the problems that galloping markets pose for us, a Dow repeat in 1965 of 1964 results would make it most difficult for us to match its performance, let alone surpass it by a decent margin.
然而，我并不沮丧。这是一个大盘强劲的年份，这对我们而言经常难以超过道琼斯。我们当然有些年份道琼斯轻易战胜我们，在某些方面，很幸运，1964年不是。因为问题在飞驰的市场摆在我们面前，道琼斯在1965年重复1964年的结果将会使我们非常困难去媲美他的表现，更别说相当领先他。
To bring the record up to date, the following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation to the general partner, and the limited partner's results:
为了带来截至今天的记录，下面总结了道琼斯、分配给GP前合伙基金表现和LP的结果：
（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 or compounded basis, the results are:
基于复利或计算结果是：
1.depress：使沮丧；按、压、推下；使抑郁；使萧条
2.drubbing：轻取；轻易战胜
3.galloping：迅速增加的；飞奔；飞驰
4.let alone：更不用说；更别提；不打扰；不惊动
5.surpass：超过；超越；优于；胜过
