英文早读第63篇，选自巴菲特年度信，友才翻译。
Miscellaneous
杂事
We are starting off the year with net assets of 17,454,900. Our rapid increase in assets always raises the question of whether this will result in a dilution of future performance. To date, there is more of a positive than inverse correlation between size of the Partnership and its margin over the Dow. This should not be taken seriouly however. Larger sums may be an advantage at some times and a disadvantage at others. My opinion is that our present portfolio could not be improved if our assets were 1 million or 5 million. Our idea inventory has always seemed to be 10% ahead of our bank account. If that should change, you can count on hearing from me.
今年我们以净资产1745万4900美金起步。我们快速增长的资产经常引起问题他是否会影响我们未来的表现。截至当前，他更多是积极的而不是相反的关系在合伙基金规模和领先道琼斯的范围。这也不应当太认真。大的规模有时候是优势，有时候是劣势。我的观点是我们现在的投资组合不会因为我们的资产是1百万或者5百万规模而提升。我们库存的主意似乎经常领先我们银行账户10%。如果他应该改变，你确信会收到我的来信。
Susie and I have an investment of 2,392,900 in the Partnership. For the first time I had to withdraw funds in addition to my monthly payments, but it was a choice of this or disappointing the Internal Revenue Service. Susie and I have a few non-marketable (less than 300 holders) securities of nominal size left over from earlier years which in aggregate are worth perhaps 1% of our partnership interest. In addition we have one non-marketable holding of more material size of a local company purchased in 1960 which we expect to hold indefinitely. Aside from this all our eggs are in the BPL basket and they will continue to be. I can't promise results but I can promise a common destiny. In addition, that endless stream of relatives of mine consisting of my three children, mother, father, two sisters, two brothers-in-law, father-in-law, four aunts four cousins and five nieces and nephews, have interests in BPL directly or indirectly totaling 1,247,190.
苏茜和我在合伙基金投资了239万2900美金。第一次我不得不取出资金在我每月支付以外，但这是一个选择，或者让税务局失望。苏茜和我有几个非市场化（少于300股）的股票在微乎其微的规模，来自于早些年，总的来说大概价值我们在合伙基金股份的1%。此外，我们有一个非市场化的持股，更有实质性的规模在一家本地企业，于1960年购入并希望无限期持有。除此之外，我们所有的鸡蛋都放在巴菲特合伙基金的篮子里，并将持续这样。我不能保证结果，但我可以保证基本的宿命。此外，无尽的我亲属包括我3个孩子，母亲，父亲，两个姐姐，两个姐夫，岳父，四个叔叔和四个堂叔，5个侄子侄女，直接或间接在巴菲特合伙基金持有总计124万7900的股份。
Bill Scott is also in with both feed, having an interest along with his wife or 237,400, the large majority of their net worth. Bill has done an excellant job and on several of our more interesting situations going into 1964, he has done the majority of the contact work. I have also shoved off on him as much as possible of the administrative work so if you need anything done or have any questions, don't hesitate to ask for Bill if I'm not around.
比尔斯考特已经两脚下地了，和他妻子持有股份23万7400美金，他们净资产的很大一部分。比尔做了非常好的工作，把一些我们更感兴趣的事情代入了1964年，他做了大部分的联络工作。我已经放手让他做尽可能多的行政工作，因此如果你需要任何事要做或要问，不要犹豫，如果我不在就问比尔。
Beth and Donna have kept an increasing work load flowing in an excellant manner. During December and January, I am sure they wish they had found employment elsewhere, but they always manage to keep a mountain of work ship-shape.
贝斯和戴安娜保持增加的工作压力以优越的方式流动。在12月和1月，我确信他们希望他们已经在任何别的地方找到了工作，但是他们经常将堆积如山的工作做的井井有条。
Peat, Marwick, Mitchell has done their usual excellent job of meeting a tough timetable. We have instructed them conduct two surprise checks a year (rather than one as in past years) on our securities, cash, etc., in the future. These are relatively inexpensive, and I think make a good deal of sense in any financial organization.
毕马威做了经常性的卓越工作来满足苛刻的时间表。我们已经要求他们实施一年两次的令人兴奋的检查（而不是过去这些年每年一次）在我们的股票、现金等等上。他们不是那么贵，我认为在任何财务机构中都是好的交易。
Within the next week you will receive:
在接下来的礼拜你会收到：
(1) A tax letter giving you all BPL information needed for your 1963 federal income tax return. This letter is the only item that counts for tax purposes.
（1）一封税务信件给你所有巴菲特合伙基金信息你需要用于1963年联邦所得税申报。这封信是唯一用于税务目的的。
(2) An audit from Peat, Marwick, Mitchell & Co. for 1963, setting forth the operations and financial position of BPL as well as your own capital account.
（2）一封来自毕马威的1963年审计报告，阐述巴菲特合伙基金操作和财政位置，同样也是你的资金账户。
(3) A letter signed by me setting forth the status of your BPL interest on 1/1/64. This is identical with the figure developed in the audit.
（3）一封由我签名的阐述巴菲特合伙基金于64年1月1日的位置。这封信和审计报告数据是一致的。
(4) Schedule "A" to the partnership agreement listing all partners.
（4）优先级A用于发布给所有合伙人的合伙协议。
Let me know if anything needs clarifying. As we grow, there is more chance fo missing letters, a name skipped over, a figure transposition, etc., so speak up if it appears we might have erred. Our next letter will be about July 15th summarizing the first half.
让我直到你有任何事需要澄清。当我们变大时，更多可能会错过信件，掠过名字，数字混淆等等，因此大声说如果你觉得我们犯错了。我们的下封信大概在6月15日用来总结上半年度。
Cordially,
Warren E. Buffett
热情的
沃伦 E 巴菲特
84.dilution：稀释
85.correlation：相关；相关性；关联；相互关系
86.inventory：库存；存货；财产清单
87.destiny：命运；天命；天数
88.ship-shape：井井有条
89.shove off：离开；走开
90.set forth：阐述；陈述；说明
91.identical：完全相同的；相同的；同一的
92.clarify：澄清；阐明；纯净；净化
