英文早读第25篇，选自巴菲特年度信，友才翻译。
The minimum investment for new partners is currently 25000, but, of course, this does not apply to present partners. Our method of operation will enable the partners to add or withdraw amounts of any size (in round 100) at yearend. Estimated total assets of the partnership will be in the neighborhood of 4 million, which enables us to consider investments such as the one menthioned earlier in this letter, which we would have had to pass several years ago.
对新合伙人现在起投量是25000美金，但是当然，这个不适用于现存的合伙人。我们的运作方式将允许合伙人在年末增加或提取任意数量的资金（零头凑整到100美金）。估计合伙基金的整体规模将在400万美金附近，这将使我们能考虑像这封信开头提到的投资类型，而在几年前我们只能选择舍弃。
This has turned out to be more of a production than my annual letter. If you have any questions, particularly regarding anything that isn't clear in my discussion of the new partnership agreement, be sure to let me know. If there are a large number of questions, I will write a supplemental letter to all partners giving the questions that arise and the answers to them.
这封信比我的年度新更像一个具体文件材料。如果你有任何问题，尤其是关于我们新合伙协议的讨论中不清楚的，请一定让我知道。如果问题比较多，我会再写一封补充信件，给所有合伙人展示提出的问题和回答。
Warren E. Buffett
沃伦 E. 巴菲特
Vlb
July 22, 1961
1961年7月22日
