英文早读第89篇，选自巴菲特年度信，友才翻译。

I have a large percentage of pragmatists in the audience so I had better get off that idealistic kick. There are only three ways to avoid ultimately paying the tax:(1) die with the asset - and that's a little too ultimate for me even the zealots would have to view this "cure" with mixed emotions;(2) give the asset away - you certainly don't pay any taxes this way, but of course you don't pay for any groceries, rent, etx., either; and (3) lose back the gain if your mouth waters at this tax-saver, I have to admire you - you certainly have the courage of your convictions.
在我的听众中有很大一部分实用主义者，因此我最好离开那个理想主义的一击。只有三种方式可以避免最终支付税款：（1）和资产一起去世——这对我来说有点太最终了甚至狂热分子都会以复杂的心情看待这个“治疗”；（2）放弃这个资产——你当然这种方式不用付税了，但是当然你也付不了杂物，房租等等；或者（3）亏回盈利如果你对税款节约流口水，我必须钦佩你——你属实有你信念的勇气。

So it is going to continue to be the policy of BPL to try to maximize investment gains, not minimize taxes. We will do our level best to create the maximum revenue for the Treasury - at the lowest rates the rules will allow.
这将仍然是巴菲特合伙基金的策略去获得最大化的投资盈利，而不是最小的税款。我们会做我们最好的水平去给财政部创造最大的收入——以规则允许的最低的税率。

An interesting sidelight on this whole business of taxes, vis-a-vis investment management, has appeared in the last few years. This has arisen through the creation of so-called "swap funds" which are investment companies created by the exchange of the investment company's shares for general market securities held by potential investors. The dominant sales argument has been the deferment (deferment, when pronounced by an enthusiastic salesman, somethimes comes very close phonetically to elimination) of capital gains taxes while trading a single security for a diversified portfolio. The tax will only finally be paid when the swap fund's shares are redeemed. For the lucky ones, it will be avoided entirely when any of those delightful alternatives mentioned two paragraphs earlier eventuates.
一个有趣的在整个税务业务上相比于投资管理的间接消息，最近几年出现了。这是由所谓的“交换基金”产生的，投资公司通过交换投资公司股份和被潜在投资者持有的一般市场股票形成的。主流的销售辩论是延期（延期，当被有激情的销售发音时，有时听起来很接近消除的发音）资本所得税通过交易一个单一的股票兑换分散的组合。这个税只有当交换基金的股份被赎回后才会最终支付。对于幸运的人，当前两段提到的令人快乐的选项中任何一个最终发生时都会避免整个税务。

The reasoning implicit in the swapee's action is rather interesting. He obviously doesn't really want to hold what he is holding or he wouldn't jump at the chance to swap it ( and pay a fairly heavy commission - usually up to 100,000) for a grab-bag of similar hot potatoes held by other tax-numbed investors. In all fairness, I should point out that after all offerees have submitted their securities for exchange and had a chance to review the proposed portfolio they have a chance to back out but I understand a relatively small proportion do so.
包含在交换行为中的理由相当有趣。他显然不是真的想持有他持有的股票否则他不会跳到这个机会去交换他（并支付相当重的费用——经常高达10万美金）为了一带同样烫手的土豆由其他税务麻木的投资者。在所有公平性中，我应当指出在所有提供者提交了他们的股票用于交换后，应当有机会去重审这个推荐的组合并有机会退出，但是我理解相对很少比例会这样做。

There have been twelve such funds (that I know of) established since origination of the idea in 1960, and several more are currently in the works. The idea is not without appeal since sales totaled well over 600 million. All of the funds retain an investment manager to whom they usually pay 1/2 of 1& of asset value. This investment manager faces an interesting problem; he is paid to manage the fund intelligently (in each of the five largest funds this fee currently ranges from 250,000 to 700,000 per year), but because of the low tax basis inherited from the contributors of securities, virtually his every move creates capital gains tax liabilities. And, of course, he knows that if he incurs such liabilities, he is doing so for people who are probably quite sensitive to taxes or they wouldn't own shares in the swap fund in the first place.
已经有12个这样的基金（据我所知）在1960年这个观点起源后建立，并且有一些更多的现在正在计划。这个想法直到销售规模超过6亿美金才被辩论。所有的基金聘请一个投资经历且他们通常需要支付资产价值的0.5%给他。这个投资经历面对着有趣的难题；他被付款来明智的管理这个基金（在前5大基金中每一个的费用现在从25万美金到70万美金每年范围内），但是因为从股票贡献者中继承导致低的税务基础，几乎他的每一个动作都导致资本所得税义务。并且，当然，他知道如果他招致这些义务，他将为那些可能对税务相当敏感的人工作否则他们一开始将不会持有交换基金的股份。

I am putting all of this a bit strongly, and I am sure there are some cases where a swap fund may be the best answer to an individual's combined tax and investment problems. Nevertheless, I feel they offer a very interesting test-tube to measure the ability of some of the most respected investment advisors when they are trying to manage money without paying (significant) taxes.
我推出所有这些有点强势，并且我确信有些情况交换基金或许是对个人的联合税务和投资难题最好的答案。然而，我感觉他们提供了一个有趣的测试管路对于衡量最受尊重的投资顾问中一些试图管理资金不用付（很多）税的能力。

The three largest swap funds were all organized in 1961, and combined have assets now of about 300 million. One of these, Diversification Fund, reports on a fiscal year basis which makes extraction of relevant data quite difficult for calendar year comparisions. The other two, Federal Street Fund and Westminster Fund (respectively first and third largest in the group) are managed by investment advisors who oversee at least 2 billion of institutional money.
这三家最大的交换基金都在1961年组成，合并现在持有差不多3亿美金资产。这中间一个，多样基金，以财务年度报告导致按日历年度提取相关数据去比较变得相当困难。其他两个，联邦街基金和威斯特敏斯特基金（依次是这个组合里第一和第三大）由监管至少20亿机构资金的投资顾问管理。

Here's how they shape up for all full years of existence:
下面是一些他们完整年度的存在一览：

This is strictly the management record. No allowance has been made for the commission in entering and any taxes paid by the fund on behalf of the shareholders have been added back to performance.
这是完全的管理记录。没有余地留给进入时的费用和任何由基金代表股东支付的税款加入到这个表现中。

Anyone for taxes?
还有人要谈论税款吗？

Miscellaneous
杂事

In the December 21st issue of AUTOMOTIVE NEWS it was reported that Ford Motor Co. plans to spend 700 million in 1965 to add 6,742,000 square feet to its facilities throughout the world. Buffett Partnership, Ltd., never far behind, plans to add 227 1/4 square feet to its facilities in the spring of 1965.
在《汽车新闻》12月21日期中报道福特汽车公司计划花费7亿美金在1965年去在全世界增加6,742,000平方英尺的场所。巴菲特合伙公司从来不落后，计划在1965年春天增加227.25平方英尺场所。

Our growth in net assets from 105,100 (there's no prize for guessing who put in the 100) on May 5, 1956 when the first predecessor limited partnership (Buffett Associates, Ltd.) was organized, to 26,074,000 on 1/1/65 creates the need for an occasional reorganization in internal routine. Therefore, roughly contemporaneously with the bold move from 682 to 909 1/4 square feet, a highly capable is going to join our organization with responsibility for the administrative (and certain other) functions. This move will particularly serve to free up more of Bill Scott's time for security analysis which is his forte. I'll have more to report on this in the midyear letter.
我们在净资产的增长从1956年5月5日第一个前序有限合伙（巴菲特联合公司）成立时的105,100美金到65年1月1日的26,074,000美金造成内部流程偶然重组的需求。因此，几乎同时方式的从682到909.25平方英尺的移动，一个高度有能力的人将加入我们的组织为行政功能（当然一些其他的）负责。这个动作将尤其服务于解放更多比尔斯科特的时间用于安全分析，这是他擅长的。我会在年中信中更多地报道这个。

177.implicit：含蓄的；完全的；内含的；无疑问的；成为一部分的
178.drag-bag：摸彩袋；小袋子
179.numbed：使麻木；使失去知觉；使迟钝
180.proposed：建议的；提出的；推荐的
181.retain：保持；保留；持有；聘请（律师等）
182.inherited：继承；继任；接任；遗传的；继承权的；通过继承得到的
183.extraction：提取；开采；提炼；拔出
184.respectively：分别；各自；分别的；依次为；顺序为
185.oversee：监督；监视
186.in the works：已列入计划；已开始
187.appeal：上诉；呼吁、恳求；申诉；魅力；启发
188.facilities：设施；设备；场所；特色
189.contemporaneous：同时期的；同时代的；同时发生的
190.routine：程序
191.capable：有能力的；能力强的；足以胜任的
192.forte：特长；专长