英文早读第57篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
January 18, 1964
巴菲特合伙公司
基伟特广场810室
内布拉斯加州奥马哈市31区
1964年1月18日
Our Performance in 1963
我们1963年的表现
1963 was a good year. It was not a good year because we had an overall gain of 3,637,167 or 38.7% on our beginning net assets, pleasant as that experience may be to the pragmatists in our group. Rather it was a good year because our performance was substantially better than that of our fundamental yardstick --the Dow-Jones Industrial Average (hereinafter called the "Dow"). If we had been down 20% and the Dow had been down 30%, this letter would still have begun "1963 was a good year." Regardless of whether we are plus or minus in a particular year, if we can maintain a satisfactory edge on the Dow over an extended period of time, our long term results will be satisfactory -- financially as well as philosophically.
1963是个好年份。他是个好年不是因为我们获得了整体盈利363.7167万美金或者38.7%增长相比于我们的初始净资产，开心的是这个经历在我们的组合中是实用主义的。而是因为我们的表现大幅优于我们的基础标尺——道琼斯工业平均指数（在此之后称为“道琼斯”）才是个好年份。如果我们下跌20%且道琼斯下跌30%，这封信将仍会以“1963是个好年份”开头。不管我们在具体某一年是涨是跌，如果我们可以在一段较长时间获得对道琼斯的令人满意的优势，我们的长期结果将会是令人满意的——财务上和哲理上。
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 partners' results for all full years of BPL's and predecessor partnerships' activites:
带来截至目前的记录，下面总结了年复一年的表现对于道琼斯，合伙基金在分润给GP前，LP的结果，在巴菲特合伙基金和前序基金的所有完整年份：
(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.
(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.
(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.
（1）基于道琼斯价值的年度变化加上在当年道琼斯持有者收到的股息
（2）对于1957-61年，包括结合所有前序运作一整年在除去所有花费但在分配给合伙人和分润给GP之前的合伙基金
（3）对于1957-61年，基于前列合伙基金结果和当前合伙协议分配给GP后的计算结果
One wag among the limited partners has suggested I add a fourth column showing the results of the general partner --let's just say he, too, has an edge on the Dow.
有个人在LP中摇头，建议我添加第4列展示GP的结果——让我仅仅能说，他，也，比道琼斯好。
The following table shows the cumulative or compounded results based on the preceding table:
下面的表格展示了基于前面表格的复利计算结果：
It appears that we have completed seven fat years. With apologies to Joseph we shall attempt to ignore the biblical script. (I've never gone overboard for Noah's ideas on diversification either.)
似乎我们完成了7个丰收的年份。对约瑟夫怀有歉意，我们试图忽略了圣经上的剧本。（我也从来没有对诺亚的多样化理念上头）
In a more serious vein, I would like to emphasize that, in my judgment, our 17.7 margin over the Dow shown above is unattainable over any long period of time. A ten percentage point advantage would be a very satisfactory accomplishment and even a much more modest edge would produce impressive gains as will be touched upon later. This view (and it has to be guesswork -- informed or otherwise) carries with it the corollary that we must expect prolonged periods of much narrower margins over the Dow as well as at least occasional years when our record will be inferior (perhaps substantially so) to the Dow.
在一个更加重要的脉络上，我想强调，在我的判断看，我们上面展示的17.7%的领先道琼斯力度在任何长期时间看都是不可获得的。10个百分点的领先优势将会是令人满意的成果，并且甚至更加温和的优势也会产生较大的增长长期来看。这个观点（或许是猜想——有见识的等等）伴随着一个推论是我们必须期望更长时间一个更窄的领先比道琼斯，同时至少偶尔的年份我们的记录将会低于（或许是大幅）道琼斯。
Much of the above sermon is reflected in "The Ground Rules" sent to everyone in November, but it can stand repetition.
上面大部分论述都反应了11月发给各位的“基本准则”，但是仍然要重复。
1.pragmatists：务实主义者
2.financially：财政上的；经济上
3.philosophically：哲学的；处乱不惊的
4.wag：摇摆；（狗）摇；逃学；摇（头或手指，常表示不赞成）
5.have an edge on：有优势；胜过；优于
6.Biblical：圣经的；有关圣经的
7.script：剧本；脚本；笔稿
8.go overboard：做得过分；过火
9.vein：静脉；矿脉；纹理；叶脉；量；风格；纹路；条纹
10.guesswork：猜想；猜测
11.informed：见多识广的；有见识的；有学问的
12.corollary：推论；必然的结果
13.prolong：延长；长期；持久
14.occasional：偶尔的；偶然的；临时的
15.inferior：较差的；次的；较低的；级别低的
16.sermon：布道；讲道；冗长的说教
