英文早读第91篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
July 9, 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7月9日
Warren E. Buffett, General Partner
Willian Scott
John M. Harding
沃伦 E. 巴菲特，一般合伙人
威廉斯科特
约翰 M. 汉丁
First Half Performance:
上半年度表现
During the first half of 1965, the Dow Jones Industrial Average (hereinafter call the "DOW") declined from 874.13 to 868.03. This minor change was accomplished in a decidedly non-Euclidian manner. The Dow instead took the scenic route, reaching a high of 939.62 on May 14th. Adding back dividends on the Dow of 13.49 gives an overall gain through ownership of the Dow for the first half of 7.39 or 0.8%.
在1965年上半年度，道琼斯工业平均指数（以下称为道琼斯）从874.13减少到868.03。这个微小的变化以显然非逻辑方式实现。道琼斯反而经历了优美的路线，在3月14日达到过939.62的高点。加上道琼斯的分红13.49，上半年道琼斯持有人整体盈利7.39或者0.8%。
We had one of our better periods with an overall gain, before allocation to the general partner, of 10.4% or a 9.6 percentage point advantage over the Dow. 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:
我们有一个我们更好的整体盈利期，在分润给GP前，10.4%或者领先道琼斯9.6个百分点。为了带来至今为止的记录，下面总结了道琼斯、合伙基金在分润给GP前和LP的结果的年度表现：
（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。
Our constant admonitions have been:(1) that short-term results (less than three years) have little meaning, particularly in reference to an investment operation such as ours that may devote a portion of resources to control situations; and, (2) that our results, relative to the Dow and other common-stock-form media usually will be better in declining markets and may well have a difficult time just matching such media in very strong markets.
我们持续的告诫是：（1）短期结果（少于三年）没什么意义，尤其考虑到像我们的投资运作或许有相当比例资源投入到控制类中；（2）我们的结果，相比于道琼斯或者其他一般股票类的媒介经常在下降的市场更好并且或许相当有困难持平在一个非常强劲的市场。
1.decidedly：显然；肯定；果断地；坚决的
2.non-Euclidian：不寻常的
3.scenic：风景优美的；舞台布景的
4.admonition：告诫；警告
