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原文信息：

  • 标题：1967 November Letter to Partners
  • 作者：Warren Buffett
  • 发表时间：1967-11-01
  • 链接：To My Partners
  • 中文翻译参考：RanRan
  • 整理：Yoan
  • 校译：

BUFFETT PARTNERSHIP. LTD. 

610KIEWIT PLAZA 

OMAHA, NEBRASKA 68131 

TELEPHONE 042-4110

November 1, 1967

1967 年 11 月 1 日 

To My Partners:

致各位合伙人：

Enclosed are:

随函附上： 

  1. Two copies of the Commitment Letter for 1968, one to be kept by you and one to be returned to us. You may amend the Commitment Letter right up to December 31, so get it back to us early and, if it needs to be changed, just let us know by letter or phone. Commitment Letters become absolutely final on December 31 - there can be no exceptions to this rule since I turn them over to Peat, Marwick, Mitchell & Co. at that time.

    两份 1968 年的承诺书，一份由你保留，一份寄还给我们。你可以在 12 月 31 日零点之前修改承诺书，所以请尽早返还给我们，如果需要更改，提前写信或打电话给我们即可。12 月 31 日，承诺书最终生效，不可更改。因为我会将承诺书转交给毕马威会计师事务所，所以此项规定没有例外。

  2. A tax letter giving my best present estimate of how the picture will look at yearend regarding 1967 realized investment transactions. We have disposed of some important holdings this year, realizing about $24 million of gain in the process. Therefore, it is particularly important that you take a close look at your tax situation before returning your Commitment Letter to us so that you will not be a disappointment to the Internal Revenue Service next April. Should you need any help, John Harding will be glad to give you a hand in making a rough estimate of what you might need for tax purposes.

    一份包含税收数据的信函。我根据当前情况，对 1967 年年末可能实现的投资交易进行了估算。今年我们卖出了大量仓位，实现了 2400 万美元的收益。在将承诺书寄给我们之前，请务必仔细了解自己的纳税情况，免得明年 4 月份纳税时出问题。如需任何帮助，请随时联系约翰•哈丁，他会帮你粗略估算报税所需的数据。

  3. A copy of the letter sent you February 2 giving the figures from which to make the calculation explained in the tax letter. In the past we have made you dig into your files for this letter - one of our partners came up with the excellent suggestion that we send you a copy at this time.

    一份 2 月 2 日邮寄给各位的信函的副本，其中包含计算纳税情况所需的数据。以前，因为我们的原因，各位合伙人总是要到处找这个文件。一位合伙人给我们提了一条很好的建议，我们就按他说的，把副本也寄给大家。 

  4. A copy of "The Ground Rules" with rules four and five completely changed to reflect the new conditions explained in my October 9 letter. If the goal set forth in rule four will not be satisfactory, if attained (and it is only a goal, not a promise), you would be wise to withdraw at yearend. Under present conditions, some partners may well have more attractive alternatives for their capital and, if so, it is appropriate that they make a change.

    一份“基本原则”，其中第四条和第五条完全修改了，这是因为现在的环境变了，具体已经在 10 月 9 日的信中讲过了。第四条规定了我们的目标（只是目标，不是承诺）。如果这个目标，就算实现了，你也不满意，你最好在年末把自己的资金提出去。在当前情况下，有些合伙人很可能有更好的选择，能把资金投入到收益更高的地方。如果确实如此，这么做合情合理。

Any withdrawals will be paid by January 5. You may withdraw any amount you wish from $100 up to your entire equity. Similarly, additions may be for any amount and should reach us by January 10. If additions reach us in November, they take on the status of advance payments and draw six percent until yearend. Additions reaching us in December do not draw interest.

所有提现将在 1 月 5 日支付。提现金额没有限制，最低 100 美元，最高所有权益。同样，追加投资金额也没有限制，但应在 1 月 10 日之前存入。如果追加资金在 11 月份存入，则将视为预先存入资金，在年底前可获得 6% 的利息。12 月份存入的追加资金无利息。 

As I write this, the Dow is approximately 880, giving an overall return from the Dow for the year to date of about plus 15%. Our performance is about plus 27% which translates to about plus 22% for limited partners (before any monthly withdrawals). This involves no change in our valuation of controlling interests from yearend 1966. In our letter of December 22 confirming the status of your Commitment Letter, I will advise you of our valuation for Diversified Retailing and Berkshire Hathaway and will enclose some relevant financial material pertaining to such valuation. This adjustment will probably add a minor amount to our results for the year.

在写这封信时，道指大概是 880 点。今年到现在为止，道指的收益率是大约上涨 15%。我们的业绩是上涨 27% 左右，也就是说，有限合伙人的收益率是 22% 左右（不算每月提现）。其中，控股权益的估值不变，仍然采用 1966 年年末的估值。在 12 月 22 日寄给各位，向各位确认承诺书的信中，我会告诉大家我们对多元零售和伯克希尔哈撒韦的估值，并且随信附上估值相关的财务资料。控股权益估值的调整可能令我们今年的收益略有增加。

In interpreting our results for the balance of the year, and possibly for next year, you should be aware that not only do we have about $20 million invested in controlled companies, but we also have over $16 million in short-term governments. This makes a present total of over $36 million which clearly will not participate in any upward movement the stock market may have. This does not reflect any market judgment on my part; it simply means I can't find any obviously profitable and safe (from a long-term value standpoint, not a short-term quotational one) places to put the money. We normally enter each year with a few eggs relatively close to hatching; the nest is virtually empty at the moment. This situation could change very fast, or might persist for some time. It is mentioned only to moderate any expectations you might have as to our performance should a strong stock market occur in the near future.

大家在解读我们今年剩下两个月甚至是明年的业绩时，有一点请各位知悉：我们现在不但在控股公司中投资了约 2000 万美元，而且还有 1600 多万美元买了短期国债。也就是说，如果股市继续上涨，现在我们总共有 3600 万美元，都不会参与其中。这不是因为我对市场走向有什么判断，只是我找不到任何很明显能赚钱、又安全的机会（从长期价值的角度考虑，不是短期的市场报价），没地方投资这些钱。往年，新的一年开始时，我们总是有一些就要孵出小鸡的蛋，今年，到现在鸡窝里还空空如也。这个状况可能很快就改变，也可能持续一段时间。我之所以讲这些，是想提醒一下大家，如果市场短期内大涨，请各位别对我们的业绩有太高的期望。

Cordially,

Warren E. Buffett

WEBeh

沃伦 E. 巴菲特谨上