1965年11月1日致合伙人信

BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA

巴菲特合伙有限公司
内布拉斯加州奥马哈31号，基威特广场810号

November 1, 1965

1965年11月1日

To My Partners for 1966:

致1966年的合伙人：

Enclosed are:

随信附上：

(1) Two copies or the commitment letter for 1966, one to be kept by you and one returned to us. You may
amend the commitment letter right up to midnight, December 31st. 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 final on December
31st. Every year I get a number or calls in the first week in January expressing a desire to add to the
January 1st capital. THIS CAN'T BE DONE.

（1）1966年承诺书一式两份，一份由您保留，一份请返还给我们。您可以在12月31日午夜前修改承诺书。因此请尽早将其返还给我们，如需更改，请通过信件或电话告知。承诺书在12月31日成为最终版本。每年1月的第一周，我都会接到许多电话，表示希望增加1月1日的资本。这是做不到的。

(2) A copy of our ever-popular "The Ground Rules." It is essential that we see eye-to-eye on the matters
covered therein. If you have different views - fine, yours may be better - but you shouldn't be in the
partnership. Please particularly note Ground Rule 7. This has been added this year reflecting a moderate
shift in my attitude over a period of time. It represents a decidedly unconventional (but logical in my
opinion when applied to our operation) approach and is therefore specifically called to your attention.

（2）一份我们一直受欢迎的《基本原则》。我们必须就其中涵盖的事项达成共识。如果您有不同的观点——没关系，您的观点可能更好——但您不应该留在合伙事业中。请特别注意基本原则第7条。这是今年新增的，反映了我在一段时间内态度的温和转变。它代表了一种非常规（但在我看来应用于我们的运作时是合乎逻辑的）方法，因此特别提醒您注意。

Any withdrawals will be paid January 5th. You may withdraw any amount you desire from $100 up to your
entire equity. Similarly, additions can be for any amount and should reach us by January 10th. In the event you
are disposing of anything, this will give you a chance to have the transaction in 1966 if that appears to be
advantageous for tax reasons. If additions reach us in November, they take on the status of advance payments
and draw 6% interest until yearend. This is not true of additions reaching us in December.

任何提款将在1月5日支付。您可以提取任意金额，从100美元到您的全部权益。同样，增资可以是任何金额，并应在1月10日之前到达我们。如果您处置任何资产，这使您有机会将交易放在1966年，如果这出于税务原因看起来有利的话。如果增资在11月到达我们，它们将作为预付款，并享受6%的年利息直到年末。12月到达的增资则不适用。

The partnership owns a controlling interest in Berkshire Hathaway Inc., a publicly-traded security. As
mentioned in my midyear letter, asset values and earning power are the dominant factors affecting the
valuation of a controlling interest in a business. Market price, which governs valuation of minority interest
positions, is of little or no importance in valuing a controlling interest. We will value our position in Berkshire
Hathaway at yearend at a price halfway between net current asset value and book value. Because of the nature
of our receivables and inventory this, in effect, amounts to valuation of our current assets at 100 cents on the
dollar and our fixed assets at 50 cents on the dollar. Such a value in my opinion is fair to both adding and
withdrawing partners. It may be either of lower than market value at the time.

合伙事业持有伯克希尔哈撒韦公司（一家公开交易的证券）的控股权益。正如我在年中信中所提到的，资产价值和盈利能力是影响一家企业控股权益估值的主导因素。市场价格（它决定少数权益的估值）在估值控股权益时几乎或完全没有重要性。我们将在年末以介于净流动资产价值和账面价值之间的价格对我们在伯克希尔哈撒韦的权益进行估值。由于我们的应收账款和存货的性质，这实际上相当于对流动资产按100美分对1美元估值，固定资产按50美分对1美元估值。在我看来，这样的价值对增加和提取资金的合伙人都是公平的。它可能低于当时的市价。

As I write this, we are orbiting in quite satisfactory fashion. Our margin over the Dow is well above average,
and even those Neanderthal partners who utilize such crude yardsticks as net profit would find performance
satisfactory. This is all, of course, subject to substantial change by yearend.

在我写这封信的时候，我们正以相当令人满意的方式运行。我们相对于道琼斯指数的优势远高于平均水平，甚至那些尼安德特人般的合伙人，使用净利润这样粗糙的衡量标准，也会发现表现令人满意。当然，这一切都可能到年末发生重大变化。

If anything needs clarification, call or write John Harding who is in charge of "de-confusing" partners. The tax
situation is about as reported in the August letter, but if you would like John to make the calculation for you,
he will be glad to do it.

如果任何事情需要澄清，请致电或写信给约翰·哈丁，他负责为合伙人“解除困惑”。税务情况与八月份信中所报告的差不多，但如果您希望约翰为您进行计算，他很乐意去做。

Cordially,

诚挚的，

Warren E. Buffett

沃伦·E·巴菲特

P/S: We are continuing our "no prize" policy for the last ones to get their commitment letters back to us. It will
make things easier for us if you get it back pronto. If you want to make changes later (before January lst), just
give us a call, and we'll amend it for you.

附言：我们继续执行对最后返还承诺书的人“无奖励”的政策。如果您能迅速将其返还，会让我们的事情更轻松。如果您之后（1月1日之前）想进行更改，只需致电我们，我们将为您修改。