1967年7月12日致合伙人信
1967年上半年业绩回顾，合伙基金大幅领先道指，提及DRC和Berkshire Hathaway等控股公司，并预告十月份将寄送关于基本规则变更的信件。
Again, this is being, written in late June prior to the family's trip to California. To maintain the usual chronological symmetry (I try to sublimate my aesthetic urges when it comes to creating symmetry in the profit and loss statement), I will leave a few blanks and trust that the conclusions look appropriate when the figures are entered.
这封信于六月底，我们全家前往加州之前写成。为保持一贯的时序对称（我试图抑制在损益表中创造对称的审美冲动），我会留出几处空白，相信填入数字后结论会显得合适。
We began 1967 on a traumatic note with January turning out to be one of the worst months we have experienced with a plus 3.3% for BPL versus a plus 8.5% for the Dow. Despite this sour start, we finished the half about plus 21% for an edge of 9.6 percentage points over the Dow. Again, as throughout 1966, the Dow was a relatively easy competitor (it won't be every year, prevailing thinking to the contrary notwithstanding) and a large majority of investment managers outdid this yardstick. The following table summarizes performance to date on the usual basis:
1967年开局不佳，1月是我们经历的最糟糕的月份之一，BPL上涨3.3%，而道指上涨8.5%。尽管出师不利，上半年结束时我们涨幅约21%，领先道指9.6个百分点。与1966年全年类似，道指仍是一个相对容易战胜的对手（并非每年都如此，尽管普遍看法相反），大多数投资经理都跑赢了这一基准。下表按惯例总结了截至目前的业绩：
| Year | Overall Results From Dow (1) | Partnership Results (2) | Limited Partners’ Results (3) |
|---|---|---|---|
| 1957 | -8.4% | 10.4% | 9.3% |
| 1958 | 38.5% | 40.9% | 32.2% |
| 1959 | 20.0% | 25.9% | 20.9% |
| 1960 | -6.2% | 22.8% | 18.6% |
| 1961 | 22.4% | 45.9% | 35.9% |
| 1962 | -7.6% | 13.9% | 11.9% |
| 1963 | 20.6% | 38.7% | 30.5% |
| 1964 | 18.7% | 27.8% | 22.3% |
| 1965 | 14.2% | 47.2% | 36.9% |
| 1966 | -15.6% | 20.4% | 16.8% |
| First half 1967 | 11.4% | 21.0% | 17.3% |
| Cumulative Results | 148.3% | 1419.8% | 843.3% |
| Annual Compounded Rate | 9.1% | 29.6% | 23.8% |
| 年份 | 道指整体收益率 (1) | 合伙基金收益率 (2) | 有限合伙人收益率 (3) |
|---|---|---|---|
| 1957 | -8.4% | 10.4% | 9.3% |
| 1958 | 38.5% | 40.9% | 32.2% |
| 1959 | 20.0% | 25.9% | 20.9% |
| 1960 | -6.2% | 22.8% | 18.6% |
| 1961 | 22.4% | 45.9% | 35.9% |
| 1962 | -7.6% | 13.9% | 11.9% |
| 1963 | 20.6% | 38.7% | 30.5% |
| 1964 | 18.7% | 27.8% | 22.3% |
| 1965 | 14.2% | 47.2% | 36.9% |
| 1966 | -15.6% | 20.4% | 16.8% |
| 1967上半年 | 11.4% | 21.0% | 17.3% |
| 累计收益率 | 148.3% | 1419.8% | 843.3% |
| 年复合收益率 | 9.1% | 29.6% | 23.8% |
(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.
(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, but before monthly withdrawals by limited partners.
(1) 基于道指每年价值变动加上持有道指所获股息。表格包含合伙基金运营的所有完整年度。
(2) 1957-61年为所有前身有限合伙在全年运营的总结果，已扣除所有费用，但未进行合伙人利润分配或普通合伙人分成。
(3) 1957-61年基于前一列合伙基金收益率计算，并按照现行合伙协议考虑了普通合伙人分成，但未扣除有限合伙人月度提款。
BPL's performance during the first half reflects no change in valuation of our controlled companies and was thus achieved solely by the 63.3% of our net assets invested in marketable securities at the beginning of the year.
BPL上半年的业绩未反映控股公司估值变动，完全来自年初占净资产63.3%的证券投资。
Any revaluation of Diversified Retailing Company (DRC) and Berkshire Hathaway Inc. (B-H) will be made in December prior to the time the commitment letters become final and will be based upon all relevant criteria (including current operating, market and credit conditions) at that time.
对多元零售公司（DRC）和伯克希尔·哈撒韦公司（B-H）的任何重估将在12月、承诺书最终确定前进行，并基于当时的所有相关标准（包括当前的经营、市场和信贷状况）。
Both DRC and B-H made important acquisitions during the first half. The overall progress of DRC (80% owned) and both of its subsidiaries (Hochschild Kohn and Associated Cotton Shops) is highly satisfactory. However, B-H is experiencing and faces real difficulties in the textile business, while I don't presently foresee any loss in underlying values, I similarly see no prospect of a good return on the assets employed in the textile business. Therefore, this segment of our portfolio will be a substantial drag on our relative performance (as it has been during the first half) if the Dow continues to advance. Such relative performance with controlled companies is expected in a strongly advancing market, but is accentuated when the business is making no progress. As a friend of mine says, “Experience is what you find when you're looking for something else.”
DRC和B-H在上半年都完成了重要收购。DRC（持股80%）及其两家子公司（霍克希尔德·科恩和联合棉纺商店）的整体进展非常令人满意。然而，B-H在纺织业务上正经历并面临切实的困难，虽然我目前不认为其内在价值会有损失，但同样看不到纺织业务所用资产能产生良好回报的前景。因此，如果道指继续上涨，这部分投资组合将严重拖累我们的相对表现（上半年已是如此）。在强劲上涨的市场中，控股公司出现这种相对表现是预期之中的，但当业务本身毫无进展时，这种拖累会更加突出。正如我的一位朋友所说：“经验就是你在寻找别的东西时发现的东西。”
Investment Companies
投资公司
The usual comparison follows showing the results of the two largest open-end and two largest closed-end investment companies which pursue a policy of 95-100% investment in common stocks.
下面照例比较两家最大的开放式和两家最大的封闭式投资公司的业绩，它们均采取95-100%持有普通股的政策。
| Year | Mass. Inv. Trust (1) | Investors Stock (1) | Lehman (2) | Tri-Cont (2) | Dow | Limited Partners |
|---|---|---|---|---|---|---|
| 1957 | -11.4% | -12.4% | -11.4% | -2.4% | -8.4% | 9.3% |
| 1958 | 42.7% | 47.5% | 40.8% | 33.2% | 38.5% | 32.2% |
| 1959 | 9.0% | 10.3% | 8.1% | 8.4% | 20.0% | 20.9% |
| 1960 | -1.0% | -0.6% | 2.5% | 2.8% | -6.2% | 18.6% |
| 1961 | 25.6% | 24.9% | 23.6% | 22.5% | 22.4% | 35.9% |
| 1962 | -9.8% | -13.4% | -14.4% | -10.0% | -7.6% | 11.9% |
| 1963 | 20.0% | 16.5% | 23.7% | 18.3% | 20.6% | 30.5% |
| 1964 | 15.9% | 14.3% | 13.6% | 12.6% | 18.7% | 22.3% |
| 1965 | 10.2% | 9.8% | 19.0% | 10.7% | 14.2% | 36.9% |
| 1966 | -7.7% | -10.0% | -2.6% | -6.9% | -15.6% | 16.8% |
| First half 1967 | 11.3% | 12.3% | 19.3% | 14.4% | 11.4% | 17.3% |
| Cumulative Results | 143.3% | 126.4% | 185.4% | 156.8% | 148.3% | 843.3% |
| Annual Compounded Rate | 8.9% | 8.1% | 10.5% | 9.4% | 9.1% | 23.8% |
| 年份 | 马萨诸塞投资者信托 (1) | 投资者股票基金 (1) | 莱曼 (2) | 三洲 (2) | 道指 | 有限合伙人 |
|---|---|---|---|---|---|---|
| 1957 | -11.4% | -12.4% | -11.4% | -2.4% | -8.4% | 9.3% |
| 1958 | 42.7% | 47.5% | 40.8% | 33.2% | 38.5% | 32.2% |
| 1959 | 9.0% | 10.3% | 8.1% | 8.4% | 20.0% | 20.9% |
| 1960 | -1.0% | -0.6% | 2.5% | 2.8% | -6.2% | 18.6% |
| 1961 | 25.6% | 24.9% | 23.6% | 22.5% | 22.4% | 35.9% |
| 1962 | -9.8% | -13.4% | -14.4% | -10.0% | -7.6% | 11.9% |
| 1963 | 20.0% | 16.5% | 23.7% | 18.3% | 20.6% | 30.5% |
| 1964 | 15.9% | 14.3% | 13.6% | 12.6% | 18.7% | 22.3% |
| 1965 | 10.2% | 9.8% | 19.0% | 10.7% | 14.2% | 36.9% |
| 1966 | -7.7% | -10.0% | -2.6% | -6.9% | -15.6% | 16.8% |
| 1967上半年 | 11.3% | 12.3% | 19.3% | 14.4% | 11.4% | 17.3% |
| 累计收益率 | 143.3% | 126.4% | 185.4% | 156.8% | 148.3% | 843.3% |
| 年复合收益率 | 8.9% | 8.1% | 10.5% | 9.4% | 9.1% | 23.8% |
(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1967 Moody's Bank & Finance Manual for 1957-1966. Estimated for first half of 1967.
(1) 根据资产价值变动加上当年对登记持有人的任何分配计算。
(2) 1957-1966年数据来自1967年《穆迪银行与金融手册》，1967年上半年为估计值。
The tide continues to be far more important than the swimmers.
潮水仍然比游泳者重要得多。
Taxes
税务
We entered 1967 with unrealized gains of $16,361,974. Through June 30 we have realized net capital gains of $7,084,104 so it appears likely that we will realize in 1967 a fairly substantial portion of the unrealized gain attributable to your interest at the beginning of the year. This amount was reported to you as Item 3 of our February 2, 1967 letter. A copy of that letter, along with a tax letter, will be mailed to you in November giving a rough idea of the tax situation at that time.
1967年初，我们持有未实现收益16,361,974美元。截至6月30日，我们已实现净资本收益7,084,104美元，因此看起来我们在1967年将实现相当大一部分年初归属于你们权益的未实现收益。这一金额已在1967年2月2日信函的第3项中向你们报告。该信函副本以及一封税务信函将于11月寄给你们，届时将大致说明税务状况。
As I regularly suggest, the safe course to follow on interim estimates is to pay the same estimated tax for 1967 as your actual tax was for 1966. There can be no penalties if you follow this procedure.
正如我经常建议的，在中期估算中，安全的做法是按1966年的实际纳税额来支付1967年的预估税。遵循这一程序不会受到任何处罚。
Whatever our final figure, it looks now as if it will be very largely long term capital gain with only minor amounts, if any, of short term gain and ordinary income. (I consider the whole Income-Principal Myth fair game for one of my soft-spoken gently worded critiques. As I told Susie in the early days of our marriage, “Don't worry about the income; just the outcome.”)
无论最终数字如何，现在看来绝大部分将是长期资本收益，只有少量（如果有的话）短期收益和普通收入。（我认为整个“收入—本金神话”正适合我那种轻描淡写、措辞温和的评论。正如我在婚后初期对苏西所说：“别担心收入，关心结果就行。”）
Miscellaneous
其他事项
During the first half, Stan Perimeter resigned from the Dissolution Committee because of his present full-time involvement in investment management. Fred Stanback, Jr., a long time partner and experienced investor, was elected by the remaining members to fill the vacancy.
上半年，斯坦·佩里米特因目前全职从事投资管理而辞去解散委员会委员职务。老合伙人、经验丰富的投资者弗雷德·斯坦巴克二世经其余委员选举填补了空缺。
As in past years, we will have a report out about November 11 along with the Commitment Letter, and the rough estimate of the 1967 tax situation, etc.
与往年一样，我们将在11月11日左右发布一份报告，同时寄送承诺书和1967年税务状况预估等。
However, there will be a special letter (to focus your attention upon it) in October. The subject matter will not relate to change in the Partnership Agreement, but will involve some evolutionary changes in several "Ground Rules" which I want you to have ample time to contemplate before making your plans for 1968. Whereas the Partnership Agreement represents the legal understanding among us, the "Ground Rules" represent the personal understanding and in some ways is the more important document. I consider it essential that any changes be clearly set forth and explained prior to their effect on partnership activity or performance – hence, the October letter.
不过，十月份将有一封特别信函（为了引起你们的注意）。主题并非修订合伙协议，而是涉及几项“基本规则”的渐进式修改，我希望你们在制定1968年计划之前有充足时间考虑。合伙协议代表我们之间的法律约定，而“基本规则”代表个人之间的理解，在某些方面更为重要。我认为任何变动在影响合伙运营或业绩之前，都必须事先明确说明和解释——因此，十月份会寄出这封信。
Cordially,
诚挚的，
Warren E. Buffett
沃伦·E·巴菲特