英文早讀第114篇，選自巴菲特年度信，友才翻譯。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NERBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基維特廣場(chǎng)610室
內(nèi)布拉斯卡，奧馬哈, 68131
電話(huà)042-4110
January 25, 1967
1967年1月25日
The First Decade
第一個(gè)十年
The Partnership had its tenth anniversary during 1966. The celebration was appropriate - an all-time record (both past and future) was established for our performance margin relative to the Dow. Our advantage was 36 points which resulted from a plus 20.4% for the Partnership and a minus 15.6% for the Dow.
合伙基金在1966年舉行了他的十周年紀(jì)念。這個(gè)慶祝是合適的——一個(gè)全時(shí)段的記錄（無(wú)論過(guò)去還是將來(lái)）都建立在我們的表現(xiàn)相對(duì)于道瓊斯領(lǐng)先。我們領(lǐng)先優(yōu)勢(shì)有36個(gè)百分點(diǎn)來(lái)自于合伙基金+20.4%和道瓊斯-15.6%。
This pleasant but not-repeatable experience was partially due to a lackluster performance by the Dow. Virtually all investment managers outperformed it during the year. The Dow is weighted by the dollar price of the thirty stocks involved. Several of the highest priced components, which thereby carry disproportionate weight (Dupont, General Motors), were particularly poor performers in 1966. This, coupled with the general aversion to conventional blue chips, caused the Dow to suffer relative to general investment experience, particularly during the last quarter.
這個(gè)令人滿(mǎn)意但不可重復(fù)的經(jīng)歷部分是因?yàn)榈拉偹篃o(wú)光澤的表現(xiàn)。幾乎所有投資管理人這一年表現(xiàn)都優(yōu)于他。道瓊斯由30支股票美元價(jià)值計(jì)算而來(lái)。有幾個(gè)最高價(jià)值的成分，因此帶有不成比例的權(quán)重（杜邦，通用汽車(chē)）在1966年糟糕的表現(xiàn)。同樣，伴隨對(duì)傳統(tǒng)藍(lán)籌股的憎惡，引起道瓊斯經(jīng)歷了這個(gè)投資結(jié)果，尤其是在最后一個(gè)季度。
The following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation (one quarter of the excess over 6%) to the general partner, and the results for limited partners:
下面總結(jié)了道瓊斯、合伙基金給GP分潤(rùn)前（超過(guò)6%部分的1/4）、給LP的結(jié)果的年度表現(xiàn)：
(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）基于道瓊斯價(jià)值年度的變化加上在當(dāng)年持有道瓊斯會(huì)收到的分紅。這個(gè)表格包括所有完整年份的基金活動(dòng)。
(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）對(duì)1957-61年包括整合了之前合伙基金的運(yùn)作結(jié)果，在扣除費(fèi)用但在給合伙人和GP分潤(rùn)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）對(duì)1957-61年基于前面基金結(jié)果和基于現(xiàn)在合伙協(xié)議給GP分配后計(jì)算而來(lái)，但是實(shí)在LP月度提現(xiàn)前。
On a cumulative of compounded basis, the results are:
基于復(fù)利的計(jì)算結(jié)果如下：
1.lacklustre：無(wú)趣味的；單調(diào)的；枯燥乏味的；無(wú)光澤的
2.disproportionate：不成比例的；不相稱(chēng)的
3.aversion：厭惡；憎惡
