英文早讀第35篇，選自巴菲特年度信，友才翻譯。

Particularly hard hit in the first half were the so-called "growth" funds which, almost without exception, were down considerably more than the Dow. The three large "growth" (the quotation marks are more applicable now) funds with the best record in the preceding few years, Fidelity Capital Fund, Putnam Growth Fund, and Wellington Equity Fund averaged an overall minus 32.3% for the first half. It is only fair to point out that because of their excellent records in 1959-61, their overall performance to date is still better than average, as it may well be in the future. Ironically, however, this earlier superior performance had caused such a rush of new investors to come to them that the poor performance this year was experienced by very many more holders than enjoyed the excellent performance of earlier years. This experience tends to confirm my hypothesis that investment performance must be judged over a period of time with such a period including both advancing and declining markets. There will continue to be both; a point perhaps better understood now than six months ago.
實際上在上半年受到重重一擊的是這些所謂的“成長型”基金，幾乎毫無例外，比道瓊斯指數(shù)都大幅下降。三家大型“成長型”基金（引號在這里更加合適）在過于幾年有最好記錄的，富達資本，普特南成長基金，惠靈頓股票基金上半年平均表現(xiàn)為-32.3%。僅有一點公平的需要指出因為他們在1959年到61年卓越的記錄，他們到現(xiàn)在的整體表現(xiàn)仍然比平均值好，在未來也可能繼續(xù)好。令人哭笑不得的是，然而，這些早期優(yōu)秀的表現(xiàn)引起了大量新投資者涌入以至于經(jīng)歷今年糟糕表現(xiàn)的人遠(yuǎn)多于享受了早些年卓越表現(xiàn)的投資者。這個經(jīng)歷證實了我的猜測：投資表現(xiàn)必須在一段時間既包括一段上漲又包括一段下降的市場時來評判。這兩點都將繼續(xù)，但是對下降這一點的理解或許比六個月前更好理解。

In outlining the results of investment companies, I do so not because we operate in a manner comparable to them or because our investments are similar to theirs. It is done because such funds represent a publice batting average of professional, highly-paid investment management handling a very significant 20 billion of securities. Such management, I believe, is typical of management handling even larger sums. As an alternative to an interest in the partnership, I believe it reasonable to assume that many partners would have investments managed similarly.
概述投資公司的結(jié)果，我既不是因為我們的運作方式與他們類似，也不是因為我們的投資和他們的相似。是因為這些基金代表了公開的擊球率，由那些專業(yè)的，支付高昂費用的投資管理機構(gòu)，處理非常重要的200億美金股票。這些管理，我相信在處理甚至更大金額的資金時是一種典型的管理方式。作為對合伙基金股權(quán)的一種可選項，我有理由認(rèn)為很多合伙人的投資也被這樣相似地管理者。

Asset Values:
資產(chǎn)價值

The above calculations of results are before allocation to the General Partner and monthly payments to partners. Of course, whenever the overall results for the year are not plus 6% on a market value basis (with dificiencies carried forward) there is no allocation to the General Partner. Therefore, non-withdrawing partners have had a decrease in their market value equity during the first six months of 7.5% and partners who have withdrawn at the rate of 6% per annum have had d decrease in their market value equity during the first half of 10.5%. Should our results for the year be less than plus 6% (and unless there should be a material advance in the Dow, this is very probable) partners receiving monthly payments will have a decrease in their market value equity at December 31, 1962. This means that monthly payments at 6% on this new market equity next year will be on a proportionately reduced basis. For example, if our results were an overall minus 7% for the year, a partner receiving monthly payments who had a market value interest of 10,000 on January 1, 1962 would have an equity at December 31, 1962 of 87,000. This reduction would arise from the minus 7% result, or 7,000 plus monthly payments of 500 for an additional 6,000. Thus, with 87,000 of market equity on January 1, 1963, monthly payments next year would be 435.00.
以上這些計算結(jié)果是在給GP分配和給合伙人月度支付之前。當(dāng)然，無論什么時候，一年的總體結(jié)果基于市值沒有達到6%時（在彌補前年損失后），GP不會有分紅。因此，不取現(xiàn)合伙人在這6個月有市值7.5%的減少，已經(jīng)按每年度6%利率取現(xiàn)的合伙人在這半年市值減少了10.5%。如果我們一整年的結(jié)果低于6%（除非道瓊斯指數(shù)接下來實質(zhì)上漲，這很有可能），接受月度支付的合伙人將會在1962年12月31日時減少市值。這意味著下一年基于新股票價值按6%月度的支付也會按市值等比例減少。例如，如果我們今年的整體結(jié)果是-7%，接受月度支付的合伙人在1962年1月1日的股票價值是10000美金，到1962年12月31日將擁有市值87000。這個減少由-7%收益或者說7000美金加上月度支付的500美金即每年6000美金構(gòu)成。因此，按1963年1月1日的87000股票價值，下一年的月度支付將會是435美金。

None of the above, of course, has any applicability to advance payments received during 1962 which do not participate in profits or losses, but earn a straight 6%.
以上這些，當(dāng)然，不適用在1962年提前支付的部分，這些不參與盈利或虧損，而直接賺取6%。

22.comparable：類似的；可比較的
23.deficiency：缺乏；缺陷；不足；缺點
24.proportionately：按比例；成比例的
25.arise：出現(xiàn)；發(fā)生；（由……）引起；（因……）產(chǎn)生；發(fā)展；起床
26.applicability：適用范圍；適用性；相關(guān)性