英文早讀第38篇，選自巴菲特年度信，友才翻譯。

Valuing Dempster at 50 per share, our overall gain (before any payments to partners) to October 31st for the Partnership has been 5.5%. This 22.3 percentage-points advantage over the Dow, if maintained until the end of the year, will be among the largest we have ever had. About 60% of this advantage was accomplished by portfolio other than Dempster, and 40% was the result of increased value at Dempster.
給鄧普斯特每股股價(jià)50美金，到10月31日我們的合伙基金總收益是5.5%（在任何給合伙人的支付前）。這個(gè)22.3個(gè)比道瓊斯指數(shù)百分點(diǎn)的領(lǐng)先，如果直到年終仍保持，將會(huì)是我們所獲得的最好結(jié)果之一。大約60%的領(lǐng)先由鄧普斯特以外的投資組合獲得，大約40%是鄧普斯特估值增長(zhǎng)的結(jié)果。

I want all partners and prospective partners to realize the results described above are distinctly abnormal and will recur infrequently, if at all. This performance is mainly the result of having a large portion of our money in controlled assets and workout situations rather than general market situations at a time when the Dow declined substantially. If the Dow had advanced materially in 1962, we could have looked very bad on a relative basis, and our sucess to date in 1962 certainly does not reflect any ability on my part to guess the market (I never try), but merely reflects the fact that the high prices of generals partially forced me into other categories or investment. If the Dow had continued to soar, we would have been low man on the totem pole. We fully expect to have years when our method of operation will not even match the results of the Dow, although obviously I don't expect this on any long-term basis or I would throw in the towel and buy the Dow.
我想所有合伙人和潛在合伙人意識(shí)到上述結(jié)果明顯是不尋常的，如果有的話也很少重現(xiàn)。這個(gè)表現(xiàn)主要是我們大量資金在控股類資產(chǎn)和套利類而不是一般類股票的結(jié)果，同時(shí)道瓊斯指數(shù)需要大幅下跌。如果道瓊斯指數(shù)在1962年實(shí)質(zhì)上漲，我們相比看起來(lái)將很糟糕，1962年到今天的成功當(dāng)然不能反映我任何預(yù)測(cè)市場(chǎng)的能力（我從未嘗試），但只不過(guò)反映了一個(gè)事實(shí)一般類股票市場(chǎng)的高價(jià)位部分促使我進(jìn)入到其他范疇或投資中。如果道瓊斯指數(shù)繼續(xù)繁榮，我們或許會(huì)成為很低級(jí)的玩家。我們很希望有些年份我們的運(yùn)作方法無(wú)法和道瓊斯指數(shù)表現(xiàn)媲美，盡管很顯然我不認(rèn)為這會(huì)是長(zhǎng)期的表現(xiàn)，否則我們認(rèn)輸并去購(gòu)買道瓊斯指數(shù)。

I'll cut this sermon short with conclusion that I certainly do not want anyone to think that the pattern of the last few years is likely to be repeated; I expect future performance to reflect much smaller advantage on average over the Dow.
我把這段冗長(zhǎng)的說(shuō)教剪短為一個(gè)結(jié)論就是我肯定不想有人認(rèn)為過(guò)去幾年的類型會(huì)重復(fù)；我覺(jué)得未來(lái)的表現(xiàn)反映出比道瓊斯指數(shù)平均更小的領(lǐng)先優(yōu)勢(shì)。

Each letter ends with the request that you let me know about anything that isn't clear. Please be sure that you do this. We are all geared up with secretarial help, a new typewriter, etc., and we want to be sure that this letter and agreement are understood by all.
每封信結(jié)尾都要求你需要讓我知道關(guān)于任何不明確的事。請(qǐng)確信你是這樣做的。我們都為秘書(shū)性工作，一個(gè)新打字機(jī)等做好了準(zhǔn)備，我們希望確保這封信和合伙協(xié)議被你們所有人理解。

Cordially,
Warren E. Buffett
真誠(chéng)的
沃倫 E. 巴菲特

P/S: There are no prizes for being the last ones to get in the agreement and commitment letter, so please get to it as soon as possible. Remember the commitment letter can be amended by a postcard or a phone call--we are just trying to get the bulk of the work out of the way well before December 31st so we can concentrate on getting the audit, tax information, etc., out pronto at yearend.
注釋：對(duì)于最后寄出合伙協(xié)議和承諾函的人沒(méi)有任何獎(jiǎng)勵(lì)，因此請(qǐng)盡快寄出。記住承諾函是可以被修改的通過(guò)明信片或者一個(gè)電話——我們僅僅事為了在12月31日前將大量的工作剝離出來(lái)這樣我們可以集中處理將審計(jì)，稅務(wù)信息等等在年末盡快出結(jié)果。

30.secretarial：秘書(shū)的；秘書(shū)性的
31.typewriter：打字機(jī)
32.merely：僅僅，只不過(guò)