英文早讀第129篇，選自巴菲特年度信，友才翻譯。

Specifically, our longer term goal will be to achieve the lesser of 9% per annum or a five percentage point advantage over the Dow. Thus, if the Dow averages -2% over the next five years, I would hope to average +3% but if the Dow averages +12%, I will hope to achieve an average of only +9%. These may be limited objectives, but I consider it no more likely that we will achieve even these more modest results under present conditions than I formerly did that we would achieve oure previous goal of a ten percentage point average annual edge over the Dow. Furthermore, I hope limited objectives will make for more limited effort (I'm quite sure the converse is true).
具體來(lái)說(shuō)，我們的長(zhǎng)期目標(biāo)將會(huì)是獲得更少的每年9%或者比道瓊斯指數(shù)領(lǐng)先5個(gè)百分點(diǎn)。因此，如果道瓊斯在接下來(lái)5年平均-2%收益，我希望我們是+3%，但是如果道瓊斯平均是+12%，我希望將實(shí)現(xiàn)平均+9%。這或許是有限的目標(biāo)，但是我認(rèn)為不太可能像之前實(shí)現(xiàn)的平均年度領(lǐng)先道瓊斯10個(gè)百分點(diǎn)的目標(biāo)那樣在當(dāng)前的條件下即使是實(shí)現(xiàn)這些更加溫和的目標(biāo)。更進(jìn)一步，我希望有限的目標(biāo)將只需要更加有限的努力（我很確信反過(guò)來(lái)也是真的）。

I will incorporate this new goal into the Groud Rules to be mailed you about November 1, along with the 1968 Commitment Letter. I wanted to get this letter off to you prior to that mailing so you would have ample time to consider your personnal situation, and if necessary get in touch with me to clear up some of the enclosed, before making a dicision on 1968. As always, I intend to continue to leave virtually all of my capital (excluding Data Documents stock), along with that of my family, in BPL. What I consider satisfactory and achievable may well be different from what you consider so. Partners with attractive alternative investment opportunities may logically decide that their funds can be better employed elsewhere, and you can be sure I will be wholly in sympathy with such a decision.
我將合并這個(gè)新的目標(biāo)到將在11月1日寄給你們的基本準(zhǔn)則信件中，與1968年認(rèn)籌函一起。我想在那封信前將這封信發(fā)出給你，這樣你將有充足的時(shí)間去考慮你個(gè)人的處境，如果有必要請(qǐng)聯(lián)系我去澄清附函中的內(nèi)容，在做出1968年決定前。像往常一樣，我將繼續(xù)留下幾乎我所有的資產(chǎn)（包括數(shù)據(jù)文件夾），我的家人也一樣，在巴菲特合伙基金。我感到滿意和有成就感的事或許和你感覺(jué)的很不一樣。合伙人有有吸引力的備選投資機(jī)會(huì)可以有邏輯的決定他們的資金可以在別處更好的利用，請(qǐng)相信對(duì)這樣的決定我會(huì)完全支持。

I have always found behavior most distasteful which publicly annouces one set of goals and motivations when actually an entirely different set of factors prevails. Therefore, I have always tried to be 100% candid with you about my goals and personnal feelings so you aren't making important decisions pursuant to phony proclamations (I've run into a few of these in our investment experience). Obviously all the conditions enumerated in this letter haven't appeared overnight, I am sure, that I wanted to pick a time when past goals had been achieved to set forth a reduction in future goals. I would not want to reduce the speed of the treadmill unless I had fulfilled my objectives to this point.
我發(fā)現(xiàn)最令人討厭的行為就是公開宣告一個(gè)目標(biāo)和動(dòng)機(jī)而實(shí)際上另一個(gè)完全不同的因素在主導(dǎo)。因此，我試圖100%對(duì)你坦誠(chéng)關(guān)于我的目標(biāo)和個(gè)人感受這樣你就不會(huì)依照假的宣告做重要決策（在我們的投資經(jīng)歷中我也踩過(guò)幾次坑）。很明顯所有這封信中列舉的條件都還沒(méi)過(guò)夜，我確信，我是想挑個(gè)過(guò)去的目標(biāo)已經(jīng)被實(shí)現(xiàn)的時(shí)間去設(shè)置未來(lái)目標(biāo)的減少。我不想降低跑步機(jī)的速度除非我已經(jīng)實(shí)現(xiàn)了我的目標(biāo)。

Please let me know if I can be of any help in deciphering any portion of this letter.
請(qǐng)讓我知道我是否可以在破譯這封信的任何一部分內(nèi)容上有幫助。

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

66.incorporate：使并入；包含；合并；注冊(cè)成立；吸收
67.sympathy：同情；支持；贊同；志同道合
68.distasteful：討厭的；令人反感的
69.candid：坦率的；坦誠(chéng)的；公正的；直言不諱的
70.pursuant：依照；依據(jù)；按照
71.phony：假的；虛偽的；偽造的
72.proclamation：宣言；宣告；公告
73.enumerate：列舉；枚舉
74.deciphering：破譯；辨認(rèn)
75.specifically：具體來(lái)說(shuō)；確切地說(shuō)；專門地