英文早讀第145篇，選自巴菲特年度信，友才翻譯。

BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 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042-4110

October 9th, 1969
1969年10月9日

To My Partners:
致我的合伙人：

Here is my present estimate of the BPL calendar for the months to come:
下面是我現(xiàn)在對(duì)接下來(lái)幾個(gè)月巴菲特合伙基金日歷事件的預(yù)估：

(1) This letter - to tell you something of Bill Ruane, the money manager within my knowledge who ranks the highest when combining the factors of integrity, ability and continued availability to all partners. I also want to comment upon the present range of expectations involved in deciding on a bond-stock mix.
（1）這封信的時(shí)候——告訴你一些關(guān)于比爾羅恩的事情，在我認(rèn)知內(nèi)他是排名最高的資金管理人，結(jié)合正直、能力和所有合伙人可持續(xù)獲得性等因素。我也想談?wù)勗诎▊凸善被旌系臎Q策的預(yù)期范圍。

(2) Late November - the required thirty days formal notice of my intent to retire from the Partnership at the end of the year.
（2）十一月晚些時(shí)候——是關(guān)于我意圖年底從合伙基金離職正式通告所必須提前30天的時(shí)間。

(3) Early December - a package of publicly available material, as well as some general comments by me relating to our controlled companies. Berkshire Hathaway Inc. (owing the textile business, Illinois National Bank and Trust Company of Rockford, Illinois, National Indemnity Company and National Fire and Marine Insurance Company and Sun Newspapers) and Diversified Retailing Company (owning Hochschild, Kohn & Co. and Associated Cotton Shops). I want you to have ample time to study the material relating to such companies before you make any decision to hold, sell or buy such securities after distribution to you in early January. I will solicit written questions from partners (I don't want to talk to you individually about such companies, as I want all partners to obtain exactly the same information) and then have a further mailing late in December, giving all questions received relating to these companies along with my answers, if possible. I still anticipate having a plan enabling partners to promptly convert such controlled company holdings to cash, if they wish.
（3）十二月早些時(shí)候——公眾可獲得的資料，也包括一些由我和我們的控制類(lèi)公司的做出的協(xié)議將會(huì)打包給你。伯克希爾哈撒韋公司（擁有紡織業(yè)務(wù)，伊尼諾伊國(guó)立銀行和伊利諾伊羅克福德信托公司，國(guó)家保障公司和國(guó)家火災(zāi)與海洋保險(xiǎn)公司和太陽(yáng)報(bào)）和百貨零售公司（擁有霍希爾德科恩公司和聯(lián)合棉紡公司）。我希望你有重組的時(shí)間去研究這些關(guān)于這些公司的材料在你做出任何決定持有、出售或者購(gòu)買(mǎi)這些1月初分配給你的股票后。我會(huì)征集合伙人的書(shū)面問(wèn)題（我不想和你們單獨(dú)談?wù)撨@些公司，因?yàn)槲蚁Ｍ泻匣锶硕极@得完全相同的信息）并會(huì)在12月末進(jìn)一步給你們一封信，用來(lái)給出我對(duì)收到的關(guān)于這些公司的問(wèn)題的答案。如果可能，我將參與制定一個(gè)計(jì)劃使合伙人能夠迅速將這類(lèi)控制公司股份轉(zhuǎn)化為現(xiàn)金，如果他們?cè)敢狻?/p>

(4) About January 5th - (a) a cash distribution amounting to at least 56% (probably more - depending upon what percentage of our remaining holdings are sold before yearend) of your January 1, 1969 capital, less any distributions (the regular monthly payments many of you receive) or borrowings by you during 1969, (b) your proportional share of our holdings in Diversified Retailing Company Inc. and Berkshire Hathaway Inc. I which, if you dispose of them, will bring 30%-35% (my estimate of value will be made at yearend) of your January 1, 1969 capital.
（4）大約1月5日——（a）至少分配1969年1月1日資金的56%（或許更多——取決于在年底前賣(mài)出的剩余持股的比例），扣除任何你在1969年的分配（你們很多人收到的常規(guī)月度付款）和借款；（b）你在我們?cè)诎儇浟闶酃竞筒讼柟鲰f公司持股的比例。那將會(huì)，如果你處置他們，帶來(lái)你在1969年1月1日資金的30%-35%（我的估價(jià)將會(huì)在年底做出）。

We may make substantial additional sales before yearend - if so, the early January cash distribution will be somewhat larger than the 56% mentioned above. If we don't, such sales will be made during the first half of 1970 and an interim distribution made. Residual assets will be sold at appropriate times and I believe not more than 10% of our present asset value will remain after June 30th, 1970 pending a final distribution when all assets and liabilities have been cleaned up.
我們或許會(huì)在年底前做出重大額外出售——如果這樣， 1月初的現(xiàn)金被配將會(huì)比上面提到的56%更多。如果我們不這樣做，這些出售將會(huì)在1970年上半年完成，這樣將會(huì)有年中分配。剩下的資產(chǎn)將會(huì)在合適時(shí)間出售，我相信在1970年6月30日之后剩余的資產(chǎn)價(jià)值不會(huì)超過(guò)現(xiàn)在的10%，當(dāng)所有資產(chǎn)和債務(wù)都清理完成時(shí)將會(huì)有待定的最終分配。

Unless there is a further substantial decline in the market. I still expect about a breakeven performance before any monthly payments for 1969. We were lucky - if we had not been in liquidation this year, our results would have been significantly worse. Ideas that looked potentially interesting on a "continuing" basis have on balance performed poorly to date. We have only two items of real size left - one we are selling as I write this and the other is a holding of limited marketability representing about 7-1/2% of the outstanding stock of Blue Chip Stamps which we may sell via a registered public offering around yearend, depending upon market conditions and other factors.
除非市場(chǎng)進(jìn)一步重大下跌，我仍然認(rèn)為在包含任何月度支付前，1969年將會(huì)不賺不虧。我們很幸運(yùn)——如果我們不是在這一年清算，我們的結(jié)果將會(huì)很糟糕。那些看起來(lái)有潛力的興趣可以持續(xù)觀察的標(biāo)的到今天總的來(lái)說(shuō)表現(xiàn)糟糕。我們只有剩下兩個(gè)有規(guī)模的案子——一個(gè)我寫(xiě)這封信時(shí)正在出售，另一個(gè)是限售類(lèi)代表大約7.5%的藍(lán)色芯片郵票，或許會(huì)大約在年底通過(guò)公開(kāi)轉(zhuǎn)讓的方式出售，這取決于市場(chǎng)環(huán)境和其它因素。

(5) March 1st. 1970 - John Harding expects to leave Buffett Partnership. Ltd. and open a branch office in Omaha for Ruane, Cunniff & Stires. Bill Scott and I will be available at BPL offices to help any partners who are desirous of purchasing bonds, tax-free or taxable. We will set aside the month of March to make our services available without cost to those who want to acquire bonds. Because of some experience we have in analysis and purchasing, as well as the access we have to wholesale markets. I think it is likely we can save material elements of cost as well as help select better relative values for those of you who wish to invest in bonds. After April 1st, however, we want to be out of any form of personal advisory activity.
（5）1970年3月1日——約翰漢丁將會(huì)離開(kāi)巴菲特合伙基金公司然后開(kāi)設(shè)一家羅恩、庫(kù)尼佛和斯特斯投資合伙公司奧馬哈分公司。比爾斯科特和我將會(huì)在巴菲特合伙公司辦公室來(lái)幫助任何對(duì)購(gòu)買(mǎi)債券、免稅或有稅的，感興趣的合伙人。我們將會(huì)留出這個(gè)月讓我們的服務(wù)免費(fèi)對(duì)那些希望獲得債券的人。因?yàn)槲覀冇幸恍┓治龊唾?gòu)買(mǎi)的經(jīng)驗(yàn)，也有去大規(guī)模市場(chǎng)的渠道。我認(rèn)為很有可能我們可以節(jié)約成本并幫助你們中一些人選擇到相對(duì)更好價(jià)值的債券。在4月1日之后，然而，我不想?yún)⑴c任何形式的個(gè)人咨詢(xún)業(yè)務(wù)。

(6) After March, 1970 - Bill and I will continue to office in Kiewit Plaza, spending a very minor portion of our time completing the wind-up of BPL. This will mean filing tax returns for 1970 and probably 1971 resolving minor assets and liabilities etc.
（6）在1970年3月之后——比爾和我將會(huì)繼續(xù)在基維特廣場(chǎng)辦公，花費(fèi)很小比例的時(shí)間來(lái)完成巴菲特合伙基金收尾。這將會(huì)意味著處理1970年甚至或許1971年的稅務(wù)申報(bào)及小額的資產(chǎn)和債務(wù)等等。

1.solicit：懇求；征求；籌集；拉（客）；索求
2.pending：懸而未決的；即將發(fā)生的；待定
3.on balance：總的來(lái)說(shuō)；權(quán)衡之后；全面考慮之后
4.wind-up：意欲結(jié)束的；終了的；收?qǐng)龅?/p>