巴菲特1965年度信一（十一）。2024-11-1

英文早读第108篇，选自巴菲特年度信，友才翻译。

Interesting enough, the literature of investment management is virtually devoid of material relative to deductive calculation of optimal diversification.
足够有趣，关于投资管理的文学几乎避开了实质性相比于最佳多样化的推理性计算。

All texts counsel "adequate" diversification, but the ones who quantify "adequate" virtually never explain how they arrive at their conclusion. Hence, for our summation on overdiversification, we turn to that eminent academician Billy Rose, who says, "You've got a harem of seventy girls; you don't get to know any of them very well."
所有内容都建议“足够的”分散，但是一个人冠以“足够的”几乎从来不解释他们如何达到他们的结论。因此，对于在过度多样化的总结，我们借以著名院士比利罗斯，他说，“你得到了70个女孩的闺房，你就不会很了解他们中的任何一个。”

Miscellaneous
杂项

Last year we boldly announced an expansion move, encompassing an additional 227 1/4 square feet. Older partners shook their heads. I feel that our gain from operations in 1965 of 12,304,060 indicates that we did not overextend ourselves. Fortunately, we didn't sign a percentage lease. Operationally, things have never been running more smoothly, and I think our present setup unquestionably lets me devote a higher percentage of my time to thinking about the investment process than virtually anyone else in the money management business. This, of course, is the result of really outstanding personnel and cooperative partners.
去年我们大胆地宣布一个扩张行动，包括额外的227.25英尺。老合伙人摇了摇他们的头。我觉得我们从1965年的运作中获利的1230万4060美金表明我们没有多度自我膨胀。幸运的是，我们没有签署百分比契约。操作上，事情从未进展如此丝滑，我认为我们现在的配置无疑让我比几乎任何一个在资金管理业务上的人花费更多时间占比区思考投资进程。这，当然，是真正卓越的员工和配合的合伙人的结果。

John Harding has taken complete charge of all administrative operations with splendid results. Bill Scott continues to develop detailed information on investments which substantially enhances our net profit figure. Beth Feehan, Donna Walter and Elizabeth Hanon (who joined us in November) have all handled large work loads (secretary's note - Amen!) accurately and efficiently.
约翰汉丁已经完全掌管所有的行政工作并结果卓越。比尔斯考特继续致力于在投资上的细节信息大幅增强了我们的净利水平。贝斯费瀚，豆纳华尔特和伊丽莎白汉农（在11月份加入我们的）都掌控着大量工作压力（秘书备注——阿门！）精准且高效。

The above people, their spouses (one apiece) and children have a combined investment in the Partnership of over 600,000. Susie and I have an investment of 6,849,936, which should keep me from slipping away to the movies in the afternoon. This represents virtually our entire net worth, with the exception of our continued holding of Mid-Continent Tab Card, a local company into which I bought in 1960 when it had less than 10 stockholders.
以上这些人，他们的配偶（每人就一个）和孩子们有一个总的投资在合伙基金超过60万美金。苏西和我有投资684万9936美金，这应该让我免于在下午要去电影院。这代表几乎我们全部净资产，有一个例外是我们持续对中大路切换卡公司的持股，这是一家我在1960年当他拥有少于10个股东时购入的本地公司。

Additionally, my relatives, consisting of three children, mother, two sisters, two brothers-in-law, father-in-law, three aunts, two uncles, five cousins, and six nieces and nephews have interests in BPL, directly or indirectly, totaling 2,708,223. So don't get any ideas about voting a change in the Partnership name.
另外，我的亲属，包括三个孩子，母亲，两个姐妹，两个姐妹夫，岳父，三个叔叔，两个舅舅，五个堂弟，和6个外甥女和外甥在巴菲特合伙基金直接或间接总计持有270万8223美金股份。因此不要有任何想法关于改变合伙基金名字。

Peat, Marwick, Mitchell & Co. has done the customary excellent job of expediting the audit and tax information. This requires great effort and ability, and they supply both. This year a computer was brought to bear on our problems, and naturally, I was a little worried someone else would come out as the general partner. However, it all worked quite smoothly.
毕马威公司完成了一贯的卓越工作在加快审计和税务信息。这要求非常大的努力和能力，而他们都有。这一年一个电脑被带来解决我们的问题，自然地，我有点担心一些别的谁会出来作为GP。然而，他做的都相当丝滑。

Within the coming two weeks you will receive:
在接下来两周你将会收到：

1. A tax letter giving you all BPL information needed for your 1965 federal income tax return. This letter is the only item that counts for tax purposes.
   1.一封税务信给你所有需要的巴菲特合伙基金信息用于你1965年联邦所得税申报。这封信是唯一一封用于税务目的的。

2. An audit from Peat, Marwick, Mitchell & Co. for 1965, setting forth the operations and financial position of BPL, as well as own capital account.
   2.一个来自于毕马威公司为1965年的审计报告，详细地解释了巴菲特合伙基金的运作和财务状况，也包括你自己的账户。

3. A letter signed by me setting forth the status of your BPL interest on 1/1/66. This is identical with the figures developed in the audit.
   3.一封由我签署的信详细地解释66年1月1日你在巴菲特股份的状态。这是同审计报告发展而来的数字一致的。

Let me know if anything in this letter or that occurs during the year needs clarifying. It is difficult to anticipate all of the questions you may have and if there is anything that is confusing, I want to hear about it. For instance, we received an excellent suggestion last year from a partner regarding the presentation of the reconciliation of personal capital accounts.
让我知道如果在这封信里有任何事或者在这一年发生的需要澄清。参与到你有的所有问题是困难的，如果有任何事是疑惑地，我想听到他。例如，我们去年收到了一个优秀的建议关于个人资金账户一致性的呈现方式。

My next letter will be about July 15th, summarizing the first half of this year.
我的下封信将会大约在7月15日，总结这一年的上半年度。

Cordially,
Warren E. Buffett
热情地，
沃伦 E 巴菲特

103.boldly：大胆地
104.lease：租赁；租约；租契
105.enhance：加强；提高；增强
106.customary：习惯的；习俗的；特有的；典型的
107.expediting：加快；加速
108.reconciliation：和解；协调；调解；和谐一致