巴菲特1966年度信一（一）。2024-11-7

英文早读第114篇，选自巴菲特年度信，友才翻译。

BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NERBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基维特广场610室
内布拉斯卡，奥马哈, 68131
电话042-4110

January 25, 1967
1967年1月25日

The First Decade
第一个十年

The Partnership had its tenth anniversary during 1966. The celebration was appropriate - an all-time record (both past and future) was established for our performance margin relative to the Dow. Our advantage was 36 points which resulted from a plus 20.4% for the Partnership and a minus 15.6% for the Dow.
合伙基金在1966年举行了他的十周年纪念。这个庆祝是合适的——一个全时段的记录（无论过去还是将来）都建立在我们的表现相对于道琼斯领先。我们领先优势有36个百分点来自于合伙基金+20.4%和道琼斯-15.6%。

This pleasant but not-repeatable experience was partially due to a lackluster performance by the Dow. Virtually all investment managers outperformed it during the year. The Dow is weighted by the dollar price of the thirty stocks involved. Several of the highest priced components, which thereby carry disproportionate weight (Dupont, General Motors), were particularly poor performers in 1966. This, coupled with the general aversion to conventional blue chips, caused the Dow to suffer relative to general investment experience, particularly during the last quarter.
这个令人满意但不可重复的经历部分是因为道琼斯无光泽的表现。几乎所有投资管理人这一年表现都优于他。道琼斯由30支股票美元价值计算而来。有几个最高价值的成分，因此带有不成比例的权重（杜邦，通用汽车）在1966年糟糕的表现。同样，伴随对传统蓝筹股的憎恶，引起道琼斯经历了这个投资结果，尤其是在最后一个季度。

The following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation (one quarter of the excess over 6%) to the general partner, and the results for limited partners:
下面总结了道琼斯、合伙基金给GP分润前（超过6%部分的1/4）、给LP的结果的年度表现：

(1)Based on yearly changes in the value of the Dow plus dividends that would have been received through ownership of the Dow during that year. The table includes all complete years of partnership activity.
（1）基于道琼斯价值年度的变化加上在当年持有道琼斯会收到的分红。这个表格包括所有完整年份的基金活动。
(2)For 1957-61 consists of combined results of all predecessor limited partnerships operating throughout the entire year after all expenses, but before distributions to partners or allocations to the general partner.
（2）对1957-61年包括整合了之前合伙基金的运作结果，在扣除费用但在给合伙人和GP分润前。
(3)For 1957-61 computed on the basis of the preceding column of partnership results allowing for allocation to the general partner based upon the present partnership agreement, but before monthly withdrawals by limited partners.
（3）对1957-61年基于前面基金结果和基于现在合伙协议给GP分配后计算而来，但是实在LP月度提现前。

On a cumulative of compounded basis, the results are:
基于复利的计算结果如下：

1.lacklustre：无趣味的；单调的；枯燥乏味的；无光泽的
2.disproportionate：不成比例的；不相称的
3.aversion：厌恶；憎恶