原文信息：
- 标题：1961 Semi-annual Letter to Limited Partners
- 发表时间：1961-07-22
- 翻译：诚明散人
- 整理：诚明散人
1961 Letter
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
TO MY PARTNERS:
致我的合伙人：
In the past, partners have commented that a once-a-year letter was “a long time between drinks,” and that a semi-annual letter would be a good idea. It really shouldn’t be too difficult to find something to say twice a year; at least it isn’t this year. Hence, this letter which will be continued in future years.
过去，有合伙人说每年一封信太少以至于“每次畅饮的间隔时间过长”，所以每半年一封信或许是个好主意。每年两次找些东西来说并不困难，特别是今年。以后我将会保持这种做法。
During the first half of 1961, the overall gain of the Dow-Jones Industrial Average was about 13%, including dividends. Although this is the type of period when we should have the most difficulty in exceeding this standard, all partnerships that operated throughout the six months did moderately better than the Average. Partnerships formed during 1961 either equaled or exceeded results of the Average from the time of formation, depending primarily on how long they were in operation.
1961年上半年，道琼斯工业指数包含分红大概上升了13%。尽管按照我们的投资理念，与整个股票市场相比我们今年的表现或许不太好。但是我们所有的合伙基金在上半年的表现均稍好于道琼斯工业指数。根据成立时间的不同，在1961年成立的合伙基金也能够超过或与指数收益持平。
Let me, however, emphasize two points. First, one year is far too short a period to form any kind of an opinion as to investment performance, and measurements based upon six months become even more unreliable. One factor that has caused some reluctance on my part to write semi-annual letters is the fear that partners may begin to think in terms of short-term performance which can be most misleading. My own thinking is much more geared to five year performance, preferably with tests of relative results in both strong and weak markets.
不过我需要强调两点。第一，一年时间对于评判投资表现来说太短了，而六个月就更不合适了。我不太愿意写半年信的一个原因，就是害怕我们的合伙人会受到投资组合短期表现的误导。我更倾向于用五年的时间来衡量我们的投资表现，特别是能够在历经牛熊市后再来看我们的相对收益。
The second point I want everyone to understand is that if we continue in a market which advances at the pace of the first half of 1961, not only do I doubt that we will continue to exceed the results of the DJIA, but it is very likely that our performance will fall behind the Average.
第二，我想让所有人都知道，如果股票市场一直像1961年上半年这样持续上升，我不仅怀疑我们能否超过道琼斯工业指数，甚至担心我们很有可能落后于该指数。
Our holdings, which I always believe to be on the conservative side compared to general portfolios, tend to grow more conservative as the general market level rises. At all times, I attempt to have a portion of our portfolio in securities as least partially insulated from the behavior of the market, and this portion should increase as the market rises. However appetizing results for even the amateur cook (and perhaps particularly the amateur), we find that more of our portfolio is not on the stove.
我们的投资组合，我一直认为相较于一般的组合是相对保守的，而且在上升的市场中会变得更为保守。任何时候，我都会将部分资金投入到那些不受整个股票市场影响的证券上，这个比例将会在市场上升时增加。但是，这就导致当业余厨师（而且特别是那些业余者）也能做出美味时，我们的投资组合却不在灶台上。
We have also begun open market acquisition of a potentially major commitment which I, of course, hope does nothing marketwise for at least a year. Such a commitment may be a deterrent to short range performance, but it gives strong promise of superior results over a several year period combined with substantial defensive characteristics.
我们正在开始通过公开市场建立一个将来可能会占比很大的仓位，当然我希望至少一年内这只股票的价格不要回归价值。这项投资或许会拉低我们短期内的表现，但长期内它会带来很好的结果且有很强的防御特性。
Progress has been made toward combining all partners at yearend. I have talked with all partners joining during this past year or so about this goal, and have also gone over the plans with representative partners of all earlier partnerships.
我们已经启动并打算年底合并所有合伙基金。我已经跟去年前后新加入的合伙人谈过了，也跟所有之前的合伙基金代表谈妥了。
Some of the provisions will be:
一些条款如下：
(A) A merger of all partnerships, based on market value at yearend, with provisions for proper allocation among partners of future tax liability due to unrealized gains at yearend. The merger itself will be tax-free, and will result in no acceleration of realization of profits;
（A）
合伙基金的合并将基于年底的市场价值，年底时我会把帐面浮盈将会产生的未来税负按合适的比例计入到相应的合伙人账户。合并本身是免税的，也不会加速账面浮盈的变现。
(B) A division of profits between the limited partners and general partner, with the first 6% per year to partners based upon beginning capital at market, and any excess divided one-fourth to the general partner and three-fourths to all partners proportional to their capital. Any deficiencies in earnings below the 6% would be carried forward against future earnings, but would not be carried back. Presently, there are three profit arrangements which have been optional to incoming partners:
（B）
合伙基金的有限合伙人和普通合伙人利润分配方案如下：按照年初账面价值计算的6%以内的收益将按资金占比分给所有合伙人；超出的收益将有25%分给普通合伙人，其他75%按比例分给所有合伙人。某年收益未达到6%时的缺口将由未来年度的收益来补充，但不会追溯到以前的年度。之前我们的合伙基金有三种利润分配方案：
||Interest Provision
基础分成|Excess to Gen. Partner
普通合伙人占超出部分|Excess to Ltd. Partners
有限合伙人占超出部分
---|---|---|---
1|6%|1/3|2/3
2|4%|1/4|3/4
3|None|1/6|5/6
In the event of profits, the new division will obviously have to be better for limited partners than the first two arrangements. Regarding the third, the new arrangement will be superior up to 18% per year; but above this rate the limited partners would do better under the present agreement. About 80% of total partnership assets have selected the first two arrangements, and I am hopeful, should we average better than 18% yearly, partners presently under the third arrangement will not feel short-changed under the new agreement;
很明显，相比之前的第一和第二个利润分配方案，合并后的方案对有限合伙人更有利。对使用第三个方案的有限合伙人来说，在年收益率不超过18%时新的方案更有利，超过这个收益率时原来的方案更有利。目前我们的合伙基金有80%资产都是按照前两个方案来分配利润的。如果将来我们每年的收益率都超过18%，我希望目前选择第三种方案的合伙人不会认为被新的方案蒙骗了。
(C) In the event of losses, there will be no carry back against amounts previously credited to me as general partner. Although there will be a carry-forward against future excess earnings. However, my wife and I will have the largest single investment in the new partnership, probably about one-sixth of total partnership assets, and thereby a greater dollar stake in losses than any other partner of family group, I am inserting a provision in the partnership agreement which will prohibit the purchase by me or my family of any marketable securities. In other words, the new partnership will represent my entire investment operation in marketable securities, so that my results will have to be directly proportional to yours, subject to the advantage I obtain if we do better than 6%;
（C）
年度亏损不会追溯调整我作为普通合伙人之前已经取得的收益，但对于未来年度超出6%部分的收益会有影响。不过，我和妻子在新合伙基金中的投资将会最多，大概占其总资产的1/6。所以一旦有亏损，我们会亏的最多。我另外加入了一个条款，禁止我和我的家庭成员购买任何公开上市的证券。也就是说，我只能通过新合伙基金持有公开上市的证券，以确保除了我作为普通合伙人可以得到6%之上的收益分成以外，我的投资收益率将会和你们一样。
(D) A provision for monthly payments at the rate of 6% yearly, based on beginning of the year capital valued at market. Partners not wishing to withdraw money currently can have this credited back to them automatically as an advance payment, drawing 6%, to purchase an additional equity interest in the partnership at yearend. This will solve one stumbling block that has heretofore existed in the path of consolidation, since many partners desire regular withdrawals and others wish to plow everything back;
（D）
合伙人每年均有权收到总额为其合伙份额年初市场价值6%的资金，这笔资金将按月支付。不想收取这笔钱的合伙人，默认已将这笔资金提前投入到合伙基金。年底时将以6%的年利率计算相应的利息连同本金计入合伙基金权益。这个方案将会解决合并合伙基金时面临的一大难题，毕竟有些合伙人想要有规律的月收入，而有些合伙人想要再投入从合伙基金所得的每一笔钱。
(E) The right to borrow during the year, up to 20% of the value of your partnership interest, at 6%, such loans to be liquidated at yearend or earlier. This will add a degree of liquidity to an investment which can now only be disposed of at yearend. It is not intended that anything but relatively permanent funds be invested in the partnership, and we have no desire to turn it into a bank. Rather, I expect this to be a relatively unused provision, which is available when something unexpected turns up and a wait until yearend to liquidate part of all of a partner’s interest would cause hardship;
（E）
合伙人每年均有权以6%的利率借出不超过其所占合伙权益20%的款项，这笔借款将在年底或之前清算。由于我们的合伙基金只允许年底撤回投资，这个条款将会增加合伙人的投资流动性。这并不意味着除了相对长久的资金，其他的都可以投入到我们的合伙基金，毕竟我们并不想变成银行。而且我希望这是一个相对无用的条款，不过一旦发生某种意外就可以使用，而不会因为必须等到年底才能撤回资金而导致某些困难。
(F) An arrangement whereby any relatively small tax adjustment, made in later years on the partnership’s return will be assessed directly to me. This way, we will not be faced with the problem of asking eighty people, or more, to amend their earlier return over some small matter. As it stands now, a small change, such as a decision that a dividend received by the partnership has 63% a return of capital instead of 68%, could cause a multitude of paper work. To prevent this, any change amounting to less than $1,000 of tax will be charged directly to me.
（F）
因为这种合并而导致将来可能产生的小额税款，将会由我直接处理。这样就不用每次都一一去问我们的八十多个合伙人，并对他们之前的收入做出微调了。就像现在，例如将分红按照资金回报的68%调整到63%这样的小变化，都会产生一大堆文书工作。为了避免这些，所有小于1,000美元的税额都由我直接支付。
We have submitted the proposed agreement to Washington for a ruling that the merger would be tax-free, and that the partnership would be treated as a partnership under the tax laws. While all of this is a lot of work, it will make things enormously easier in the future. You might save this letter as a reference to read in conjunction with the agreement which you will receive later in the year.
我们已经按照免税合并的要求，将这个协议提交给了华盛顿。我们的合伙基金在税法中将被看成一个合伙基金。虽然现在要做很多工作，但将来会很便捷。你们或许可以将这封信保存下来，作为将在本年底收到的合伙协议的对照文本。
The minimum investment for new partners is currently 100) at yearend. Estimated total assets of the partnership will be in the neighborhood of $4 million, which enables us to consider investments such as the one mentioned earlier in this letter, which we would have had to pass several years ago.
新加入的合伙人的最低投资门槛为25,000美元，但是原有合伙人不受此限制。我们的运行规则允许合伙人在年底追加或撤回任意大小的资金（以100美元为倍数）。考虑到我们已经接近400万美元的规模，使得我们可以做出这封信前部分提到过的那种投资。前几年这样的投资机会我们是不得不放弃的。
This has turned out to be more of a production than my annual letter. If you have any questions, particularly regarding anything that isn’t clear in my discussion of the new partnership agreement, be sure to let me know. If there are a large number of questions, I will write a supplemental letter to all partners giving the questions that arise and the answers to them.
相比其他年度信，这封信的内容或许有些多。如果你们有任何问题，特别是关于新的合伙协议有什么不清楚的，请务必告诉我。如果问题很多，我将会给所有合伙人再写一封补充信作为解释和回答。
Warren E. Buffett
Vlb
July 22, 1961