原文信息：
- 标题：1962 December Letter to Limited Partners
- 发表时间：1962-12-24
- 链接：pdf
- 翻译：诚明散人
- 整理：诚明散人
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
December 24, 1962
To All Limited Partners:
致全体有限合伙人：
The following tax information is very important and should either be clearly understood by you if you prepare your own return or given to your tax advisor if he prepares your return.
以下税务信息非常重要。如果你自己填报纳税表，你应该清楚地了解这些信息；如果你的税务顾问为你填报纳税表，你应将这些信息交给税务顾问。
(1) If you have received any distributions from the partnership during the year, disregard such amounts for federal income tax purposes.
（1）你今年从合伙公司中获得的任何资金分配，在缴纳联邦所得税时都无需考虑。
(2) All items which should be included on your federal income tax return will be sent to you by the 20th of January either by me or directly from our auditors. You will be informed as to the proper handling of these items on your return. Do not file your tax return until you have this information.
（2）所有应列入联邦所得税申报表的项目将在1月20日之前由我或由我们的审计人员直接寄给你。我们会告诉你如何在报税表中正确处理这些项目。在获得这些信息之前，请勿报税。
(3) Nebraska residents need not report their interest in the partnership on their Nebraska Personal Property Return. The Partnership pays personal property taxes directly; the individual partners do not need to pay them.
（3）内布拉斯加州居民无需在内布拉斯加州个人财产申报单上申报其在合伙公司中的权益。合伙公司直接缴纳个人财产税，个人合伙人无需缴纳。
(4) If potential income from the partnership (say 15% or 20% of your equity at market value) is a significant portion of your total income, the safe course to follow in preparing 1963 quarterly estimates is to pay on the basis of your actual 1962 tax. This will avoid possible penalties for underestimating. You are liable on your quarterly estimates for your proportionate share of partnership income. If your estimate for the current year is the same as the actual tax paid for the preceding year, you cannot be penalized for underestimating.
如果来自合伙公司的潜在收入（例如以市值计算，占你在合伙公司中权益的15%或20%）在你的总收入中占很大比重，那么在准备1963年季度估算时，安全的做法是根据你1962年的实际税额进行计算。这将避免因低估纳税额而可能遭受的处罚。您有责任为你在合伙公司中的收入进行季度估算。如果你本年度的估算额与上一年度的实际纳税额相同，就不会因低估纳税额而遭受处罚。
If you have any questions at all about this information, be sure to let me know.
如果你对这些信息有任何疑问，请务必告诉我。
During January you will receive the following items from us:
一月份，你将收到我们寄出的以下物品：
(1) A copy of the audit report prepared by Peat, Marwick, Mitchell & Company.
（1）
由Peat, Marwick, Mitchell & Company编制的审计报告副本。
(2) Complete tax figures as mentioned above.
（2）上述的完整纳税数据。
(3) A statement as to the market value of your interest on January 1, 1963, giving effect to additions and withdrawals, if any, in the early days of January.
（3）按市值计算的你在1963年1月1日的权益报表，已包含1月初的增资和赎回（如有）。
(4) My inimitable annual letter.
（4）我独具特色的年度信。
Since my letter of November 1st, the stock market has moved substantially higher; therefore, our margin of superiority over the Dow has narrowed somewhat. Currently, the over-all return from the Dow is about minus 8 1/2%. I would estimate our position at approximately plus 11 1/2 %. Giving effect to the allocation to the general partner, this means the limited partners are plus approximately 10% before monthly payments. If prices remain the same at yearend, partners who have withdrawn at the rate of 1/2 of 1% monthly will have capital accounts approximately 4% above the figure at the beginning of the year.
自11月1日的信以来，股市大幅走高，因此，我们相对于道指的领先优势有所缩小。目前，道指的总回报率约为负8.5%。我估计我们的收益率约为正11.5%。考虑到对普通合伙人的分成，这意味着有限合伙人在“月度支付”前的收益率约为正10%。如果到年底时价格保持不变，那么每月按0.5%提取“月度支付”的合伙人的资产，将比年初增加约4%。
All commitment letters become absolutely final on December 31st. Should you wish to modify this letter in any way, it is essential that you contact me either in writing or verbally before the close of business on the 31st.
所有投资承诺书将于12月31日生效且无法更改。如果你希望以任何方式修改承诺书，请务必在31日前以书面或口头形式与我联系。
Cordially,
Warren E. Buffett