原文信息：
- 标题：1967 November Letter to Limited Partners
- 发表时间：1967-11-01
- 翻译：诚明散人
- 整理：诚明散人
To My Partners:
致我的合伙人：
Enclosed are:
随函附上：
- Two copies of the Commitment Letter for 1968, one to be kept by you and one to be returned to us. You may amend the Commitment Letter right up to December 31, so get it back to us early and, if it needs to be changed, just let us know by letter or phone. Commitment Letters become absolutely final on December 31 - there can be no exceptions to this rule since I turn them over to Peat, Marwick, Mitchell & Co.at that time.
1968年的承诺书一式两份，一份由你们保存，一份交还给我们。你可以在12月31日之前修改承诺书，因此请尽早交回给我们，如果需要修改，可以通过信函或电话通知我们。承诺书在12月31日将成为最终版本，不会有例外，因为届时我将把它移交给Peat, Marwick, Mitchell & Co.。
- A tax letter giving my best present estimate of how the picture will look at yearend regarding 1967 realized investment transactions. We have disposed of some important holdings this year, realizing about $24 million of gain in the process. Therefore, it is particularly important that you take a close look at your tax situation before returning your Commitment Letter to us so that you will not be a disappointment to the Internal Revenue Service next April. Should you need any help. John Harding will be glad to give you a hand in making a rough estimate of what you might need for tax purposes.
一份税务函，提供我目前对1967年已实现投资收益在年底时的最佳估计。我们今年售出了一些重要持股，在此过程中实现了约2,400万美元的收益。因此，特别重要的是，在把承诺书交还给我们之前，你要仔细检查一下自己的纳税情况，以免明年四月国税局找你麻烦。如果你需要任何帮助。John Harding将很乐意帮助你粗略估算税务方面的需求。
- A copy of the letter sent you February 2 giving the figures from which to make the calculation explained in the tax letter. In the past we have made you dig into your files for this letter - one of our partners came up with the excellent suggestion that we send you a copy at this time.
一份2月2日信的副本，信中提供了税务函中需要用来计算的数字。过去，我们曾让你从之前的文件中查找这封信——我们的一位合作伙伴提出了一个很好的建议，让我们现在给你寄一份副本。
- A copy of “The Ground Rules” with rules four and five completely changed to reflect the new conditions explained in my October 9 letter. If the goal set forth in rule four will not be satisfactory, if attained (and it is only a goal, not a promise), you would be wise to withdraw at yearend. Under present conditions, some partners may well have more attractive alternatives for their capital and, if so, it is appropriate that they make a change.
一份“基本原则”，其中第四条和第五条已完全修改，以反映我在10月9日的信中解释的新情况。如果第四条规定的目标即使实现了也不能令你满意（这只是一个目标，而不是承诺），那么你最好在年底时撤资。在目前的情况下，一些合伙人的资金很可能有更有吸引力的去处，如果是这样的话，他们应该做出改变。
Any withdrawals will be paid by January 5. You may withdraw any amount you wish from $100 up to your entire equity. Similarly, additions may be for any amount and should reach us by January 10. If additions reach us in November, they take on the status of advance payments and draw six percent until yearend. Additions reaching us in December do not draw interest.
任何撤资都将在1月5日前支付。你可以提取从100美元到全部股权的任何金额。同样，增资也可以是任何金额，并应在1月10日之前到账。如果增资在11月份到达我们这里，它们将被视为预付款，并在年终前提取6%。12月份到账的增资不计利息。
As I write this, the Dow is approximately 880, giving an overall return from the Dow for the year to date of about plus 15%. Our performance is about plus 27% which translates to about plus 22% for limited partners (before any monthly withdrawals). This involves no change in our valuation of controlling interests from yearend 1966. In our letter of December 22 confirming the status of your Commitment Letter, I will advise you of our valuation for Diversified Retailing and Berkshire Hathaway and will enclose some relevant financial material pertaining to such valuation. This adjustment will probably add a minor amount to our results for the year.
在我写这篇文章时，道指约为880点，今年迄今为止道指的总体回报率约为正15%。我们的业绩约为正27%，换算成有限合伙人的业绩约为正22%（未扣除任何“月度支付”）。与1966年相比，我们对控股权益的估值没有变化。在我们12月22日确认你投资承诺的信中，我将告知你我们对多元零售和伯克希尔哈撒韦的估值，并附上与该估值相关的一些财务材料。这一调整可能会使我们本年度的业绩略有增加。
In interpreting our results for the balance of the year, and possibly for next year, you should be aware that not only do we have about 16 million in short-term governments. This makes a present total of over $36 million which clearly will not participate in any upward movement the stock market may have. This does not reflect any market judgment on my part; it simply means I can’t find any obviously profitable and safe (from a long-term value standpoint, not a short-term quotational one) places to put the money. We normally enter each year with a few eggs relatively close to hatching; the nest is virtually empty at the moment. This situation could change very fast, or might persist for some time. It is mentioned only to moderate any expectations you might have as to our performance should a strong stock market occur in the near future.
在解释我们今年余下的时间以及明年可能的结果时，你们应该知道，我们不仅有大约2,000万美元投资于控股公司，而且还有1,600多万美元投资于短期国债。这样，目前这部分的投资总额超过了3,600万美元，这部分显然不会参与股票市场可能出现的任何上涨。这并不反映我对市场的任何判断；这只是意味着我找不到任何明显有利可图和安全（从长期价值的角度，而不是短期报价的角度）的地方来配置我们的资金。通常情况下，我们每年都会有几个鸡蛋即将孵化，而目前鸡窝中几乎空无一物。这种情况可能很快会变化，也可能持续一段时间。提到这一点，只是想在不久的将来股市继续走强时，降低你对我们的投资收益所抱有的任何期望。
Cordially,
Warren E. Buffett
WEBeh