巴菲特致合伙人的信（1960年）③合伙人账户④预先存入资金

Multiplicity of Partnerships:

A preceding table shows that the family is growing. There has been no partnership which has had a consistently superior or inferior record compared to our group average, but there has been some variance each year despite my efforts to "keep all partnerships invested in the same securities and in about the same proportions. This variation, of course, could be eliminated by combining the present partnerships into one large partnership. Such a move would also eliminate much detail and a moderate amount of expense.

管理多个合伙人账户：

从前面的表格可以看出，合伙人账户在增加。与合伙公司平均收益相比，没有任何一个合伙人账户始终领先或落后。虽然我尽量保证所有合伙人账户“都按照相似比例投资同样的股票”，但每年各个账户还是会有些差异。把现在的所有合伙人账户合并成一个，这个问题自然就解决了。这么做也能免去大量琐碎工作，并减少一定的经营费用。

Frankly, I am hopeful of doing something along this line in the next few years. The problem is that various partners have expressed preferences for varying partnership arrangements. Nothing will be done without unanimous consent of partners.

我确实希望过几年能合并成一个账户。问题是各个合伙人选择的合伙协议不尽相同。除非合伙人一致同意，否则不会合并。

Advance Payments:

Several partners have inquired about adding money during the year to their partnership. Although an exception has been made, it is too difficult to amend partnership agreements during mid-year where we have more than one family represented among the limited partners. Therefore, in mixed partnerships an additional interest can only be acquired at the end of the year.

预先存入资金：

有几位合伙人询问能否在年中追加投资。虽然破过一次例，但有的合伙人账户中有多个合伙人，在年中修改合伙协议很麻烦。因此，对于包含多个合伙人的账户，只能在年末追加投资。

We do accept advance payments during the year toward a partnership interest and pay interest at 6% on this payment from the time received until the end of the year. At that time, subject to amendment of the agreement by the partners, the payment plus interest is added to the partnership capital and thereafter participates in profits and losses.

但是合伙人可以预先存入资金，并获得6%的利息，相应资金可以在年末转为追加投资。视合伙人修改协议情况而定，预先存入资金及利息到年末将转为合伙人资金并在此之后分享盈亏。