巴菲特致合伙人的信（1961年）①业绩

巴菲特致合伙人的信（1961年）
①业绩

January 24, 1962

1962年1月24日

Our Performance in 1961

I have consistently told partners that it is my expectation and hope (it's always hard to tell which is which) that we will do relatively well compared to the general market in down or static markets, but that we may not look so good in advancing markets. In strongly advancing markets I expect to have real difficulty keeping up with the general market.

1961年的业绩

我一直告诉合伙人，我们会在下跌或平盘的市场中跑赢，但在上涨的市场中可能落后，我预期如此，也希望如此。在强劲上涨的行情中，我们应该很难跟上大盘。

Although 1961 was certainly a good year for the general market, and in addition, a very good year for us on both an absolute and relative basis, the expectations in the previous paragraph remain unchanged.

虽说1961年股市大涨，而且我们的绝对收益和相对收益都很高，我在上一段中所写的预期仍然不变。

During 1961, the general market as measured by the Dow-Jones Industrial Average (hereinafter called the “Dow”) showed an over-all gain of 22.2% including dividends received through ownership of the Dow. The gain for all partnerships operating throughout the entire year, after all expenses of operation, but before payments to limited partners or accrual to the general partner, averaged 45.9%. The details of this gain by partnership are shown in the appendix along with results for the partnerships started during the year.

1961年，以道指为标准，包括股息在内，市场总体收益率是22.2%。我在全年管理的合伙人账户，扣除经营费用之后，向有限合伙人支付利息以及向普通合伙人分成之前，平均收益率是45.9%。请查看附录，了解各个合伙人账户的收益以及1961年新成立的合伙人账户的收益。

We have now completed five full years of partnership operation, and the results of these five years are shown below on a year-by-year basis and also on a cumulative or compounded basis. These results are stated on the basis described in the preceding paragraph; after expenses, but before division of gains among partners or payments to partners.

我们的合伙基金已经运行了整整五年，以下是这五年的逐年业绩以及按复利计算的业绩。业绩按照上一段中所述计算：扣除经营费用之后，向合伙人支付利息以及分成之前。

On a compounded basis, the cumulative results have been:

按复利计算，累计业绩如下：

These results do not measure the gain to the limited partner, which of course, is the figure in which you are most interested. Because of the varying partnership arrangements that have existed in the past, I have used the overall net gain (based on market values at the beginning and end of the year) to the partnership as being the fairest measure of over-all performance.

上述收益不等同于大家最关心的有限合伙人收益。由于过去几年存在不同的分成方案，我在这里使用合伙人整体净收益（根据年初和年末市值计算）来衡量整体表现。

On a pro-forma basis adjusted to the division of gains entailed in our present Buffett Partnership, Ltd. agreement, the results would have been:

根据我们目前的巴菲特合伙有限公司协议中对收益的分配进行调整，结果将是：

〔译文来源于梁孝永康所编全集〕

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