巴菲特致合伙人的信（1963年半年度）
④预先存入和提取资金⑤税项

Advance Payments and Advance Withdrawals 

We accept advance payments from partners and prospective partners at 6% interest from date of receipt until the end of the year. While there is no obligation to convert the payment to a partnership interest at the end of the year, this should be the intent at the time of payment.

预先存入和提取资金
我们接受合伙人以及潜在合伙人预先存入资金，并从资金存入之日起到年末支付 6%的利息。合伙人没有责任在年末将存入的资金转为合伙基金权益，但是在预先存入基金时应当有意向在年末转为基金权益。

Similarly, we allow partners to withdraw up to 20% of their partnership account prior to yearend and charge them 6% from date of withdrawal until yearend when it is charged against their capital account. Again, it is not intended that partners use US like a bank, but that they use the withdrawal right for unanticipated need for funds.

我们同样允许合伙人在年末之前预先提取资金，最高取款金额为其合伙基金账户资金的 20%，并从资金提取之日起到年末收取 6%的利息，利息扣除时间为年末。这不是要把合伙基金变成合伙人的银行，而是通过允许预先提取资金，满足合伙人的紧急资金需求。 

The willingness to both borrow and lend at 6% may seem "un-Buffett-like.” We look at the withdrawal right as a means of giving some liquidity for unexpected needs and, as a practical matter, are reasonably sure it will be far more than covered by advance payments.

存贷款利率都是 6%，看起来不是我巴菲特的风格。实际上，我们允许预先取出资金， 是为了方便急需用钱的合伙人周转，而且我们也相信，预先存入资金金额会远远超过预先提取金额。 

Why then the willingness to pay 6% for advance payment money when we can borrow from commercial banks at substantially lower rates? For example, in the first half we obtained a substantial six-month bank loan at 4%. The answer is that we expect on a long-term basis to earn better than 6% (the general partner's allocation is zero unless we do although it is largely a matter of chance whether we achieve the 6% figure in any short period. Moreover, I can adopt a different attitude in the investment of money that can be expected to soon be a part of our equity capital than I can on short-term borrowed money. The advance payments have the added advantage to us of spreading the investment of new money over the year, rather than having it hit us all at once in January. On the other hand, 6% is more than can be obtained in short-term dollar secure investments by our partners, so I consider it mutually profitable. On June 30, 1963 we had advance withdrawals of $21,832.00 and advance payments of $562,437.11.

我们能从商业银行获得利率更低的贷款，为什么还要为预先存入资金支付 6%的利率？ 上半年我们从银行获得了一笔六个月期限的大额贷款，利率才 4%。原因有两点：第一，我们相信我们的长期收益率会高于 6%（短期内能否超过 6%有很大偶然性，长期来看，达不到这个目标，普通合伙人一分钱分成都没有）。第二，提前存入的资金，在可以预见的短期内能成为我们的权益资本，我将这些资金用于投资，和使用短期银行贷款相比，可以有不一样的心态。提前存入资金对我们还有个好处，我们不必在 1 月份集中收到大量资金，而是可以在一年中分批收到追加投资。对合伙人来说，6%的利率比任何短期低风险投资收益率都高，我们这是互惠互利。1963 年 6 月 30 日，我们的预先提取资金金额是 21,832.00 美元，预先存入资金金额是 562,437.11 美元。 

Taxes

There is some possibility that we may have fairly substantial realized gains this year. Of course, this may not materialize at all and actually does not have anything to do with our investment performance this year. I am an outspoken advocate of paying large amounts of income taxes -- at low rates. A tremendous number of fuzzy, confused investment decisions are rationalized through so-called "tax considerations.”

税项
今年我们有可能有大笔已实现收益。这笔收益也可能根本不会实现，也和我们今年的投资业绩毫无关系。所得税交的越多越好，我绝对愿意多交所得税，只是要享受低税率。考虑所谓的税收因素，人们做了许多模棱两可、糊里糊涂的投资决策。

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

我的资产净值是持仓市值减去出售时的应付税款。资产是实实在在的，负债也是一分钱都少不了，除非资产价值下降（疼啊）、把资产捐赠出去（不评论），或者我把钱留到死。最后的这个方法怎么都有点惨胜的意味。 

Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk. Any isolation of low-basis securities merely freezes a portion of net worth at a compounding factor identical with the assets isolated. While this may work out either well or badly in individual cases, it is a nullification of investment management. The group experience holding various low basis securities will undoubtedly approximate group experience on securities as a whole, namely compounding at the compounding rate of the Dow. We do not consider this the optimum in after-tax compounding rates.

做投资决策应该考虑怎么才能以最低的风险，让税后净值实现最高的复利。如果把低成本股票隔离出来，另眼相待，相当于把净值中的一部分资产冻结了，它们的复利收益率也被隔离了。被隔离的个股最终可能表现很好，也可能表现糟糕，这么做让投资管理完全失效。各个低成本股票的组合收益肯定会接近大盘，也就是以道指的收益率复合增长。我们认为这算不上最佳税后复合收益率。

I have said before that if earnings from the partnership can potentially amount to a sizable portion of your total taxable income, the safe thing to do is to estimate this year the same tax you incurred last year. If you do this, you cannot run into penalties. In any event, tax liabilities for those who entered the partnership on 1/1/63 will be minimal because of the terms of our partnership agreement first allocating capital gains to those having an interest in unrealized appreciation.

我以前和大家说过，如果来自合伙基金的盈利可能占你应税总收入的很大一部分，在做今年的纳税估算时，可以使用去年的实际纳税金额，这样比较稳妥，不会受罚。不管怎样，63 年 1 月 1 日新加入的合伙人需要交的税很少，因为我们的合伙协议规定先将资本利得分配给拥有未实现增值的合伙人。

As in past years, we will have a letter out about November 1st (to partners and those who have indicated an interest to me by that time in becoming partners) with the amendment to the partnership agreement, commitment letter for 1964, estimate of the 1963 tax situation, etc.

和往年一样，我们将在 11 月 1 日左右（向合伙人以及有意在 11 月 1 日前后加入的准合伙人）寄出修订版合伙协议、1964 年承诺书以及 1963 年纳税估算数据等文件。 

My closing plea for questions regarding anything not clear always draws a blank. Maybe no one reads this far. Anyway, the offer is still open.

在每封信最后，我都请各位合伙人提问，总是收不到回音，可能根本没人读到这。无论如何，我还是随时乐意回答大家的任何疑问。 

Cordially,
Warren E. Buffett 

沃伦.巴菲特谨上 

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