巴菲特致合伙人的信（1963年）⑤其他事项

Miscellaneous

We are starting off the year with net assets of $17,454,900. Our rapid increase in assets always raises the question of whether this will result in a dilution of future performance. To date, there is more of a positive than inverse correlation between size of the Partnership and its margin over the Dow. This should not be taken seriously however. Larger sums may be an advantage at some times and a disadvantage at others. My opinion is that our present portfolio could not be improved if our assets were $1 million or $5 million. Our idea inventory has always seemed to be 10% ahead of our bank account. If that should change, you can count on hearing from me.

其他事项

我们今年的初始净资产是 17,454,900 美元。随着资产的迅速增长，总有合伙人担心我们将来的业绩是否会受到影响。到目前为止，合伙基金的规模增长没拖累我们的业绩，而是帮助我们取得了与道指更大的相对优势。不过，请各位不要对我们的长期相对优势寄予厚望。规模大，有时候是优势，有时候是劣势。在我看来，如果我们现在的资产是 100 万美元或 500 万美元，我们当前的投资组合不会得到改善。我们看到的投资机会似乎总是超过我们的银行账户 10%。如果情况有变，我一定会告诉大家。

Susie and I have an investment of $2,392,900 in the Partnership. For the first time I had to withdraw funds in addition to my monthly payments, but it was a choice of this or disappointing the Internal Revenue Service. Susie and I have a few non-marketable (less than 300 holders) securities of nominal size left over from earlier years which in aggregate are worth perhaps 1% of our partnership interest. In addition we have one non-marketable holding of more material size of a local company purchased in 1960 which we expect to hold indefinitely. Aside from this all our eggs are in the BPL basket and they will continue to be. I can't promise results but I can promise a common destiny. In addition, that endless stream of relatives of mine consisting of my three children, mother, father, two sisters, two brothers-in-law, father-in-law, four aunts four cousins and five nieces and nephews, have interests in BPL directly or indirectly totaling $1,247,190.

苏茜和我在合伙基金里有 2,392,900 美元的投资。除了每月收到的利息，我第一次提取了资金，如果我还不提取，国税局就要一直失望了。苏茜和我有几只很小的“非有价证券” （股东不到 300 人），这些投资是早年做的，总价值不到我们在合伙基金权益的 1%。另外，我们还在 1960 年投资了本地的一家公司，这笔投资规模比较大，我们打算永远不卖。我们其余的所有资产都放在巴菲特合伙基金这一个篮子里，将来仍会如此。我保证不了业绩，但可以保证和大家共进退。我们一大家子，包括三个子女、我的父母、两个姐妹、两个姐夫、岳父、三个姑姑、四个表亲、五个侄子侄女，直接或间接持有总计 1,247,190 美元的合伙基金权益。

Bill Scott is also in with both feet, having an interest along with his wife or $237,400, the large majority or their net worth. Bill has done an excellent job and on several or our more interesting situations going into 1964, he has done the majority or the contact work. I have also shoved off on him as much as possible of the administrative work so if you need anything done or have any questions, don't hesitate to ask for Bill if I'm not around.

比尔·斯科特(Bill Scott)夫妇也把他们家庭的大部分资产投到了合伙基金里，他们的权益是 237,400 美元。比尔是我的得力助手，我们 1964 年正在做的几笔投资，主要都由他负责联系。我也把大量日常事务交给了比尔处理，各位合伙人如果有事需要办理或者有问题询问，如果我不在，请和比尔联系。

Beth and Donna have kept an increasing work load flowing in an excellent manner. During December and January, I am sure they wish they had found employment elsewhere, but they always manage to keep a mountain of work ship-shape.

贝丝(Beth)和多娜(Donna)总能高效完成日益增加的工作。12 月份和 1 月份，她们忙得不可开交，肯定会想怎么没找个更轻松的工作，但是无论多忙，她们都能把一切处理的井井有条。

Peat, Marwick, Mitchell has done their usual excellent job of meeting a tough timetable. We have instructed them to conduct two surprise checks a year (rather than one as in past years) on our securities, cash, etc., in the future. These are relatively inexpensive, and I think make a good deal of sense in any financial organization.

虽然时间紧迫，毕马威会计师事务所一如既往地出色完成了审计工作。以前毕马威会对我们的证券、现金等每年进行一次突击检查，现在我们要求他们每年突击检查两次。这个费用不算高，从事金融业务的公司都该接受这样的检查。

Within the next week you will receive:
(1) A tax letter giving you all BPL information needed for your 1963 federal income tax return. This letter is the only item that counts for tax purposes.
(2)An audit from Peat, Marwick, Mitchell & Co. for 1963, setting forth the operations and financial position of BPL as well as your own capital account.
(3)A letter signed by me setting forth the status of your BPL interest on 1/1/64. This is identical with the figure developed in the audit.
(4)Schedule “A” to the partnership agreement listing all partners.

各位合伙人下周会收到如下文件：
(1)一份包含税收数据的信函，其中列有申报 1963 年联邦所得税所需的所有巴菲特合伙基金信息。请仅使用本信函作为税收申报参考。
(2)毕马威会计师事务所出具的 1963 年审计报告，其中包含巴菲特合伙基金的运营数据和财务状况以及合伙人资本账户的信息。
(3)一份由我签署的、证明你于 1964 年 1 月 1 日持有巴菲特合伙基金权益的文件，其中的权益数据与审计报告中列出的数据一致。
(4)包含所有合伙人名单的合伙基金协议日程“A”。

Let me know if anything needs clarifying. As we grow, there is more chance of missing letters, a name skipped over, a figure transposition, etc., so speak up if it appears we might have erred. Our next letter will be about July 15th summarizing the first half.

如有疑问，请随时与我联系。随着我们规模的增加，更容易出现信函漏寄、姓名遗漏、数字错位等问题。如果发现我们出错了，请告诉我们。下一封信是上半年总结，各位将在7月15日左右收到。

Cordially,
Warren E. Buffett

沃伦.巴菲特谨上

Beth and Donna have kept an increasing work load flowing in an excellent manner. During December and January, I am sure they wish they had found employment elsewhere, but they always manage to keep a mountain of work ship-shape.

Let me know if anything needs clarifying. As we grow, there is more chance of missing letters, a name skipped over, a figure transposition, etc., so speak up if it appears we might have erred. Our next letter will be about July 15th summarizing the first half.

Cordially, Warren E. Buffett

Cordially,
Warren E. Buffett