巴菲特致合伙人的信（1964年）①业绩

Our Performance in 1964

Although we had an overall gain of $4,846,312.37 in 1964, it was not one of our better years as judged by our fundamental yardstick, the Dow-Jones Industrial Average (hereinafter called the "Dow"). The overall result for BPL was plus 27.8% compared to an overall plus 18.7% for the Dow. The overall result for limited partners was plus 22.3%. Both the advantage of 9.1 percentage points on a partnership basis and 3.6 points by the limited partners were the poorest since 1959, which was a year of roughly comparable gains for the Dow.

1964 年业绩

1964 年，我们的整体收益是 4,846,312.37 美元，然而按照我们的衡量基准道指来看，和往年相比，我们这一年的业绩一般。道指的整体收益率是 18.7%，巴菲特合伙基金的整体收益率是 27.8%，有限合伙人的整体收益率是 22.3%。去年，合伙基金领先道指 9.1 个百分点，有限合伙人领先道指 3.6 个百分点。这是 1959 年以来，我们相对道指的领先优势最微弱的一年。（1959 年的业绩和道指差不多。）

Nevertheless, I am not depressed. It was a strong year for the general market, and it is always tougher for us to outshine the Dow in such a year. We are certain to have years when the Dow gives us a drubbing and, in some respects, I feel rather fortunate that 1964 wasn't the year. Because of the problems that galloping markets pose for us, a Dow repeat in 1965 of 1964 results would make it most difficult for us to match its performance, let alone surpass it by a decent margin.

不过，我并不因此而沮丧。去年，市场很强劲。在市场走强的年份，我们总是很难胜过道指。早晚会有道指把我们远远甩在后面的时候。1964 年，我们没被道指彻底打败，我还有些庆幸。急剧上涨的市场给我们带来重重困难，1965 年，如果道指继续去年的行情，我们一定很难跟上，更别说取得一定的领先了。

To bring the record up to date, the following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation to the general partner, and the limited partner's results:

下面是道指收益率、普通合伙人分成前合伙基金收益率以及有限合伙人收益率的最新逐年对比情况。

(1)Based on yearly changes in the value of the Dow plus dividends that would have been received through ownership of the Dow during that year. The table includes all complete years of partnership activity.
(2)For 1957-61 consists of combined results of all predecessor limited partnerships operating throughout the entire year after all expenses, but before distributions to partners or allocations to the general partner.
(3)For 1957-61 computed on the basis of the preceding column of partnership results allowing for allocation to the general partner based upon the present partnership agreement, but before monthly withdrawals by limited partners.

(1)根据道指年度涨跌计算，其中包含股息。表格中为合伙基金整年运作的年份。
(2)1957-61 年的数据是之前全年管理的所有有限合伙人账户的综合业绩，其中扣除了经营费用，未计算有限合伙人利息和普通合伙人分成。
(3)1957-61 年的数据按前一列合伙基金收益率计算得出，按照当前合伙协议，扣除了普通合伙人分成。

On a cumulative or compounded basis, the results are:

下表是累计收益率或复合收益率：