巴菲特致合伙人的信（1964年）
⑧其他事项

Miscellaneous 

In the December 21st issue of AUTOMOTIVE NEWS it was reported that Ford Motor Co. plans to spend $700 million in 1965 to add 6,742,000 square feet to its facilities throughout the world. Buffett Partnership, Ltd., never far behind, plans to add 227 1/4 square feet to its facilities in the spring of 1965.

其他事项
12 月 21 日的《汽车新闻》(AUTOMOTIVE NEWS)报道说，福特汽车计划 1965 年拿出 7 亿美元在全球增加 626,352 平米的办公场地。巴菲特合伙基金也不能落后，我们计划在 1965 年春季增加 21 平米的办公场地。

Our growth in net assets from $105,100 (there's no prize for guessing who put in the $100) on May 5, 1956 when the first predecessor limited partnership.(Buffett Associates, Ltd. ) was organized, to $26,074,000 on 1/1/65 creates the need for an occasional reorganization in internal routine. Therefore, roughly contemporaneously with the bold move from 682 to 909 ¼ square feet, a highly capable is going to join our organization with responsibility for the administrative (and certain other) functions. This move will particularly serve to free up more of Bill Scott's time for security analysis which is his forte. I’ll have more to report on this in the midyear letter.

从我们合伙基金成立之初的 1956 年 5 月 5 日到 1965 年 1 月 1 日，我们的净资产从 105,100 美元（别猜那 100 美元是谁出的）增加到 26,074,000 美元，我们的内部组织的发展也要跟上。因此，在我们将办公场所从 63 平米大举扩张到 84 平米的同时，一位精干高效的人才也将加入我们，负责行政管理等工作。有了他的加入，比尔·斯科特的担子就轻了，可以投入更多精力做他擅长的证券分析工作。我会在年中的信里继续报告相关情况。 

Bill (who continues to do a terrific job) and his wife have an investment in the Partnership of $298,749, a very large majority of their net worth. Our new associate (his name is being withheld until his present employer has replaced him), along with his wife and children, has made an important investment in the Partnership. Susie and I presently have an interest of $3,406,700 in BPL which represents virtually our entire net worth, with the exception of our continued holding of Mid-Continent Tab Card Co., a local company into which I bought in 1960 when it had less than 10 stockholders. Additionally, my relatives, consisting of three children, mother , two sisters, two brothers-in-law, father-in-Law, four aunts, four cousins and six nieces and nephews, have interests in BPL, directly or indirectly, totaling $1,942,592. So we all continue to eat home cooking. 

比尔的工作一如既往地出色。比尔和他妻子把他们的大部分家庭资产都投入到了合伙基金中，他们的权益是 298,749 美元。我们的新成员（他当前的雇主还没找到合适的替代人选， 我们暂不透露他的姓名）同样携妻子和儿女投资了我们的合伙基金。苏茜和我目前在合伙基 金中权益是 3,406,700 美元，这几乎是我们的全部净资产。在合伙基金之外，我们只持有 Mid-Continent Tab Card Co.的股权，这是一家本地公司，是我 1960 年投资的，当时股东还不到 10 人。另外，我们一大家子，包括三个子女、我的母亲、两个姐妹、两个姐夫、岳父、四个姑姑、四个表亲、六个侄子侄女，直接或间接持有总计 1,942,592 美元的合伙基金权益。所以我们也是一如既往，和大家同吃一锅饭。

We continue to represent the ultimate in seasonal businesses --open one day a year. This creates real problems in keeping the paper flowing smoothly, but Beth and Donna continue to do an outstanding job of coping with this and other problems.

没有哪家公司有我们这么强的季节性，我们一年只营业一天。营业时间这么短，要把大量文书处理得井井有条，真是艰巨的任务。贝丝(Beth)和多娜(Donna)仍然表现出色，应对自如。 

Peat, Marwick, Mitchell has distinguished itself in its usual vital role of finding out what belongs to whom. We continue to throw impossible deadlines at them --and they continue to perform magnificently. You will note in their certificate this year that they have implemented the new procedure whereby they now pounce on us unannounced twice a year in addition to the regular yearend effort.

毕马威会计师事务所对我们的帮助不可或缺，他们把账目理得清清楚楚。我们总是给他们提出紧迫的截止日期，他们总是漂亮地完成工作。从今年的审计报告中，各位可以看到，毕马威已经开始实施新程序，除了常规的年末审计，每年还对我们进行两次突击检查。

Finally -and most sincerely -let me thank you partners who cooperate magnificently in getting things to us promptly and properly and thereby maximize the time we can spend working where we should be -by the cash register. I am extremely fortunate in being able to spend the great majority of my time thinking about where our money should be invested, rather than getting bogged down in the minutiae that seems to overwhelm so many business entities. We have an organizational structure which makes this efficiency a possibility, and more importantly, we have a group of partners that make it a reality. For this, I am most appreciative and we are all wealthier.

最后，各位合伙人，请接受我由衷的谢意，谢谢你们密切配合，及时妥善地把文件寄送给我们。这样我们才得以把精力花在该用的地方，努力给大家赚钱。我很感激各位，你们让我能把绝大部分时间都投入到思考投资上。很多公司没这么好的运气，它们总是被纷繁的琐事羁绊，什么都做不成。我们的组织结构就是有这么高的效率，当然，这离不开各位合伙人的鼎力相助。我很珍惜。我们也因此都更加富有。

Our past policy has been to admit close relatives of present partners without a minimum capital limitation. This year a flood of children, grandchildren, etc., appeared which called this policy into question; therefore, I have decided to institute a $25,000 minimum on interests of immediate relatives of present partners.

过去，我们规定允许现有合伙人的亲戚投资，不设最低资金限制。今年，我们不得不接纳大量合伙人的儿孙，这个规定看来要改一改了。我决定对现有合伙人的亲属设置 25,000 美元的最低投资限额。

Within the coming two weeks you will receive:
(1)A tax letter giving you all BPL information needed for your 1964 federal income tax return. This letter is the only item that counts for tax purposes.
(2)An audit from Peat, Marwick, Mitchell & Co. for 1964, 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 111165. This is identical with the figure developed in the audit.
(4)Schedule “A” to the partnership agreement listing all partners.

在今后两周，各位合伙人会收到如下文件：
(1)一份包含税收数据的信函，其中列有申报 1964 年联邦所得税所需的所有巴菲特合伙基金信息。
(2)毕马威会计师事务所出具的 1964 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、证明您于 1965 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 Bill or me know if anything needs clarifying. Even with our splendid staff our growth means there is more chance of missing letters, overlooked instructions, a name skipped over, a figure transposition, etc., so speak up if you have any question at all that we might have erred. My next letter will be about July 15th" summarizing the first half of this year.

如有任何疑问，请与比尔或我联系。虽然我们的员工各个出色，但是随着规模的增加，还会可能出现信函漏寄、姓名遗漏、数字错位等问题。如果发现任何差错，请联系我们。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

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〔译文来源于梁孝永康所编全集〕

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