巴菲特致合伙人的信（1965年半年度）②基金公司③预先存入和提取资金④其他事项

Investment Companies:

We regularly compare our results with the two largest open-end investment companies (mutual funds) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies. These four companies, Massachusetts Investors Trust, Investors Stock Fund, Tri-Continental Corp., and Lehman Corp., manage over $4 billion and are probably typical of most of the $30 billion investment company industry. Their results are shown in the following table. My opinion is that this performance roughly parallels that of the overwhelming majority of other investment advisory organizations which handle, in aggregate, vastly greater sums.

基金公司

我们一直拿最大的两只开放式股票型基金（股票占 95-100%）和最大的两只分散投资的封闭式股票型基金的业绩，与合伙基金的收益率做对比。Massachusetts Investors Trust、 Investors Stock Fund,Tri-Continental Corp. 这四家公司管理着 40 多亿美元的资金，基金行业管理的总资产是 300 亿美元，它们应该能代表大多数的基金公司。以下是这四只基金的业绩。有些投资顾问机构管理的资产规模更大，它们绝大多数的业绩应该和这四家基金公司不相上下。

(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1965 Moody’s Bank & Finance Manual for 1957-64. Estimated for first half 1965.

(1) 计算包括资产价值变化以及当年持有人获得的分红。
(2) 来源： 1965 Moody's Bank&Finance Manual for 1957-64。1965 年上半年数据为估算值。

Last year I mentioned that the performance of these companies in some ways resembles the activity of a duck sitting on a pond. When the water (the market) rises, the duck rises; when if falls, back goes the duck. The water level was virtually unchanged during the first half of 1965. The ducks, as you can see from the table, are still sitting on the pond.

去年，我说基金就像漂在池塘上的鸭子。水（市场）涨起来时，鸭子跟着往上涨；水（市场）落下去时，鸭子跟着往下落。1965 年上半年，池塘的水位几乎没变。如表格所示，鸭子也趴在池塘上。

As I mentioned earlier in the letter, the ebb of the tide in May and June also substantially affected us. Nevertheless, the fact we had flapped our wings a few times in the preceding four months enabled us to gain a little altitude on the rest of the flock. Utilizing a somewhat more restrained lexicon, James H. Lorie, director of the University of Chicago’s Center for Research in Security Prices was quoted in the May 25, 1965, WALL STREET JOURNAL as saying: “There is no evidence that mutual funds select stocks better than by the random method.”

我在报告业绩时说了，五月份和六月份落潮的时候，我们未能幸免。但是我们在前四个月里拍打了翅膀，所以最后我们比其他鸭子飞得高一些。芝加哥大学证券价格研究中心主任詹姆斯 H.洛瑞(James H.Lorie)说得更直白。他在 1965 年 5 月 25 日的《华尔街日报》上说： “我们找不到证据，无法证明基金公司的选股能力优于随机选股。”

Of course, the beauty of the American economic scene has been that random results have been pretty darned good results. The water level has been rising. In our opinion, the probabilities are that over a long period of time, it will continue to rise, though, certainly not without important interruptions. It will be our policy, however, to endeavor to swim strongly, with or against the tide. If our performance declines to a level you can achieve by floating on your back, we will turn in our suits.

美国经济大环境好，过去这些年，随机选股都能获得很好的业绩。水位一直在上涨。我认为，从概率的角度讲，长期来看，美国经济会越来越好，水位会越来越高，但中间少不了大的波折。无论潮起潮落，我们都将矢志不渝地搏浪击水。要是我们业绩下降，还不如各位自己在水面上漂浮，我们只能引咎辞职。

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 such advance payments to a partnership interest at the end of the year, this should be the intent at the time it is paid to us.

预先存入资金和提取资金

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以在年末转为基金权益为意向。

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 a truly unexpected need for funds. Predictable needs for funds such as quarterly federal tax payments should be handled by a beginning-ofthe-year reduction in capital rather than through advance withdrawals from B.P.L. during the year. The withdrawal privilege is to provide for the unanticipated.

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。这么安排不是打算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。像每季度需要向联邦政府税款，这样的资金需求可以预知。合伙人应当在年初从资本账户中提取，不要在年中预先提取资金。预先提取资金的安排是为了应急。

The willingness to borrow (through advance payments) and lend (through advance withdrawals) at the same 6% rate may sound downright “un-Buffettlike”. (You can be sure it doesn’t start my adrenaline flowing.) Certainly such a no-spread arbitrage is devoid of the commercial overtones an observer might impute to the preponderance of our transactions. Nevertheless, we think it makes sense and is in the best interest of all partners.

存款（预先存入资金）和贷款（预先提取资金）利率都是 6%，看起来不是我巴菲特的风格。（我肯定对这样的生意提不起来兴趣。）从旁观者的角度来看，我们合伙基金的大部分活动都是商业性质的，但是关于预先存取资金的安排没有利差。尽管如此，我认为这个安排和合理，符合所有合伙人的利益。

The partner who has a large investment in indirect ownership of a group of liquid assets should have some liquidity present in his partnership interest other than at yearend. As a practical matter, we are reasonably certain that advance withdrawals will be far more than covered by advance payments. For example, on June 30, 1965, we had $98,851 of advance withdrawals and $652,931 of advance payments.

我们的合伙人间接持有大量流动资产，有的合伙人投入了自己的大部分资金。我们应该为合伙人的权益提供一定的流动性，不能只等到年末才允许存取。实际上，我们有理由相信，预先存入资金的数量会远远超过预先提取资金的数量。例如，截止1965 年6月30日，预先提取资金的金额是 98,851 美元，预先存入资金的金额是 652,931 美元。

Why then the willingness to pay 6% for the net of advance payments over advance withdrawals when we can borrow from commercial banks at substantially lower rates? 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 regarding 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.

预先存入资金远远高于预先提取资金，但是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？原因有两点：第一，我们相信我们的长期收益率会高于 6%（达不到这个目标，普通合伙人一分钱分成都没有），短期内能否超过 6%有很大偶然性。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，和短期银行贷款相比，我用这些资金投资，心态不一样。提前存入资金对我们还有个好处：我们平时总是在 1 月份集中收到大量资金，允许提前存入资金后，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，这对我们来说是互利互惠。

Miscellaneous:

The bold expansion program to 909 ¼ square feet described in the annual letter was carried off without a hitch (the Pepsi’s never even got warm).

其他事项

在去年的信中，我说计划将办公室大举扩张到 84 平米。一切很顺利（计划完成时，百事可乐还凉着呢）。

John Harding joined us in April and is continuing the record whereby all the actions in the personnel field have been winning ones.

四月份，约翰·哈丁(John Harding)加入了我们。我们选员工从来没看走眼过，约翰也是那么出色。

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 commitment letter for 1966, estimate of the 1965 tax situation, etc.

按照惯例，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 1966 年承诺书以及 1965 年纳税估算数据等文件。

Cordially,
Warren E. Buffett

沃伦 E.巴菲特谨上

(1) Computed from changes in asset value plus any distributions to holders of record during year. (2) From 1965 Moody’s Bank & Finance Manual for 1957-64. Estimated for first half 1965.

Miscellaneous: The bold expansion program to 909 ¼ square feet described in the annual letter was carried off without a hitch (the Pepsi’s never even got warm).

John Harding joined us in April and is continuing the record whereby all the actions in the personnel field have been winning ones.

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 commitment letter for 1966, estimate of the 1965 tax situation, etc.

Cordially, Warren E. Buffett

(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1965 Moody’s Bank & Finance Manual for 1957-64. Estimated for first half 1965.

Miscellaneous:

The bold expansion program to 909 ¼ square feet described in the annual letter was carried off without a hitch (the Pepsi’s never even got warm).

Cordially,
Warren E. Buffett