巴菲特致合伙人的信（1966年半年度）
①业绩

July 12, 1966

1966年7月12日

First Half Performance

During the first half of 1966, the Dow-Jones Industrial Average (hereinafter called the "Dow") declined from 969.26 to 870.10. If one had owned the Dow during this period, dividends of approximately 14.70 would have been received, reducing the overall loss of the Dow to about 8.7%.

上半年业绩
1966年上半年，道指从969.26点下跌到870.10点。在此期间，股息约为14.70个点，投资道指的整体收益率为亏损8.7%左右。

It is my objective and my hope (but not my prediction!) that we achieve over a long period of time, an average yearly advantage of ten percentage points relative to the Dow. During the first half we did considerably better than expected with an overall gain of approximately 8.2%. Such results should be regarded as decidedly abnormal. I have previously complimented partners on the good-natured tolerance they display in shrugging off such unexpected positive variances. The nature of our business is such that over the years, we will not disappoint the many of you who must also desire a test of your capacity for tolerance of negative variances.

长期平均每年跑赢道指10个百分点，这是我的目标，也是我的希望（但我保证不了一定能做到！）。今年上半年，我们的表现远高于预期，整体收益率大约是8.2%。各位都应该明白，这样的业绩绝对是特殊的例外情况。业绩偏离预期，好的超出预料，这样的情况我们之前也遇到过，各位合伙人总能不为所动，我曾经在信里赞许各位表现出的温和与宽容。许多合伙人一定也想经历一下业绩偏离预期、差的超出预料的情况，考验一下自己的承受能力。既然是做投资，长期来看，各位一定会有这样的机会。 

The following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation to the general partner, and the results for limited partners:

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。

Even Samson gets clipped occasionally. If you had invested $100.000 on January 1 equally among -
a.the world's largest auto company (General Motors);
b.the world's largest oil company (Standard of New Jersey);
c.the world's largest retailing company (Sears Roebuck);
d.the world's largest chemical company (Dupont);
e.the world's largest steel company (U.S. Steel);
f.the world's largest stockholder-owned insurance company (Aetna);
g.the world’s largest public utility (American Telephone & Telegraph);
h.the world's largest bank (Bank of America);

就连大力士参孙(Samson)也有被痛扁的时候。假如你今年1月1日拿出100,000美元，把资金平均分成8份，买入下列公司：
a.世界上最大的汽车公司（通用汽车）；
b.世界上最大的石油公司（新泽西标准石油）；
c.世界上最大的零售公司（西尔斯罗巴克）；
d.世界上最大的化学公司（杜邦）；
e.世界上最大的钢铁公司（美国钢铁）；
f.世界上最大的上市保险公司（安泰保险）；
g.世界上最大的公用事业公司（美国电话电报）；
h.世界上最大的银行（美国银行）。 

your total portfolio (including dividends received) would have been worth $83,370 on June 30 for a loss of
16.6%. The total market value on January 1 of these eight giants was well over $100 billion. Everyone of them was selling lower on June 30.

到6月30日，你的投资组合的总资产（包括股息）是83,370美元，亏损16.6%。1月1日，这八家巨无霸的总市值是1000多亿美元。到了6月30日，这八家公司都跌了，无一例外。 

下一页

〔译文来源于梁孝永康所编全集〕

© Copyright 2023 Meitiandudian. All Rights Reserved.