巴菲特致合伙人的信（1966年）
①第一个十年

The First Decade

The Partnership had its tenth anniversary during 1966. The celebration was appropriate -an all-time record (both past and future) was established for our performance margin relative to the Dow. Our advantage was 36 points which resulted from a plus 20.4% for the Partnership and a minus 15.6% for the Dow.

第一个十年
1966年是合伙基金成立十周年。这一年，我们创造了我们领先道指的最高纪录（这是过去的最高纪录，也是将来的最高纪录），这是献给成立十周年最好的礼物。合伙基金上涨20.4%，道指下跌15.6%，我们领先36个百分点。 

This pleasant but non-repeatable experience was partially due to a lackluster performance by the Dow. Virtually all investment managers outperformed it during the year. The Dow is weighted by the dollar price of the thirty stocks involved. Several of the highest priced components, which thereby carry disproportionate weight (Dupont, General Motors), were particularly poor performers in 1966. This, coupled with the general aversion to conventional blue chips, caused the Dow to suffer relative to general investment experience, particularly during the last quarter.

我们之所以能取得如此喜人且无法重现的成绩，一部分原因是道指表现欠佳。1966年，几乎所有基金经理都跑赢了道指。道指是按照30只成分股的市值加权计算出来的。市值最高的几只成分股可以左右指数（例如，杜邦和通用汽车），但它们去年跌得很惨。另外，人们普遍回避传统的蓝筹股，导致道指表现比一般投资水平逊色，这个现象在最后一个季度尤其明显。 

The following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation (one quarter of the excess over 6%) 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（收益超过6%的部分，普通合伙人提取25%）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.

On a cumulative or compounded basis, the results are:

(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，未计算有限合伙人的每月提现。

下表是累计收益率或复合收益率： 

Investment Companies 

On the following page is the usual tabulation showing the results of 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.

投资公司

我们一直拿股票投资占95-100%的最大的两只开放式股票型基金（共同基金）和分散投资的最大的两只封闭式股票型基金的业绩，与合伙基金的收益率做对比。与往常一样，下面是最新对比情况。 

(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1966 Moody's Bank & Finance Manual for 1957-1965. Estimated for 1966.

(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：1966 Moody's Bank&Finance Manual for 1957-65。1966年数据为估算值。

These investment company performance figures have been regularly reported here to show that the now is no patsy as an investment standard. It should again be emphasized that the companies were not selected on the basis of comparability to Buffett Partnership, Ltd. There are important differences including: (1) investment companies operate under both internally and externally imposed restrictions on their investment actions that are not applicable to us; (2) investment companies diversify far more than we do and, in all probability, thereby have less chance for a really bad performance relative to the now in a single year; and (3) their managers have considerably less incentive for abnormal performance and greater incentive for conventionality.

之所以在每年的信里都列出基金公司的业绩，是为了说明道指作为衡量投资业绩的指数，不是那么容易战胜的。我有必要重复一下。虽然我们选这些基金公司进行对比，但是它们和巴菲特合伙基金有很多差异。例如：(1)基金公司的投资活动，受许多内部和外部因素的限制，我们则没这些限制；(2)基金公司投资的分散程度远远高于我们。任何一年，与道指相比，它们相对收益极差的可能性比我们小。(3)按照这些基金公司的激励机制，它们的经理人更愿意随大流，没我们这么大的动力去追求出类拔萃的业绩。 

However, the records above do reveal what well-regarded, highly paid, full-time professional investment managers have been able to accomplish while working with common stocks. These managers have been favorites of American investors (more than 600,000) making free choices among many alternatives in the investment management field. It is probable that their results are typical of the overwhelming majority of professional investment managers.

职业基金经理受人尊敬、薪水丰厚。从上面的业绩记录中，我们可以看到他们投资股票的表现如何。投资管理领域有不少选择，这些基金经理承载了60多万美国投资者的寄托。或许绝大多数职业基金经理的业绩都是如此。 

It is not true, however, that these are the best records achieved in the investment field. A few mutual funds and some private investment operations have compiled records vastly superior to the Dow and, in some cases, substantially superior to Buffett Partnership, Ltd. Their investment techniques are usually very dissimilar to ours and not within my capabilities. However, they are generally managed by very bright, motivated people and it is only fair that I mention the existence of such superior results in this general discussion of the record of professional investment management.

然而，这些基金经理的业绩不代表投资领域的最高水平。有一些基金和私募机构，它们创造的业绩记录远远领先道指，其中有些也远远高于巴菲特合伙基金。它们的投资方法一般和我们不一样，不在我的能力范围之内。但是，它们的管理人一般都很聪明、很努力。既然是在讨论职业基金经理的业绩，我就得如实告诉各位，确实有能取得超一流业绩的基金经理。 

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〔译文来源于梁孝永康所编《巴菲特致合伙人+致股东的信全集》〕

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