巴菲特致合伙人的信（1966年）③1966年业绩分析

Analysis of 1966 Results

All four main categories of our investment operation worked out well in 1966. Specifically, we had a total overall gain of $8,906,701 derived as follows:

1966年业绩分析

1966年我们的四大类投资都表现不错。我们实现的总收益是8,906,701美元，具体如下：

A few caveats are necessary before we get on with the main discussion:

1.An explanation of the various categories listed above was made in the January 18, 1965 letter. If your memory needs refreshing and your favorite newsstand does not have the pocketbook edition. we'll be glad to give you a copy.

开始讨论之前，有几个地方需要说明一下：

1.1965年1月18日的信中介绍了上述各个投资类别。如果你需要回顾一下，在附近的报刊亭又买不到便携版，欢迎向我们索取。

2.The classifications are not iron-clad. Nothing is changed retroactively but the initial decision as to category is sometimes arbitrary.

2.分类不是严丝合缝的。一笔投资归在哪个类别，事后不会更改，但最初归类时多少有些主观因素。

3.Percentage returns calculated on the average investment base by category would be understated relative to partnership percentage returns which are calculated on a beginning investment base. In the above figures, a security purchased by us at 100 on January 1 which appreciated at an even rate to 150 on December 31 would have an average investment of 125 producing a 40% result contrasted to a 50% result by the customary approach. In other words, the above figures use a monthly average of market values in calculating the average investment.

3.计算合伙基金收益率时，我们以年初投资金额为基准。上述表格记录的是各类投资的平均投资金额，这样计算出来的收益率比实际低。例如，一只股票，我们1月1日以100美元买入，到12月31日，它上涨到150美元，则平均投资金额是125美元，收益率是40%，而按照常用的计算方法，收益率则是50%。换言之，上表中的平均投资金额是以每月的平均市值计算的。

4.All results are based on a 100% ownership, non-leverage, basis. Interest and other general expenses are deducted from total performance and not segregated by category. Expenses directly related to specific investment operations, such as dividends paid on short stock, are deducted by category. When securities are borrowed directly and sold short, the net investment (longs minus shorts) is shown for the applicable average investment category.

4.所有数字均按照100%自有资金、无杠杆的基础计算。利息和日常费用从总收益中扣除，不分摊到各个类别。与具体某笔投资直接相关的费用，例如，因做空股票而支付的股息，直接从相应类别中扣除。在涉及融券做空的情况下，计算平均投资金额时，用多头仓位减去空头仓位得出净投资金额。

5.The above table has only limited use. The results applicable to each category are dominated by one or two investments. They do not represent a collection of great quantities of stable data (mortality rates of all American males or something of the sort) from which conclusions can be drawn and projections made. Instead, they represent infrequent, non-homogeneous phenomena leading to very tentative suggestions regarding various courses of action and are so used by us.

5.上述表格用处有限。各个投资类别的收益都主要是一两笔投资贡献的。如果你收集了大量稳定的数据（例如，美国男性的死亡率），就可以从中得出一些结论和预测，但我们的投资不是这么回事。我们在投资中面临的是一系列不知何时出现、各有不同特点的事件，我们要前思后想，琢磨各种可能性，然后做出决定。

6.Finally, these calculations are not made with the same loving care we apply to counting the money and are subject to possible clerical or mathematical error since they are not entirely self-checking.

6.最后，我们在进行上述计算时不像数钱时那么上心，再说这也算不上纯粹的自检，所以里面可能有笔误或计算错误。

Analysis of 1966 Results All four main categories of our investment operation worked out well in 1966. Specifically, we had a total overall gain of $8,906,701 derived as follows:

A few caveats are necessary before we get on with the main discussion: 1.An explanation of the various categories listed above was made in the January 18, 1965 letter. If your memory needs refreshing and your favorite newsstand does not have the pocketbook edition. we'll be glad to give you a copy.

2.The classifications are not iron-clad. Nothing is changed retroactively but the initial decision as to category is sometimes arbitrary.

6.Finally, these calculations are not made with the same loving care we apply to counting the money and are subject to possible clerical or mathematical error since they are not entirely self-checking.

Analysis of 1966 Results

All four main categories of our investment operation worked out well in 1966. Specifically, we had a total overall gain of $8,906,701 derived as follows: