巴菲特致合伙人的信（1966年）⑦套利类⑧其他事项

Workouts

In last year's letter I forecast reduced importance for workouts. While they were not of the importance of some past years. I was pleasantly surprised by our experience in 1966 during which we kept an average of $7,666,314 employed in this category. Furthermore, we tend to ascribe borrowings to the workout section so that our net equity capital employed was really something under this figure and our return was somewhat better than the 22.4% indicated on page six. Here, too, we ran into substantial variation. At June 30, our overall profit on this category was $16,112 on an average investment of $7,870,151 so that we really had a case of an extraordinarily good second half offsetting a poor first half.

套利类

在去年的信中，我预测套利的重要性将降低。虽说套利没前几年贡献那么大了，1966年我们平均能将7,666,314美元用于套利，这给了我一个惊喜。另外，因为我们在套利中使用一部分借来的资金，所以我们实际使用的净自有资本低于这个数字，我们的收益也比22.4%高一些。去年，在套利投资中，我们也经历了巨大的起伏。6月30日，套利类平均投资7,870,151美元，整体利润16,112美元。由此可见，我们下半年的表现特别抢眼，弥补了上半年的黯淡。

In past years, sometimes as much as 30-40% of our net worth has been invested in workouts, but it is highly unlikely that this condition will prevail in the future. Nevertheless, they may continue to produce some decent returns on the moderate amount of capital employed.

前几年，套利类投资有时候占我们净资产的30-40%，今后出现这种情况的可能性非常小了。虽然套利类能够吸纳的资金规模变小了，但应该仍能给我们带来良好的收益率。

Miscellaneous

Operationally, we continue to function well above rated capacity with Bill, John, Elizabeth and Donna all contributing excellent performances. At Buffett Partnership. Ltd. we have never had to divert investment effort to offset organizational shortcomings and this has been an important ingredient in the performance over the years.

Peat, Marwick, Mitchell & Co., aided for the second year by their computer, turned in the usual speedy, efficient and comprehensive job.

其他事项

运营方面，比尔、约翰、伊丽莎白和多娜，他们都工作出色，保证了我们高效运转。在巴菲特合伙基金，我们一直可以把精力集中到投资上，从来没因为基金组织结构的问题而分心，我们这些年取得的业绩与这一点密不可分。

去年是毕马威使用电脑审计的第二年，他们的工作一如既往地高效、细致。

We all continue to maintain more than an academic interest in the Partnership. The employees and I, our spouses and children, have a total of over $10 million invested at January 1, 1967. In the case of my family, our Buffett Partnership, Ltd. investment represents well over 90% of our net worth.

我们各位员工对合伙基金利益的关心不是口头上的。1967年1月1日，合伙基金员工和我、还有我们的配偶、子女在合伙基金共投资1000多万美元。我自己家庭在合伙基金的权益占我们家庭净资产的90%以上。

Within the coming two weeks you will receive:
1.A tax letter giving you all BPL information needed for your 1966 federal income tax return. This letter is the only item that counts for tax purposes.

2.An audit from Peat, Marwick, Mitchell & Co. for 1966, 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 January 1, 1967. This is identical with the figures developed in the audit.

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1966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1966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1967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。

Let me know if anything in this letter or that occurs during the year needs clarifying. My next letter will be about July 15 summarizing the first half of this year.

如果对信中内容有任何疑问，或者年中遇到任何问题，请随时与我联系。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
WEB eh

沃伦E.巴菲特谨上

In past years, sometimes as much as 30-40% of our net worth has been invested in workouts, but it is highly unlikely that this condition will prevail in the future. Nevertheless, they may continue to produce some decent returns on the moderate amount of capital employed.

We all continue to maintain more than an academic interest in the Partnership. The employees and I, our spouses and children, have a total of over $10 million invested at January 1, 1967. In the case of my family, our Buffett Partnership, Ltd. investment represents well over 90% of our net worth.

Let me know if anything in this letter or that occurs during the year needs clarifying. My next letter will be about July 15 summarizing the first half of this year.

Cordially, Warren E. Buffett WEB eh

Cordially,
Warren E. Buffett
WEB eh