巴菲特致合伙人的信（1967年半年度）
①业绩②基金公司

July 12, 1967

1967年7月12日

First Half Performance

Again, this is being ,written in late June prior to the family's trip to California. To maintain the usual chronological symmetry (I try to sublimate my aesthetic urges when it comes to creating symmetry in the profit and loss statement), I will leave a few blanks and trust that the conclusions look appropriate when the figures are entered.

上半年业绩
和往年一样，因为我们一家要去加州度假，这封信也是六月末写的。为了与往年相称（对于损益表，我总是克服我对美感的追求，不讲对称），有些地方我先保留了空白，等数字补上后，相信我的结论也不会有问题。

We began 1967 on a traumatic note with January turning out to be one of the worst months we have experienced with a plus 3.3% for BPL versus a plus 8.5% for the Dow. Despite this sour start, we finished the half about plus 21% for an edge of 9.6 percentage points over the Dow. Again, as throughout 1966, the Dow was a relatively easy competitor (it won't be every year, prevailing thinking to the contrary notwithstanding) and a large majority of investment managers outdid this yardstick. The following table summarizes performance to date on the usual basis:

1967年，我们一开局就很受伤，一月份表现惨淡，道指上涨8.5%，合伙基金上涨3.3%。尽管开局不利，上半年结束之时，我们还是取得了21%的收益率，领先道指9.6个百分点。今年上半年和去年一样，打败道指比较容易（很多人觉得战胜道指很容易，不可能每年都如此），很多基金经理都跑赢了道指。按照惯例，下表汇总了我们上半年的业绩：

(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。

BPL's performance during the first hall reflects no change in valuation of our controlled companies and was thus achieved solely by the 63.3% of our net assets invested in marketable securities at the beginning of the year. 

在合伙基金上半年业绩统计中，控股公司的估值保持不变，我们的收益完全来自有价证券投资。今年年初，我们投资有价证券的部分占净资产的63.3%。

Any revaluation of Diversified Retailing Company (DRC) and Berkshire Hathaway Inc. (B-H) will be made in December prior to the time the commitment letters become final and will be based upon all relevant criteria (including current operating. market and credit conditions) at that time.

在12月份承诺书最终生效之前，我们会考虑所有相关情况（包括经营、市场和信用情况），决定是否对多元零售公司(Diversified Retailing Company,DRC)和伯克希尔·哈撒韦公司重新估值。 

Both DRC and B-H made important acquisitions during the first half. The overall progress of DRC (80% owned) and both of its subsidiaries (Hochschild Kohn and Associated Cotton Shops) is highly satisfactory. However, B-H is experiencing and faces real difficulties in the textile business, while I don't presently foresee any loss in underlying values. I similarly see no prospect of a good return on the assets employed in the textile business. Therefore, this segment of our portfolio will be a substantial drag on our relative performance (as it has been during the first half) if the Dow continues to advance. Such relative performance with controlled companies is expected in a strongly advancing market, but is accentuated when the business is making no progress. As a friend of mine says. “Experience is what you find when you're looking for something else.”

上半年，多元零售公司和伯克希尔哈撒韦公司都进行了大型收购。多元零售公司（我们持有80%股份）及其两个子公司（霍赫希尔德科恩公司(Hochschild Kohn)和联合棉布商店(Associated Cotton Shops)）都非常令人满意。纺织行业的伯克希尔哈撒韦却步履维艰。虽然现在我没看到它的内在价值有任何减损，但是它的纺织业务是不可能取得像样的资产回报率了。如果道指继续上涨，投资组合中的伯克希尔纺织业务会严重拖累我们的相对表现（今年上半年就是如此）。在市场强劲上涨时，控股公司的相对表现较弱是意料之中的，但是如果控股公司本身的业务也没起色，那就麻烦了。我一个朋友有句话说得好：“想要的东西没得到，就得到了经验。”(Experience is what you find when you're looking for something else.)

Investment Companies

The usual comparison follows showing the results of the two largest open-end and two largest closed-end investment companies which pursue a policy of 95-100% investment in common stocks.

基金公司

与往常一样，下面是合伙基金与股票投资占95-100%的最大的两只开放式股票型基金（共同基金）和最大的两只封闭式基金的对比情况。

(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1967 Moody's Bank & Finance Manual for 1957-1966. Estimated for first half of 1967.

The tide continues to be far more important than the swimmers.

(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：1967 Moody's Bank&Finance Manual for 1957-1966。1967年上半年数据为估算值。

主要还是靠潮涨潮落，不是游泳的真本事。

下一页

〔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》〕

© Copyright 2023 Meitiandudian. All Rights Reserved.