巴菲特致合伙人的信（1967年）①业绩②基金公司

January 24, 1968

1968年1月24日

Our Performance in 1967

By most standards, we had a good year in 1967. Our overall performance was plus 35.9% compared to plus 19.0% for the Dow, thus surpassing our previous objective of performance ten points superior to the Dow. Our overall gain was $19,384,250 which, even under accelerating inflation, will buy a lot of Pepsi. And, due to the sale of some longstanding large positions in marketable securities, we had realized taxable income of $27,376,667 which has nothing to do with 1967 performance but should give all of you a feeling of vigorous participation in The Great Society on April 15th.

1967年业绩

按照大多数标准衡量，我们1967年的业绩都相当好。我们整体上涨35.9%，道指上涨19.0%，超过了我们原来定下的领先道指十个百分点的业绩目标。我们的整体收益是19,384,250美元，即使在今天通胀日益加剧的情况下，也能买很多百事可乐。我们卖出了一些重仓长期持有的有价证券，实现了27,376,667美元的应税收入，这与1967年业绩无关，但是4月15日那天，各位都应该会有一种积极参与了“伟大社会”建设的感觉。（译注：“伟大社会”(The Great Society)是1964-1965年民主党总统林登·约翰逊提出的旨在消灭贫穷和种族歧视的一系列政策。4月15日是美国申报个税的截止日。）

The minor thrills described above are tempered by any close observation of what really took place in the stock market during 1967. Probably a greater percentage of participants in the securities markets did substantially better than the Dow last year than in virtually any year in history. In 1967, for many, it rained gold and it paid to be out playing the bass tuba. I don't have a final tabulation at this time but my guess is that at least 95% of investment companies following a common stock program achieved better results than the Dow - in many cases by very substantial amounts. It was a year when profits achieved were in inverse proportion to age - and I am in the geriatric ward, philosophically.

我们为我们的业绩感到欣喜，但近距离观察一下1967年的股市，就会冷静下来。或许历史上没有哪一年像去年这样，市场中有那么多人远远跑赢道指。1967年，对于许多人来说，天上掉金子了，盆越大的，接的越多。现在我手里还没有最终的统计数据，但是估计95%以上的股票型基金都取得了领先道指的业绩，很多甚至把道指远远甩在了后面。去年，赚钱多少和年龄大小成反比，理念像我这样的，得被送到老年病房了。

The following summarizes the year-by-year performance of the Dow, 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 what were the two largest mutual funds
(they have stood at the top in size since BPL was formed - this year, however, Dreyfus Fund overtook them) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies.

基金公司

和往常一样，下面是股票投资占95-100%的最大的两只开放式股票型基金（巴菲特合伙基金成立之初，这两只基金是规模最大的，今年德莱弗斯基金(Dreyfus Fund)超过了它们）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 1967.

(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年数据为估算值。

Last year I said:
“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.”

我在去年的信中说过：
“有一些基金和一些私募机构，它们创造的业绩记录远远高于道指，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。”

In 1967 this condition intensified. Many investment organizations performed substantially better than BPL, with gains ranging to over 100%. Because of these spectacular results, money, talent and energy are converging in a maximum effort for the achievement of large and quick stock market profits. It looks to me like greatly intensified speculation with concomitant risks -but many of the advocates insist otherwise.

1967年，这个情况更加明显。许多机构的业绩远远领先巴菲特合伙基金，收益率高达100%以上的不在少数。在如此靓丽的收益面前，大量资金、人才和精力汇集到一起，不遗余力地追求在股市迅速捞一笔。在我眼里，这是投机风气盛行，其中隐藏着风险，但是许多当局者肯定会矢口否认。

My mentor, Ben Graham, used to say. “Speculation is neither illegal, immoral nor fattening (financially).” During the past year, it was possible to become fiscally flabby through a steady diet of speculative bonbons. We continue to eat oatmeal but if indigestion should set in generally, it is unrealistic to expect that we won’t have some discomfort.

本·格雷厄姆是我的良师益友，他说过一句话：“投机不缺德、不犯法，也发不了家。”去年，有人天天吃投机的糖，吃成了大胖子，赚了很多钱。虽然我们还是吃燕麦，但是什么时候整体股市都患上消化不良，别以为我们能不疼不痒。

January 24, 1968

The following summarizes the year-by-year performance of the Dow, the Partnership before allocation (one quarter of the excess over 6%) to the general partner, and the results for limited partners:

(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 1967.

Last year I said:“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.”

(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 1967.

Last year I said:
“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.”