巴菲特致合伙人的信（1968年）⑧大事记⑨其他事项

Memorabilia

As one of my older friends says, “Nostalgia just isn't what it used to be.” Let's take a stab at it, anyway.

大事记

我有个上了年纪的朋友，他说：“怀旧已经没了过去的味道。”虽然如此，我们还是来一次怀旧吧。

Buffett Associates, Ltd., the initial predecessor partnership, was formed May 5, 1956 with seven limited partners (four family, three close friends), contributing $105,000, and the General Partner putting his money where his mouth was by investing $100. Two additional single-family limited partnerships were formed during 1956, so that on January 1, 1957 combined net assets were $303,726. During 1957, we had a gain of $31,615.97, leading to the 10.4% figure shown on page one. During 1968 I would guess that the New York Stock Exchange was open around 1,200 hours, giving us a gain of about $33,000 per hour (sort of makes you wish they had stayed with the 5-1/2 hour, 5 day week, doesn't it), or roughly the same as the full year gain in 1957.

1956年5月5日，七位有限合伙人（四个家人，三个好友）出资105,000美元，普通合伙人也不是光说不练，拿出了100美元合伙投资，这就是我们合伙基金的前身。1956年，新成立了两个合伙人账户。1957年1月1日，净资产合计为303,726美元。1957年，我们取得了31,615.97美元的收益，这就是第一页上显示的10.4%的收益率。1968年，纽约股票交易所全年的交易时间大约是1,200小时，我们平均每小时的收益是33,000美元左右，这和1957年全年的收益差不多。（要是纽约股票交易所还是像以前一样，每天交易5.5小时，每周交易5天，那就好了，你肯定这么想的，是不是？）

On January 1, 1962 we consolidated the predecessor limited partnerships moved out of the bedroom and hired our first full-time employees. Net assets at that time were $7,178,500. From that point to our present net assets of $104,429,431 we have added one person to the payroll. Since 1963 (Assets $9,405,400) rent has gone from $3,947 to $5,823 (Ben Rosner would never have forgiven me if I had signed a percentage lease) travel from $3,206 to $3,603, and dues and subscriptions from $900 to $994. If one of Parkinson's Laws is operating, at least the situation hasn't gotten completely out of control.

1962年1月1日，我们将之前的所有有限合伙人账户整合到一起。我不用在家办公了，而且我们还聘请了第一个全职员工。当时的净资产是7,178,500美元。从那时起，我们的净资产增长到现在的104,429,431美元，员工只增加了一人。从1963年起（资产为9,405,400美元），房租从3,947美元涨到5,823美元（要是我签订了百分比租约，本·罗斯纳(Ben Rosner)肯定饶不了我），差旅费从3,206美元增加到3,603美元，会员费和订阅费从900美元增长到994美元。帕金森定律(Parkinson's Laws)中的某一条或许在我们这也有效，好在我们还没出现失控的局面。

In making our retrospective survey of our financial assets, our conclusion need not parallel that of Gypsy Rose Lee who opined, when reviewing her physical assets on her fifty-fifth birthday: “I have everything I had twenty years ago - it's just that it's all lower.”

55岁的盖普西·罗丝·李(Gypsy Rose Lee)在讲到自己的身体这项固定资产时，她说过这么一句话：“20年前我什么样，现在还什么样，就是都低了点。”显然，在回顾我们的金融资产时，我们的结论和她说的不一样。

Miscellaneous

Although the investment environment is difficult, the office environment is superb. With Donna, Gladys, Bill and John, we have an organization that functions speedily, efficiently and pleasantly. They are the best.

其他事项

虽说投资环境困难重重，但我们的办公环境无可挑剔。因为有多娜(Donna)、格拉迪斯(Gladys)、比尔(Bill)和约翰(John)，我们的组织效率高、速度快，而且大家关系都很融洽。他们是最棒的。

The office group, along with spouses (one apiece - I still haven't figured out how I should handle that plural) and children have over $27 million invested in BPL on January 1, 1969. Assorted sizes and shapes of aunts, uncles, parents, in-laws, brothers, sisters and cousins make the BPL membership list read like “Our Crowd” - which, so far as I am concerned, is exactly what it is.

1969年1月1日，我们的员工及其配偶、子女在合伙基金共计投资2700多万美元。姨、舅、叔、婶、爸、妈、兄弟姐妹、各种表亲，巴菲特合伙基金真像一个大家庭一样，里面都是“自己人”。

Within a few days, you will receive:
1.A tax letter giving you all BPL information needed for your 1968 federal income tax return. This letter is the only item that counts for tax purposes.

2.An audit from Peat Marwick. Mitchell & Co. (they have again done an excellent job) for 1968, 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, 1969. This is identical with the figures developed in the audit.

几天后，各位将收到如下文件：
1.一份包含税收数据的信函，其中列有申报1968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（今年他们的工作仍然很出色）出具的1968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1969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 10th, 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10日左右收到。

Cordially,
Warren E. Buffett
WEB/glk

沃伦E.巴菲特谨上

Memorabilia As one of my older friends says, “Nostalgia just isn't what it used to be.” Let's take a stab at it, anyway.

In making our retrospective survey of our financial assets, our conclusion need not parallel that of Gypsy Rose Lee who opined, when reviewing her physical assets on her fifty-fifth birthday: “I have everything I had twenty years ago - it's just that it's all lower.”

MiscellaneousAlthough the investment environment is difficult, the office environment is superb. With Donna, Gladys, Bill and John, we have an organization that functions speedily, efficiently and pleasantly. They are the best.

Let me know if anything in this letter or that occurs during the year needs clarifying. My next letter will be about July 10th, summarizing the first half of this year.

Cordially, Warren E. Buffett WEB/glk

Memorabilia

As one of my older friends says, “Nostalgia just isn't what it used to be.” Let's take a stab at it, anyway.

Miscellaneous

Although the investment environment is difficult, the office environment is superb. With Donna, Gladys, Bill and John, we have an organization that functions speedily, efficiently and pleasantly. They are the best.

Cordially,
Warren E. Buffett
WEB/glk