巴菲特致合伙人的信（1969年10月9日）（上）

October 9th, 1969 

1969年10月9日信

To My Partners:

Here is my present estimate of the BPL calendar for the months to come:

致各位合伙人：

以下是巴菲特合伙基金今后几个月的时间安排：

(1)This letter - to tell you something of Bill Ruane, the money manager within my knowledge who ranks the highest when combining the factors of integrity, ability and continued availability to all partners. I also want to comment upon the present range of expectations involved in deciding on a bond-stock mix.

(1)在这封信里，我会给大家介绍比尔·鲁安(Bill Ruane)。综合考虑人品、能力以及是否能长期接纳我们的所有合伙人，在我认识的所有资产管理人中，比尔·鲁安是最佳人选。我还会分析一下在当前情况下如何决定债券和股票的配比，以及各种决策的预期。

(2)Late November - the required thirty days formal notice of my intent to retire from the Partnership at the end of the year.

(2)11月末：我会按照合同规定，提前30天正式通知各位，就我在年底从合伙基金退休的打算发出声明。

(3)Early December - a package of publicly available material, as well as some general comments by me relating to our controlled companies. Berkshire Hathaway Inc. (owning the textile business, Illinois National Bank and Trust Company of Rockford, Illinois, National Indemnity Company and National Fire and Marine Insurance Company and Sun Newspapers) and Diversified Retailing Company (owning Hochschild, Kohn & Co. and Associated Cotton Shops). I want you to have ample time to study the material relating to such companies before you make any decision to hold, sell or buy such securities after distribution to you in early January. I will solicit written questions from partners (I don't want to talk to you individually about such companies, as I want all partners to obtain exactly the same information) and then have a further mailing late in December, giving all questions received relating to these companies along with my answers, if possible. I still anticipate having a plan enabling partners to promptly convert such controlled company holdings to cash, if they wish.

(3)12月初：我会将我们的控股公司的公开资料寄给各位并进行一些简单的介绍。我们的两家控股公司是伯克希尔哈撒韦(Berkshire Hathaway Inc.)（拥有纺织业务、伊利诺伊国民银行、罗克福德信托公司、国民赔偿公司、国民火灾与海事保险公司以及太阳报业）和多元零售公司(Diversified Retailing Company)（拥有霍赫希尔德·科恩公司和联合棉布商店）。控股公司的股票会在1月份分配给大家。在各位决定持有、卖出或买入之前，我希望各位能有足够的时间研究这些公司的相关材料。到时候，我会向各位合伙人征集问题，请各位合伙人以书面的形式将问题发送给我（为保证所有合伙人都获得一样的信息，我不会与各位单独讨论这些公司）。12月末，我会再写一封信给各位，集中解答收到的所有问题。我预计我们会作出安排，如果合伙人愿意的话，可以将控股公司股份立即变现。 

(4)About January 5th - (a) a cash distribution amounting to at least 56% (probably more - depending upon what percentage of our remaining holdings are sold before yearend) of your January 1, 1969 capital, less any distributions (the regular monthly payments many of you receive) or borrowings by you during 1969, (b) your proportional share of our holdings in Diversified Retailing Company Inc. and Berkshire Hathaway Inc. I which, if you dispose of them, will bring 30% - 35% (my estimate of value will be made at yearend) of your January 1, 1969 capital.

(4)1月5日左右：(a)将现金分配给合伙人，分配比例为各位合伙人1969年1月1日资本的56%以上（如果年末之前能将更多的股份卖出，现金分配比例会更高），其中会扣除1969年向合伙人每月发放的利息或贷款；(b)将多元零售公司和伯克希尔哈撒韦公司的股份按权益比例分配给合伙人。如果合伙人将自己分配到的控股公司股份卖出，可获得其1969年1月1日资本的30%-35%（我会在年末给出控股公司的估值）。 

We may make substantial additional sales before yearend - if so, the early January cash distribution will be somewhat larger than the 56% mentioned above. If we don't, such sales will be made during the first half of 1970 and an interim distribution made. Residual assets will be sold at appropriate times and I believe not more than 10% of our present asset value will remain after June 30th, 1970 pending a final distribution when all assets and liabilities have been cleaned up.

在年末之前，我们卖出的股票数量可能远远高于预期，1月初的现金分配比例可能高于上述的56%。如果卖出股票的数量未达到预期，我们将先分配一部分现金，并在1970年上半年继续卖出。我们将选择合适的时机卖出剩余资产，预计1970年6月30日之后，我们剩余的资产价值将不到当前资产价值的10%。在所有资产和负债都清理完毕后，我们将进行一次最终分配。 

Unless there is a further substantial decline in the market. I still expect about a breakeven performance before any monthly payments for 1969. We were lucky - if we had not been in liquidation this year, our results would have been significantly worse. Ideas that looked potentially interesting on a "continuing" basis have on balance performed poorly to date. We have only two items of real size left - one we are selling as I write this and the other is a holding of limited marketability representing about 7-1/2% of the outstanding stock of Blue Chip Stamps which we may sell via a registered public offering around yearend, depending upon market conditions and other factors.

1969年，除非市场出现大跌，我仍然认为，不计算每月的利息，我们的收益会持平。我们运气很好，如果不是今年清算了，我们的业绩会差很多。之前，我发现了一些“长期”看好的机会。到目前为止，这些机会整体表现欠佳。在我们持有的仓位中，现在规模较大的股票只剩两只了。其中一只，在我写这封信时，我们正在卖出。另外一只是蓝筹印花(Blue Chip Stamps)，我们持有它流通股的7.5%，它现在流动性有限，但是今年年末可能会发行上市，到时看市场情况如何，我们可能会把这部分股票卖出。 

(5)March 1st. 1970 - John Harding expects to leave Buffett Partnership. Ltd. and open a branch office in Omaha for Ruane, Cunniff & Stires. Bill Scott and I will be available at BPL offices to help any partners who are desirous of purchasing bonds, tax-free or taxable. We will set aside the month of March to make our services available without cost to those who want to acquire bonds. Because of some experience we have in analysis and purchasing, as well as the access we have to wholesale markets. I think it is likely we can save material elements of cost as well as help select better relative values for those of you who wish to invest in bonds. After April 1st, however, we want to be out of any form of personal advisory activity.

(5)1970年3月1日：约翰·哈丁将离开巴菲特合伙基金，为Ruane,Cunniff&Stires公司在奥马哈开设办事处。比尔·斯科特和我会留在我们的办公室，帮助有需要的合伙人购买免税或应税债券。我们会把三月份的时间留出来，免费帮助希望购买债券的合伙人。我们有分析和购买债券的经验，而且我们买债券的手续费低，所以我们应该能帮合伙人选出比较好的债券，而且还能省不少费用。4月1日之后，我们将不再提供任何私人咨询服务。 

(6)After March, 1970 - Bill and I will continue to office in Kiewit Plaza, spending a very minor portion of our time completing the wind-up of BPL. This will mean filing tax returns for 1970 and probably 1971 resolving minor assets and liabilities etc.

(6)1970年3月以后：比尔和我仍然会留在基威特大厦的办公室，只拿出很少的时间来完成巴菲特合伙基金清算收尾工作，包括申报1970年的税项，可能还要在1971年继续处理剩余的一小部分资产和负债。 

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〔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》〕

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