巴菲特致合伙人的信（1970年2月25日）⑧流程安排

Procedure

I intend to be in the office solidly through March (including every Saturday except March 7th) and will be glad to see any partner or talk with him by phone. To aid in scheduling, please make an appointment with Gladys (or me). The only request I make is that you absorb as much as possible of this letter before we talk. As you can see, it would be an enormous problem if I had to explain each item to all of you.

流程安排

我计划整个三月份都留在办公室（包括星期六，3月7日除外），任何合伙人都可以和我面谈或通过电话交谈。为了方便安排时间，请联系格拉迪斯或我预约。我对各位就一个请求，我们交谈之前，请务必尽量读懂这封信的内容。大家读完这封信也能明白，要是所有内容都要向每个合伙人重复讲一遍，实在不可能。

If you decide you want us to help you in buying bonds, you should let us know:
(1)Whether you want to restrict purchases to your home state for local tax reasons;
(2)Whether you want to restrict us to full coupon issues or let us use our judgment as to where you get the best value;
(3)Your preference as to maturity in the ten to twenty-five year range or if you prefer to let us use our judgment in that area;
(4)How much you want to invest - we may end up several per cent short of the figure you name, but we will never go over;
(5)On what bank the bonds should be drafted.

如果需要我们帮助购买债券，你需要告诉我们下列信息：
(1)是否出于本地征税原因考虑，只希望购买本州发行的债券；
(2)是否只想购买足额息票债券，还是允许我们自由选择最佳品种；
(3)在10年到20年的范围内，你打算购买多少年期限的，还是允许我们替你选择；
(4)你要投资的金额是多少，我们买入的金额可能略低于你指定的数字，但不会超过你所说的金额；
(5)债券应该交付到哪个银行。

We will advise you by phone or letter as we buy bonds. Bill and John will be doing much of the mechanical work. Needless to say, none of us will have any financial interest in any transaction. Should you have any questions regarding the mechanics, please direct them to John or Bill as I will probably be swamped and they will be more familiar with specific transactions. After March 31st, I don't expect to be around the office for several months. Therefore, if you want to talk things over, come in by then. The completion of all purchases may go into April, but Bill will be taking care of this and the mechanics will all be set up.

在买入债券时，我们会通过电话或信件为你提供建议。具体的操作，主要由比尔和约翰负责。在任何一笔交易中，我们中的任何人都不会从中获取任何利润，这个不必说了。如有具体操作相关问题，请咨询约翰或比尔，因为我可能忙不过来，而且在具体交易方面，他们更熟悉。3月31日后的几个月时间里，我应该不会经常去办公室。如果有事的话，请在3月31日之前找我。所有交易可能要4月份才能完成，具体操作由比尔负责。

You should realize that because of the enormous diversity of issues mentioned earlier, it is impossible to say just what will be bought. Sometimes the tax-free bond market has more similarities to real estate than to stocks. There are hundreds of thousands of items of varying comparability, some with no sellers, some with reluctant sellers and some with eager sellers. Which may be the best buy depends on the quality of what is being offered, how well it fits your needs and the eagerness of the seller. The standard of comparison is always new issues where an average of several hundred million dollars worth have to be sold each week - however, specific secondary market opportunities (issues already outstanding) may be more attractive than new issues and we can only find out how attractive they are when we are ready to make bids.

信里说了，债券的品种太多了，现在我们说不好会买哪些。免税债券市场不太像股市，更像房地产市场。几十万个品种，各有各的特点，有些是没卖家的，有些是卖家不愿卖的，有些是卖家急着卖的。买哪个最好呢？我们要选质地最好的、最符合你的需求的，而且卖家愿意往外卖的。每周都有几亿美元的新债券发行，这些新发行的品种是我们参照比较的标准。有些在二级市场上已经流通的债券可能比新发行的更合适。具体如何，只有在准备买的时候，才能知道。

Although markets can change, it looks as if we will have no difficulty in getting in the area of 6-1/2% after tax (except from Housing Authority issues) on bonds in the twenty-year maturity range.

市场是变化的，但是从现在的情况看，期限为20年、税收收益率为6.5%左右（公共住房管理局发行的品种除外）的债券，应该很容易就能买到。

Cordially,
Warren E. Buffett
WEBI glk

沃伦E.巴菲特谨上

Although markets can change, it looks as if we will have no difficulty in getting in the area of 6-1/2% after tax (except from Housing Authority issues) on bonds in the twenty-year maturity range.

Cordially,Warren E. BuffettWEBI glk

Cordially,
Warren E. Buffett
WEBI glk