致合伙人信（1963-11-06）

合伙人信 · 原文约 690 词

译文与英文原文逐段对齐可在本页展开英文，也可打开发布者原址核对上下文。

打开来源正文

巴菲特合伙有限公司

BUFFETT PARTNERSHIP, LTD.

基威特广场 810 号

810 KIEWIT PLAZA

内布拉斯加州奥马哈 31 区

OMAHA 31, NEBRASKA

1963 年 11 月 6 日

November 6, 1963

致我 1964 年的合伙人：

To My Partners for 1964:

随信照例附上一批感恩节读物：（1）两份 1964 年修订版合伙协议。附有总则的那一份请自行保留（与去年完全相同），另一份单页协议则需签字、公证后寄回给我们。奥马哈的合伙人可径直到我们办公室办理公证。（2）一份无价的宏论《基本原则》。我希望每位合伙人每年至少通读一遍，

Enclosed is the usual assortment of Thanksgiving reading material: (1) Two copies of an amended partnership agreement for 1964. The one with the General Provisions attached is to be kept by you (exactly the same as last year) and the other single page agreement is to be signed, notarized and returned to us. Partners in Omaha may come in and obtain the notarization at our office. (2) A copy of that priceless treatise, "The Ground Rules,” I would like every partner to read this at least

（3）两份 1964 年承诺书，一份自留，一份寄回我们。这份承诺书在 12 月 31 日午夜之前均可修改，所以请尽早寄回；如需变更，来信或来电告知即可。任何撤资都会在 1 月 1 日之后立即支付。撤资金额悉听尊便，从 100 美元到你的全部权益均可。同样，追加投资不限金额，但应在 1 月 10 日前抵达我们手中。如果你正打算变卖什么资产，这也让你有机会在 1964 年完成交易——如果从税务上看这样更划算的话。若追加投资在 11 月送达，便视同预付款，年底前按 6% 的年利率计息；12 月送达的追加投资则不享受这一待遇。你 1963 年报税所需的完整税务资料，将在 1 月 25 日前送到你手上。若你需要在此之前预估自己的税务状况，请告诉我，我可以给你一个大致的概念。12 月下旬我们还会另发一封简短的税务函。截至 10 月底，道指 1963 年全年总体上涨 18.8%。我们三类投资——普通股、套利和控股——今年都表现不错。大约一个月前，邓普斯特农具制造公司的经营资产以持续经营方式顺利售出。邓普斯特这段故事，我会在年度信里完完整整地讲述，或许还会以某种抒情的高潮收尾，比如“哈里·波特尔颂”。因为当初买入价格极其低廉，邓普斯特本就内含一笔天然的利润，而哈里凭借极其出色的工作，又给我们多添了好几道甜点。顺带一提，哈里已预付了 1964 年成为有限合伙人的款项——我们视此为开端，而非终点。不过，1963 年并非只有邓普斯特。尽管最后两个月仍可能变数横生，中期成绩因此不宜太当真，但截至 10 月底，合伙基金的整体收益约为 32%。按照合伙协议约定的分配办法，这相当于有限合伙人在扣除按月提款之前录得正 25.5% 的收益。在我们约 300 万美元的收益中，逾 200 万美元来自有价证券，略少于 100 万美元来自邓普斯特的经营资产。我们表现最好的单笔普通股投资和表现最好的单笔套利投资，两者合计的收益与邓普斯特经营资产带来的收益大致相当。

once a year, and it is going to be a regular item in my November package. Don't sign the partnership agreement unless you fully understand the concepts set forth and are in accord with them -- mentally and viscerally. (3) Two copies of the commitment letter for 1964, one to be kept by you and one returned to us. You may amend this commitment letter right up to midnight, December 31st, so get it back to us early, and if it needs to be changed, just let us know by letter or phone. Any withdrawals will be paid immediately after January 1st. You may withdraw any amount you desire from $100 up to your entire equity. Similarly, additions can be for any amount and should reach us by January 10th. In the event you are disposing of anything, this will give you a chance to have the transaction in 1964 if that appears to be advantageous for tax reasons. If additions reach us in November, they take on the status of advance payments and draw interest at the rate of 6% until yearend. This is not true of additions reaching us in December. Complete tax information for your 1963 return will be in your hands by January 25th. If you should need an estimate of your tax position before that time, let me know and I will give you a rough idea. We will also send out a short letter on taxes in late December. At the end of October, the overall result from the Dow for 1963 was plus 18.8%. We have had a good year in all three categories, generals, work-outs and controls. A satisfactory sale on a going concern basis of Dempster Mill Manufacturing operating assets was made about a month ago. I will give the full treatment to the Dempster story in the annual letter, perhaps climaxed by some lyrical burst such as “Ode to Harry Bottle.” While we always had a built-in profit in Dempster because of our bargain purchase price, Harry accounted for several extra servings of dessert by his extraordinary job. Harry, incidentally, has made an advance payment toward becoming a limited partner in 1964-- we consider this the beginning, not the end. However, 1963 has not been all Dempster. While a great deal can happen the last two months and therefore interim results should not be taken too seriously, at the end of October the overall gain for the partnership was about 32%. Based on the allocation embodied in our agreement, this works out to plus 25 1/2% for the limited partners before monthly payments to those who take them. Of our approximate $3 million gain, something over $2 million came from marketable securities and a little less than $1 million from Dempster operating assets. The combined gain from our single best general and best work-out situation approximated the gain on the Dempster operating assets.

你应该明白，要是 1963 年我们相对道指的最终成绩与 10 月 31 日一样好看，我会把这一年视为反常的年份。我不认为长期而言领先道指 13.2 个百分点这种事是可期的。每年能比道指稳当地多出那么一截——哪怕要温和得多——我就相当满意了。

You should be aware that if our final results relative to the Dow for 1963 are as favorable as on October 31st, I will regard it as an abnormal year. I do not consider a 13.2 percentage point margin to be in the cards on a long term basis. A considerably more moderate annual edge over the Dow will be quite satisfactory.

谨上

Cordially

沃伦·E·巴菲特　附言：去年我们说过，最后一批把材料寄回的人没有奖品，这条规矩今年照旧。请尽快把你的协议和承诺书寄回，省得我们临了手忙脚乱。有任何帮得上忙的地方，尽管给比尔或我打电话。谢谢！

Warren E. Buffett P/S. Last year we announced there would be no prizes for the last ones to get the material back to us. This continues to be our policy. Save us some last minute scurrying by getting your agreement and commitment letter back pronto. Give Bill or me a call if we can be of any help. Thanks!