英文早读第35篇，选自巴菲特年度信，友才翻译。
Particularly hard hit in the first half were the so-called "growth" funds which, almost without exception, were down considerably more than the Dow. The three large "growth" (the quotation marks are more applicable now) funds with the best record in the preceding few years, Fidelity Capital Fund, Putnam Growth Fund, and Wellington Equity Fund averaged an overall minus 32.3% for the first half. It is only fair to point out that because of their excellent records in 1959-61, their overall performance to date is still better than average, as it may well be in the future. Ironically, however, this earlier superior performance had caused such a rush of new investors to come to them that the poor performance this year was experienced by very many more holders than enjoyed the excellent performance of earlier years. This experience tends to confirm my hypothesis that investment performance must be judged over a period of time with such a period including both advancing and declining markets. There will continue to be both; a point perhaps better understood now than six months ago.
实际上在上半年受到重重一击的是这些所谓的“成长型”基金，几乎毫无例外，比道琼斯指数都大幅下降。三家大型“成长型”基金（引号在这里更加合适）在过于几年有最好记录的，富达资本，普特南成长基金，惠灵顿股票基金上半年平均表现为-32.3%。仅有一点公平的需要指出因为他们在1959年到61年卓越的记录，他们到现在的整体表现仍然比平均值好，在未来也可能继续好。令人哭笑不得的是，然而，这些早期优秀的表现引起了大量新投资者涌入以至于经历今年糟糕表现的人远多于享受了早些年卓越表现的投资者。这个经历证实了我的猜测：投资表现必须在一段时间既包括一段上涨又包括一段下降的市场时来评判。这两点都将继续，但是对下降这一点的理解或许比六个月前更好理解。
In outlining the results of investment companies, I do so not because we operate in a manner comparable to them or because our investments are similar to theirs. It is done because such funds represent a publice batting average of professional, highly-paid investment management handling a very significant 20 billion of securities. Such management, I believe, is typical of management handling even larger sums. As an alternative to an interest in the partnership, I believe it reasonable to assume that many partners would have investments managed similarly.
概述投资公司的结果，我既不是因为我们的运作方式与他们类似，也不是因为我们的投资和他们的相似。是因为这些基金代表了公开的击球率，由那些专业的，支付高昂费用的投资管理机构，处理非常重要的200亿美金股票。这些管理，我相信在处理甚至更大金额的资金时是一种典型的管理方式。作为对合伙基金股权的一种可选项，我有理由认为很多合伙人的投资也被这样相似地管理者。
Asset Values:
资产价值
The above calculations of results are before allocation to the General Partner and monthly payments to partners. Of course, whenever the overall results for the year are not plus 6% on a market value basis (with dificiencies carried forward) there is no allocation to the General Partner. Therefore, non-withdrawing partners have had a decrease in their market value equity during the first six months of 7.5% and partners who have withdrawn at the rate of 6% per annum have had d decrease in their market value equity during the first half of 10.5%. Should our results for the year be less than plus 6% (and unless there should be a material advance in the Dow, this is very probable) partners receiving monthly payments will have a decrease in their market value equity at December 31, 1962. This means that monthly payments at 6% on this new market equity next year will be on a proportionately reduced basis. For example, if our results were an overall minus 7% for the year, a partner receiving monthly payments who had a market value interest of 10,000 on January 1, 1962 would have an equity at December 31, 1962 of 87,000. This reduction would arise from the minus 7% result, or 7,000 plus monthly payments of 500 for an additional 6,000. Thus, with 87,000 of market equity on January 1, 1963, monthly payments next year would be 435.00.
以上这些计算结果是在给GP分配和给合伙人月度支付之前。当然，无论什么时候，一年的总体结果基于市值没有达到6%时（在弥补前年损失后），GP不会有分红。因此，不取现合伙人在这6个月有市值7.5%的减少，已经按每年度6%利率取现的合伙人在这半年市值减少了10.5%。如果我们一整年的结果低于6%（除非道琼斯指数接下来实质上涨，这很有可能），接受月度支付的合伙人将会在1962年12月31日时减少市值。这意味着下一年基于新股票价值按6%月度的支付也会按市值等比例减少。例如，如果我们今年的整体结果是-7%，接受月度支付的合伙人在1962年1月1日的股票价值是10000美金，到1962年12月31日将拥有市值87000。这个减少由-7%收益或者说7000美金加上月度支付的500美金即每年6000美金构成。因此，按1963年1月1日的87000股票价值，下一年的月度支付将会是435美金。
None of the above, of course, has any applicability to advance payments received during 1962 which do not participate in profits or losses, but earn a straight 6%.
以上这些，当然，不适用在1962年提前支付的部分，这些不参与盈利或亏损，而直接赚取6%。
22.comparable：类似的；可比较的
23.deficiency：缺乏；缺陷；不足；缺点
24.proportionately：按比例；成比例的
25.arise：出现；发生；（由……）引起；（因……）产生；发展；起床
26.applicability：适用范围；适用性；相关性
