英文早读第54篇，选自巴菲特年度信，友才翻译。
Advance Payments and Advance Withdrawals
提前付款和提前取款
We accept advance payments from partners and prospective partners at 6% interest from the date of receipt until the end of the year. While there is no obligation to convert the payment to a partnership interest at the end of the year, this should be the intent at the time of payment.
我们接受来自合伙人和潜在合伙人提前付款，以6%的利息从收到那天到年底。尽管没有义务将付款在年底转化为合伙基金股份，但这应该是付款时的意图。
Similarly, we allow partners to withdraw up to 20% of their partnership account prior to yearend and charge them 6% from date of withdrawal until yearend when it is charged against their capital account. Again, it is not intended that partners use US like a bank, but that they use the withdrawal right for unanticipated need for funds.
相似的，我们允许合伙人取走他们合伙基金账户最多20%在年底前，并且从取现起收费6%直到年底将他核算到本金账户。再一次，这不意味着合伙人像银行一样用我们，但是他们用取现权作为预期之外的资金需求。
The willingness to both borrow and lend at 6% may seem "un-Buffett-like." We look at the withdrawal right as a means of giving some liquidity for unexpected needs and, as a practical matter, are reasonably sure it will be far more than covered by advance payments.
去借和贷以6%的意愿或许看起来“非巴菲特式”。我们看待取现权以一种给与非预期需求的流动性，从实际事务看，有理由确信他离比提前付款多还远。
Why then the willingness to pay 6% for advance payment money when we can borrow from commercial banks at substantially lower rates? For example, in the first half we obtained a substantial six-month bank loan at 4%. The answer is that we expect on a long-term basis to earn better than 6% (the general partner's allocation is zero unless we do although it is a largely a matter of chance whether we achieve the 6% figure in any short period.) Moreover, I can adopt a different attitude in the investment of money that can be expected to soon be a part of our equity capital than I can on short-term borrowed money. The advance payments have the added advantage to us of spreading the investment of new money over the year, rather than having it hit us all at once in January. On the other hand, 6% is more than can be obtained in short-term dollar secure investments by our partners, so I consider it mutually profitable. On June 30, 1963 we had advance withdrawals of 21,832.00 and advance payments of 562,437.11.
至于为何愿意给提前付款支付6%利息当我们可以从商业银行以更低利率借款时？例如，在上半年，我们获得了大量的6月期银行贷款以4%利率。答案是我们希望长期表现优于6%（GP的分润是0除非我们做到了，尽管在任一短期我们能否实现6%有很大偶然因素）。而且，我可以用不同的态度在投资资金上因为可以预期将很快成为我们资本金的一部分，相比于我可以做到的在短期借款上。提前付款对我们还有个优势是可以在这一年度播撒我们新的投资资金，而不是在1月份一下子砸给我们。在另一方面，6%比我们合伙人在短期美元安全投资中获得的更多，因此我认为这是双赢。在1963年6月30日，我们有提前取现2万1832美金，提前付款56万2437.11美金。
Taxes
税款
There is some possibility that we may have fairly substantial realized gains this year. Of course, this may not materialize at all and actually dose not have anything to do with our invertment performance this year. I am an outspoken advocate of paying large amounts of income taxes -- at low rates. A tremendous number of fuzzy, confused investment decisions are rationalized through so-called "tax considerations".
有可能我们今年有相当大的实现利润。当然，这也许根本没有发生，这样实际上对我们今年的投资表现没有任何关系。我是直言不讳的倡导者关于支付大量所得税——以较低税率。大量的含糊的，令人困惑的投资决定通过所谓的“税收考量”来合理化。
My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.
我的净资产是持股市值减去销售时可能支付的税。这个债务和资产一样真实，除非资产减值（糟糕），资产抛弃（无语），或者我和他一起死了。最后一种方式似乎至少是惨痛的胜利。
Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk. Any isolation of low-basis securities merely freezes a portion of net worth at a compounding factor identical with the assets isolated. While this may work out either well or badly in individual cases, it is a nullification of investment management. The group experience holding various low basis securities will undoubtedly approximate group experience on securities as a whole, namely compounding at the compounding rate of the Dow. We do not consider this the optimum in after-tax compounding rates.
投资决策应该基于最可能的税后净值复合增长和较低风险来做出。任何低基数股票的隔离几乎冻结了净值复利增长的因素，就和把资产隔离了一样。尽管他或许有成果无论是好是坏在个别案子上，但他是对投资管理的损耗。大量持有不同低基数股票的经验无疑和股票作为整体的经验是相似的，命名为以道琼斯复利指数来复利。我们不认为这是税后复合增长率的最好的。
I have said before that if earnings from the partnership can potentially amount to a sizable portion of your total taxable income, the safe thing to do is to estimate this year the same tax you incurred last year. If you do this, you cannot run into penalties. In any event, tax liabilities for those who entered the partnership on 1/1/63 will be minimal because of the terms of our partnership agreement first allocating capital gains to those having an interest in unrealized appreciation.
我之前已经说过如果从合伙基金赚取的有潜力和你所有应税收入规模相当，安全的做法是今年像你去年产生的税一样去预估。如果你这样做，你就不会被处罚。在任何事情是，税款义务对这些63年1月1日加入合伙基金的人来说都是最小的，因为合伙基金协议条款第一次分配资金利润给那些在未实现的增值的持有股份合伙人。
As in past years, we will have a letter out about November 1st (to partners and those who have indicated an interest to me by that time in becoming partners) with the amendment to the partnership agreement, commitment letter for 1964, estimate of the 1963 tax situation, etc.
在过去几年，我们将会发出一封信在11月1日（给合伙人和那些到那个时间已经告知我对成为合伙人感兴趣的人）关于合伙协议的修订，1964年承诺函，1963年税款预估，等等。
My closing plea for questions regarding anything not clear always draws a blank. Maybe no one reads this far. Anyway, the offer is still open.
我最深的恳求对于任何不清楚的问题经常一无所获。或许没有人阅读到这里。无论如何，这个意愿都是敞开的。
Cordially,
Warren E. Buffett
热情地，
沃伦 E. 巴菲特
28.prospective：潜在的；预期的；可能的
29.obligation：义务；责任；职责
30.intent：意图；目的；意向
31.unanticipated：未预料的；没想到的
32.lend：借给；给予；向…贷款
33.practical：实际的；适用的；切实可行的；有用的；客观存在的
34.moreover：此外；而且
35.spread：传播；蔓延；展开
36.secure：保护；使安全；获得；取得；实现；抵押；保卫
37.outspoken：直言不讳；直率的；坦诚地；在讲话方面胜过
38.advocate：提倡；支持；拥护；支持者；拥护者
39.tremendous：巨大的；极大的；非常的；惊人的
40.fuzzy：（图片、声音等）不清楚的，模糊的；不明确的；含糊的
41.rationalize：使合理化
42.identical：完全相同的；相同的；同一的
43.nullification：无效；抵消；废除；废弃
44.optimum：最佳的；最适宜的
45.incur：招致；引起；遭受；带来（成本、花费）
46.appreciation：欣赏；感谢；增值；理解
47.penalty：处罚；惩罚；刑罚；判罚；不利；害处
48.plea：恳求；抗辩；答辩；理由；借口
