英文早读第90篇，选自巴菲特年度信，友才翻译。
Bill (who continues to do a terrific job) and his wife have an investment in the Partnership of 298,749, a very large majority of their net worth. Our new associate (his name is being withheld until his present employer has replaced him), along with his wife and children, has made an important investment in the Partnership. Susie and I presently have an interest of 3,406,700 in BPL which represents virtually our entire net worth, with the exception of our continued holding of Mid-Continent Tab Card Co., a local company into which I bought in 1960 when it had less than 10 stockholders. Additionally, my relatives, consisting of three children, mother, two sisters, two brothers-in-law, four aunts, four cousins and six nieces and nephews, have interests in BPL, directly or indirectly, totaling 1,942,592. So we all continue to eat home cooking.
比尔（他仍继续着极好的工作）和他的妻子在合伙基金中有29万8749美金投资，他们净资产的绝大部分。我们的新同事（他的名字仍要隐藏直到他现在的雇主换掉了他），和他的妻子和孩子，已经在合伙基金做了重要的投资。苏西和我现在有巴菲特合伙基金的340万6700美金股份，这代表几乎我们全部的净财产，除了继续持有的中大路切换卡公司，一个我在1960年少于10个股东时开始买入的本地公司。此外，我的亲戚，包括三个孩子，妈妈，两个姐妹，两个姐妹夫，四个大伯，四个舅舅和刘哥侄子侄女，在巴菲特合伙基金持有股份，直接或间接合计194万2592美金。因此我们都继续在吃家庭烹饪的菜。
We continue to represent the ultimate in seasonal businesses - open one day a year. This creates real problems in keeping the paper flowing smoothly, but Beth and Donna continue to do an outstanding job of coping with this and other problems.
我们继续代表季节性业务的至高级——一年只开放一天。这导致切实的问题在保持稳文件流通顺畅，但是贝斯和当纳继续做了卓越的工作在解决这个和其它问题上。
Peat, Marwick, Mitchell has distinguished itself in its usual vital role of finding out what belongs to whom. We continue to throw impossible deadlines at them - and they continue to perform magnificently. You will note in their certificate this year that they have implemented the new procedure whereby they now pounce on us unannounced twice a year in addition to the regular yearend effort.
毕马威是他很具特色在日常重要的角色中支出什么属于谁。我们继续给他们不可能的截止时间——但他们继续表现得飞凡。你将会注意到在他们的年度资格中他们已经加上了新的流程他们现在除了年末常规的工作外额外每年两次不提前告知的突袭我们。
Finally - and most sincerely - let me thank you partners who cooperate magnificently in getting things to us promptly and properly and thereby maximize the time we can spend working where we should be - by the cash register. I am extremely fortunate in being able to spend the great majority of my time thinking about where our money should be invested, rather than getting bogged down in the minutiae that seems to overwhelm so many business entities. We have an organizational structure which makes this efficiency a possibility, and more importantly, we have a group of partners that make it a reality. For this, I am most appreciative and we are all wealthier.
最后——且最真诚地——让我谢谢你，我的合伙人，你们合作飞凡在让事情变得敏捷且适宜，因此最大化了我可以花费在我应当花的工作上——通过资金注册。我非常幸运能够花费我绝大部分时间在思考我们的资金应该如何投资上，而不是深陷于微小的细节似乎压垮了如此多的商业机构。我们有一个组织结构让这个高效成为可能，并且更重要的是，我们有一群合伙人让他成为现实。对此，我最感激并且我们都更加富有。
Our past policy has been to admit close relatives of present partners without a minimum capital limitation. This year a flood of children, grandchildren, etc., appeared which called this policy into question; therefore, I have decided to institute a 25,000 minimum on interests of immediate relatives of present partners.
我们过去的政策允许接纳现有合伙人的近亲无需最小资金限制。这一年洪水般的孩子，孙子等等出现导致这个政策陷入问题；因此，我已经决定制定最低2.5万美金的现有合伙人直系亲属股份限制。
Within the coming two weeks you will receive:
在接下来两周你会收到：
(1) A tax letter giving you all BPL information needed for your 1964 federal income tax return. This letter is the only item that counts for tax purposes.
（1）一个税务信给你所有巴菲特合伙基金信息需要用在1964联邦所得税申报。这封信是唯一为税务目的负责的项目。
(2) An audit from Peat, Marwick, Mitchell & Co. for 1964, setting forth the operations and financial position of BPL as well as your own capital account.
（2）一个来自于毕马威公司的的1964审计报告，提出巴菲特合伙基金的操作和财务状况，同样有你自己的资金账户。
(3) A letter signed by me setting forth the status of you BPL interest on 1/1/65. This is identical with the figure developed in the audit.
（3）一封由我签署的信提出你于1965年1月1日在巴菲特合伙基金的状态。这是和由审计报告发展而来的数据一致。
(4) Schedule "A" to the partnership agreement listing all partners.
（4）优先给所有合伙人发布的合伙协议。
Let Bill or me know if anything needs clarifying. Even with our splendid staff our growth means there is more chance of missing letters, overlooked instructions, a name skipped over, a figure transposition, etc., so speak up if you have any question at all that we might have erred. My next letter will be about July 15th summarizing the first half of this year.
让别人和我知道任何人需要澄清。即使有我们卓越的员工，我们的增长意味着有更多可能错失信件，忽视指导，略过名字，数字转化等等，因此说出你有任何问题关于所有我们或许犯错的。我的下一封信将会在大约6月15日发出总结我们的上半年度。
Cordially,
Warren E. Buffett
真诚的，
沃伦 E. 巴菲特
193.terrific：了不起的；极好的；巨大的；绝妙的
194.associate：伙伴；同事；合伙人
195.withhold：拒绝给；扣留；不给；保留；隐瞒
196.distinguish：区分；辨别；分清；使有别于；使出众；看清；具有…的特色
197.vital：至关重要的；必不可少的；充满生机的；致命的
198.magnificent：壮丽的；宏伟的；值得赞扬的
199.pounce：猛扑；突袭
200.unannounced：未通知的；未预告的；未打招呼的
201.promptly：立即；迅速；马上；及时地
202.bog：使陷于沼泽；使动弹不得
203.minutiae：微小的细节
204.overwhelm：压倒；淹没；压垮；征服；击败
205.institute：建立，制定；机构；机构建筑
206.immediate：（关系）最亲近的，直系的，直接的；立即的；立刻的；附近的
207.set force：提出
208.overlook：忽略；视而不见；未注意到
