英文早读第96篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
巴菲特合伙基金有限公司
基维特广场810室
内布拉斯卡，奥马哈31区
November 1，1965
1965年11月1日
To My Partners for 1966:
致我1966年和合伙人：
Enclosed are:
附件是：
(1) Two copies of the commitment letter for 1966, one to be kept by you and one returned to us. You may amend the 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. Commitment letters become final on December 31st. Every year I get a number of calls in the first week in January expressing a desire to add to the January 1st capital. THIS CAN'T BE DONE.
（1）两封给1966年的承诺信复印件，一封由你保管一封寄回给我们。你可以直到12月31日半夜修订这封承诺信。因此请尽早将他给我们，如果它需要修改，通过信件或电话让我们知道。承诺信将在12月31日后成为最终版。早些年在1月的第一周我收到很多电话表达希望增加1月份的资本金。这是不允许的。
(2) A copy of our ever-popular "The Ground Rules." It is essential that we see eye-to-eye on the matters covered therein. If you have different views - fine, yours may be better - but you shouldn't be in the partnership. Please particularly note Ground Rule 7. This has been added this year reflecting a moderate shift in my attitude over a period of time. It represents a decidedly unconventional (but logical in my opinion when applied to our operation) approach and is therefore specifically called to your attention.
（2）一封我们流行的“基本准则”复印件。我们对包含在内的事项看法一致是必须的。如果你有不同的观点——好的，你或许是更好的——但是你不应该在合伙基金里。请特别注意基本准则7。这是今年添加的反应我在一段时期内态度的适度转变。他代表一个坚决地不合常理的（但是在我看来当用到我们的操作中是符合逻辑的）方法并且因此尤其需要你的注意。
Any withdrawals will be paid January 5th. 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 1966 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 6% interest until yearend. This is not true of additions reaching us in December.
任何支取都会在1月5日支付。你可以支取从100到你整个资本金中你希望任意金额。类似的，增加投资也可以是任意金额并且应当在1月10日之前给到我们。在你处理任何事情时，这将给你一个机会在1966年交易如果他似乎对税务原因有利。如果增加投资在11月份给到我们，他们就进入了提前支付状态并获得6%利率直到年底。增加投资在12月份给到我们不会有利息。
The partnership owns a controlling interest in Berkshire Hathaway Inc., a publicly-traded security. As mentioned in my midyear letter, asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest. We will value our position in Berkshire Hathaway at yearend at a price halfway between net current asset value and book value. Because of the nature of our receivables and inventory this, in effect, amounts to valuation of our current assets at 100 cents on the dollar and our fixed assets at 50 cents on the dollar. Such a value in my opinion is fair to both adding and withdrawing partners. It may be either of lower than market value at the time.
合伙基金在伯克希尔哈撒韦公司拥有控制股份，一家公开发行的股票。如在我的年中信中提到的，资产价值和盈利能力是在一个控制股份业务中影响估值的主导因素。市场定价，主导小股份席位的估值，在控制股份估值中鲜有或没有重要性。我们将会在年末评估我们在伯克希尔哈撒韦的席位价值介于净资产价值和账面价值之间。因为我们的应收款及库存的天然属性，事实上，我们按当前资产每1美金按50美分计算估值并且将固定资产按每1美金50美分计算。这样的估值在我看来对增加和支取投资的合伙人都是公平的。那时他或许低于市场估值。
As I write this, we are orbiting in quite satisfactory fashion. Our margin over the Dow is well above average, and even those Neanderthal partners who utilize such crude yardsticks as net profit would find performance satisfactory. This is all, of course, subject to substantial change by yearend.
当我写到这里时，我们正围绕一个令人满意的趋势。我们比道琼斯的领先幅度大幅超过平均水平，并且甚至这些守旧的合伙人运用以净盈利这类简单粗暴的标准也会发现是令人满意的结果。这些，当然，受到年底大幅变化影响的可能。
If anything needs clarification, call or write John Harding who is in charge of "de-confusing" partners. The tax situation is about as reported in the August letter, but if you would like John to make the calculation for you, he will be glad to do it.
如果任何事情需要澄清，打电话或者写信给约翰汉丁，他负责合伙人“去困扰”。税务情况如8月份信件汇报的一致，但是如果你希望约翰将这些计算给你，他将会很乐意做这些。
Cordially,
Warren E. Buffett
热情地，
沃伦 E. 巴菲特
1.therein：在那里，在其中（指提及的地点、物体、文件等）
2.decidedly：显然；肯定；果断地；坚决地；坚定地
3.unconventional：新奇的；不因循守旧的；不因袭的
4.dispose：处理；处置；布置；排列；使易于；使倾向于
5.halfway：在中途；在…的中间；到一半
6.orbit：（天体等运行的）轨道；（人、组织等的）影响范围，势力范围；围绕…运动
7.Neanderthal：尼安德特人的；守旧的；粗鲁无礼的；僵化过时的；令人厌烦的
8.be subject to：受…支配；受…影响
9.pronto：马上；立即；火速
10.eye to eye：看法一致；眼对眼；赞同；心有灵犀
