英文早读第123篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NERBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基维特广场610室
内布拉斯卡，奥马哈, 68131
电话042-4110
July 12, 1967
1967年7月12日
First Half Performance
上半年度的表现
Again, this is being, written in late June prior to the family's trip to California. To maintain the usual chronological symmetry (I try to sublimate my aesthetic urges when it comes to creating symmetry in the profit and loss statement), I will leave a few blanks and trust that the conclusions look appropriate when the figures are entered.
再一次，是在6月末去加州家庭旅行前写下这封信。为了保持常规的时间一致性（我试图升华我的审美标准当在盈利和损失陈述时的一致性时），我将会留下一些空白并且相信当数字填入后结论看起来是合理的。
We begun 1967 on a traumatic note with January turning out to be one of the worst months we have experienced with a plus 3.3% for BPL versus a plus 8.5% for the Dow. Despite this sour start, we finished the half about plus 21% for an edge of 9.6 percentage points over the Dow. Again, as throughout 1966, the Dow was a relatively easy competitor (it won't be every year, prevailing thinking to be contrary notwithstanding) and a large majority of investment managers outdid this yardstick. The following table summarizes performance to date on the usual basis:
我们以令人烦乱的注释开启了1967年，1月份结果是我们经历的最差月份之一，巴菲特合伙基金是+3.3%，对比道琼斯是+8.5%。尽管这个闷闷不乐的开端，我们结束了上半年以+21%收益领先道琼斯9.6个百分点的优势。再一次，如1966年，道琼斯是一个相对容易的对手（他不会每年都这样，尽管如此流行趋势认为是相反的），大部分投资管理者领先这个标杆。下面的表格总结了在常规基础上截至现在的表现：
(1)Based on yearly changes in the value of the Dow plus dividends that would have been received through ownership of the Dow during that year. The table includes all complete years of partnership activity.
（1）基于道琼斯价值年度的变化加上在当年持有道琼斯会收到的分红。这个表格包括所有完整年份的基金活动。
(2)For 1957-61 consists of combined results of all predecessor limited partnerships operating throughout the entire year after all expenses but before distributions to partners or allocations to the general partner.
（2）对1957-61年包括整合了之前合伙基金的运作结果，在扣除费用但在给合伙人和GP分润前。
(3)For 1957-61 computed on the basis of the preceeding column of partnership results allowing for allocation to the general partner based upon the present partnership agreement, but before monthly withdrawals by limited partners.
（3）对1957-61年基于前面基金结果和基于现在合伙协议给GP分配后计算而来，但是实在LP月度提现前。
BPL's performance during the first half reflects no change in valuation of our controlled companies and was thus achieved solely by the 63.3% of our net assets invested in marketable securities at the beginning of the year.
巴菲特合伙基金的表现在上半年度反应在控制的公司的估值上没有变化，因此这是单独地由在今年初占我们净资产63.3%投资在市场股票实现的。
Any revaluation of Diversified Retailing Company (DRC) and Berkshire Hathaway Inc. (B-H) will be make in December prior to the time the commitment letters become final and will be based upon all relevant criteria (including current operating, market and credit conditions) at that time.
任何对百货公司（DRC）和伯克希尔哈撒韦（B-H）的估值将会在12月做出在承诺函定稿之前，将会基于那时所有相对的标准（包括当前的运营、市场和信用状况）。
Both DRC and B-H made important acquisitions during the first half. The overall progress of DRC (80% owned) and both of its subsidiaries (Hochschild Kohn and Associated Cotton Shops) is highly satisfactory. However, B-H is experiencing and faces real difficulties in the textile business, while I don't presently foresee any loss in underlying values. I similarly see no prospect of a good return on the assets employed in the textile business. Therefore, this segment of our portfolio will be a substantial drag on our relative performance (as it has been during the first half) if the Dow continues to advance. Such relative performance with controlled companies is expected in a strongly advancing market, but is accentuated when the business is making no progress. As a friend of mine says. "Experience is what you find when you're looking for something else."
DRC和B-H都在上半年度做了重要贡献。DRC（持有80%）和他的子公司（科恩和联合棉花商店）的整体进展令人高度满意。然而，伯克希尔哈撒韦正在经历和面临真正的困难在纺织业务上，尽管我现在不能预测到任何潜在价值损失。我同样看到资产用在纺织业务上没有好回报的前景。因此，我们组合的这部分将会相对表现的大幅拖累（正如他在上半年度这样）当道琼斯持续上涨时。这类控制的公司的相对的表现在强劲增长的市场是这样预期的，但是当业务没有进展时会突出。正如我的一个朋友所说：“经验是当你在寻找别的事情是发现的。”
1.chronological：按时间顺序的；按时间计算的
2.symmetry：对称；对称性；相称；相仿
3.sublimate：升华；使高尚化
4.aesthetic：审美的；美学的；艺术的；美的
5.traumatic：痛苦难忘的；非常令人烦乱的；很令人震惊的
6.notwithstanding：尽管如此；尽管；虽然
7.solely：单独地；唯一地；仅；只
8.accentuate：强调；使突出；着重
