英文早读第124篇，选自巴菲特年度信，友才翻译。
Investment Companies
投资公司
The usual comparison follows showing the results of the two largest open-end and two largest closed-end investment companies which pursue a policy of 95-100% investment in common stocks.
接下来常规的对比展示了两家最大的开放基金和两家最大的封闭投资公司的结果，他们都追求95-100%资金投资在股市的政策。
(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1967 Moody's Bank & Finance Mannual for 1957-1966. Estimated for first half of 1967.
（1）由资产价值加上在当年记录分配给持股人的分红计算而来；
（2）从1967年的穆迪银行和财经手册1957-1966版而来。1967年上半年度预估而来。
The tide continues to be far more important than the swimmers.
潮流继续比游泳的人重要。
Taxes
税收
We entered 1967 with unrealized gains of 16,361,974. Through June 30 we have realized net capital gains of 7,084,104 so it appears likely that we will realize in 1967 a fairly substantial portion of the unrealized gain attributable to your interest at the beginning of the year. This amount was reported to you as Item 3 of our February 2, 1967 letter. A copy of that letter, along with a tax letter, will be mailed to you in November giving a rough idea of the tax situation at that time.
我们以1636万1974未结算利润进入1967年。到6月30日，我们已经结算了净资本收益708万4104美金，因此这似乎有可能我们会在1967年结算相当大比例在年初属于你股份的未结算获利。这个数量如在1967年2月2日的信中第3条报告给你的。那封信的复印件，和一个税务信，将会在11月邮寄给你并给出在那时大概的税务情况。
As I regularly suggest, the safe course to follow on interim estimates is to pay the same estimated tax for 1967 as your actual tax was for 1966. There can be no penalties if you follow this procedure.
如果常规建议的，在年中预估中安全的方式是遵循对1967年同样的预估税款按照在1966年的实际税款。如果你遵循这个流程就没有什么风险。
Whatever our final figure, it looks now as if it will be very largely long term capital gain with only minor amounts, if any, of short term gain and ordinary income. (I consider the whole Income-Principal Myth fair game for one of my soft-spoken gently worded critiques. As I told Susie in the early days of our marriage, "Don't worry about the income; just the outcome.")
不管最后数字如何，他看起来似乎会有很大的长期资本收益而仅仅小量的，如果有的话，短期获利或常规收入。（我认为整个收入本金神话公平游戏都可以成为我委婉批评的对象之一。如我对苏茜在婚姻早年说的，“不要担心收入；只关心产出就好。”）
Miscellaneous
杂项
During the first half, Stan Perimeter resigned from the Dissolution Committee because of his present full-time involvement in investment management. Fred Stanback, Jr., a long time partner and experienced investor, was elected by the remaining members to fill the vacancy.
在上半年度，斯坦派瑞米特从解散委员会离开了因为他现在全职投入到投资管理中。小弗莱德斯坦贝克，一个长期的合伙人和富有经验的投资者，被剩下的成员选举来填补空缺。
As in the past years, we will have a report out about November 11 along with the Commitment Letter, and the rough estimate of the 1967 tax situation, etc.
如过去这些年，我们将大学在11月11日发布报告和承诺函，以及对1967年税务情况的粗略估算等等。
However, there will be a special letter (to focus your attention upon it) in October. The subject matter will not relate to change in the Partnership Agreement, but will involve some evolutionary changes in several "Ground Rules" which I want you to have ample time to contemplate before making your plans for 1968. Whereas the Partnership Agreement represents the legal understanding among us, the "Ground Rules" represent the personal understanding and in some ways is the more important document. I consider it essential that any changes be clearly set forth and explained prior to their effect on partnership activity or performance - hence, the October letter.
然而，将会有一封特别信（请注意它）在10月份。主题不是关于合伙协议的修改，而是将包括一些在一些“基本准则”上的迭代修改，我想你在做出对1968年计划前有充足的时间去思量。尽管合伙协议代表我们之间的官方理解，“基本准则”则代表个人理解并在某种方式上是更重要的文件。我认为这是必要的任何修改都被清晰的阐释并且在他们对合伙活动或表现生效前解释——因此，有了10月信。
Cordially,
Warren E. Buffett
热情地，
沃伦E.巴菲特
9.principal：主要的，最重要的；本金；当事人；主角
10.critique：评论；评论文章；评判
11.dissolution：解散
12.evolutionary：进化的；演变的
13.ample：充足的；足够的；丰满的
14.contemplate：考虑；沉思；思量
