TO MY PARTNERS:
致投资人：
In the past, partners have commented that a once-a-year letter was “a long time between drinks,” and that a semi-annual letter would be a good idea. It really shouldn’t be too difficult to find something to say twice a year; at least it isn’t this year. Hence, this letter which will be continued in future years.
之前有投资人提出一年一次的股东信间隔太久，半年信会比较不错。其实一年找点东西写两封信一点不难，起码今年如此。因此半年信的模式会持续下去。
During the first half of 1961, the overall gain of the Dow-Jones Industrial Average was about 13%, including dividends. Although this is the type of period when we should have the most difficulty in exceeding this standard, all partnerships that operated throughout the six months did moderately better than the Average. Partnerships formed during 1961 either equaled or exceeded results of the Average from the time of formation, depending primarily on how long they were in operation.
在1961年上半年，道琼斯指数包括分红在内总体上涨了13%。虽然这是我们最难击败指数的时期（市场火爆），但是每个合伙公司六个月的表现都略高于指数平均。在1961年新成立的合伙人公司表现都和指数持平或者超越指数，具体成绩和运营时间有关。
Let me, however, emphasize two points. First, one year is far too short a period to form any kind of an opinion as to investment performance, and measurements based upon six months become even more unreliable. One factor that has caused some reluctance on my part to write semi-annual letters is the fear that partners may begin to think in terms of short-term performance which can be most misleading. My own thinking is much more geared to five year performance, preferably with tests of relative results in both strong and weak markets.
但是，请允许我强调两点：1，一年周期来衡量投资表现时间太短太不客观，基于六个月的表现更加不切实际。我之所以不情愿写半年一次的股东信就是怕股东过于关注短期的投资表现。我个人观点是以五年为周期来衡量，更可取的方式是对比在牛市熊市中的相对表现。
The second point I want everyone to understand is that if we continue in a market which advances at the pace of the first half of 1961, not only do I doubt that we will continue to exceed the results of the DJIA, but it is very likely that our performance will fall behind the Average.
2，希望各位股东知晓如果市场持续上半年这样的上涨速度，我们的收益不仅很难超越道琼斯指数，而且很有可能会落后于它。
Our holdings, which I always believe to be on the conservative side compared to general portfolios, tend to grow more conservative as the general market level rises. At all times, I attempt to have a portion of our portfolio in securities at least partially insulated from the behavior of the market, and this portion should increase as the market rises. However, insulation is a two-way street, so as the market boils with appetizing results for even the amateur cook (and perhaps particularly the amateur), we find that more of our portfolio is not on the stove.
我们的持仓和一般的投资组合相比都偏保守，当市场高涨的时候会更倾向于此。一直以来，我都致力于让投资组合中一部分股票至少和部分地不受市场行为影响（绝缘），同时这部分股票也应该和市场同步增长。（感觉没太看懂，既绝缘也同步？）。然而，这种隔离也是把双刃剑，当市场火爆到连新手（特别是新手）也赚得盆满钵满的时候，我们发现我们大多数持股都没受益。
We have also begun open market acquisition of a potentially major commitment which I, of course, hope does nothing marketwise for at least a year. Such a commitment may be a deterrent to short range performance, but it gives strong promise of superior results over a several year period combined with substantial defensive characteristics.
我门同时开始在市场上为下一个主要投资标的建仓，当然我希望这个建仓计划没有收到任何市场的关注。该项资金投入也许会影响到短期的投资表现，但是以几年的跨度来看，结合我们这笔投资拥有巨大的安全边际，必然会带来显著的回报。
Progress has been made toward combining all partners at yearend. I have talked with all partners joining during this past year or so about this goal, and have also gone over the plans with representative partners of all earlier partnerships
在年底合并所有的合伙人公司的项目正在进行。我已经差不多和所有去年加入进来和合伙人聊过这个目标，同时和早期合伙人代表一起商讨了合并计划
Some of the provisions will be:
其中一些条款如下：
(A) A merger of all partnerships, based on market value at yearend, with provisions for proper allocation among partners of future tax liability due to unrealized gains at yearend. The merger itself will be tax- free, and will result in no acceleration of realization of profits;
(A) 所有的合伙人公司会在年底以市场价格进行合并，同时按比例会扣除一些年末未实现收入将要产生的税款。合并这个行为本身免税也不会促使我们去兑现利润。
(B) A division of profits between the limited partners and general partner, with the first 6% per year to partners based upon beginning capital at market, and any excess divided one-fourth to the general partner and three-fourths to all partners proportional to their capital. Any deficiencies in earnings below the 6% would be carried forward against future earnings, but would not be carried back. Presently, there are three profit arrangements which have been optional to incoming partners:
(B) 一般合伙人和有限合伙人和分红比例如下，每个合伙人都会依据年初的市场价值按照6%的利率收到利息，所有超过利息收入的盈利，1/4分给一般合伙人，3/4由所有合伙人按照投入资金比例进行分配。如果当年盈利低于6%，则差额部分结转到来年，而不是从去年收入中补发。目前对于新加入的合伙人有三个分红方案供选择。
In the event of profits, the new division will obviously have to be better for limited partners than the first two arrangements. Regarding the third, the new arrangement will be superior up to 18% per year; but above this rate the limited partners would do better under the present agreement. About 80% of total partnership assets have selected the first two arrangements, and I am hopeful, should we average better than 18% yearly, partners presently under the third arrangement will not feel short-changed under the new agreement;
关于盈利部分，新的分配方式显然有利于有限合伙人。对于第三种分配方法，在当年收益不高于18%时会比较划算，但是高于这个值时有限合伙人在现行方法下收益更多。超过80%的合伙人资产都是选择按照前两种分配方法，同时我也希望平均年度收益会高于18%。对于选择第三种分配方法的合伙人短期内也不会感觉有太大的差别。
(C) In the event of losses, there will be no carry back against amounts previously credited to me as general partner. Although there will be a carry-forward against future excess earnings. However, my wife and I will have the largest single investment in the new partnership, probably about one-sixth of total partnership assets, and thereby a greater dollar stake in losses than any other partner of family group, I am inserting a provision in the partnership agreement which will prohibit the purchase by me or my family of any marketable securities. In other words, the new partnership will represent my entire investment operation in marketable securities, so that my results will have to be directly proportional to yours, subject to the advantage I obtain if we do better than 6%;
(C) 在亏损年度，不会再从前一年我的一般合伙人分红中补齐，但是会递延到下一年的收益中。并且，我和我妻子在新的合伙人公司中占有最大的份额，大概占1/6的资产，因此投资的亏损我们所受的损失超过任何一位合伙人。同时在新的合伙人协议中我增加了一个条款来禁止我和我的家人购买任何股票。换而言之，新的合伙人企业将是我所有股票市场的投资，我和投资收益和你们直接相关，但是我一般合伙人的身份会导致在收益超过6%时获得的更多。
(D) A provision for monthly payments at the rate of 6% yearly, based on beginning of the year capital valued at market. Partners not wishing to withdraw money currently can have this credited back to them automatically as an advance payment, drawing 6%, to purchase an additional equity interest in the partnership at yearend. This will solve one stumbling block that has heretofore existed in the path of consolidation, since many partners desire regular withdrawals and others wish to plow everything back;
(D) 每个月都会有一次付款，具体数额基于前一年市场金额按照年利率6%发放。对于不想取出钱的合伙人，这部分资金会自动按照预付款的方式计入他当前的份额中，并在年底以原本份额的6%结算金额来增持合伙人公司。这种处理方法解决了合伙人公司合并之路上的一个绊脚石，很多合伙人希望能定期取出收益而其他人则希望再投资。
(E) The right to borrow during the year, up to 20% of the value of your partnership interest, at 6%, such loans to be liquidated at yearend or earlier. This will add a degree of liquidity to an investment which can now only be disposed of at yearend. It is not intended that anything but relatively permanent funds be invested in the partnership, and we have no desire to turn it into a bank. Rather, I expect this to be a relatively unused provision, which is available when something unexpected turns up and a wait until yearend to liquidate part of all of a partner’s interest would cause hardship;
(E) 每个合伙人可以在年中最多借出他们合伙人资金的20%，利率为6%，贷款可以在年底或者更早的时候清偿。这种贷款可以增加我们投资资金的流动性，当前只能在年底进行清算。一般来说合伙人的注资应该是永久的投资，而且我们也无意开一家银行。因此我希望该条款除非在特殊情况下最好不要被使用，而且等到年底来清算合伙人全部利息的一部分，会造成困难；
(F) An arrangement whereby any relatively small tax adjustment, made in later years on the partnership’s return will be assessed directly to me. This way, we will not be faced with the problem of asking eighty people, or more, to amend their earlier return over some small matter. As it stands now, a small change, such as a decision that a dividend received by the partnership has 63% a return of capital instead of 68%, could cause a multitude of paper work. To prevent this, any change amounting to less than $1,000 of tax will be charged directly to me.
(F) 今后任何税收上的细微修改导致合伙人企业投资收益的改变部分将会直接由我来负责。这样我们就不需要就一些小问题逐个询问80多位股东关于他们之前的税收退税情况。目前的情况是，一点小小的改变，例如合伙人之前的股利从68%修改成63%就会造成大量的文书工作。为了避免这些，任何小于$1000的税收变化都将由我负责。
We have submitted the proposed agreement to Washington for a ruling that the merger would be tax- free, and that the partnership would be treated as a partnership under the tax laws. While all of this is a lot of work, it will make things enormously easier in the future. You might save this letter as a reference to read in conjunction with the agreement which you will receive later in the year.
我们已经将协议书递交华盛顿来让其承认该项合并是免税的同时我们的合伙公司是符合税法的合伙关系。虽然这些工作繁琐，但是会让以后的工作更加轻松。希望各位股东能收好这封信，今年下半年新的协议书会寄给各位，当你们阅读新协议时候这封信将会是个很好的补充参考。
The minimum investment for new partners is currently $25,000, but, of course, this does not apply to present partners. Our method of operation will enable the partners to add or withdraw amounts of any size (in round $100) at yearend. Estimated total assets of the partnership will be in the neighborhood of $4 million, which enables us to consider investments such as the one mentioned earlier in this letter, which we would have had to pass several years ago.
目前新合伙人最小投入资金为$25,000，当然该条款不适用于当前的合伙人。我们运营的方法允许合伙人在年末增加或者提取任意金额（以$100为单位）。目前所有合伙企业的资产大约在4百万美元，这足以支撑我们进行上一篇股东信中的投资运营方法，这在几年前还无法想象。
This has turned out to be more of a production than my annual letter. If you have any questions, particularly regarding anything that isn’t clear in my discussion of the new partnership agreement, be sure to let me know. If there are a large number of questions, I will write a supplemental letter to all partners giving the questions that arise and the answers to them.
已经写的够多的了。如果有任何问题，特别是对于我关于新的合伙公司协议的描述有什么不清楚的，请确保让我知晓。如果问题太多我会再写一封补充信件罗列所有股东的问题并逐一解答。
Warren E. Buffett
July 22, 1961
