英文早读第71篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD
810 KIEWIT PLAZA
OMAHA 31, NEVRASKA
July 8, 1964
巴菲特合伙公司
基维特广场810
内布拉斯卡奥马哈31区
1964年7月8日
First Half Performance
上半年度表现
The whole family is leaving for California on June 23rd so I am fudging a bit on this report and writing it June 18th. However, for those of you who set your watches by the receipt of our letters. I will maintain our usual chronological symmetry in reporting, leaving a few blanks which Bill will fill in after the final June 30th figures are available.
全家将于6月23日出发去加州，因此我在这篇报告中有些含糊其辞的地方，并在6月18日写了他。然而，你们有些人盯着时间在等我们的信。我将会按照常规的时间线写下，留下一些空格，当比尔6月30日最终数据得到后填入。
During the first half of 1964 the Dow-Jones Industrial Average (hereinafter called the "DOW") advanced from 762.95 to 831.50. If one had owned the Dow during this period, dividends of approximately 14.40 would have been received, bring the overall return from the Dow during the first half to plus 10.0%. As I write this on June 18th, it appears that our results will differ only insignificantly from those of the Dow. I would feel much better reporting to you that the Dow had broken even, and we had been plus 5%, or better still, that the Dow had been minus 10%, and we had broken even. I have always pointed out, however, that gaining an edge on the Dow is more difficult for us in advancing markets than in static or declining ones.
在1964上半年，道琼斯工业平均指数（以下称为道琼斯）从762.95增长到831.50。如果一个人在这期间持有道琼斯，分红大约14.40会被收到，是道琼斯在上半年整体回报率为+10.0%。当我在6月18日写到这里时，似乎我们的结果和道琼斯差别几乎没有。我会感觉更好如果道琼斯不赚不亏但我们是+5%，或者更好，道琼斯是-10%但我们不赚不亏。
To bring the record up to date, the following summarizes the performance of the Dow, the performance of the Partnership before allocation to the general partner and the limited partners' results:
为了带来截至今天的记录，下面总结了道琼斯、分配给GP前合伙基金表现和LP的结果：
Footnotes to preceding table:
前面表格的脚注：
(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 preceding column of partnership results allowing for allocation to the general partner based up on 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。
Buying activities during the first half were quite satisfactory. This is of particular satisfaction to me since I consider the buying end to be about 90% of this business. Our General category now includes three companies where B.P.L. is the largest single stockholder. These stocks have been bought and are continuing to be bought at prices considerably below their value to a private owner. We have been buying one of these situations for approximately eighteen months and both of the others for about a year. It would not surprise me if we continue to do nothing but patiently buy these securities week after week for at least another year, and perhaps even two years or more.
在这半年的购买行动十分让人满意。这对我来说尤其满意，因为我认为购买将会是这个生意的90%。我们一般类现在包括三家公司BPL是最大单一股东。这些股票已经被购买并将继续被以低于私有价格更低的价格购买。其中一个我们已经购买了将近18个月，剩下两个将近一年。我不会吃惊如果我们继续什么都不做而只是耐心的一周一周的购买这些股票，还要至少一年，或许甚至两年或更多。
What we really like to see in situations like the three mentioned above is a condition where the company is making substantial progess in terms of improving earnings, increasing asset values, etc., but where the market price of the stock is doing very little while we continue to acquire it. This doesn't do much for our short-term performance, particularly relative to a rising market, but it is a comfortable and logical producer of longer-term profits. Such activity should usually result in either appreciation of market prices from external factors or the acquisition by us of a controlling position in a business at a bargain price. Either alternative suits me.
我们希望看到的是像上面三个提到的情况公司正在做出巨大的进步在提高盈利、提高资产价值等等，但是股市价格变化很小因而我们可以持续获得他。这对我们短期表现没什么作用，尤其是在上涨的市场，但是他是舒服的和有逻辑地长期利润产生者。这些行动将通常导致要么由于外部因素使股价提升或者我们以折扣价格获得控制地位。任何一个选项都很适合我。
It is important to realize, however, that most of our holdings in the General category continue to be securities which we believe to be considerably undervalued, but where there is not the slightest possibility that we could have a controlling position. We expect the market to justify our analyses of such situations in a reasonable period of time, but we do not have the two strings to our bow mentioned in the above paragraph working for us in these securities.
然而，很重要地意识到我们大部分地一般类股票会持续成为我们认为相当低估地股票，但基本没有可能我们成为控制位置。我们希望市场在合理的时间内按我们分析调整，但是这两个因素都不会适用上面段落提到的股票。
1.fudge：含糊其辞；回避；胡说；软糖；装模做样
2.chronological：按时间顺序的；按发生时间顺序排列的
3.symmetry：对称；对称性；相似；相等；相仿
4.break even：收支平衡；收支相抵；不赔不赚
5.bow：弓；弓形物；船头；船首
