英文早读第94篇，选自巴菲特年度信，友才翻译。
Advance Payments and Advance Withdrawals:
提前付款和提前支取：
We accept advance payments from partners and prospective partners at 6% interest from date of receipt until the end of the year. While there is no obligation to convert such advance payments to a partnership interest at the end of the year, this should be the intent at the time it is paid to us.
我们接受来自于合伙人和潜在合伙人的提前付款，以6%利息从收到当日到年末。然而没有义务将这些提前付款转化为年末的合伙基金利息，这应当在他被付给我们的时候的意图。
Similarly, we allow partners to withdraw up to 20% of their partnership account prior to yearend and charge them 6% from date of withdrawal until yearend when it is charged against their capital account. Again, it is not intended that partners use us like a bank, but that they use the withdrawal right for a truly unexpected need for funds. Predictable needs for funds such as quarterly federal tax payments should be handled by a beginning-of-the-year reduction in capital rather than through advance withdrawals from B.P.L. during the year. The withdrawal privilege is to provide for the unanticipated.
相似的，我们允许合伙人支取至多20%的合伙基金账户在年末前，并且收取这些资金的6%利息从支取时间直到年末当他被计入资金账户后。再次，合伙人不应当意图像银行一样使用我们，但是他们可以使用支取权利为了一个真正意料外的资金需求。可预期的资金需求例如季度联邦税款支付应当被在年初时减少本金来处理而不是通过在年中从巴菲特合伙基金提前支取。支取特权是提供给那些未曾想到的。
The willingness to borrow (through advance payments) and lend (through advance withdrawals) at the same 6% rate may sound downright "un-Buffettlike". (You can be sure it doesn't start my adrenaline flowing.) Certainly such a no-spread arbitrage is devoid of the commercial overtones an observer might impute to the preponderance of our transactions. Nevertheless, we think it makes sense and is in the best interest of all partners.
意愿去借钱（通过提前付款）和借款（通过提前支取）以同样的6%利率或许听起来完全的“非巴菲特喜爱的”。（你可以确信他不是源自我的肾上腺素流动。）当然，这样的未扩散的套利是缺乏商业暗示的，一个观察者或许会归咎于我们的大部分交易。然而，我们认为他有意义并且是所有合伙人的最佳利益之一。
The partner who has a large investment in indirect ownership of a group of liquid assets should have some liquidity present in his partnership interest other than at yearend. As a practical matter, we are reasonably certain that advance withdrawals will be far more than covered by advance payments. For example, on June 30, 1965, we had 98,851 of advance withdrawals and 652,931 of advance payments.
一个拥有大量投资在一组流动性资产的非直接拥有者应当有在他合伙基金利益中的当前的流动性而不是到年尾。作为一个实际问题，我们有理由确信提前支取将会远小于通过提前付款覆盖的。例如，在1965年6月30日，我们有98851美金提前支取和652931美金提前付款。
Why then the willingness to pay 6% for the net of advance payments over advance withdrawals when we can borrow from commercial banks at substantially lower rates? The answer is that we expect on a long-term basis to earn better than 6% (the general partner's allocation is zero unless we do) although it is largely a matter of chance whether we achieve the 6% figure in any short period. Moreover, I can adopt a different attitude regarding the investment of money that can be expected to soon be a part of our equity capital than I can on short-term borrowed money. The advance payments have the added advantage to us of spreading the investment of new money over the year, rather than having it hit us all at once in January. On the other hand, 6% is more than can be obtained in short-term dollar secure investments by our partners, so I consider it mutually profitable.
为何给提前付款超过提前支取的净差额支付6%利率而不是当我们可以从商业银行以大幅更低的利率借款呢？答案是我们期望长期基础上可以赚取超过6%（GP的分润将会是0除非我们做到了），尽管他有很大的偶然性在任何短期内我们能实现6%的数据。而且，我可以用一个不同的态度考虑投资资金可以预期很快成为我们实体资本的一部分而不是我们可以在短期借款中可以得到的。这个提前付款有额外的优势对我们在一整年铺开我们新资金的投资，而不是在1月份一下砸向我们。另一方面，6%利率比我们合伙人在短期美元稳定投资中可以获得的要多，因此我认为这是双赢的。
25.obligation：义务；责任；职责
26.privilege：特权；荣幸；优惠待遇
27.downright：彻头彻尾的；完全的；（强调反面的或令人不快的事物）十足的
28.adrenaline：肾上腺素
29.arbitrage：套利；套汇；套购
30.overtone：弦外之意；暗示；言外之意
31.devoid：缺乏；完全没有
32.observer：观察者；观察员
33.impute：归咎（于）；归因（于）；归罪（于）
34.preponderance：优势；多数；主体
35.moreover：而且
36.secure：安全的；可靠的；稳固的
37.unanticipated：未曾想到的
