英文早读第151篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 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
December 5th, 1969
1969年12月5日
To My Partners:
致我的合伙人：
This letter is to supply you with some published information relating to our two controlled companies (and their four principal operating components), as well as to give you my general views regarding their operations. My comments are not designed to give you loads of detailed information prospectus-style, but only my general "slant" as I see the businesses at this time.
这封信是为了提供一些已经公布的关于我们两家控股公司（和他们4家主要的运营部分）的信息，同样也给你我关于他们的运作的基本观点。我的评论不会像招股说明书一样风格给你大量详细的信息，而仅仅是我在此时看到这项业务的基本“有倾向的陈述”。
At yearend, BPL will own 800,000 of 1,000,000 shares outstanding of Diversified Retailing Company. First Manhattan Company and Wheeler, Munger & Company will each own 100,000 shares. DRC previously owned 100% of Hochschild, Kohn & Company of Baltimore, and currently owns 100% of Associated Retail Stores (formerly named Associated Cotton Shops). On December 1st, DRC sold its entire interest in H-K to Supermarkets General Corp. for 5,045,205 of cash plus non-interest bearing SGC notes for 2 million due 2-1-70, and 4,540,000 due 2-1-71. The present value of these notes approximates 6.0 million so, effectively, DRC received about 11 million on the sale. Various warranties were made by DRC in connection with the sale, and, while we expect to no claims pursuant to the contract, a remote contingent liability always exists while warranties are in force.
在年底，巴菲特合伙基金将持有百货零售公司已发行的100万股中的80万股的股份。第一曼哈顿公司和维勒芒格公司将各持有10万股。百货零售公司之前持有巴尔的摩的好时科恩公司100%的股份，现在100%持有联合零售商店（之前叫联合棉纺商店）。在12月1日，百货零售公司出售了在好时科恩公司他的全部股份给通用超市公司，作价504万5205现金加上通用超市公司的无息票据，一份70年2月1日到期的200万美金，一份71年2月1日到期的454万美金。这些票据现在的价值大约600万美金，因此，实际上，百货零售公司收到了大约1100万美金在这比出售上。百货零售公司做了关于这笔出售的各种保证，并且，尽管依照合同我们预计不会有索赔，但只要保证有效，就始终存在极小的有负债可能。
Associated Retail Stores has a net worth of about 7.5 million. It is an excellent business with a strong financial position, good operating margins and a record of increasing sales and earnings in recent years. Last year, sales were about 37.5 million and net income about 1 million. This year should see new records in sales and earnings, with my guess on the latter to be in the area of 1.1 million after full taxes.
联合零售商店净价值大约750万美金。这是一个优秀的业务，有强劲的财务表现，好的营业利润率和最近这些年不断增长的营业和利润记录。去年，销售额大约3750万美金，净收入大约100万美金。今年应该会看到新的销售和利润记录，我猜测后者将会在税后110万美金的范畴。
DRC has 6.6 million in debentures outstanding (prospectus with full description of the business as of December 18th, 1967 and the debenture terms will be sent you upon request) which have one unusual feature in that if I, or an entity controlled by me, is not the largest shareholder of DRC, the debentureholders have the right to present their debentures for payment by the company at par.
百货零售公司有未支付的660万美金债券（如果你需要，可以向你发送截至1967年12月8日关于这个业务的完整描述和债券条款的招股说明书中）有一个非常规特点是如果我或者一个我控制的实体，不再是百货零售公司最大的股东，债券持有人有权要求公司按他们的债券按面值来支付。
Thus, DRC has tangible net assets of about 11.50-12.00 per share, an excellent operating business and substantial funds available for reinvestment in other operating businesses. On an interim basis, such funds will be employed in marketable securities.
因此，百货零售公司有有形净资产大约11.50-12.00每股，一个卓越运转的业务和大量可获得的用于其它运营业务再投资的资金。中期来看，这些资金都可以用于可交易的股票。
1.prospectus：招股说明书；简章；简介
2.slant：有倾向性的陈述；倾斜；有偏向的报道
3.outstanding：杰出的；优秀的；出色的；重要的；明显的；未解决的；未支付的
4.warranties：保单
5.pursuant：依照；依据；按照
6.contingent：代表团；（军队的）分遣队；小分队
7.operation margin：营业利润率
8.debenture：债券
9.at par：按面值
10.interim：临时的；过渡的；期中的；暂时的
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