英文早读第132篇，选自巴菲特年度信，友才翻译。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NERBRASKA 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
July 11th, 1968
1968年7月11日
First Half Performance
上半年度表现
During the first half of 1968, the Dow-Jones Industrial Average declined fractionally from 905 to 898. Ownership of the Dow would also produced dividends of about 15 during the half, resulting in an overall gain of 0.9% for that Average. The Dow, once again, was an anemic competitor for most investment managers, although it was not surpassed by anything like the margins of 1967.
在1968年上半年度，道琼斯工业平均指数从905略微下跌至898。道琼斯的持有者在这半年也产生了15美金的分红，使指数最终盈利0.9%。道琼斯，再一次，成为一个对于大多数投资管理者没有活力的对手，尽管没有像1967年那样的幅度所超越。
Our own performance was unusually good during the first half, with an overall gain of 16% excluding any change in valuation for controlled companies (which represents slightly over one-third of net assets at the beginning of the year). However, any release of adrenalin in unwarranted. Our marketable security investments are heavily concentrated in a few situations, making relative performance potentially more volatile than in widely diversified investment vehicles. Our long term performance goals are as stated in the revised "Ground Rules" and I will be quite happy if we achieve those limited objectives over a period of years. The following table summarizes performance to date on the usual basis:
我们自己的表现在这半年不同寻常的好，整体盈利16%，不包括对控制类公司任何估值的改变（那代表在年初轻微超过我们净资产的1/3)。然而，任何肾上腺素的释放都是不合理的。我们的股票投资着重集中在几个标的，使我们的相对表现潜在比广泛分散投资方式更加不稳定。我们的长期表现目标在修订的“基本准则”中阐述了并且我相当开心如果我们在很长的年份实现了这些有限的目标。下面的表格总结了截至现在的表现：
(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 preceeding column of partnership results allowing for allocation to the general partner based upon 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。
Although we revise valuations of our controlled companies only at yearend, it presently appears that our share of their 1968 earnings will be something over 3 million. Those with primary responsibility for their operations, Ken Chace at Berkshire Hathaway, Louis Kohn at Hochschild Kohn, Jack Ringwalt at National Indemnity and Ben Rosner at Associated Cotton Shops, continue to meld effort and ability into results.
尽管我们只在年底修订我们的控制类公司估值，现在似乎我们的股份在1968年的盈利将会超过300万美金。这些首要归功于他们的运营，伯克希尔哈撒韦的肯查思，霍斯柴尔德科恩的路易斯科恩，国家保障的杰克零怀特和联合棉纺商店的本罗斯恩，继续贡献他们的努力和能力所致。
This year, Diversified Retailing Company (owner of Hochschild Kohn and Associated Cotton Shops) issued its first published annual report. This was occasioned by the public sale of debentures to approximately 1,000 investors last December. Thus, DRC is in the rather unusual position of being a public company from creditors' viewpoint, but a private one (there are three stockholders - BPL owns 80%) for ownership purposes. I am enclosing the DRC report with this letter (except where duplicates go to one house hold) and plan to continue to send them along with future mid-year letters.
这一年，百货零售公司（霍斯柴尔德科恩和联合棉纺商店的所有者）发布了他的第一份公开年度报告。这是因为去年12月向大约1000名投资者出售了公开债券。因此DRC从债权人视角来看是相当不同寻常的上市公司，因为从私有化视角来看是家私人公司（三个股东包括伯克希尔哈撒韦持有80%）。我附上了DRC的年报在这份信里（除了那些将会给一个家庭共用的复印件）并计划继续和未来的年中信一起寄送。
As I have mentioned before, we cannot make the same sort of money out of permanent ownership of controlled businesses that can be made from buying and reselling such businesses, or from skilled investment in marketable securities. Nevertheless, they offer a pleasant long term form of activity (when conducted in conjunction with high grade, able people) at satisfactory rates of return.
如我之前提到的，我们不能在永久持有的控制类业务中赚取那类可以通过购买和出售业务或者从股市投资技巧中的钱。然而，他们提供的一个令人满意的长期运作（由和高层人士，有能力的人一起合作开始）且有令人满意的回报。
1.fractionally：很小的；略微的
2.anemic：贫血的；没有活力的；无精打采的
3.release：释放；免除；解除
4.adrenalin：肾上腺素
5.unwarranted：不合理的；无正当理由的；不必要的
6.volatile：不稳定的；易变的
7.revise：修改；修订；改变；复习；温习
8.meld：融合；合并；结合
9.occasioned：造成；导致；偶然引起的
10.debenture：债券
11.creditor：债权人；债主
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