英文早读第154篇，选自巴菲特年度信，友才翻译。
We presently plan to make the initial BPL cash distribution on January 5th, which will now come to at least 64% of January 1, 1969 capital less any distributions (including monthly payments) you have received from us since January 1, 1969. There is now a pending offering, headed by Merrill, Lynch, Pierce, Fenner & Smith, of our Blue Chip Stamps holdings which, if completed this month as expected, should bring the figure to at least 70%.
我们现在计划在1月5日做第一次巴菲特合伙基金现金分配，扣掉任何你从1969年1月1日开始从我们这里收到的任何分配（包括月度支付），将会是1969年1月1日资金的至少64%。现在有一个美林证券牵头对我们蓝筹公司持股的待定的交易意向，如果这个月如期完成，将会让这个数字变为至少70%。
If you wish Bill and me to give you our ideas regarding bonds in March, you should purchase U.S. Treasury Bills maturing in late March with the applicable portion of the January 5th distribution. Then advise us in the last week of February of the amount you wish to invest in bonds and we will let you know our thoughts.
如果你希望比尔和我关于3月份债券给你我们的主意，你应该购买在3月末到期的美国国债，正好匹配1月5日分配的比例。然后在2月的最后一周告诉我们你希望投资债券的数量，然后我们将会让你知道我们的想法。
About the middle of January (as soon as the exact amounts are figured and shares are received from the Transfer Agent after having been registered in your name) we will distribute the DRC and B-H stock applicable to your partnership interest and subsequently advise you of your tax basis and acquisition date attributable to the stock. Such shares will be "legended" as described in the enclosed letter from Monen, Seidler & Ryan. These stock certificates are valuable and should be kept in a safe place.
大约1月中旬（一旦具体的数量计算出来就会将从交易代理收到的股票被注册在你名下后）我们将会根据你在合伙基金的股份分配百货零售公司和伯克希尔哈撒韦公司的股票，之后会告知你税务和这些股票的到账日期。这些股份将会如摩恩，希德勒和瑞恩律所在随附信中所描述的那样“限制性交易”。这些股票证书是有价值的，应该被保存在安全的地方。
In past letters I had expressed the hope that BPL, could supply a mechanism whereby you could, if you wished, automatically convert your DRC and B-H to cash. I have had two law firms consider extensively the status of these shares in your hands following the liquidation and the accompanying letters (which should be saved and kept with the shares) give their conclusions. As you can see, it is not an area that produces simple, clear-cut guidelines. I see no prudent way to implement the alternatives I had previously been considering. Therefore, you must follow the guidelines they set forth if you wish to dispose of your shares. As you probably realize, the restrictions on subsequent sale apply more severely to Susie and me (because of my continued "insider" position) than they probably do to you. Substantial quantities of securities often are sold via the "private sale" option described in paragraph (3) of the opinion. If the rules become clearer or more simplified in the future, I will be sure to let you know.
在过去的信中我表示希望巴菲特合伙基金可以提供一个机制由此你可以，如果你想的话，自动将你的百货零售公司和伯克希尔哈撒韦公司股份转化为现金。我已经请两家律所思考你手中股份的状态可以扩大流动性，随附的信中（也应该被保存且和股份保管在一起）给出了他们的结论。如你所看到的，没有办法提供简单的，清晰的指导。没有找到什么可靠的方式可以执行我之前考虑的备选方案。因此，你必须遵循他们设置的指导方式如果你希望处置你的股份。或许如你想到的一样，对苏茜和我（因为我继续是内部人士的处境）在随后的出售的限制比他们可能对你的要更加严厉。较大数量的股份通常通过“私下出售”的方式出售，他在律所观点中的第三段有描述。如果将来规则变得更清晰或更简单，我会确保让你也知道。
At the time of distribution of DRC and B-H, I will advise you of the values applied to such shares at 1969 yearend. You will receive our audit and tax letter about the end of January. It presently appears that sale of our Blue Chip shares and a substantial increase in value of DRC and B-H will bring our overall gain for the year to slightly over 6%.
在分配百货零售公司和伯克希尔哈撒韦公司的时候，我会告诉你1969年末适用于这些股份的价值。你将会在1月末收到我们的审计报告和税务信件。现在对蓝筹股票的出售和百货零售公司及伯克希尔哈撒韦公司价值的大幅增长似乎会使我们今年整体盈利微微超过6%。
My next letter will be in late December, summarizing the questions and answers regarding DRC and B-H, and also supplying a final estimate on the January 5th cash distribution.
我的下封信将会在12月末，总结关于百货零售公司和伯克希尔哈撒韦的问答，同时也提供对1月5日现金分配的最终预估。
Warren E. Buffett
沃伦E.巴菲特
30.pending：在等待……时期；直到……为止
31.advise：建议；通知；劝告；忠告；出主意；正式告知
32.attributable：可归因于；可能由于
33.legended：传说中的
34.mechanism：机械装置；机制；方法
35.whereby：由此；借以；凭此
36.extensively：广泛的；广大的
37.prudent：谨慎的；慎重的；仔细的；小心的
38.severely：严重的；严厉地；严格地
网友评论