英文早读第109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 12, 1966
1966年7月12日

First Half Performance
上半年度表现

During the first half of 1966, the Dow-Jones Industrial Average (hereinafter called the "Dow") declined from 969.26 to 870.10. If one had owned the Dow during this period, dividends of approximately 14.70 would have been received, reducing the overall loss of the Dow to about 8.7%.
在1966年上半年，道琼斯工业平均指数（此后称为“道琼斯”）从969.26下降到870.10。如果一个人在这期间持有道琼斯，大约14.70的分红会收到，减少道琼斯整体损失至大约8.7%。

It is my objective and my hope (but not my prediction!) that we achieve over a long period of time, an average yealy advantage of ten percentage points relative to the Dow. During the first half we did considerably better than expected with an overall gain of approximately 8.2%. Such results should be regarded as decidedly abnormal. I have previously complimented partners on the good-natures tolerance they display in shrugging off such unexpected positive variances. The nature of our business is such that over the years, we will not disappoint the many of you who must also desire a test of your capacity for tolerance of negative variances.
这是我的目标和我的希望（但不是我的预期）我们在一个长时间段后，实现相比于道琼斯平均每年10个百分点领先。在上半年我们做的相当好比期望的，有大约8.2%的整体盈利。这样的结果应该被认为是不正常的。我之前向合伙人称赞过这样友好的扰动在这些位未预期的积极的变动上。我们业务的本性是经过一些年，我们不会让你们中大多数失望而必须也预期有能力接受消极变动的测试。

The following summarizes the year-by-year performance of the Dow, the performance of the Partnership before allocation to the general partner, and the results for limited partners:
下面总结了年度环比的道琼斯表现、合伙基金在给GP分润前表现、和给LP的结果：

(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。

Even Samson gets clipped occasionally. If you had invested 100,000 on January 1 equally among -
a. the world's largest auto company (General Motors);
b. the world's largest oil company (Standard of New Jersey);
c. the world's largest retailing company (Sears Roebuck);
d. the world's largest chemical company (Dupont);
e. the world's largest steel company (U.S. Steel);
f. the world's largest stockholder-owned insurance company (Aetna);
g. the world's largest public utility (American Telephone & Telegraph);
h. the world's largest bank (Bank of America);
即使大力士偶尔也会被击打。如果你在1月1号投资10万美金在——
a.世界上最大的汽车公司（通用汽车）；
b.世界上最大的石油公司（新泽西标准）；
c.世界上最大的零售公司（希尔斯罗巴克）；
d.世界上最大的化学公司（杜邦）；
e.世界上最大的钢铁公司（美国钢铁）；
f.世界上最大的控股保险公司（安泰）；
g.世界上最大的公用事业（美国电话电报）；
h.世界上最大的银行（美国银行）；

your total portfolio (including dividends received) would have been worth 83,370 on June 30 for a loss of 16.6%. The total market value on January 1 of these eight giants was well over 100 billion. Everyone of them was selling lower on June 30.
你整体组合（包括收到的分红）将会在6月30日价值8万3370美元，损失16.6%。这8个巨无霸的整体市值在1月1日超过1000亿美金。他们中的每一个在6月30日都更便宜了。

1.compliment：恭维；致意；称赞
2.good-natured：友好的；和蔼可亲的；本性善良的
3.shrug：耸肩
4.Samson：圣经中的大力士
5.clip：修剪；夹住；剪下；撞击；别住