原文信息：
- 标题：1959 Letter to Limited Partners
- 作者：Warren Buffett
- 发表时间：1960-02-20
- 链接：Buffett Partnership Letters 1957-1970
- 翻译：诚明散人
- 整理：诚明散人
1959 Letter
WARREN E. BUFFETT
5202 Underwood Ave. Omaha, Nebraska
The Dow-Jones Industrial Average, undoubtedly the most widely used index of stock market behavior, presented a somewhat faulty picture in 1959. This index recorded an advance from 583 to 679, or 16.4% for the year. When the dividends which would have been received through ownership of the average are added, an overall gain of 19.9% indicated for 1959.
道琼斯工业指数，广泛用于指示股市状态的晴雨表，在1959年失灵了。这个指数从583点增长到679点，一年间增长了16.4%。拥有这个指数还可以收到相应的分红，这样的话1959年的指数总收益率就达到了19.9%。
Despite this indication of a robust market, more stocks declined than advanced on the New York Stock Exchange during the year by a margin of 710 to 628. Both the Dow-Jones Railroad Average and Utility Average registered declines.
尽管这个指数显示市场很强劲，但是在纽交所中，价格下降的股票要多于上涨的股票，它们的数量分别为710个和628个。道琼斯铁路指数和公用事业指数都是下降的。
Most investment trusts had a difficult time in comparison with the Industrial Average. Tri-Continental Corp. the nation's largest closed-end investment company (total asset $400 million) had an overall gain of about 5.7% for the year. Fred Brown, its President, had this to say about the 1959 marked in a recent speech to the Analysts Society:
相对于道琼斯工业指数，大部分投资基金表现的都不太好。Tri-Continental Corp.，国内最大的封闭式投资基金公司（总资产为4亿美元），年回报率为5.7%。他的主席Fred Brown最近在分析师学会发表演讲时这样描述1959年：
"But, even though we like the portfolio, the market performance of Tri-Continental's holdings in 1959 was disappointing to us. Markets in which investor sentiment and enthusiasm play so large a part as those of 1959, are difficult for investment managers trained in values and tuned to investing for the long-term. Perhaps we haven't had our space boots adjusted properly. However, we believe that there is a limit to risks that an investing institution such as Tri-Continental should take with its stockholders' money, and we believe that the portfolio is in shape for the year ahead."
“尽管我们喜欢我们的投资组合，但是我们公司的投资组合在1959年的市场表现还是令我们失望。1959年市场中的投资者是如此的敏感和热切，让受价值投资训练而致力于长期投资的投资经理面临很大困难。或许我们还没有很好地适应我们的靴子。但是我们坚信像Tri-Continental这样的机构应当将投资者的钱置于可控的风险之下，并且我们坚信我们的投资组合将来会表现良好。”
Massachusetts Investors Trust, the country's largest mutual fund with assets of $1.5 billion showed an overall gain of about 9% for the year.
Massachusetts Investors Trust，国内最大的共同基金，拥有资产15亿美元，今年的收益率约为9%。
Most of you know I have been very apprehensive about general stock market levels for several years. To date, this caution has been unnecessary. By previous standards, the present level of "blue chip" security prices contains a substantial speculative component with a corresponding risk of loss. Perhaps other standards of valuation are evolving which will permanently replace the old standard. I don't think so. I may very well be wrong; however, I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of a "New Era" philosophy where trees really do grow to the sky.
你们中大部分人都知道，很多年来我都在担心股票市场的高位风险。以目前的形势看，这种担心似乎没有必要。但按照我们先前的标准，现在的“蓝筹股”价格包含着巨大的投机成分，因而具有相当大的亏损风险。或许有人认为某些标准已经进化，并将会永久替代旧的标准。但我认为不是。虽然我有可能判断错误，但我宁愿因过于保守而错过，也不愿因犯错而导致本金的永久性损失。这种永久性损失产生于这样的“新时代”投资理念——在那里树木可以长到天上去！
There has been emphasis in previous letters on a suggested standard of performance involving relatively good results (compared to the general market indices and leading investment trusts) in periods of declining or level prices but relatively unimpressive results in rapidly rising markets.
在之前年度信中我强调过，我们在熊市或持平市场中的表现（相比指数和其他头部投资基金）会更好，但在快速上涨的牛市中会相对不那么好。
We were fortunate to achieve reasonably good results in 1959. The six partnerships that operated throughout the year achieved overall net gains ranging from 22.3% to 30.0%, and averaging about 25.9%. Portfolios of these partnerships are now about 80% comparable, but there is some difference due to securities and cash becoming available at varying times, payments made to partners, etc. Over the past few years, there hasn't been any partnership which has consistently been at the top or bottom of performance from year to year, and the variance is narrowing as the portfolios tend to become comparable.
但在1959年，我们很幸运地表现良好。我们的6个合伙基金的收益率分别从22.3%到30.0%，平均收益率为25.9%。这些合伙基金的投资组合有80%是差不多的，但是由于证券买入和资金募集的时间不同，以及支付给合伙人的资金数量各异，导致收益率有所差异。过去的几年中，没有一只合伙基金一直处于第一或最后一名，而且随着投资组合的趋同，这种区别也在收窄。
The overall net gain is determined on the basis of market values at the beginning and end of the year adjusted for payments made to partners or contributions received from them. It is not based on actual realized profits during the year, but is intended to measure the change in liquidating value for the year. It is before interest allowed to partners (where that is specified in the partnership agreement) and before any division of profit to the general partner, but after operating expenses.
我们计算的投资收益取决于投资组合在年初和年终的市场价值，以及已支付给合伙人的资金和他们新增的投资。这个收益并非是指本年实际已实现的利润，但是可以体现出投资组合年度清算价值的变动。这个收益已经扣除了运营费用，但是没有扣除给有限合伙人的权益（这些在合伙协议中已经特别说明）和给普通合伙人的利润分成。
The principal operating expense is the Nebraska Intangibles Tax which amounts to .4% of market value on practically all securities. Last year represented the first time that this tax had been effectively enforced and, of course penalized our results to the extent of .4%.
我们主要的运营费用是以市场价值0.4%对所有证券征收的内布拉斯加无形资产税。去年这个税种初次生效，于是我们也就损失了这额外的0.4%。
Last year, I mentioned a new commitment which involved about 25% of assets of the various partnerships. Presently this investment is about 35% of assets. This is an unusually large percentage, but has been made for strong reasons. In effect, this company is partially an investment trust owing some thirty or forty other securities of high quality. Our investment was made and is carried at a substantial discount from asset value based on market value of their securities and a conservative appraisal of the operating business.
去年我提到过一项占我们所有合伙基金总资产25%的投资。现在这项投资占了我们总资产的35%。这是一个相对异常的大比例投资，但有很坚实的理由。实际上从某种程度上来说，我们投资的这个公司是一个投资信托，它拥有三四十只其他高质量公司的股票。我们是基于对该公司运营资本的保守估计和它所持有股票的市场价格的巨大折扣来进行投资的。
We are the company’s largest stockholder by a considerable margin, and the two other large holders agree with our ideas. The probability is extremely high that the performance of this investment will be superior to that of the general market until its disposition, and I am hopeful that this will take place this year.
我们是这个公司的最大股东，股权占比远超其他股东，而且另外两个大股东的步调跟我们一致。这项投资完成后的收益率有极大的可能将会远超股票市场的平均收益率，而且很可能今年就会实现。
The remaining 65% of the portfolio is in securities which I consider undervalued and work-out operations. To the extent possible, I continue to attempt to invest in situations at least partially insulated from the behavior of the general market.
我们投资组合的其他65%布署在被低估的股票和“Workouts”上。如果可能，我会继续将资金投资在受股票市场影响较小的标的上。
This policy should lead to superior results in bear markets and average performance in bull markets. The first prediction may be subject to test this year since, at this writing, the Dow-Jones Industrials have retraced over half of their 1959 advance.
这项策略会让我们在熊市中表现较好，而在牛市中表现持平。今年或许可以验证我们的这个策略，写这封信时道琼斯指数在1959年的涨幅已经回撤了一大半。
Should you have any questions or if I have not been clear in any respect, I would be very happy to hear from you.
如果你们有任何问题或者我有什么事情没有说清楚，我非常乐意你们随时联系我。
Warren E. Buffett
2-20-60