原文信息：
- 标题：1965 November Letter to Limited Partners
- 作者：Warren Buffett
- 发表时间：1965-11-01
- 链接：Buffett Partnership Letters 1957-1970
- 翻译：诚明散人
- 整理：诚明散人
BUFFETT PARTNERSHIP, LTD. 810 KIEWIT PLAZA OMAHA 31, NEBRASKA
November 1, 1965
To My Partners for 1966:
致1966年的合伙人：
Enclosed are:
这封信中包含：
(1) Two copies or the commitment letter for 1966, one to be kept by you and one returned to us. You may amend the commitment letter right up to midnight, December 31st. So get it back to us early, and if it needs to be changed, just let us know by letter or phone. Commitment letters become final on December 31st. Every year I get a number or calls in the first week in January expressing a desire to add to the January 1st capital. THIS CAN'T BE DONE.
（1）两份1966年的投资协议书，一份由你保留、一份需归还给我。在12月31日前，你随时都可以修订该协议。你还可以通过信或电话告知我们要修改，所以请尽量提前寄回这份协议。12月31日是截止时间。每年我都会在一月的第一周接到想要在1月1日增加投资的电话。这种要求是无法被满足的。
(2) A copy of our ever-popular "The Ground Rules." It is essential that we see eye-to-eye on the matters covered therein. If you have different views - fine, yours may be better - but you shouldn't be in the partnership. Please particularly note Ground Rule 7. This has been added this year reflecting a moderate shift in my attitude over a period of time. It represents a decidedly unconventional (but logical in my opinion when applied to our operation) approach and is therefore specifically called to your attention.
（2）一份我们最受欢迎的“基本原则”。我们对其中所包含的条款心心相印是非常重要的。你或许有不同意见，或许你的会更好。但是如果这样，你大概不属于我们的合伙公司。请特别注意我们基本原则中的第7条。这一条增加了一些内容，反映了一段时间以来我的一些想法的改变。它不同于传统想法（但是我认为在我们的运营实践中非常合乎逻辑），所以需要你特别注意。
Any withdrawals will be paid January 5th. You may withdraw any amount you desire from $100 up to your entire equity. Similarly, additions can be for any amount and should reach us by January 10th. In the event you are disposing of anything, this will give you a chance to have the transaction in 1966 if that appears to be advantageous for tax reasons. If additions reach us in November, they take on the status of advance payments and draw 6% interest until yearend. This is not true of additions reaching us in December.
任何撤资都将在1月5日支付。你可以从你在合伙基金中的份额中撤出从100美元至全部资产的任何金额。增加的投资也是如此，但必须让我们在1月10日前收到。如果你正在处置某些投资，而且可以得到某些税收优势，这或许可以让你把交易放在1966年。如果增补款在11月到达我们这里，它们就具有预付款的地位，并按6%的利率计息，直到年终。12月份到账的增资不计利息。
The partnership owns a controlling interest in Berkshire Hathaway Inc., a publicly-traded security. As mentioned in my midyear letter, asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest. We will value our position in Berkshire Hathaway at yearend at a price halfway between net current asset value and book value. Because of the nature of our receivables and inventory this, in effect, amounts to valuation of our current assets at 100 cents on the dollar and our fixed assets at 50 cents on the dollar. Such a value in my opinion is fair to both adding and withdrawing partners. It may be either of lower than market value at the time.
我们的合伙基金控股了一个公开上市的公司——Berkshire Hathaway（伯克希尔哈撒韦公司）。就像我在年中信中写到的那样，控股后企业的资产价值和盈利能力是影响估值最主要的因素。市场价格虽然对少数股东有影响，但对于控股股东几乎完全不重要。我们将会在年底以净流动资产价值和账面价值中间的某个价格来衡量Berkshire Hathaway的价值。由于我们的应收账款和存货的性质，在估计流动资产价值时可以按照100%的账面价值估值，而固定资产会按50%的比例来估值。我认为这种估值对于想要增加和想要撤出投资的合伙人都是公平的。即使这两者在那个时候都比市场价值要低。
As I write this, we are orbiting in quite satisfactory fashion. Our margin over the Dow is well above average, and even those Neanderthal partners who utilize such crude yardsticks as net profit would find performance satisfactory. This is all, of course, subject to substantial change by yearend.
在我写这封信的时候，我们的盈利状况相当令人满意。我们相对于道指的优势非常大，即使是用净利润这种比较原始的标准来衡量收益的尼安德特式的合伙人也会感到相当满意。当然，在年底前也许会发生很大的变化。
If anything needs clarification, call or write John Harding who is in charge of "de-confusing" partners. The tax situation is about as reported in the August letter, but if you would like John to make the calculation for you, he will be glad to do it.
如果有任何不清楚的地方，请打电话或写信给John Harding，他现在负责为合伙人解惑。税收状况跟8月份信中提到的差不多，不过如果你需要，可以让John重新计算，他会很乐意为你做这些事。
Cordially,
Warren E. Buffett
P/S: We are continuing our "no prize" policy for the last ones to get their commitment letters back to us. It will make things easier for us if you get it back pronto. If you want to make changes later (before January lst), just give us a call, and we'll amend it for you.
附注：对那些最后将承诺书交还给我们的人，我们将继续执行“无奖”政策。如果你能尽快交还承诺书，我们的工作会更轻松。如果你想稍后（1月1日之前）进行修改，只需打个电话，我们就会为你修改。