原文信息：
- 标题：1962 December Letter to Partners
- 作者：Warren Buffett
- 发表时间：1962-12-24
- 链接：Buffett Partnership Letters 1957-1970
- 中文翻译参考：RanRan
- 整理：Ponge
- 校译：
BUFFETT PARTNERSHIP, LTD.
810 KIEWIT PLAZA
OMAHA 31, NEBRASKA
December 24, 1962
To All Limited Partners:
尊敬的各位有限合伙人：
The following tax information is very important and should either be clearly understood by you if you prepare your own return or given to your tax advisor if he prepares your return.
下列税收信息非常重要。如果你亲自报税，请务必读懂下列内容。如果你请别人代为报税，请转达以下用于报税的信息。
(1) If you have received any distributions from the partnership during the year, disregard such amounts for federal income tax purposes.
(1) 在报税时，合伙人不必申报本年度从合伙基金收到的股息。
(2) All items which should be included on your federal income tax return will be sent to you by the 20th of January either by me or directly from our auditors. You will be informed as to the proper handling of these items on your return. Do not file your tax return until you have this information.
(2) 1 月 20 日之前，我或我们的审计会将所有需要缴纳联邦所得税的项目寄给各位。我们会告知各位如何申报。在此之前，请勿报税。
(3) Nebraska residents need not report their interest in the partnership on their Nebraska Personal Property Return. The Partnership pays personal property taxes directly; the individual partners do not need to pay them.
(3) 内布拉斯加州居民无需将合伙基金权益申报为个人财产税。合伙基金直接支付个人财产税，各位合伙人无需支付。
(4) If potential income from the partnership (say 15% or 20% of your equity at market value) is a significant portion of your total income, the safe course to follow in preparing 1963 quarterly estimates is to pay on the basis of your actual 1962 tax. This will avoid possible penalties for underestimating. You are liable on your quarterly estimates for your proportionate share of partnership income. If your estimate for the current year is the same as the actual tax paid for the preceding year, you cannot be penalized for underestimating.
(4) 如果来自合伙基金的潜在收益（按市值计算持有权益的 15% 或 20%）占你总收入的比重很大，比较稳妥的做法是，按照你 1962 年实际纳税金额填写 1963 年的各季度估算金额。这样可以避免因估算额过低而受罚。你要为自己能从合伙基金所得收益的季度估算负责。如果你对今年的估算和去年实际支付税款相同，就不会因为估算额过低而受罚。
If you have any questions at all about this information, be sure to let me know.
如有任何疑问，请告诉我。
During January you will receive the following items from us:
1 月份，你会收到我们寄出的下列文件：
(1) A copy of the audit report prepared by Peat, Marwick, Mitchell & Company.
(1) 毕马威会计师事务所出具的审计报告。
(2) Complete tax figures as mentioned above.
(2) 上文所说的税务数据。
(3) A statement as to the market value of your interest on January 1, 1963, giving effect to additions and withdrawals, if any, in the early days of January.
(3) 将增资和提现计算在内，你的合伙基金权益于 1 月初的市值对账单。
(4) My inimitable annual letter.
(4) 我特立独行的年度信。
Since my letter of November 1st, the stock market has moved substantially higher; therefore, our margin of superiority over the Dow has narrowed somewhat. Currently, the over-all return from the Dow is about minus 8 1/2%. I would estimate our position at approximately plus 11 1/2 %. Giving effect to the allocation to the general partner, this means the limited partners are plus approximately 10% before monthly payments. If prices remain the same at yearend, partners who have withdrawn at the rate of 1/2 of 1% monthly will have capital accounts approximately 4% above the figure at the beginning of the year.
上一封信写于 11 月 1 日，此后股市大涨，我们相对道指的领先优势有所减少。截止目前，道指的整体收益率约为 - 8.5%。我们的整体收益率大概是 11.5%。扣除普通合伙人分成和有限合伙人的利息，有限合伙人的收益率约为 10%。如果年末仍然保持这一水平，与年初相比，以每月 0.5% 获得利息的合伙人的资本将增值 4% 左右。
All commitment letters become absolutely final on December 31st. Should you wish to modify this letter in any way, it is essential that you contact me either in writing or verbally before the close of business on the 31st.
上述数据仅为估算，一切都要到 12 月 31 日才能最终确定。如对本信内容有任何疑问，请在 12 月 31 日前写信或当面联系我。
Cordially,
Warren E. Buffett