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2012-3-23 巴菲特致股东方的信1966 Wendy

时间:2019-09-30 08:33 | 来源:原创 | 作者:locoy | 点击:次 | 我要投稿
????January 25, 1967 ????The First Decade ???????????? ????The Partnership had its tenth anniversary during 1966. The ????celebration was appropriate - an all-time record (both past and ?

????January 25, 1967

????The First Decade

????????????

????The Partnership had its tenth anniversary during 1966. The

????celebration was appropriate - an all-time record (both past and

????future) was established for our performance margin relative to the

????Dow. Our advantage was 36 points which resulted from a plus 20.4%

????for the Partnership and a minus 15. 6% for the Dow.

????1966?????????????????????????????????????????????????????????????????????????????????????????????????????ò????????????????????????????36????????﹫????????20.4%??????????????????????15.6%??

????This pleasant but non-repeatable experience was partially due to

????a lackluster performance by the Dow. Virtually all investment

????managers outperformed it during the year. The Dow is weighted by

????the dollar price of the thirty stocks involved. Several of the

????highest priced components, which thereby carry disproportionate

????weight (duPont, General Motors), were particularly poor performers

????in 1966. This, coupled with the general aversion to conventional

????blue chips, caused the Dow to suffer relative to general

????invest-ment experience, particularly during the

????last quarter.

??????????????????????????????????????????????????????????г??弴?????????????????????????????????????????????????????30???????????????????????????????????????????????????????????1966???弴??????????????????????????γ?????????????????????????????????????

????The following summarizes the year-by-year performance of the

????Dow, the performance of the Partnership before allocation (one

????quarter of the excess over 6%) to the general partner, and the

????results for limited partners:

?????????????????????????????????????????????????????????6%??????????????????????????弴???

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