英文早读第13篇，选自巴菲特年度信，友才翻译。
Results in 1959:
1959年的成果：
There has been emphasis in previous letters on a suggested standard of performance involving relatively good results (compared to general market indices and leading investment trusts) in periods of declining or level prices but relatively umimpressive results in rapidly rising markets.
在之前的信中强调过对表现的建议标准，包括在市场下降或维持价格时有相对好的结果（相比于一般市场指数或领先的投资信托），但相对普通的表现在快速上升的市场。
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 was consistently been at the top or bottom of performance from year to year, and the variance in narrowing as the portfolios tend to become comparable.
我们很幸运在1959年取得很好的结果。六个合伙基金获得了从22.3%到30.0%的净值增长，平均大约25.9%。这些合伙基金的投资组合现在大约80%相似，但存在小的区别，因为股票和资金获得的时间不同，支付给合伙人资金不同，等等。在过去这些年，没有哪一只合伙基金一年一年的连续头部或者垫底，区别变得越来越小因为投资组合趋向类似。
The overall net gain is determined on the basis of market values at the begining 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 partnership agreement) and before any division of profit to general partner, but after operating expenses.
净利润是由年初与年终的市值为基础，并经支付给合伙人款项和从他们募资款调整后决定的。他不是基于这一年实际获得的收益，但是可以能够测算这年的变现水平。这个数字是在给所有合伙人利息前（这一点在合伙协议中特别约定了）和在给一般合伙人利益分红前，但是是在运营费用之后。
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%.
主要的运营费用是内布拉斯州无形资产税，按几乎所有股票市值的0.4%计算。去年这个税首次有力影响了我们，当然减少了我们的0.4%的成果。
18.emphasis：强调；重要性；加重语气
19.indices：index的复数；标志；迹象；（刻度盘上的）指针；食指
20.unimpressive：给人印象不深的；普通的；平庸的；毫无特色的
21.comparable：类似的；可比较的
22.consistent：一致的；连续的；与……一致的；始终如一的
23.liquidate：清算；清还；清盘；变现
24.intangible：无形的
25.practical：实际的；适用的；真实的；明智的；几乎完全的；客观存在的
26.penalize：处罚；惩罚；判罚；置于不利地位
