英文早读第23篇，选自巴菲特年度信，友才翻译。
(B) A division of profits between the limited partners and general partners, with the first 6% per year to partners based upon beginning capital at market, and any excess divided one-fourth to the general partner and three-fourths to all partners proportional to their capital. Any deficiencies in earnings below the 6% would carried forward against future earnings, but would not be carried back. Presently, there are three profit arrangements which have been optional to incoming partners:
关于利润在LP和GP的分配，首先按照开始进入市场的资金先给合伙人每年6%，任何超出的利润1/4给GP，3/4按照资金比例给所有合伙人。任何低于6%的盈利将会结转为未来的迎来，但不会转回来。现在，有3种利润安排供进场的合伙人选择：
In the event of profits, the new division will obviously have to be better for limited partners than the first two arrangements. Regarding the third, the new arrangement will be superior up to 18% per year; but above this rate the limited partners would do better under the present agreement. About 80% of total partnership assets have selected the first two arrangements, and I am hopeful, should we average better than 18% yearly, partners presently under the third arrangement will not feel short-changed under the new arrangement;
在盈利情况下，新的分配方案对LP会明显好于前两种。考虑到第三种，新的方案在每年盈利直到18%的时候会更优秀，一旦超过这个盈利率，现有的协议对LP表现更好。大约总合伙基金资产的80%已经选择了前两种安排，因此我希望，我当们每年的表现超过18%时，现在第三种方案下的合伙人在新的方案下不要感到吃亏。
(C)In the event of losses, there will be no carry back against amounts previously credited to me as general partner. Although there will be a carry-forward against future excess earnings. However, my wife and I will have the largest single investment in the new partnership, probably about one-sixth of total partnership assets, and thereby a greater dollar stake in losses than any other partner of family group, I am inseting a provision in the partnership agreement which will prohibit the purchase by me or my family of any marketable securities. In other words, the new partnership will represent my entire investment operation in marketable securities, so that my results will have to be directly proportional to yours, subject to the advantage I obtain if we do better than 6%;
在亏损的情况，对于作为GP的我没有义务偿还这些金额。尽管他会被结转到未来的盈利。然而，我的妻子和我在新的合伙基金拥有单一最大投资，大约占合伙基金资产的1/6，因此这是比其他合伙人更大的美金损失，所以我在合伙协议中插入了一个条款阻止我或者我的家人交易任何受市场影响的股票。话句话说，这个新的合伙基金将代表我完整的在受市场影响股票上的操作，如果我做到超过6%获得了优势，这些结果也直接等比例到你的份额上；
(D) A provision for monthly payments at the rate of 6% yearly, based on beginning of the year capital valued at market. Partners not wishing to withdraw money currently can have this credited back to them automatically as an advance payment, drawing 6%, to purchase an additional equity interest in the partnership at yearend. This will solve one stumbling block that has heretofore existed in the path of consolidation, since many partners desire regular withdrawls and others wish to plow everything back;
对于按年化6%月度付款的条款，基于在年初的市值。合伙人不想现在取钱，可以把这些再投入到合伙基金里，这些自己将自动作为预付资金，在年底从合伙基金中获得一笔额外的6%的利息。这将解决在此之前在合并道路上的一个阻碍，考虑到很多合伙人希望规律的取钱，而另一些则希望把这些再投入。
14.division：分配；分开；除法；不和；界限
15.deficiency：缺乏；缺陷；不足；缺少
16.carry forward：结转；发扬
17.prohibit：阻止；禁止；使不可能
18.subject to：从属于；使服从
19.equity：公平；股本；普通股
20.stumble：绊倒；（不顺畅的）说，读，演奏；蹒跚而行；过失；失败
21.heretofore：迄今为止；在此之前
22.consolidate：巩固；结成一体，合并；使加强
23.plow：犁；耕；破浪前行
