英文早讀第25篇，選自巴菲特年度信，友才翻譯。
The minimum investment for new partners is currently 25000, but, of course, this does not apply to present partners. Our method of operation will enable the partners to add or withdraw amounts of any size (in round 100) at yearend. Estimated total assets of the partnership will be in the neighborhood of 4 million, which enables us to consider investments such as the one menthioned earlier in this letter, which we would have had to pass several years ago.
對新合伙人現(xiàn)在起投量是25000美金，但是當(dāng)然，這個(gè)不適用于現(xiàn)存的合伙人。我們的運(yùn)作方式將允許合伙人在年末增加或提取任意數(shù)量的資金（零頭湊整到100美金）。估計(jì)合伙基金的整體規(guī)模將在400萬美金附近，這將使我們能考慮像這封信開頭提到的投資類型，而在幾年前我們只能選擇舍棄。
This has turned out to be more of a production than my annual letter. If you have any questions, particularly regarding anything that isn't clear in my discussion of the new partnership agreement, be sure to let me know. If there are a large number of questions, I will write a supplemental letter to all partners giving the questions that arise and the answers to them.
這封信比我的年度新更像一個(gè)具體文件材料。如果你有任何問題，尤其是關(guān)于我們新合伙協(xié)議的討論中不清楚的，請一定讓我知道。如果問題比較多，我會(huì)再寫一封補(bǔ)充信件，給所有合伙人展示提出的問題和回答。
Warren E. Buffett
沃倫 E. 巴菲特
Vlb
July 22, 1961
1961年7月22日
