巴菲特致股东的信(PDF 45页）

去年伯克希尔有一些好消息，但我们还是先从坏消息说起吧。
When the partnership I ran took control of Berkshire in 1965, I could never have dreamed that a year in which we had a gain of $24.1 billion would be subpar, in terms of the comparison we present on the facing page.
1965年我运作的合伙公司接手伯克希尔以来，我从来没有想过，一个回报241亿美元的年份相对业绩居然是低于平均水平的，请参见第一页的业绩比较。
But subpar it was. For the ninth time in 48 years, Berkshire’s percentage increase in book value was less than the S&P’s percentage gain (a calculation that includes dividends as well as price appreciation). In eight of those nine years, it should be noted, the S&P had a gain of 15% or more. We do better when the wind is in our face.
但去年的业绩的确低于平均水平。这是48年来第9次伯克希尔的业绩落后于标普500指数的回报（计算包括的分红和股价上升）。需要强调的是，另外的8次落后中，标普500指数增长都超过15%。我们在逆境里干的要好一些。
To date, we’ve never had a five-year period of underperformance, having managed 43 times to surpass the S&P over such a stretch. (The record is on page 103.) But the S&P has now had gains in each of the last four years, outpacing us over that period. If the market continues to advance in 2013, our streak of five-year wins will end.
迄今为止，我们从来没有在按5年衡量的业绩上落后于标普，已经实现了43连胜（记录参见103页）。但是标普指数过去4年连续取得正回报，并且超过了我们。如果2013年市场继续实现超越，我们的5年期连胜记录就要终结了。
One thing of which you can be certain: Whatever Berkshire’s results,
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