1956-05-01 Warren Buffett.Certificate of Limited Partnership
CERTIFICATE OF LIMITED PARTNERSHIP
The undersigned hereby certified that they have this day entered into a limited partnership, and that:
I
The name of the partnership is
BUFFETT ASSOCIATES, LTD.
II
The character of the business to be carried on shall consist of the buying and selling, for the account of the partnership, of stocks, bonds and other securities, commodities and investments.
III
The location of the principal place of business shall be Omaha, Douglas County, Nebraska.
VI
The general partner is:
Warren E. Buffett
Omaha, Nebraska
The limited partners are:
Charles E. Peterson, Jr.
Omaha, Nebraska
Elisabeth B. Peterson
Omaha, Nebraska
Doris B. Wood
Omaha, Nebraska
Daniel J. Monen, Jr.
Omaha, Nebraska
William . Thompson
Omaha, Nebraska
Alice R. Buffett
Omaha, Nebraska
hereinafter called collectively the limited partners.
V
The term for which the partnership is to exist begins on May 1, 1956, and ends on April 30, 1976, unless sooner terminated, as provided in the Partnership Agreement or as provided under the laws of Nebraska.
VI
The amount of cash contributed by each limited partner is as follows:
| Limited Partners | Contributed Capital |
|---|---|
| Charles E. Peterson, Jr. | $5,000.00 |
| Elisabeth B. Peterson | $25,000.00 |
| Doris B. Wood | $5,000.00 |
| Truman S. Wood | $5,000.00 |
| Daniel J. Monen, Jr. | $5,000.00 |
| William H. Thompson | $25,000.00 |
| Alice R. Buffett | $35,000.00 |
VII
The limited partners have not agreed to make any additional contributions.
VIII
No time has been agreed upon, short of the termination date of the partnership or the withdrawal of a limited partner from the partnership, for a return of the limited partners' contributions.
IX
The share of the profits or other compensation by way of income which each limited partner shall receive by reason of his contribution is as follows: Each limited partner shall be paid interest at the rate of 4% per annum on the balance of his capital account as of December 31 of the immediately preceding year as shown by the Federal Income Tax Return filed by the partnership applicable to said year's business, said interest payments to be charged as expenses of the partnership business. In lieu of a separate computation of interest for the period ending December 31, 1956, each limited partner shall be paid 2% of his original capital contribution, said payments to be charged as expenses of the partnership business for said period. In addition each of the limited partners shall share in the overall net profits of the partnership, that is, the net profits of the partnership from the date of its formation to any given point of time in proportions set opposite their respective names:
| Charles E. Peterson, Jr. | 1/42 |
| Elisabeth B. Peterson | 5/42 |
| Doris B. Wood | 1/42 |
| Truman S. Wood | 1/42 |
| Daniel J. Monen, Jr. | 1/42 |
| William H. Thompson | 5/42 |
| Alice R. Buffett | 7/42 |
X
A limited partner has no right to substitute an assignee as contributor in his place.
XI
No right is given the partners to admit additional limited partners.
XII
There is no priority among the limited partners.
XIII
No right is given the remaining partners to continue the partnership business on the death, retirement or insanity of the general partner.
XIV
No right is given a limited partner to demand and receive property other than cash in return for his contribution.
Dated this 1 st day of May, 1956 .
In the presence of:
(Signatures)
Warren E. Buffett
Charles E. Peterson, Jr.
Elisabeth B. Peterson
Doris B. Wood
Truman S. Wood
Daniel J. Monen, Jr.
William . Thompson
Alice R. Buffett
文件的背景介绍
26. Money managers need to set expectations for their investors
资金管理者需要为他们的投资者设定期望。
WARREN BUFFETT: OK, station 6.
沃伦·巴菲特：好的，6 号站。
AUDIENCE MEMBER: Hi. I’m Jeff Malloy (PH) from San Francisco. And this is my first shareholders meeting.
观众成员：嗨。我是来自旧金山的杰夫·马洛伊（PH）。这是我第一次参加股东大会。
Mr. Buffett and Mr. Munger, I’m 27 years old and aspire to be a great money manager like you two one day.
巴菲特先生和芒格先生，我 27 岁，渴望有一天能像你们一样成为一名出色的资金管理者。
I’m considering starting my own investment fund, but I also recognize that I am young and have a lot to learn. My question to both of you is, how did you know you were ready to manage other people’s money? And what general advice would you give to someone in my shoes? Thank you.
我正在考虑创办自己的投资基金，但我也意识到自己还年轻，还有很多东西要学。我想请问你们二位，你们是如何知道自己已经准备好管理他人的资金的？对于像我这样的人，你们有什么建议吗？谢谢。
WARREN BUFFETT: Well, that’s a very interesting question, because I’ve faced that. And I sold securities for a while, but in May of 1956, I had a number of members of my family — I’d come back from New York, and they wanted me to help them out with stocks as I had earlier before I’d taken a job in New York. And I said, I did not want to get in the stock sales business, but I wanted to — I enjoyed investing. I was glad to figure out a way to do it, which I did through a partnership form.
沃伦·巴菲特：嗯，这是一个非常有趣的问题，因为我曾经面临过这个问题。我卖过证券一段时间，但在 1956 年 5 月，我的几个家人——我刚从纽约回来，他们希望我帮他们处理股票，就像我在去纽约工作之前那样。我说，我不想进入股票销售行业，但我想——我喜欢投资。我很高兴找到了一种方法来做到这一点，我通过合伙的形式实现了。
But I would not have done that, if I thought there was any chance, really, that I would lose the money.
但如果我认为有可能会亏损，我绝不会这么做。
And what I was worried about was not how I would behave, but how they would behave, because I needed people who were in sync with me. So, when we sat down for dinner in May of 1956 with seven people who either were related to me, or one was a roommate in college and his mother.
我担心的不是我自己的行为，而是他们的行为，因为我需要与我步调一致的人。所以1956年5月，我们七个人坐下来吃晚饭，他们都是我的亲戚或是我的大学室友及其母亲。
And I showed them the partnership agreement, and I said, “You don’t need to read this.” You know, there’s no way that I’m doing anything in the agreement that is any way that — you know, you don’t need a lawyer to read it or anything of the sort.
我给他们看了合作协议，然后我说：“你们不需要读这个。”你知道，我在协议中做的任何事情都不会有什么问题——你知道，你不需要律师来阅读它或类似的东西。
But I said, “Here are the ground rules as to what I think I can do and how I want to be judged, and if you’re in sync with me, I want to manage your money, because I won’t worry about the fact that you will panic if the market goes down or somebody tells you to do something different. So, we have to be on the same page.”
但我说：“这是我认为我能做的事情的基本规则，以及我希望被评判的方式。如果你和我步调一致，我想管理你们的资金，因为我不会担心如果市场下跌或者有人告诉你做不同的事情时你会感到恐慌。所以，我们必须达成共识。”
“And if we’re on the same page, then I’m not worried about managing your money. And if we aren’t on the same page, I don’t want to manage your money, because you may be disappointed when I think that things are even better to be investing and so on.”
“如果我们步调一致，我不会担心管理你们的资金。如果我们不同步，我就不想管理你们的钱，因为你们可能会在我认为是投资好时机的时候感到失望。”
So, I don’t you want to manage other people’s money until you have a vehicle and can reach the kind of people that will be in sync with you. I think you ought to have your own ground rules as to what your expectations are, when they should you roses and when they should throw bricks at you.
所以，我不认为你想在拥有一个工具并能够接触到与你步调一致的人之前去管理其他人的钱。我认为你应该有自己的基本规则，明确你的期望是什么，什么时候他们应该给你玫瑰，什么时候他们应该向你扔砖头。
And you want to be on the same — and that’s one reason I never — we didn’t have a single institution in the partnership, because institutions meant committees, and committees meant that —
这也是为什么我的合伙企业中没有一家机构投资者，因为机构意味着委员会，而委员会——
CHARLIE MUNGER: You had some aunts that trusted you.
查理·芒格：你有一些信任你的姑姑。
WARREN BUFFETT: What’s that?
沃伦·巴菲特：那是什么？
CHARLIE MUNGER: You had some aunts who trusted you.
查理·芒格：你有一些信任你的姑姑。
WARREN BUFFETT: Yeah, well, and a father-in-law who gave me everything he had in the world, you know. And I didn’t mind taking everything he had in the world, as long as he would stick with me and wouldn’t get panicked by headlines and that sort of thing.
沃伦·巴菲特：是的，还有我的岳父，他把他拥有的一切都交给了我。我愿意接受，因为我知道只要他和我站在一起，不会被头条新闻吓到，我就可以管理好这些钱。
And so, it’s enormously important that you don’t take people that have expectations of you that you can’t meet. And that means you turn down a lot of people. It means you probably start very small, and you get an audited record.
所以，关键是不要接受那些对你抱有过高期望的人。这意味着你可能要拒绝很多人，可能要从小规模开始，积累可审计的记录。
And when you’ve got the confidence, where if your own parents came to you and they were going to give you all their money, and you were going to invest for them, I think that’s the kind of confidence that you’ll say, “I may not get the best record, but I’ll be sure that you get a decent record over time,” that’s when you’re ready to go on the —
当你拥有这样的信心时，如果你的父母来找你，准备把他们所有的钱都给你，而你要为他们投资，我认为这就是你会说的那种信心：“我可能无法获得最佳的记录，但我会确保你们随着时间的推移获得一个不错的记录。”那时你就准备好去——
CHARLIE MUNGER: Let me tell you story that I tell young lawyers who frequently come to me and say, “How can I quit practicing law and become a billionaire instead?” (Laughter)
查理·芒格：让我给你讲一个故事，我常常告诉那些经常来找我的年轻律师，他们问我：“我怎么才能辞去法律工作，变成亿万富翁呢？”（笑声）
So, I say, well, it reminds me of a story they tell about Mozart. A young man came to him, and he said, “I want to compose symphonies. I want to talk to you about that.”
所以，我说，这让我想起了一个关于莫扎特的故事。一个年轻人来找他，他说：“我想作交响曲。我想和你谈谈这个。”
And Mozart said, “How old are you?” And the man said, “Twenty-two.” And Mozart said, “You’re too young to do symphonies.” And the guy says, “But you were writing symphonies when you were ten years old.” He says, “Yes, but I wasn’t running around asking other people how to do it.” (Laughter)
莫扎特说：“你多大了？”那人说：“二十二。”莫扎特说：“你太年轻了，不能写交响曲。”那家伙说：“但你十岁的时候就写交响曲。”他说：“是的，但我没有到处问别人怎么做。”（笑声）
WARREN BUFFETT: Carol? 沃伦·巴菲特：卡罗尔？
We wish you well. (Laughter)
祝你一切顺利。（笑声）
And we, and actually, we really do, because the fact you asked that sort of a question is to some extent indicative of the fact you got the right attitude going in.
而我们，实际上，我们确实如此，因为你问这样一个问题在某种程度上表明你有正确的态度。
CHARLIE MUNGER: It isn’t that easy to be a great investor. I don’t think we’d have made it.
查理·芒格：成为一名伟大的投资者并不容易。我不认为我们自己也能轻易做到。
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