英文早讀第43篇，選自巴菲特年度信旗们，友才翻譯蚓哩。
Many times generals represent a form of "coattail riding" where we feel the dominating stockholder group has plans for the conversion of unprofitable or under-utilized assets to a better use. We have done that ourselves in Sanborn and Dempster, but everything else equal we would rather let others do the work. Obviously, not only do the values have to be ample in a case like this, but we also have to be careful whose coat we are holding.
很多時(shí)候一般類代表一種“燕尾騎行”的形式，在這里我們感覺主導(dǎo)的股東們已經(jīng)計(jì)劃將不盈利的或者未利用地資產(chǎn)轉(zhuǎn)化為更好的用途上渴。在三伯恩和鄧普斯特我們自己做了這些岸梨，但是任何別的差不多地事我們更希望別人做這個(gè)工作喜颁。很明顯，像這種情況的場合不僅僅價(jià)值要充足盛嘿，同時(shí)我們也要當(dāng)心我們跟在誰的尾巴后面洛巢。
The generals tend to behave market-wise very much in sympathy with the Dow. Just because something is cheap dose not mean it is not going to go down. During abrupt downward movements in the market, this segment may very well go down percentage-wise just as much as the Dow. Over a period of years, I believe the generals will outperform the Dow, and during sharply advancing years like 1961. This is the section of our portfolio that turns in the best results. It is, of course, also the most vulnerable in a declining market, and in 1962, not only did we not make any money out of our general category, but I am even doubtful if it did better than the Dow.
一般類傾向于和道瓊斯指數(shù)同頻且非常市場敏感括袒。僅僅因?yàn)槟承〇|西便宜并不意味著他不會(huì)繼續(xù)下跌次兆。在市場陡然下跌時(shí)，這一部分或許也下跌百分比和道瓊斯指數(shù)一樣多锹锰。經(jīng)過一些年芥炭，我相信一般類將會(huì)比道瓊斯指數(shù)表現(xiàn)出色，像在1961年這種大幅上漲的年份恃慧。這是我們的投資組合中這一部分表現(xiàn)最好的結(jié)果园蝠。當(dāng)然，在下降的市場也最脆弱痢士，在1962年彪薛，不僅我們沒有通過一般類賺到錢，同時(shí)我甚至懷疑他是否比道瓊斯指數(shù)做的更好怠蹂。
Our second category consists of "work outs". These are securities whose financial results depend on corporate action rather than supply and demand factors created by buyers and sellers of securities. In other words, they are securities with a timetable where we can predict, within reasonable error limits, when we will get how much and what might upset the applecart. Corporate events such as mergers, liquidations, recorganizations, spin-offs, etc., I lead to work-outs. An important source in recent years has been sell-outs by oil producers to major integrated oil companies.
我們第二類范疇由“套利類”組成善延。這些股票的財(cái)務(wù)結(jié)果取決于公司行動(dòng)而不是股票買賣雙方的供需因素。話句話說城侧，他們是這些有一個(gè)時(shí)間表我們可以預(yù)測(cè)易遣，在合理的錯(cuò)誤限制內(nèi)，何時(shí)我們賺多少以及什么可能會(huì)打亂進(jìn)程的股票嫌佑。我主導(dǎo)套利類的公司行動(dòng)類似合并豆茫，清算，重組屋摇，拆分揩魂，等等。最近這些年一個(gè)重要的來源是原油生產(chǎn)商出售給大的合成油公司炮温。
This category will produce reasonably stable earnings from year to year, to a large extent irrespective of the course of the Dow. Obviously, if we operate throughout a year with a large portion of our portfolio in work-outs, we will look extremely good if it turns out to be a declining year for the Dow, or quite bad if it is a strongly advancing year.
這一范疇將會(huì)年復(fù)一年產(chǎn)生合理的穩(wěn)定利潤肤京，在很大程度上不受道瓊斯指數(shù)影響。很明顯茅特，如果我們由很大比例的投資組合在套利類的情況運(yùn)作一整年忘分，我們將會(huì)看起來非常好如果對(duì)于道瓊斯指數(shù)是下降年，或者相當(dāng)糟糕如果是一個(gè)強(qiáng)力上漲年白修。
We were fortunate in that we had a good portion of our portfolio in work outs in 1962. As I have said before, this was not due to any notion on my part as to what the market would do, but rather because I could get more of what I wanted in this category than in the generals. This same concentration in work-outs hurt our performance during the market advance in the second half of the year.
很幸運(yùn)在1962年我們的投資組合有一個(gè)不錯(cuò)的比例在套利類中妒峦。像我之前說過的，這不是因?yàn)槲矣腥魏问袌鰧?huì)如何的觀念兵睛，僅僅是因?yàn)槲铱梢栽谔桌愔斜纫话泐愔械玫奖任蚁胍母嗫虾АＭ瑯蛹性谔桌愒谙掳肽甓鹊氖袌霰憩F(xiàn)中損害了我們的成績窥浪。
Over the years, work-outs have provided our second largest category. At any given time, we may be in five to ten of these; some just beginning and others in the late stage of their development. I believe in using borrowed money to offset a portion of our work-out portfolio, since there is a high degree of safety in this category in terms of both eventual results and intermediate market behavior. For instance, you will note when you receive our audit report, that we paid 75,000 of interest to banks and brokers during the year. Since our borrowing was at approximately 5%, this means we had an average of 1,500,000 borrowed from such sources. Since 1962 was a down year in the market, you might think that such borrowing would hurt results. However, all of our loans were to offset work-outs, and this category turned in a good profit for the year. Results, excluding the benefits derived from the use of borrowed money, usually fall in the 10% to 20% per annum range. My self-imposed standard limit regarding borrowing is 25% of partnership net worth, although something extraordinary could result in modifying this for a limited period of time.
經(jīng)過這些年，套利類已經(jīng)是我們第二大范疇了笛丙。在任何時(shí)間漾脂，我們或許有5到10家這些公司；有些剛剛開始胚鸯，另一些處于發(fā)展的末期骨稿。我相信使用借款可以補(bǔ)償我們?cè)谔桌愔械谋壤驗(yàn)樵谶@一類中有很高的安全區(qū)姜钳，無論是最終的結(jié)果還是中間的市場表現(xiàn)坦冠。例如，當(dāng)你收到我們的審計(jì)報(bào)告時(shí)你會(huì)注意到哥桥，我們?cè)谶@一年給銀行和經(jīng)紀(jì)人支付了7.5萬美金的利息辙浑。由于我們的借款利率大約在5%，這意味著我們從這些地方獲得大約150萬美金的借款拟糕。因?yàn)?962年市場是下跌的判呕，你或許會(huì)想這些借款會(huì)損害結(jié)果。然而送滞，我們所有的貸款都是補(bǔ)償套利類的侠草，這一類在這年有很好的收益。在除去由于使用借款帶來的收益后累澡，結(jié)果通常是每年10%到20%梦抢。我自己考慮到借款要求的上限是合伙基金凈資產(chǎn)的25%，盡管有些不同尋常的事可能導(dǎo)致我們?cè)谟邢薜臅r(shí)間段內(nèi)修正這個(gè)標(biāo)準(zhǔn)愧哟。
You will note on our yearend balance sheet (part of the audit you will receive) securities sold short totaling some 340,000. Most of this occurred in conjunction with a work-out entered into late in the year. In this case, we had very little competition for a period of time and were able to create a 10% or better profit (gross, not annualized) for a few months tie-up of money. The short sales eliminated the general market risk.
你會(huì)注意到在年末的資產(chǎn)負(fù)債表中（你會(huì)收到部分審計(jì)資料）短期出售股票達(dá)34萬美金奥吩。大部分是因?yàn)橐粋€(gè)套利類股票在這一年進(jìn)入末尾。在這種情況下蕊梧，我們會(huì)在一段時(shí)間只有很小的競爭力而且我們能夠創(chuàng)造10%或者更多的收益（總收益霞赫，不是年度）僅用幾個(gè)月的資金。這些短期出售消除了一般市場的風(fēng)險(xiǎn)肥矢。
45.coattail：燕尾服端衰；衣尾效應(yīng)
46.dominating：個(gè)性強(qiáng)勢(shì)的；左右他人的甘改；支配旅东；控制
47.utilized：利用；應(yīng)用十艾；被利用的
48.ample：足夠的抵代；充足的；豐滿的忘嫉；碩大的
49.sympathy：同情荤牍；支持案腺；贊同；志同道合的康吵；意氣相投
50.vulnerable：脆弱的
51.irrespective：不考慮的劈榨；不問的；不顧的晦嵌；不受……影響的
52.notion：概念同辣；觀念；理念耍铜；信念
53.broker：經(jīng)紀(jì)人邑闺；掮客跌前；安排棕兼；協(xié)商
54.extraordinary：異乎尋常的；非凡的抵乓；特別的伴挚；臨時(shí)的
55.totaling：總共；合計(jì)
56.eliminate：消除灾炭；排除茎芋；消滅；清除
