英文早讀第17篇，選自巴菲特年度信拣宏，友才翻譯。
The overall gain of loss is computed on a market to market basis. After allowing for any money added or withdrawn, such a method gives results based upon what would have been realized upon liquidation of the partnership at the beginning, of the year and what would have been realized upon liquidation at year end and is different, of course, from our tax results, which value securities at cost and realize gains or losses only when securities are actually sold.
總盈利或虧損是基于市場到市場的基礎(chǔ)計(jì)算的杠人。在允許任何增資或取錢后勋乾，這個(gè)方法通過比較合伙基金在年初的清償能力和年終的清償能力后得到結(jié)果宋下，當(dāng)然這不同于我們的稅務(wù)結(jié)果，他是只有當(dāng)股票被實(shí)際出售時(shí)辑莫，才基于成本和實(shí)現(xiàn)的盈利或虧損來計(jì)算股票價(jià)值学歧。
On a compounded basis, the cumulative results have been:
Although four years is entirely too short a period from which to make deductions, what evidence there is points toward confirming the proposition that our results should be relatively better in moderately declining or static markets. To the extent that this is true, it indicates that our portfolio may be more conservatively, although decidedly less conventionally, invested than if we owned "blue-chip" securities. During a strongly rising market for the latter, we might have real difficulty in marching their performance.
盡管四年實(shí)在太短了去做出推論各吨，但仍有證據(jù)表明證實(shí)了命題枝笨，我們的結(jié)果在緩慢下跌或持平的市場表現(xiàn)相對更好。如果這是對的揭蜒，這表明我們的投資組合應(yīng)該更加保守横浑，盡管這顯然缺少慣例，相比于如果我們擁有藍(lán)籌股的話屉更。后期在一個(gè)強(qiáng)力上漲的市場徙融，我們或許有實(shí)實(shí)在在的困難去比肩他們的表現(xiàn)。
Multiplicity of Partnerships:
投資基金的多樣性：
A preceding tabel shows that the family is growing. There has been no partnership which has had a consistently superior of inferior record compared to our group average, but there has been some variance each year despite my efforts to "keep all partnerships invested in the same securities and in about the same proportions". This variation, of course, could be eliminated by combining the present partnerships into one large partnership. Such a move would also eliminate much detail and a moderate amount of expense.
之前的表格展現(xiàn)的是整體在增長瑰谜。沒有一支合伙基金是一致領(lǐng)先或落后于我們組合的平均值的欺冀，但是每一年確實(shí)存在不同，盡管我努力去保持所有投資基金都投資相同的股票和相同的比例萨脑。這些區(qū)別隐轩，當(dāng)然可以被消除通過把現(xiàn)有投資基金組合成一個(gè)大的投資基金。這個(gè)動作也可以消除很多細(xì)節(jié)和一筆中等的花費(fèi)渤早。
Frankly, I am hopeful of doing something along this line in the next few years. The problem is that various partners have expressed preferences for varying partnership arrangements. Nothing will be done without unanimous consent of partners.
坦白說职车，我希望在接下來幾年沿著這條線做些事。問題在于不同的合伙人已經(jīng)表達(dá)了對不同合伙基金安排的傾向蛛芥。沒有合伙人的一致同意提鸟，什么事情都不會去做。
11.compound：混合仅淑；支付称勋；復(fù)合的；化合物
12.cumulative：累積的涯竟；累計(jì)的赡鲜；積累的；漸增的
13.proposition：提議庐船；建議银酬；命題；任務(wù)筐钟；要做的事揩瞪；待處理的問題
14.moderate：適度的；中等的篓冲；有節(jié)制的李破；緩和宠哄；使適中
15.indicate：表明；指示嗤攻；顯示毛嫉；暗示；示意
16.decidedly：顯然妇菱；肯定承粤；果斷地
17.conventionally：照慣例
18.multiplicity：多種；多樣性
19.precede：先于闯团；在……之前發(fā)生辛臊；走在……前面
20.inferior：較差的；次的房交；比不上……的浪讳；不如別人的人
21.proportion：比例；部分涌萤；均勻；倍數(shù)關(guān)系口猜；等比關(guān)系负溪；分配、使相稱
22.eliminate：排除济炎；淘汰川抡；消除；消滅
23.unanimous：全體一致的须尚；一致同意的
24.consent：同意崖堤；允許；準(zhǔn)許耐床；贊同密幔；批文；正式批準(zhǔn)文件撩轰；同意胯甩；允許；準(zhǔn)許
