英文早讀第61篇，選自巴菲特年度信亮曹，友才翻譯。
Out Method of Operation
我們的運(yùn)作方法
At this point I always develop literary schizophrenia. On the other hand, I know that we have in the audience a number of partners to whom details of our business are interesting. We also have a number to whom this whole thing is Greek and who undoubtedly wish I would quit writing and get back to work.
在這一點(diǎn)上我經(jīng)常發(fā)展為文學(xué)分裂癥秘症。在另一方面照卦，我知道我們聽(tīng)眾中一部分合伙人對(duì)我們業(yè)務(wù)細(xì)節(jié)感興趣。我們也有一些合伙人認(rèn)為這整件事都無(wú)法理解乡摹，他們毫無(wú)疑問(wèn)希望我可以退出寫(xiě)作回去工作役耕。
To placate both camps, I am just going to sketch briefly our three categories at this point and those who are interested in getting their doctorate can refer to the appendix for extended treatment of examples.
為了安撫這兩個(gè)陣營(yíng)，我將會(huì)在這點(diǎn)上簡(jiǎn)要描繪我們?nèi)蠓懂牬狭瑫r(shí)那些對(duì)博士學(xué)位感興趣的可以參考附錄中擴(kuò)展案例描述瞬痘。
Our three investment categories are not differentiated by their expected profitability over an extended period of time. We are hopeful that they will each, over a ten or fifteen year period, produce something like the ten percentage point margin over the Dow that is our goal. However, in a given year they will have violently different behavior characteristics, depending primarily on the type of year it turns out to be for the stock market generally. Briefly this is how they shape up:
我們的三大策略不是按照他們?cè)谝粋€(gè)長(zhǎng)時(shí)間內(nèi)預(yù)期盈利水平來(lái)區(qū)分的氏义。我們希望他們每一個(gè)在超過(guò)10年或者15年，都產(chǎn)生差不多超過(guò)道瓊斯10個(gè)百分點(diǎn)才是我們的目標(biāo)图云。然而，在某一年份邻邮，他們有巨大差異的表現(xiàn)特點(diǎn)竣况，主要取決于這一年大盤(pán)的類(lèi)型。簡(jiǎn)單如下所述：
"Generals"- A category of generally undervalued stocks, determined primarily by quantitative standards, but with considerable attention also paid to the qualitative factor. There is often little or nothing to indicate immediate market improvement. The issues lack glamour or market sponsorship. Their main qualification is a bargain price; that is, an overall valuation on the enterprise substantially below what careful analysis indicates its value to a private owner to be. Again let me emphasize that while the quantitative comes first and is essential, the qualitative is important. We like good management - we like a decent industry - we like a certain amount of "ferment" in a previously dormant management or stockholder group. But we demand value. The general group behaves very much in sympathy with the Dow and will turn in a big minus result during a year of substantial decline by the Dow. Contrarywise, it should be the star performer in a strongly advancing market. Over the years we expect it, of course, to achieve a satisfactory margin over the Dow.
”一般類(lèi)“——是一般低估股票的范疇筒严，主要取決于定量標(biāo)準(zhǔn)丹泉，但是也有相當(dāng)關(guān)注于定性指標(biāo)。很少有或沒(méi)有可以顯示立即市值提升鸭蛙。這類(lèi)缺乏魅力或市場(chǎng)偏愛(ài)摹恨。他們主要獲得的來(lái)自于折扣的價(jià)格；就是說(shuō)娶视，整體估值對(duì)這些公司大幅低于經(jīng)過(guò)自己分析顯示可以給私有持有者的價(jià)格晒哄。我再一次強(qiáng)調(diào)盡管定量收入先來(lái)到且是必要的，定性也同樣重要肪获。我們喜歡好的管理寝凌，我們喜歡公平的行業(yè)，我們喜歡一定量的先前幾乎暫停的管理或股東會(huì)之類(lèi)的騷動(dòng)孝赫。但是我們需要價(jià)值较木。一般類(lèi)表現(xiàn)和道瓊斯非常同步，在道瓊斯大幅下降的年份會(huì)有很大的虧損結(jié)果青柄。相反伐债，在強(qiáng)力上漲的市場(chǎng)他會(huì)是明星表現(xiàn)者。經(jīng)過(guò)一些年致开，當(dāng)然峰锁，我們希望它能夠取得令人滿(mǎn)意的領(lǐng)先道瓊斯的結(jié)果。
55.schizophrenia：精神分裂癥
56.Greek：希臘喇喉；無(wú)法理解祖今；一竅不通
57.placate：安撫；平息（怒氣）
58.doctorate：博士學(xué)位
59.violently：猛烈的拣技；激烈地千诬；強(qiáng)烈的；厲害的
60.quantitative：定量性的膏斤；數(shù)量的徐绑；量化的
61.qualitative：定性的
62.sponsorship：贊助；資助莫辨；主辦傲茄；倡議
63.decent：像樣的毅访；正派的；適當(dāng)?shù)呐陶ィ还降挠鞔猓坏皿w的
64.ferment：發(fā)酵；動(dòng)亂草巡；騷動(dòng)
65.previously：先前的守呜；以前的
66.dormant：休眠的；蟄伏的山憨；冬眠的查乒；潛在的
67.contrarywise：相反
