英文早讀第58篇栋操，選自巴菲特年度信闸餐，友才翻譯。
Investment Companies
投資公司
We regularly compare our results with the two largest open-end investment companies (mutual funds) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies. These four companies, Massachusetts Investors Trust, Investors Stock Fund, Tri-Continental Corp. and Lehman Corp. manage about 4 billion and are probably typical of most of the 25 billion investment company industry. My opinion is that their results roughly parallel those of the vast majority or other investment advisory organizations which handle, in aggregate, vastly greater sums.
我們慣例對比我們的結(jié)果和兩家最大的開放投資公司（互助基金）矾芙，遵守一個準(zhǔn)則舍沙，典型的有95-100%資產(chǎn)投資在股市中，和兩家最大的多樣化封閉投資公司剔宪。這四家公司拂铡，馬薩諸塞投資者信托，投資者股市基金葱绒，三大陸公司和萊曼公司管理大約40億美金并且是高達(dá)250億美金投資公司行業(yè)的典型代表感帅。我的觀點(diǎn)是他們的結(jié)果幾乎和這些大規(guī)模基金或者其他投資顧問組織哈街，總體上管理更大金額的一致留瞳。
The purpose of this tabulation, which is shown below, is to illustrate that the Dow is no pushover as an index of investment achievement. The advisory talent managing just the four companies shown commands' annual fees of over 7 million, and this represents a very small fraction of the industry. The public batting average of this highly-paid talent indicates they achieved results slightly less favorable than the Dow.
下面展示的表格的目的是為了展示道瓊斯作為一個投資成果指數(shù)不是容易被打敗的拒迅。這些僅僅管理這四家公司的顧問人才顯示應(yīng)得年費(fèi)就超過700萬美金骚秦，而這代表這個行業(yè)的很小一部分她倘。這些高額支付人才的公開平均擊球率顯示他們實(shí)現(xiàn)的結(jié)果微微落后于道瓊斯。
Both our portfolio and method of operation differ substantially from the investment companies in the table. However, most partners, as an alternative to their interest in the Partnership would probably have their funds invested in media producing results comparable with investment companies, and I, therefore, feel they offer a meaningful standard of performance.
我們的組合和運(yùn)作方法和表格里這些投資公司差別很大作箍。然而硬梁，大部分合伙人，作為他們在合伙基金中股份的備選方案或許將他們資金投資在了產(chǎn)出結(jié)果和這些投資公司接近的媒介中胞得，我因此感覺他們提供了一個有意義的表現(xiàn)標(biāo)準(zhǔn)荧止。
(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1963 Moody's Bank & Finance Manual for 1957-62; Estimated for 1963.
（1）由資產(chǎn)價值加上這一年任何給持股人分配記錄計算而得。
（2）對1957-62年數(shù)據(jù)從1963年穆迪銀行和金融手冊中得來阶剑；1963年數(shù)據(jù)預(yù)估得來
The Dow, of course, is an unmanaged index, and it may seem strange to the reader to contemplate the high priests fo Wall Street striving vainly to surpass or even equal it. However, this is demonstrably the case. Moreover, such a failure cannot be rationalized by the assumption that the investment companies et al are handling themselves in a more conservative manner than the Dow. As the table above indicates, and as more extensive studies bear out, the behavior of common stock portfolio managed by this group, on average, have declined in concert with the Dow. By such a test of behavior in declining markets, our own methods of operation have proven to be cnsiderably more conservative than the common stock component of the investment company or investment advisor group. While this has been true in the past, there obviously can be no guarantees about the future.
道瓊斯當(dāng)然是一個未被管理的指數(shù)跃巡，他似乎很奇怪對讀者來說去想明白華爾街的高級主宰在努力超過或者打平他是徒勞的。然而牧愁，這就是被證明的事實(shí)素邪。更何況，這樣的失敗不能被假設(shè)這些投資公司等等在比道瓊斯更保守的方式運(yùn)作而合理化猪半。如上面表格所示兔朦，且更廣泛的研究證實(shí)，這些組織管理的投票組合行為磨确，平均上沽甥，下降是和道瓊斯相關(guān)的。通過在下跌市場的測試乏奥，我們自己的運(yùn)作方法已經(jīng)證明比這些投資公司或投資顧問組織在股票上更加相當(dāng)?shù)谋Ｊ匕谥邸１M管這些在過去是對的，現(xiàn)在在未來這是無法保證的邓了。
The above may seem like rather strong medicine, but it is offered as a factual presentation and in no way as criticism. Within their institutional framework and handling the many billions of dollars involved, the results achieved are the only ones attainable. To behave unconventionally within this framework is extremely difficult. Therefore, the collective record of such investment media is necessarily tied to the record of corporate America. Their merits, except in the unusual case, do not lie in superior results or greater resistance to decline in value. Rather, I feel they earn their keep by the ease of handling, the freedom from decision making and the automatic diversification they provide, plus, perhaps most important, the insulation afforded from temptation to practice patently inferior techniques which seem to entice so many world-be investors.
以上這些似乎是強(qiáng)勁的藥品盏檐，但是他提供的是事實(shí)陳述而并不是作為批判。在他們的機(jī)構(gòu)架構(gòu)下并且處理數(shù)十億計的美金驶悟，這個實(shí)現(xiàn)的結(jié)果是唯一可以獲得的胡野。在這個框架下表現(xiàn)非同尋常是相當(dāng)困難的。因此痕鳍，這類投資媒介共同的結(jié)果是必須關(guān)系到美國的運(yùn)作記錄硫豆。他們的價值，除了在不尋常的例子上笼呆，不是依賴于領(lǐng)先的結(jié)果或者對抗價值減少熊响。相反，我感覺他們獲得是通過保持操作簡單诗赌，不用做出決策和他們自動提供的多樣化汗茄，或許最重要的，是隔絕被顯然低級技術(shù)的操作所誘導(dǎo)铭若，來吸引世界如此多的投資者洪碳。
17.in aggregate：整體上
18.vastly：非常即供；很
19.contemplate：考慮垫释；沉思弹澎；苦思冥想哎垦；深思熟慮
20.vainly：徒勞的；不成功的嫂侍；白費(fèi)力的
21.demonstrably：可證明的
22.rationalize：使合理化儿捧；對…進(jìn)行理性的解釋
23.assumption：假定；假設(shè)挑宠；擔(dān)任
24.et al：等等
25.extensive：廣泛的菲盾；大量的；廣闊的各淀；廣大的
26.bear out：支持亿汞；證實(shí)（某人的說法）
27.no guarantee：不保證；無法保證的
28.unconventionally：不依慣例的
29.collective：集體的揪阿；共同的疗我；共有的
30.merit：優(yōu)點(diǎn)；價值南捂；功績吴裤；長處；美德
31.keep by：遵守溺健；靠近麦牺；使…保持在…旁邊
32.insulation：隔熱；絕緣鞭缭；隔音
33.temptation：誘惑剖膳；引誘；煽誘人的事物
34.patently：顯然岭辣；毫無疑問
35.entice：引誘吱晒；誘使
