英文早讀第27篇瑰煎，選自巴菲特年度信铺然，友才翻譯。
A Word About Par
關(guān)于標(biāo)準(zhǔn)
The outstanding item of importance in my selection of partners, as well as in my subsequent relations with them, has been the determination that we use the same yardstick. If my performance is poor, I expect partners to withdraw, and indeed, I should look for a new source of investment for my own funds. If performance is good, I am assured of doing splendidly, a state of affairs to which I am sure I can adjust.
在我選擇合伙人尤為重要的一點(diǎn)酒甸，也是在我之后同他們聯(lián)系中尤為重要的魄健，是我們使用同樣的準(zhǔn)繩。如果我們的表現(xiàn)差插勤，我希望合伙人取回資金沽瘦，當(dāng)然革骨，我也應(yīng)該為我自己的資金尋找新的投資。如果表現(xiàn)是好的析恋，我確定做的很好良哲，我也確信我也可以適應(yīng)這樣的狀態(tài)。
The rub, then, is in being sure that we all have the same ideas of what is good and what is poor. I believe in establishing yardsticks prior to the act; retrospectively, almost anything can be made to look good in relation to something or other.
問題在于助隧，我們確信我們有同樣的對(duì)于是好事壞的想法筑凫。我相信建立準(zhǔn)繩優(yōu)先于行動(dòng)；回顧過去并村，幾乎任何事都可以顯得相對(duì)一些事或另一些事更好巍实。
I have continuously used the Dow-Jones Industrial Average as our measure of par. It is my feeling that three years is a very minimal test of performance, and the best test consists of a period at least that long where the terminal level of the Dow is reasonably close to the initial level.
我一直使用道瓊斯工業(yè)指數(shù)作為我們表現(xiàn)的標(biāo)準(zhǔn)。我感覺三年時(shí)很小的表現(xiàn)測(cè)試哩牍，最好的測(cè)試時(shí)常應(yīng)該包含一段道瓊斯最終水平基本與初始水平一致的跨度棚潦。
While the Dow is not perfect (nor is anything else) as a measure of performance, it has the advantage of being widely known, has a long period of continuity, and reflects with reasonably accuracy the experience of investors generally with the market. I have no objection to any other method of measurement of general market performance being used, such as other stock market averages, leading diversified mutual stock funds, bank common trust funds, etc.
盡管道瓊斯指數(shù)做為表現(xiàn)的衡量方法不是完美的（任何別的也不是），但它的優(yōu)勢(shì)包括廣為人知膝昆，長(zhǎng)期持續(xù)丸边，相對(duì)準(zhǔn)確反應(yīng)了投資者在股市的經(jīng)歷。我對(duì)任何其它用來衡量股市表現(xiàn)的方法都不反對(duì)荚孵，例如其他股市指數(shù)妹窖，領(lǐng)先的分散共同股票基金，銀行一般信托基金等等处窥。
You may feel I have established an unduly short yardstick in that it perhaps appears quite simple to do better than an unmanaged index of 30 leading common stocks. Actually, this index has generally proven to be a reasonably tough competitor. Arthur Wiesenberger's classic book on investment companies lists performance for the 15 years 1946-60, for all leading mutual funds. There is presently over 20 billion invested in mutual funds, so the experience of these funds represents, collectively, the experience of many million investors. My own belief, though the figures are not obtainable, is that portfolios of most leading investment counsel organizations and bank trust departments have achieved results similar to these mutual funds.
你或許感受到我建立了一個(gè)過于挫的尺碼嘱吗，似乎打敗30個(gè)沒有被管理的領(lǐng)先的一般股票是很簡(jiǎn)單的。事實(shí)上這個(gè)指數(shù)已經(jīng)被證明是相當(dāng)難搞的對(duì)手滔驾。亞瑟 文森伯格關(guān)于投資公司的代表書籍中列出了所有領(lǐng)先的共同基金在1946至1960這15年間的表現(xiàn)。現(xiàn)在大約有200億美金投資到共同基金俄讹，因此哆致，總的來說，這些基金的經(jīng)歷代表著數(shù)百萬投資者的經(jīng)歷患膛。我相信盡管數(shù)字無法獲得摊阀，大部分領(lǐng)先的投資咨詢機(jī)構(gòu)和銀行信托部門取得的結(jié)果與這些共同基金類似。
Wiesenberger lists 70 funds in his "Charts & Statistics" with continuous records since 1946. I have excluded 32 of these funds for various reasons since they were balanced funds (therefore not participating fully in the general market rise), specialized industry funds, etc. Of the 32 excluded because I felt a comparison would not be fair, 31 did poorer than the Dow, so they were certainly not excluded to slant the conclusions below.
文森伯格在他的圖表與統(tǒng)計(jì)中列舉了70家基金從1946年間的連續(xù)記錄踪蹬。我排除了其中的32家基金胞此，因?yàn)楦鞣N原因，例如他們是平衡基金（因此不能完全參與到市場(chǎng)上漲）跃捣，特定工業(yè)基金等等漱牵。這32家排除的基金我覺得拿來比較是不公平的，但是31家表現(xiàn)低于道瓊斯指數(shù)疚漆，因此他們當(dāng)然不會(huì)排除在下面的結(jié)論中酣胀。
Of the remaining 38 mutual funds whose method of operation I felt was such as to make a comparision with the Dow reasonable, 32 did poorer than the Dow, and 6 did better. The 6 doing better at the end of 1960 had assets of about 1 billion, and the 32 doing poorer had assets of about 6-1/2 billion. None of the six that were superior beat the Dow by more than a few percentage points a year.
在這剩余的38家我認(rèn)為他們的操作方法與道瓊斯指數(shù)比較是合理的基金中刁赦，32家表現(xiàn)低于道瓊斯指數(shù)，6家表現(xiàn)更好闻镶。這6家表現(xiàn)更好的基金在1960年末擁有資產(chǎn)大約10億美金甚脉，這32家表現(xiàn)更差的積極擁有資產(chǎn)大約65億美金。這6家中沒有一家明顯領(lǐng)先道瓊斯指數(shù)多個(gè)百分點(diǎn)铆农。
Below I present the year-by-year results for our period of operation (excluding 1961 for which I don't have exact data, although rough figures indicate no variance from the 1957-60 figures) for the two largest common stock open-end investment companies (mutual funds) and the two largest closed-end investment companies:
下面我按年化結(jié)果從我們的運(yùn)作期間（排除了1961年牺氨，因?yàn)槲也恢谰唧w的數(shù)據(jù)，盡管粗略數(shù)據(jù)表明同1957年到1960年間的數(shù)據(jù)沒有區(qū)別）呈現(xiàn)了兩家最大的一般股市開放投資公司（共同基金）和兩家最大的封閉式投資公司：
Massachusetts Investors Trust has net assets of about 1.8 billion; Investors Stock Fund about 1 billion; Tri-Continental Corporation about .5 billion; and Lehman Corporation about 350 million; or a total of over 3.5 billion.
馬薩諸塞投資者信托擁有凈資產(chǎn)大約18億美金墩剖；投資者股市基金大約10億美金猴凹；三大陸公司大約5億美金；雷曼公司大約3.5億美金涛碑；總計(jì)超過35億美金精堕。
I do not present the above tabulations and information with the idea of indicting investment companies. My own record of investing such huge amounts of money, with restrictions on the degree of activity I might take in companies where we had investments, would be no better, if as good. I present this data to indicate the Dow as an investment competitor is no pushover, and the great bulk of investment funds in the country are going to have difficulty in bettering, or perhaps even matching, its performance.
我呈現(xiàn)上面的圖表和信息不是為了控告投資公司。投資如此大規(guī)模的資金蒲障，同時(shí)限制我在投資的公司中可能采取的行動(dòng)歹篓，我的表現(xiàn)不會(huì)更好，甚至一樣好揉阎。我呈現(xiàn)這些數(shù)據(jù)是表明道瓊斯指數(shù)作為投資對(duì)手庄撮，不是容易被打敗的，國(guó)家大量的投資基金打敗毙籽，甚至媲美他的表現(xiàn)都是困難的洞斯。
Our portfolio is very different from that of the Dow. Our method of operation is substantially different from that of mutual funds.
我們的投資組合與道瓊斯指數(shù)構(gòu)成非常不同。我們的操作方法也與那些共同基金差別巨大坑赡。
However, most partners, as all alternative to their investment in the partnership, would probably have their funds invested in a media producing results comparable to the Dow, therefore, I feel it is a fair test of performance.
然而烙如，大部分合伙人完全有權(quán)切換他們的投資在這些合伙基金中，他們更希望他們的資金投資在表現(xiàn)相對(duì)道瓊斯指數(shù)更好的地方毅否，因此我認(rèn)為這是完全公平的對(duì)標(biāo)亚铁。
6.subsequent：隨后的；之后的螟加；后來的
7.yardstick：準(zhǔn)繩徘溢；（好壞或成敗的）衡量標(biāo)準(zhǔn)；標(biāo)尺
8.splendid：華麗的捆探；壯麗的然爆；壯觀的；豪華的黍图；雄偉的曾雕；非常好的
9.rub：擦；摩擦（尤指引起疼痛的）雌隅；問題翻默；困難
10.establish：建立缸沃；設(shè)立；確立修械；創(chuàng)立趾牧；使立足
11.retrospective：回顧的；涉及以往的
12.continuity：連續(xù)性肯污；連接翘单；一致性
13.diversified：多樣化的；分散經(jīng)營(yíng)的
14.unduly：過分蹦渣；過度哄芜；不適當(dāng)?shù)?br>
15.collectively：共同地；集體地柬唯；總的來說
16.counsel：顧問认臊；勸告；忠告锄奢；建議
17.exclude：排除失晴；把……排斥在外；防止……進(jìn)入拘央；不放在考慮之列
18.slant：傾斜涂屁；歪斜；有傾向性的陳述灰伟；有偏向的報(bào)道拆又；斜面；歪斜的
19.tabulation：列表栏账；造表
20.indict：起訴帖族；控告
21.pushover：容易打敗的對(duì)手；容易做的事情
22.alternative：可供替代的挡爵；非傳統(tǒng)的盟萨；另類的
