英文早讀第118篇叠纷，選自巴菲特年度信酌畜，友才翻譯羊异。
At that time, and for some years subsequently, there were substantial numbers of securities selling at well below the "value to a private owner" criterion we utilized for selection of general market investments. We also experienced a flow of "workout" opportunities where the percentages were very much to our liking. The problem was always which, not what. Accordingly, we were able to own fifteen to twenty-five issues and be enthusiastic about the probabilities inherent in all holdings.
在那時怎顾，和之后的一些年螟够，有大量的股票以很低于以我們應(yīng)用在一般股市中選擇投資“私有者價值”標(biāo)準(zhǔn)的價格在出售灾梦。我們也經(jīng)歷過“套利類”的源源不斷地機會，在那里百分比很接近我們喜歡的妓笙。問題經(jīng)常是哪一個而不是是什么若河。相應(yīng)地，我們也能夠擁有15到25個股票并且對所有持股地內(nèi)在可能性很樂觀寞宫。
In the last few years this situation has changed dramatically. We now find very few securities that are understandable to me, available in decent size, and which offer the expectation of investment performance meeting our yardstick of ten percentage points per annum superior to the Dow. In the last three years we have come up only two or three new ideas a year that have had such an expectancy of superior performance. Fortunately, in some cases, we have made the most of them. However, in earlier years, a lesser effort produced literally dozens of comparable opportunites.It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are:(1) a somewhat changed market environment; (2) our increased size; and (3) substantially more competition.
最近幾年這個情況大幅改變了萧福。我們現(xiàn)在發(fā)現(xiàn)非常少的股票對我是合理的，可以獲得可觀的規(guī)模辈赋，提供投資表現(xiàn)的預(yù)期滿足我們的平均每年優(yōu)于道瓊斯10個百分點的標(biāo)準(zhǔn)鲫忍。在最近三年我們一年僅僅有2個或3個新的想法可以滿足優(yōu)秀表現(xiàn)的預(yù)期。幸運的是炭庙，在某些情況下饲窿，我們大部分都實現(xiàn)了。然而焕蹄，在早些年逾雄，更少的努力就真正地產(chǎn)出十來個差不多的機會。很難公平的說一個人生產(chǎn)效率降低的理由腻脏。有3個因素似乎很明顯：（1）某種程度上的市場環(huán)境改變鸦泳；（2）我們增長的規(guī)模；和（3）大幅增加的競爭永品。
It is obvious that a business based upon only a trickle of fine ideas has poorer prospects than one based upon a steady flow of such ideas. To date the trickle has provided as much financial nourishment as the flow. This is true because there is only so much one can digest (million dollar ideas are of no great benefit to thousand dollar bank accounts - this was impressed on me in my early days) and because a limited number of ideas causes one to utilize those available more intensively. The latter factor has definitely been operative with us in recent years. However, a trickle has considerably more chance of drying up completely than a flow.
很明顯一個業(yè)務(wù)僅僅基于一小股好的主意會比一個基于穩(wěn)定流動的這些主意前景差做鹰。到今天，這些小股也提供了和穩(wěn)流同樣的財務(wù)營養(yǎng)鼎姐。這是真的一個人僅僅可以消化這么多（百萬美元的機會對一千美元的銀行賬戶沒有價值——這在早些年令我印象深刻）并且因為有限數(shù)量的主意讓一個人利用這些可獲得的機會更加集中钾麸。后面這個因素的確讓我們最近這些年有操作性。然而炕桨，小股比穩(wěn)流有更相當(dāng)大的可能枯竭饭尝。
These conditions will not cause me to attempt investment decisions outside my sphere of understanding ( I don't go for the "If you can't lick 'em, join 'em" philosophy - my own leaning is toward "If you can't join 'em, lick 'em"). We will not go into businesses where technology which is away over my head is crucial to the investment decision. I know about as much about semi-conductors or integrated circuits as I do of the mating habits of the chrzaszcz. (That's a Polish May bug, students - if you have trouble pronouncing it, rhyme it with thrzaszcz.)
這些條件不會讓我嘗試在我認知圈外的投資決定。（我不會加入”如果你戰(zhàn)勝不了献宫，就加入“的哲學(xué)——我自己的座右銘是”如果你加入不了钥平，就戰(zhàn)勝）。我們不會進入到一個遠高于我頭腦的技術(shù)對于投資決定很關(guān)鍵的業(yè)務(wù)姊途。我知道關(guān)于半導(dǎo)體和集成電路的知識和我連接chrzaszcz的生活習(xí)慣一樣多涉瘾。（這是一種波蘭五月瓢蟲知态，學(xué)生們——如果你對他發(fā)音有困難，就按thrzaszcz讀立叛。）
Furthermore, we will not follow the frequently prevalent approach of investing in securities where an attempt to anticipate market action overrides business valuations. Such so-called "fashion" investing has frequently produced very substantial and quick profits in recent years (and currently as I write this in January). It represents an investment technique whose soundness I can neither affirm nor deny. It dose not completely satisfy my intellect (or perhaps my prejudices), and most definitely does not fit my temperament. I will not invest my own money based upon such an approach hence, I will most certainly not do so with your money.
更近一步负敏，我們也不會跟隨經(jīng)常流行的投資股票路徑試圖參與市場運作無視商業(yè)價值。這類所謂的“時尚”投資在最近年份經(jīng)常產(chǎn)生非常大和快的盈利（正如我寫這段是正在的1月份）囚巴。他代表一種投資技術(shù)他的聲音我既不承認也不否認原在。他不能完全滿足我的智力（或許是我的偏見）并且很確定也不符合我的性情。我不會用我自己的錢按這類路徑投資因此彤叉，我將很確定也不會用你的錢這樣做庶柿。
Finally, we will not seek out activity in investment operations, even if offering splendid profit expectations, where major human problems appear to have a substantial chance of developing.
最后，我們不會尋找在投資運作中的活躍度秽浇，即使提供很大的盈利預(yù)期浮庐，大部分人類問題似乎是有發(fā)展的很大可能性。
What I do promise you, as partners, is that I will work hard to maintain the trickle of ideas and try to get the most out of it that is possible - but if it should dry up completely, you will be informed honestly and promptly so that we may all take alternative action.
作為合伙人柬焕，我可以對你承諾的是审残，我會努力工作去獲取這一小股主意并試圖盡可能完成他們——但是如果他完全枯竭了，你會被誠實地及時地通知因此我們都可以采取備選行動斑举。
24.subsequent：隨后的搅轿；之后的；后來的
25.criterion：標(biāo)準(zhǔn)富玷；準(zhǔn)則璧坟；原則
26.understandable：可以理解的；易懂的赎懦；正常的雀鹃；合理的
27.literally：按字面；字面上励两；真正地
28.dozen：一打黎茎；十來個；十二個
29.diminution：減少当悔；降低傅瞻；縮小
30.apparent：顯然的；顯而易見盲憎；表面上的
31.trickle：涓涓細流嗅骄；細流；小股流淌
32.nourishment：營養(yǎng)焙畔；營養(yǎng)品
33.digest：消化掸读；理解串远；領(lǐng)悟宏多；領(lǐng)會
34.intensively：強烈地儿惫；集中地
35.lick：舔；掠過伸但；輕松戰(zhàn)勝
36.crucial：關(guān)鍵的肾请；至關(guān)重要的；關(guān)鍵性的
37.prevalent：流行的更胖；盛行的
38.override：覆蓋铛铁；推翻；無視却妨；踐踏
39.prejudice：偏見
40.temperament：性情饵逐；秉性；性格
41.seek out：找出彪标；尋找到
