英文早讀第22篇蛹疯，選自巴菲特年度信，友才翻譯热监。
Our holdings, which I always believe to be on the conservative side compared to general portfolios, tend to grow more conservative as the general market level rises.At all times, I attempt to have a portion of our portfolio in securities at least partially insulated from the behavior of the market, and this portion should increase as the market rises. However appetizing results for even the amateur cook (and perhaps particularly the amateur), we find that more of our portfolio is not on the stove.
我們的持倉(cāng)捺弦，我認(rèn)為相比于一般的投資組合要保守，傾向于當(dāng)市場(chǎng)水平上漲時(shí)變的更加保守。我始終試圖我們的投資組合中部分股票至少部分免受市場(chǎng)行為的影響列吼，并且這個(gè)比例應(yīng)該增長(zhǎng)當(dāng)市場(chǎng)上漲時(shí)幽崩。然而甚至業(yè)余烹飪也會(huì)有令人垂涎的結(jié)果（或許尤其是業(yè)余廚師），我們也發(fā)現(xiàn)我們更多的投資組合并不在火爐上寞钥。
We have also begun open market acquisition of a potentially major commitment which I, of course, hope does nothing marketwise for at least a year. Such a commitment may be a deterrent to short range performance, but it gives strong promise of superior results over a several year period combined with substantial defensive characteristics.
我們已經(jīng)開(kāi)始從公開(kāi)市場(chǎng)收購(gòu)一個(gè)潛在的大型交易歉铝，當(dāng)然我希望至少一年不要被市場(chǎng)影響。這個(gè)交易或許遏制了短期表現(xiàn)凑耻，但是他給接下來(lái)幾年優(yōu)秀的結(jié)果強(qiáng)力承諾太示，同時(shí)有巨大的防御點(diǎn)。
Progress has been made toward combining all partners at yearend. I have talked with all partners joining during this past year or so about this goal, and have also gone over the plans with representative partners of all earlier partnerships.
流程已經(jīng)啟動(dòng)為了在年底合并所有投資者香浩。我已經(jīng)和所有投資者談過(guò)在今年剩下的時(shí)間左右加入到這個(gè)目標(biāo)类缤，同時(shí)也和所有早期合伙基金的合伙人代表認(rèn)真討論了這些計(jì)劃。
Some of the provisions will be:
一些條款如下：
(A) A merger of all partnerships, based on market value at yearend, with provisions for proper allocation among partners of future tax liability due to unrealized gains at yearend. The merger itself will be tax-free, and will result in no acceleration of realization of profits;
（A）所有合伙基金合并邻吭，基于在年底的市值餐弱，和合理分配合伙人未來(lái)稅務(wù)的條款，考慮到年底的未實(shí)現(xiàn)盈利囱晴。這個(gè)合并本身是沒(méi)有稅務(wù)的膏蚓，也不會(huì)導(dǎo)致盈利實(shí)現(xiàn)的加速。
4.conservative：保守的畸写；（英國(guó)）保守黨的驮瞧；守舊的；低于實(shí)際數(shù)量的枯芬；保守黨黨員
5.insulate：使隔熱论笔；使絕緣；隔離千所；使免受
6.appetizing：開(kāi)胃的狂魔；引起食欲的；使渴的
7.amateur：業(yè)余淫痰；業(yè)余愛(ài)好的
8.stove：火爐最楷；（用于取暖的）爐子；用火爐烤
9.marketwise：市場(chǎng)化的待错；關(guān)于證券市場(chǎng)方面籽孙；在市場(chǎng)上；商業(yè)上
10.deterrent：紙質(zhì)的朗鸠；遏制的蚯撩；威懾因素；遏制力
11.go over：仔細(xì)檢查烛占；認(rèn)真討論；用心思考
12.provision：提供；（法律文件）規(guī)定忆家、條款犹菇；（為將來(lái)做的）準(zhǔn)備；供給芽卿；供應(yīng)
13.liability：責(zé)任揭芍；負(fù)債；債務(wù)卸例；（法律上對(duì)某事物的）義務(wù)称杨；欠債；惹麻煩的人
