英文早讀第41篇旋廷，選自巴菲特年度信，友才翻譯礼搁。
Investment Companies
投資公司
Along with the results of the Dow, we have regularly included the tabulations on the two largest open-end investment companies (mutual funds) following a common stock policy, and two largest diversified closed-end investment companies. These four companies, Massachusetts Investors Trust, Investors Stock Fund, Tri-Contiental Corp. and Lehman Corp. manage over 3 billion and are probably typical of most of the 20 billion investment company industry. My opinion is that their results parallel those of most bank trust departments and investment counseling organizations which handle, in aggregate, vastly greater sums.
隨著道瓊斯指數(shù)的結(jié)果饶碘，我們又慣例地羅列了2家一般股市市場(chǎng)最大的開放式投資公司（互助基金）和2家最大的分散式封閉投資公司的列表。這4家公司馒吴，馬薩諸塞投資者信托扎运、投資者股票基金、三大陸公司和萊曼公司饮戳，管理者超過30億美金豪治，或許是這個(gè)接近20億美金投資公司產(chǎn)業(yè)的典型。我的觀點(diǎn)是他們的結(jié)果與大多數(shù)銀行信托部門和投資咨詢估值差不多扯罐，而他們總的來說管理著更大的金額负拟。
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 approximately 7 million and this represents a very small fraction of the industry. Nevertheless, the public batting average of this highly-paid talent indicates results slightly less favorable than the Dow. In no sense is this statement intended as criticism. Within their institutional framework and handling the many biliions of dollars involved, I consider such average results virtually the only possible ones. Their merits lie in other than superior results.
如下列表的目的是為了表明道瓊斯指數(shù)作為投資成果的索引并不是好搞的對(duì)手。僅僅管理這4家公司的咨詢?nèi)瞬啪托枰甓荣M(fèi)用大約700萬美金歹河，而這只代表了這個(gè)市場(chǎng)的很小一部分掩浙。盡管如此，這些高昂費(fèi)用人才的公開擊球結(jié)果卻仍輕微遜色于道瓊斯指數(shù)秸歧。這個(gè)賬單沒有任何意圖去批判厨姚。在他們機(jī)構(gòu)架構(gòu)和管理如此大量的數(shù)十億美金下，我認(rèn)為這個(gè)平均結(jié)果幾乎是唯一的結(jié)果键菱。他們的價(jià)值在比道瓊斯指數(shù)更優(yōu)秀的結(jié)果之外谬墙。
Both our portfolio and method of operation differ substantially from the companies mentioned above. 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 test of performance.
我們的投資組合和運(yùn)作方法都與以上提到的公司差距顯著。然而纱耻，大部分合伙人芭梯，作為他們?cè)诤匣锘鹄锕煞莸目蛇x項(xiàng)险耀，將會(huì)把他們投資在別的媒體報(bào)道的結(jié)果去和投資公司比較弄喘，因此我認(rèn)為這也提供了一個(gè)有價(jià)值的表現(xiàn)測(cè)試方法。
19.diversify：使多樣化；增加……的品種
20.in aggregate：整體上；總共急但；作為整體
21.vastly：非常澎媒；很
22.advisory：咨詢的；顧問的波桩；警報(bào)
23.criticism：批評(píng)戒努；批判；指責(zé)镐躲；責(zé)備
24.institutional：由來已久的储玫；機(jī)構(gòu)的；慈善機(jī)構(gòu)的
25.framework：框架萤皂；結(jié)構(gòu)撒穷；機(jī)制；架構(gòu)裆熙；觀點(diǎn)
26.merit：優(yōu)點(diǎn)端礼；價(jià)值；功績(jī)入录；長(zhǎng)處蛤奥；美德；值得贊揚(yáng)
