英文早读第138篇，选自巴菲特年度信，友才翻译。
Controls
控制类
Overall, the controlled companies turned in a decent performance during 1968. Diversified Retailing Company Inc. (80% owned) and Berkshire Hathaway Inc. (70% owned) had combined after-tax earnings of over 5 million.
整体来说，控制类公司在1968年表现良好。百货零售公司（持股80%）和伯克希尔哈撒韦公司（持股70%）合在一起有税后利润超过500万美金。
Particularly outstanding performances were turned in by Associated Cotton Shops, a subsidiary of DRC run by Ben Rosner, and National Indemnity Company, a subsidiary of B-H run by Jack Ringwalt. Both of these companies earned about 20% on capital employed in their businesses. Among Fortune's "500" (the largest manufacturing entities in the country, starting with General Motors), only 37 companies achieved this figure in 1967, and our boys outshone such mildly better-known (but not better appreciated) companies as IBM, General Electric, General Motors, Procter&Gamble, DuPont, Control Data, Hewlett-Packard, etc...
表现特别突出的是联合棉纺商店，一家由本罗斯恩经营的DRC子公司和国家保障公司，一家由杰克零怀特经营的B-H子公司。这些公司都赚取了他们业务所用资金的20%。在财富500强（国家最大的制造业公司，从通用汽车开始），仅仅有37家公司在1967年实现了这个数字，而我们的伙伴们表现优于这些更加广为人知（但不是更加值得赞赏）的公司，像IBM，通用电气，通用汽车，宝洁，杜邦，控制数据和惠普等等。
I still sometimes get comments from partners like:"Say, Berkshire is up four points - that's great!" or "What's happening to us, Berkshire was down three last week?" Market price is irrelevant to us in this valuation of our controlling interests. We valued B-H at 25 at yearend 1967 when the market was about 20 and 31 at yearend 1968 when the market was about 37. We would have done the same thing if the markets had been 15 and 50 respectively. ("Price is what you pay. value is what you get"). We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.
我有时仍然从合伙人听到类似的评论：“听说伯克希尔涨了4个点——太好了！”或者“我们发生了什么，伯克希尔上个礼拜跌了3个点？”股价与我们对控制类股份的估值没有关系。我们在1967年末对B-H估值25美金而股价是20美金，在1968年末估值31美金而股价是大约37美金。如果股价分别是15和50美金我们也会做同样的事。（“价格是你付多少。价值是你得到多少”）。我们在控制类投资将会成功或者失败和我们业务运作表现相关——我们不会试图通过在股市玩不同的游戏来盈利。
Generals - Private Owner
一般类——基于私有化
Over the years this has been our best category, measured by average return, and has also maintained by far the best percentage of profitable transactions. This approach was the way I was taught the business, and it formerly accounted for a large portion of all our investment ideas. Our total individual profits in this category during the twelve year BPL history are probably fifty times or more our total losses. The cash register really rang on one simple industry idea (implemented in several ways) in this area in 1968. We even received a substantial fee (including in Other Income in the audit) for some work in this field.
过去这些年这是我们最好的类别，基于平均回报衡量，并且也是到目前获得的最高百分占比的盈利交易。这个方法是我在入行时学的，并且他之前占了我们的投资标的很大比例。在巴菲特合伙基金历史上，我们的整体个案盈利在这个范畴大约是50倍甚至更多于我们的整体损失。在1968年的这个领域这个现金取款机真的只依赖于一个简单的行业构想（通过几种方式实施）。我们甚至收到了一笔可观的费用（包含在了审计报告中其它收入部分）因为在这个领域的一些工作。
Our total investment in this category (which is where I feel by far the greatest certainly regarding consistently decent results) is presently under 2 million and I have nothing at all in the hopper to bolster this. What came through like the Johnstown flood in 1968 looks more like a leaky faucet in Altoona for 1969.
我们在这个范畴的整体投资（是到目前我觉得最确定的考虑到持续满意的结果）现在低于200万美金并且我没有任何想法去加强他。相比于1968年的约翰斯顿大洪水，这更像1969年奥特那的水龙头漏水。
Generals - Relatively Undervalued
一般类——相对低估值
This category produced about two-thirds of the overall gain in 1966 and 1967 combined. I mentioned last year that the great two-year performance here had largely come from one idea. I also said," We have nothing in this group remotely approaching the size or potential which formerly existed in this investment." It give me great pleasure to announce that this statement was absolutely correct. It gives me somewhat less pleasure to announce that it must be repeated this year.
这个范畴在1966年和1967年在一起产生了大约2/3的整体利润。我在去年提到这两年优秀的表现大部分来自于一个标的。我也说了，“我们在这个组合中之前的投资标的没有或有潜力可以在后面达到这个规模的。”很开心我做的这个声明完全正确。有些不开心声明他今年会重现。
Workouts
套利类
This category, which was a disaster in 1967, did well during 1968. Our relatively heavy concentration in just a few situations per year (some of the large arbitrage houses may become involved in fifty or more workouts per annum) gives more variation in yearly results than an across-the-board approach. I feel the average profitability will be as good with our policy and 1968 makes me feel better about that conclusion than 1967 did.
这个范畴在1967年是灾难，在1968年表现很好。我们每年相对主要集中在仅仅几个场合（一些大型套利公司每个季度都会下注50或者更多家套利类股票）使在年度结果上比任何整个周期方法上更大差异。我觉得在我们的政策下平均盈利能力将会很好并且1968年是我觉得会比1967年做的结论更好。
It should again be stated that our results in the Workout area (as well as in other categories) are somewhat understated compared to the more common method of determining results computed on an initial base figure and utilizing borrowed money (which is often a sensible part of the Workout business).
需要再一次说明我们的结果在套利类领域（其它范畴也是同样的）是某种程度上低调的相比于更加常见的基于最初投资数据和使用借款（在套利类业务中非常敏感）来计算结果。
26.turn in：提交；自首；交付；上交
27.outshone：使逊色；比…做得好
28.prosper：繁荣；成功；兴旺；发达
29.arbitrage：套利；套汇；套购
30.hopper：漏斗；送料斗
31.bolster：靠枕；加强；改善
32.leaky：渗漏的；有漏洞的
33.faucet：水龙头；龙头
