英文早读第263篇，选自巴菲特年度信，友才翻译。
(3)Many managements apparently were overexposed in impressionable childhold years to the story in which the imprisoned handsome prince is released from a toad's body by a kiss from a beautiful princess. Consequently, they are certain their managerial kiss will do wonders for the profitability of Company T(arget). Such optimism is essential. Absent that rosy view, why else should the shareholders of Company A(cquisitor) want to own an interest in T at the 2X takeover cost rather than at the X market price they would pay if they made direct purchases on their own? In other words, investors can always buy toads at the going price for toads. If those investors instead bankroll princesses who wish to pay double for the right to kiss the toad, those kisses had better pack some real dynamite. We've observed many kisses but very few miracles. Nevertheless, many managerial princesses remain serenely confident about the future potency of their kisses - even after their corporate backyards are knee-deep in the unresponsive toads.
很多管理层很明显过于沉浸在易受影响的童年事情，所听到的故事讲被囚禁的英俊的王子因为一个美丽的公主亲吻了癞蛤蟆的身体而被解救了出来。随后，他们确定他们的管理之吻也将可以为目标公司T带来盈利奇迹。这样的乐观主义是必要的。如果没有这个浪漫的观点，为什么收购公司A的股东想以2X倍的收购成本来持有T公司的股份而不是以X的市场价来支付购买呢？换句话说，投资者通常可以以癞蛤蟆的市场价来购买癞蛤蟆。如果这些投资者转而资助那些愿意支付两倍来购买亲吻癞蛤蟆的公主呢，这些吻最好能产生惊人的效果。我们目睹了很多吻但是几乎没有奇迹。然而，很多管理上的公主对他们的吻的未来影响力保持沉着自信-即便他们的公司现在深陷那些毫无反应的癞蛤蟆之中。
In fairness, we should acknowledge that some acquisition records have been dazzling. Two major categories stand out.
事实上，我们应该认识到有些收购记录确实耀眼。两个主要的类型尤为突出。
The first involves companies that, through design or accident, have purchased only businesses that are particularly well adapted to an inflationary environment. Such favored business must have two characteristics :(1) an ability to increase prices rather easily (even when product demand is flat and capacity is not fully utilized) without fear of significant loss of their market share or unit volume, and (2) an ability to accommodate large dollar volume increases in business (often produced more by inflation than by real growth) with only minor additional investment of capital. Managers of ordinary ability, focusing solely on acquisition possibilities meeting these tests, have achieved excellent results in recent decades. However, very few enterprises possess both characteristics, and competition to buy those that do has now become fierce to the point of being self-defeating.
第一个包括那些通过设计或偶然形成的公司，仅仅购买了那些特别能够适应通胀环境的业务。这些令人欣喜的业务必须有两个特征：（1）一个可以相当容易提高价格（即便产品需求一般且产能没有被充分利用）而不用担心市场份额或销量的大幅减少；（2）一个可以业务获得大规模美金销售额增长（通常通过通常相比真正的增长生产更多）而仅需很少的额外资金投入。一个有着常规能力的经理，唯独聚焦在获得满足这些标准的收购上，最近几十年都实现了卓越的业绩。然而，几乎没有公司同时拥有这两个特征，购买这些公司的竞争现在也变得越来越凶猛以至于达到了事与愿违的地步。
20.apparently：显然的；据…所知
21.impressionable：易受影响的
22.toad：蟾蜍；癞蛤蟆
23.bankroll：提供资金给；资助
24.dynamite：炸药；爆炸
25.serenely：安静的；安详的；沉着的
26.potency：效力；影响力；支配力
27.unresponsive：无反应的；反应迟钝的；没有答复的
28.dazzling：耀眼的；辉煌的；动人的
29.fierce：凶猛地；猛烈地
30.self-defeating：弄巧成拙的；适得其反的；事与愿违的
