英文早读第12篇，选自巴菲特年度信，友才翻译。
"But, even though we like the portfolio, the market performance of Tri-Continental's holdings in 1959 was disappointing to us. Markets in which investor sentiment and enthusiasm play so large a part as those of 1959, are difficult for investment managers trained in values and tuned to investing for the long-term. Perhaps we haven't had our space boots adjusted properly. However, we believe that there is a limit to risks that an investing institution such as Tri-Continental should take with its stockholder's money, and we believe that the portfolio is in shape for the year ahead."
”但是，尽管我们喜欢这个投资组合，三大陆在1959年持股市场表现对我们来说是失望的。投资者热火朝天玩耍的市场，对于训练有素的价值投资和长期投资者来说是困难的。也许我们还没有很好适应我们的航空靴。然而，我们相信像三大陆这样的投资机构应该让股东的钱冒很有限的风险，我们也相信这个投资组合是合适的。“
Massschusetts Investors Trust, the country's largest mutual fund with assets of 1.5 billion showed an overall gain of about 9% for the year.
马萨诸塞州投资者信托，国家最大的互助基金拥有15亿美金资产，获得了全年大约9%的净增长。
Most of you know I have been very apprehensive about general stock market levels for several years. To date, this caution has been unnecessary. By previous standards, the present level of "blue chip" security prices contains a substantial speculative component with a corresponding risk of loss. Perhaps other standards of valuation are evolving which will permanently replace the old standard. I don't think so. I may very well be wrong; however, I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of a "New Era" philosophy where trees really do grow to the sky.
你们大部分都知道我对股市水平已经忧虑一些年了。直到今天，这个担心变得不必要了。根据以前的标准，蓝筹股的股价水平包含很大的投机成分，面临着相关的损失风险。也许别的估值标准已经演化到永久替代了旧标准。我不这么认为。但最好我是错的，然而，我更倾向维持过度保守带来的不利，也不想因为采用新时代树会长到天上去的理念而面对可能犯错的后果，也许这是资本永久损失。
8.mutual：相互的；共同的；互助的
9.apprehensive：忧虑的；恐惧的
10.speculative：投机的；猜测的；推测的；试探的
11.corresponding：相关的；相应的；吻合的
12.evolve：发展；进化；逐渐演变
13.sustain：维持；保持；为……提供食物；认可；支援
14.penalty：惩罚；处罚；判罚；不利
15.conservatism：保守主义
16.consequence：后果；结果；重要性
17.adoption：采用；收养；选举
