英文早读第九篇，选自巴菲特年度信，友才翻译。
Commonwealth only had about 300 stockholders and probably averaged two trades or so per month, so you can understand why I say that the activity of the stock market generally had very little effect on the price movement of some of our holdings.
联邦信托仅仅有大约300名股东，而且也许可能平均每个月只有2笔交易，因此你可以理解为什么我说故事的活动一般对我们持仓的股价很少有影响。
Unfortunately we did run into some competition on buying, which railed the price to about 65 where we were neither buyer nor seller. Very small buying orders can create price changes of this magnitude in an inactive stock, which explains the importance of not having any "Leakage" regarding our portfolio holdings.
很不幸我们也确实在购买过程中闯入了竞争，这使得价格涨到了65美金而我们买卖都不适合。在不活跃的股票上，非常小的买单可以形成如此巨大价格变动，这也解释了我们的持仓组合不能有任何泄露的重要性。
Late in the year we were successful in finding a special situation where we could become the largest holder at an attractive price, so we sold our block of Commonwealth obtaining 80 per share although the quoted market was about 20% lower at the time.
在这一年晚些时候，我们成功发现了一个机会我们可以以有吸引力的价格成为最大股东，因此我们出售了联邦信托的股票以美股80美金的价格，尽管那是市场仍存在20%的低位。
It is obvious that we could still be sitting with 50 stock patiently buying in dribs and drabs, and I would be quite happy with such a program although our performance relative to the market last year would have looked poor. The year when a situation such at Commonwealth results in a realized profit is, to a great extent, fortuitous. Thus, our performance for any single year has serious limitations as a basis for estimating long term results. However, I believe that a program of investing in such undervalued well protected securities offers the surest means of long term porfits in securities.
很明显我们可以仍旧在50美金附近耐心地一点一点买入，并且我会对这个计划相当开心尽管我们的表现相对于年末的市场行情看起来比较寒酸。在相当大的程度上，今年像联邦信托这样带来实打实收益的情况是偶然的。因此，任何单独一年来看我们的表现会相当局限基于评估长期结果的方式。然而，我相信投资这些被低估但被保护良好的股票计划必然会提供长期的收益。
26.competition：竞争；比赛；竞争者；对手
27.magnitude：巨大；重要性；震级；规模；大小；数量；数值
28.leakage：（机密或秘密）泄露、透露；（液体或气体）泄露、渗漏
29.dribs and drabs：三三两两的；零散的小量
30.result in：导致
31.realized：实现的；已实现的；实现；意识到
32.fortuitous：偶然的；巧合的
33.surest：（回答别人感谢）不用客气，应该的；有把握；肯定；无疑；必然的
34.means：方法；方式；财富；钱财；意思是；打算；表示……的意思；有……的目的
