英文早读第158篇，选自巴菲特年度信，友才翻译。
10.Will you let us know if you sell your bondings of BH or DRC?
10.当你出售你在伯克希尔哈撒韦或者百货零售公司的持股时会让我们知道吗？
You would undoubtedly know from corporate communications, reports in the press and reports to Government agencies if I disposed of my holdings. I have no intention at all of doing so in the foreseeable future - I merely make no commitment no to. However, former BPL partners will have no priority over other BH or DRC security holders in obtaining information relating to their corporate activities.
毫无疑问如果我处理了我的持股你会从公司交流、公开报告和政府机构报告中知道。在可预见的未来我没有丝毫出售的意图——只是我也不会做出不这么做的承诺。然而，之前是巴菲特合伙基金的合伙人不会有任何特权比其它伯克希尔哈撒韦或者百货零售公司股票持有人在获得关于公司活动的信息方面。
11.Should I hold my BH or DRC stock?
11.我应该继续持有我的伯克希尔哈撒韦或者百货零售公司股份吗？
I can't give you the answer on this one. All I can say is that I'm going to do so and I plan to buy more. I am very happy to have a material portion of my net worth invested in these companies on a long term basis. Obviously, I think there is a low risk of loss. I hope their price patterns follow a rather moderate range related to business results rather than behaving in a volatile manner related to speculative enthusiasm or depression. Obviously, I cannot control the latter phenomena, but there is no intent to "promote" the stocks a la much of the distasteful general financial market activity of recent years.
在这方面我不能给你答案。所有我能说的是我将会这样做并且计划购买更多。我很高兴把我净资产的大部分长期投资在这些公司。很明显，我认为损失的风险很低。我希望他们的价格能更遵循相对温和的围绕业务结果波动而不是因为投机的兴衰很不稳定。很明显，我不能控制后面的现象，但是我也没有任何意图按照最近这些年大部分令人反感的财务市场动作去“提升”这些股票。
12.Can I give either BH or DRC shares to my wife or children?
12.我可以把伯克希尔哈撒韦或者百货零售公司股票给我的妻子或者孩子吗？
We are advised by counsel that this is permissible but, of course the same restrictions on transfer that applied to you would apply to the donee of the gift.
我们被法律顾问告知这是允许的但是，当然在转移后适用于你的限制将同样适用于这份礼物的受赠人。
13.Why are you waiting until March to give us your suggestions regarding bonds?
13.为什么你要等到3月份才会给我们你关于债券的建议？
January and February promise to be busy months. Many partners may want to talk to me about their questions and objectives regarding bonds. I want to have all important BPL matters out the way before I talk with any of them on an individual basis. I make no forecasts regarding the bond market (or stock market) - it may be higher or lower in March than now. After my October letter, several partners became very eager to buy bonds immediately - to date they are much better off by waiting. The excellent quality tax-free bonds I talked about at that time with yields of 6-1/2% can now be bought to yield about 7%.
一月和二月肯定是忙碌的月份。很多合伙人或许想和我谈谈他们关于债券的问题和目标。我想在和他们单独谈论之前已经解决所有巴菲特合伙基金的重要事项。我对证券市场没有任何预估（对股市也是）——在三月份可能比现在更高或者更低。在我的10月信之后，一些合伙人变得很急于立刻购买债券——如果等到现在他们将会更好。优质的免税债券在我在那时谈论时收入是6.5%，而现在大约是7%。
Cordially,
Warren E. Buffett
热情地，
沃伦E巴菲特
40.priority：优先事项；当务之急；优先权
41.volatile：不稳定的；无常的
42.speculative：投机的；猜测的；试探的
43.enthusiasm：热情；热忱
44.promote：促进；推动；提升；晋升；推销
45.distasteful：讨厌的；令人反感的；使人不愉快的
46.a la：仿照；按照……的方式
47.counsel：劝告；忠告；法律顾问；律师
