英文早读第137篇，选自巴菲特年度信，友才翻译。
Analysis of 1968 Results
1968年结果分析
All four main categories of our investment operation worked out well in 1968. Our total overall gain of 40,032,691 was divided as follows:
所有四个主要投资运作范畴在1968年都表现很好。我们的整体4003万2691美金盈利如下分配：
A few caveats, as mentioned in my letter two years ago, are again in order (non-doctoral candidates may proceed to next section):
一些告诫，2年前在我的信中提到过，在这里再次是合适的（非博士候选人应该进入到下面这一部分）：
An explannation of the various categories listed above was made in the January 18, 1965 letter. If your memory needs refreshing and your favorite newstand does not have the pocketbook edition. We'll be glad to give you a copy.
1.关于上面列举的不同范畴的解释在1965年1月18日的信中写了。如果你的记忆需要更新并且你最喜欢的报刊亭没有随身手册版，我们很高兴给你一个复印件。The classifications are not iron clad. Nothing is changed retroactively, but the initial decision as to category is sometimes arbitrary. Sometimes later classification proves difficult; e.g. a workout that falls through but that I continue to hold for reasons unrelated or only partially related to the original decision (like stubbornness).
2.这个分类不是铁定的。没有什么会回溯性地改变，但是最初关于范畴地决定有时是随意的。有时后续地分类会变得困难；例如，套利类失败了但是我仍继续持有，原因与最初地决定无关或者仅有一点点关联（像是固执）。Percentage returns calculated on the average investment base by category would be significantly understated relative to Partnership percentage returns which are calculated on a beginning investment base. In the foregoing figures, a security purchased by us at 100 on January 1 which appreciated at an even rate to 200 on December 31 would have an average investment of 150 producing a 66-2/3% result contrasted to a 100% result by the customary approach. In other words, the foregoing figures use a monthly average of market values in calculating the average investment.
3.百分比回报是基于各范畴的平均投资来计算的，这将会显著比合伙基金基于起始投资百分比回报低调。在前面的数字中，一只股票在1月1日被我们以100美金购买，在12月31日上涨到200美金，将会以150美金平均投资额产生66.66%的结果计算相比于按传统方式的100%结果。换句话说，前面的的数字是使用月度平均市值来计算平均投资额。All results are based on a 100% ownership, non-leverage basis. Interest and other general expenses are deducted from total performance and not segregated by category. Expenses directly related to specific investment operations, such as dividends paid on short stock, are deducted by category. When securities are borrowed directly and sold short, the net investment (longs minus shorts) is shown for the applicable category's average investment.
4.所有的结果都是基于100%持有，没有杠杆的基础。利息和其它一般类费用从整体业绩中扣除了，没有按范畴划分。直接和特定投资运作相关的费用，例如卖空股票的分红，按范畴扣除。当股票是借来的并且进行卖空的，净投资（多头减去空头）按照相关的范畴的平均投资额来展示。The foregoing table has only limited use. The results applicable to each category are dominated by one or two investments. They do not represent a collection of great quantities of stable data (mortality rates of all American males or something of the sort) from which conclusions can be drawn and projections made. Instead, they represent infrequent, non-homogeneous phenomena leading to very tentative suggestions regarding various courses of action and are so used by us.
5.前面的表格仅仅有有限的用途。对每个范畴合适的结果是由1个或2个投资主导的。他们不代表一个大量稳定数据的集合（所有美国男性死亡率或者类似这种）从来可以得到结论且做出预测。相反，他们代表不频繁的，非一致的现象导致非常不确定的建议考虑到不同的我们所用的动作类型。Finally, these calculations are not made with the same loving care we apply to counting the money and are subject to possible clerical or mathematical error since they are not entirely self-checking.
6.最后，这些计算不是像我们数钱一样很用心，可能由于没有完全自我检查导致可能的文书或数字错误。
17.caveat：警告；告诫
18.doctoral：博士学位的
19.stubbornness：固执
20.understated：低调的；不过分的
21.foregoing：上述的；前述的
22.deducted：扣除；减去
23.retroactively：回溯地；追溯性地
24.iron clad：铁甲
25.tentative：暂定的；实验性的；不确定的
