英文早读第102篇，选自巴菲特年度信，友才翻译。
The "Generals-Private Owner Basis" category was very good to us in 1965. Opportunities in this area have become more scarce with a rising Dow, but when they come along, they are often quite significant. I mentioned at the start of last year that we were the largest stockholder of three companies in this category. Our largest yearend 1964 investment in this category was disposed of in 1965 pursuant to a tender offer resulting in a realized gain for BPL of 3,188,000. At yearend 1964 we had unrealized appreciation in this investment of 451,000. Therefore, the economic gain attributable to 1965 for this transaction was only 2,737,000 even though the entire tax effect fell in that year. I mention these figures to illustrate how our realized gain for tax purposes in any year bears no necessary relationship to our economic gain.
“一般类——私有化基准”范畴在1965年是非常好的。随着上涨的道琼斯，在这个领域的机会变得更加稀少，但是当他们来临时，他们经常很重要。在去年开头我提到我们是这一范畴三家公司的最大股东。1964年末我们在这一范畴最大的投资在1965年被处置依据提供的意向书导致巴菲特合伙基金实现盈利利润318.8万美金。在1964年末我们在这个投资有未结算利润45.1万美金。因此，经济上的获利对于这个交易在1965年来说仅仅有273.7万美金，尽管整个税收申报要算到这一年。我提到这些数字是表明我们结算的获利在任一年与我们的经济获利没有必须的联系。
The fundamental concept underlying the Generals-Private Owner category is demonstrated by the above case. A private owner was quite willing (and in our opinion quite wise) to pay a price for control of the business which isolated stock buyers were not willing to pay for very small fractions of the business. This has been a quite common condition in the securities markets over many years, and although purchases in this category work out satisfactorily in terms of just general stock market behavior, there is the occasional dramatic profit due to corporate action such as the one above.
隐含在一般类——私有化范畴后的基础概念被上面这个例子诠释了。私有化持有者相当愿意（在我看来相当聪明）去出价控制这个业务而那些被股市隔离的卖家为这个业务的一点点股份也不愿意出价。最近很多年在股票市场这是相当普遍的状况，并且尽管在这个范畴的购买在一般股票市场结果令人满意，也会有偶然的引人注目的利润考虑到像上面这个合适的行动。
The "Control" section of our business received a transfer member from our “Private Owner” category. Shares in Berkshire Hathaway had been acquired since November 1962 on much the same line of reasoning as prevailed in the security mentioned above. In the case of Berkshire, however, we ended up purchasing enough stock to assume a controlling position ourselves rather than the more usual case of either selling our stock in the market or to another single buyer.
我们的业务中“控制类”收到了一个转换的成员从我们的“私有化基础”策略而来。在伯克希尔哈撒韦的股份从1962年11月开始获得，依据在上面提到的股票普遍存在的理由。在伯克希尔的案子上，然而，我们以购买足够的股票让我们自己获得控制类席位结束而不是更常见的案子中售出我们的股票给市场或者另一个买家。
48.scarce：稀少的；缺乏的；不足的
49.be disposed of：被处理
50.pursuant：依照；根据；依照
51.underlying：根本的；潜在的；隐含的
52.prevailed：盛行；流行；普遍存在
