英文早读第136篇，选自巴菲特年度信，友才翻译。
Investment Companies
投资公司
On the following page is the usual tabulation showing the results of what were the two largest mutual funds (they stood at the top in size from 1957 through 1966 - they are still number two and three) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies.
接下来一页是常规的表格展示两家最大的共同基金（他们从1957到1966年是顶级规模，现在仍然是第二第三名）遵循一个策略，典型地，有95-100%是投资在股市，和两家最大的分散封闭式投资公司。
(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1968 Moody's Bank & Finance Manual for 1957-1967. Estimated for 1968.
（1）基于资产价值变化加上当年所有的股息。
（2）从1968年版1957-1967穆迪银行和金融手册。1968年结果预估而来。
It is interesting that after twelve years these four funds (which presently aggregate well over 5 billion and account for over 10% of the investment company industry) have averaged only a fraction of one percentage point annually better than the Dow.
很有趣在十二年后这四家（代表总共超过50亿美金和占到投资公司行业超过10%份额）取得平均年度领先道琼斯指数1个百分点。
Some of the so-called "go-go" funds have recently been re-christened "no-go" funds. For example, Gerald Tsai's Manhattan Fund, perhaps the world's best-known aggressive investment vehicle, came in at minus 6.9% for 1968. Many smaller investment entities continued to substantially outperform the general market in 1968, but in nothing like the quantities of 1966 and 1967.
一些所谓的“激进型”基金最近变成了应当被“停滞型”基金重新命名。例如，格雷得他赛的曼哈顿基金，或许是世界上最有名的激进投资公司，在1968年亏损6.9%。很多更小的投资公司继续大幅优于1968年大盘表现，但是在数量上不像1966和1967年那样多。
The investment management business, which I used to severely chastise in this section for excessive lethargy, has now swung in many quarters to acute hypertension. One investment manager, representing an organization (with an old established name you would recognize) handling mutual funds aggregating well over 1 billion, said upon launching a new advisory service in 1968:
投资管理业务，我曾经严厉批评过于懈怠，现在在很多场合走向了极度亢奋。一个投资经理，代表一个组织（有一个你会意识到的久负盛名的公司）处理超过10亿美金的共同基金，在1968年发布一个新的咨询服务时说：
"The complexities of national and international economics make money management a full-time job. A good money manager cannot maintain a study of securities on a week-by-week or even a day-by-day basis. Securities must be studied in a minute-by-minute program."
“国内和国际经济复杂度使得资金管理是全职工作。一个好的资金经理不能只按一周接一周甚至一天接一天的方式研究股票。股票必须被以分钟的粒度去研究。”
Wow!
天哪！
This sort of stuff makes me feel guilty when I go out for a Pepsi. When practiced by large and increasing numbers of highly motivated people with huge amounts of money on a limited quantity of suitable securities, the result becomes highly unpredictable. In some ways it is fascinating to watch and in other ways it is appalling.
这类员工让我当出去喝可乐时感到负罪。当大量且在增长的高度自驱的人有大量的资金在有限数量的合适股票上，结果变的高度不可预测。有时候他是迷人的，另一些时候他是糟糕的。
7.fraction：小部分；分数；小数
8.rechristen：给…取名；给…命名
9.chastise：批评；指责；惩戒
10.severely：严重地；严厉地；严格地
11.lethargy：无精打采；冷漠
12.swung：摆动；摇摆；摇荡
13.acute：严重的；急性的；敏锐的
14.hypertension：高血压
15.fascinating：迷人的；极有吸引力的
16.appalling：骇人听闻的；令人震惊的；糟糕的
