英文早读第117篇，选自巴菲特年度信，友才翻译。
Analysis of 1966 Results
1966年结果分析
All four main categories of our investment operation worked out well in 1966. Specifically, we had a total overall gain of 8,906,701 derived as follows:
所有四个主要的投资策略在1966年都运作很好。尤其我们有净利润增长890万6701由以下展示：
A few caveats are necessary before we get on with the main discussion:
一些告诫是必要的在我们开始主要讨论之前：
An explanation of the various categories listed above was made in the January 18, 1965 letter. If your memory needs refreshing and your favorite newsstand does not have the pocketbook edition. We'll be glad to give you a copy.
1.关于不同策略的解释在1965年1月18日的信中展示了。如果你的记忆需要更新并且你最喜欢的报摊没有小册子版本。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.
2.分类不是天衣无缝的。没有什么回溯性的更改但是一开始对分类的决定有时是武断的。Percentage returns calculated on the average investment base by category would be understated relative to partnership percentage returns which are calculated on a beginning investment base. In tha above figures, a security purchased by us at 100 on January 1 which appreciated at an even rate to 150 on December 31 would have an average investment of 125 producing a 40% result contrasted to a 50% result by the customary approach. In other words, the above figures use a monthly average of market values in calculating the average investment.
3.百分比回报基于策略的投资回报来计算，相对于合伙基金的平均回报是由初始投资资金来计算。在上面的数字中，一个股票在1月1日以100美金被我们购买在12月31日增长至150美金将按照125美金的平均投资产生40%结果结算，相比于不是按传统方式的50%的结果。换句话说，上面的数字使用市值的月度平均值来计算平均投资回报。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 average investment category.
4.所有的结果都基于100%拥有，非杠杆的基础。利息和其它一般花费从整体表现中扣除，而没有按策略分开。和特定投资组合相关的花费，例如支付给短期股票的股息，由该策略扣除。当股票被直接借来并短期售卖，净投资（长期减去短期的）被按合理的平均投资策略来展示。The above tablee 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.
上面的表格仅仅有有限用途。这个结果对每一个策略都是合适的由一个或两个投资展示。他们不代表大量的稳定的数据集合（全美国成人死亡率或者类似的数据）由此可以得出结论或者预测。相反，他们代表非平凡的，不均匀的现象导致不确定的建议考虑到不同的运作流程被我们使用。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，这些结论没有像我们计算金钱一样去用心制作，因为我们没有完全检查导致可能的工作上或数字上的错误。
10.derive：得到；获得；产生；取得
11.caveat：警告；告诫
12.newsstand：报摊；售报处
13.iron-clad：绝对可靠的；天衣无缝的
14.retroactively：追溯地；回溯性的
15.arbitrary：任意的；武断的；专横的
16.non-leverage：无杠杆的
17.segregated：隔离的；分开的
18.clerical：办公室工作的；神职人员的
19.mortality：死亡率；死亡
20.stable：稳定的；牢固的
21.projection：预测；投射；设想；推断
22.tentative：不确定的
23.understate：轻描淡写；避重就轻地说
