英文早读第88篇，选自巴菲特年度信，友才翻译。
Let's get back to the West Coast. What is one really trying to do in the investment world? Not pay the least taxes, although that may be a factor to be considered in achieving the end. Means and end should not be confused, however, and the end is to come away with the largest after-tax rate of compound. Quite obviously if two courses of action promise equal rates of pre-tax compound and one involves incurring taxes and the other doesn't the latter course is superior. However, we find this is rarely the case.
让我们回到西海岸。什么是一个人在投资世界中真正想去做的？不是付最少的税，尽管这可能是在取得最后结果时考虑的一个因素。方法和结果不应该被混淆，然而，结果是伴随着最大税后复合盈利率。很明显如果两个方式许诺同样的税前复合盈利率，一个包括招引税收，另一个不包括那后一个更好。然而，我们发现这种情况很罕见。
It is extremely improbable that 20 stocks selected from, say, 3000 choices are going to prove to be the optimum portfolio both now and a year from now at the entirely different prices (both for the selections and the alternatives) prevailing at that later date. If our objective is to produce the maximum after-tax compound rate, we simply have to own the most attractive securities obtainable at current prices, and, with 3000 rather rapidly shifting variables, this must mean change (hopefully "tax-generating" change).
这是相当不大可能的20个从3000个选项中选择的股票将证明是最佳组合，无论是现在还是从现在起一年，以完全不同的价格（无论是选择的还是其他选项）在后期流行。如果我们的目标是产生最大税后复合盈利率，我们仅仅去持有那些最吸引的股票以当前价格获得，同时，有3000个相当快速切换的不同项，这意味着必须要改变（希望是“税务驱动”的改变）。
It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.
很明显一个去年或上个月股票的表现本质上没有理由决定持有或者不持有。很明显当股票下跌时避免欠债是无能为力的也不重要。很明显去年持有一个胜者股票获得内心温暖也是不重要的在做出决定他是否属于今年的最佳组合。
If gains are involved, changing portfolios involves paying taxes. Except in very unusual cases (I will readily admit there are some cases), the amount of the tax is of minor importance if the difference in expectable performance is significant. I have never been able to understand why the tax comes as such a body blow to many people since the rate on long-term capital gain is lower than on most lines of endeavor (tax policy indicates digging ditches is regarded as socially less desirable than shuffling stock certificates).
如果盈利是有的，改变投资组合就要付税。除非在一些很不寻常的情况（我很欣然承认是有一些情况），税务规模在预期表现是重要的情况下一点都不重要。我从来没有理解为什么税务给很多人身体一击既然长期资本回报率比大多数行业都要低（税务政策表明深耕是认为比洗牌股票更不可取的）。
150.incurring：招致；引起；遭受；引致
151.improbable：不可能的；不大可能的
152.optimum：最佳的；最适宜的
153.prevailing：普遍的；盛行的；流行的
154.per se：本身；本质上
155.inability：不能；无力；无能
156.get even：不欠债
157.readily：轻而易举地；乐意的；欣然地；便利地
158.endeavor：努力；尽力；试图
159.ditch：沟；渠
160.pragmatist：实用主义者
161.get off：离开；出发；别碰；逃脱
162.idealistic：理想主义的；空想的
163.zealot：狂热者；狂热分子
164.cure：治愈；药物；疗法；对策；疗程
165.grocery：杂货店
166.conviction：信念；坚定；肯定；定罪；证明有罪
167.treasury：财政部；金库
168.sidelight：侧灯；意外线索；间接消息
169.vis-a-vis：VS
170.swap：交换；调换；交换物
171.deferment：延期；推迟；延缓
172.enthusiastic：热情的；热心的
173.phonetically：发音的；语音学上
174.redeem：赎回；兑换；救赎；补救
175.delightful：令人愉快的；宜人的；使人快乐的
176.eventuate：导致；最终造成；成为结果
