英文早读第八篇，选自巴菲特年度信，友才翻译。
This stock was the Commonwealth Trust Co. of Union City, New Jersy. At the time we started to purchase the stock, it had an intrinsic value 125 per share computed on a conservative basis. However, for good reasons, it paid no cash dividend at all despite earnings of about 10 per share which was largely responsible for a depressed price of about 50 per share. So here we had very well managed bank with substantial earnings power selling at a large discount from intrinsic value. Management was friendly to us as new stockholders and risk of any ultimate loss seemed minimal.
这个股票是新泽西联邦信托。当我们开始购买这只股票时，保守估算他每股拥有内在价值125美金。然而，由于一些合理的理由，尽管每股盈利大约10美金他们也不支付任何现金分红，这在很大程度上导致了每股约50美金的低迷股价。因此我们拥有了被良好管理的银行，拥有巨大盈利能力并且售价和内在价值比有很大折扣。作为新股东，管理对我们是友善的并且大幅损失的风险很低。
Commonwealth was 25.5% owned by a larger bank (Commonwealth had assets of about 50 million-about half the size of the First National in Omaha), which had desired a merger for many years. Such a merger was prevented for personal reasons, but these was evidence that this situation would not continue indefinitely. Thus we had a combination of:
1.Very strong defensive characteristics;
2.Good solid value building up at a satisfactory pace and;
3.Evidence to the effect that eventually this value would be unlocked although it might be one year or ten years. If the latter were true, the value would presumably have been built up to considerably larger figure, say, 250 per share.
联邦信托被一家更大的银行持有25.5%股份（联邦信托拥有50,000,000.00美金资产，大约是奥马哈第一国立的一半规模），他们已经期望合并了很多年。这个合并出于个人原因被拒绝，但证据表明这种情况不会无限期地持续。列举如下：
1.非常强烈的防御性格；
2.令人满意的内在价值建立；
3.证据表明最终这些价值将会被解锁尽管可能是一年或者十年。如果后面的实现了，这个价值大概会到相当大的更大的数字，也许到250美金每股。
Over a period of a year or so, we were successful in obtaining about 12% of the bank at a price averaging about 51 per share. Obviously it was definitely to our advantage to have the stock remain dormant in price. Our block of stock increased in value as its size grew, particularly after we became the second largest stockholder with sufficient voting power to warrant consultation on any merger personal.
在差不多一年时间，我们以平均每股大约51美金的价格成功获得了这家银行12%的股权。很明显这只股票保持价格低迷一定对我们更有利。当他的规模增长时，我们股票分量也增加了，尤其是当我们变为第二大股东之后，在任何合并事务上的咨询时更有投票权。
18.conservative：保守的；守旧的；低于实际数量的；保守党
19.despite：尽管；即使；尽管（自己）不愿意
20.be responsible for：对……负责
21.depress：使沮丧；按、压、推下（机器部件）；使萧条；降低（价格）；减少（工资）
22.indefinitely：无限期地
23.presumably：大概；可能；想必是
24.dormant：蛰伏的；冬眠的；潜在的；暂停活动的
25.warrant：保证；依据；凭证；使有必要；使正当；使恰当
