英文早读第84篇，选自巴菲特年度信，友才翻译。
3."Workouts" - these are the securities with a timetable. They arise from corporate activity - sell-outs, mergers, reorganizations, spin-offs, etc. In this category we are not talking about rumors or "inside information" pertaining to such developments, but to publicly announced activities of this sort. We wait until we can read it in the paper. The risk pertains not primarily to general market behavior (although that is sometimes tied in to a degree), but instead to something upsetting the applecart so that the expected development dose not materialize. Such killjoys could include anti-trust or other negative government action, stockholder disapproval, withholding of tax rulings, etc. The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss. This category produces more steady absolute profits from year to year than generals do. In years of market decline it should usually pile up a big edge for us; during bull markets it will probably be a drag on performance. On a long-term basis, I expect the workouts to achieve the same sort of margin over the Dow attained by generals.
3.“套利类”——这是有时间表的股票。他们来自于公司行动——出售、合并、重组、剥离等等。在这个策略里我们不是在讨论谣言或者存在于这些发展中的“内部消息”，但是这类公开报道的行动。我们等待到知道可以在报纸上读到它。这个风险首先并不是存在于一般股市行为（尽管有时有一定程度连接），而是取而代之是那些扰乱进度表的事情以至于期望的发展没有实现。这些让人扫兴的事包括反垄断或其他政府负面行为，股东反对，税务规则拒绝等等。在很多套利类中净利润似乎相当小。他有点像还剩一点时间的时候寻找停车计时器。然而，可预测性伴随着短的持仓时间产生了相当令人满意的平均年回报率在允许偶发的大幅损失。这个策略年复一年产生更多稳定的绝对收益相比于一般类做的。在市场下跌的年份它经常给我们一个大的领先；在牛市它或许会成为表现的拖累。从长期来看，我希望套利类实现和一般类一样的道琼斯领先幅度。
4."Controls" - these are rarities, but when they occur they are likely to be of significant size. Unless we start off with the purchase of a sizable block of stock, controls develop from the general - private owner category. They result from situations where a cheap security does nothing pricewise for such an extended period of time that we are able to buy a significant percentage of the company's stock. At that point we are probably in a position to assume a degree of or perhaps complete control of the company's activities. Whether we become active or remain relatively passive at this point depends upon our assessment of the company's future and the managements capabilities.
4.“控制类”——这是稀有的，但是当他们发生时他们似乎是大的规模。除非我们一开始就交易了大规模的股票，控制类从私有化策略的一般类发展而来。他们来自于一个便宜的股票长期不是价格明智的以至于我们能够购买大量百分比的公司股票。在那时我们或许处于确保一定程度或者或许完全控制这个公司活动的席位。而我们在那时变得积极还是保持相对消极取决于我们对公司未来和管理能力的评估。
We do not want to get active merely for the sake of being active. Everything else being equal, I would much rather let others do the work. However, when an active role is necessary to optimize the employment of capital, you can be sure we will not be standing in the wings.
我们不想仅仅为了变得积极而变得积极。任何其他事情是一样的话，我更倾向于让别人做这个工作。然而，当一个积极的角色是优化资本应用必要的时候，你可以确保我们不会站在旁边。
Active or passive, in a control situation there should be a built-in profit. The sine qua non of this operation is an attractive purchase price. Once control is achieved, the value of our investment is determined by the value of the enterprise, not the oftentimes irrationalities of the market place.
无论积极还是消极，在控制类中应当存在内置的利润。这个运作的必要条件是有吸引力的交易价格。一旦实现控制，我们投资的价值就取决于公司的价值，而不是市场的经常的不理性。
117.pertain：使用；存在
118.withholding：不给；拒绝给；扣缴税款
119.rarity：罕见；稀有；珍品；稀有物
120.sake：缘故；利益；目的；理由；日本清酒
121.sine qua non：必要条件
122.irrationality：非理性；无理性
