英文早读第261篇，选自巴菲特年度信，友才翻译。
We know that this translation of non-controlled ownership earnings into corresponding realized and unrealized capital gains for Berkshire will be extremely irregular as to time of occurrence. While market values track business values quite well over long periods, in any given year the relationship can gyrate capriciously. Market recognition of retained earnings also will be unevenly realized among companies. It will be disappointingly low or negative in cases where earnings are employed non-productively, and far greater than dollar-for-dollar of retained earnings in case of companies that achieve high returns with their augmental capital. Overall, if a group of non-controlled companies is selected with reasonable skill, the group result should be quite satisfactory.
我们知道将非控制类股权盈利转化为相应的伯克希尔结算和未结算资本盈利因为取决于发生的时间将会十分不规律。尽管经过一段长时间市值会很好的符合公司价值，在任何指定年份这个关系都可以不规律的跳动。市场对留存利润认可度在不同公司之间也将会不均衡。如果盈利没有被很高产的利用，结果将会是令人失望的差或者是负数，而如果公司将这些扩张的资金实现很高的回报结果又会远好于留存现金利润。总的来说，如果一批非控制类公司被娴熟地选出，这个组合的结果会是相当令人满意的。
In aggregate, our non-controlled business interests have more favorable underlying economic charateristics than our controlled businesses. That's understandable; the area of choice has been far wider. Small portions of exceptionally good businesses are usually available in the securities markets at reasonable prices. But such businesses are available for purchase in their entirely only rarely, and then almost always at high prices.
总的来说，我们非控制类业务股份有着比我们控制类业务更好的潜在经济特征。这是可以理解的，选择的范围非常宽。尤为突出的业务小部分股份在股票市场通常会以合理的价格获取。但是这类业务如果整体购买将会很少见，并且几乎通常是高价。
General Acquisiton Behavior
一般收购行为
As our history indicates, we are comfortable both with total ownership of businesses and with marketable securities representing small portions of businesses. We continually look for ways to employ large sums in each area. (But we try to avoid small commitments - "If something's not worth doing at all, it's not worth doing well".) Indeed, the liquidity requirements of our insurance and trading stamp businesses mandate major investments in marketable securities.
我们的历史表明，我们对业务完全持有和以股票持有小部分业务都很舒服。我们会持续寻找在每个领域使用大资金的额机会。（但是我们尽量避免小业务——“如果有些事一点都不值得去做，那也不值得去做好他”。）确实，我们保险和交易票证的业务流动性授权我们在股市可以有大的投资。
5.irregular：不规则的；非正常的；无规律的
6.gyrate：回转；旋转；转动
7.capricious：反复无常的；任性的
8.unevenly：不规则的；不均匀的；不稳妥的
9.augmented：扩张的；扩大的
