英文早读第156篇，选自巴菲特年度信，友才翻译。
I intend to hold our block of Blue Chip Stamps in BPL for a more advantageous disposal or eventual distribution to our partners. The odds are decent that we will do better in this manner - even if it takes a year or two - than if we had participated in a very large sale into a somewhat distressed market. Unless there is a material change in the market in the next few days, I plan to value our Blue Chip holdings at yearend at the price received by selling shareholders on the public offering after underwriting discount and expenses.
我试图持有我们巴菲特合伙基金的蓝筹股以待一个更有竞争力的处理或者最终分配给我们的合伙人。有很大概率我们这种方式将会更好——即使要花费一到两年——相比于我们在某种程度上痛苦的市场参与了大量的出售。除非在接下来几天市场有实质性改变，我计划在年底以在公开市场收到的股东出售价格扣除承销商折扣和花费来估值我们的蓝筹股。
Various questions have been asked pursuant to the last letter:
依照上封信有不同的问题被问到：
- If we are not getting a good return on the textile business of Berkshire Hathaway Inc., why do we continue to operate it?
1.如果我们不能在伯克希尔哈撒韦公司的纺织业务上获得好的回报，为什么我们要继续经营他？
Pretty much for the reasons outlined in my letter. I don't want to liquidate a business employing 1100 people when the Management has worked hard to improve their relative industry position, with reasonable results, and as long as the business does not require substantial additional capital investment. I have no desire to trade severe human dislocations for a few percentage points additional reture per annum. Obviously, if we faced material compulsory additional investment or sustained operating losses, the decision might have to be different, but I don't anticipate such alternatives.
在我的信中大部分理由已经叙述了。我不想清算一个雇佣1100名员工且管理层一直努力工作去提高他们相对的行业地位，有不错的结果的公司，只要这个业务不需要大量的额外资金投入。我不想以靠谱的人的混乱为代价去换取每年几个百分点的额外回报。很明显，如果我们面临实质上必须的额外投资或者持续的运营亏损，这个决策或许会有不同，但是我没有预测到这样的选项。
- How large is our investment in Sun Newspapers, etc., and do we intend to expand in the newspaper, radio and TV business?
2.我们在太阳报等公司的投资规模多大，我们有意图扩大在报纸、广播和电视业务上的规模吗？
The combined investment in Sun, Blacker Printing and Gateway Underwriters is a little over 1 per share of Berkshire Hathaway, and earns something less than 10 cent per share. We have no particular plans to expand in the communication field.
在太阳报、布莱克印刷和门户承保商公司在一起的投资在伯克希尔哈撒韦每股价值中微微超过1美金，且每股盈利少于10美分。我们没有具体计划去在传媒领域扩张。
- What does Gateway Underwriters do?
3.门户承保商做什么的？
Gateway Underwriters serves primarily as a General Agent for National Indemnity Company in the State of Missouri.
门户承保商主要作为国家保障公司在密苏里州的一般代理。
- Are there good "second men" to take over from the men running the three excellent operating businesses?
4.有没有“替补人士”可以取代现在运营这3个优秀运营业务的人士？
In any company where the founder and chief driving force behind the enterprise is still active, it is very difficult to evaluate "second men". The only real way to see how someone is going to do when running a company is to let him run it. Some of our businesses have certainly been more "one-man shows" than the typical corporation. Subject to the foregoing caveat, I think that we do have some good "second men" coming along.
在任何一家公司，只要公司背后的创始人和核心驱动力量仍然在，就很难评估“替补人士”。唯一真正的方式去看某个人在运营公司时将做什么就是让他去运营公司。我们的一些业务确实相比于典型的公司而言更是一个人的独角戏。考虑到上述的告诫，我认为我们确实有某些好的“替补人士”。
- In what area do you plan to invest the cash in Diversified Retailing Company and do you intend to stick primarily to the retailing fiedl?
5.你计划将百货零售公司的现金投资到什么领域，你是否试图主要专注在零售领域？
While we prefer the ratailing field, we do not preclude anything that will make sense. We have been looking without success for two years for an intelligent acquisition for DRC, so we are not about to rule out any industry, if the business looks good. Pending such time as we find one or more operating businesses to buy, the money will be invested in marketable securities.
尽管我们喜欢零售领域，我们也不排除任何有价值的机会。我们两年来一直寻找对于百货零售公司好的收购标的，但没有收获，因此我们不会排除任何行业，只要业务是好的。当我们还没决定找到一个或更多购买的运营业务的时间里，这些钱将会被投资到股市。
- Why didn't DRC payout the money it received on the sale of Hochschild, Kohn & Company?
6.为什么不将百货零售公司在出售好时科恩公司上收到的资金进行分配？
In addition to the fact that such a payment would constitute a dividend, taxable in significant part as ordinary income, there are restrictions in the bond indenture which prevent such a pay-out without turnning over control of the company to the bondholders.
除了事实上这样的包括分红的支付，会作为重要的一般收入构成纳税外，有些在债券合约中的限制阻止了在没有将公司控制权移交给债券持有人前的分配。
- Will distribution of the DRC stock cause the DRC debentures to be called?
7.百货零售公司股份的分配会导致公司债券被赎回吗？
After distribution of the stock, I will be the largest stockholder in DRC and, hence, the call provision will not apply.
在股份分配后，我将会是百货零售公司最大股东，这个赎回规定不会发生。
9.disposal：处理；处置；清除；变卖
10.distressed：痛苦的；苦恼的；忧虑的
11.pursuant：依照；依据；按照
12.severe：严峻的；严厉的；重的
13.dislocation：混乱；紊乱
14.compulsory：必须做的；强制的；强迫的
15.anticipate：预料；预见；期盼
16.foregoing：上述的；前述的；以上所述
17.caveat：警告；告诫
18.preclude：排除；妨碍；阻止
19.payout：支付的巨款
20.constitute：组成；构成；指定；任命
21.indenture：契约；师徒契约
