英文早读第44篇，选自巴菲特年度信，友才翻译。
The final category is I "control" situations, where we either control the company or take a very large position and attempt to influence policies of the company. Such operations should definitely be measured on the basis of several years. In a given year, they may produce nothing as it is usually to our advantage to have the stock be stagnant market-wise for a long period while we are accquiring it. These situations, too, have relatively little in common with the behavior of the Dow. Sometimes, of course, we buy into a general with the thought in mind that in might develop into a control situation. If the price remains low enough for a long period, this might very well happen. Usually, it moves up before we have a substantial percentage of the company's stock, and we sell at higher levels and complete a successful general operation.
最后一个范畴是“控制类”投资，我们既可以控股公司或者占有大很大的比例并且试图去影响公司策略。这类运作毫无疑问应该在几年的基础上去评判。在特定某年，他们或许毫无作为因为这对我们来说通常是优势去在我们获得他的很长一段时间的时候他的股票停滞不前。这些股票同时也和道琼斯指数的行为很不同。当然有时候我们买入一般类时伴随着脑海中他可能发展成控制类股票的想法。如果股价在很长一段时间保持足够低，这就将很可能发生。通常，在我们拥有公司较大百分比股份之前他会上涨，然后我们就会以更高的价格出售从而完成一次成功的一般类运作。
Dempster Mill Manufacturing Company
邓普斯特磨机制造公司
The high point of 1962 from a performance standpoint was our present control situation --73% owned Dempster Mill. Dempster has been primarily in farm implements (mostly items retailing for 1,000 or under), water systems, water well supplies and jobbed plumbing lines.
从表现的立场来看1962年的高点是我们现在的控制类——拥有73%比例的邓普斯基磨机。邓普斯特主要在农场器械（大部分产品售价在1000美金或者更低），灌溉系统，灌溉水井供应和工作泵管道。
The opeartions for the past decade have been characterized by static sales, low inventory turnover and virtually no profits in relation to invested capital.
过去十年的运作可以被认为是停滞的销售，低库存周转率和几乎和投资资金收益毫无相关。
We obtained control in August, 1961 at an average price of about 28 per share, having bought some stock as low as 16 in earlier years, but the vast majority in an offer of 30.25 in August. When control of a company is obtained, obviously what then becomes all-important is the value of assets, not the market quotation for a piece of paper (stock certificate).
我们在1961年8月份以平均每股28美金获得控制，在早些年以低至每股16美金价格购买了一些股票，但是绝大部分是8月以30.25成交。当我们获得了对公司控制，很明显此时最重要的是资产价值，而不是一张纸的市场报价（股票证书）。
Last year, our Dempster holding was valued by applying what I felt were appropriate discounts to the various assets. These valuations were based on their status as non-earning assets and were not assessed on the basis of potential, but on the basis of what I thought a prompt sale would produce at that date. Our job was to compound these values at a decent rate. The consolidated balance sheet last year and the calculation of fair value are shown below.
去年，我们的邓普斯特股份通过我认为合适的不同资产折扣进行了股价。这些评估是基于像无收入的资产进行而不是基于潜力，同时也是基于我认为在那时立即出售将产生的价值进行的。我们的工作是将这些价值以合宜地比例进行计算。去年的汇总资产负债表和价值的计算在下方展示。
Dempster's fiscal year ends November 30th, and because the audit was unavailable in complete form, I approximated some of the figures and rounded to 35 per share last year.
邓普斯特的财务年度11月30日结束，由于还没有获得完整形式的审计报告，我粗略该算了一些数据，四舍五入去年每股约35美金。
Initially, we worked with the old management toward more effective utilization of capital, better operating margins, reduction of overhead, etc. These efforts were completely fruitless. After spinning our wheels for about six months, it became obvious that while lip service was being given to our objective, either through inability or unwillingness, nothing was being accomplished. A change was necessary.
起初，我们和老管理层一起工作为了资金更有效率的利用，更好的营业利润率，费用降低，等等。这些努力完全没有成果。在奔忙的大约6个月后，很明显对我们目标已经放出了大话，无论是无能为了还是不情愿，没有事情做到。改变是必须的。
57.stagnant：停滞不前的；停滞的；不变化的；不发展的；（水或空气）不流动而污浊的
58.standpoint：立场；观点
59.omitted：省略了的；省去的；忽略；遗漏；未能做
60.liability：责任；债务；义务
61.approximate：近似；接近；近似计算；粗略概算
62.round to：四舍五入
63.operating margins：营业利润率
64.lip：嘴唇；嘴唇……的；（容器的）边或边缘；祖鲁无理的话
65.lip service：口惠；空口的应酬话
