英文早读第213篇，选自巴菲特年度信，友才翻译。
We continue to find for our insurance portfolios small portions of really outstanding businesses that are available, through the auction pricing mechanism of security markets, at prices dramatically cheaper than the valuations inferior businesses command on negotiated sales.
我们继续为我们的保险投资组合寻找真正优秀业务可获得的小比例股份，通过股市拍卖定价的机制，以比通过协议销售的资质交叉的企业还要便宜的多的价格。
This program of acquisition of small fractions of businesses (common stocks) at bargain prices, for which little enthusiasm exists, contrasts sharply with general corporate acquisition activity, for which much enthusiasm exists. It seems quite clear to us that either corporations are making very significant mistakes in purchasing entire businesses at prices prevailing in negotiated transactions and takeover bids, or that we eventually are going to make considerable sums of money buying small portions of such businesses at the greatly discounted valuations prevailing in the stock market. (A second footnote: in 1978 pension managers, a group that logically should maintain the longest of investment perspectives, put only 9% of net available funds into equities - breaking the record low figure set in 1974 and tied in 1977.)
以折扣价格获得业务一小部分（股票）的项目几乎无人热衷，相反一般企业的收购行为，热情大的多。对我们来说似乎很明显，要么在购买整个业务时，协议交易和收购出价盛行的价格会在合作中犯了重大错误，要么我们在股市上，以盛行的大幅折扣的价格购买这类业务的小部分股票，最终将积累可观的数量。（第二个注释：在1978年，退休金管理者，逻辑上应该持有最长期的投资观点，仅仅将净可用资金的9%放在了股票——打破了在1974年创下和1977年追平的最低记录。）
We are not concerned with whether the market quickly revalues upward securities that we believe are selling at bargain prices. In fact, we prefer just the opposite since, in most years, we expect to have funds available to be a net buyer of securities. And consistent attractive purchasing is likely to prove to be of more eventual benefit to us than any selling opportunities provided by a short-term run up in stock prices to levels at which we are unwilling to continue buying.
我们不关心市场是否会对那些我们相信正以低廉价格出售的股票快速价格修复。事实上，我们期望相反的一面，在大部分年份，我们期望可以获得资金成为股票的纯粹买家。持续有吸引力的购买似乎证明最终利润对我来说更高，相比于短期估价积累到我们不愿意继续购买时产生的任何出售机会。
Our policy is to concentrate holdings. We try to avoid buying a little of this or that when we are only lukewarm about the business or its price. When we are convinced as to attractiveness, we believe in buying worthwhile amounts.
我们的策略是集中持股。我们试图避免购买一点各类我们对业务或价格勉强的股票。当我们确信是有吸引力时，我们相信会购买相当数量股票。
Equity holdings of our insurance companies with a market value of over 8 million on December 31, 1978 were as follows:
在1978年12月31日，我们的保险集团持有市值超过800万美金的股票如下：
49.auction：拍卖
50.run up：积欠（账款、债务等）
51.lukewarm：不冷不热的；温和的
52.worthwhile：值得的；重要的
