英文早读第119篇，选自巴菲特年度信，友才翻译。
Controls
控制类
There were three main sources of gain during 1966 in respect to controlled companies. These arose through:(1) retained business earnings applicable to our holdings in 1966; (2) open market purchases of additional stock below our controlling interest valuation and; (3) unrealized appreciation in marketable securities held by the controlled companies. The total of all positive items came to 2,600,838 in 1966.
在1966年在控制类公司有3个主要的获利来源。这些来自于：（1）在1966年我们的持股可以获得的商业利润；（2）低于我们的控制类股份估值购买公开市场股份；（3）控制类公司持有的市场化股票未结算升职。在1966年所有积极的项目到260万0838美元。
However, due to factors mentioned in my November 1, 1966 letter, specific industry conditions, and other relevant valuation items, this gain was reduced by 1,034,780 in arriving at our fair valuation applicable to controlling interests as of December 31, 1966. Thus the overall gain in the control category was reduced to 1,566,058 for the year.
然而，考虑到在1966年11月1日信件中提到的因素，特殊行业条件，和其他相关估值项目，这个盈利被减少103万4780美元来满足我们对在1966年12月31日控制类股份可获得的公平估值。因此在控制类范畴整体盈利在这一年被减少到了156万6058美元。
We were undoubtedly fortunate that we had a relatively high percentage of net assets invested in businesses and not stocks during 1966. The same money in general market holdings would probably have produced a loss, perhaps substantial, during the year. This was not planned and if the stock market had advanced substantially during the year, this category would have been an important drag on overall performance. The same situation will prevail during 1967.
我们毫无疑问很幸运在1966年有相对高比例的净资产投资在业务上而不是股票上。同样的钱在股市持股将可能会产生损失，或许是大幅度的，在这一年。这不是事先计划的，如果股市在这一年大幅增长，这个范畴将会是我们整体表现的重要拖累。同样的情况也会在1967年流行。
Generals - Private Owner
一般类——基于私有化
Our performance here falls in the "twenty-one dollars a day, once a month" category. In the middle of 1965 we started purchasing a very attractive widely held security which was selling far below its value to a private owner. Our hope was that over a two or three year period we could get 10 million or more invested at the favorable prices prevailing. The various businesses that the company operated were understandable and we could check out competitive strengths and weaknesses thoroughly with competitors, distributors, customers, suppliers, ex-employees, etc. Market conditions peculiar to the stock gave us hope that, with patience, we could buy substantial quantities of the stock without disturbing the price.
我们的表现这里陷入了“一天21美金，一个月一次”的范畴。在1965年中，我们开始购买一个非常有吸引力的被广泛持有的股票，以远低于他对私有化价值的价格在出售。我们希望经过两三年我们可以有1000万美金或者更多以我们喜欢的价格投资进去。这家公司运作的不同的业务是合理的并且我们可以彻底检查竞争优势和劣势通过竞争者、经销商、顾客、供应商、前雇员等等。这只股票特有的市场条件给了我们希望，拥有耐心，我们可以购买大量的股票而不扰动价格。
At yearend 1965 we had invested 1,956,980 and the market value of our holdings was 2,358,412 so that 401,432 was contributed to performance during 1965. We would have preferred, of course, to have seen the market below cost since our interest was in additional buying, not in selling. This would have dampened Buffett Partnerships Ltd.'s 1965 performance and perhaps reduced the euphoria experienced by limited partners (psychially, the net result to all partners would have been a standoff since the general partner would have been floating) but would have enhanced long term performance. The fact that the stock had risen somewhat above our cost had already slowed down our buying program and thereby reduced ultimate profit.
在1965年年末我们已经投资了195万6980美金，我们持股的市值是235万8412美金，因此40万1432美金在1965年贡献给了表现。我们倾向于，当然，看到市值低于成本因为我们的兴趣在更多购买，而不是出售。这或许会减弱巴菲特合伙基金在1965年的表现并且或许减少有些合伙人的兴奋体验（心理上，这个结果对所有合伙人都会失落因为普通合伙人收益也是浮动的）但是或许会增强长期表现。事实上这只股票涨到了我们的成本之上便减缓了我们的购买进程并且由此减少了最后的盈利。
An even more dramatic example of the conflict between short term performance and the maximization of long term results occured in 1966. Another party, previously completely unkown to me, issued a tender offer which foreclosed opportunities for future advantageous buying. I made the decision that the wiset course (it may not have been) for us to follow was to dispose of our holdings and we thus realized a total profit of 1,269,181 in February, of which 867,749 was applicable to 1966.
一个更加戏剧性的冲突的例子在短期表现和长期表现上发生在1966年。另一个团第，先前我完全不知道，发布了一个许可排除了未来优先购买的机会。我做了个决定对我们最明智的方式（他或许还不是）去做的就是处置我们的股票，我们因此在2月份实现了126万9181美金的整体盈利，其中86万7749美金是在1966年获得的。
While any gains looked particularly good in the market environment that intimately developed in 1966, you can be sure I don't delight in going round making molehills out of mountains. The molehill, of course, was reflected in 1966 results. However, we would have been much better off from a long range standpoint if 1966 results had been five percentage points worse and we were continuing to buy subtantial quantities of the stock at the depressed prices that might have been expected to prevail in this year's market environment.
尽管任何盈利看起来都很好在1966年紧接着发展的市场环境下，你可以肯定我不会高兴于不在山上而围绕鼹丘转。鼹丘，当然，反应在了1966年结果上。然而，我们将会更好从长期观点来看如果1966年结果是更糟糕5个百分点，并且我们可以继续购买大量的股票以低的价格，这或许在这一年的市场环境下会流行。
42.prevail：盛行；流行；普遍存在
43.check out：查看；检查；通过
44.thoroughly：彻底；完全；仔细；非常
45.distributor：经销商；分销商
46.peculiar：特殊的；特别的；特有的
47.dampen：抑制；控制；减弱；弄湿
48.euphoria：兴奋；极度兴奋的情绪
49.psychically：精神的；心灵的
50.standoff：冷淡的；冷漠的；隔开一段距离的；对峙；冷漠
51.dramatic：戏剧性的；戏剧的；巨大的；引人注目的；令人吃惊的
52.tender：柔软的；温柔的；投标；提议
53.foreclose：（因抵押人未如期还贷）取消赎回权；排除…的可能
54.dispose：处置；布置；排列；安排
55.intimately：密切地；紧密地；直接地
56.molehill：鼹丘（鼹鼠打洞拔出的泥土堆成）
57.dime：一角硬币；十分钱
58.premature：早产儿；过早发生的事；过早的；早产的
59.prevail：盛行；流行
60.standpoint：立场；观点
