英文早读第28篇，选自巴菲特年度信，友才翻译。
Our avenues of investment break down into three categories. These categories have different behavior characteristics, and the way our money is divided amog them will have an important effect on our results, relative to the Dow in any given year. The actual percentage division among categories is to some degree planned, but a great extent, accidental, based upon availability factors.
我们的投资之路被划分为三个范畴。这三个范畴有不同的行为特点，我们的资金在他们中间的分配方式很影响我们的结果，在任何一年相比于道琼斯指数。实际上不同策略分配的百分比某种程度上是计划好的，但某些偶然的情况最终依赖于实际的因素。
The first section consists of generally undervalued securities (hereinafter called "generals") where we have nothing to say about corporate policies and no timetable as to when the undervaluation may correct itself. Over the years, this has been our lagest category of investment, and more money has been made here than in either of the other categories. We usually have fairly large positions (5% to 10% of our total assets) in each of five or six generals, with smaller positions in another ten or fifteen.
第一类包含一般被低估的股票（后文简称“一般类”），我们不会对公司策略说任何事情，也没有时间表关于低估之什么时候可以修复。在过去这些年，这已经成了我们最大的投资范畴，相比于其他范畴，花了更多的钱。我们通常拥有相对大的席位（大约占我们总资产的5%到10%）在5家或者6家股票中，同时在另外10到15家拥有较小的席位。
Sometimes these work out very fast; many times they take years. It is difficult at the time of purchase to know any specific reason why they should appreciate in price. However, because of this lack of glamour or anything pending which might create immediate favorable market action, they are available at very cheap prices. A lot of value can be obtained for the price paid. This substantial excess of value creates a comfortable margin of safety in each transaction. This individual margin of safety, coupled with a diversity of commitments creates a most attractive package of safety and appreciation potential. We do not go into these generals with the idea of getting the last nickel, but are usually quite content selling out at some intermediate level between our purchase price and what we regard as fair value to a private owner.
有时候这些成果非常快，有时候这需要花一些年份。在购买的时候知道任何他们价格会上涨的原因是困难的，因为缺乏诱惑力或者其他一些因素，可能产生当下让人喜欢的价格，他们可以在非常便宜的价格获得。基于支付的这个价格可以获得非常多的价值。这些巨大的超额收益使每一笔交易都获得了安全区。这些特定的安全区和各种各样的花费，创造了最有吸引力的安全区和潜在收益的组合。在这些一般类股票中，我们不会抱着赚取最后一分钱的想法，但通常相当满意，以鉴于我们交易的价格和我们认为对私有投资者公平的价值之间的价格售出。
The generals tend to behave market-wise very much in sympathy with the Dow. Just because something is cheap does not mean it is not going to go down. During abrupt downward movements in the market, this segment may very well go down percentage-wise just as much as the Dow. Over a period of years, I believe the generals will outperform the Dow, and during sharply advancing years like 1961, this is the section of our portfolio that turns in the best results. It is, of course, also the most vulnerable in declining market.
一般类股票相比于道琼斯指数倾向于表现更加市场敏感。仅仅因为某些东西便宜，并不意味着他不会继续下跌。在市场突然下跌时，他们也和道琼斯指数一样大幅下跌。经过一些年，我相信这些一般类股票会比道琼斯指数表现优异，在像1961年这样猛烈上涨的年份，我们投资组合里的这类股票转向了最好结果。当然他们在下跌的市场也是最脆弱的。
23.avenue：大街；途径；选择；林荫道；手段
24.break down：（机器或车辆）发生故障，出毛病，损坏；划分为；拆除；捣毁
25.appreciate：欣赏；感激；理解；欢迎；意识到；领会；赏识；增值；重视
26.glamour：魅力；魔力；诱惑力（多因财富或地位所致）；迷人的美
27.pending：待定；待决；悬而未决的；即将发生的；在等待……时期
28.favorable：有利的；顺利的；赞许的；讨人喜欢的；令人愉快的
29.sympathy：同情；支持；赞同；志同道合；意气相投
30.abrupt：突然的；陡峭的；以外的；无理的；唐突的
31.vulnerable：脆弱的；易受……伤害的
