英文早读第128篇，选自巴菲特年度信，友才翻译。
The final, and most important, consideration concerns personal motivation. When I started the partnership I set the motor that regulated the treadmill at "ten points better than the DOW". I was younger, poorer and probably more competitive. Even without the three previously discussed external factors making for poorer performance, I would still feel that changed personal conditions make it advisable to reduce the speed of the treadmill. I have observed many cases of habit patterns in all activities of life, particularly business, continuing (and becoming accentuated as years pass) long after they ceased making sense. Bertrand Russell has related the story of two Lithuanian girls who lived at his manor subsequent to World War I. Regularly each evening after the house was dark, they would sneak out and steal vegetables from the neighbors for hoarding in their rooms; this despite the fact that food was bountiful at Russell table. Lord Russell explained to the girls that while such behavior may have made a great deal of sense in Lithuania during the war, it was somewhat out of place in the English countryside. He received assenting nods and continued stealing.
最后，但是最重要的考虑关系到个人动机。当我启动合伙基金时，我把跑步机的电机调解到“优于道琼斯指数10个百分点”的速度。那是我更年轻、更穷且或许更有竞争力。即使没有前面这三个讨论的外部原因造成更差的表现，我仍将感到变化的个人条件使减少跑步机的速度更加明智。我观察过在生活中的所有行动，尤其是商业，其中习惯方式的情况将在他们停止作用后仍持续很久（一些年过去后变的突出了）。波特兰罗素联想到个故事两个立陶宛姑娘在一战后住在他的庄园。通常每个晚上在房间变黑后，她们会溜出去偷邻居的蔬菜贮藏在她们的房间；尽管事实上在罗素的餐桌上食物是丰盛的。罗德罗素对姑娘们解释尽管这样的行为或许战争期间在立陶宛很有用，但是在英国乡村是一无是处的。他收到了赞成的点头和继续的偷窃。
He finally contented himself with the observation that their behavior, strange as it might seem to the neighbors, was really not so different from that of the elder Rockefeller.
他最后让他满意于这个观察的是她们的行为在邻居看来或许奇怪，却和老洛克菲勒没什么区别。
Elementary self-analysis tells me that I will not be capable of less than all-out effort to achieve a publicly proclaimed goal to people who have entrusted their capital to me. All-out effort makes progressively less sense. I would like to have an economic goal which allows for considerable non-economic activity. This may mean activity outside the field of investments or it simply may mean pursuing lines within the investment field that do not promise the greatest economic reward. An example of the latter might be the continued investment in a satisfactory (but far from spectacular) controlled business where I liked the people and the nature of the business even though alternative investments offered an expectable higher rate of return. More money would be made buying businesses at attractive prices, then reselling them. However, it may be more enjoyable (particularly when the presonal value of incremental capital is less) to continue to own them and hopefully improve their performance, usually in a minor way, through some decisions involving financial strategy.
初步自我分析告诉自己我无法不竭尽全力去实现一个公开预宣告的目标，给那些将他们资金托付给我的人。竭尽全力渐渐地意义变少了。我更想有一个经济目标允许客观的非经济活动。这或许意味着在投资领域之外的活动或者他仅仅意味着在投资领域的追求线不承诺最大的经济收益。后者的一个例子或许是持续投资在一个令人满意（但是远没有卓越）的控股业务，我喜欢这个团队和业务性质尽管备选投资提供预期更高的回报率。更多的钱可以通过以有吸引力的价格购买业务，然后卖掉他们赚得。然而，这或许更加令人享受（尤其当增加的资本中个人价值更少时）去持续持有他们并有希望提升他们的表现，通常以微小的方式，，通过一些包括财务策略的决策。
Thus, I am likely to limit myself to things which are reasonably easy, safe, profitable and pleasant. This will not make our operation more conservative than in the past since I believe, undoutedly with some bias, that we have always operated with considerable conservatism. The long-term downside risk will not be less; the upside potential will merely be less.
因此，我可能会限制我自己在那些相当简单、安全、有盈利能力和令人满意的事情上。这不会使我们的运作比过去更加保守因为我认为，毫无疑问带着偏见，我们始终都以相当保守主义的方式运作。长期下跌的风险不会减少；潜在上涨将会相当少。
50.regulate：规定；调解；控制；约束；管理
51.treadmill：跑步机；走步机；（人或畜生踩动踏板使之转动的）踏车
52.advisable：可取的；明智的
53.accentuate：强调；突出；着重
54.cease：停止；终止；结束
55.Lithuania：立陶宛
56.manor：庄园；领地
57.sneak：溜；偷走（不重要的或小的东西）
58.hoard：囤积；贮藏；迷藏
59.bountiful：大量的；慷慨的；大方的；巨大的
60.assent：同意；赞成
61.nod：点头致意；打盹；点头示意
62.elementary：基本的；基础的；初级的；简单的
63.entrust：委托；托付
64.incremental：增加的；递增的
65.bias：偏见；偏向；偏爱；偏心
