英文早读第46篇，选自巴菲特年度信，友才翻译。
On January 2, 1963, Dempster received an unsecured term loan of 1,250,000. These funds, together with the funds all ready "freed-up" will enable us to have a security portfolio of about 35 per share at Dempster, or considerably more than we paid for the whole company. Thus our present valuation will involve a net of about 16 per share in the manufacturing operation and 35 in a security operation comparable to that of Buffett Partnership, Ltd.
在1963年1月2日，邓普斯特收到一笔125万美金的无担保贷款。这些资金和所有准备好的已经释放的资金一起让我们在邓普斯特持有大约35美金每股的投资组合，可以说相当于我们给整个公司支付的价格。因此我们现在的估值将包括在制造业业务的每股16美金净资产和与巴菲特合伙基金股票运作业务类似的每股35美金价值。
We, of course, are devoted to compounding the 16 in manufacturing at an attractive rate and believe we have some good ideas as to how to accomplish this. While this will be easy if the business as presently conducted earns money, we have some promising ideas even if it shouldn't.
当然，我们致力于在制造业业务的16美金以有吸引力的速度复合增长，并且我们相信我们有如何完成这个的好想法。尽管如果现在实施的商业行为赚钱这会更容易，但即使不赚钱我们也有一些有前景的想法。
It should be pointed out that Dempster last year was 100% an asset conversion problem and therefore, completely unaffected by the stock market and tremendously affected by our success with the assets. In 1963, the manufacturing assets will still be important, but from a valuation standpoint it will behave considerably more like a general since we will have a large portion of its money invested in generals pretty much identical with those in Buffett Partnership, Ltd. For tax reasons, we will probably not put workouts in Dempster. Therefore, if the Dow should drop substantially, it would have a significant effect on the Dempster valuation. Likewise, Dempster would benefit this year from an advancing Dow which would not have been the case most of last year.
需要指出去年邓普斯特是百分百的资产转化难题，因此，他完全不受股市影响，而非常受我们在资产处置成功的影响。在1963年，制造业资产将仍然是重要的，但是从估值角度看他会表现的相当像一般类因为我们把他资金的大部分投资到了与巴菲特合伙公司一致的一般类股票中。因为税务原因，我们或许不会在邓普斯特放入套利类。因此，如果道琼斯指数大幅下跌，他会对邓普斯特估值有很大影响。同样，邓普斯特也将从道琼斯指数上涨的年份获益，这和去年的大部分情况不同。
There is one final point of real significance for Buffett Partnership, Ltd. We now have a relationship with an operating man which could be of great benefit in future control situations. Harry had never thought of running an implement company six days before he took over. He is mobile, hardworking and carries out policies once they are set. He likes to get paid well for doing well, and I like dealing with someone who is not trying to figure how to get the fixtures in the executive washroom gold-plated. Harry and I like each other, and his relationship with Buffett Partnership, Ltd. should be profitable for all of us.
还有最后一点对巴菲特合伙基金很重要的一点，我们现在与一位运营人员有联系，他对我们未来控制类股票有很大益处。哈利在他接管6天前从来没有考虑过运营一家器械公司。他是灵活的，努力工作的并且一旦政策设定就立即实施。他喜欢因为工作出色获得好的报酬，而我喜欢和那些不会试图指出如果让总裁洗手间的马桶镀金的人打交道。哈利和我都喜欢彼此，他与巴菲特合伙基金的关系将对对我们所有人都有利。
75.unsecured：（贷款或债务）无担保的
76.freed：释放；使自由；解放
77.be devoted to：致力于
78.conduct：实施；传导；行为；经营方式；管理方式；组织；安排；带领
79.promising：有希望的；有前途的；有出息的；承诺；保证；答应；许诺
80.tremendously：极大地；特别；巨大；非常地
81.identical：完全相同的；相同的；同一的
82.implement：实施；执行；贯彻；使生效；工具；器具；户外工具
83.take over：接收；接管；占领；接任；取代；代替
84.carry out：进行；实行；贯彻；执行
85.fixture：固定设施（如房屋内安装的浴缸或抽水马桶）；固定装置；体育节；体育活动
86.gold-plated：镀金的
