英文早读第17篇，选自巴菲特年度信，友才翻译。
The overall gain of loss is computed on a market to market basis. After allowing for any money added or withdrawn, such a method gives results based upon what would have been realized upon liquidation of the partnership at the beginning, of the year and what would have been realized upon liquidation at year end and is different, of course, from our tax results, which value securities at cost and realize gains or losses only when securities are actually sold.
总盈利或亏损是基于市场到市场的基础计算的。在允许任何增资或取钱后，这个方法通过比较合伙基金在年初的清偿能力和年终的清偿能力后得到结果，当然这不同于我们的税务结果，他是只有当股票被实际出售时，才基于成本和实现的盈利或亏损来计算股票价值。
On a compounded basis, the cumulative results have been:
Although four years is entirely too short a period from which to make deductions, what evidence there is points toward confirming the proposition that our results should be relatively better in moderately declining or static markets. To the extent that this is true, it indicates that our portfolio may be more conservatively, although decidedly less conventionally, invested than if we owned "blue-chip" securities. During a strongly rising market for the latter, we might have real difficulty in marching their performance.
尽管四年实在太短了去做出推论，但仍有证据表明证实了命题，我们的结果在缓慢下跌或持平的市场表现相对更好。如果这是对的，这表明我们的投资组合应该更加保守，尽管这显然缺少惯例，相比于如果我们拥有蓝筹股的话。后期在一个强力上涨的市场，我们或许有实实在在的困难去比肩他们的表现。
Multiplicity of Partnerships:
投资基金的多样性：
A preceding tabel shows that the family is growing. There has been no partnership which has had a consistently superior of inferior record compared to our group average, but there has been some variance each year despite my efforts to "keep all partnerships invested in the same securities and in about the same proportions". This variation, of course, could be eliminated by combining the present partnerships into one large partnership. Such a move would also eliminate much detail and a moderate amount of expense.
之前的表格展现的是整体在增长。没有一支合伙基金是一致领先或落后于我们组合的平均值的，但是每一年确实存在不同，尽管我努力去保持所有投资基金都投资相同的股票和相同的比例。这些区别，当然可以被消除通过把现有投资基金组合成一个大的投资基金。这个动作也可以消除很多细节和一笔中等的花费。
Frankly, I am hopeful of doing something along this line in the next few years. The problem is that various partners have expressed preferences for varying partnership arrangements. Nothing will be done without unanimous consent of partners.
坦白说，我希望在接下来几年沿着这条线做些事。问题在于不同的合伙人已经表达了对不同合伙基金安排的倾向。没有合伙人的一致同意，什么事情都不会去做。
11.compound：混合；支付；复合的；化合物
12.cumulative：累积的；累计的；积累的；渐增的
13.proposition：提议；建议；命题；任务；要做的事；待处理的问题
14.moderate：适度的；中等的；有节制的；缓和；使适中
15.indicate：表明；指示；显示；暗示；示意
16.decidedly：显然；肯定；果断地
17.conventionally：照惯例
18.multiplicity：多种；多样性
19.precede：先于；在……之前发生；走在……前面
20.inferior：较差的；次的；比不上……的；不如别人的人
21.proportion：比例；部分；均匀；倍数关系；等比关系；分配、使相称
22.eliminate：排除；淘汰；消除；消灭
23.unanimous：全体一致的；一致同意的
24.consent：同意；允许；准许；赞同；批文；正式批准文件；同意；允许；准许
