英文早读第61篇，选自巴菲特年度信，友才翻译。
Out Method of Operation
我们的运作方法
At this point I always develop literary schizophrenia. On the other hand, I know that we have in the audience a number of partners to whom details of our business are interesting. We also have a number to whom this whole thing is Greek and who undoubtedly wish I would quit writing and get back to work.
在这一点上我经常发展为文学分裂症。在另一方面，我知道我们听众中一部分合伙人对我们业务细节感兴趣。我们也有一些合伙人认为这整件事都无法理解，他们毫无疑问希望我可以退出写作回去工作。
To placate both camps, I am just going to sketch briefly our three categories at this point and those who are interested in getting their doctorate can refer to the appendix for extended treatment of examples.
为了安抚这两个阵营，我将会在这点上简要描绘我们三大范畴，同时那些对博士学位感兴趣的可以参考附录中扩展案例描述。
Our three investment categories are not differentiated by their expected profitability over an extended period of time. We are hopeful that they will each, over a ten or fifteen year period, produce something like the ten percentage point margin over the Dow that is our goal. However, in a given year they will have violently different behavior characteristics, depending primarily on the type of year it turns out to be for the stock market generally. Briefly this is how they shape up:
我们的三大策略不是按照他们在一个长时间内预期盈利水平来区分的。我们希望他们每一个在超过10年或者15年，都产生差不多超过道琼斯10个百分点才是我们的目标。然而，在某一年份，他们有巨大差异的表现特点，主要取决于这一年大盘的类型。简单如下所述：
"Generals"- A category of generally undervalued stocks, determined primarily by quantitative standards, but with considerable attention also paid to the qualitative factor. There is often little or nothing to indicate immediate market improvement. The issues lack glamour or market sponsorship. Their main qualification is a bargain price; that is, an overall valuation on the enterprise substantially below what careful analysis indicates its value to a private owner to be. Again let me emphasize that while the quantitative comes first and is essential, the qualitative is important. We like good management - we like a decent industry - we like a certain amount of "ferment" in a previously dormant management or stockholder group. But we demand value. The general group behaves very much in sympathy with the Dow and will turn in a big minus result during a year of substantial decline by the Dow. Contrarywise, it should be the star performer in a strongly advancing market. Over the years we expect it, of course, to achieve a satisfactory margin over the Dow.
”一般类“——是一般低估股票的范畴，主要取决于定量标准，但是也有相当关注于定性指标。很少有或没有可以显示立即市值提升。这类缺乏魅力或市场偏爱。他们主要获得的来自于折扣的价格；就是说，整体估值对这些公司大幅低于经过自己分析显示可以给私有持有者的价格。我再一次强调尽管定量收入先来到且是必要的，定性也同样重要。我们喜欢好的管理，我们喜欢公平的行业，我们喜欢一定量的先前几乎暂停的管理或股东会之类的骚动。但是我们需要价值。一般类表现和道琼斯非常同步，在道琼斯大幅下降的年份会有很大的亏损结果。相反，在强力上涨的市场他会是明星表现者。经过一些年，当然，我们希望它能够取得令人满意的领先道琼斯的结果。
55.schizophrenia：精神分裂症
56.Greek：希腊；无法理解；一窍不通
57.placate：安抚；平息（怒气）
58.doctorate：博士学位
59.violently：猛烈的；激烈地；强烈的；厉害的
60.quantitative：定量性的；数量的；量化的
61.qualitative：定性的
62.sponsorship：赞助；资助；主办；倡议
63.decent：像样的；正派的；适当的；公平的；得体的
64.ferment：发酵；动乱；骚动
65.previously：先前的；以前的
66.dormant：休眠的；蛰伏的；冬眠的；潜在的
67.contrarywise：相反
