英文早读第58篇，选自巴菲特年度信，友才翻译。
Investment Companies
投资公司
We regularly compare our results with the two largest open-end investment companies (mutual funds) that follow a policy of being, typically, 95-100% invested in common stocks, and the two largest diversified closed-end investment companies. These four companies, Massachusetts Investors Trust, Investors Stock Fund, Tri-Continental Corp. and Lehman Corp. manage about 4 billion and are probably typical of most of the 25 billion investment company industry. My opinion is that their results roughly parallel those of the vast majority or other investment advisory organizations which handle, in aggregate, vastly greater sums.
我们惯例对比我们的结果和两家最大的开放投资公司（互助基金），遵守一个准则，典型的有95-100%资产投资在股市中，和两家最大的多样化封闭投资公司。这四家公司，马萨诸塞投资者信托，投资者股市基金，三大陆公司和莱曼公司管理大约40亿美金并且是高达250亿美金投资公司行业的典型代表。我的观点是他们的结果几乎和这些大规模基金或者其他投资顾问组织，总体上管理更大金额的一致。
The purpose of this tabulation, which is shown below, is to illustrate that the Dow is no pushover as an index of investment achievement. The advisory talent managing just the four companies shown commands' annual fees of over 7 million, and this represents a very small fraction of the industry. The public batting average of this highly-paid talent indicates they achieved results slightly less favorable than the Dow.
下面展示的表格的目的是为了展示道琼斯作为一个投资成果指数不是容易被打败的。这些仅仅管理这四家公司的顾问人才显示应得年费就超过700万美金，而这代表这个行业的很小一部分。这些高额支付人才的公开平均击球率显示他们实现的结果微微落后于道琼斯。
Both our portfolio and method of operation differ substantially from the investment companies in the table. However, most partners, as an alternative to their interest in the Partnership would probably have their funds invested in media producing results comparable with investment companies, and I, therefore, feel they offer a meaningful standard of performance.
我们的组合和运作方法和表格里这些投资公司差别很大。然而，大部分合伙人，作为他们在合伙基金中股份的备选方案或许将他们资金投资在了产出结果和这些投资公司接近的媒介中，我因此感觉他们提供了一个有意义的表现标准。
(1) Computed from changes in asset value plus any distributions to holders of record during year.
(2) From 1963 Moody's Bank & Finance Manual for 1957-62; Estimated for 1963.
（1）由资产价值加上这一年任何给持股人分配记录计算而得。
（2）对1957-62年数据从1963年穆迪银行和金融手册中得来；1963年数据预估得来
The Dow, of course, is an unmanaged index, and it may seem strange to the reader to contemplate the high priests fo Wall Street striving vainly to surpass or even equal it. However, this is demonstrably the case. Moreover, such a failure cannot be rationalized by the assumption that the investment companies et al are handling themselves in a more conservative manner than the Dow. As the table above indicates, and as more extensive studies bear out, the behavior of common stock portfolio managed by this group, on average, have declined in concert with the Dow. By such a test of behavior in declining markets, our own methods of operation have proven to be cnsiderably more conservative than the common stock component of the investment company or investment advisor group. While this has been true in the past, there obviously can be no guarantees about the future.
道琼斯当然是一个未被管理的指数，他似乎很奇怪对读者来说去想明白华尔街的高级主宰在努力超过或者打平他是徒劳的。然而，这就是被证明的事实。更何况，这样的失败不能被假设这些投资公司等等在比道琼斯更保守的方式运作而合理化。如上面表格所示，且更广泛的研究证实，这些组织管理的投票组合行为，平均上，下降是和道琼斯相关的。通过在下跌市场的测试，我们自己的运作方法已经证明比这些投资公司或投资顾问组织在股票上更加相当的保守。尽管这些在过去是对的，现在在未来这是无法保证的。
The above may seem like rather strong medicine, but it is offered as a factual presentation and in no way as criticism. Within their institutional framework and handling the many billions of dollars involved, the results achieved are the only ones attainable. To behave unconventionally within this framework is extremely difficult. Therefore, the collective record of such investment media is necessarily tied to the record of corporate America. Their merits, except in the unusual case, do not lie in superior results or greater resistance to decline in value. Rather, I feel they earn their keep by the ease of handling, the freedom from decision making and the automatic diversification they provide, plus, perhaps most important, the insulation afforded from temptation to practice patently inferior techniques which seem to entice so many world-be investors.
以上这些似乎是强劲的药品，但是他提供的是事实陈述而并不是作为批判。在他们的机构架构下并且处理数十亿计的美金，这个实现的结果是唯一可以获得的。在这个框架下表现非同寻常是相当困难的。因此，这类投资媒介共同的结果是必须关系到美国的运作记录。他们的价值，除了在不寻常的例子上，不是依赖于领先的结果或者对抗价值减少。相反，我感觉他们获得是通过保持操作简单，不用做出决策和他们自动提供的多样化，或许最重要的，是隔绝被显然低级技术的操作所诱导，来吸引世界如此多的投资者。
17.in aggregate：整体上
18.vastly：非常；很
19.contemplate：考虑；沉思；苦思冥想；深思熟虑
20.vainly：徒劳的；不成功的；白费力的
21.demonstrably：可证明的
22.rationalize：使合理化；对…进行理性的解释
23.assumption：假定；假设；担任
24.et al：等等
25.extensive：广泛的；大量的；广阔的；广大的
26.bear out：支持；证实（某人的说法）
27.no guarantee：不保证；无法保证的
28.unconventionally：不依惯例的
29.collective：集体的；共同的；共有的
30.merit：优点；价值；功绩；长处；美德
31.keep by：遵守；靠近；使…保持在…旁边
32.insulation：隔热；绝缘；隔音
33.temptation：诱惑；引诱；煽诱人的事物
34.patently：显然；毫无疑问
35.entice：引诱；诱使
