英文早读第92篇，选自巴菲特年度信，友才翻译。
With the latter point in mind, it might be imagined that we struggled during the first four months of the half to stay even with the Dow and then opened up our margin as it declined in May and June. Just the opposite occurred. We actually achieved a wide margin during the upswing and then fell at a rate fully equal to the Dow during the market decline.
随着脑海中后一个观点，可以想象我们在上半年度前4个月奋力去与道琼斯保持一致，并且在5月和6月下跌时打开了领先。但相反的事发生了。我们实际上在上升时取得了广泛的领先然后在市场下跌时以和道琼斯相当一致的速度下跌。
I don't mention this because I am proud of such performance - on the contrary, I would prefer it if we had achieved our gain in the hypothesized manner. Rather, I mention it for two reasons: (1) you are always entitled to know when I am wrong as well as right; and, (2) it demonstrates that although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis. As mentioned in the most recent annual letter, our long-term goal is to achieve a ten percentage point per annum advantage over the Dow. Our advantage of 9.6 points achieved during the first six months must be regarded as substantially above average. The fortitude demonstrated by our partners in tolerating such favorable variations is commendable. We shall most certainly encounter periods when the variations are in the other direction.
我提这些不是因为我对这个表现骄傲——相反，我更希望我们以假设的方式取得我们的盈利。然而，我提到它有2个原因：（1）你应当经常可以直到我什么时候是对的和错的；（2）它表明尽管我们处理可能性和预期，实际结果可以严重偏离这些预期，尤其是在短期基础上。正如在最近的年度信中提到的，我们的长期目标是实现平均年度领先道琼斯十个百分点。我们前6个月的9.6个百分点优势应该被认为大幅高于平均值。这个勇气表明我们的合伙人在忍受这些有利的区别上是值得赞扬的。我们应当很确定会遇到这些区别是在相反方向的时期。
During the first half, a series of purchases resulted in the acquisition of a controlling interest in one of the situations described in the "General Private Owner" section of the last annual letter. When such a controlling interest is acquired, the assets and earning power of the business become the immediate predominant factors in value. When a small minority interest in a company is held, earning power and assets are, of course, very important, but they represent an indirect influence on value which, in the short run, may or may not dominate the factors bearing on supply and demand which result in price.
在上半年度，一系列交易使我们在上一封年度信中被形容为“基于私有化的一般类”中一个股票获得了控制的股份。当这样一个控制类获得了，资产和业务盈利能力成为了价值的主导因素。当一个公司小股份被持有时，盈利能力和资产当然很重要，但是他们代表对价值的非直接影响，而短期看，或许供需关系的因素导致着价格。
When a controlling interest is held, we own a business rather then a stock, and a business valuation is appropriate. We have carried our controlling position at a conservative valuation at midyear and will reevaluate it in terms of assets and earning power at yearend. The annual letter, issued in January, 1966, will carry a full story on this current control situation. At this time it is enough to say that we are delighted with both the acquisition cost and the business operation, and even happier about the people we have managing the business.
当一个控制类被持有，我们持有一个业务而不是股票，并且按业务估值是合适的。我们已经取得了控制类位置以保守的估值在年中并且将会在年尾以资产和盈利能力为项目进行重新估值。这个年度信，将会在1966年1月发表的，将会包括在这个当前控制类的完整故事。此时，足够说明我们很高兴无论是获得的成本还是业务的运作都令人高兴，并且更高兴的是我们管理这个业务的团队。
5.upswing：上升；改进；进步
6.hypothesized：假设的；假定的
7.deviate：偏离；背离
8.fortitude：（在巨大痛苦或困难面前表现出的）勇气；胆量；刚毅
9.tolerate：容忍；允许；忍受
10.commendable：值得赞扬的
11.shall：将要；将会；必须；应该
12.encounter：遭遇；邂逅；遇到
13.predominant：占优势的；主导的；支配的
14.conservative：保守的；守旧的
15.delighted：高兴的；愉快的；快乐的
