英文早读第64篇，选自巴菲特年度信，友才翻译。
APPENDIX
附录
TEXAS NATIONAL PETROLEUM
德克萨斯州立石油
This situation was a run-of-the-mill workout arising from the number one source of workouts in recent years -- the sellouts of oil and gas producing companies.
这个情况时普普通通的套利源自于最近一些年第一位的套利类来源——石油和燃气生产公司的出售。
TNP was a relatively small producer with which I had been vaguely familiar for years.
TNP是相对小的生产商我这些年都不太熟。
Early in 1962 I heard rumors regarding a sellout to Union Oil of California. I never act on such information, but in this case it was correct and substantially more money would have been made if we had gone in at the rumor stage rather than the announced stage. However, that's somebody else's business, not mine.
1962年早些时候我听到了出售给加利福尼亚联合石油的谣言。基于这类消息，我从来不行动，但是这一次他是对的，并且如果我在谣言阶段而不是公布阶段就进入的话将会赚更多更多的钱。然而，那是别人的生意，不是我的。
In early April, 1962, the general terms of the deal were announced. TNP had three classes of securities outstanding:
在1962年4月初，交易的一般细节发布了。TNP有3类重要的股票：
(1) 6 1/2% debentures callable at 104 1/4 which would bear interest until the sale transpired and at that time would be called. There were 6.5 million outstanding of which we purchased 264,000 principal amount before the sale closed.
（1）以104.25美金价格的6.5%可赎回债券将会产生利息直到交易完成，并且在那个时候将会被赎回。有650万美金交易我们在出售结束前购买了26.4万美金本金。
(2) About 3.7 million shares of common stock of which the officers and directors owned about 40%. The proxy statement estimated the proceeds from the liquidation would produce 7.42 per share. We purchased 64,035 shares during the six months or so between announcement and closing.
（2）大约370万一般市场股票份额，其中40%由管理层和董事持有。代理声明评估从这个流转获得的收益将达到每股7.42美金。我们购买了6万4035股在这公告和关闭间6个月内。
(3) 650,000 warrants to purchase common stock at 3.50 per share. Using the proxy statement estimate of 7.42 for the workout on the common resulted in 3.92 as a workout on the warrants. We were able to buy 83,200 warrants or about 13% of the entire issue in six months.
（3）65万股认筹定增以3.5美金每股。根据代理声明评估的7.42美金对于这笔套利通常产生3.92美金收益。我们购买了8万3200股或者说大约整个项目的13%在这六个月。
The risk of stockholder disapproval was nil. The deal was negotiated by the controlling stockholders, and the price was a good one. Any transaction such as this is subject to title searches, legal opinions, etc., but this risk could also be appraised at virtually nil. There were no anti-trust problems. This absence of legal or anti-trust problems is not always the case, by any means.
股东反对的风险为零。这笔交易时通过控股股东协商而来的，并且价格很好。任何类似的交易都受标题搜索、合规问题等等影响，但是这个风险也可以评估为零。没有反垄断问题，无合规风险和反垄断问题不经常发生，无论如何。
93.petroleum：石油；原油
94.run off the mill：普通的；一般的；平庸的
95.vaguely：含糊地；心不在焉地；不详细地；不确切地
96.debenture：债券
97.callable：可赎回的；可缴纳的；随时可偿还的；可随时支取的
98.transpire：公开；发生；泄露；为人所知
99.warrant：保证；依据；许可证；授权令；执行令；认股权证
100.disapproval：反对；不赞成
101.nil：无；零；0分
102.is subject to：受；有……倾向的；受支配；从属于
103.appraise：评估；估价；作出评价；估量
104.proceed：继续；行进；前往；接着做；收益；收入；卖得金额
