英文早读第十篇，选自巴菲特年度信，友才翻译。
I might mention that the buyer of the stock at 80 can expect to do quite well over the years. However, the relative undervaluation at 80 with an intrinsic value 135 is quite different from a price 50 with an intrinsic value of $125, and it seemed to me that our capital could be better employed in the situation which replaced it. This new situation is somewhat larger than Commonwealth and represents about 25% of the assets of the various partnerships. While the degree of undervaluation is no greater than in many other securities we own (or even than some) we are the largest stockholder and this has substantial advantages many times in determining the length of time required to correct the undervaluation. In this particular holding we are virtually assured of a performance better than that of the Dow-Jones for the period we hold it.
我或许提到以80美金价格的卖家也可以期待在接下来的年份做的相当好。然而，相对80美金的股价对比135美金的内在价值，与50美金股价相对125美金内在价值存在很大区别，从而对我来说我们的资本应该更换机会去替代他才能被更好的运用。这个新机会的规模比联邦信托更大，占据各个合伙基金资产的25%左右。尽管被低估的程度不再比我们大部分（甚至只有一些）其他持仓股票显著，但我们是最大股东，这在很多时候拥有巨大的优势当决定修复低估价值需要多久时。在这只持仓上，我们几乎确信在持有期间他的表现会好于同期道琼斯指数。
THE CURRENTSITUATION
当前的形势
The higher the level of the market, the fewer the undervalued securities and I am finding some difficulty in securing an adequate number of attractive investments. I would prefer to increase the percentage of our assets in work-outs, but these are very difficult to find on the right terms.
市场越处于高位，被低估股票就越少，我发现在获得足够数量有吸引力的投资有些难度。我将倾向于提高我们的资产在套利类股票的比重，但找到这些股票十分困难。
To the extend possible, therefore, I am attempting to create my own work-outs by acquiring large positions in several undervalued securities. Such a policy should lead to the fulfillment of my earlier forecast - an above average performance in a bear market. It is on this basis that I hope to be judged. If you have any questions, feel free to ask them.
可能在某种程度上，因此，我试图通过在一些低估类股票获得更大股东位置去创造我们自己的套利。这个策略将引领实现我早期的预测-在熊市超越平均水平表现。这也是我希望被评判的基础。如果你有任何问题，尽情问吧。
WARREN E. BUFFETT 2-11-59
沃伦E.巴菲特，1959年2月11日
END
35.virtually：实际上；几乎；事实上；差不多
36.adequate：足够的；充足的；合乎需要的
37.fulfillment：履行；实现；满足；完成
