英文早读第22篇，选自巴菲特年度信，友才翻译。
Our holdings, which I always believe to be on the conservative side compared to general portfolios, tend to grow more conservative as the general market level rises.At all times, I attempt to have a portion of our portfolio in securities at least partially insulated from the behavior of the market, and this portion should increase as the market rises. However appetizing results for even the amateur cook (and perhaps particularly the amateur), we find that more of our portfolio is not on the stove.
我们的持仓，我认为相比于一般的投资组合要保守，倾向于当市场水平上涨时变的更加保守。我始终试图我们的投资组合中部分股票至少部分免受市场行为的影响，并且这个比例应该增长当市场上涨时。然而甚至业余烹饪也会有令人垂涎的结果（或许尤其是业余厨师），我们也发现我们更多的投资组合并不在火炉上。
We have also begun open market acquisition of a potentially major commitment which I, of course, hope does nothing marketwise for at least a year. Such a commitment may be a deterrent to short range performance, but it gives strong promise of superior results over a several year period combined with substantial defensive characteristics.
我们已经开始从公开市场收购一个潜在的大型交易，当然我希望至少一年不要被市场影响。这个交易或许遏制了短期表现，但是他给接下来几年优秀的结果强力承诺，同时有巨大的防御点。
Progress has been made toward combining all partners at yearend. I have talked with all partners joining during this past year or so about this goal, and have also gone over the plans with representative partners of all earlier partnerships.
流程已经启动为了在年底合并所有投资者。我已经和所有投资者谈过在今年剩下的时间左右加入到这个目标，同时也和所有早期合伙基金的合伙人代表认真讨论了这些计划。
Some of the provisions will be:
一些条款如下：
(A) A merger of all partnerships, based on market value at yearend, with provisions for proper allocation among partners of future tax liability due to unrealized gains at yearend. The merger itself will be tax-free, and will result in no acceleration of realization of profits;
（A）所有合伙基金合并，基于在年底的市值，和合理分配合伙人未来税务的条款，考虑到年底的未实现盈利。这个合并本身是没有税务的，也不会导致盈利实现的加速。
4.conservative：保守的；（英国）保守党的；守旧的；低于实际数量的；保守党党员
5.insulate：使隔热；使绝缘；隔离；使免受
6.appetizing：开胃的；引起食欲的；使渴的
7.amateur：业余；业余爱好的
8.stove：火炉；（用于取暖的）炉子；用火炉烤
9.marketwise：市场化的；关于证券市场方面；在市场上；商业上
10.deterrent：纸质的；遏制的；威慑因素；遏制力
11.go over：仔细检查；认真讨论；用心思考
12.provision：提供；（法律文件）规定、条款；（为将来做的）准备；供给；供应
13.liability：责任；负债；债务；（法律上对某事物的）义务；欠债；惹麻烦的人
