英文早讀第12篇，選自巴菲特年度信，友才翻譯。
"But, even though we like the portfolio, the market performance of Tri-Continental's holdings in 1959 was disappointing to us. Markets in which investor sentiment and enthusiasm play so large a part as those of 1959, are difficult for investment managers trained in values and tuned to investing for the long-term. Perhaps we haven't had our space boots adjusted properly. However, we believe that there is a limit to risks that an investing institution such as Tri-Continental should take with its stockholder's money, and we believe that the portfolio is in shape for the year ahead."
”但是，盡管我們喜歡這個(gè)投資組合，三大陸在1959年持股市場(chǎng)表現(xiàn)對(duì)我們來說是失望的。投資者熱火朝天玩耍的市場(chǎng)，對(duì)于訓(xùn)練有素的價(jià)值投資和長(zhǎng)期投資者來說是困難的。也許我們還沒有很好適應(yīng)我們的航空靴。然而，我們相信像三大陸這樣的投資機(jī)構(gòu)應(yīng)該讓股東的錢冒很有限的風(fēng)險(xiǎn)，我們也相信這個(gè)投資組合是合適的。“
Massschusetts Investors Trust, the country's largest mutual fund with assets of 1.5 billion showed an overall gain of about 9% for the year.
馬薩諸塞州投資者信托，國(guó)家最大的互助基金擁有15億美金資產(chǎn)，獲得了全年大約9%的凈增長(zhǎng)。
Most of you know I have been very apprehensive about general stock market levels for several years. To date, this caution has been unnecessary. By previous standards, the present level of "blue chip" security prices contains a substantial speculative component with a corresponding risk of loss. Perhaps other standards of valuation are evolving which will permanently replace the old standard. I don't think so. I may very well be wrong; however, I would rather sustain the penalties resulting from over-conservatism than face the consequences of error, perhaps with permanent capital loss, resulting from the adoption of a "New Era" philosophy where trees really do grow to the sky.
你們大部分都知道我對(duì)股市水平已經(jīng)憂慮一些年了。直到今天，這個(gè)擔(dān)心變得不必要了。根據(jù)以前的標(biāo)準(zhǔn)，藍(lán)籌股的股價(jià)水平包含很大的投機(jī)成分，面臨著相關(guān)的損失風(fēng)險(xiǎn)。也許別的估值標(biāo)準(zhǔn)已經(jīng)演化到永久替代了舊標(biāo)準(zhǔn)。我不這么認(rèn)為。但最好我是錯(cuò)的，然而，我更傾向維持過度保守帶來的不利，也不想因?yàn)椴捎眯聲r(shí)代樹會(huì)長(zhǎng)到天上去的理念而面對(duì)可能犯錯(cuò)的后果，也許這是資本永久損失。
8.mutual：相互的；共同的；互助的
9.apprehensive：憂慮的；恐懼的
10.speculative：投機(jī)的；猜測(cè)的；推測(cè)的；試探的
11.corresponding：相關(guān)的；相應(yīng)的；吻合的
12.evolve：發(fā)展；進(jìn)化；逐漸演變
13.sustain：維持；保持；為……提供食物；認(rèn)可；支援
14.penalty：懲罰；處罰；判罰；不利
15.conservatism：保守主義
16.consequence：后果；結(jié)果；重要性
17.adoption：采用；收養(yǎng)；選舉
