英文早读第98篇，选自巴菲特年度信，友才翻译。
Investment Companies
投资公司
We regularly compare our results with the two largest open-end investment companies (mutual funds) that follow a policy of being typically 95%-100% invested in common stocks, and the two largest diversified closed-end investment companies. These four companies, Massachusetts Investors Trust, Investors Stock Fund, Tri-Continental Corp, and Lehman Corp. manage over 5 billion, are owned by about 600,000 shareholders, and are probably typical of most of the 35 billion investment company industry. My opinion is that their results roughly parallel those of the overwhelming majority of other investment advisory organizations which handle, in aggregate, vastly greater sums.
我们常规性地比较我们的结果和两家最大地开放投资公司（互助基金）遵循典型的95%-100%投资在股市的策略，以及两家最大的多样封闭投资公司。这四家公司，马萨诸塞投资者信托、投资者股市基金、三大陆公司和雷曼公司，管理超过50亿美金，被60万股东持有，并是多至350亿美金投资公司产业的代表。我的观点是他的表现几乎和巨大的大部分其他投资顾问组织一致，他们总体上管理者更大的金额。
The purpose of this tabulation is to illustrate that the Dow in no pushover as an index of investment achievement. The advisory talent managing just the four companies shown commands annual fees of about 10 million and this represents a very small fraction of the professional investment management industry. The public batting average of this highly paid and widely respected talent indicates performance a shade below that of the Dow, an unmanaged index.
这个表格的目的是说明道琼斯作为投资成就指数并不容易被轻易打败。仅仅列出的这4家公司的这些咨询人才需要大约1000万美金的年费，而这只代表这个专业投资管理产业的很小一部分。这些高额支付和广受尊重的人才平均击中率显示出低于道琼斯，这个未经管理的指数。
(1) Computed from changes in asset value plus any distributions to holders of record during year.
（1）由资产价值的变化加上在这一年记录的所有给持有者的分红。
(2) From 1965 Moody's Bank & Finance Manual for 1957-64. Estimated for 1965.
（2）从1965年穆迪银行和金融业1957-64手册获得。1965年预估而来。
A number of the largest investment advisory operations (managing, in some cases, well into the billions of dollars) also manage investment companies partly as a convenience for smaller clients and partly as a public showcase. The results of these funds roughly parallel those of the four funds on which we report.
一定数量的大型投资顾问运作（管理，在某些场合，相当数十亿美金）同样管理投资公司部分作为为更小客户的便捷和部分作为公众展示。这些基金的结果几乎和我们报告的这4家基金一致。
I strongly believe in measurement. The investment managers mentioned above utilize measurement constantly in their activities. They constantly study changes in market shares, profit margins, return on capital, etc. Their entire decision-making process is geared to measurement - of managements, industries, comparative yields, etc. I am sure they keep score on their new business efforts as well as the profitability of their advisory operation. What then can be more fundamental than the measurement, in turn, of investment ideas and decisions? I certainly do not believe the standards I utilize (and wish my partners to utilize) in measuring my performance are the applicable ones for all money managers. But I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.
我强烈相信衡量。上面提到的投资管理者始终在他们的活动中运用衡量。他们始终研究市场份额、盈利能力、资本回报率等等的变化。他们的整个投资决策流程都关系着衡量——管理水平、行业、比较分析等等。我相信他们应该向他们新业务努力计分一样在他们的顾问运作盈利能力上。什么可以成为比依次衡量投资主意和决定更基础的呢？我当然认为我运用的标准（也希望我的合伙人运用）在衡量我的表现不是对所有资金管理者都适用。但是我当然也相信任何处在资金管理中的人都应该有衡量的标准，并且无论是他和资金被管理的团体都应该为什么是合适的标准，什么时期内应该被运用上有明确的理解。
9.showcase：玻璃陈列柜；展示（本领、才华）的场合；使展现
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