英文早读第163篇，选自巴菲特年度信，友才翻译。
Specific Areas of Purchase
特定购买领域
We will probably concentrate our purchases in the following general areas:
我们将可能会集中购买下面的基本领域：
(1) Large revenue-producing public entities such as toll roads, electric power districts, water districts, etc. Many of these issues possess high marketability, are subject to quantitative analysis, and sometimes have favorable sinking fund or other factors which tend not to receive full valuation in the market place.
（1）大型利润收入的公共事业实体类似收费公路、供电机构、自来水机构等等。其中很多债券拥有高的市场流通性，归因于较大发行量且往往有一些沉没资金或者其它导致在市场上没有被充分估值的因素。
(2) Industrial Development Authority bonds which arise when a public entity holds title to property leased to a private corporation. For example, Lorain, Ohio holds title to an 5 million per project or less) because of changes in the tax laws. For a period of time there was a very substantial prejudice against such issues, causing them to sell at yields considerably higher than those commensurate with their inherent credit standing. This prejudice has tended to diminish, reducing the premium yields available, but I still consider it a most attractive field. Our insurance company owns a majority of its bonds in this category.
（2）产业发展局的债券会在一个公共实体名义上持有租赁给私人公司的资产时募集。例如，俄亥俄州洛雷恩持有一个给美国钢铁公司8亿美金的项目。发展局委员会发行了债券去购买这个项目然后纯粹完全租赁给美国钢铁来承担债券的支付。城市或州的信用不会给债券抵用，仅仅是和那些来租用的公司一样好。很多头部的企业在这些总共大约几十亿美金债务之后，尽管因为税法的修改，新的债券只以较小规模发行（每个项目500万美金或者更少）。在一段时间里对这类债券发行有很大损害，导致他们比内在信用支撑溢价很高出售。这个损害将会倾向导致抹掉、减少可获得溢价盈利，但是我仍然将他考虑为一个最有吸引力的领域。我们的保险公司在这个范畴持有大量债券。
(3) Public Housing Authority Issues for those of you who wish the very highest grade of tax-free bonds. In effect, these bonds bear the guarantee of the U.S. Government, so they are all rated AAA. In states where local taxes put a premium on buying in-state issues, and I can’t fill your needs from (1) and (2) , my tendency would be to put you into Housing Authority issues rather than try to select from among credits that I don't understand. If you direct me to buy obligations of your home state, you should expect substantial quantities of Housing Authority issues. There is no need to diversify among such issues, as they all represent the top credit available.
（3）公共房屋管理局发行的债券适合你们中对免税债券等级要求高的。事实上，这些债券是由美国政府担保的，因此他们获得3A评级。在那些当地税务对购买州内发行债券有政策的州，我无法从第（1）和（2）项中满足你的需求，我倾向于向你介绍房屋管理局发行的而不是试图选择那些我不了解的信用债券。如果你引导我购买你们本州的债务，你应该指望大量的房屋管理局债券。没有必要去区分这些发行的差别，他们都代表可获得的顶级信用。
(4) State obligations of a direct or indirect nature.
（4）直接或间接性质的国家债务。
You will notice I am not buying issues of large cities. I don't have the faintest idea how to analyze a New York City, Chicago, Philadelphia, etc. (a friend mentioned the other day when Newark was trying to sell bonds at a very fancy rate that the Mafia was getting very upset because Newark was giving them a bad name). Your analysis of a New York City - and I admit it is hard to imagine them not paying their bills for any extended period of time - would be as good as mine. My approach to bonds is pretty much like my approach to stocks. If I can't understand something, I tend to forget it. Passing an opportunity which I don't understand - even if someone else is perceptive enough to analyze it and get paid well for doing it - doesn't bother me. All I want to be sure of is that I get paid well for the things I do feel capable of handling - and that I am right when I make affirmative decisions.
你会注意到我没有购买大型城市发行的债券。我对分析纽约市、芝加哥市和费城没有一丁点主意。（一个朋友提到有天内瓦科试图以非常有诱惑力的利息售卖债券时，马菲亚感到非常不安因为内瓦科给他们扣上不好的帽子）。你对纽约市的分析——我承认很难想象他们不会对任何过期债务付款——会和我评价一样好。我对债券的选择很像我对股票的选择。如果我们不能理解他，我就会忘记他。错过一个我不了解的机会——即使别人很有洞察的分其他并且会因为这么做报酬丰厚——并不会困扰我。所有我想确信的是我对那些我感到十拿九稳的事获得报酬——当我做出肯定的决策时我是对的。
We will probably tend to purchase somewhere between five and ten issues for most of you. However, if you wish to limit me to your home state, it may be fewer issues - and perhaps those will only be Housing Authorities. We will try not to buy in smaller than 25,000 pieces and will prefer larger amounts where appropriate. Smaller lots of bonds are usually penalized upon resale, sometimes substantially. The bond salesman doesn't usually explain this to you when you buy the 10,000 of bonds from him, but it gets explained when you later try to sell the $10,000 to him. We may make exceptions where we are buying secondary market issues in smaller pieces - but only if we are getting an especially good price on the buy side because of the small size of the offering.
我们将或许为你们大多数购买5到10个发行的债券。然而，如果你希望限制在你本州，他或许更少——或许将只有房屋管理局债券。我们不会购买数量小于2.5万份的债券并且倾向于如果可能的话规模越大越好。较小数量的债券通常会在再次售卖时不利，有时候影响很大。债券销售通常不会在你从他那里购买1万美金债券时向你解释这些，但是会在你之后向他卖1万美金债券时解释。我们不会购买更小规模的二级市场债券——但是如果我们能在购买时因为供应量小的原因有非常好地价格除外。
50.favorable：有利的；顺利的；讨人喜欢的；令人愉快的
51.obligation：债务
52.prejudice：成见；偏见；损害
53.commensurate：相称的；相当的
54.faintest：一丁点
55.perceptive：知觉的；感觉的；有洞察力的
56.penalize：处罚；惩罚；置于不利地位
网友评论