英文早读第104篇，选自巴菲特年度信，友才翻译。
Our final category is "General-Relatively Undervalued." This category has been growing in relative importance as opportunities in the other categories become less frequent.
我们最后一个策略是“一般类——相对低估的。”这个策略变得相对重要当在其他策略的机会变得更不频繁时。
Frankly, operating in this field is somewhat more ethereal than operating in the other three categories, and I'm just not an ethereal sort. Therefore, I feel accomplishments here are less solid and perhaps less meaningful for future projections than in the other categories. Nevertheless, our results in 1965 were quite good in the "Relatively Undervalued" group, partly due to implementation of the technique referred to in last year's letter which serves to reduce risk and potentially augment gains. It should reduce risk in any year, and it definitely augmented the gains in 1965. It is necessary to point out that results in this category were greatly affected for the better by only two investments.
坦白说，在这个领域运作某种程度上比在其他三个策略上运营更加飘渺，并且我不是飘渺的类型。因此，我觉得这里的所得不太坚固并且或许比其他策略在未来的项目上缺少意义。然而，我们1965年的结果在“相对低估”组合中相当好，部分因为去年信中提到的技术的补充使我们减少了风险并且潜在增加了获利。他应该在任何一年都减少风险，且确实在1965年增加了盈利。很必要指出在这个策略的结果很大程度上由仅有的两个投资影响的。
Candor also demands I point out that during 1965 we had our worst single investment experience in the history of BPL on one idea in this group.
坦率地要求我指出在1965年我们有在巴菲特合伙基金历史上最差地单一投资经历在这个组合的一个主意中。
Overall, we had more than our share of good breaks in 1965. We did not have a great quantity of ideas, but the quality, with the one important exception mentioned above, was very good and circumstances developed which accelerated the timetable in several. I do not have a great flood of good ideas as I go into 1966, although again I believe I have at least several potentially good ideas of substantial size. Much depends on whether market conditions are favorable for obtaining a larger position.
总的来说，在1965年我们拥有比我们的好的股份取得的更多。我们的确没有大量的主意，但是在质量上，包含上面提到的一个重要的例外，是非常好的并且环境发展加速了在一些主意上的时间表。我确实没有大量的好主意当进入到1966年，尽管再一次我相信我有至少几个潜在的大的规模的好主意。更多的取决于市场条件是否有利于获得更大的席位。
All in all, however, you should recognize that more came out of the pipeline in 1965 than went in.
总而言之，然而，你有哪个当认识到在1965年从管道中出来的比进去的多。
66.ethereal：空灵的；飘渺的；优雅的；超凡的
67.augment：增强；加强；扩大；提高
68.candor：坦率；公正；正直
网友评论