英文早读第四篇，选自巴菲特年度信，友才翻译。

Basically, all partnerships are invested in the same securities and in approximately the same percentages. However, particularly during the initial stages, money becomes available at varying times and varying levels of the market so there is more variation in results than is likely to be the case in later years. Over the years, I will be quite satisfied with a performance that is 10% per year better than the Averages, so in respect to these three partnerships, 1957 was a successful and probably than average, year.
总体上，所有的合伙基金都会投资于相同的证券并且大概相同的仓位比例。然而，尤其是在起始阶段，资金在不同时间和不同的市场水平时获得，因此结果会有更多不同，就像过去这些年的情况。在接下来的年份，我希望这三只合伙基金如果每年表现能比指数平均水平领先10%就会比较满意。1957年是成功的年份，有可能比我们的平均表现还要好。

Two partnerships were started during the middle of 1957 and their results for the balance of the year were roughly the same as the performance of the Averages which were down about 12% for the period since inception of the 1957 partnerships. Their portfolios are now starting to approximate those of the 1956 partnerships and performance of the entire group should be much more comparable in the future.
两只合伙基金在1957年中启动，今年的余额大体和指数水平表现一致，从1957合伙基金开始以来这段时间下降了12%。他们的投资组合现在开始接近那些1956年基金，整个组合的表现在未来应该会更加类似。

Interpretation of results
结果说明

To some extent our better than average performance in 1957 was due to the fact that it was a generally poor year for most stocks. Our performance, relatively, is likely to be better in a bear market than in a bull market so that deductions made from the above results should be tempered by the fact that it was the type of year when we should have done relatively well. In a year when the general market had a substantial advance I would be well satisfied to match the advance of the Averages.
在某种程度上，我们能在1957优于平均表现水平是因为对于大部分股票这一年普遍不佳这个事实。我们的表现，相对而言，有可能在熊市会比牛市更好，因此从上面这些结果看理论上是我们应该相对做的更好的年份类型。当市场大盘有显著增长的年份，我将同样满足于接近平均指数的增长。

32.basically：总体上；基本上；总的来说
33.inception：开始；开端；创始
34.comparable：类似的；可比较的
35.interpretaion：解释；说明；演绎；演奏
36.to……extent：在……程度上
37.is likely to：有可能
38.deduction：扣除；演绎；推理；推论