英文早读第14篇，选自巴菲特年度信，友才翻译。
The present portfolio:
当前的投资组合
Last year, I mentioned a new commitment which involved about 25% of assets of the various partnerships. Presently this investment is about 35% of assets. This is an unusually large percentage, but has been made for strong reasons. In effect, this company is partially an investment trust owing some thirty or forty other securities of high quality. Our investment was made and is carried at a substantial discount from asset value based on market value of their securities and a conservative appraisal of the operating business.
去年，我提到了一个新的花费包括不同合伙基金资产的25%。现在这个投资占了资产大约35%。这是不寻常的大比例，但是有强烈的理由这样做。事实上，这家公司也是部分投资信托，拥有30到40支其它高质量股票。我们的投资在以资产价值大幅折扣下实施，基于他们股票的市值和对商业运营的保守估价。
We are the company's largest stockholder by a considerable margin, and the two other large holders agree with our ideas. The probability is extremely high that the performance of this investment will be superior to that of the general market untill its disposition, and I am holpful that this will take place this year.
我们以较大比例作为这家公司的最大股东，并且其他两大股东同意我们的想法。当资产被处置时，这笔投资的表现将会很大可能大幅优于市场一般水平，我希望这将在今年发生。
The remaining 65% of the portfolio is in securities which I consider undervalued and work-out operations. To the extent possible, I continue to attempt to invest in situations at least partially insulated from the behavior of the general market.
剩下65%资产的投资组合是那些我认为低估的和套利类操作股票。在可能的程度上，我会继续试图投资这些至少部分免受市场大盘行为影响的股票。
This policy should lead to superior results in bear markets and average performance in bull markets. The first prediction may be subject to test this year since, at this writing, The Dow-Jones Industirals have retraced over half of their 1959 advance.
这个策略将导致在熊市优秀的结果和在牛市平均的结果。今年可能会第一次测试这个预言，再写这封信时，道琼斯工业指数相比1959年的上涨已经回撤了一半。
Should you have any questions or if I have not been clear in any respect, I would be very happy to hear from you.
如果你有任何问题或者我们任何方面没有表述清楚，我很乐意听到你的声音。
Warren E. Buffett
2-20-60
沃伦 E. 巴菲特
1960年2月20日
27.commitment：承诺；花费；许诺；保证；不得不做的事
28.in effect：其实；实际上
29.quality：质量；品质；人品；品德；特征；高标准
30.appraisal：评价；鉴定；估价；估计；工作表现评估
31.disposition：性情；性格；布置；（财产、金钱）的处置、让与
32.take place：发生；举行
33.insulate：使孤立；使隔离；使免受（不良影响）；使免除（不愉快经历）
34.retrace：回溯；折回；沿原路返回；找出
