英文早读第45篇，选自巴菲特年度信，友才翻译。
A good friend, whose inclination is not toward enthusiastic descriptions. highly recommended Harry Bottle for our type of problem. On April 17, 1962 I met Harry in Los Angels, presented a deal which provided for rewards to him based upon our objectives being met, and on April 23rd has sitting in president's chair in Beatric.
一个好朋友，不会倾向于天花乱坠的描述，为了我们的难题高度推荐了哈利波特。在1962年4月17日我在洛杉矶遇到了哈利，呈现了一个交易基于我们的目标达成可以给他的奖励，在4月23日他就在比特雷斯坐在了总裁位子上。
Harry is unquestionably the man of the year. Every goal we have met for Harry has been met, and all the surprises have been on the pleasant side. He has accomplished one thing after another that has been labeled as impossible, and has always taken the tough things first. Our breakeven point has been cut virtually in half, slow-moving or dead meachandise has been sold or written off, marketing producers have been revamped, and unprofitable facilities have been sold.
哈利毫无疑问是年度人物。每一个我们为哈利设置的目标都达成了，并且所有的惊喜都是好的一面。他完成了一件又一件被认为不可能的事情，并且总是先着手苦难的事情。我们的盈亏平衡点几乎被削减了一半，进度缓慢或者死气的业务都被出售或者注销，市场营销被改造，不盈利的设备也被出售了。
The results of this program are partially shown in balance sheet below, which, since it still represents non-earning assets, is valued on the same basis as last year.
这个项目的结果部分展示在下面的资产负债表中，他仍按照去年同样的标准来评估不盈利的资产。
Three facts stand out: (1) Although net worth has been reduced somewhat by the housecleaning and writedowns (550,000 was written out of inventory; fixed assets overall brought more than book value), we have converted assets to cash at a rate far superior to that implied in our year-earlier valuation. (2) To some extent, we have converted the assets from the manufacturing business (which has been a poor business) to a business which we think is a good business--securities. (3) By buying assets at a bargain price, we don't need to pull any rabbits out of a hat to get extremely good percentage gains. This is the cornerstone of our investment philosophy:" Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results. The better sales will be the frosting on the cake."
有三方面尤为突出：（1）尽管净值被减少了某种程度通过大扫除和减值（55万美金库存被减值；固定资产整体比账面价值更高），我们已经将资产转为了现金以比我们早些年估计的更高比例。（2）某种程度上，我们将资产从制造业（已经是低值业务）转化为了我们认为好的业务上——股票。（3）通过以某种折扣价购买资产，我们没有从帽子里撒出任何兔子去获取好的百分比盈利。这是我们投资哲学里的奠基石：“永远不要指望好的出售。通过购买价格足够吸引，甚至一个平庸的出售都会有好的结果。好的出售将会是蛋糕上的糖霜。”
63.inclination：倾向；倾斜度；趋向；趋势；意愿；向下的轻微动作
64.rewards：奖励；回报；奖赏；给报酬
65.breakeven：收支平衡；无损失的；无损耗的
66.write off：注销；取消；勾销；忽视；（撞车后）将（车辆）报废；向公司去函；认定……不重要
67.revamp：改造；修改；翻新；改变
68.stand out：脱颖而出；突出；引人注目；凸起；突出
69.writedown：减计；减值；写下
70.imply：意味着；暗示；标明；说明；使有必要；必然包含
71.bargain：交易；协议；便宜货；减价品；讨价还价；商讨条件
72.cornerstone：基石；基础；奠基石；柱石
73.mediocre：平庸的；普通的；平常的
74.frosting：糖霜
