英文早读第六篇，选自巴菲特年度信，友才翻译。
1958 Letter
Warren E Buffet
5202 Underwood Ave. Omaha, Nebraska
1958公开信
沃伦 E. 巴菲特
内布拉斯加州奥马哈市安德伍德大道5202
THE GENERAL STOCK MARKET IN 1958
1958年股市概况
A friend who runs a medium-sized investment trust recently wrote:" The mercurial temperament, characteristic of the American people, produced a major transformation in 1958 and ' exuberant' would be the proper word for the stock market, at least".
一个运行中等规模投资的朋友相信最近写到的：“美国人多变的性格特征，让股市在1958年产生了巨大的转变，至少用一片繁荣来形容他是合适的”。
I think this summarizes the change in psychology dominating the stock market in 1958 at both the amateur and professional levels. During the past year almost any reason has been seized upon to justify "Investing" in the market. There are undoubtedly more mecurially-tempered people in the stock market now than for a good many years and the duration of their stay will be limited to how long they think profits can be made quickly and effortlessly. While it is impossible to determine how long they will continue to add numbers to their ranks and thereby stimulate rising prices, I believe it is valid to say that the longer their visit, the greater reaction from it.
我认为这总结了心理上认为变化主导了1958年的股市，无论是从业务还是专业水平来看。在过去一年，几乎任何理由都被拿来用作证明投资股市的正确性。毫无疑问现在在股市这些多变的人相比于过去很多年都要多，他们停留的时间将会被限制在他们认为可以快速且不费力地获利多久。不可能决定他们会持续多久来继续增加他们的评分从而刺激股价上涨，但我确认相信他们待得越久，带来的反馈越大。
I make no attempt to forecast the general market - my efforts are devoted to finding undervalued securities. However, I do believe that widespread public belief in the inevitability of profits from investment in stocks will lead to eventual trouble. Should this occur, prices, but not intrinsic values in my opinion, of even undervalued securities can be expected to be subtantially affected.
我不做任何预示股市的尝试，我专注于努力寻找被低估的股票。然后，我的确相信民众广泛认为投资股票必然会获利的信仰会导致最终的麻烦。当这些发生时，即使是被低估股票的股价，在我看来不是内在价值，都会预期受到大幅影响。
1.mercurial：水银的；含水银的；多变的；变幻莫测的；机智的；灵活的
2.temperament：性情；气质；秉性；（性情）暴躁；喜怒无常的
3.characteristic：特点；特征；典型的；特有的
4.exuberant：茂盛的；繁茂的；热情洋溢的；精力充沛的；茁壮的
5.psychology：心里；心理学；心理特征；心理影响
6.dominating：个性强势的；左右他人的；支配；控制；影响；高耸于；在……拥有支配地位
7.amateur：新手；业余爱好者；业余的
8.seize：抓住；把握；夺取；攻占；控制；逮捕；擒获
9.justify：证明正当；对……做出解释；证明……正确
10.stimulate：刺激；促进；激发；使兴奋
11.valid：（法律上）有效的、合理的；有根据的；符合逻辑的；确凿的
12.inevitability：必然发生；不可规避
13.eventual：最后的；最终的
