英文早读第30篇，选自巴菲特年度信，友才翻译。

Dempster Mill Manufacturing Company
邓普斯特磨机制造公司

We are presently involved in the control of Dempster Mill Manufacturing Company of Beatrice, Nebraska. Our first stock was purchased as a generally undervalued security five years ago. A block later became available, and I went on the Board about four years ago. In August 1961, we obtained majority control, which is indicative of the fact that many of our operations are not exactly of the "overnight" variety.
我们现在在内部拉斯卡州比特瑞斯邓普斯特磨机制造公司处于控制地位。我们在5年前按一般低估类购买了第一支股票。之后大笔股票到手，我大约4年前进入了董事会。在1961年8月，我们获得了控股，这个事实说明我们的大部分操作不是一夜之间实现的。

Presently we own 70% of the stock of Dempster with another 10% held by a few associates. With only 150 or so other stockholders, a market on the stock is virtually non-existent, and in any case, would have no meaning for a controlling block. Our own actions in such a market could drastically affect the quoted price.
现在我们拥有邓普斯特70%的股票，另外10%被几个少量公司持有。只有大约150个股东，这支股票在市场上毫无实际存在感，在任何情况下，我们控制这个股票都没有意义。我们在这只股票上的行为会很大程度上影响他的报价。

Therefore, it is necessary for me to estimate the value at yearend of our controlling interest. This is of particular importance since, in effect, new partners are buying in based upon this price, and old partners are selling a portion of their interest based upon the same price. The estimated value should not be what we hope it would be worth, or what it might be worth to an eager buyer, etc., but what I would estimate our interest would bring if sold under current conditions in a reasonably short period of time. Our efforts will be devoted toward increasing this value, and we feel there are decent prospects of doing this.
因此，对我来说在年末评估我们控股的价值就很必要。尤为重要的一点是，事实上，新的合伙人会以此价格购买，老的合伙人同样会以此价格卖出他们持有的股票。评估的价格既不取决于我们希望他值多少，也不去觉得对渴望购买的人值多少，但是我所评估的将会决定如果在接下来较短的时间基于当前的情况卖掉这些股票会给我们带来多少利益。我们致力于提高他的价值，我们也能感受到这么做会切实的前景。

40.mill：磨坊；工厂；面粉厂；磨面机
41.overnight：一夜之间；在晚上；突然的；很快的
42.drastically：大大的；彻底地；激烈地
43.eager：急切的；渴望的；热心的
44.decent：公平的；正派的；得体的；合宜的
45.prospect：前景；展望；期望；设想；成功的机会