英文早读第15篇，选自巴菲特年度信，友才翻译。
1960 Letter
WARREN E. BUFFETT
5202 Underwood Ave. Omaha, Nebraska
1960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 1960:
1960年股市概况：
A year ago, I commented on the somewhat faulty picture presented in 1959 by the Dow-Jones Industrial Average which had advanced from 583 to 679, or 16.4%. Although practically all investment companies showed gains for that year, less than 10% of them were able to match or better the record of the Industrial Average. The Dow-Jones Utility Average had a small decline and the Railroad Average recorded a substantial one.
一年前，我评论道通过道琼斯工业指数呈现股市概况多少有些错误，他从583上涨到679，有16.4%的涨幅。尽管几乎所有投资公司那年都呈现了盈利，但是只有不到10%的公司能够比肩或者超过工业指数的记录。道琼斯公用事业指数有小幅下跌，铁路指数录得大幅下跌。
In 1960, the picture was reversed. The Industrial Average declined from 670 to 616, or 9.3%. Adding back the dividends which would have been received through ownership of the Average still left it with an overall loss of 6.3%. On the other hand, the Utility Average showed a good gain and, while all the results are not now available, my guess is that about 90% of all investment companies outperformed the Industrial Average. The majority of investment companies appear to have ended the year with overall results in the range of plus or minus 5%. On the New York Stock Exchange, 653 common stocks registered losses for the year while 404 showed gains.
在1960年，情况正好相反。工业指数从670下降到616，有9.3%的跌幅。加回这些指数股票拥有者已经收到的股息，仍然有6.3%的净损失。在另一方面，公用事业指数呈现良好盈利，尽管大部分结果还不能获得，我猜测大约90%的投资公司效益超过了工业指数。大部分投资公司似乎在年终时和指数的净值差在±5%的范围。在纽交所，653支普通股录得损失，404支呈现盈利。
Results in 1960:
1960年的结果
My continual objective in managing partership funds is to achieve a long-term performance record superior to that of the Industrial Average. I believe this Average, over a period of years, will more or less parallel the results of leading investment companies. Unless we do achieve this superior performance there is no reason for exsistence of the partnerships.
我一直以来的目标是管理合伙基金达到比工业指数长期优异的表现。我相信这个指数，在一些年之后，将或多或少媲美领先的投资公司。除非我们能实现更有意的表现，否则我们的合伙基金没有理由存在。
However, I have pointed out that any superior record which we might accomplish should not be expected to be evidenced by a relatively constant advantage in performance compared to the Average. Rather it is likely that if such an advantage achieved, it will be through better-than-average performance in stable or declining markets and average, or perhaps even poorer-than-average performance in rising markets.
然后，我已经指出我们可能实现的任何优异表现不应该被期待是比指数相对持续领先。更像是当优势实现时，他在市场平平或下降时比指数表现好，在市场上涨时或许甚至比指数差。
1.outperform：（效益上）超过；胜过
2.continual：连续的；不间断的；（令人厌烦地）多次重复的；频繁的
3.objective：客观的；客观存在的；基于事实的；不带个人感情的；目的、目标；（显微镜或望眼镜）的物镜
4.parallel：平行的；并行的；对应的；极相似的；同时发生的；纬线；纬圈；相似特征；与……相似；与……同时发生；与……媲美；平行地；并列地
5.constant：常数；常量；恒定的；不断的；不变的；固定的
