英文早读第一篇，选自巴菲特年度信，友才翻译。
1957 Letter
WARREN E. BUFFET
5202 Underwood Ave. Omaha, Nebraska
SECOND ANNUAL LETTER TO LIMITED PARTNERS
1957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
给有限合伙人的第二封年度信
The General Stock Market Picture in 1957
（1957年股市概况（注：原文图片缺失））
In last year's letter to partners, I said the following:
在去年的合伙人信中，我说道：
My view of the general market level is that it is priced above intrinsic value. This view relates to blue-chip securities. This view, if accurate, carries with it the possibility of a substantial decline in all stock prices, both undervalued and otherwise. In any event I think the probability is very slight that current market levels will be thought of as cheap five years from now. Even a full-scale bear market, however, should not hurt the market value of our work-outs substantially.
我对于股市概况的观点是股票定价超过了内在价值。这个观点和蓝筹股相关。这个观点准确的说会带来所有股价大幅下降的可能性，无论是被低估的股票还是其他的。无论任何场景，我认为现在的市场水平在接下来五年被认为是便宜的可能性都微乎其微。但及时大熊市也不应该大幅损害我们的套利类投资市值。
If the general market were to return to an undervalued status our capital might be employed exclusively in general issues and perhaps some borrowed money would be used in this operation at that time. Conversely, if the market should go considerably higher our policy will be to reduce our general issues as profits present themselves and increase the work-out portfilio.
如果市场回到了被低估的状态，我们的资本可能会全部用到低估类股票上并且在那时可能会借钱投资（1957年的观点尚未被纠正，之后巴菲特坚决反对使用杠杆）。相反地，当市场还是大幅走高，我们的策略将会是通过将盈利交割来减少低估类股票并增加套利类投资组合。
All of the above is not intended to imply that the market analysis is foremost in my mind. Primary attention is given at all times to the detection of substantially undervalued securities.
所有以上所述并非试图表明市场行情分析在我的头脑中最重要。时刻要注意到那些被大幅低估的证券。
单词注释：
1.intrinsic：固有的；内在的；本身的
2.blue-chip：蓝筹股
3.substantial：大量的；巨大的
4.decline：减少
5.slight：轻微的；细小的
6.be thought of：被认为
7.exclusively：唯一的；完全的
8.work-out：逃离类
9.general issue：低估类
10.imply：暗示；表明；意味着；必然包含
11.foremost：最重要的；最前的；首先
12.securities：证券；担保；保安措施；保安部门；安全工作
13.detection：探测；侦察；察觉
