英文早读第41篇，选自巴菲特年度信，友才翻译。
Investment Companies
投资公司
Along with the results of the Dow, we have regularly included the tabulations on the two largest open-end investment companies (mutual funds) following a common stock policy, and two largest diversified closed-end investment companies. These four companies, Massachusetts Investors Trust, Investors Stock Fund, Tri-Contiental Corp. and Lehman Corp. manage over 3 billion and are probably typical of most of the 20 billion investment company industry. My opinion is that their results parallel those of most bank trust departments and investment counseling organizations which handle, in aggregate, vastly greater sums.
随着道琼斯指数的结果，我们又惯例地罗列了2家一般股市市场最大的开放式投资公司（互助基金）和2家最大的分散式封闭投资公司的列表。这4家公司，马萨诸塞投资者信托、投资者股票基金、三大陆公司和莱曼公司，管理者超过30亿美金，或许是这个接近20亿美金投资公司产业的典型。我的观点是他们的结果与大多数银行信托部门和投资咨询估值差不多，而他们总的来说管理着更大的金额。
The purpose of this tabulation, which is shown below, is to illustrate that the Dow is no pushover as an index of investment achievement. The advisory talent managing just the four companies shown commands annual fees of approximately 7 million and this represents a very small fraction of the industry. Nevertheless, the public batting average of this highly-paid talent indicates results slightly less favorable than the Dow. In no sense is this statement intended as criticism. Within their institutional framework and handling the many biliions of dollars involved, I consider such average results virtually the only possible ones. Their merits lie in other than superior results.
如下列表的目的是为了表明道琼斯指数作为投资成果的索引并不是好搞的对手。仅仅管理这4家公司的咨询人才就需要年度费用大约700万美金，而这只代表了这个市场的很小一部分。尽管如此，这些高昂费用人才的公开击球结果却仍轻微逊色于道琼斯指数。这个账单没有任何意图去批判。在他们机构架构和管理如此大量的数十亿美金下，我认为这个平均结果几乎是唯一的结果。他们的价值在比道琼斯指数更优秀的结果之外。
Both our portfolio and method of operation differ substantially from the companies mentioned above. However, most partners, as an alternative to their interest in the partnership would probably have their funds invested in media producing results comparable with investment companies, and I, therefore feel they offer a meaningful test of performance.
我们的投资组合和运作方法都与以上提到的公司差距显著。然而，大部分合伙人，作为他们在合伙基金里股份的可选项，将会把他们投资在别的媒体报道的结果去和投资公司比较，因此我认为这也提供了一个有价值的表现测试方法。
19.diversify：使多样化；增加……的品种
20.in aggregate：整体上；总共；作为整体
21.vastly：非常；很
22.advisory：咨询的；顾问的；警报
23.criticism：批评；批判；指责；责备
24.institutional：由来已久的；机构的；慈善机构的
25.framework：框架；结构；机制；架构；观点
26.merit：优点；价值；功绩；长处；美德；值得赞扬
