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Looking farther, I was surprised to find that the chips were covered with such combatants,that it was not a duellum, but a bellum, a war between two races of ants, the red always pitted against the black, and frequently two red ones to one black.

再往远处看，我更惊奇地发现，木片上到处有这样的斗士，看来这不是决斗，而是一场战争，这两个蚁民族之间的战争，红蚂蚁总跟黑蚂蚁战斗，时常还是两个红的对付一个黑的。

Looking farther, I was surprised to find that the chips were covered with such combatants, that it was not a duellum, but a bellum, la war between two races of ants, the red always pitted against the black,2 and frequently two red ones to one black.

放眼一望，我惊奇地发现木堆上满布着这样的斗士。这不是两蚁决斗，而是群鏖，是两个蚂蚁种族之间的一场战争。红蚁力拼黑蚁，且多以两对一。

Beads to represent 8 spokes of the Wheel of the Year (Samhain, Winter Solstice, Candlemas, Spring Equinox, Beltane, Summer Solstice, Lammas, Autumn Equinox) I use 8 of the same beads but you can find ones to represent each of the 8 spokes

8个串珠代表一年的8大庆典（万圣节（Samhain，盖尔语，意思是『夏末』）、冬至、圣烛节、春分、五朔节、夏至、拉马斯节（Lammas，八月一日收获节）、秋分），我使用8个相同的串珠，但你可以用不同的串珠代表不同的庆典。

Those who bemoan,"All the good ones are taken," must not be paying attention.

那些哀叹" '好的"都有人了的人们一定没有注意。

Mistakes of the First Twenty-five Years To quote Robert Benchley,"Having a dog teaches a boy fidelity, perseverance, and to turn around three times before lying down." Such are the shortcomings of experience. Nevertheless, it's a good idea to review past mistakes before committing new ones. So let's take a quick look at the last 25 years. o My first mistake, of course, was in buying control of Berkshire.

头 25 年所犯的错误套用 Robert Benchley 的名言："要一只狗教小孩子忠诚，忍耐，并此能够滚三圈再在地上躺好"，这就是经验传承的难处，不过不论如何，再犯下一错误之前，最好能够先反省一下以前的那些错误，所以让我们花点时间回顾一下过去 25 年的经验。

This I learned from her benefactress - from the pious and charitable lady who adopted her in her orphan state, reared her as her own daughter, and whose kindness, whose generosity the unhappy girl repaid by an ingratitude so bad, so dreadful, that at last her cxcellent patroness was obliged to separate her from her own young ones, fearful lest her vicious example should contaminate their purity.

我是从她的恩人，一位廉诚慈善的太太那儿知道的。她成了孤儿的时候，是这位太太收养了她，把她作为亲生女儿来养育。这位不幸的姑娘竟以忘恩负义来报答她的善良和慷慨。这种行为那么恶劣，那么可怕，那位出色的恩主终于不得不把她同自己幼小的孩子们分开，生怕她的坏样子会沾污他们的纯洁。

This I learned from her benefactress; from the pious and charitable lady who adopted her in her orphan state, reared her as her own daughter, and whose kindness, whose generosity the unhappy girl repaid by an ingratitude so bad, so dreadful, that at last her excellent patroness was obliged to separate her from her own young ones, fearful lest her vicious example should contaminate their purity: she has sent her here to be healed, even as the Jews of old sent their diseased to the troubled pool of Bethesda; and, teachers, superintendent, I beg of you not to allow the waters to stagnate round her.

"我是从她的恩人，一位廉诚慈善的太太那儿知道的。她成了孤儿的时候，是这位太太收养了她，把她作为亲生女儿来养育。这位不幸的姑娘竟以忘恩负义来报答她的善良和慷慨。这种行为那么恶劣，那么可怕，那位出色的恩主终于不得不把她同自己幼小的孩子们分开，生怕她的坏样子会沾污他们的纯洁。她被送到这里来治疗，就像古时的犹太人把病人送往毕士大搅动着的池水中一样。教师们，校长们，我请求你们不要让她周围成为一潭死水。"

The ones who came off have nothing to berate themselves about.

被换下场的球员对于他们自己的表现也没有什么能受到指责的。

Not only some economists' standpoint that the arrangement of the property rights is the nature of corporate governance, but also other economists' ones that they pay more attention to the design and enforcement of corporate governance mechanisms. The division hypothesis of corporate governance would conduceto comprehensive knowledge of corporate governance. Second, this thesis formalizes the ideas "the optimal shareholder structure of a firm is endogenously determined" proposed by Demsetz (1983) in a simple framework, which constitute the new rationale against the proposition "the more concentrated theshare, the more efficient the firm is" by Berle and means.

公司治理的分层假说将有助于我们形成对公司治理内涵全面的认识；（2）本文在一个简单的框架下形式化了Demsetz（1983）提出的最优股权结构内生决定的思想，为反驳Berle和means（1932）提出的"股权高度集中，企业的价值将最大"的命题提供了新的理论依据；（3）我们证明，公司治理机制的"整合"对降低投资者之间的利益冲突所导致的"第二类代理成本"具有重要作用。

We will be more involved in the bigger ones that have beset your whole world.

我们将更广泛的参与你们的世界。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。