投资公司

As we calculate these, they consist of:(1) the operating earnings reported in the previous section, plus;(2) our share of the retained operating earnings of major investees that, under GAAP accounting, are not reflected in our profits, less;(3) an allowance for the tax that would be paid by Berkshire if these retained earnings of investees had instead been distributed to us.

各位可以从下表看出我们是如何计算出 1999 年透视盈余的，不过我还是要提醒各位这些数字只不过是估计数，很多都是基于简单的判断，(被投资公司所分配的股利收入已经列在 13 页的营业利益之内，大部分包含在保险事业的净投资收益项下)。

As I mentioned earlier, the yearend prices of our major investees were much higher relative to their intrinsic values than theretofore. While those prices may not yet cause nosebleeds, they are clearly vulnerable to a general market decline. A drop in their prices would not disturb us at all - it might in fact work to our eventual benefit - but it would cause at least a one-year reduction in Berkshire's net worth. We think such a reduction is almost certain in at least one of the next three years.

就像是我上次所提到的，相较于过去，我们这些被投资公司的股价已高于其实质价值，虽然目前以这种价位不会造成我们流鼻血，但难免会受到大盘波动的影响，当然股价下挫一点都不会造成我们的困扰，甚至反而对我们有利，但不可避免地可能会造成伯克希尔年度净值的减少，只要在未来的两，三年间，我们的投资组合市值平均每年减少 10%，就有可能会发生这种状况。

For example, one unit trust can hold a much wider range of local and overseas investments than an individual could dream of.

比如，一家单位信托投资公司可以拥有个人无法想象的范围广泛的本国和海外投资。

I have a similar feeling when I'm trying to convince VCs to invest in startups Y Combinator has funded.

当我劝说风险投资公司对 Y Combinator借款的那些初创企业进行投资时，也有类似感受。

" Snowball: The career of Buffett and life "(The Snowball: Warren Buffett And The Business Of Life) is expatiatory the life that this Ba Jun invests company chairman and CEO and investment career.

雪球：巴菲特和生活的事业》(The Snowball： Warren Buffett and the Business of Life)详述了这位巴郡投资公司主席暨行政总裁的人生和投资事业。

Axel Merk, president and chief investment officer at Merk Investments, summed up by saying that "Paulson has managed to get Congress upset while being unable to get credit flowing again."

Merk 投资公司总裁兼首席投资顾问 Axel Merk 对此总结道，&鲍尔森成功的惹恼了国会，又未能让信贷市场重新运作起来！&

"Today my investment company invests in South America, Asia, Norway and Russia."

现在我的投资公司在南美、亚洲、挪威和俄罗斯等地都拥有投资。

But Amir Malin of Qualia Capital, an investment firm specialising in film, doubts it.

但是一家专门投资电影的投资公司Qualia Capital的Amir Malin

But Amir Malin of Qualia Capital, an investment firm specialising in film, doubts it.

但是一家专门投资电影的投资公司Qualia Capital的Amir Malin（参9 ）对此表示怀疑。

The trouble is that such angel syndicates may start to behave more like venture-capital firms.

但问题是，类似的天使投资联合组织的行为模式将变得与风险投资公司更加接近。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。