英文早读第218篇，选自巴菲特年度信，友才翻译。
Measuring such results against shareholders' equity with securities valued at market could significantly distort the operating performance percentage because of wide year-to-year market value changes in the net worth figure that serves as the denominator. For example, a large decline in securities values could result in a very low "market value" net worth that, in turn, could cause mediocre operating earnings to look unrealistically good. Alternatively, the more successful that equity investments have been, the larger the net worth base becomes and the poorer the operating performance figure appears. Therefore, we will continue to report operating performance measured against beginning net worth, with securities valued at cost.
以对于按市值估值股票的股东资本来衡量这些业绩会严重曲解运营业绩百分比率，因为宽泛的年度市值变化在净值数据上会作为分母。例如，股票价值大幅减少会导致非常低的“市值”净值，反过来，会引起温和的运营利润看起来不真实的好。要不然，更成功的资本投资，净值基础会变的更大，而更糟糕的运营业绩数据会发生。因此，我们将继续以对于初始净值，按照成本估值股票来衡量运营业绩。
On this basis, we had a reasonably good operating performance in 1979 - but not quite as good as that of 1978 - with operating earnings amounting to 18.6% of beginning net worth. Earnings per share, of course, increased somewhat (about 20%) but we regard this as an improper figure upon which to focus. We had substantially more capital to work within 1979 than in 1978, and our performance in utilizing that capital fell short of the earlier year, even though per-share earnings rose. "Earnings per share" will rise constantly on a dormant savings account or on a U.S. Savings Bond bearing a fixed rate of return simply because "earnings" (the stated interest rate) are continuously plowed back and added to the capital base. Thus, even a "stopped clock" can look like a growth stock if the dividend payout ratio is low.
在这个基础上，我们1979年运营表现相当好，但是不像1978年那样好，运营利润率总计是初始净值的18.6%。每股盈利，当然某种程度上增加了（大约20%），但是我们认为这是一个不合适的需要聚焦的数字。在1979年我们有比1978年大幅变多的资金可以用，但我们在运用这些资金的表现上落后了前一年，即使每股盈利增加了。“每股盈利”即使是定期存款账户或者是固定回报率的美国储蓄债都会稳定上涨，仅仅因为“盈利”（发布的利率）持续增加了资金基础。因此，即使是停滞不前的股票当分红比例很低时仍然看起来在增长。
The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the achievement of consistent gains in earnings per share. In our view, many businesses would be better understood by their shareholder owners, as well as the general public, if managements and financial analysts modified the primary emphasis they place upon earnings per share, and upon yearly changes in that figure.
对管理上经济业绩的首要测试应该是基于使用的资本金实现高盈利率（不包括过度举债，财务欺诈等等），而不是每股盈利实现持续增长。在我们看来，如果管理层和财务分析师修改他们对每股盈利和这个数据年度变化的着重强调，很多业务会被他们的股东和公众更好的理解业务。
5.distort：扭曲；歪解；曲解
6.denominator：分母
7.alternatively：要不然；或者
8.undue：不适当的；过分的
9.leverage：杠杆；举债；借贷
10.gimmickry：耍花招；玩弄销售伎俩
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