英文早读第167篇，选自巴菲特年度信，友才翻译。
Procedure
进程
I intend to be in the office solidly through March (including every Saturday except March 7th) and will be glad to see any partner or talk with him by phone. To aid in scheduling, please make an appointment with Gladys (or me). The only request I make is that you absorb as much as possible of this letter before we talk. As you can see, it would be an enormous problem if I had to explain each item to all of you.
我意图整个三月都待在办公室（包括每个周六，除了3月7日），我会很高兴见到任何合伙人或者打电话交流。为了帮助排好日程，请和葛莱迪（或者我）预约。我唯一要求的是在我们交谈前你尽可能多的吸收这封信内容。正如你看到的，如果我必须给你们所有人解释每一条内容将会是巨大的困难。
If you decide you want us to help you in buying bonds, you should let us know:
如果你决定希望我们帮助你购买债券，你应该告知我们：
(1) Whether you want to restrict purchases to your home state for local tax reasons;
（1）你是否因为税务原因限制在购买你本州的债券？
(2) Whether you want to restrict us to full coupon issues or let us use our judgment as to where you get the best value;
（2）你是否限制在我们购买全额息票债券或者让我们根据你可以获得最高价值来判断？
(3) Your preference as to maturity in the ten to twenty-five year range or if you prefer to let us use our judgment in that area;
（3）你对10到25年范围内倾向的期限或者你希望我们来判断？
(4) How much you want to invest - we may end up several per cent short of the figure you name, but we will never go over;
（4）你愿意投资多少钱——我们或许会比你给出的数值几个点不到结束，但我们从不会超出；
(5) On what bank the bonds should be drafted.
（5）你希望债券在什么银行汇兑。
We will advise you buy phone or letter as we buy bonds. Bill and John will be doing much of the mechanical work. Needless to say, none of us will have any financial interest in any transaction. Should you have any questions regarding the mechanics, please direct them to John or Bill as I will be swamped and they will be more familiar with specific transactions. After March 31st, I don't expect to be around the office for several months. Therefore, if you want to talk things over, come in by then. The completion of all purchases may go into April, but Bill will be taking care of this and the mechanics will all be set up.
当我们买了债券我们将会通过电话或者信件告知你。比尔和约翰将会做更多的事务性工作。无需多言，我们中没有人会从任何交易获得财务利益。如果你关于流程有任何问题，请直接问约翰或者比尔，因为我会应接不暇而且他们俩对具体的交易更熟悉。3月31日之后，我预计有几个月不在办公室。因此，如果你有事要聊，请到那时再来。购买将会在4月完成，但是比尔会安排好这些的，具体事务也会做好。
You should realize that because of the enormous diversity of issues mentioned earlier, it is impossible to say just what will be bought. Sometimes the tax-free bonds market has more similarities to real estate than to stocks. There are hundreds of thousands of items of varying comparability, some with no sellers, some with reluctant sellers and some with eager sellers. Which may be the best buy depends on the quality of what is being offered, how well it fits your needs and the eagerness of the seller. The standard of comparison is always new issues where an average of several hundred million dollars worth have to be sold each week - however, specific secondary market opportunities (issues already outstanding) may be more attractive than new issues and we can only find out how attractive they are when we are ready to make bids.
你应该意识到因为之前提到的发行上大量的差异，几乎不可能说出我们将会买什么。有时免税债券市场相比于股市更像不动产。有千差万别的成千上万的选项，有些没有卖家，有些有勉强的卖家，有些有急切地卖家。什么是最佳购买取决于提供的质量是什么，和你需求契合度如何以及卖家地急切程度。标准的比较通常是在新发行上，平均每周要出售几百万美金——然而，个别二手市场机会（已经发行的）或许比新发行的更有吸引力，只有当我们准备好下单时才能发现他们多么有吸引力。
Although markets can change, it looks as if we will have no difficulty in getting in the area of 6-1/2% after tax (except from Housing Authority issues) on bonds in the twenty-year maturity range.
尽管市场可能会变化，似乎我们没有难度在25年期限范围内或许税后6.5%利息（除了房屋管理局发行债券）。
Cordially,
Warren E. Buffett
热情地，
沃伦E.巴菲特
87.enormous：巨大的；庞大的；极大的
88.draft：汇票
89.swamp：淹没；使应接不暇；使疲于应对；使不堪承受
90.reluctant：不情愿的；勉强的
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