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还芗鄹袷嵌嗝吹睦肫祝嵌际谴砀霉善被蛘某钟腥讼胍鐾训募鄹瘢宦酆问弊芑嵊幸恍〔糠莸墓啥嵊姓庵帜钔罚诤芏嗟那榭鱿拢患揖哂蠿价值的股票往往以不到一半半数，也就是1/2X的价格求售。
The new…issue market； on the other hand； is ruled by controlling stockholders and corporations； who can usually select the timing of offerings or； if the market looks unfavorable； can avoid an offering altogether。 Understandably； these sellers are not going to offer any bargains； either by way of a public offering or in a negotiated transaction： It's rare you'll find x for1/2x here。 Indeed； in the case of mon…stock offerings； selling shareholders are often motivated to unload only when they feel the market is overpaying。 （These sellers； of course； would state that proposition somewhat differently； averring instead that they simply resist selling when the market is underpaying for their goods。）
至于初级发行市场则受到发行公司与大股东所掌控，通常会选择对他们最有利的时点发行，当市场状况不理想的时候，甚至会避开发行，可以理解的是，卖方不太可能让你有任何便宜可占，不管是透过公开发行或私下协议的方式都一样，你不可能以一半的价格买到你想要的东西，尤其是在发行普通股时，原有股东惟有在他们认为市场价格明显过高时，才有可能大幅出脱其持股，（这些卖方当然会换另外一种说词，强调如果市场过于低估其股份时，他们是不可能贱价出售的）。
To date； our negotiated purchases； as a group； have fulfilled but not exceeded the expectation we set forth in our 1989 Annual Report： 〃Our preferred stock investments should produce returns modestly above those achieved by most fixed…ine portfolios。〃 In truth； we would have done better if we could have put the money that went into our negotiated transactions into open…market purchases of the type we like。 But both our size and the general strength of the markets made that difficult to do。
到目前为止，我们透过协议所作的投资，算是勉强达到我们在1989年年报所作的预期，这些特别股投资应该可以产生比一般固定收益债券还好一点的报酬，不可讳言若是我们当初不是透过协议而是直接在公开市场上买进类似的投资的话，我们的表现可能会更好，只是考量到我们的规模太大与市场的状况，这样的做法在执行上有其困难度。
There was one other memorable line in the 1989 Annual Report： 〃We have no ability to forecast the economics of the investment banking business； the airline industry； or the paper industry。〃 At the time some of you may have doubted this confession of ignorance。 Now； however； even my mother acknowledges its truth。
1989年报还有一段相当令人怀念的话，〃我们没有能力去预测投资银行业、航空业或是造纸业的前景〃，在当时或许有很多人怀疑我们这样公开的承认有点无知，不过到如今，连我的母亲都不得不承认这项事实。
In the case of our mitment to USAir； industry economics had soured before the ink dried on our check。 As I've previously mentioned； it was I who happily jumped into the pool； no one pushed me。 Yes； I knew the industry would be ruggedly petitive； but I did not expect its leaders to engage in prolonged kamikaze behavior。 In the last two years； airline panies have acted as if they are members of a petitive tontine； which they wish to bring to its conclusion as rapidly as possible。
就像我们在美国航空的投资，在我们签发支票的墨水还没干之前，产业情况就已经开始恶化，如同先前所提到的，没有人强迫我，是我自己心干情愿跳下水的，没错，我的确预期到这个产业竞争会变得相当激烈，但我没想到这个产业的领导者竟会从事长期自杀性的行为，过去两年以来，航空业者的行为就好象觉得自己是公务人员抢着办退休好领退休金一样，为求尽快达到目的而不择手段。
Amidst this turmoil； Seth Schofield； CEO of USAir； has done a truly extraordinary job in repositioning the airline。 He was particularly courageous in accepting a strike last fall that； had it been lengthy； might well have bankrupted the pany。 Capitulating to the striking union； however； would have been equally disastrous： The pany was burdened with wage costs and work rules that were considerably more onerous than those encumbering its major petitors； and it was clear that over time any high…cost producer faced extinction。 Happily for everyone； the strike was settled in a few days。
在一遍混乱之中，美国航空的总裁…Seth Schofield在重新调整该公司体质之上，花了不少的工夫，尤其是去年秋天他勇于承担一次罢工事件，若是处置不当，再拖延下去很可能让公司面临倒闭的命运，而若是屈服于工会抗争的压力，则其下场一样悲惨，该公司所面对沉重的薪资成本与工会要求比起其它竞争同业来说，又更繁杂许多，而事实很明显任何成本过高的业者到最后终将面临淘汰的命运，还好罢工事件在发生几天后圆满地落幕。
A petitively…beset business such as USAir requires far more managerial skill than does a business with fine economics。 Unfortunately； though； the near…term reward for skill in the airline business is simply survival； not prosperity。
对那些为竞争所苦的行业，如美国航空来说，比起一般产业更需要好的管理技巧，不过很不幸的是，这种技巧所带来的好处，只不过是让公司得以继续存活下去，并不能让公司如何地飞黄腾达。
In early 1993； USAir took a major step toward assuring survival … and eventual prosperity … by accepting British Airways' offer to make a substantial； but minority； investment in the pany。 In connection with this transaction； Charlie and I were asked to join the USAir board。 We agreed； though this makes five outside board memberships for me； which is more than I believe advisable for an active CEO。 Even so； if an investee's management and directors believe it particularly important that Charlie and I join its board； we are glad to do so。 We expect the managers of our investees to work hard to increase the value of the businesses they run； and there are times when large owners should do their bit as well。
在1993年初，美国航空为确保存活以及长远发展，做了一项重大的决定…接受英国航空所提出的钜额的投资，透过这次的交易，查理跟我本人被邀请担任该公司的董事，我们同意接受，虽然此举将使得我要同时担任五家公司的外部董事，远超过我个人认为对公司能做的贡献，不过即便如此，只要我们的被投资公司以及其董事认为查理跟我加入其董事会，会对其公司有所帮助，我们还是会欣然接受，在我们期望旗下事业经理人拼死拼活为我们打拼以增加公司价值之时，身为公司大股东的我们有时也应该多尽一点自己的本分。
Two New Accounting Rules and a Plea for One More两个会计新原则，还有一个亟待增加的原则
A new accounting rule having to do with deferred taxes bees effective in 1993。 It undoes a dichotomy in our books that I have described in previous an