近来读书，觉得好的翻译太重要了。例如，巴老1988年致股东信中的一句（红色字体部分），有的翻译成：有时，股票估值比市盈率更有意义。

    也有的翻译成：有时股票的价格会远远超过合理的市盈率。

    The architect of Rockwood’s restructuring was an unknown,
but brilliant Chicagoan, Jay Pritzker, then 32.  If you’re
familiar with Jay’s subsequent record, you won’t be surprised to
hear the action worked out rather well for Rockwood’s continuing
shareholders also.  From shortly before the tender until shortly
after it, Rockwood stock appreciated from 15 to 100, even though
the company was experiencing large operating losses.  Sometimes
there is more to stock valuation than price-earnings ratios.
    结合全文来看，我认为这两种翻译可能都不对。大家有什么高见？

下面是这段话前的几段：

     Some offbeat opportunities occasionally arise in the
arbitrage field.  I participated in one of these when I was 24
and working in New York for Graham-Newman Corp. Rockwood & Co.,
a Brooklyn based chocolate products company of limited
profitability, had adopted LIFO inventory valuation in 1941
when cocoa was selling for 5¢ per pound.  In 1954 a
temporary shortage of cocoa caused the price to soar to over
60¢.  Consequently Rockwood wished to unload its valuable
inventory - quickly, before the price dropped.  But if the cocoa
had simply been sold off, the company would have owed close to
a 50% tax on the proceeds.

     The 1954 Tax Code came to the rescue.  It contained an
arcane provision that eliminated the tax otherwise due on LIFO
profits if inventory was distributed to shareholders as part of a
plan reducing the scope of a corporation’s business.  Rockwood
decided to terminate one of its businesses, the sale of cocoa
butter, and said 13 million pounds of its cocoa bean inventory
was attributable to that activity.  Accordingly, the company
offered to repurchase its stock in exchange for the cocoa beans
it no longer needed, paying 80 pounds of beans for each share. 

     For several weeks I busily bought shares, sold beans, and
made periodic stops at Schroeder Trust to exchange stock
certificates for warehouse receipts.  The profits were good and
my only expense was subway tokens.