It may seem strange that we exult over a year in which we made three acquisitions, given that we have regularly used these pages to question the acquisition activities of most managers.

• 我们一直以来总是定期地在给股东的信里面花上几页的篇幅来质疑大多数经理人所进行的并购活动，但现在这些质疑会显得怪怪地，因为我们自己这一年才刚发神经完成三件并购案。