There's much to commend his letter this year, especially his calm reaction to the market slump that has slashed prices in many cases to bargain levels ' price is what you pay; value is what you get.

巴菲特今年致股东的信有很多可以评说之处，特别是巴菲特对市场暴跌的平静反应，股价暴跌已经显著压低了许多并购案的价格(“价格是你付出的、价值则是你所拥有的”)。

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What makes this slump different from the last, he says, is that there are still buyers in the market.

他说，这次衰退与上次不同的地方在于，市场上仍然有买家。

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The stock market slump has driven Japanese companies to buy back their own shares in near-record Numbers, in spite of their reputation for hoarding investors' cash.

尽管日本公司素有囤积投资者现金的名声，但股市暴跌已推动它们踊跃回购自身股份，数量接近历史纪录。

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It has been more easily able to adapt to the market slump.

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But with the market slump, those money sources have dried up.

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Of the firms that are already listed, components-maker KR Precision gets top marks from Thai fund managers, who have been loading up on the stock during the market slump.

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