Corrected entry: Olivia brings Angier the notebook of Borden and Angier realizes, that it is encoded. "Even with the keyword it would take months to decode it." Furthermore, he admits to Allie in the Colorado Springs restaurant that the cypher changes with each day and is "time consuming to translate". However, after Angier received the keyword ("TESLA"), he can be seen several times reading the notebook casually as if he already decoded the whole book. Nevertheless he reacts surprised as if he has never seen the entries when he should have, namely WHILE DECODING the book. Particularly, in the last entry, Borden directly addresses Angier, telling him directly that he lured him to America on a wild goose chase. The moment Angier would have deciphered this, he would have the reaction he shows and not only after setting all the entries in a context whatsoever. The book he reads is actually the original notebook from Borden, not the one he uses to transcribe the translation, which is smaller. (00:33:05 - 01:22:45)
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Correction: One was a notebook and one was a diary. Two separate "books"? Or at least different sections entirely. One wouldn't read all the the diary entries if they were desperately obsessed with reading the trick formula first. That would usually to an average man be the second place to look for information. Indeed there was probably two diaries or books. One that was "stolen" by Olivia and then a new one with current entries in it.
There is no evidence to support that Angier received two notebooks from Borden. We can only see the one book that Olivia brought him. Enrypting all the sections about magic tricks, but leaving at least the section in clear text where Angier is directly taunted, would have immediately crashed Borden's plan to send Angier half around the world, if Angier would have only once flipped through the pages for other clues that might help him decipher the book (like he did the moment he got the book from Olivia). Borden's whole plan was to send Angier to Colorado, but Angier only embarked on that journey after Borden told him the secret "Tesla" after Angier exhausted all his available options. It would also be uncharacteriscally arrogant for the Borden's who meticulously planned literally their whole life and not taking risks.
t-6