英文早读第185篇，选自巴菲特年度信，友才翻译。
1974 Letter
1974年度信
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦公司股东
Operating results for 1974 overall were unsatisfactory due to the poor performance of our insurance business. In last year's annual report some decline in profitability was predicted but the extent of this decline, which accelerated during the year, was a surprise. Operating earnings for 1974 were 8,383,576, or 8.56 per share, for a return on beginning shareholders' equity of 10.3%. This is the lowest return on equity realized since 1970. Our textile division and our bank both performed very well, turning in improved results against the already good figures of 1973. However, insurance underwriting, which has been mentioned in the last several annual reports as running at levels of unsustainable profitability, turned dramatically worse as the year progressed.
1974年运营结果总的来说是不太满意的，因为我们保险业务的糟糕表现。在去年的年度报告中讲到预测了盈利能力的适当下降，但是这个下降的程度在今年加速了，这让人意外。1974年营业利润是838万3576美金，或者每股8.56美金，相当于初期股本回报10.3%。这是自1970年依赖实现的最低权益回报率。我们的纺织部门和银行都表现很好，在1973年已经很好的数据上进一步提升。然而，保险承保，在过去几份年度报告中提到的在以无法持续盈利水平上运营，在去年进展十分糟糕。
The outlook for 1975 is not encouraging. We undoubtedly will have sharply negative comparisons in our textile operation and probably a moderate decline in banking earnings. Insurance underwriting is a large question mark at this time - it certainly won't be a satisfactory year in this area, and could be an extremely poor one. Prospects are reasonably good for an improvement in both insurance investment income and our equity in earnings of Blue Chip Stamps. During this period we plan to continue to build financial strength and liquidity, preparing for the time when insurance rates become adequate and we can once again aggressively pursue opportunities for growth in this area.
1975年预期也不是令人振奋的。毫无疑问在我们纺织业务对比会急剧下滑并且或许银行利润也有些许下跌。保险承保此时存在很大不确定性，当然他不会是令人满意的一年，而且可能是尤其糟糕。在保险投资收入和蓝芯票证公司权益的利润预期都很有，会有提升。在这一年我们计划继续加强我们的财务能力和流动性，时刻为保险费率变得充足那一刻而准备，这样我们可以再一次积极追求这一领域增长的机会。
Textile Operations
纺织业务
During the first nine months of 1974 textile demand was exceptionally strong, resulting in very firm prices. However, in the fourth quarter significant weaknesses began to appear, which have continued into 1975.
在1974年前9个月，纺织需求异常强劲，导致非常坚挺的价格。然而，在第四季度，开始大幅减弱，并一致持续到1975年。
We currently are operating at about one-third of capacity. Obviously, at such levels operating losses must result. As shipments have fallen, we continuously have adjusted our level of operations downward so as to avoid building inventory.
我们现在运转大约1/3的产能。很明显，以这样的水平运转必然导致亏损。而出货量下跌，我们已经继续调整下降我们的运转水平来避免堆积库存。
Our products are largely in the curtain goods area. During a period of consumer uncertainty, curtains may well be high on the list of deferrable purchase. Very low levels of housing starts also serve to dampen demand. In addition, retailers have been pressing to cut inventories generally, and we probably are feeling some effect from these efforts. These negative trends should reverse in due course, and we are attempting to minimize losses until that time comes.
我们的产品大部分在窗帘产品领域。在消费信心不足时期，窗帘很容易就是暂缓购买名单上的前面几个。极低的房屋开工率也减弱了需求。此外，零售商普遍已经下力削减库存，我们也从这些举措受到了影响。这些不利趋势可能会在适当的时候反转，我们在这一时刻到来前都会尽量减小我们的损失。
1.encouraging：令人鼓舞的；振奋人心的
2.curtain：窗帘；幕布；帘；帷幔
3.deferrable：可延期的；可暂缓的
4.dampen：抑制；控制；减弱
5.due course：适当的时候；正当行为
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