英文早读第191篇，选自巴菲特年度信，友才翻译。
On April 28, 1975 we acquired Waumbec Mills Incorporated and Waumbec Dyeing and Finishing Co., Inc. located in Manchester, New Hampshire. These companies have long sold woven goods into the drapery and apparel trade. Such drapery materials complement and extend the line already marketed through the Home Fabrics Division of Berkshire Hathaway. In the period prior to our acquisition, the company had run at a very substantial loss, with only about 55% of looms in operation and the finishing plant operating at about 50% of capacity. Losses continued on a reduced basis for a few months after acquisition. Outstanding efforts by our manufacturing, administrative and sales people now have produced major improvements, which, coupled with the general revival in textiles, have moved Waumbec into a significant profit position.
在1975年4月28日我们收购了位于新罕布什尔州曼切斯特的沃姆贝克纺织工厂股份公司和沃姆贝克染色与整理公司。这些公司在窗帘和成衣贸易中长期售卖纺织产品。这些窗帘布料补充并扩展了伯克希尔哈撒韦家庭纺织部门的市场线。在我们售前之前的时期，这家公司运营大幅亏损，仅有大约55%的织机在运作，整理工厂产能利用率也仅约50%。在收购后几个月仍在亏损但以较低幅度。通过我们生产、管理和销售团队出色的努力，现在我们有了大幅提升，伴随着纺织行业整体复苏，使沃姆贝克成为重要的利润来源。
We expect a good level of profits from textiles in 1976. Continued progress is being made in the movement of Waumbec goods into areas of traditional marketing strength of Berkshire Hathaway, productivity should improve in both the weaving and finishing areas at Manchester, and textile demand continues to firm at decent prices.
我们预期1976年纺织业务有很好的利润水平。正持续将沃姆贝克的产品打入伯克希尔哈撒韦过去强势的市场，在曼切斯特纺织和整理领域产能都会提升，纺织需求持续保持合理的价格。
We have great confidence in the ability of Ken Chace and his team to maximize our strengths in textiles. Therefore, we continue to look for ways to increase further our scale of operations while avoiding major capital investment in new fixed assets which we consider unwise, considering the relatively low returns historically earned on large scale investment in new textile equipment.
我们对肯查斯和他的团队很有信心将我们的纺织优势最大化。因此，我们继续寻找可以进一步增加我们业务规模的路径，同时避免在新固定资产上大的资金投资，我们认为这不太明智，考虑到历史上在新的纺织设备上大规模投资赚取的相对低回报。
Insurance Underwriting
保险承保
The property and casualty insurance industry had its worst year in history during 1975. We did our share - unfortunately, even somewhat more. Really disastrous results were concentrated in auto and long-tail (contracts where settlement of loss usually occurs long after the loss event) lines.
在1975年，财产和意外险行业经历了历史上最糟糕的一年。很不幸，我们在这点上甚至有点更严重。真正灾难性的结果主要在汽车和长尾险（合同约定损失赔付通常在损失发生后很久）产品线。
10.dyeing：给…染色；染；染料；染液
11.woven：织物的
12.brapery：布料
13.apparel：服装
14.complement：补足；补充
15.looms：织布机
16.plant：大型设备；设备
17.weaving：编制；织物
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