英文早读第172篇，选自巴菲特年度信，友才翻译。
We inaugurated our "home-state" insurance operation in 1970 by the formation of Cornhusker Casualty Company. To date, this has worked well from both a marketing and an underwriting standpoint. We have therefore further developed this approach by the formation of Lakeland Fire & Casualty Company in Minnesota during 1971, and Texas United Insurance in 1972. Each of these companies will devote its entire efforts to a single state seeking to bring the agents and insureds of its area a combination of large company capability and small company accessibility and sensitivity. John Ringwalt has been in overall charge of this operation since inception. Combining hard work with imagination and intelligence, he has transformed an idea into a well-organized business. The "home-state" companies are still very small, accounting for a little over 1.5 million in premium volume during 1971. It looks as through this volume will more than double in 1972 and we will develop a more creditable base upon which to evaluate underwriting performance.
我们在1970年通过成立考恩哈斯克意外保险公司创立了我们的“州内“保险业务。到现在，无论从市场还是承保立场来看都运作很好。我们因此已经通过在1971年于明尼苏达州成立莱克兰火灾及意外险公司和1972年成立德克萨斯联合保险来进一步发展这个模式。这些公司每一家都将全部努力致力于单一州去寻找给代理和承保人带来大公司能力和小公司可获得性与敏感性结合的服务范畴。约翰灵怀特从开始就已经全面负责这项业务。既勤奋又有想象力和聪明才智，他将一个想法变成了一个组织良好的业务。这些”州内“公司仍然很小，在1971年总计略超过150美金保险额。看起来在1972年规模将会超过翻番，我们也将发展基于更加可信的基础来评估承保表现。
A highlight of 1971 was the acquisition of Home & Automobile Insurance Company, located in Chicago. This company was built by Victor Raab from a small initial investment into a major auto insurer in Cook Country, writing about 7.5 million in premium volume during 1971. Vic is cut from the same cloth as Jack Ringwalt and Gene Abegg, with a talent for operating profitably accompanied by enthusiasm for his business. These three men have built their companies from scratch and, after selling their ownership position for cash, retain every bit of the proprietary interest and pride that they have always had.
1971年的亮点是对位于芝加哥的家庭及汽车保险公司的收购。这家公司由维克多莱博创立，从一个很小的初始投资发展为一个在库克郡的大型汽车承保商，1971年记录在册大约750万美金保险规模。维克和杰克灵怀特与基恩艾伯戈一模一样，既有着盈利运作的能力又有对业务的激情。这三个人从零开始建立了他们的公司，在出售他们的控制位置换取现金后，仍存留着他们一直拥有的全部所有者权益意识和荣耀感。
While Vic has multiplied the original equity of Home & Auto many times since its founding, his ideas and talents have always been circumscribed by his capital base. We have added capital funds to the company, which will enable it to establish branch operations extending his highly-concentrated and on-the-spot marketing and claims approach to other densely populated areas.
尽管维克从家庭及汽车保险公司成立以来已经增加了几次原始股本，他的想法和才智仍经常被他的注册资本所限制。我们已经给公司增加了注册资金，这将使公司能够建立分支业务扩展他高度集中且现场式的市场营销进入到其它人口密集区域。
All in all, it is questionable whether volume added by Home & Auto, plus the "home-state" business in 1972, will offset possible declines in direct and reinsurance business of National Indemnity Company. However, our large volume gains in 1970 and 1971 brought in additional funds for investment at a time of high interest rates, which will be of continuing benefit in future years. Thus, despite the unimpressive prospects regarding premium volume, the outlook for investment income and overall earnings from insurance in 1972 is reasonably good.
总的来说，仍有疑问是否能通过家庭及汽车保险的加入，再加上1972年的”州内“业务，将可能抵消在国家保障公司的直接和再保险业务减少。然而，我们在1970年和1971年的大规模盈利带来了高利率时期用于投资的额外资金，这将在未来几年继续获益。因此，尽管考虑到保险规模的平平预期，而投资收入和从保险业务的整体盈利预期在1972年是相当好的。
Banking Operations
银行业务
Our banking subsidiary, The Illinois National Bank & Trust Company, continued to lead its industry as measured be earnings as a percentage of deposits. In 1971, Illinois National earned well over 2% after tax on average deposits while (1) not using borrowed funds except for very occasional reserve balancing transactions;(2) maintaining a liquidity position far above average;(3) recording loan losses far below average; and (4) utilizing a mix of over 50% time deposits with all consumer saving accounts receiving maximum permitted interest rates throughout the year. This reflects a superb management job by Gene Abegg and Bob Kline.
我们的银行子公司，伊利诺伊国家银行及信托公司，按存款盈利百分比来衡量的话，继续引领着这个行业。在1971年，伊利诺伊国家银行平均每份存款盈利超过税后2%，而且（1）除非为了很偶然的存款储备金交易不会使用借款；（2）获得远超平均水平的流动性；（3）远低于平均水平的贷款损失；和（4）全年综合使用超过50%的定期存款并让所有客户储蓄账户收到了允许的最高利率。这反应了基恩艾伯戈和鲍勃克林的卓越管理工作。
17.be cut from the same cloth：一丘之貉
18.from scratch：从零开始；从头做起；白手起家
19.proprietary：专有的；专用的；专利的
20.circumscribe：限制；约束
21.on-the-spot：现场的；当场的
22.densely：密集的；密集地
23.unimpressive：给人印象不深的；普通的；平庸的
24.reserve balance：存款准备金
25.time deposits：定期存款
网友评论