英文早读第194篇，选自巴菲特年度信，友才翻译。
When such criteria are maintained, our intention is to hold for a long time; indeed, our largest equity investment is 467,150 shares of Washington Post "B" stock with a cost of 10.6 million, which we expect to hold permanently.
当这类标准确立，我们意图就是长期持有；确实，我们最大的股本投资是华盛顿邮政B类股票46万7150股，花费1060万美金，我们计划永久持有。
With this approach, stock market fluctuations are of little importance to us - except as they may provide buying opportunities - but business performance is of major importance. On this score we have been delighted with progress made by practically all of the companies in which we now have significant investments.
采用这个方式，股市波动对我们不太重要了，除非可以为我们提供购买机会，而生意业绩很重要。在这点上，我们一直很高兴那些我们现在重要投资的所有公司都有实质进展。
We have continued to maintain a strong liquid position in our insurance companies. In last year's annual report we explained how variations of 1/10 of 1% in interest rates result in million dollar swings in market value of our bonds. We consider such market fluctuation of minor importance as our liquidity and general financial strength make it highly improbable that bonds will have to be sold at times other than those of our choice.
我们继续保持我们保险公司强劲流通性。在去年的年报中我们解释了利率0.1%变化如何导致我们债券市值百万美金波动。我们认为这类市场波动不太重要，而我们的流动性和常规财务优势不太可能会让我们随时卖掉债券而不是其它选择。
Banking
银行业
It is difficult to find adjectives to describe the performance of Eugene Abegg, Chief Executive of Illinois National Bank and Trust of Rockford, Illinois, our banking subsidiary.
很难找到词语形容我们的银行子公司，伊利诺伊州罗克福德伊利诺伊国立银行及信托公司首席执行官基恩艾伯戈的标表现。
In a year when many banking operations experienced major troubles, Illinois National continued its outstanding record. Against average loans of about 65 million, net loan losses were 24,000, or .04%. Unusually high liquidity is maintained with obligations of the U.S. Government and its agencies, all due within one year, at yearend amounting to about 75% of demand deposits. Maximum rates of interest are paid on all consumer savings instruments which make up more than 2 million, it consistently has generated favorable earnings. Positioned as we now are with respect to income taxes, the addition of a solid source of taxable income is particularly welcome.
去年当很多银行业务遭遇大麻烦时，伊利诺伊国立继续出色表现。平均贷款再次大约6500万美金，净贷款损失是2.4万美金，或者说坏账率0.04%。 通过美国国债和他的代理获得了非同寻常的流动性，这些都在一年内到期，在年末大约占活期存款的75%。所有客户结构存款都支付了最高利率，在一起超过200万美金，并且持续产生了可喜的利润。鉴于我们目前的所得税状况，这样一个稳定的应税收入来源很可贵。
43.criteria：标准；准则；原则
44.delighted：高兴的；愉快的；快乐的
45.improbable：不太可能的
46.obligation：义务；责任；职责
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