英文早读第176篇，选自巴菲特年度信，友才翻译。
In the "home state" operation, our oldest and largest such company, Cornhusker Casualty Company, operating in Nebraska only, achieved good underwriting results. In the second full year, the home state marketing appeal has been proven with the attainment of volume on the order of one-third of that achieved by "old line" giants who have operated in the state for many decades.
在“州内”业务上，我们最久远且最大的这类公司，科恩哈斯克意外险公司，只在内布拉斯加州运营，实现了很好的承保结果。在第二个完整运营年度，州内的市场营销吸引力被证明是有效的，在订单规模上获得了那些已经在内布拉斯加州运营几十年的老牌大型公司1/3的规模。
Our two smaller companies, in Minnesota and Texas, had unsatisfactory loss ratios on very small volume. The home state managements understand that underwriting profitably is the yardstick of success and that operations can only be expanded significantly when it is clear that we are doing the right job in the underwriting area. Expense ratios at the new companies are also high, but that is to be expected when they are in the development stage.
我们两个更小的公司，在明尼苏达州和德州，在很小规模上有着不太令人满意的赔付比例。州内业务管理团队理解承保的可盈利是成功的评判标准并且很重要一点只有当我们在做的是承保领域正确的工作时候才可以扩张运营。新公司的费用比例也是高的，但是当他们处于发展阶段是这是预期内的。
John Ringwalt has done an excellent job of launching this operation, and plans to expand into at least one additional state during 1973. While there is much work yet to be done, the home state operation appears to have major long-range potential.
约翰灵怀特在发起这项业务时做了卓越的工作，他计划在1973年至少再扩张到额外一个州。尽管仍有很多工作还没做，州内业务似乎拥有很长期的潜力。
Last year it was reported that we had acquired Home and Automobile Insurance Company of Chicago. We felt good about the acquisition at the time, and we feel even better now. Led by Vic Raab, this company continued its excellent record in 1972. During 1973 we expect to enter the Florida (Dade County) and California (Los Angeles) markets with the same sort of speciallized urban auto coverage which Home and Auto has practiced so successfully in Cook County. Vic has the managerial capacity to run a much larger operation. Our expectation is that Home and Auto will expand significantly within a few years.
去年报告说我们收购了芝加哥家庭和汽车保险公司。在那时我们觉得这是个很好的收购，现在我们感觉更好了。由维克拉伯带领着，这家公司再1972年继续获得出色的记录。在1973年我们希望进入弗罗里达（戴德郡）和加利福尼亚（洛杉矶）市场，做家庭和汽车保险公司已经在库克郡成功运作的特定的城市汽车类保险业务。我们预计家庭和汽车保险公司在几年内都会显著的扩张。
Insurance Investment Results
保险投资成果
We were most fortunate to experience dramatic gains in premium volume from 1969 to 1971 coincidental with virtually record-high interest rates. Large amounts of investable funds were thus received at a time when they could be put to highly advantageous use. Most of these funds were placed in tax-exempt bonds and our investment income, which has increased from 2,025,201 in 1969 to 6,755,242 in 1972, is subject to a low effective tax rate.
我们很幸运从1969年到1971年经历了保险规模的耀眼增长，与此同时利率几乎处于历史高位。大量的可以用于很有利用途的投资性资金也因此获得。这些资金的大部分被放到了税务扣除类的债券中，因此我们的投资收入，从1969年202万5201美金增长到了1972年675万5242美金，也因此只有很低的实际税率。
Our bond portfolio possess unusually good call protection, and we will benefit for many years to come from the high average yield of the present portfolio. The lack of current premium growth, however, will moderate substantially the growth in investment income during the next several years.
我们的债券组合拥有极为出色的提前赎回保护条款，我们将会从当前高回报水平的组合获益多年。然先，现在保险增长的乏力，将会在接下来一些年大幅缓和投资收益的增长。
28.appeal：上诉；呼吁；吸引力；魅力
网友评论