自己第一遍翻译的很多不太通顺，找到了之前Fresh翻译的进行了对照。英语中的黄色标记表示自己不太会翻译的内容，汉语中的黄色主要表示自己翻译的不地道的地方，后来修改过的。http://www/uc/myshow/blog/misc/gif/E___7474ZH00SIGG.gif1971年的信翻译  sherry" TITLE="2012-10-25 1971年的信翻译  sherry" />

巴菲特致股东的信1971

To the Stockholders of Berkshire Hathaway Inc.:

It is a pleasure to report that operating earnings in 1971, excluding capital gains, amounted to more than 14% of beginning shareholders' equity. This result--considerably above the average of American industry--was achieved in the face of inadequate earnings in our textile operation, making clear the benefits of redeployment of capital inaugurated five years ago. It will continue to be the objective of management to improve return on total capitalization (long term debt plus equity), as well as the return on equity capital. However, it should be realized that merely maintaining the present relatively high rate of return may well prove more difficult than was improvement from the very low levels of return which prevailed throughout most of the 1960's.

致伯克希尔哈撒韦公司的股东：

很荣幸在此报告1971年的经营利润，除了资本收益，年初股东权益增加了14%之多。这一结果远高于美国工业的平均水平—这是在我们的纺织业务未能获得充分增长的前提下达到的，很明显这得益于五年前的资本的重新调配。增加总资本（长期借款和股权相加）回报率以及股权资本回报率仍然将继续成为我们管理的主要目标。然而，我们应该意识到仅仅是维持目前相对较高的回报率也比在60年代一直取得的非常低的回报率水平上获得增长要难得多。

Textile Operations

We, in common with most of the textile industry, continued to struggle throughout 1971 with inadequate gross margins. Strong efforts to hammer down costs and a continuous search for less price-sensitive fabrics produced only marginal profits.

However, without these efforts we would have operated substantially in the red.

Employment was more stable throughout the year as our program to improve control of inventories achieved reasonable success.

纺织业务

我们，同大多数纺织行业的公司一样，继续着在1971年不够高的毛利的情况下挣扎。强有力的削减成本，并持续寻找价格敏感程度低的纤维只产生了很少的边际利润。

然而，如果没有这些努力我们可能会陷入赤字。由于我们对存货加强控制的项目获得了合理的成功，在这一年里，雇佣情况更加稳定了。

As mentioned last year, Ken Chace and his management group have been swimming against a strong industry tide. This negative environment has only caused them to intensify their efforts. Currently we are witnessing a mild industry pickup which we intend to maximize with our greatly strengthened sales force. With the improvement now seen in volume and mix of business, we would expect better profitability--although not of a dramatic nature--from our textile operation in 1972.

正如去年提到的，Ken Chace和他的管理团队正在行业大潮中激流勇进。这种不利的环境只会使他们做出更多的努力。最近我们正在观察一个温和的行业意在最大化我们强大的销售能力。随着在数量和混合业务上的增长，我们预期从我们的在1972年的纺织业务更好的盈利能力—尽管本质上不是令人激动。

Insurance Operations

An unusual combination of factors--reduced auto accident frequency, sharply higher effective rates in large volume lines, and the absence of major catastrophes--produced an extraordinarily good year for the property and casualty insurance industry. We shared in these benefits, although they are not without their negative connotations. Our traditional business--and still our largest segment--is in the specialized policy or non- standard insured. When standard markets become tight because of unprofitable industry underwriting, we experience substantial volume increases as producers look to us. This was the condition several years ago, and largely accounts for the surge of direct volume experienced in 1970 and 1971.

保险业务

一些不寻常因素的组合因素—交通事故频率降低，大宗交易实际利率的大幅走高，没有重大灾难—对于财产和意外险行业都是一个非常好的年度。我们把这些收益分享了，尽管不是没有负面隐含的意义。我们的传统行业—仍然是我们最大的部门—是专门保险和非标准性保险。当标准市场由于不盈利的行业保险而变得更加紧缩时，由于生产者会把目光投向我们，因此我们将会获得保单的数量的大幅增长。这是几年前的情况，这种直接保单数量的增长已经发生在1970年和1971年。

Now that underwriting has turned very profitable on an industry-wide basis, more companies are seeking the insureds they were rejecting a short while back and rates are being cut in some areas. We continue to have underwriting profitability as our primary goal and this may well mean a substantial decrease in National Indemnity's direct volume during 1972. Jack Ringwalt and Phil Liesche continue to guide this operation in a manner matched by very few in the business. Our reinsurance business, which has been developed to a substantial operation in just two years by the outstanding efforts of George Young, faces much the same situation.

在行业前景宽广的基础上，银行承保业务变得非常有利可图，很多公司都在寻找拒绝短期承保的被保险人，一些领域的费用正在削减？？。我们仍然将保险承销利润作为我们的主要目标，这意味着国民保险公司的直接保单数量在1972年将会大幅的下降。Jack Ringwalt 和 Phil Liesche仍然将继续用与这一生意相匹配的方法来引导这一业务。我们的再保险业务，在面临几乎相同的情况下，在George Young的杰出努力下在短短两年内发展成为一个实质性的业务。

We entered the reinsurance business late in 1969 at a time when rates had risen substantially and capacity was tight. The reinsurance industry was exceptionally profitable in 1971, and we are now seeing rate-cutting as well as the formation of well-capitalized aggressive new competitors. These lower rates are frequently accompanied by greater exposure. Against this background we expect to see our business curtailed somewhat in 1972. We set no volume goals in our insurance business generally--and certainly not in reinsurance--as virtually any volume can be achieved if profitability standards are ignored. When catastrophes occur and underwriting experience sours, we plan to have the resources available to handle the increasing volume which we will then expect to be available at proper prices.

我们在利率大幅上涨，自己资金吃紧的1969年末进入再保险业务。在1971年保险行业非常有利可图，我们现在正面临着利率下降以及资本雄厚的富有挑战性的新竞争者。这些低利率也频繁的伴随着更大的风险。在这种背景下，我们预测我们的业务在1972年会有一定程度的缩减。我们在总的保险业务上不设保单数量的目标—当然在再保险业务上更不会这样—事实上如果利润率标准被忽视的话，任何的保单数量都能够被达到。当重大灾难发生，承保业务变得艰难时，我们计划有可用的策略来控制交易量的增长，那时我们会在适当的价格上提供承保服务。

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 though 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Cornhusker Casualty公司的创立开创了我们的"home-state" 保险业务。迄今为止，这一业务不管是在营销上还是在保险承销视角上都很成功。通过1971年在明尼苏达州成立Lakeland 火线和事故险公司以及1972年成立Texas United Insurance公司，我们进一步发展了这种模式。每一个公司都将用尽全力去盯紧一个州，来使得它区域内的大机构的资本实力和小公司的便捷性和灵敏性相组合的机构和保险。John Ringwalt自从它成立以来就全权负责这一业务。同时有着辛勤的劳动、想象力和聪明才智，他已经把这一想法变成了运行良好的业务。"home-state"的业务仍然很小，在1971年贡献了略高于150万美元的保单数量。然而保单数量在1972年不止于会翻番，我们将会形成一个更为可信的基础来评价保险承销业务的表现。

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 County, 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年的一个亮点是收购了坐落在芝加哥的Home & Automobile保险公司。这一公司是由Victor Raab从很少的初始投资发展成库克郡最主要的汽车保险公司，在1971年的保费收入达到了750万美元。Victor Raab同Jack Ringwalt 和Gene Abegg如出一辙，有着经营的天才和对自己业务的热情。这三个人都是白手起家，在卖出股东权益获得现金后，保留了一个专有权益，并引以为傲。

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 its highly- concentrated and on-the-spot marketing and claims approach to other densely populated areas.

当Vic从Home & Auto公司的成立之初到呈乘法般的扩大其初始权益时（通过配股），他的想法和天才却受限于它的资本基础。我们已经对这个公司增加了资本基金，这将使得它能够建立分支业务高度集中和现场营销以及到以及在其他人口密集区建立索赔方法的业务模式。

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.

总而言之，Home & Auto的保单数量，加上1972年的"home-state"业务的保单数量能否抵消国民保险公司的直接和再保险业务的损失，这仍然值得商榷。然而，我们在1970年和1971年获得的大额保单收益是在高利率水平下的增加投资，这将会在未来几年持续收益，然而，尽管在保单数量上面的预期并不惹人注意，对于投资收益和1972年的在保险业务上的总体收益预期仍然是很好的。

Banking Operations

Our banking subsidiary, The Illinois National Bank & Trust Company, continued to lead its industry as measured by 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 savings accounts receiving maximum permitted interest rates throughout the year. This reflects a superb management job by Gene Abegg and Bob Kline.

银行业务

我们的银行分公司，伊利诺斯州的国家银行和信托公司，以存款比例来衡量其盈利能力的话，继续领导着整个行业。在1971年，在如下情况下，伊利诺斯州的国家银行取得了税后平均存款的2%的收益，（1）除了非常偶尔的储蓄平衡交易，几乎不用借款基金（2）保持了远在平均水平之上的流动性（3）远在平均水平之下的贷款损失记录（4）在所有顾客的应收存款账户中有超过50%的定期存款，且都是在一年中可达到的最高利率水平。？？？（4）超过八年的时间以所有消费者接受的最大公允的储蓄账户的利息来利用组合存款。这反映出了Gene Abegg 和Bob Kline做出的出色的管理工作。

Interest rates received on loans and investments were down substantially throughout the banking industry during 1971. In the last few years, Illinois National's mix of deposits has moved considerably more than the industry average away from demand money to much more expensive time money. For example, interest paid on deposits has gone from under $1.7 million in 1969 to over $2.7 million in 1971. Nevertheless, the unusual profitability of the Bank has been maintained.

在1971年整个银行业在贷款和投资上的利率水平实质上是下降的。在过去的几年里，伊利诺斯州的国家银行的存款组合从需求资金转向更为昂贵的定期存款，远高于行业平均水平。举例来说，存款利率从1969年低于170万美元变成了1971年的高于270万美元。然而，银行业不寻常的利润率却被维持住了。

Marketing efforts were intensified during the year, with excellent results.

With interest rates even lower now than in 1971, the banking industry is going to have trouble achieving gains in earnings during 1972. Our deposit gains at Illinois National continue to come in the time money area, which produces only very marginal incremental income at present. It will take very close cost control to enable Illinois National to maintain its 1971 level of earnings during 1972.

在这一年，市场努力得到进一步的强化，并有了很好的结果。

现在的利率水平与1971年相比更低了，银行业在1972年要获得收益将会有些困难。我们伊利诺斯州国民银行的巨额存款将在定期存款领域到来，这将导致目前非常小的编辑增长利润。在1972年需要采取非常严密的成本控制来使得伊利诺斯州国民银行维持同1971年同水平的收益率。

Financial

Because of the volume gains being experienced by our insurance subsidiaries early in 1971, we re-cast Berkshire Hathaway's bank loan so as to provide those companies with additional capital funds. This financing turned out to be particularly propitious when the opportunity to purchase Home & Auto occurred later in the year. Our insurance and banking subsidiaries possess a fiduciary relationship with the public. We retain a fundamental belief in operating from a very strongly financed position so as to be in a position to unquestionably fulfill our responsibilities. Thus, we will continue to map our financial future for maximum financial strength in our subsidiaries as well as at the parent company level.

金融

由于我们银行子公司在1971年已经经历了保单数量的增长收益，我们将重新安排伯克希尔-哈撒韦的银行贷款以提供给公司额外的资本基金。当年后有合适的时间可以购买Home & Auto公司，这笔基金显得特别有利。我们的保险和银行子公司与公众保持着信任的关系。我们在非常强的资本运作中保持着一种基本的信念，毫无疑问的完成我们的责任。因此，我们将从我们子公司的金融实力以及母公司的水平，继续规划我们的金融未来。

Warren E. Buffett

Chairman of the Board

March 13,1972