巴菲特1975年度信（四）。2025-01-25

英文早读第193篇，选自巴菲特年度信，友才翻译。

At out Home and Automobile Insurance Company subsidiary, now writing auto business only in the Cook County area of Illinois, experience continued very bad in 1975 resulting in a management change in October. John Seward was made president at that time, and has energetically and imaginatively implemented a completely revamped underwriting approach.
在我们的家庭与汽车保险公司子公司，目前仅在伊利诺伊州库克郡地区开展汽车保险业务。1975年，公司经营状况持续不佳，10月进行了管理层变动。约翰·苏厄德在那时被任命为总裁，他积极且富有创意地实施了一种全新的承保策略。

Overall, our insurance operation will produce a substantial gain in premium volume during 1976. Much of this will reflect increased rates rather than more policies. Under normal circumstances such a gain in volume would be welcome, but our emotions are mixed at present. Underwriting experience should improve - and we expect it to - but or confidence level is not high. While our efforts will be devoted to obtaining a combined ratio below 100, it is unlikely to be attained during 1976.
总体而言，1976年我们的保险费用总额将大幅增长。这在很大程度上反映的是费率提高，而非保单数量增加。在正常情况下，这样的保费增长会受到欢迎，但目前我们的心情颇为复杂。承保业绩理应改善，而且我们也期望如此，然而我们的信心并不足。尽管我们会致力于将综合赔付率控制在100%以下，但1976年不太可能实现这一目标。

Insurance Investments
保险资金投资

Gains in investment income were moderate during 1975 because premium volume remained flat and underwriting losses reduced funds available for investment. Invested assets, measured at cost at yearend, were close to identical with the level at the beginning of the year.
1975年投资收益增长较为温和，原因在于保费规模维持不变，但承保亏损使得可用于投资的资金减少。以年末成本计量的投资资产，与年初水平几乎持平。

At the end of 1974 the net unrealized loss in the stock section of our portfolio amounted to about 17 million, but we expressed the opinion, nevertheless, that this portfolio overall represented good value at its carrying value of cost. During 1975 a net capitao loss of 2,888,000 before tax credits was realized, but our present expectation is that 1976 will be a year of realized capital gain. On March 31, 1976 our net unrealized gains applicable to equities amounted to about 15 million. Our equity investments are heavily concentrated in a few companies which are selected based on favorable economic characteristics, competent and honest management, and a purchase price attractive when measured against the yardstick of value to a private owner.
1974年末，我们投资组合中股票部分的未实现净亏损约达1700万美元。然而，我们依然认为，以成本入账价值计算，该投资组合整体具有良好价值。1975年，在扣除税收抵免前，实现了288.8万美元的净资本损失，但我们目前预计，1976年将是实现资本收益的一年。截至1976年3月31日，我们股票投资的净未实现收益约达1500万美元。我们的股票投资高度集中于少数几家公司，这些公司是基于其良好的经济特性、有能力且诚信的管理层，以及与私人所有者视角下的价值标准相比具有吸引力的收购价格而挑选出来的。

38.energetically：积极地；精力充沛地
39.imaginatively：富有想象力地；想象上地
40.implemented：实施；执行；贯彻；应用的
41.revamped：修改；改进外观；翻新；改变
42.competent：有能力的；合格的；称职的