英文早读第179篇，选自巴菲特年度信，友才翻译。
1973 Letter
1973年度信
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦公司股东：
Our financial results for 1973 were satisfactory, with operating earnings of 11,930,592, producing a return of 17.4% on beginning stockholders' equity. Although operating earnings improved from 11.43 to 12.18 per share, earnings on equity decreased from the 19.8% of 1972. This decline occured because the gain in earnings was not commensurate with the increase in shareholders' investment. We had forecast in last year's report that such a decline was likely. Unfortunately, our forecast proved to be correct.
我们1973年财务结果是令人满意的，营业利润1193万592美金，折合期初股东资本回报率17.4%。尽管运营利润从每股11.43提升到了12.18，资本回报率却比1972年的19.8%下降了。这个下降发生是因为利润增长没有同股东投资保持一致。我们在去年报告中已经预测了这样的可能的下降。不幸的是，我们的预测证明是对的。
Our textile, banking, and most insurance operations had good years, but certain segments of the insurance business turned in poor results. Overall, our insurance business continues to be a most attractive area in which to employ capital.
我们的纺织、银行和大部分保险业务年度表现很好，但是个别保险业务结果糟糕。总的来说，我们的保险业务继续是最有吸引力运用资本的领域。
Management's objective is to achieve a return on capital over the long term which averages somewhat higher than that of American industry generally - while utilizing sound accounting and debt policies. We have achieved this goal in the last few years, and are trying to take those steps which will enable us to maintain this performance in the future. Prospects for 1974 indicate some further decline in rate of return on our enlarged capital base.
管理目标是获得长期而言资本平均回报率比美国工业通常水平要高，同时采用合理的会计和负债政策。我们在过去这些年实现了这个目标，现在尝试采取相关举措使我们在未来也能够保持这个表现。1974年预测在我们扩大的资本金基础上回报率进一步降低。
Textile Operations
纺织业务
Textile demand remained unusually strong throughout 1973. Our main problems revolved around shortages of fiber, which complicated operations and resulted in something less than full utilization of loom capacity. Prices of some fibers skyrocketed during the year.
纺织需求在整个1973年保持非同的强烈。我们的主要问题反转为纤维短缺，这使运营复杂并导致织布机产能没有满负荷运载。一些纤维的价格在1973年一飞冲天。
Cost of Living Council regulations prevented the pricing of many finished products at levels of some of our competitors. However, profits were reasonably commensurate with our capital investment, although below those that apparently might have been achieved had we been able to price at market levels. The textile business has been highly cyclical and price controls may served to cut down some of the hills which still leaving us with the inevitable valleys.
生活费用委员会的规定组织了很多已经完成的产品以和我们一些竞争对手同样水平价格定价。然而，盈利仍和我们资本金投资保持了一致，尽管低于很明显如果我们能够以市场水平定价可以获得的盈利。纺织业务变得很周期性并且价格管控或许是服务于降低大山一般的消费却把我们留在了不可避免的山谷中。
Because of the extraordinary price rises in raw materials during 1973, which show signs of continuing in 1974, we have elected to adopt the "lifo" method of inventory pricing. This method more nearly matches current costs against current revenues, and minimizes inventory "profits" included in reported earnings. Further information on this change is included in the footnotes to our financial statements.
由于在1973年稀缺材料不同寻常的价格上涨，有信号表明在1974年会延续，因此我们选择采用“后进先出”的库存定价方法。这个方法更接近使当期成本和当期收入匹配，并最小化在财务报告盈利中的库存“盈利”。进一步关于这个变更的信息在我们财务声明的注释里。
1.commensurate：相称的；相当的
2.revolve：转动；旋转；环绕；围绕
3.loom：织布机
4.inevitable：不可避免地
5.lifo：后进先出
