英文早读第190篇，选自巴菲特年度信，友才翻译。
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦公司股东：
Last year, when discussing the prospects for 1975, we stated "the outlook for 1975 is not encouraging." This forecast proved to be distressingly accurate. Our operating earnings for 1975 were 6,713,592, or 6.85 per share, producing a return on beginning shareholders' equity of 7.6%. This is the lowest return on equity experienced since 1967. Furthermore, as explained later in this letter, a large segment of these earnings resulted from Federal income tax refunds which will not be available to assist performance in 1976.
去年，当讨论到1975年的预期时，我们表示“1975年预期不是鼓舞人心的”。这个预测证明是令人痛苦地准确。我们1975年的营业利润是671万3592美金，或者说每股6.85美金，带来期初股东资本回报率为7.6%。这是自1967年以来经历的资本最低回报。更进一步，如这封信后面解释的，这些盈利中很大一部分来自于联邦所得税返还，而这在1976年将不会获得来提高业绩。
On balance, however, current trends indicate a somewhat brighter 1976. Operations and prospects will be discussed in greater detail below, under specific industry titles. Our expectation is that significantly better results in textiles, earnings added from recent acquisitions, an increase in equity in earnings of Blue Chip Stamps resulting from an enlarged ownership interest, and at least a moderate improvement in insurance underwriting results will more than offset other possible negatives to produce greater earnings in 1976. The major variable - and by far the most difficult to predict with any feeling of confidence - is the insurance underwriting result. Present very tentative indications are that underwriting improvement is in prospect. If such improvement is moderate, our overall gain in earnings in 1976 likewise will prove moderate. More significant underwriting improvement could give us a major gain in earnings.
然而总的来说，当前趋势表明1976年会更好一些。业务和预期将会在下面基于特定行业名来更详细讨论。我们预期纺织业务会有明显更好的业绩，从最近的收购中会增加利润，因为在蓝芯票证公司扩大的持股带来权益利润增加，和保险承保业务至少能比抵消其他可能的不利因素要高的温和的增长，将产生比1976年更多的利润。最大的变量，截至目前最难有信心感预测的是保险承保业绩。当前非常拿不准的预测是承保预期有提升。如果这个提升是温和的，我们1976年利润的整体增长或许也将是温和的。更大幅的承保提升可以给我们利润大的增长。
Textile Operations
纺织业务
During the first half of 1975 sales of textile products were extremely depressed, resulting in major production curtailments. Operations ran at a significant loss, with employment down as much as 53% from a year earlier.
在1975年上半年，纺织产品的销售十分不景气，导致较大的生产缩减。业务也有大幅亏损，雇员比一年前减少高达53%。
In contrast with previous cyclical slumps, however, most textile producers quickly reduced production to match incoming orders, thus preventing massive industry-wide accumulation of inventories. Such cutbacks caused quite prompt reflection at the mill operating level when demand revived at retail. As a result, beginning about midyear business rebounded at a fairly rapid rate. This "V" shaped textile depression, while one of the sharpest on record, also became one of the shortest ones in our experience. The fourth quarter produced an excellent profit for our textile division, bringing results for the year into the black.
然而，相比于之前的周期性下跌，大多数纺织工厂迅速减少产能来匹配收到的订单，因此阻止了大规模全行业库存积累。这样的缩减造成当需求在零售端复苏时工厂业务水平十分迅速的反馈。结果，大约从年中开始，业务十分迅速地反弹。这个V字形的萧条，是记录以来最陡峭的之一，也成为我们经历的最短的之一。第四季度纺织业务利润出色，是全年业绩实现盈利。
1.distressingly：痛苦地；令人苦恼地
2.acquisition：收购；获得；购置
3.tentative：暂定的；不确定的
4.depressed：抑郁的；沮丧的；不景气的
5.curtailment：限制；缩短；缩减
6.slump：下跌；骤降；猛跌
7.cutback：削减；减少；缩减
8.prompt：鼓励；提示；迅速的；及时的；提词；提示
9.revive：使复苏；苏醒；复活；重新上演
