英文早读第245篇，选自巴菲特年度信，友才翻译。
On this score, we simply couldn’t feel better. GEICO represents the best of all investment worlds ‐ the coupling of a very important and very hard to duplicate business advantage with an extraordinary management whose skills in operations are matched by skills in capital allocation.
在这一点上，我们的感觉好得不能再好了。政府雇员保险公司（GEICO）代表了所有投资领域中最出色的典范——它拥有极为重要且极难复制的商业优势，同时还拥有卓越的管理团队，其运营方面的技能与资本配置方面的技能相得益彰。
As you can see, our holdings cost us 47 million, with about half of this amount invested in 1976 and most of the remainder invested in 1980. At the present dividend rate, our reported earnings from GEICO amount to a little over 3 million annually. But we estimate our share of its earning power is on the order of 20 million annually. Thus, undistributed earnings applicable to this holding alone may amount to 40% of total reported operating earnings of Berkshire.
如你所见，我们持有政府雇员保险公司（GEICO）股份的成本为4700万美元，其中约一半是在1976年投入的，剩余的大部分是在1980年投入的。按照目前的股息率，我们从政府雇员保险公司获得的账面收益每年略高于300万美元。但我们估计，我们在该公司盈利能力中所占的份额大约每年为2000万美元。因此，仅这一项持股所产生的未分配利润，就可能占到伯克希尔公司总账面运营收益的40%左右。
We should emphasize that we feel as comfortable with GEICO management retaining an estimated 17 million of earnings applicable to our ownership as we would if that sum were in our own hands. In just the last two years GEICO, through repurchases of its own stock, has reduced the share equivalents it has outstanding from 34.2 million to 21.6 million, dramatically enhancing the interests of shareholders in a business that simply can’t be replicated. The owners could not have been better served.
我们应当强调，对于政府雇员保险公司（GEICO）管理层留存预计归属于我们持股部分的1700万美元收益，我们感到同样放心，就如同这1700万美元在我们自己手中一样。仅在过去两年间，政府雇员保险公司通过回购自身股票，已将其已发行的相当股份数量从3420万股减少至2160万股，极大地提升了股东在这家独一无二的公司中所享有的权益。股东们不可能得到比这更好的回报了。
