英文早读第174篇，选自巴菲特年度信，友才翻译。
1972 Letter
1972年度信
To the stockholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦公司股东：
Operating earnings of Berkshire Hathaway during 1972 amounted to a highly satisfactory 19.8% of beginning shareholders' equity. Significant improvement was recorded in all of our major lines of business, but the most dramatic gains were in insurance underwriting profit. Due to an unusual convergence of favorable factors - diminishing auto accident frequency, moderating accident severity, and an absence of major catastrophes - underwriting profit margins achieved a level far above averages of the past or expectations of the future.
1972年伯克希尔哈撒韦营业利润达到了高度满意的股东初始资本的19.8%。在我们所有主要业务线都有创纪录的重要提升，但是最绚丽的增长是保险承保利润。因为几个有利因素不常见的融合——汽车事故率下降，温和的事故严重度和大灾难的缺席——承保利润率实现了远高于过去或者未来预期平均值的水平。
While we anticipate a modest decrease in operating earnings during 1973, it seems clear that our diversification moves of recent years have established a significantly higher base of normal earning power. Your present management assumed policy control of the company in May, 1965. Eight years later, our 1972 operating earnings of 11,116,256 represent a return many-fold higher than would have been produced had we continued to devote our resources entirely to the textile business. At the end of the 1964 fiscal year, shareholders' equity totaled 22,138,753. Since that time, no additional equity capital has been introduced into the business, either through cash sale or through merger. On the contrary, some stock has been reacquired, reducing outstanding shares by 14%. The increase in book value per share from 19.46 at fiscal year-end 1964 to 69.72 at 1972 year-end amounts to about 16.5% compounded annually.
尽管我们预测在1973年运营利润会缓和下降，但也很清晰我们最近这些年的多样化行动已经为我们常规盈利能力建立了重要的高水平基础。各位股东，现在的管理层于1965年5月掌控了公司政策。8年后，我们1972年1111万6256美金运营利润代表了如果我们继续将我们的资源全部致力于纺织业务可能产生利润的很多倍。在1964财年末，股东资本金总计2213万8753美金。从那时起，没有再给这项业务加入额外的资本金，无论是通过现金销售或者合并。相反，一些股票被回购，使流通股份减少了14%。每股账上价值从1964财年末的19.46美金增长到1972年末的69.72美金，年度复合约16.5%。
Our three major acquisitions of recent years have all worked out exceptionally well - from both the financial and human standpoints. In all three cases, the founders were major sellers and received significant proceeds in cash - and, in all three cases, the same individuals, Jack Ringwalt, Gene Abegg and Vic Raab, have continued to run the businesses with undiminished energy and imagination which have resulted in further improvement of the fine records previously established.
我们最近这些年三个主要的收购都运转的出乎意料好——无论从财务上还是人员上。在这3个案子中，创始人都是主要的卖家，收到了大量的险金，然而，在这3个案子中，同一类人，杰克令怀特，基恩埃伯格和维克拉伯都没有丝毫减少精力和想象力继续运营着业务，这会让之前创建的良好记录进一步提高。
We will continue to search for logical extensions of our present operations, and also for new operations which will allow us to continue to employ our capital effectively.
我们将会继续搜寻我们现在运营的合乎逻辑的扩张，同样也搜寻让我们继续有效运用我们资本的新的业务。
1.convergence：汇聚；融合
2.moderate：适度的；中等的；温和的；缓和
3.severity：严重；严厉；苛刻
4.anticipate：预见；预料
5.assume：假定；假设；承担；认为
6.many-fold：加倍
7.proceed：继续；行进；前往；收益；（变卖财物的）收入；卖得金额
