英文早读第215篇，选自巴菲特年度信，友才翻译。
We are not at all unhappy when our wholly-owned businesses retain all of their earnings if they can utilize internally those funds at attractive rates. Why should we feel differently about retention of earnings by companies in which we hold small equity interests, but where the record indicates even better prospects for profitable employment of capital? (This proposition cuts the other way, of course, in industries with low capital requirements, or if management has a record of plowing capital into projects of low profitability; then earnings should be paid out or used to repurchase shares - often by far the most attractive option for capital untilization.)
如果我们完全持有的公司当他们可以内部以有诱人的收益率使用这些资金而留下全部利润时，我们一点都不会不开心。为什么当我们持有少量股份的公司保留利润时我们应该感受不同呢，而且记录表明甚至在资金使用的可盈利性上前景更好。（这个提议在另一个方向当然会截然不同，在那些资金需求低的行业，或者管理层有将资金投入到低盈利率项目上的记录，这时利润应该付出来或者用于回购股份，到目前通常这也是资金用途最有吸引力的选项。）
The aggregate level of such retained earnings attributable to our equity interests in fine companies is becoming quite substantial. It does not enter into our reported operating earnings, but we feel it well may have equal long-term significance to our shareholders. Our hope is that conditions continue to prevail in securities markets which allow our insurance companies to buy large amounts of underlying earning power for relatively modest outlays. At some point market conditions undoubetly will again preclude such bargain buying but, in the meantime, we will try to make the most of opportunities.
这类在良好企业留存利润可以分配给我们股份的整体水平变得相当重要。他没有进入我们的运营利润报告，但是我们认为他对我们的股东有同等长期的重要性。我们希望条件可以继续在股市流行，以便允许我们保险公司能以相对温和的费用购买大量的潜在盈利来源。某些情况下，市场条件毫无疑问将会再一次阻止这类折价购买，但是同时，我们也将尽最大可能尝试。
Banking
银行业
Under Gene Abegg and Pete Jeffrey, the Illinois National Bank and Trust Company in Rockford continues to establish new records. Last year's earnings amounted to approximately 2.1% of average assets, about three times the level averaged by major banks. In our opinion, this extraordinary level of earnings is being achieved while maintaining significantly less asset risk than prevails at most of the larger banks.
在基恩艾伯戈和彼得杰夫瑞的带领下，伊利诺伊罗克福德国立银行与信托公司继续创下新纪录。去年盈利总计接近平均资产的2.1%，大约是大型银行平均水平的3倍。我们看来，这个优异的盈利水平实现时同时保持重要的资产风险比大多数更大银行通常水平要低。
We purchased the Illinois National Bank in March 1969. It was a first-class operation then, just as it had been ever since Gene Abegg opened the doors in 1931. Since 1968, consumer time deposits have quadrupled, net income has tripled and trust department income has more than doubled, while costs have been closely controlled.
我们在1969年3月购买了伊利诺伊国立银行。他是一流的业务，正如从在1931年基恩艾伯戈开业时一样。1968年以来，客户定期存款翻了4倍，净收入翻了3倍，信托部门收入翻了2倍，同时费用被严格管控着。
Our experience has been that the manager of an already high-cost operation frequently is uncommonly resourceful in finding new ways to add overhead, while the manager of a tightly-run operation usually continues to find additional methods to curtail costs, even when his costs are already well bellow those of his competitors. No one had demonstrated this latter ability better than Gene Abegg.
我们的经验是一个已经经常高成本运营的经理很不同寻常地有资源找到新的方式增加费用，而紧密运营地经历则经常继续会找到新的方式来削减费用，即使他的费用已经比他的竞争对手低很多。没有人比基恩艾伯戈能够更好的诠释后面这个能力。
We are required to divest our bank by December 31, 1980. The most likely approach is to spin it off to Berkshire shareholders sometime in the second half of 1980.
我们被要求在1980年12月31日前剥离我们的银行业务。最有可能地方式是在1980年下半年的某个时候，将他剥离给伯克希尔股东。
57.internally：内部地；内在地
58.proposition：提议；建议
59.underlying：根本的；潜在的
60.outlays：开支；费用；花费
61.preclude：排除；妨碍；阻止
62.quadruple：四倍的；变为四倍
63.overhead：开销；费用；开支
64.curtail：限制；缩短；减缩
65.divest：剥离；处理
