英文早读第253篇，选自巴菲特年度信，友才翻译。
John Seward at Home and Auto continues to make good progress in replacing a diminishing number of auto policies with volume from less competitive lines, primarily small-premium general liability. Operations are being slowly expanded, both geographically and by product line, as warranted by underwriting results.
家庭及汽车保险公司的约翰施华德在替换越来越少的汽车保单上进展良好，主要是竞争力较弱的产品线中的小额保费一般责任险。业务在缓慢扩张，无论从地理维度还是产品线维度，从承保结果上看都是合理的。
The reinsurance business continues to reflect the excesses and problems of the primary writers. Worse yet, it has the potential for magnifying such excesses. Reinsurance is characterized by extreme ease of entry, large premium payments in advance, and much-delayed loss reports and loss payments. Initially, the morning mail brings lots of cash and few claims. This state of affairs can produce a blissful, almost euphoric, feeling akin to that experienced by an innocent upon receipt of his first credit card.
再保险业务继续反应了原投保人过度承保问题和其他各种问题。更糟糕的是，有潜力放大这些过度承保。再保险有特别容易进入、预先支付大的保单、非常延后的亏损报告和支付损失等特点。最开始，早上的邮件带来了很多现金和几乎没有的索赔。这种业务状态可以产生开心的甚至狂喜的感觉，就和一个涉世未深的人第一次收到信用卡时感觉类似。
The magnetic lure of sush cash-generating characteristics, currently enhanced by the presence of high interest rates, is transforming the reinsurance market into "amateur night". Without a super catastrophe, industry underwriting will be poor in the next few years. If we experience such a catastrophe, there would be a bloodbath with some companies not able to live up to contractual commitments. George Young continues to do a first-class job for us in this business. Results, with investment income included, have been reasonably profitable. We will retain an active reinsurance presence but, for the foreseeable future, we expect no premium growth from this activity.
这种现金产生特点的有吸引力的诱惑，现在由于当前高利率增大了，正在将再保险市场转变为业余爱好者之夜。没有特别大的灾难，行业承保也会在接下来几年变糟糕。如果我们经历了这个灾难，将会有一些公司被血洗而无法满足合同条款。佐治亚杨继续在这个业务上为我们一流工作着。包括投资收入在内，结果是不错的盈利的。我们将会保持活跃的再保险现状，但是在可预见的未来，我们不希望这项业务规模增长。
We continue to have serious problems in the Homestate operation. Floyd Taylor in Kansas has done an outstanding job but our underwriting record eleswhere is considerably below average. Our poorest performer has been Insurance Company of Iowa, at which large losses have been sustained annually since its founding in 1973. Late in the fall we abandoned underwriting in that state, and have merged the company into Cornhusker Casualty. There is potential in the homestate concept, but much work needs to be done in order to realize it.
在州内保险业务上我们继续有严重的问题。肯萨斯州的弗洛伊德泰勒已经做了出色的工作但是其他地区承保结果仍严重低于平均值。我们表现最差的仍是爱荷华保险公司，从他1973年成立以来每年都大量亏损。秋末我们放弃了这个州的承保，并将这个公司合并到了科恩豪斯克意外险公司。在州内概念上是有潜力的，但是仍需要做很多工作来实现它。
106.warranted：担保的；合理的；经授权的
107.magnify：放大；夸大；增强；夸张
108.blissful：幸福的；极乐的
109.euphoric：兴高采烈的；狂喜的
110.akin：类似的；相似的
111.magnetic：磁性的；有磁性的；魅力的
112.lure：引诱；诱惑；劝诱
113.amateur：业余；业余爱好的
114.bloodbath：大屠杀
115.contractual：合同的；契约的
