英文早读第214篇，选自巴菲特年度信，友才翻译。

In some cases our indirect interest in earning power is becoming quite substantial. For example, note our holdings of 953,750 shares of SAFECO Corp. SAFECO probably is the best run large property and casualty insurance company in the United States. Their underwriting abilities are simply superb, their loss reserving is conservative, and their investment policies make great sense.
在某些情况下，我们在盈利来源中非直接的收益变得相当重要。例如，请注意我们持有SAFECO公司95万3750股。SAFECO或许是美国运行最佳的大型财产和意外险保险公司。他们的承保能力很卓越，他们的损失保证金是保守的，他们的投资策略很有意义。

SAFECO is a much better insurance operation than our own (although we believe certain segments of ours are much better than average), is better than one we could develop and, similarly, is far better than any in which we might negotiate purchase of a controlling interest. Yet our purchase of SAFECO was made at substantially under book value. We paid less than 100 cents on the dollar for the best company in the business, when far more than 100 cents on the dollar is being paid for mediocre companies in corporate transactions. And there is no way to start a new corporation - with necessarily uncertain prospects - at less than 100 cents on the dollar.
SAFECO比我们自己（尽管我们相信我们的部分业务比平均水平好很多）的保险业务好很多，也比我们可以开展的业务要好，同样，也比任何一个我们可以协商购买控制股份的公司好很多。尽管我们对SAFECO的购买在账面上花费很大。但是我们为这个最佳公司的业务每美金价值支付了少于100美分的价格，而合作交易时通常给普通的公司每美金价值支付远超过100美分。而开始一个新业务，伴随着必然不确定的前景预期，也没有办法低于100美分实现一美金的价值。

Of course, with a minor interest we do not have the right to direct or even influence management policies of SAFECO. But why should we wish to do this? The record would indicate that they do a better job of managing their operations than we could do ourselves. While there may be less excitement and prestige in sitting back and letting others do the work, we think that is all one loses by accepting a passive participation in excellent management. Because, quite clearly, if one controlled a company run as well as SAFECO, the proper policy also would be to sit back and let management do its job.
当然，我们一点兴趣都没有去拥有指导甚至是影响SAFECO管理政策的权力。而且我们为什么希望要这么做？记录显示他们在管理他们的业务上比我们自己做的更好。尽管在幕后并让别人做这份工作会缺乏刺激和成就，但我们认为这是接受在卓越的管理中减少参与后唯一失去的。因为，很明显，如果一个人控制着一家像SAFECO一样运转良好的公司，更合适的政策同样也应该是在幕后，让管理层做这份工作。

Earnings attributable to the shares of SAFECO owned by Berkshire at yearend amounted to 6.1 million during 1978, but only the dividends received (about 18% of earnings) are reflected in our operating earnings. We believe the balance, although not reportable, to be just as real in terms of eventual benefit to us as the amount distributed. In fact, SAFECO's retained earnings (or those of other well-run companies if they have opportunities to employ additional capital advantageously) may well eventually hava a value to shareholders greater than 100 cents on the dollar.
在年末，1978年归属于伯克希尔公司持有的SAFECO利润分配总计610万美金，但是仅收到了的分红（大约利润的18%）反映在我们的运营利润里。我们相信剩下的部分，尽管没有被报告，也会真实的存在在最终分配给我们的利润上。事实上，SAFECO的留存利润（或者其它那些运转良好的公司，如果有机会更好的利用额外的资金）最终会给股东超过现在面值的回报。

53.substantial：大量的；重大的；结实的
54.mediocre：平庸的；普通的；平常的
55.excitement：兴奋；激动；刺激
56.prestige：声望；威望；微信