英文早读第204篇，选自巴菲特年度信，友才翻译。
Capital Cities possesses both extraordinary properties and extraordinary management. And these management skills extend equally to operations and employment of corporate capital. To purchase, directly, properties such as Capital Cities owns would cost in the area of twice our cost of purchase via the stock market, and direct ownership would offer no important advantages to us. While control would give us the opportunity ‐ and the responsibility ‐ to manage operations and corporate resources, we would not be able to provide management in either of those respects equal to that now in place. In effect, we can obtain a better management result through non‐control than control. This is an unorthodox view, but one we believe to be sound.
首都城市公司兼具非凡的资产与卓越的管理能力。而且这些管理技能在运营和公司资金运用方面都发挥得淋漓尽致。若直接购置像首都城市公司所拥有的那些资产，成本大概会是我们通过股市收购成本的两倍左右，并且直接持有资产对我们而言并无重大优势。虽然拥有控制权能赋予我们管理运营和公司资源的机会与责任，但在这两方面，我们无法提供比现有管理层更出色的管理。实际上，不控股反而能让我们获得更好的管理成效。这是一种非传统的观点，但我们认为它是合理的。
Banking
银行业务
In 1977 the Illinois National Bank continued to achieve a rate of earnings on assets about three times that of most large banks. As usual, this record was achieved while the bank paid maximum rates to savers and maintained an asset position combining low risk and exceptional liquidity. Gene Abegg formed the bank in 1931 with 250,000. In its first full year of operation, earnings amounted to 8,782. Since that time, no new capital has been contributed to the bank; on the contrary, since our purchase in 1969, dividends of $20 million have been paid. Earnings in 1977 amounted to 3.6 million, more than achieved by many banks two or three times its size.
1977年，伊利诺伊国民银行的资产收益率持续保持在多数大型银行的三倍左右。和往常一样，该银行在向储户支付最高利率的同时，维持着低风险与超强流动性相结合的资产状况，从而取得这一佳绩。吉恩阿贝格于1931年以25万美元创立了这家银行。在首个完整运营年度，其盈利达8782美元。从那以后，再没有新的资金注入银行；相反，自1969年我们收购该银行以来，已支付了2000万美元的股息。1977年的盈利为360万美元，比许多规模为其两三倍的银行盈利还要多。
Late last year Gene, now 80 and still running a banking operation without peer, asked that a
successor be brought in. Accordingly, Peter Jeffrey, formerly President and Chief Executive Officer of American National Bank of Omaha, has joined the Illinois National Bank effective March 1st as President and Chief Executive Officer.
去年年底，现年80岁且仍经营着一家无可匹敌的银行的吉恩，提出需要引入一位继任者。因此，彼得杰弗里已于3月1日起加入伊利诺伊国民银行，担任行长兼首席执行官。他之前是奥马哈美国国民银行的行长兼首席执行官。
Gene continues in good health as Chairman. We expect a continued successful operation at Rockford’s leading bank.
吉恩作为董事长，身体依然康健。我们期待这家罗克福德地区的龙头银行，在他的带领下继续成功运营。
Blue Chip Stamps
蓝芯票证公司
We again increased our equity interest in Blue Chip Stamps, and owned approximately 36 1/2% at the end of 1977. Blue Chip had a fine year, earning approximately 12.9 million from operations and, in addition, had realized securities gains of 4.1 million. Both Wesco Financial Corp., an 80% owned subsidiary of Blue Chip Stamps, managed by Louis Vincenti, and See’s Candies, a 99% owned subsidiary, managed by Chuck Huggins, made good progress in 1977. Since See’s was purchased by Blue Chip Stamps at the beginning of 1972, pre‐tax operating earnings have grown from 4.2 million to 12.6 million with little additional capital investment. See’s achieved this record while operating in an industry experiencing practically no unit growth. Shareholders of Berkshire Hathaway Inc. may obtain the annual report of Blue Chip Stamps by requesting it from Mr. Robert H. Bird, Blue Chip Stamps, 5801 South Eastern Avenue, Los Angeles, California 90040.
我们再次增持了蓝筹印花公司的股权，截至1977年底，持股比例约达36.5%。蓝筹印花公司在1977年表现出色，运营收益约为1290万美元，此外，还实现了410万美元的证券投资收益。由路易斯文森蒂管理的蓝筹印花公司持股80%的子公司韦斯科金融公司，以及由查克哈金斯管理的持股99%的子公司喜诗糖果，在1977年均取得了良好进展。自1972年初喜诗糖果被蓝筹印花公司收购以来，几乎没有额外的资本投入，但其税前运营收益已从420万美元增长至1260万美元。喜诗糖果能取得这一成绩，还是在所在行业几乎没有销量增长的情况下实现的。伯克希尔哈撒韦公司的股东若想获取蓝筹印花公司的年报，可向罗伯特·H·伯德先生索取，地址为加利福尼亚州洛杉矶市东南大道5801号，邮编90040。
27.unorthodox：非正统的
28.peer：同龄人；同辈
29.successor：继承人；继任者；接替者
30.accordingly：因此；相应的
