英文早读第197篇，选自巴菲特年度信，友才翻译。
While the first quarter outlook is for red ink, our quite tentative belief is that textile earnings in 1977 will equal, or exceed modestly, those of 1976. Despite disappoiting current results, we continue to look for ways to build our textile operation and presently have one moderate-size acquisition under consideration. It should be recognized that the textile business does not offer the expectation of high returns on investment. Nevertheless, we maintain a commitment to this division - a very important source of employment in New Bedford and Manchester - and believe reasonable returns on average are possible.
尽管一季度预期亏损，但我们仍初步认为纺织业务在1977年将会等同或轻微超过1976年利润。尽管当前结果令人失望，我们会继续寻找方法来建设我们的纺织业务并且现在在考虑一个中等规模的收购。应该认为纺织业务不能从投资回报角度提供高预期。然而，我们将持续致力于这项业务，他是新贝德福德和曼切斯特地区重要的就业来源，我们相信平均而言的合理回报是可能的。
Insurance Underwriting
保险承保
Casualty insurers enjoyed some rebound from the disaster levels of 1975 as rate increases finally outstripped relentless cost increases. Preliminary figures indicate that the stockholder owned portion of the property and casualty industry had a combined ratio of 103.0 in 1976, compared to 108.3 in 1975. (100 represents a break-even position on underwriting - and higher figures represent underwriting losses.) We are unusually concentrated in auto lines where stock companies had an improvement from 113.4 to 107.4. Our own overall improvement was even more dramatic, from 115.4 to 98.7.
当保险费率最终增长超过不停的成本上升，意外险承保人享受到了从1975年灾难水平的反弹。初步数据显示财产和意外险业务的股东持有部分综合赔付率在1976年为103.9，相比于1975年为108.3.（100代表承保盈亏平衡点，数据高于此代表承保亏损。）我们非同寻常集中的汽车业务线的股份公司从113.4提升到107.4。我们持有业务的整体提升更出彩，从115.4到98.7。
Our major insurance sector in insurance, the traditonal auto and general liability business of
National Indemnity Company, had an outstanding year, achieving profit levels significantly better than the industry generally. Credit for this performance must be given to Phil Liesche, aided particularly by Roland Miller in Underwriting and Bill Lyons in Claims.
我们保险业务的主要部分，国家保障公司传统的汽车和一般债务险业务去年很出色，实现了比行业一般水平更好的利润水平。这个业绩的奖励必须给菲尔莱塞，尤其是在罗兰米尔在承保及比尔里昂在索赔工作上的辅助。
Volume at National Indemnity Company grew rapidly during 1976 as competitor finally reacted to the inadequacy of past rates. But, as mentioned in last year's annual report, we are concentrated heavily in lines that are particularly susceptible to both economic and social inflation. Thus present rates, which are adequate for today, will not be adequate tomorrow. Our opinion is that before long, perhaps in 1978, the industry will fall behind on rates as temporary prosperity produces unwise competition. If this happens, we must be prepared to meet the next wave of inadequate pricing by a significant reduction in volume.
国家保重公司的规模在1976年迅速增长，当对手们终于对过去不足的费率有所反应时。但是，正如在去年年度报告中提到的，我们一致集中在那些对经济和社会通胀都很敏感的业务线。因此这些代表费率在今天充足，明天将会不充足。我们认为不久后，或许在1978年，行业将会落入由于费率暂时的繁华导致不明智地竞争。如果真的发生，我们必须对遇到下一波不足定价浪潮导致规模严重减少有所准备。
9.tentative：暂定的；实验性的；犹豫不定的
10.rebound：反弹；回升；弹回
11.outstrip：超过；超越；胜过
12.relentless：不停的；无情的
13.preliminary：预备性的；初步的
14.claim：（尤指向公司、政府等）索款；索赔
15.susceptible：易受影响的；可能…的
16.prosperity：繁荣；成功；兴旺
