英文早读第210篇，选自巴菲特年度信，友才翻译。

Worker's Compensation was a mixed bag in 1978. In its first year as a subsidiary, Cypress Insurance Company, managed by Milt Thornton, turned in outstanding results. The worker's compensation line can cause large underwriting losses when rapid inflation interacts with changing social concepts, but Milt has a cautious and highly professional staff to cope with these problems. His performance in 1978 has reinforced our very good feelings about this purchase.
工伤保险在1978年喜忧参半。作为子公司的第一年，赛普莱斯保险公司在米尔特桑顿的管理下，结果扭转出色。工伤保险业务线在快速通胀并伴随着变化的社会观念下可以引起较大的承保损失，但是米尔顿有一支谨慎且高度专业的员工队伍来对付这些问题。他在1978年的表现让我们对这笔交易的更加满意。

Frank DeNardo came with us in the spring of 1978 to straighten out National Indemnity's California Worker's Compensation business which, up to that point, had been a disaster. Frank has the experience and intellect needed to correct the major problems of the Los Angeles office. Our volume in this department now is running only about 25% of what it was eighteen months ago, and early indications are that Frank is making good progress.
弗兰克德纳多在1978年春天加入我们来加强国家保障公司在加州工伤保险的业务，那是，业务简直是灾难。弗兰克有需要该生洛杉矶办公室主要问题的经验和才智。我们这个部门的保险规模现在仅仅是18个月前的25%，早期迹象表明弗兰克取得了良好进展。

George Young's reinsurance department continues to produce very large sums for investment relative to premium volume, and thus gives us reasonably satisfactory overall results. However, underwriting results still are not what they should be and can be. It is very easy to fool yourself regarding underwriting results in reinsurance (particulary in casualty lines involving long delays in settlement), and we believe this situation prevails with many of our competitors. Unfortunately, self-delusion in company reserving almost always leads to inadequate industry rate levels. If major factors in the market don't know their true costs, the competitive "fall-out" hits all - even those with adequate cost knowledge. George is quite willing to reduce volume significantly, if needed, to achieve satisfactory underwriting, and we have a great deal of confidence in the long term soundness of this business under his direction.
佐治亚杨的再保险部门相比于保险规模，继续为投资提供了大量资金，因此让我们有理由对整体结果比较满意。然而，承保结果让然没有达到他应该以及可以达到的水平。考虑到在再保险（尤其是在处理意外险时拖延较久）的承保结果很容易迷惑你自己，我们相信这个情况在我们多数竞争对手那里也是如此。不幸的是，在公司在准备金上存在的自我误导通常会导致不充足的行业费率水平。如果市场主要参与者不明确他们真正的成本，竞争性的垮台将会击打所有人，即使那些有充足成本意识的。如果需要的话，佐治亚很愿意大幅度减少规模，来实现满意的承保，在他的指导下，我们有很大信心这个业务会稳健发展。

32.interact：互动；相互作用；交流；合作；相互影响；沟通
33.cautious：小心的；谨慎的
34.cope：处理；对付
35.intellect：智力；思维逻辑领悟力
36.delusion：妄想；错觉；欺骗