英文早读第245篇，选自巴菲特年度信，友才翻译。
From this table, you can see that our sources of underlying earning power are distributed far differently among industries than would superficially seem the case. For example, our insurance subsidiaries own approximately 3% of Kaiser Aluminum, and 1 1/4% of Alcoa. Our share of the 1980 earnings of those companies amounts to about 13 million. (If translated dollar for dollar into a combination of eventual market value gain and dividends, this figure would have to be reduced by a significant, but not precisely determinable, amount of tax; perhaps 25% would be a fair assumption.) Thus, we have a much larger economic interest in the aluminum business than in practically any of the operating businesses we control and on which we report in more detail. If we maintain our holdings, our long-term performance will be more affected by the future economics of the aluminum industry than it will by direct operating decisions we make concerning most companies over which we exercise managerial control.
通过这个表格，你可以看到我们潜在盈利来源在不同行业远比表面上看着区别要大。例如，我们的保险子公司持有凯撒铝业大约3%的股份和美国铝业1.25%股份。我们在这两家公司1980年利润的股份总计大约1300万美金。（如果将最终的市值增长和分红折算成美金，这个数字会大幅减少，但不是很准确的最终数字，税务总计也许25%将会是比较合理的假设。）因此，我们在铝行业有更大的经济利益，相较于实际上在任何一个我们控制的运营业务以及我们需要报告更多细节的业务上。如果我们继续持有这些股份，我们的长期业绩将会变得更加受铝行业的未来经济影响，而不是我们对大多数由我们行使管理控制权的公司所做出的直接运营决策的影响。
GEICO Corp.
GEICO公司
Our largest non-controlled holding is 7.2 million shares of GEICO Corp., equal to about a 33% equity interest. Normally, an interest of this magnitude (over 20%) would qualify as an "investee" holding and would require us to reflect a proportionate share of GEICO's earnings in our own. However, we purchased our GEICO stock pursuant to special orders of the District of Columbia and New York Insurance Departments, which required that the right to vote the stock be placed with an independent party. Absent the vote, our 33% interest does not qualify for investee treatment. (Pinkerton's is a similar situation.)
我们最大的非控股股份是持有政府雇员保险公司（GEICO Corp.）720万股股票，约占其股权的33%。通常情况下，如此大比例（超过20%）的股权会被认定为对“被投资企业”的持股，并且我们需要将政府雇员保险公司相应比例的收益计入我们自己的收益中。然而，我们购买政府雇员保险公司的股票是依据哥伦比亚特区和纽约州保险部门的特别指令进行的，这些指令要求将该股票的投票权委托给一个独立的第三方。由于没有投票权，我们持有的33%股权不符合被投资企业权益处理的条件。（平克顿公司（Pinkerton's）的情况与此类似。 ）
Of course, whether or not the undistributed earnings of GEICO are picked up annually in our operating earnings figure has nothing to do with their economic value to us, or to you as owners of Berkshire. The value of these retained earnings will be determined by the skill with which they are put to use by GEICO management.
当然，政府雇员保险公司（GEICO）未分配的盈利是否每年都计入我们的营业利润数据，这与这些盈利对我们——或者对身为伯克希尔股东的你们——的经济价值并无关联。这些留存收益的价值将取决于政府雇员保险公司的管理层运用这些收益的能力高低。
52.superficial：表面的；肤浅的；表层的
53.pursuant：依照；依据
