英文早读第196篇，选自巴菲特年度信，友才翻译。

To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦公司股东：

After two dismal years, operating results in 1976 improved significantly. Last year we said the degree of progress in insurance underwriting would determine whether our gain in earnings would be "moderate" or "major". As it turned out, earnings exceeded even the high end of our expectations. In large part, this was due to the outstanding efforts of Phil Liesche's managerial group at National Indemnity Company.
在两个阴郁的年份之后，运营业务在1976年大幅提高。去年我们说保险承保进展程度将决定我们的利润增长将会是温和的或者大幅的。结果表明，利润甚至超过了我们预期的最高值。大部分因为菲尔莱塞管理团队在国家保障公司的卓越努力。

In dollar terms, operating earnings came to 16,073,000, or 16.47 per share. While this is a record figure, we consider return on shareholders' equity to be a much more significant yardstick of economic performance. Here our result was 17.3%, moderately above our long-term average and even further above the average of American industry, but well below our record level of 19.8% achieved in 1972.
从美元端来说，运营利润达到1607万3000美金，或者每股16.47美金。尽管这是个创纪录的数字，我们认为股东股本回报率是比经济表现更重要的标准。现在，我们的结果是17.3%，适度超过我们长期平均表现，甚至领先美国行业平均水平，但是低于我们在1972年实现的19.8%记录水平。

Our present estimate, subject to all the caveats implicit in forecasting, is that dollar operating earnings are likely to improve somewhat in 1977, but that return on equity may decline a bit from 1976 figure.
我们现在预计，考虑到所有预期隐含的警告，运营美金利润可能在1977年有所提高，但是股本回报会比1976年稍有下跌。

Textile Operations
纺织业务

Our textile division was a significant disappointment during 1976. Earnings, measured either by return on sales or by return on capital employed, were inadequate. In part, this was due to industry conditions which did not measure up to expectations of a year ago. But equally important were our own shortcomings. Marketing efforts and mill capabilities were not properly matched in our new Waumbec operation. Unfavorable manufacturing cost variances were produced by improper evaluation of machinery and personnel capabilities. Ken Chace, as always, has been candid in reporting problems and has worked diligently to correct them. He is a pleasure to work with - even under difficult operating conditions.
我们的纺织业务在1976年很令人失望。无论是以销售回报率还是占用资金回报率来衡量，都是不足的。部分是因为行业条件没有符合一年前的预期。但是我们的缺点也同样重要。营销工作和工厂产能在华木贝克的新业务中没有能够很好的配合。令人担心的制造成本由于不合理的机器和个人能力预估而差异较大。肯查思像往常一样坦诚地报告问题并勤勉地工作去改正他们。尽管运营条件还很困难与他共事也令人愉快。

1.dismal：阴沉的；凄凉的；忧郁的
2.turn out：结果是；原来是
3.caveat：警告；告诫
4.implicit：含蓄的；完全的；内含的
5.measure up：符合（标准）；达到（期望）
6.shortcoming：缺点；短处
7.candid：坦率地；坦诚地
8.diligently：勤奋地；勤勉地