英文早读第247篇，选自巴菲特年度信，友才翻译。
GEICO's problems at that time put it in a position analogous to that of American Express in 1964 following the salad oil scandal. Both were one-of-kind companies, temporarily reeling from the effects of a fiscal blow that did not destroy their exceptional underlying economics. The GEICO and American Express situations, extraordinary business franchises with a localized excisable cancer (needing, to be sure, a skilled surgeon), should be distinguished from the true "turnaround" situation in which the managers expect - and need - to pull off a corporate Pygmalion.
那是GEICO公司的困难是处在和1964年美国运通陷入色拉油丑闻类似的处境里。他们都是一类公司，暂时在财务低估的影响下踉跄但是并没有摧毁他们杰出的潜在的经济能力。GEICO和美国运通的处境，有杰出的商业特许经销权但是有一个局部的可切除的肿瘤（当然需要由一名技术贤能的外科医生），应当和那些真的在“好转”处境需要管理者希望且必须像卖花女一样拉公司一把的情况区别开来。
Whatever the appellation, we are delighted with our GEICO holding which, as noted, cost us 47 million. To buy a similar 20 million of earning power in a business with first-class economic characteristics and bright prospects would cost a minimum of 200 million (much more in some industries) if it had to be accomplished through negotiated purchase of an entire company. A 100% interest of that kind gives the owner the options of leveraging the purchase, changing managements, directing cash flow, and selling the business. It may also provide some excitement around corporate headquarters (less frequently mentioned).
无论怎么称谓，我们都对提到了只花费我们4700万美金持有GEICO股票感到高兴。为了购买一个类似的有2000万美金盈利能力的有一流财务数据且前途光明的业务将花费最低2亿美金（在某些行业更高），如果他必须通过协商购买整个公司来完成的话。100%持有那类公司给了股东对购买使用杠杆，改变管理层，指导现金流，出售业务的权利。他或许也能够给公司总部提供一些乐趣（很少提到）。
We find it perfectly satisfying that the nature of our insurance business dictates we buy many minority portions of already well-run businesses (at prices far below our share of the total value of the entire business) that do not need management change, re-direction of casl flow, or sale. There aren't many Jack Byrnes in the managerial world, or GEICOs in the business world. What could be better than buying into a partnership with both of them?
我们发现我们保险业务的属性非常完美的满足我们购买很多已经运营良好业务很少比例股份的权利（以远低于我们对整个业务持有部分的价值），而不需要去变更管理层，重构现金流或销售。在管理世界里没有很多杰克布莱恩，在商业世界里也没有很多GEICO公司。还有什么比买入和他们同时成为伙伴更好的事情呢？
68.analogous：相似的；类似的
69.scandal：丑闻
70.reeling：蹒跚；踉跄；感到震惊
71.franchise：特许经销权
72.excisable：可接受的；可抽税的；可割取的
73.appellation：称谓；名称；称呼
74.leveraging：利用；杠杆
75.dictate：命令；口述；支配；决定
