英文早讀第172篇，選自巴菲特年度信，友才翻譯。

We inaugurated our "home-state" insurance operation in 1970 by the formation of Cornhusker Casualty Company. To date, this has worked well from both a marketing and an underwriting standpoint. We have therefore further developed this approach by the formation of Lakeland Fire & Casualty Company in Minnesota during 1971, and Texas United Insurance in 1972. Each of these companies will devote its entire efforts to a single state seeking to bring the agents and insureds of its area a combination of large company capability and small company accessibility and sensitivity. John Ringwalt has been in overall charge of this operation since inception. Combining hard work with imagination and intelligence, he has transformed an idea into a well-organized business. The "home-state" companies are still very small, accounting for a little over 1.5 million in premium volume during 1971. It looks as through this volume will more than double in 1972 and we will develop a more creditable base upon which to evaluate underwriting performance.
我們?cè)?970年通過成立考恩哈斯克意外保險(xiǎn)公司創(chuàng)立了我們的“州內(nèi)“保險(xiǎn)業(yè)務(wù)。到現(xiàn)在，無論從市場(chǎng)還是承保立場(chǎng)來看都運(yùn)作很好。我們因此已經(jīng)通過在1971年于明尼蘇達(dá)州成立萊克蘭火災(zāi)及意外險(xiǎn)公司和1972年成立德克薩斯聯(lián)合保險(xiǎn)來進(jìn)一步發(fā)展這個(gè)模式。這些公司每一家都將全部努力致力于單一州去尋找給代理和承保人帶來大公司能力和小公司可獲得性與敏感性結(jié)合的服務(wù)范疇。約翰靈懷特從開始就已經(jīng)全面負(fù)責(zé)這項(xiàng)業(yè)務(wù)。既勤奮又有想象力和聰明才智，他將一個(gè)想法變成了一個(gè)組織良好的業(yè)務(wù)。這些”州內(nèi)“公司仍然很小，在1971年總計(jì)略超過150美金保險(xiǎn)額?？雌饋碓?972年規(guī)模將會(huì)超過翻番，我們也將發(fā)展基于更加可信的基礎(chǔ)來評(píng)估承保表現(xiàn)。

A highlight of 1971 was the acquisition of Home & Automobile Insurance Company, located in Chicago. This company was built by Victor Raab from a small initial investment into a major auto insurer in Cook Country, writing about 7.5 million in premium volume during 1971. Vic is cut from the same cloth as Jack Ringwalt and Gene Abegg, with a talent for operating profitably accompanied by enthusiasm for his business. These three men have built their companies from scratch and, after selling their ownership position for cash, retain every bit of the proprietary interest and pride that they have always had.
1971年的亮點(diǎn)是對(duì)位于芝加哥的家庭及汽車保險(xiǎn)公司的收購。這家公司由維克多萊博創(chuàng)立，從一個(gè)很小的初始投資發(fā)展為一個(gè)在庫克郡的大型汽車承保商，1971年記錄在冊(cè)大約750萬美金保險(xiǎn)規(guī)模。維克和杰克靈懷特與基恩艾伯戈一模一樣，既有著盈利運(yùn)作的能力又有對(duì)業(yè)務(wù)的激情。這三個(gè)人從零開始建立了他們的公司，在出售他們的控制位置換取現(xiàn)金后，仍存留著他們一直擁有的全部所有者權(quán)益意識(shí)和榮耀感。

While Vic has multiplied the original equity of Home & Auto many times since its founding, his ideas and talents have always been circumscribed by his capital base. We have added capital funds to the company, which will enable it to establish branch operations extending his highly-concentrated and on-the-spot marketing and claims approach to other densely populated areas.
盡管維克從家庭及汽車保險(xiǎn)公司成立以來已經(jīng)增加了幾次原始股本，他的想法和才智仍經(jīng)常被他的注冊(cè)資本所限制。我們已經(jīng)給公司增加了注冊(cè)資金，這將使公司能夠建立分支業(yè)務(wù)擴(kuò)展他高度集中且現(xiàn)場(chǎng)式的市場(chǎng)營(yíng)銷進(jìn)入到其它人口密集區(qū)域。

All in all, it is questionable whether volume added by Home & Auto, plus the "home-state" business in 1972, will offset possible declines in direct and reinsurance business of National Indemnity Company. However, our large volume gains in 1970 and 1971 brought in additional funds for investment at a time of high interest rates, which will be of continuing benefit in future years. Thus, despite the unimpressive prospects regarding premium volume, the outlook for investment income and overall earnings from insurance in 1972 is reasonably good.
總的來說，仍有疑問是否能通過家庭及汽車保險(xiǎn)的加入，再加上1972年的”州內(nèi)“業(yè)務(wù)，將可能抵消在國(guó)家保障公司的直接和再保險(xiǎn)業(yè)務(wù)減少。然而，我們?cè)?970年和1971年的大規(guī)模盈利帶來了高利率時(shí)期用于投資的額外資金，這將在未來幾年繼續(xù)獲益。因此，盡管考慮到保險(xiǎn)規(guī)模的平平預(yù)期，而投資收入和從保險(xiǎn)業(yè)務(wù)的整體盈利預(yù)期在1972年是相當(dāng)好的。

Banking Operations
銀行業(yè)務(wù)

Our banking subsidiary, The Illinois National Bank & Trust Company, continued to lead its industry as measured be earnings as a percentage of deposits. In 1971, Illinois National earned well over 2% after tax on average deposits while (1) not using borrowed funds except for very occasional reserve balancing transactions;(2) maintaining a liquidity position far above average;(3) recording loan losses far below average; and (4) utilizing a mix of over 50% time deposits with all consumer saving accounts receiving maximum permitted interest rates throughout the year. This reflects a superb management job by Gene Abegg and Bob Kline.
我們的銀行子公司，伊利諾伊國(guó)家銀行及信托公司，按存款盈利百分比來衡量的話，繼續(xù)引領(lǐng)著這個(gè)行業(yè)。在1971年，伊利諾伊國(guó)家銀行平均每份存款盈利超過稅后2%，而且（1）除非為了很偶然的存款儲(chǔ)備金交易不會(huì)使用借款；（2）獲得遠(yuǎn)超平均水平的流動(dòng)性；（3）遠(yuǎn)低于平均水平的貸款損失；和（4）全年綜合使用超過50%的定期存款并讓所有客戶儲(chǔ)蓄賬戶收到了允許的最高利率。這反應(yīng)了基恩艾伯戈和鮑勃克林的卓越管理工作。

17.be cut from the same cloth：一丘之貉
18.from scratch：從零開始；從頭做起；白手起家
19.proprietary：專有的；專用的；專利的
20.circumscribe：限制；約束
21.on-the-spot：現(xiàn)場(chǎng)的；當(dāng)場(chǎng)的
22.densely：密集的；密集地
23.unimpressive：給人印象不深的；普通的；平庸的
24.reserve balance：存款準(zhǔn)備金
25.time deposits：定期存款