英文早读第195篇，选自巴菲特年度信，友才翻译。
General Review
整体回顾
Your present management assumed responsibility at Berkshire Hathaway in May, 1965. At the end of the prior fiscal year (September, 1964) the net worth of the Company was 22.1 million, and 1,137,778 common shares were outstanding, with a resulting book value of 19.46 per share. Ten years earlier, Berkshire Hathaway's net worth had been 53.4 million. Dividends and stock repurchases accounted for over 21 million of the decline in company net worth, but aggregate net losses of 9.8 million had been incurred on sales of 595 million during the decade.
你们现在的管理层在1965年5月在伯克希尔哈撒韦履责。在之前一个财年末（1964年9月），公司净资产2210万美金，发行了113万7778份股票，账簿价值每股19.46美金。再早十年，伯克希尔哈撒韦的净资产是5340万美金。分红和股票回购总计减少公司净值2100万，但是整体净损失仍然在这十年5.95亿美金销售中达到980万美金。
In 1965, two new England textile mills were the company's only sources of earning power and before Ken Chace assumed responsibility for the operation, textile earnings had been erratic and, cumulatively, something less than zero subsequent to the merger of Berkshire Fine Spinning and Hathaway Manufacturing. Since 1964, net worth has been built to 92.9 million, or 94.92 per share. We have acquired total, or virtually total ownership of six businesses through negotiated purchases for cash (or cash and notes) from private owners, started four others, purchased a 31.5% interest in a large affiliate enterprise and reduced the number of outstanding shares of Berkshire Hathaway to 979,569. Overall, equity per share has compounded at an annual rate of slightly over 15%.
在1965年，两家新英格兰纺织工厂是公司仅有的盈利来源，在肯查思对业务履责前，纺织利润一直不稳定，累积来看，在伯克希尔高支数纺纱公司和哈撒韦制造公司合并之后应该是稍微是负的。从1964年开始，净值已经是9290万美金，或者说每股94.92美金。我们全资或接近全资持有6个业务，通过从私人持有者手中现金（或者现金加票据）协议购买而来，开启了4项其它业务，购买了一个大型关联公司31.5%股份和减少了伯克希尔哈撒韦发行股份至97万9569股。整的来说，每股股本年度符合增上略微超过15%。
While 1975 was a major disappointment, efforts will continue to develop growing and diversified sources of earnings. Our objective is a conservatively financed and highly liquid business - possessing extra margins of balance sheet strength consistent with the fiduciary obligations inherent in the banking and insurance industries - which will produce a long term rate of return on equity capital exceeding that of American industry as a whole.
尽管1975年很令人失望，我们仍将努力继续致力于增长和利润多样化。我们的目标一个资金稳健且高度流动性的业务——拥有额外的资产负债表优势，来与在银行和保险行业内在的受托责任一致——这将为我们比美国行业整体产生长期更高公司资本回报率。
Warren E. Buffett, Chairman
沃伦E巴菲特，董事会主席
47.assume：假定；假设；承担（责任）
48.erratic：不稳定的；不规则的；不确定的
49.cumulatively：累积地；渐增地
50.fine spinning：高支数纺纱
51.note：票据
52.conservatively：保守地；谨慎地
53.consistent：一致的；符合的；持续的；不矛盾的
54.fiduciary：信托的；信用的；受托的
55.obligation：（已承诺的或法律规定的）义务；责任；职责
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