英文早讀第19篇拙绊，選自巴菲特年度信双仍，友才翻譯枢希。

In the early 1950's a competitive method of under-writing known as "carding" made inroads on Sanborn's business and after-tax profits of the map business fell from an average annual level of over 500,000 in the late 1930's to under 100,000 in 1958 and 1959. Considering the upward bias in the economy during this period, this ammounted to an almost elimination of what had beed sizable, stable earning power.
在1950年代早期，一個(gè)有競爭力的方法在承保時(shí)使用的叫“計(jì)分制”削弱了三伯恩的業(yè)務(wù)朱沃，地圖業(yè)務(wù)的稅后凈利潤從1930年代末期平均每年超過50萬美金下降到了1958年和1959年不足10萬美金苞轿。考慮到在這段時(shí)期上漲的經(jīng)濟(jì)勢頭逗物，這意味著擁有的規(guī)陌嶙洌化的穩(wěn)定的盈利能力幾乎被消滅了。

However, during the early 1930's Sanborn had begun to accumulate an investment portfolio. There were no capital requirements to the business so that any retained earnings could be devoted to this project. Over a period of time, about 2.5 million was invested, roughly half in bonds and half in stocks. Thus, in the last decade particularly, the investment portfolio blossomed while the operating map business wilted.
然后翎卓，在1930年代早期契邀，三伯恩開始積累投資組合。由于業(yè)務(wù)沒有資金需求莲祸，因此任何留存的利潤都可能用于投資蹂安。在一段時(shí)間椭迎，大約250萬美金被投資了锐帜，一半在債券，一半在股市畜号。因此缴阎，尤其在過去這幾十年，投資組合蓬勃發(fā)展而運(yùn)行的地圖業(yè)務(wù)萎縮了简软。

Let me give you some idea of the extreme divergence of these two factors. In 1938 when the Dow-Jones Industrial Average was in the 100-120 range, Sanborn sold at 110 per share. In 1958 with the Average in the 550 area, Sanborn sold at 45 per share. Yet during that same period the value of the Sanborn investment portfolio increased from about 20 per share to 65 per share. This means, in effect, that the buyer of Sanborn stock in 1938 was placing a positive valuation of 90 per share on the map business (110 less the 20 value of the investments unrelated to the map business) in a year of depressed business and stock market conditions. In the tremendously more vigorous climate of 1958 the same map business was evaluated at a minus 20 with the buyer of the stock unwilling to pay more than 70 cents on the dollar for investment portfolio with the map business thrown in for noting.
讓我給你這兩方面大的差異上給些主意蛮拔。在1938年述暂，當(dāng)?shù)拉偹构I(yè)指數(shù)在100至120的范圍，三伯恩每股110美金建炫。在1958年畦韭，指數(shù)到了550的范圍，三伯恩賣45美金每股肛跌。還有在同樣的時(shí)期艺配，三伯恩投資組合的價(jià)值從每股大約20美金增長到了65美金。這意味著衍慎，事實(shí)上转唉，在1938年三伯恩股票的購買者給了地圖業(yè)務(wù)積極的估值，每股約90美金（110減去20元和地圖業(yè)務(wù)不相關(guān)的投資）稳捆，那是商業(yè)和股市都令人沮喪的年份赠法。在市場極度繁榮的1958年，同樣的地圖業(yè)務(wù)被估值為負(fù)的20元乔夯，投票購買者不愿意為購買1美元支付超過70美分砖织，地圖業(yè)務(wù)被認(rèn)為一無是處。

How could this come about? Sanborn in 1958 as well as 1938 possessed a wealth of information of substantial value to the insurance industry. To reproduce the detailed information they had gathered over the years would cost tens of millions of dollars. Despite "carding" over 500 million of fire premiums were underwritten by "mapping" companies. However, the means of selling and packaging Sanborn's product, information had remained unchanged throughout the year and finally this inertia was reflected in the earnings.
這些是怎么發(fā)生的末荐？三伯恩在1958年和1938年同樣擁有大量的信息對(duì)于保險(xiǎn)業(yè)有巨大價(jià)值镶苞。為了復(fù)制他們這么多年收集的這些詳細(xì)信息將花費(fèi)成百上千萬美金。盡管計(jì)分制超過5億美金的火災(zāi)保費(fèi)被發(fā)行通過類地圖公司鞠评。然而茂蚓，銷售和包裝三伯恩公司產(chǎn)品、信息的方法這么多年都沒有改變剃幌，最終也將會(huì)反饋到盈利上聋涨。

The very fact that the investment portfolio had done so well served to minimize in the eyes of most directors the need for rejuvenation of the map business. Sanborn had a sales volume of about 2 million per year and owned about 7 million worth of marketable securities. The income from the investment portfolio was substantial, the business had no possible financial worries, the insurance companies were satisfied with the price paid for maps, and the stockholders still received dividends. However, these dividends were cut five times in eight years although I could never find any record of suggestions pertaining to cutting salaries or director's and committee fees.
明顯事實(shí)是這個(gè)投資組合做的如此好以至于最小化了董事對(duì)地圖業(yè)務(wù)復(fù)興的需求。三伯恩每年有200萬美金左右的銷售規(guī)模并擁有大約700萬美金的市值负乡。從投資組合獲得的收益是巨大的牍白，公司業(yè)務(wù)沒有任何可能的財(cái)務(wù)擔(dān)憂，保險(xiǎn)公司對(duì)付給地圖的費(fèi)用是滿意的抖棘，并且持股人仍然可以收到分紅茂腥。雖然在過去八年分紅被減少了5次，但我沒有找到任何用于減少薪水或者董事或委員會(huì)費(fèi)用的提議切省。

Prior to my entry on the Board, of the fourteen directors, nine were prominent men from the insurance industry who combined held 46 shares of stock out of 105,000 shares outstanding. Despite their top positions with very large companies which would suggest the financial wherewithal to make at least a modest commitment, the largest holding in this group was ten shares. In several cases, the insurance companies these men ran owned small blocks of stock but these were token investments in relation to the portfolios in which they were held. For the past decade the insurance companies had only been sellers in any transactions involving Sanborn stock.
在我進(jìn)入董事會(huì)前最岗，14名董事有9名是來自保險(xiǎn)行業(yè)杰出人士，他們聯(lián)合擁有105000流通股中的46股朝捆。盡管他們?cè)诖蠊疚惶幐邔影愣桑瑫?huì)建議公司的財(cái)務(wù)支出來保持至少溫和的合作協(xié)議，他們中最大的持股方是10股。在另一些情況下驯用，這些人運(yùn)作的保險(xiǎn)公司擁有很少的股票脸秽，帶著些投資只是象征意義的。在過去的幾十年蝴乔，任何包括三伯恩股票的交易记餐，保險(xiǎn)公司都是賣出方。

49.under-writing：發(fā)行薇正；承銷剥扣；承保
50.inroad：（尤指通過消耗或削弱其他事務(wù)取得的）進(jìn)展
51.bias：偏見；偏向铝穷；偏愛钠怯；使偏向；使偏心
52.accumulate：積累曙聂；積聚晦炊；（數(shù)量）逐漸增加；（數(shù)額）逐漸增長
53.blossom：開花宁脊；變得更加健康（自信断国、成功）；花朵
54.wilt：凋謝榆苞；枯萎稳衬；萎縮；微縮坐漏；支撐不妆【巍；失去自信
55.divergence：分歧赊琳；差異街夭；發(fā)散
56.depress：使沮喪；按躏筏、壓板丽、推下；使抑郁趁尼；使蕭條埃碱；降低價(jià)格；減少工資
57.tremendously：極大地酥泞；非常砚殿；巨大
58.vigorous：充滿活力的；精力充沛的婶博；強(qiáng)壯的瓮具；強(qiáng)健的；果斷的
59.possess：擁有凡人；掌握名党；控制馏段；支配
60.premium：保險(xiǎn)費(fèi)卦停；額外費(fèi)用铛纬；附加費(fèi)幼驶；高昂的袄友；優(yōu)質(zhì)的
61.inertia：慣性怔檩；惰性鼓择；保守兑宇；缺乏活力
62.serve to：服務(wù)于启上；用來邢隧；有助于
63.rejuvenation：復(fù)興；更新冈在；回春
64.pertain：適用倒慧；存在
65.wherewithal：（做某事的）所需資金；必要的設(shè)備包券；必要的技術(shù)