巴菲特致股东的信（1972年）③保险投资④银行业务⑤金融

Insurance Investment Results

We were most fortunate to experience dramatic gains in premium volume from 1969 to 1971 coincidental with virtually record-high interest rates. Large amounts of investable funds were thus received at a time when they could be put to highly advantageous use. Most of these funds were placed in tax-exempt bonds and our investment income, which has increased from $2,025,201 in 1969 to $6,755,242 in 1972, is subject to a low effective tax rate.

保险投资

1969年到1971年的保费收入非常的高，这几年利率水平也很好，我们因此而受惠。我们建立了大型基金并很好的加以运用。大部分基金投资在了免税债券。我们的投资所得从1969年的$2,025,201增加到1972年的$6,755,242，这些投资容易受低有效税率的影响。

Our bond portfolio possesses unusually good call protection, and we will benefit for many years to come from the high average yield of the present portfolio. The lack of current premium growth, however, will moderate substantially the growth in investment income during the next several years.

我们的债券投资组合将会在未来几年使我们受益。虽然现在保费收入不足，但是稳健的投资收益弥补了这些。

Banking Operations

Our banking subsidiary, The Illinois Bank and Trust Co. of Rockford, maintained its position of industry leadership in profitability. After-tax earnings of 2.2% on average deposits in 1972 are the more remarkable when evaluated against such moderating factors as: (1) a mix of 50% time deposits heavily weighted toward consumer savings instruments, all paying the maximum rates permitted by law; (2) an unvaryingly strong liquid position and avoidance of money-market borrowings; (3) a loan policy which has produced a net charge-off ratio in the last two years of about 5% of that of the average commercial bank. This record is a direct tribute to the leadership of Gene Abegg and Bob Kline who run a bank where the owners and the depositors can both eat well and sleep well.

银行业务

我们的银行子公司（伊利诺斯州银行及信托公司），继续在盈利水平上保持行业领先地位，税后利润为平均存款的2.2%。取得这样成绩与如下因素有关：(1)各种存款工具中定期存款占到了50%，都达到了法律允许的最高利率;(2)保持了强劲的资产流动性并避免了货币市场借款;(3)这两年，贷款产生的坏账率水平只有商业银行平均值的5%。这些好成绩都归功于Gene Abegg和Bob Kline的领导。在他们的领导下股东和储户都可以睡个好觉。

During 1972, interest paid to depositors was double the amount paid in 1969. We have aggressively sought consumer time deposits, but have not pushed for large “money market” certificates of deposit although, during the past several years, they have generally been a less costly source of time funds.

1972年我们向储户支付的利率是1969年的两倍。我们积极寻求消费者定期存款，却没有追求大“货币市场”存单，尽管在过去的几年里，他们的成本较低。

During the past year, loans to our customers expanded approximately 38%. This is considerably more than indicated by the enclosed balance sheet which includes $10.9 million in short-term commercial paper in the 1971 loan total, but which has no such paper included at the end of 1972.

在过去的一年里，贷款增加了大约38%。大大超过了的1971年的资产负债表，71年总贷款中短期商业票据为10.9万，但是72年资产负债表中没有记录这些。

Our position as “Rockford’s Leading Bank” was enhanced during 1972. Present rate structures, a decrease in investable funds due to new Federal Reserve collection procedures, and a probable increase in already substantial non-federal taxes make it unlikely that Illinois National will be able to increase its earnings during 1973.

1972年，伊利诺斯州银行及信托公司的地位得到提升。现在的利率结构，投资基金的减少以及非联邦税收的增加，这几个因素使伊利诺斯国家银行73年的利润增长变得困难。

Financial

On March 15, 1973, Berkshire Hathaway borrowed $20 million at 8% from twenty institutional lenders. This loan is due March 1, 1993, with principal repayments beginning March 1, 1979. From the proceeds, $9 million was used to repay our bank loan and the balance is being invested in insurance subsidiaries. Periodically, we expect that there will be opportunities to achieve significant expansion in our insurance business and we intend to have the financial resources available to maximize such opportunities.

金融

1973年3月15日，伯克希尔-哈撒韦从20家机构借款2000万美元，利率为8%。这批借款在1993年3月1到期，主要还款开始日期为1979年3月1日。其中900万被用来偿还我们的银行贷款，其余的被投资于保险子公司。我们期待将有机会不断扩张我们的保险业务，我们加强公司资金基础，为这些机会的到来准备。

Our subsidiaries in banking and insurance have major fiduciary responsibilities to their customers. In these operations we maintain capital strength far above industry norms, but still achieve a good level of profitability on such capital. We will continue to adhere to the former objective and make every effort to continue to maintain the latter.

我们的银行与保险信托公司对客户非常负责。在这些业务中，我们保持资本实力远远高于行业标准，而且保持良好的盈利能力。我们将继续实现之前制定的目标，同时保持良好盈利。

Warren E. Buffett
Chairman of the Board
March 16, 1973

沃伦·巴菲特
董事会主席
1973年3月16日

Our bond portfolio possesses unusually good call protection, and we will benefit for many years to come from the high average yield of the present portfolio. The lack of current premium growth, however, will moderate substantially the growth in investment income during the next several years.

During the past year, loans to our customers expanded approximately 38%. This is considerably more than indicated by the enclosed balance sheet which includes $10.9 million in short-term commercial paper in the 1971 loan total, but which has no such paper included at the end of 1972.

Warren E. Buffett Chairman of the BoardMarch 16, 1973

Warren E. Buffett
Chairman of the Board
March 16, 1973