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you very little。
有关损失准备提列的情况，详附表，今年的状况比前几年好一点，但由于我们签下了许多长期的生意，许多理赔申请可以要花上好几年才能解决，就像是产品责任保险，或专业经理人责任险，在这种特殊的产业，一年的损失准备其实无法是代表最后结果。
You should be very suspicious of any earnings figures reported by insurers （including our own； as we have unfortunately proved to you in the past）。 The record of the last decade shows that a great many of our best…known insurers have reported earnings to shareholders that later proved to be wildly erroneous。 In most cases； these errors were totally innocent： The unpredictability of our legal system makes it impossible for even the most conscientious insurer to e close to judging the eventual cost of long…tail claims。
大家应该对保险公司的盈余数字时时抱持怀疑的态度，（当然也包含我们公司本身，事实证明确是如此） ，过去十年来的记录显示，有许多显赫一时的保险公司报告给股东亮丽的盈余数字最后证明只不过是一场空，在大部分的情况下，这种错误是无心的，我们诡谲多变的司法制度，使得就算是最有良知的保险公司都无法准确预测这类长期保险的最终成本。
Nevertheless； auditors annually certify the numbers given them by management and in their opinions unqualifiedly state that these figures 〃present fairly〃 the financial position of their clients。 The auditors use this reassuring language even though they know from long and painful experience that the numbers so certified are likely to differ dramatically from the true earnings of the period。 Despite this history of error； investors understandably rely upon auditors' opinions。 After all； a declaration saying that 〃the statements present fairly〃 hardly sounds equivocal to the non…accountant。
但奇怪的是，会计师每年就是有办法为就这些管理阶层给的数字背书，并出具无保留的意见表示这些数字允当表达该公司，也就是他们的客户的财务状况，而事实上他们自己深知过去惨痛的经验告诉他们，这些经过验证的数字与最后可能结算出来的可能会有天壤之别，但却还是仍然使用这种坚定的语言，而从另一方面来说，就算是历史殷鉴在前，投资人却还是相当仰赖会计师的意见，对于会计门外汉来说，他根本就不懂得「该财务报表允当表达」，所代表的真正含意是什么。
The wording in the auditor's standard opinion letter is scheduled to change next year。 The new language represents improvement； but falls far short of describing the limitations of a casualty…insurer audit。 If it is to depict the true state of affairs； we believe the standard opinion letter to shareholders of a property…casualty pany should read something like： 〃We have relied upon representations of management in respect to the liabilities shown for losses and loss adjustment expenses； the estimate of which； in turn； very materially affects the earnings and financial condition herein reported。 We can express no opinion about the accuracy of these figures。 Subject to that important reservation； in our opinion； etc。〃
会计师标准无保留意见查核报告的遣词用语在明年将有重大改变，新的用语有相当的改进，但还是很难充分说明产物意外险公司在查核时所受到的限制，如果一个人想要描述一件事情的真相，我们认为给产物意外险公司股东的标准无保留意见报告中应这样写︰「我们仰赖管理当局提供损失准备与损失费用调整产生财务报表，而这些估计数字事实上影响公司盈余与财务状况甚巨，受限于损失准备的提列先天信息的不足与我们必须提出的意见，我们完全无法对这些数字的正确性表达看法，等等」
If lawsuits develop in respect to wildly inaccurate financial statements （which they do）； auditors will definitely say something of that sort in court anyway。 Why should they not be forthright about their role and its limitations from the outset？
假若有人对这种完全不正确的财务报表提出诉讼官司（事实上就有），会计师一定会在法庭上做类似的辩解，那么他们为什么不一开始就坦白地说明他们真实的角色与所受的限制呢？？
We want to emphasize that we are not faulting auditors for their inability to accurately assess loss reserves （and therefore earnings）。 We fault them only for failing to publicly acknowledge that they can't do this job。
我们想要强调的是我们并不是怪罪会计师没有办法准确地评估损失准备 （当然这会影响到最后的盈余数字），我们无法原谅的是他们没有公开地承认做不到这一点。
From all appearances； the innocent mistakes that are constantly made in reserving are acpanied by others that are deliberate。 Various charlatans have enriched themselves at the expense of the investing public by exploiting； first； the inability of auditors to evaluate reserve figures and； second； the auditors' willingness to confidently certify those figures as if they had the expertise to do so。 We will continue to see such chicanery in the future。 Where 〃earnings〃 can be created by the stroke of a pen； the dishonest will gather。 For them； long…tail insurance is heaven。 The audit wording we suggest would at least serve to put investors on guard against these predators。
从各种不同的角度来看，这种不断在提列损失准备时所犯无心的错误，往往也伴随着许多故意的过失，许多骗徒就是看准会计师没有能力评估这些数字，同时又愿意配合为这些数字背书，假装好象他们真的有这个能力，靠着这种方式来欺骗投资大众赚大钱，在往后的日子我们仍将看到这样的骗局持续上演，只要大笔一挥，盈余便可凭空生出，前述我们建议的查核报告措词，至少可以让无知的投资人提高警觉避免遭到这些掠食者的坑杀。
The taxes that insurance panies pay … which increased materially； though on a delayed basis； upon enactment of the Tax Reform Act of 1986 … took a further turn for the worse at the end of 1987。 We detailed the 1986 changes in last year's report。 We also mented on the irony of a statute that substantially increased 1987 reported earnings for insurers even as it materially reduced both their long…term earnings potential and their business value。 At Berkshire； the temporarily…helpful 〃fresh start〃 adjustment inflated 1987 earnings by 8。2 million。
去年在年报中详述刚通过的税负改革法案，使得保险公司支付的税负以递延渐进的形式大幅增加，这种情况在1987年更加恶化，讽刺的是虽然这个法案大大地影响到保险公司长期的获利与价值，却让保险公司短期的盈余数字格外亮丽，光是在Berkshire1987年的盈余就增加了八百多万美金。
In our opinion； the 1986 Act was the most important economic event affecting the insurance industry over the past decade。 The 1987 Bill further reduced the intercorporate dividends…received credit from 80％ to 70％； effective January 1； 1988； except for cases in which the taxpayer owns at least 20％ of an investee。
就我们个人的看法，1986年的法案是近十多年来保险业界最重要的经济事件， 1987年的新法案进一步将企业间股利可扣抵的比率由80％减为70％，除非被投资公司有超过20％的股权是由一般投资人所拥有。
Investors who have owned stocks or bonds through corporate intermediaries other than qualified investment panies have always been disadvantaged in parison to those owning the same securities directly。 The penalty applying to indirect ownership was greatly increased by the 1986 Tax Bill and； to a lesser extent； by the 1987 Bill； particularly in instances where the intermediary is an insurance pany。 We have no way of offsetting this increased level of taxation。 It simply means that a given set of pre…tax investment returns will now translate into much poorer after…tax results for our shareholders。
投资人透过中间企业法人（除了专业投资公司外）持有的股份或债券，先天上本来就比直接持有这些有价证券要来的不利的多，尤其是在1986年租税改革法案通过后，这种租税惩罚更为明显，（虽然1987年的情况稍微好转一点，尤其是对保险公司来说），我们没有任何方法�