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s data we have puted a 〃cost of funds developed from insurance。〃
下一页是我们进入保险业后，每年的承保损失统计（若有的话），以及每年平均持有的浮存金数量，从这个表我们可以很轻易地算出保险事业所产生的浮存金其资金成本是多少。
（1） （2） Yearend Yield Underwriting Approximate on Long…Term Loss Average Float Cost of Funds Govt。 Bonds （In Millions） （Ratio of 1 to 2）
1967 profit 17。3 less than zero 5。50％ 1979 profit 227。3 less than zero 10。08％
1968 。 profit 19。9 less than zero 5。90％ 1980 profit 237。0 less than zero 11。94％
1969 profit 23。4 less than zero 6。79％ 1981 profit 228。4 less than zero 13。61％
1970 0。37 32。4 1。14％ 6。25％ 1982 21。56 220。6 9。77％ 10。64％
1971 profit 52。5 less than zero 5。81％ 1983 33。87 231。3 14。64％ 11。84％
1972 profit 69。5 less than zero 5。82％ 1984 48。06 253。2 18。98％ 11。58％
1973 profit 73。3 less than zero 7。27％ 1985 44。23 390。2 11。34％ 9。34％
1974 7。36 79。1 9。30％ 8。13％ 1986 55。84 797。5 7。00％ 7。60％
1975 11。35 87。6 12。96％ 8。03％ 1987 55。43 1；266。7 4。38％ 8。95％
1976 。 profit 102。6 less than zero 7。30％ 1988 11。08 1；497。7 0。74％ 9。00％
1977 profit 139。0 less than zero 7。97％ 1989 24。40 1；541。3 1。58％ 7。97％
1978 profit 190。4 less than zero 8。93％ 1990 26。65 1；637。3 1。63％ 8。24％
The float figures are derived from the total of loss reserves； loss adjustment expense reserves and unearned premium reserves minus agents' balances； prepaid acquisition costs and deferred charges applicable to assumed reinsurance。 At some insurers other items should enter into the calculation； but in our case these are unimportant and have been ignored。
浮存金的数字是将所有的损失准备、损失费用调整准备与未赚取保费加总后，再扣除应付佣金、预付购并成本及相关再保递延费用，若是别的保险业者可能还有其它项目需要列入做计算，但因为这些科目在Berkshire并不重要，所以予以省略。
During 1990 we held about 1。6 billion of float slated eventually to find its way into the hands of others。 The underwriting loss we sustained during the year was 27 million and thus our insurance operation produced funds for us at a cost of about 1。6％。 As the table shows； we managed in some years to underwrite at a profit and in those instances our cost of funds was less than zero。 In other years； such as 1984； we paid a very high price for float。 In 19 years out of the 24 we have been in insurance； though； we have developed funds at a cost below that paid by the government。
在1990年我们大概持有16亿美元的浮存金，这些钱会慢慢地流到其它人的手中，当年度的承保损失约为2；600万美元，因此我们从保险营运所获得的资金，其成本约为1。6％，而就如同这张表所显示的，有些年度我们有承保获利，所以我们的资金成本甚至低于零，但是也有些年度，像1984年我们必须为浮存金支付相当高的成本，但是总计至今24个年度当中有19个年度，我们负担的资金成本甚至比美国政府发行债券的成本还低。
There are two important qualifications to this calculation。 First； the fat lady has yet to gargle； let alone sing； and we won't know our true 1967 … 1990 cost of funds until all losses from this period have been settled many decades from now。 Second； the value of the float to shareholders is somewhat undercut by the fact that they must put up their own funds to support the insurance operation and are subject to double taxation on the investment ine these funds earn。 Direct investments would be more tax…efficient。
这项计算式有两个重要的要求，首先胖女人漱口都很难听了，更何况还要她唱歌，除非等到这时间所发生的损失都已确定解决，否则我们不能确定1967年…1990年的资金成本到底是多少，第二浮存金对于股东的价值有点打折，因为股东们还必须投入相对的资金来支持保险事业的营运，同时这些资金所赚取的投资收益又必须面临双重的课税，相较之下直接投资的税负就少多了。
The tax penalty that indirect investments impose on shareholders is in fact substantial。 Though the calculation is necessarily imprecise； I would estimate that the owners of the average insurance pany would find the tax penalty adds about one percentage point to their cost of float。 I also think that approximates the correct figure for Berkshire。
间接投资加诸在股东身上的租税惩罚事实上是相当重的，虽然计算公式铁定没办法做的很精确，但我估计对于这些保险事业的所有者来说，租税惩罚至少让他们增加一个百分点以上的资金成本，我想这个数字也适用于Berkshire之上。
Figuring a cost of funds for an insurance business allows anyone analyzing it to determine whether the operation has a positive or negative value for shareholders。 If this cost （including the tax penalty） is higher than that applying to alternative sources of funds； the value is negative。 If the cost is lower； the value is positive … and if the cost is significantly lower； the insurance business qualifies as a very valuable asset。
分析保险事业的资金成本使得任何人都可以据此判断这家公司的营运对于股东到底是正面的还是负面的，若是这项成本（包含租税惩罚）高于其它替代性的资金来源，其价值就是负的，若是成本更低，那么对股东便能产生正面的价值，而若是成本远低于一般水准，那么这个事业就是一项相当有价值的资产。
So far Berkshire has fallen into the significantly…lower camp。 Even more dramatic are the numbers at GEICO； in which our ownership interest is now 48％ and which customarily operates at an underwriting profit。 GEICO's growth has generated an ever…larger amount of funds for investment that have an effective cost of considerably less than zero。 Essentially； GEICO's policyholders； in aggregate； pay the pany interest on the float rather than the other way around。 （But handsome is as handsome does： GEICO's unusual profitability results from its extraordinary operating efficiency and its careful classification of risks； a package that in turn allows rock…bottom prices for policyholders。）
到目前为止，Berkshire算是资金成本相当低的那类，虽然我们拥有48％股权的GEICO的比率更好，且通常每年都享有承保获利，GEICO藉由不断地成长提供越来越多的资金以供投资，而且它的资金成本还远低于零成本以下，意思是说GEICO的保单持有人不但要先付保费给公司而且还要支付利息，（但就像有人又帅又有才干，GEICO非凡的获利能力导因于公司经营的效率与对风险的严格分类，如此使得保户也可享受超低价格的保单）。
Many well…known insurance panies； on the other hand； incur an underwriting loss/float cost that； bined with the tax penalty； produces negative results for owners。 In addition； these panies； like all others in the industry； are vulnerable to catastrophe losses that could exceed their reinsurance protection and