浮存金

尽管如此我们的浮存金仍然无需支付任何成本，这主要是由于我们其它保险业务尤其是GEICO的杰出经营所创造的超级成果。

Nevertheless , our float was costless in2005 because of the superb results we had in our other insurance activities , particularly at GEICO .

因此，随着业务增长，我们的浮存金也会越来越多。

Consequently , as our business grows , so does our float .

事实上，这种亏损是整个行业为其所持有的浮存金支付的费用。

This loss , in effect , is what the industry pays to hold its float .

在往后几年我们浮存金对保费收入的比例还是继续增加。

Our ratio of float to premium volume will increase very significantly during the next few years .

这种当前筹集资金而滞后支付的模式使得我们能够得以持有大量资金，我们称之为“浮存金”。

This collect-now , pay-later model leaves us holding large sums – money we call " float "– that will eventually go to others .

总的来看，它们的业绩一直以来都是赚钱的，而且正如下表所反映的，他们也为我们提供了大量的浮存金。

In aggregate , their results have consistently been profitable and , as the table below shows , the float they provide us is substantial .

考虑到这些优势，我相信在接下来数年里，保险业务依然可以保持盈利并且不需要为浮存金进行支付。

Considering these strengths , I believe that we will earn an underwriting profit over the years and that our float will therefore cost us nothing .

如果公司收取的保险费用超过了最终赔偿及运营费用支出总额，那么我们除浮存金的投资收入外还获得了承保盈利收入。

If premiums exceed the total of expenses and eventual losses , we register an underwriting profit that adds to the investment income produced from the float .

巴菲特从未隐瞒获得浮存金所蕴含的风险；事实上，他在致股东信中特意解释了这一点。

He has never hidden the risks involved in obtaining cash float ; indeed , he has gone out of his way to explain it in his shareholder letters .

保费收入超过费用和可能的赔付损失的总额的部分，我们可以将它记录为我们的利润，同时，浮存金产生的投资收益也会加计到我们的利润中去。

If our premiums exceed the total of our expenses and eventual losses , we register an underwriting profit that adds to the investment income that our float produces .

他的意思是，只要不发生持续的承保损失，伯克希尔哈撒韦就能运转良好，因为浮存金随着时间而增长，为其它业务提供资金。

His point is that Berkshire Hathaway does well as long as it avoids chronic underwriting losses because the float builds up over time and finances the rest of the business .

我再次强调，免费使用浮存金并不是整个财产险行业的普遍现象，在大部分时间里，保险费并不足以支付客户要求的索赔及公司运营费用。

Let me emphasize again that cost-free float is not a result to be expected for the P / C industry as a whole : In most years , premiums have been inadequate to cover claims plus expenses .