（阿浦研究院｜亚澳巴菲特研习社）
Part 4 - Day 12
字数：386字
Day 12思考：
1.伯克希尔的投资组合和其巨大财力在保险行业所表现的可怕能力是怎样的？
人物介绍：
Ajit Jain -阿吉特·贾因：是“股神”巴菲特可能的接班人之一，加拿大人，毕业于加拿大亚伯达大学（University of Alberta），从1992 年开始在Cal Energy能源公司管理地热发电工作，1999 年，中美能源公司（MidAmerican Energy）收购了Cal Energy，而后中美能源又被伯克希尔哈撒韦收购，改名伯克希尔哈撒韦能源，阿伯尔就这样开始在巴菲特手下干活。
生词积累：
1. terrific adj.极好的；非常的
2. hard-to-replicate adj.难以复制的
3. take on 承担
4. inappropriate adj.不适当的；不相称的
5. mega-catastrophe 特大灾难
正文：
Berkshire’s attractive insurance economics exist only because we have some terrific managers running disciplined operations that possess strong, hard-to-replicate business models. Let me tell you about the major units.
伯克希尔的经济特性如此优越，得益于一批杰出的经理人经营着擅长的业务，而且这些业务模式稳健，难以复制。接下来给大家介绍一下主要的公司。
First by float size is the Berkshire Hathaway Reinsurance Group, managed by Ajit Jain. Ajit insures risks that no one else has the desire or the capital to take on. His operation combines capacity, speed, decisiveness and, most important, brains in a manner unique in the insurance business. Yet he never exposes Berkshire to risks that are inappropriate in relation to our resources. Indeed, we are far more conservative in avoiding risk than most large insurers. For example, if the insurance industry should experience a $250 billion loss from some mega- catastrophe – a loss about triple anything it has ever experienced – Berkshire as a whole would likely record a significant profit for the year because of its many streams of earnings. And we would remain awash in cash, looking for large opportunities if the catastrophe caused markets to go into shock. All other major insurers and reinsurers would meanwhile be far in the red, with some facing insolvency.
按浮存金规模排名第一的是伯克希尔·哈撒韦再保险集团，由Ajit Jain管理。Ajit为那些没有人愿意或有足够财力担当的风险承保。他的经营风格综合了能力、速度、果断，以及最重要的对保险业务的别具一格的智慧。他从未令伯克希尔暴露在与我们的资源不能配比的风险之下。的确如此，与大多数大型保险公司相比，我们在规避风险方面做得相当保守。举例来说，如果保险业因一些巨灾而须承受2500亿美元的损失――这个相当于这个行业所曾经历的最大损失的三倍――伯克希尔因其多种收入来源，当年整体上仍能实现盈利。而且我们会保留大量的现金，在市场因巨灾而衰落之际去寻找好的机会。而其他大的保险公司与再保险公司则可能会出现大额亏损，一些甚至将面临倒闭。
From a standing start in 1985, Ajit has created an insurance business with float of $37 billion and a large cumulative underwriting profit, a feat no other insurance CEO has come close to matching. Ajit’s mind is an idea factory that is always looking for more lines of business he can add to his current assortment.
从1985年开始，Ajit所执掌的保险业务创造了370亿美元的浮存金和大量的承保利润，对于这样的成就，别的保险公司CEO只能望其项背了。Ajit的脑袋就是一个创意工厂，他一直在寻找更多的业务加入他现有的业务类型中去。
One venture materialized last June when he formed Berkshire Hathaway Specialty Insurance (“BHSI”). This initiative took us into commercial insurance, where we were instantly accepted by both major insurance brokers and corporate risk managers throughout America. These professionals recognize that no other insurer can match the financial strength of Berkshire, which guarantees that legitimate claims arising many years in the future will be paid promptly and fully.
去年六月他成立伯克希尔·哈撒韦专业保险公司（BHSI），就是他的思路的具体体现。这一创举使我们进入到商业保险领域，并立即得到主要的保险代理商和企业风险管理者的接受。这些专业人士意识到，没有哪家保险公司能够与与伯克希尔的财力相媲美，他们未来多年合法要求的保障都能够得到迅速而充分的满足。
BHSI is led by Peter Eastwood, an experienced underwriter who is widely respected in the insurance world. Peter has assembled a spectacular team that is already writing a substantial amount of business with many Fortune 500 companies and with smaller operations as well. BHSI will be a major asset for Berkshire, one that will generate volume in the billions within a few years. Give Peter a Berkshire greeting when you see him at the annual meeting.
BHSI的负责人是Peter Eastwood，他是位经验老到的保险从业人士，在业界广受尊重。Peter已经组建了一只优秀的团队，他们已经在与许多财富500强企业以及一些较小的公司签下大量的业务。BHSI将成为伯克希尔的一项主要资产，几年内其资产规模可达到数十亿美元。要是你们在年会上碰到Peter，请给他一个伯克希尔式致敬。
Day 12思考答案：
1. 如果保险业因一些巨灾而须承受2500亿美元的损失（这个数字相当于这个行业历史上的最大损失的三倍），伯克希尔能够依靠其多种收入来源而仍可能取得显著的当年利润。
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