2019-08-21

Day 17 思考：
1.注重社会信誉的中美能源会为公司带来什么样的回报？公平的回报
2.为何规避资本集中的产业？所需要的增量投资比较多

金融词汇解析：
1.Capital-intensive 资本密集型 商业词汇， 资本密集型行业和企业需要投入大量资金，比较劳动密集型

生词积累：
1.End of the bargain-完成交易，履行协议
2.Reciprocate-报答
3.Promptly-敏捷地，迅速、立即地
4.Ever-increasing-不断增加的
5.Shun-避开，回避
6.Incremental-增加的
7.Anticipate-预感，预期
8.Decent-相当好的
9.Spectacular-壮观的

正文：
MidAmerican has consistently kept its end of the bargain with society and, to society’s credit, it has reciprocated: With few exceptions, our regulators have promptly allowed us to earn a fair return on the ever- increasing sums of capital we must invest. Going forward, we will do whatever it takes to serve our territories in the manner they expect. We believe that, in turn, we will be allowed the return we deserve on the funds we invest.
中美能源始终信守与社会达成的协议，而且，值得称道的是，它也得到了社会的回报：除了少数例外，我们的监管机构迅速允许我们从不断增加的资本投资中获得公平回报。今后，我们将尽一切努力以他们所期望的方式为我们的领土服务。我们相信，反过来，我们将被允许从我们投资的资金中获得我们应得的回报。
In earlier days, Charlie and I shunned capital-intensive businesses such as public utilities. Indeed, the best businesses by far for owners continue to be those that have high returns on capital and that require little incremental investment to grow. We are fortunate to own a number of such businesses, and we would love to buy more. Anticipating, however, that Berkshire will generate ever-increasing amounts of cash, we are today quite willing to enter businesses that regularly require large capital expenditures. We expect only that these businesses have reasonable expectations of earning decent returns on the incremental sums they invest. If our expectations are met – and we believe that they will be – Berkshire’s ever-growing collection of good to great businesses should produce above-average, though certainly not spectacular, returns in the decades ahead.
早些时候，查理和我避开了公共事业等资本密集型企业。实际上，对所有者而言，迄今为止最好的企业仍然是那些资本回报率高、增长所需增量投资少的企业。我们很幸运拥有一些这样的企业，我们愿意购买更多。然而，由于预计伯克希尔将产生越来越多的现金，我们今天非常愿意进入那些经常需要大笔资本支出的业务。我们只期望这些企业有合理的预期，即它们的增量投资能够获得可观的回报。如果我们的预期能够实现——我们相信这一点将会实现——伯克希尔越来越多的优秀企业将在未来几十年产生高于平均水平的回报，尽管肯定不会惊人。