超大型的

Application of this patent technology floating island tourism, floating dock project and integrated application of correlative specialty technical design construction of ship engineering, harbor engineering and maritime engineering, its main structure is the assembling packaging of 10 ships of pontoon and sets its orientation on the sea though assembled anchoring system, which locates in programming harbor area in Luoyuan bay and maritime space between Gangyu island and Niaoyu island.

海上浮动岛是应用现代科学技术构建的一种大型和超大型的海上浮动构筑物，根据不同的使用要求，选择合适的海洋环境，采用组合锚泊系统在海上实施定位，能在各向风、浪、流最不利的组合作用下保持稳定，并随潮汐的涨落与海平面一起升降，其亲水性特强，能够承受台风、海浪、风暴潮等自然灾害的袭击。

Set in an oversized junk yard, Cats tells the story of a group of moggies who get together for the Jellicle Ball, a night of tale-telling in which the cats will choose one of their number to go to the mystical heaviside layer don't ask

猫》的背景设置在一个超大型的垃圾场中，讲述的是一群猫为了参加杰里可舞会而聚集在一起，它们在一个互相讲故事的夜晚选出其中最优秀的一个去往神秘的九重天。

Set in an oversized junk yard, Cats tells the story of a group of moggies who get together for the "Jellicle Ball", a night of tale-telling in which the cats will chooseone of their number to go to the mystical "heaviside layer" don't ask

猫》的背景设置在一个超大型的垃圾场中，讲述的是一群猫为了参加杰里可舞会而聚集在一起，它们在一个互相讲故事的夜晚选出其中最优秀的一个去往神秘的九重天。

An oversize mass is literally carved to its intended shape.

一个超大型的体积可以被准确的加工为它需要的形状。

It would be fallacious, however, to conclude from this single-year result that the super-cat business is a wonderful one, or even a satisfactory one. A simple example will illustrate the fallacy: Suppose there is an event that occurs 25 times in every century. If you annually give 5-for-1 odds against its occurrence that year, you will have many more winning years than losers. Indeed, you may go a straight six, seven or more years without loss. You also will eventually go broke. At Berkshire, we naturally believe we are obtaining adequate premiums and giving more like 3 1/2-for-1 odds.

伯克希尔本身很适合从事霹雳猫保险的业务，我们有业界最优秀的经理人 Ajit Jain，此外从事这行需要相当雄厚的资金实力，在这点我们公司的净值大概是其他主要竞争对手的 10 到 20 倍，对大部分的保险业务而言，背后所拥有的资源还不是那么地重要，一家保险公司可以很轻易地就把它所承担的风险分散出去，若有必要，也可以降低险种集中度以减低风险，但是对霹雳猫保险这种特殊的保险就没有办法这样子做，所以其它的竞争同业只能被迫降低理赔的上限来因应，而要是他们胆敢承担更高的风险，则一个超大型的意外灾害或是连续发生几个较小型的灾害，就有可能让他们粉身碎骨。

Among the policies we have written and retained entirely for our own account are (1)$578 million of property coverage for a South American refinery once a loss there exceeds $1 billion;(2)$1 billion of non-cancelable third-party liability coverage for losses arising from acts of terrorism at several large international airlines;(3)￡500 million of property coverage on a large North Sea oil platform, covering losses from terrorism and sabotage, above ￡600 million that the insured retained or reinsured elsewhere; and (4) significant coverage on the Sears Tower, including losses caused by terrorism, above a $500 million threshold.

自从 911 事件发生之后，Ajit 就变得异常忙碌，在我们承接且全部自留在公司帐上的保单，主要有(1)南美洲炼油厂损失超过 10 亿美元以上的 5.78 亿美元意外险(2)数家国际航空公司 10 亿美元恐怖份子攻击事件不得撤销第三责任险(3)北海原油平台 5 亿英镑恐怖份子攻击及恶意破坏的产物意外险，以及超过 6 亿英镑以上业者自留或再保损失(4)芝加哥 Sears 大楼恐怖份子攻击事件超过 5 亿美元以上的损失等；此外我们也接了许多项超大型的意外险，例如世界杯足球赛以及 2002 年冬季奥运等，但不论是那一件个案，我们都尽量避免会发生连锁反应大量累积损失的保单，比如说，我们不会一口气接下位于同一个大都会的办公及住宅大楼大量的意外险，除非排除核子爆炸及后续可能引发的火灾损失。

Www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism avoiding dumb decisions, rather than by making brilliant ones. Since September 11th, Ajit has been particularly busy. Among the policies we have written and retained entirely for our own account are (1)$578 million of property coverage for a South American refinery once a loss there exceeds $1 billion;(2)$1 billion of non-cancelable third-party liability coverage for losses arising from acts of terrorism at several large international airlines;(3)￡ 500 million of property coverage on a large North Sea oil platform, covering losses from terrorism and sabotage, above ￡600 million that the insured retained or reinsured elsewhere; and (4) significant coverage on the Sears Tower, including losses caused by terrorism, above a $500 million threshold. We have written many other jumbo risks as well, such as protection for the World Cup Soccer Tournament and the 2002 Winter Olympics. In all cases, however, we have attempted to avoid writing groups of policies from which losses might seriously aggregate.

In assessing the soundness of their reinsurance protection， insurers must therefore apply a stress test to all participants in the chain， and must contemplate a catastrophe 17 自从 911 事件发生之后，Ajit 就变得异常忙碌，在我们承接且全部自留在公司帐上的保单，主要有(1)南美洲炼油厂损失超过 10 亿美元以上的 5.78 亿美元意外险(2)数家国际航空公司 10 亿美元恐怖份子攻击事件不得撤销第三责任险(3)北海原油平台 5 亿英镑恐怖份子攻击及恶意破坏的产物意外险，以及超过 6 亿英镑以上业者自留或再保损失(4)芝加哥 Sears 大楼恐怖份子攻击事件超过 5 亿美元以上的损失等；此外我们也接了许多项超大型的意外险，例如世界杯足球赛以及 2002 年冬季奥运等，但不论是那一件个案，我们都尽量避免会发生连锁反应大量累积损失的保单，比如说，我们不会一口气接下位于同一个大都会的办公及住宅大楼大量的意外险，除非排除核子爆炸及后续可能引发的火灾损失。

In front of me stood the essential tools of the intelligence officer's trade - a desk, two telephones, one scrambled for outside calls, and to one side a large green metal safe with an oversized combination lock on the front.

在我面前放着的是智力管理者行头中重要的工具——一个桌子，两部电话，一个改变频率可以不被窃听的外线电话，还有在旁边的一个巨大的铁制保险箱，他的上面用一个超大型的锁锁着。

In front of me stood the essential tools of the intelligence officer's trade - a desk, two telephones, one scrambled for outside calls, and to one side a large green metal safe with an oversized combination lock on the front.

在我的面前放着一个情报人员所必须的工具-----一边放着一张桌子，两部电话，使打进来的电话不被窃听的设备，另外一边放着一个绿色的前面有一个超大型的锁的大箱子。

It indicates that the steel enterprise should be reformed and developed through product modification and product structure adjustment in order to upgrade products and increase competitive power in markets and therefore to rise to the challenge from WTO and steel markets globalized;the super large? sized steel trust should be constructed though stock ownership reorganization linked by capital so as to resist incursion of the steel magnate at abroad and rejuvenat.e national steel indutry; the mind should be emancipated, the concept should be changed , the power for the enterprise reforms should be enhanced, especially to reform management and administration systems to create sufficint and essential conditions for the enterprise rejuvenation and development.

本文认为，钢铁企业的改革和发展，应该以产品改造和产品结构调整为突破口，迎接WTO和全球化钢铁大市场的挑战，培育钢铁企业的产品升级能力和市场竞争能力；以资本为纽带，通过股份制改组，构建超大型的钢铁托拉斯，抵御国外钢铁巨头的入侵，振兴民族钢铁工业；解放思想，转变观念，加大国有大中型钢铁企业的改革力度，特别是要改革企业内部的经营机制和管理机制，创造企业振兴与发展的充分条件和必要条件。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。