2010-03-01 Glenn M. Renwick’s Letters to PGR Shareholders

2008/09年是BRK大量挑选机会的时候，Progressive的经历正好相反，60亿的所有者权益短时间内浮亏14亿，稍微不谨慎就有可能被迫低价出售资产以应付流动性。

While our capital had been greatly diminished in 2008 and early 2009, our capital management practices allowed us the luxury of managing through the effects of reduced asset valuations and we were not forced to sell securities at low values or turn to external sources to restore capital balances. We had continued belief that the assets we held, and specifically our financial preferred stocks, would be far more likely to appreciate from our now re-established book values than they were to fall further. Our preferred stock portfolio ended 2009 with net unrealized gains of $533 million and received nearly $150 million of dividends during the year.  

虽然我们的资本在2008年及2009年初大幅缩水，但我们的资本管理措施使我们有能力应对资产估值下降的影响，而无需被迫以低价出售证券或向外部筹资以恢复资本余额。我们一直坚信，持有的资产，尤其是我们的金融优先股，更有可能从现已重建的账面价值中升值，而非进一步下跌。我们的优先股投资组合在2009年以净未实现收益5.33亿美元结束，并在年内获得了近1.5亿美元的股息。