“At the end of 1974 the net unrealized loss in the stock section of our portfolio amounted to about $17 million, but we expressed the opinion, nevertheless, that this portfolio overall represented good value at its carrying value of cost. During 1975 a net capital loss of $2,888,000 before tax credits was realized, but our present expectation is that 1976 will be a year of realized capital gain. On March 31, 1976 our net unrealized gains applicable to equities amounted to about $15 million.
1974年年末，我们的股票组合的浮亏大约为1700万美金，然而我们认为我们股票的账面成本体现了组合的价值。1975年，我们的税前资本损失大约为288.8万美元，但是预计1976年我们将有资本利得。在今年的一季度末，我们的浮亏减少到约1500万美元。”
-----摘自1975年至股东信。
当时保险公司的股票投资是用成本代表资产净值，所以没有显示出回撤，实际上回撤很大。