巴菲特：不持有大量现金，可能明天就完蛋！

龙听

A lot may change at Berkshire, but one thing will always remain the same - we will always hold a lot of cash. And by cash, I don't mean commercial paper. In 2008, 2009, when the economic crisis arose, we were holding Treasuries, not other people's commercial paper, not money market funds.

伯克希尔可能发生很多变化，但有一点永远不变——我们始终会持有大量现金。我所说的现金，不是商业票据。2008年，2009年，经济危机出现的时候，我们当时手握国债，不是别人的商业票据，也不是货币市场基金。

Holding cash has become our creed. There are times when you won't live to see tomorrow without cash in hand. This has happened in the past and will happen again in the future. Cash likes oxygen. You don't care when it's there. But a few minutes of its disappearance is enough to be fatal.

持有现金已经成为了我们的信条。有些时候，你手里没现金，就活不到明天。这样的情况，过去有，将来还会有。现金如同氧气。它存在的时候，你并不在意。它消失几分钟，就足以致命。

On March 31, Berkshire's cash level declined as we focused on investing more than $40 billion in a very short period of time during the quarter. We also planned to invest more than $11 billion to acquire Alleghany Corp. Having made a large investment, we still have a lot of cash on hand.

3月31日，伯克希尔的现金水平下降了，因为我们在一季度中很短的一段时间内集中投资了400多亿美元。我们还计划投资110多亿美元，收购阿勒加尼公司。做出了大笔投资之后，我们仍然手握大量现金。

Some of Berkshire's subsidiaries got a line of credit from the bank. I don't know what they want this line of credit for. Berkshire has more money than the banks.

伯克希尔的一些子公司获得了银行的信用额度。我不知道它们要这个信用额度有什么用。伯克希尔比银行更有钱。

以上内容节选自2022年巴菲特股东大会