2022-02-26 19:33:36
就花街普遍关注现在如何处理手上大量现金的问题，巴菲特也给出了明确指示。
Nor have Charlie and I lost our overwhelming preference for business ownership.
After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for longterm holding.
Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent.
巴菲特表示，其并没改变现金不如资产的观点。其依然偏好股票而不是现金。现在手上大量现金的局面并不如其所愿，只可惜现在合适的长期投资机会并不多，倒逼其手上大量堆积现金。
...buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us. That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.
巴菲特将缺乏长期投资机会归结于美联储的长期低利率政策。
Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners.
巴菲特无可奈何的只能回购其股票,然而其减缓了回购步伐。事实上，不光巴菲特，美股各行业各公司的回购步伐均有所减慢，包括以往的回购大户大科技公司。
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