巴菲特致股东的信（2010年）⑬附录：欧内斯特给弗雷德和凯瑟琳的信

Dear Fred & Catherine:

亲爱的 Fred 和 Catherine：

Over a period of a good many years I have known a great many people who at some time or another have suffered in various ways simply because they did not have ready cash. I have known people who have had to sacrifice some of their holdings in order to have money that was necessary at that time. For a good many years your grandfather kept a certain amount of money where he could put his hands on it 1n very short notice.

过去多年的人生经历中，我曾经见到过很多人或早或晚遭受各不相同的苦难，原因仅仅是因为手头没有现金。我曾经见过一些人因为当时急需现金而不得不低价变卖他们的私人财产。很多年来，你们的爷爷总是会保留一定数量的现金，只需要在非常短时间内提前通知，就可以很快把现金拿到手。

For a good many years your grandfather kept a certain amount of money where he could put his hands on it in very short notice.

很多年来，你们的爷爷总是会保留一定数量的现金，只需要在非常短时间内提前通知，就可以很快把现金拿到手。

For a number of years I have made it a point to keep a reserve, should some occasion come up where I would need money quickly, with-out disturbing the money that I have in my business. There have been a couple occasions when I found it very convenient to go to this fund.

多年来，我特别注意一点，就是保持一定数额的备用金，以防备在某些特殊情况下我会马上需要使用现金，而不用动用我正在做生意用的钱而影响生意。曾经有两三次这样的经验，让我感到有了这笔备用金就像及时雨一样再好不过了。

Thus, I feel that everyone ahould have a reserve. I hopo it nover happens to you, but the chances are that some day you will need money, and need it badly, and with this thought in view, I started a fund by plac1ng $200.00 1n an envelope, with your name on it, when you were marr1ed." Each year I added something to it, unt1l there is now $1000.00 in the fund.

因此，我认为每个人都应该拥有一笔备用金。我希望你们永远用不上这笔备用金，但还是可能有一天你需要现金用，而且特别急用。正是考虑到以防万一，当你结婚的时候，我开始为你建立一笔备用金，一开始先把 200 美元放进一个信封，写上你的名字。此后每一年我都会往信封里再多放进去一些钱，如今这笔备用金总数已经达到 1000 美元。

Ten years have elapsed since you were married, and this fund is now completed.

从你结婚到现在已经十年过去了，这笔备用金终于攒成了。

It is my wish that you place this envelope in your safety deposit box, and keep it for the purpose that it was created for. Should the time come whon you need part, I wohld suggest that you use as l1ttle as possible, and replace it as soon as possible.

我希望你们能够把这个信封放在你们的银行保险箱里，保存好这笔现金，以达到我为你们设立这笔备用金的目的。如果到了需要使用其中一部分备用金的时候，我建议你们尽可能少量地使用，而且尽可能快速地补充回来。

You might feel that this should be invested and bring you an income. Forget it -- the mental satisfaction of having $1000.00 laid away where you oan put your handa on it, is worth more than what intorost it might bring, especially if you have the investment in something that you could not realize on quickly.

你们可能会觉得这笔现金应该进行投资以带来更多的收益。千万不要这样想，拥有 1000 美元放在你可以一伸手就拿到的地方，比这笔现金能够带来的再多收益都有价值，尤其是当你把钱投资在某些无法迅速变现的东西上时更是如此。

If in after years you feel this has been a good idea, you might repeat it with your own children.

如果未来几年你觉得这是一个好主意，你会重复我的这种做法为你自己的孩子建立备用金。

For your information, I might mention that there has never been a Buffett who ever left a very large estate, but there has never been one that did not leave something. They never spent all they made, but always saved part of what they made, and it has all worked out pretty well.

我要告诉你们一点我们祖辈的传统，供你们参考，那就是：巴菲特家族从来没有一个留下过一笔非常大的遗产，但是也从来没有一个人一点遗产也没留下过。我们巴菲特家族的人从来没有一个人会花光所有自己赚的钱，总是把赚的钱的一部分储存起来，这个做法的效果非常好。

This letter 1a being written at the expiration or ten years after you were married.

此信写于你们结婚十年期满之日。

Ernest Buffett

欧内斯特·巴菲特