巴菲特致股东的信（2021年）⑥美国国库券

U.S. Treasury Bills

美国国库券

Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 1⁄2 of 1% of the publicly-held national debt.

伯克希尔的资产负债表上有1,440亿美元的现金和现金等价物（不含BNSF和BHE的持有量）。其中1,200亿美元投资于美国国库券，全部在一年内到期。这意味着伯克希尔为公众持有的国债提供了大约0.5%的融资。

Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.

查理和我承诺，伯克希尔（连同除BNSF和BHE以外的子公司）永远会持有超过300亿美元的现金和现金等价物。我们希望伯克希尔在财务上固若金汤，永远不必仰仗陌生人（甚至朋友）的善意。查理和我都想睡个安稳觉，也希望我们的债权人、保险理赔客户和你们都能如此。

But $144 billion?

但是，1,440亿美元？

That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)

这个壮观的数字，我向你们保证，既不是某种精神失常的爱国主义表达，也不意味着查理和我失去了对拥有企业的强烈偏好。事实上，80年前的1942年3月11日，当我用114.75美元——我全部的积蓄——买入三股资本城市服务公司 (Cities Services) 优先股时，我就首次展现了对此的热情。（道琼斯工业指数那天收于99点，这个事实应该向你大声呐喊：永远不要做空美国。）

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 long- term holding.

第一次涉足股市之后，我始终将至少80%的个人净资产投在股权资产上。在那段时间里，我最偏爱的比例是100%——现在依然如此。伯克希尔目前大约80%的资产配置在企业上，是因为我找不到符合我们长期持有标准的整家公司或部分股权（即上市公司股票）。

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. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.

查理和我过去也不时忍受过类似的现金偏多的局面。这些时期从来不愉快，但也从来不会是永久的。而且幸运的是，2020年和2021年我们找到了一个尚可接受的资本配置替代方案。请继续往下看。