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& #39;t mean commercial paper. In 2008, 2009, when the economic crisis arose, we were holding Treasuries, not other people& #39;s commercial paper, not money market funds.

伯克希爾可能發(fā)生很多變化，但有一點(diǎn)永遠(yuǎn)不變——我們始終會(huì)持有大量現(xiàn)金。我所說(shuō)的現(xiàn)金，不是商業(yè)票據(jù)。2008年，2009年，經(jīng)濟(jì)危機(jī)出現(xiàn)的時(shí)候，我們當(dāng)時(shí)手握國(guó)債，不是別人的商業(yè)票據(jù)，也不是貨幣市場(chǎng)基金。

Holding cash has become our creed. There are times when you won& #39;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& #39;t care when it& #39;s there. But a few minutes of its disappearance is enough to be fatal.

持有現(xiàn)金已經(jīng)成為了我們的信條。有些時(shí)候，你手里沒現(xiàn)金，就活不到明天。這樣的情況，過(guò)去有，將來(lái)還會(huì)有?，F(xiàn)金如同氧氣。它存在的時(shí)候，你并不在意。它消失幾分鐘，就足以致命。

On March 31, Berkshire& #39;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，伯克希爾的現(xiàn)金水平下降了，因?yàn)槲覀冊(cè)谝患径戎泻芏痰囊欢螘r(shí)間內(nèi)集中投資了400多億美元。我們還計(jì)劃投資110多億美元，收購(gòu)阿勒加尼公司。做出了大筆投資之后，我們?nèi)匀皇治沾罅楷F(xiàn)金。

Some of Berkshire& #39;s subsidiaries got a line of credit from the bank. I don& #39;t know what they want this line of credit for. Berkshire has more money than the banks.

伯克希爾的一些子公司獲得了銀行的信用額度。我不知道它們要這個(gè)信用額度有什么用。伯克希爾比銀行更有錢。