跟《经济学人》学英文：2024年08月10日这期 Why Warren Buffett has built a mighty cash mountain

Why Warren Buffett has built a mighty cash mountain

Berkshire Hathaway’s boss is an impressive investor, not an economic oracle

oracle：美 [ˈɔːrəkl] 神谕；神示；能提供宝贵信息的人（或书）；智囊；预言者

原文：

No investor commands attention quite like Warren Buffett. As boss of

Berkshire Hathaway, an investment firm that he has run for almost six

decades, Mr Buffett’s every movement is scrutinised. When he shifts in his

seat, investors large and small ponder what it might mean for their

portfolios.

没有哪个投资者能像沃伦·巴菲特那样引人注目。作为伯克希尔哈撒韦公司的老板，巴菲特先生经营了近60年的投资公司，他的一举一动都受到密切关注。当他改变座位时，大大小小的投资者都在思考这对他们的投资组合可能意味着什么。

学习：

commands：博得；（command的第三人称单数）

“Command” 在这里指的是引起或吸引（注意力）。

例子：这位演讲者凭借其独特的见解和表达能力成功吸引了观众的注意力。(The speaker managed to command the audience’s attention with his unique insights and delivery.)

ponder：沉思；仔细考虑；深思熟虑；琢磨；

portfolio:投资组合

原文：

Results released by Berkshire Hathaway on August 3rd gave watchers more

reason than normal to take note. The company announced that it had cut its

stake in Apple by almost half, to $84bn. Its holdings of cash and Treasury

bills increased from $189bn in the first quarter of the year to $277bn at the

end of June. The backdrop to the announcement was dismal. Stockmarkets

were in the midst of a sell-off, after weaker-than-expected data on American

employment had provoked worries about the strength of the world’s largest

economy.

伯克希尔·哈撒韦公司8月3日发布的结果给了观察家们比平常更多的理由去关注。该公司宣布已将其在苹果的股份削减了近一半，至840亿美元。其持有的现金和美国国债从今年第一季度的1890亿美元增加到6月底的2770亿美元。这一声明的背景令人沮丧。在弱于预期的美国就业数据引发了对世界最大经济体实力的担忧后，股票市场正处于抛售之中。

学习：

Berkshire：美 [ˈbərkʃər] 注意发音

take note：注意到；注意；重视；留心

backdrop：背景；幕布；背景幕

dismal：美 [ˈdɪzməl] 忧郁的；沮丧的；凄凉的；悲惨的；

in the midst of：在…当中；正当…时候；正在经历…时

sell-off：抛售

原文：

Mr Buffett’s reputation has taken on an almost spiritual element: he is

known as the “Oracle of Omaha” for a reason. The tens of thousands of

investors who flock to Berkshire Hathaway’s shareholder meeting are more

disciples than stockpickers. It is no surprise, then, that some onlookers see

the cash accumulation as a dark omen. They note that Mr Buffett also

accumulated cash in the mid-2000s, before the global financial crisis,

leaving him in a strong position to buy when other investors’ balance-sheets

were hammered. What does he know about the economy that they do not?

巴菲特的名声几乎带上了一种精神元素:他被称为“奥马哈先知”是有原因的。成千上万涌向伯克希尔·哈撒韦公司股东大会的投资者与其说是选股者，不如说是信徒。因此，毫不奇怪，一些旁观者将现金积累视为一个黑暗的预兆。他们指出，在全球金融危机爆发前的2005年左右，巴菲特也积累了现金，这让他在其他投资者的资产负债表遭受重创时处于有利地位。关于经济，他知道什么他们不知道的？

学习：

disciples：美 [dɪˈsaɪpəlz] 门徒；（disciple的复数） 注意发音

stockpicker：选股人

onlookers：旁观者；（onlooker的复数）

omen： 美 [ˈoʊmən] 预兆；征兆；前兆；预示

Oracle of Omaha: oracle 预言家，先知

“Oracle” 在这里指的是预言家或智者。

“Oracle of Omaha” 是沃伦·巴菲特的绰号，用来强调他在投资界的预言能力和智慧。这个绰号结合了他的故乡（内布拉斯加州的奥马哈）和他在投资方面的洞察力，使他在投资者眼中如同预言家一样受人尊敬。

例子：沃伦·巴菲特被称为“奥马哈的预言家”，因为他在投资方面的高超洞察力和长期成功的投资记录。(Warren Buffett is known as the “Oracle of Omaha” for his keen investment insights and long-term successful track record.)

accumulated cash：积累现金，堆积现金

原文：

Less than they imagine. Mr Buffett’s extraordinary talent as an investor is

not based on a capacity for seeing the future. Indeed, his outperformance is

all the more impressive for his lack of supernatural abilities. In research

published in 2018, Andrea Frazzini, David Kabiller and Lasse Pedersen, all

of AQR Capital Management, a quantitative investment firm, found that Mr

Buffett’s long-run outperformance can be straightforwardly explained. He

has bought high-quality stocks at relatively cheap prices, and applied

leverage judiciously. His strategy is, in short, classic “value investing”,

albeit a form that is combined with the ability to borrow cheaply through

Berkshire Hathaway’s insurance business.

比他们想象的要少。巴菲特作为投资者的非凡天赋并不是基于预见未来的能力。事实上，由于他没有超自然能力，他的杰出表现更加令人印象深刻。在2018年发表的研究中，量化投资公司AQR Capital Management的安德烈亚·弗拉兹尼(Andrea Frazzini)、大卫·卡比勒(David Kabiller)和拉斯·彼得森(Lasse Pedersen)发现，巴菲特的长期跑赢可以直接解释。他以相对低廉的价格买入优质股票，并明智地运用杠杆。简而言之，他的策略是经典的“价值投资”，尽管这种形式结合了通过伯克希尔哈撒韦(Berkshire Hathaway)的保险业务低成本借款的能力。

学习：

supernatural：超自然的；神秘的；超乎寻常的；非自然的；

value investing：价值投资

介绍伯克希尔哈撒韦公司（Berkshire Hathaway Inc.）:

伯克希尔哈撒韦公司（Berkshire Hathaway Inc.）是一家多元化的控股公司，由沃伦·巴菲特（Warren Buffett）领导。该公司总部位于美国内布拉斯加州的奥马哈。伯克希尔哈撒韦通过其众多全资子公司和股权投资，从事多种行业的经营活动。

Berkshire Hathaway Inc. is a diversified holding company led by Warren Buffett, headquartered in Omaha, Nebraska, USA. The company engages in various business activities through its numerous wholly-owned subsidiaries and equity investments.

主要业务范围 Main Business Areas

1. 保险 Insurance

• 伯克希尔哈撒韦的保险业务是其最重要的部门之一，包括Geico（汽车保险）、Berkshire Hathaway Reinsurance Group（再保险）和General Re（再保险）等。
• The insurance business is one of Berkshire Hathaway’s most significant segments, including Geico (auto insurance), Berkshire Hathaway Reinsurance Group, and General Re (reinsurance).

2. 铁路运输 Rail Transportation

• 伯克希尔哈撒韦拥有并运营BNSF Railway，这是北美最大的货运铁路之一。
• Berkshire Hathaway owns and operates BNSF Railway, one of the largest freight railroads in North America.

3. 能源 Energy

• 通过Berkshire Hathaway Energy，公司在电力和天然气的生产、输送和配送方面具有显著的投资，包括MidAmerican Energy和NV Energy。
• Through Berkshire Hathaway Energy, the company has significant investments in the generation, transmission, and distribution of electricity and natural gas, including MidAmerican Energy and NV Energy.

4. 制造业、服务业和零售业 Manufacturing, Service, and Retail

• 伯克希尔哈撒韦在制造业、服务业和零售业拥有多元化的业务组合，如Precision Castparts（精密铸件）、Fruit of the Loom（服装）、Dairy Queen（餐饮连锁）等。
• Berkshire Hathaway has a diversified portfolio in manufacturing, service, and retail sectors, such as Precision Castparts (precision castings), Fruit of the Loom (apparel), and Dairy Queen (restaurant chain).

5. 金融和投资 Financial and Investment

• 伯克希尔哈撒韦还进行广泛的股权投资，持有众多知名公司的股份，如苹果、可口可乐、美国运通和富国银行等。
• Berkshire Hathaway also engages in extensive equity investments, holding shares in numerous well-known companies such as Apple, Coca-Cola, American Express, and Wells Fargo.

6. 房地产 Real Estate

• 通过其子公司Berkshire Hathaway HomeServices，公司在住宅和商业房地产市场也有重要的影响力。
• Through its subsidiary Berkshire Hathaway HomeServices, the company also has significant influence in the residential and commercial real estate markets.

伯克希尔哈撒韦以其稳健的财务策略、长期投资眼光和多元化的业务组合闻名，这使其在全球投资界享有盛誉。

Berkshire Hathaway is renowned for its prudent financial strategy, long-term investment vision, and diversified business portfolio, which have earned it a prestigious reputation in the global investment community.

原文：

Just as the explanation for his extraordinary performance is acumen rather

than magic, so is the reason for Mr Buffett’s cash build-up. In May Mr

Buffett said that his investors should expect him to sell shares and build up

reserves for two reasons. One is that he expects taxes on capital gains to rise,

and wants to realise his profits before that happens. The other is that he sees

few cheap, high-quality companies in which to invest. The stockmarket is

expensive across the board.

正如对他非凡表现的解释是敏锐而非魔法，巴菲特积累现金的原因也是如此。今年5月，巴菲特表示，出于两个原因，他的投资者应该会期待他出售股票并建立储备。一是他预计资本利得税将会上涨，并希望在此之前兑现他的利润。另一个原因是，他认为很少有廉价、高质量的公司可以投资。股票市场普遍昂贵。

学习：

acumen：美 [əˈkjumən] 敏锐；聪明；机敏；智慧

cash build-up：积累现金

realise his profits：兑现利润

across the board：全面的；影响全体的；普遍的

原文：

Berkshire Hathaway’s investments in Japan are an example of both the

merits and the limits of Mr Buffett’s strategy. It appears unlikely that the

firm would have sold the stakes it holds in five sogo shosha, cheaply valued

trading houses, during the recent bout of market turmoil. In February Mr

Buffett mentioned the investments as among those he expected to hold

indefinitely. At the same time, he has promised his stakes in the companies

will not exceed 10%, a figure his holdings already bump up against.

Therefore options for expansion—either at home or abroad—remain scant.

伯克希尔·哈撒韦公司在日本的投资是巴菲特策略的优点和局限性的一个例子。在最近一轮市场动荡中，该公司似乎不太可能出售其持有的五家估值低廉的综合商社的股份。今年2月，巴菲特提到这些投资是他预计将无限期持有的投资之一。与此同时，他承诺他在这些公司的股份不会超过10%，这个数字他的持股已经碰到了。因此，扩张的选择——无论是国内还是国外——仍然很少。

学习：

sogo shosha：综合商社

bout：一阵；一段时间；一次（活动或事件）

market turmoil：市场动荡

scant：不足的；缺乏的；贫乏的；仅仅的；少量的

原文：

Mr Buffett has never claimed to posses the foresight his followers attribute

to him. Indeed, he once joked that any firm which hires an economist has

one employee too many, and says he has never made any investment

decision based on an economic prediction. Although Berkshire Hathaway

emerged from the global financial crisis in better shape than the vast

majority of its peers, the company’s cash holdings declined as a share of its

total assets in the quarters running up to the collapse of Lehman Brothers in

2008—not the path an omniscient investor would have taken.

巴菲特从未声称拥有追随者们认为他具有的远见卓识。事实上，他曾经开玩笑说，任何雇佣经济学家的公司都有一个多余的员工，并说他从来没有根据经济预测做出任何投资决定。尽管伯克希尔哈撒韦在全球金融危机中的表现好于绝大多数同行，但在2008年雷曼兄弟(Lehman Brothers)倒闭前的几个季度，该公司的现金持有量占其总资产的比例有所下降——这不是一个无所不知的投资者会走的路。

学习：

total assets：资产总额；总资产；

omniscient：美 [ɑmˈnɪsiənt] 无所不知的；全知全能的

原文：

Mr Buffett’s new cash pile is undoubtedly enormous. Berkshire Hathaway

could, if it wished, buy McDonald’s at the burger chain’s current share price

and have $80bn left over, or take a stake in Meta larger than the one held by

Mark Zuckerberg, the firm’s boss. If markets do enter a steeper downturn,

Mr Buffett will be in an enviable position, able to snap up firms trading at

discounts. Fans of Mr Buffett’s clear-headed approach to investing should

nevertheless take him at his word. His simple maxims are at the root of his

long and impressive performance as an investor; his growing cash pile holds

no hidden explanation. The value investing Mr Buffett practises has become

increasingly tough. In the absence of a much more protracted sell-off, it is

likely to remain so.■

巴菲特先生的新现金储备无疑是巨大的。如果愿意的话，伯克希尔·哈撒韦公司可以以这家汉堡连锁店目前的股价收购麦当劳，并剩下800亿美元，或者持有比公司老板马克·扎克伯格更多的Meta股份。如果市场真的进入更严重的低迷，巴菲特将处于令人羡慕的地位，能够以折扣价收购公司。然而，巴菲特头脑清醒的投资方式的粉丝们应该相信他的话。作为一名投资者，他简单的格言是他长期令人印象深刻的表现的根源；他不断增长的现金储备没有隐藏的解释。巴菲特奉行的价值投资已经变得越来越艰难。如果没有更长时间的抛售，这种情况可能会持续下去。■

学习：

downturn：经济衰退；市场低迷；下降趋势；

snap up：抢购；增长；争夺

clear-headed：（尤指在困境中）头脑清醒的；思路清晰的；

maxims：美 [ˈmæksɪmz] 格言；（maxim的复数）

后记

2024年8月12日16点10分于上海。