1. As this is written, little fear is visible in Wall Street.
- 翻译：在撰写本文时，华尔街几乎没有看到什么恐惧。
- 详解：
- "As this is written": 在撰写本文时。
- "little fear is visible": 几乎没有看到什么恐惧。
- "in Wall Street": ...
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撒花~日不见增，月见其长；月不见增，年见其长。
1. Occasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community.
- 翻译：投资界偶尔会发生这两种极易传染的疾病，恐惧和贪婪。
- 详解：
- "Occasional outbreaks": 偶尔的爆发。
- "of those t...
1. When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt.
- 翻译：然而，当主要下跌发生时，对于没有负债的人来说，它们提供了非凡的机会。
- 详解：
- "When major declines occur": 当主要下跌发生时。<...
1. This table offers the strongest argument I can muster against ever using borrowed money to own stocks.
- 翻译：这张表提供了我能够提出的最强烈的论据，反对使用借来的钱来购买股票。
- 详解：
- "This table": 这张表。
- "offers the strongest argument&...
1. By being so cautious in respect to leverage, we penalize our returns by a minor amount.
- 翻译：在杠杆方面如此谨慎，我们稍微损失了一点回报。
- 详解：
- "By being so cautious in respect to leverage": 在杠杆方面如此谨慎。
- "we penalize our return...
回复@668专注搞钱: 1. We keep our cash largely in U.S. Treasury bills and avoid other short-term securities yielding a few more basis points, a policy we adhered to long before the frailties of commercial paper and money market funds became apparent in September 2008.
- 翻...
1. At Berkshire, we will hold at least $10 billion of cash, excluding that held at our regulated utility and railroad businesses.
- 翻译：在伯克希尔，我们将至少持有100亿美元的现金，不包括我们管辖的公用事业和铁路业务所持有的现金。
- 详解：
- "At Berkshire":...
回复@668专注搞钱: 1. Borrowers then learn that credit is like oxygen.
- 翻译：借款人随后会发现，信贷就像氧气。
- 详解：
- "Borrowers": 借款人。
- "then learn": 随后会发现。
- "that credit is like oxygen": 信贷就像氧气。
- 重点单...
1. Leverage, of course, can be lethal to businesses as well.
- 翻译：当然，杠杆对企业也可能是致命的。
- 详解：
- "Leverage": 杠杆。
- "of course": 当然。
- "can be lethal to businesses as well": 也可能对企业是致命的。
- 重点单词...
1. Unquestionably, some people have become very rich through the use of borrowed money.
- 翻译：毫无疑问，有些人通过借钱变得非常富有。
- 详解：
- "Unquestionably": 毫无疑问。
- "some people have become very rich": 有些人变得非常富有。
- ...
1. We also own a large investment portfolio whose market value could fall dramatically and quickly under certain conditions (as happened on October 19, 1987).
- 翻译：我们还拥有一个庞大的投资组合，其市场价值在某些条件下可能会急剧下跌（就像1987年10月19日发生的情况一样）。<...
1. Moreover, there are people who have been permanently injured to whom we owe insurance payments that stretch out for fifty years or more.
- 翻译：此外，还有一些永久受伤的人，我们欠他们的保险赔偿要延续五十年甚至更长时间。
- 详解：
- "Moreover": 此外。
1. And that’s about it. We are not interested in incurring any significant debt at Berkshire for acquisitions or operating purposes.
- 翻译：就是这样。我们对于在伯克希尔进行收购或运营目的而产生任何重大债务都不感兴趣。
- 详解：
- "And that’s about it": 就...
1. From a risk standpoint, it is far safer to have earnings from ten diverse and uncorrelated utility operations that cover interest charges by, say, a 2:1 ratio than it is to have far greater coverage provided by a single utility.
- 翻译：从风险的角度来看，从十个多样化且...
1. Except for token amounts, we shun debt, turning to it for only three purposes:
- 翻译：除了一点点的数量，我们避免债务，只有三个目的才会使用它：
- 详解：
- "Except for token amounts": 除了一点点的数量。
- "we shun debt": 我们避免债务。
- ...
1. We wouldn’t have liked those 99:1 odds—and never will.
- 翻译：我们不喜欢那种99比1的几率，将来也不会喜欢。
- 详解：
- "We wouldn’t have liked": 我们不会喜欢。
- "those 99:1 odds": 那种99比1的几率。
- "and never will": 将来也不...
1. Our consistently-conservative financial policies may appear to have been a mistake, but in my view were not.
- 翻译：我们一贯保守的财务政策可能看起来是个错误，但在我看来并不是。
- 详解：
- "Our consistently-conservative financial policies": 我们一贯保守...
1. Some of my worst mistakes were not publicly visible.
- 翻译：我最糟糕的一些错误并不是公开可见的。
- 详解：
- "Some of my worst mistakes": 我最糟糕的一些错误。
- "were not publicly visible": 并不是公开可见的。
- 重点单词：mistakes（错误）...
1. After some other mistakes, I learned to go into business only with people whom I like, trust, and admire.
- 翻译：经过其他一些错误之后，我学会了只与我喜欢、信任和钦佩的人做生意。
- 详解：
- "After some other mistakes": 经过其他一些错误之后。
- "...