워렌 버핏 “””” 미국 달러는 휴지조각 되는중 “”””

;다?:
;다
* # * #
Despite what some commentators currently view ds an
extraordinary cash position at
Berkshire the grcat majority of your moncy remains in cquities. That preference won’ t
While our ownership in marketable equities moved downward last year from $354 billion to
S272 billion the value of our non-quoted controlled equities increased somewhat and remains Jar
greater than the value of the marketable portfolio.
Berkshire sharcholders can rest assurcd that We will forever
deploy a substantial majority
of their money in
equities
mostly American equities although many of these will have
international operations of
“significance. Berkshire will never
ownership of cash-cquivalent
assets over the ownership of
businesses. whether controlled or only partially owned.
Paper money can Scc its Value evaporate if fiscal folly prevails. In some countries. this
reckless practice has become habitual and in our country’$ short history the US has comc
close to the edge Fixed-coupon bonds provide no protection against runaway currency.
Businesses as well as individuals with desired talents. however, will usually find a way
t0 cope with monetary instability as
as their
or services arc desired by the country” $
citizenry. So
tOO, with personal skills.
such assets as athletic excellence
wonderful
voice. medical or legal skills Or for that matter. any special talents.
have had to rely on equities
throughout my life In effect
have depended on the success of American businesses and
will
continuc to do $O.
changc.
prefer
good
long
goods
Lacking