沃倫·巴菲特（Warren Buffett）警告華盛頓：預算過剩威脅美國經濟

傳奇的投資者在94歲時使用他的年度信函給股東向華盛頓傳達直接信息：預算過剩和貨幣不穩定威脅著美國經濟。

At 94 years old, Warren Buffett used his annual letter to shareholders to deliver a straightforward message to Washington: budgetary excesses and monetary instability threaten the American economy. This warning comes as Berkshire Hathaway reports spectacular financial performance, with a record profit and a historic cash reserve.

沃倫·巴菲特（Warren Buffett）在94歲那年，使用他給股東的年度信件向華盛頓傳達直接信息：預算過剩和貨幣不穩定威脅著美國經濟。此警告是隨著伯克希爾·哈撒韋（Berkshire Hathaway）報告出色的財務績效，並具有創紀錄的利潤和歷史悠久的現金儲備。

Thus, in a market where investment opportunities are becoming scarce, Buffett favors caution and prepares to hand over the reins to his designated successor, Greg Abel.

因此，在一個市場越來越稀缺的市場中，巴菲特會謹慎行事，並準備將ins繩交給他指定的繼任者格雷格·亞伯（Greg Abel）。

Buffett Warns Against Washington’s Budgetary Insanity

巴菲特警告說明華盛頓的預算精神錯亂

In his letter to shareholders, Buffett delivers an unequivocal message to Washington. He criticizes the growing budget deficits in the United States, which could worsen with the possible extension of tax cuts initiated under the Trump administration. “Fiscal craziness can destroy the value of paper money,” he warns, emphasizing the importance of prudent management of public finances. He reminds that the prosperity of the United States relies on a stable dollar and that monetary errors can have irreversible consequences.

巴菲特在給股東的信中向華盛頓傳達了明確的信息。他批評了美國日益增長的預算赤字，隨著特朗普政府在特朗普政府下發起的減稅措施可能延長可能會惡化。他警告說：“財政瘋狂會破壞紙幣的價值。”他強調了審慎管理公共財政的重要性。他提醒美國的繁榮依賴於穩定的美元，而貨幣錯誤可能會帶來不可逆轉的後果。

As budget deficits explode and the debate on extending the Trump-era tax cuts rages, Buffett fears a weakening of the dollar. He urges Washington to maintain a stable economic framework and to ensure support for the most vulnerable populations: “take care of those who, through no fault of their own, draw the short straw in life. They deserve better.”

隨著預算赤字的爆炸和有關延長特朗普時代稅收減少的辯論，巴菲特擔心美元的削弱。他敦促華盛頓保持穩定的經濟框架，並確保對最脆弱的人群的支持：“照顧那些沒有自己的過錯的人，繪製了一生的稻草。他們值得更好。”

Berkshire Hathaway Reports Spectacular Financial Performance, Set to Pass on the Reins to Greg Abel

伯克希爾·海瑟薇（Berkshire Hathaway

Berkshire Hathaway continues to assert its dominance in the markets. The year 2024 ends with a net profit of $89 billion, driven by strategic investments in Apple and American Express. Operating profit jumps by 27%, reaching $47.44 billion, a new peak for Buffett’s empire. In a context of high stock valuations, the company accumulates a record cash reserve of $334.2 billion, an unprecedented level. This accumulation reflects a cautious approach in a market deemed too expensive, where attractive investment opportunities are scarce.

伯克希爾·海瑟薇（Berkshire Hathaway）繼續主張其在市場上的主導地位。 2024年的淨利潤為890億美元，這是由蘋果和美國運通的戰略投資驅動的。營業利潤增長了27％，達到474.4億美元，這是巴菲特帝國的新山峰。在高股票估值的情況下，該公司積累了創紀錄的現金儲備3,42億美元，這是前所未有的水平。這種積累反映了一個被認為太昂貴的市場中的一種謹慎的方法，在稀缺的投資機會中。

Despite these spectacular results, Buffett remains cautious about investment prospects. He observes a shortage of attractive opportunities and notes that “often, nothing seems convincing,” and that the moments when he can massively deploy capital are becoming increasingly rare. This caution has translated into a partial sale of his stake in Apple, although the tech giant remains Berkshire Hathaway's largest investment. Such a strategy illustrates the methodical management of the conglomerate, which prefers to wait rather than overpay for inflated assets.

儘管有這些壯觀的結果，巴菲特仍然對投資前景保持謹慎。他觀察到缺乏有吸引力的機會，並註意到“通常沒有什麼令人信服的東西”，而且他能夠大量部署資本的時刻變得越來越罕見。儘管這家技術巨頭仍然是伯克希爾·哈撒韋公司（Berkshire Hathaway）最大的投資，但這種謹慎已轉化為部分出售他在蘋果公司的股份。這種策略說明了企業集團的方法管理，這更喜歡等待而不是過度付錢。

As he mentions his advanced age, Buffett is preparing to pass on Berkshire Hathaway to Greg Abel, his designated successor. He assures shareholders that Abel has “demonstrated his ability to allocate capital wisely,” thus ensuring a smooth transition. Furthermore, Buffett confirms his intention to increase Berkshire's investments in Japan, particularly in conglomerates like Mitsubishi and Itochu, as he believes these companies offer more attractive valuations than American stocks.

當他提到自己的高齡時，巴菲特正準備向伯克希爾·哈瑟韋（Berkshire Hathaway）傳遞給他的指定繼任者格雷格·阿貝爾（Greg Abel）。他向股東保證，亞伯“已經證明了他明智地分配資本的能力”，從而確保了平穩的過渡。此外，巴菲特證實了他打算增加伯克希爾在日本的投資，尤其是在三菱和伊itochu等企業集團中的投資，因為他認為這些公司提供的估值比美國股票更具吸引力。

Takeaways From Buffett's Annual Letter to Shareholders

巴菲特年度致股東的年度信件

1. Public Debt and Monetary Stability: Buffett's warning about the public debt of the United States and the stability of the dollar could very well come to fruition if American budgetary excesses continue.

1。公共債務和貨幣穩定性：巴菲特對美國公共債務的警告以及美元的穩定性，如果美國預算超額額繼續，很可能會實現。

2. Berkshire Hathaway's Shift Towards Japan: As Buffett prepares for his succession and plans to allocate more capital in promising markets, his strategy will undoubtedly influence Berkshire Hathaway's future investment decisions.

2。伯克希爾·哈撒韋（Berkshire Hathaway）向日本的轉變：當巴菲特為他的繼承做準備併計劃在有前途的市場中分配更多資本時，他的戰略無疑會影響伯克希爾·哈撒韋（Berkshire Hathaway）的未來投資決策。

3. Preparing for the Future: With an advanced age and the intention to pass on Berkshire Hathaway, Buffett's choices and commentary on his successor and the company's future direction hold great significance.

3.為未來做準備：以高齡的年齡和打算傳遞伯克希爾·哈撒韋（Berkshire Hathaway），巴菲特（Buffett）對他的繼任者的選擇和評論，以及公司的未來方向非常重要。