沃伦·巴菲特（Warren Buffett）警告华盛顿：预算过剩威胁美国经济

传奇的投资者在94岁时使用他的年度信函给股东向华盛顿传达直接信息：预算过剩和货币不稳定威胁着美国经济。

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.

沃伦·巴菲特（Warren Buffett）在94岁那年，使用他给股东的年度信件向华盛顿传达直接信息：预算过剩和货币不稳定威胁着美国经济。此警告是随着伯克希尔·哈撒韦（Berkshire Hathaway）报告出色的财务绩效，并具有创纪录的利润和历史悠久的现金储备。

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，在一个市场越来越稀缺的市场中，巴菲特会谨慎行事，并准备将ins绳交给他指定的继任者格雷格·亚伯（Greg Abel）。

Buffett Warns Against Washington’s Budgetary Insanity

巴菲特警告说明华盛顿的预算精神错乱

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.

巴菲特在给股东的信中向华盛顿传达了明确的信息。他批评了美国日益增长的预算赤字，随着特朗普政府在特朗普政府下发起的减税措施可能延长可能会恶化。他警告说：“财政疯狂会破坏纸币的价值。”他强调了审慎管理公共财政的重要性。他提醒美国的繁荣依赖于稳定的美元，而货币错误可能会带来不可逆转的后果。

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.”

随着预算赤字的爆炸和有关延长特朗普时代税收减少的辩论，巴菲特担心美元的削弱。他敦促华盛顿保持稳定的经济框架，并确保对最脆弱的人群的支持：“照顾那些没有自己的过错的人，绘制了一生的稻草。他们值得更好。”

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

伯克希尔·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.

伯克希尔·海瑟薇（Berkshire Hathaway）继续主张其在市场上的主导地位。 2024年的净利润为890亿美元，这是由苹果和美国运通的战略投资驱动的。营业利润增长了27％，达到474.4亿美元，这是巴菲特帝国的新山峰。在高股票估值的情况下，该公司积累了创纪录的现金储备3,42亿美元，这是前所未有的水平。这种积累反映了一个被认为太昂贵的市场中的一种谨慎的方法，在稀缺的投资机会中。

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.

尽管有这些壮观的结果，巴菲特仍然对投资前景保持谨慎。他观察到缺乏有吸引力的机会，并注意到“通常没有什么令人信服的东西”，而且他能够大量部署资本的时刻变得越来越罕见。尽管这家技术巨头仍然是伯克希尔·哈撒韦公司（Berkshire Hathaway）最大的投资，但这种谨慎已转化为部分出售他在苹果公司的股份。这种策略说明了企业集团的方法管理，这更喜欢等待而不是过度付钱。

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.

当他提到自己的高龄时，巴菲特正准备向伯克希尔·哈瑟韦（Berkshire Hathaway）传递给他的指定继任者格雷格·阿贝尔（Greg Abel）。他向股东保证，亚伯“已经证明了他明智地分配资本的能力”，从而确保了平稳的过渡。此外，巴菲特证实了他打算增加伯克希尔在日本的投资，尤其是在三菱和伊itochu等企业集团中的投资，因为他认为这些公司提供的估值比美国股票更具吸引力。

Takeaways From Buffett's Annual Letter to Shareholders

巴菲特年度致股东的年度信件

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。公共债务和货币稳定性：巴菲特对美国公共债务的警告以及美元的稳定性，如果美国预算超额额继续，很可能会实现。

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。伯克希尔·哈撒韦（Berkshire Hathaway）向日本的转变：当巴菲特为他的继承做准备并计划在有前途的市场中分配更多资本时，他的战略无疑会影响伯克希尔·哈撒韦（Berkshire Hathaway）的未来投资决策。

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.为未来做准备：以高龄的年龄和打算传递伯克希尔·哈撒韦（Berkshire Hathaway），巴菲特（Buffett）对他的继任者的选择和评论，以及公司的未来方向非常重要。