关于巴菲特“永不满仓”，是错误翻译！

Core Viewpoint - The article discusses a misinterpretation of Warren Buffett's statement regarding investment strategies, emphasizing that the key to his success is not the pursuit of being fully invested at all times, but rather the ability to hold cash for better opportunities [1][2][17]. Group 1: Investment Philosophy - Buffett's original statement indicates that making money is linked to not wanting to be fully invested at all times, which is different from the notion of "never being fully invested" [6][8]. - The focus should be on identifying high-return assets rather than maintaining a constant investment level; holding cash is a means to an end, not an end in itself [9][19]. - The investment strategy relies on recognizing and seizing rare opportunities rather than expecting consistent returns from frequent investments [14][19]. Group 2: Current Cash Reserves - Berkshire Hathaway currently holds over $300 billion in cash and short-term investments, representing about 27% of total assets, significantly higher than the historical average of 13% [11]. - The high cash reserves are a practical consideration, allowing for potential large acquisitions when suitable opportunities arise [13][19]. - Buffett emphasizes that the decision to hold cash is not a strategy to make future leadership look better but is based on real market conditions and opportunities [12][19]. Group 3: Market Timing and Opportunities - Investment opportunities do not appear in a predictable manner; they are sporadic and require patience to capitalize on [14][19]. - The article highlights that while the market generally trends upward over the long term, predicting short-term movements is impossible [19][20]. - Holding cash allows for readiness to act when valuable opportunities present themselves, which is crucial for long-term investment success [19][20].