Core Insights - The article emphasizes the importance of thorough analysis in identifying investment opportunities and market trends, highlighting the author's extensive experience in the financial sector [1]. Group 1 - The author has a background in writing for Fade The Market on Seeking Alpha, focusing on providing insightful analysis and research on investment opportunities [1]. - The author is no longer involved with Fade The Market, indicating a shift in focus or strategy [1]. - The expertise developed over ten years includes evaluating market trends and optimizing financial portfolios [1].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 巴菲特股东大会之后，被传得最多一句竟然是： 我之所以赚了这么多钱，是因为我们"永不满仓"。 很多大媒体也在发这句话，但我看完就很疑惑，觉得这不像老巴说的话啊。 看到英文原文我明白了，这是翻译错了。 甚至我以最恶意的猜测来看，可能是为了流量，故意翻译错的。 作者： 大唐炼金师 来源：雪球 老巴的英文原文是：And we have made a lot of money by not wanting to be fully invested at all times. 晕，不追求什么时候都满仓，跟"永不满仓"能一样吗？ 这句话的意思是，我们恰恰是因为不强求"永远满仓"，才赚到了不少钱。 巴菲特是在比较投资机会，而不是为了不满仓而故意持有现金，持有现金是过程，而不是目的。 投资的目的是了持有未来回报更高的资产，这里的回报甚至都不是股价涨幅，而是持有未来能带来的现金流 多的资产，一定要搞清楚这点。 这句话出自2025年股东大会的第三个问答，我们也一起来看看全部的翻译吧。 股东问： 伯克希尔持有超过3000亿美元的现金与短期投资，占总 ...

Core Viewpoint - Berkshire Hathaway's cash reserves are notably high, but the company emphasizes that good investment opportunities do not arise every day [1] Group 1 - The company is actively seeking investment opportunities and aims to reduce its cash holdings, potentially down to $50 billion [1] - Significant transactions are deemed "extremely unlikely" to occur in the immediate future, but may present themselves within a five-year timeframe [1] - The company's substantial profits are attributed to a strategy of never fully investing all available capital [1]

偶尔会出现极具吸引力的投资机会。 希望手中的现金能少一些，可能减少到500亿美元。 巴菲特：一直在寻找投资机会，而且这项业务非常、非常、非常具有投机性。 ...

Core Insights - Warren Buffett's Berkshire Hathaway has acquired 5% of the entire U.S. Treasury bill market, amounting to $300.87 billion in short-term U.S. debt [1] - Berkshire's holdings surpass the Federal Reserve's, which currently holds just over $195 billion in Treasury bills, indicating Buffett's significant position in the market [2] - The yield on Treasury bills, approximately 4.359% as of April 2025, is more attractive than current stock market opportunities, leading Buffett to refrain from major acquisitions for over two years [2] Group 1 - Berkshire Hathaway holds $144 billion in Treasury bills classified as cash equivalents, with a remaining maturity of less than three months [1] - An additional $286.47 billion is categorized as short-term investments directly corresponding to Treasury bills, totaling $300.87 billion [1] - The total U.S. Treasury bill market is valued at $6.15 trillion, making Buffett's share equivalent to $1 for every $20 in circulation [1] Group 2 - Buffett remains inactive in the market despite significant declines, waiting for a "fat pitch" opportunity to invest [3] - The current market conditions have made it challenging for Buffett to identify worthwhile investments, even with his extensive cash reserves [3] - The size of Berkshire's market capitalization, exceeding $1 trillion, limits the potential impact of even multi-billion dollar transactions [3][4] Group 3 - Historical context shows Buffett's past interventions during financial crises, such as investing in Goldman Sachs and Bank of America, but current market dynamics require larger-scale assistance [5] - The scale of potential investments has increased significantly since the last financial crisis, necessitating larger commitments to have a meaningful impact [5]

编译 | 华尔街大事件 最近我们看到市场出现了一些极端波动。例如，纳斯达克指数在过去一个月内下跌了 11%，这 是过去 10 年来如此短时间内跌幅最大的一次。 然而，现在还不是对投资感到自满的时候。现在是积极投资的时候。如果市场继续崩盘，分析 师将增持以下 5 家公司。 Nu Holdings ( NU ) NU盈利非常强劲。股票抛售的主要原因有两个： 1. 贸易战导致美国经济普遍疲软 作者 | MMMT Wealth 2. 巴西雷亚尔疲软，导致其盈利看起来比实际情况糟糕得多。 请注意，这些原因实际上并不包括 NU 作为一家企业。如果你将美国环境与 NU 的基本面分 开，那么在当今的价格下，这将成为一次极好的机会。NU 目前的市销率为 3.3 倍，尽管其增 长率高于 UPST 和 SOFI，但仍低于 UPST、COIN 和 SOFI 等所有竞争对手。 NU 是一家极具颠覆性的公司，因为拉美地区的金融科技尚处于起步阶段。尽管如此，消费者 仍蜂拥而至，成为极具粘性的客户，因为 ARPAC（每位活跃客户的平均收入）同比增长了 23%。 Lemonade ( LMND ) Lemonade颠覆了一个尚未被完全颠覆的巨 ...