A lot may change at Berkshire, but one thing will always remain the same - we will always hold a lot of cash. And by cash, I don& #39;t mean commercial paper. In 2008, 2009, when the economic crisis arose, we were holding Treasuries, not other people& #39;s commercial paper, not money market funds.

伯克希尔可能发生很多变化，但有一点永远不变——我们始终会持有大量现金。我所说的现金，不是商业票据。2008年，2009年，经济危机出现的时候，我们当时手握国债，不是别人的商业票据，也不是货币市场基金。

Holding cash has become our creed. There are times when you won& #39;t live to see tomorrow without cash in hand. This has happened in the past and will happen again in the future. Cash likes oxygen. You don& #39;t care when it& #39;s there. But a few minutes of its disappearance is enough to be fatal.

持有现金已经成为了我们的信条。有些时候，你手里没现金，就活不到明天。这样的情况，过去有，将来还会有。现金如同氧气。它存在的时候，你并不在意。它消失几分钟，就足以致命。

On March 31, Berkshire& #39;s cash level declined as we focused on investing more than $40 billion in a very short period of time during the quarter. We also planned to invest more than $11 billion to acquire Alleghany Corp. Having made a large investment, we still have a lot of cash on hand.

3月31日，伯克希尔的现金水平下降了，因为我们在一季度中很短的一段时间内集中投资了400多亿美元。我们还计划投资110多亿美元，收购阿勒加尼公司。做出了大笔投资之后，我们仍然手握大量现金。

Some of Berkshire& #39;s subsidiaries got a line of credit from the bank. I don& #39;t know what they want this line of credit for. Berkshire has more money than the banks.

伯克希尔的一些子公司获得了银行的信用额度。我不知道它们要这个信用额度有什么用。伯克希尔比银行更有钱。