Left or Right？我買的微笑曲線只有半邊？

💵現金，多到可以在股市持續低迷時，還能分批買進的現金！

將錢存在沒有利息的銀行，實際上可以產生意想不到的回報：這麼做，可以給你彈性去做薪資較低、但更有意義的工作，或者是當沒有彈性空間而讓你絕望時，能夠等待投資機會出現。

如果你有彈性可以等待好機會來臨，不管是在職業生涯的好機會，還是投資的好機會，你就更有機會在必要時學會新技能。你不用再那麼急迫的追逐那些能做到你無法達到成就的競爭對手，而且你還擁有更多餘裕，按照自己的步調找出你的熱情與利基所在。你可以找出一條新路徑、用比較慢的步調，而且用一套不同的假設來思考人生。在智力不再是永久優勢的世界裡，有能力做到大多數其他人做不到的事情，就是少數讓你顯得與眾不同的要素之一。

Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 1⁄2 of 1% of the publicly-held national debt.

Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.

But $144 billion?

That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)

After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long-term holding.

根據主計總處統計， 從2009到2018年台灣平均儲蓄率為32.6%， 投資率卻只有21.2%，超額儲蓄率平均達 11.4%，凸顯儲蓄率偏高而投資率不足。