For tomato genes, one plus one doesn't always make two 对于番茄基因,一加一并不总是等于二by Cold Spring Harbor Laboratory通过 冷泉港实验室 Different combinations of mutations can affect the size of tomatoes unpredictably. In this image, the first column shows an unmutated (WT) tomato. The second and third columns show tomatoes with a single mutation in a region of the promoter (R1 or R4) for fruit size gene SlCV3. The individual mutations have little effect on fruit size. But the combination of these two mutat
2021-04-13 21:06:12
BERKSHIRE HATHAWAY INC.伯克希尔·哈撒韦公司To the Shareholders of Berkshire Hathaway Inc.:致伯克希尔·哈撒韦公司(Berkshire Hathaway Inc.)的股东:Berkshire earned $42.5 billion in 2020 according to generally accepted accounting principles (commonly called “GAAP”). The four components of that figure are $21.9 billion of operating earnings, $4.9 billion of realized capital gains, a $26.7 billion gain from an increase in the amount of net unrealized capital gains that exist in the stocks we hold and, finally, an $11 billion loss from a write-down in the value of a few subsidiary and affiliate businesses that we own. All items are stated on an after-tax basis.根据公认的会计原则(通常称为“ GAAP”),伯克希尔2020年的收入为425亿美元。该数字的四个组成部分是219亿美元的营业收入,49亿美元的已实现资本收益,267亿美元的收益来自我们所持股票中存在的未实现资本净收益的增加,最后是110亿美元的亏损减记我们拥有的一些子公司和联属企业的价值。所有项目均以税后基础列示。Operating earnings are what count most, even during periods when they are not the largest item in our GAAP total. Our focus at Berkshire is both to increase this segment of our income and to acquire large and favorably-situated businesses. Last year, however, we met neither goal: Berkshire made no sizable acquisitions and operating earnings fell 9%. We did, though, increase Berkshire’s per-share intrinsic value by both retaining earnings and repurchasing about 5% of our shares.营业收入是最重要的,即使它们不是我们GAAP总额中最大的时期也是如此。我们在伯克希尔的重点既是增加收入的这一部分,又是收购位置优越的大型企业。但是,去年,我们没有实现任何目标:伯克希尔没有进行任何大规模的收购,营业利润下降了9%。不过,我们确实通过保留收益和回购了大约5%的股份来提高了伯克希尔哈撒韦的每股内在价值。The two GAAP components pertaining to capital gains or losses (whether realized or unrealized) fluctuate capriciously from year to year, reflecting swings in the stock market. Whatever today’s figures, Charlie Munger, my long-time partner, and I firmly believe that, over time, Berkshire’s capital gains from its investment holdings will be substantial.与资本损益(已变现或未变现)有关的两个GAAP成分每年都在反复波动,反映了股票市场的波动。无论今天的数据如何,我的长期合伙人查理·芒格(Charlie Munger)都坚信,随着时间的流逝,伯克希尔从其投资中获得的资本收益将是可观的。As I’ve emphasized many times, Charlie and I view Berkshire’s holdings of marketable stocks – at yearend worth $281 billion – as a collection of businesses. We don’t control the operations of those companies, but we do share proportionately in their long-term prosperity. From an accounting standpoint, however, our portion of their earnings is not included in Berkshire’s income. Instead, only what these investees pay us in dividends is recorded on our books. Under GAAP, the huge sums that investees retain on our behalf become invisible.正如我多次强调的那样,查理和我将伯克希尔·哈撒韦持有的有价股票(截至年底价值2810亿美元)视为一系列业务。我们无法控制这些公司的运营,但我们会按比例分享其长期繁荣。但是,从会计角度来看,我们的部分收入未计入伯克希尔的收入。取而代之的是,只有这些被投资方向我们支付的股利才被记录在我们的账簿上。根据GAAP,被投资方代表我们保留的巨额资金变得无形。What’s out of sight, however, should not be out of mind: Those unrecorded retained earnings are usually building value – lots of value – for Berkshire. Investees use the withheld funds to expand their business, make acquisitions, pay off debt and, often, to repurchase their stock (an act that increases our share of their future earnings). As we pointed out in these pages last year, retained earnings have propelled American business throughout our country’s history. What worked for Carnegie and Rockefeller has, over the years, worked its magic for millions of shareholders as well.但是,不应该忘记什么:伯克希尔未记录的未分配利润通常是伯克希尔创造价值(很多价值)。被投资方使用预扣资金来扩大业务,进行收购,偿还债务,并经常回购股票(此举增加了我们在未来收益中所占的比重)。正如我们在去年的这些页面中所指出的那样,留存收益在整个美国历史上一直推动着美国业务的发展。多年来,为卡内基和洛克菲勒工作的公司也为数百万的股东发挥了魔力。Of course, some of our investees will disappoint, adding little, if anything, to the value of their company by retaining earnings. But others will over-deliver, a few spectacularly. In aggregate, we expect our share of the huge pile of earnings retained by Berkshire’s non-controlled businesses (what others would label our equity portfolio) to eventually deliver us an equal or greater amount of capital gains. Over our 56-year tenure, that expectation has been met.当然,我们的一些被投资人会失望的,通过保留收益来增加公司价值(如果有的话)。但是其他一些人则会超额投放。总体而言,我们预计伯克希尔哈撒韦非控制业务(其他将其标记为股票投资组合)所保留的巨额利润中所占的份额最终将为我们带来相等或更多的资本收益。在我们56年的任期内,这一期望已得到满足。The final component in our GAAP figure – that ugly $11 billion write-down – is almost entirely the quantification of a mistake I made in 2016. That year, Berkshire purchased Precision Castparts (“PCC”), and I paid too much for the company.GAAP数据的最终组成部分-丑陋的110亿美元减记-几乎完全是我在2016年犯下的错误的量化指标。那一年,伯克希尔购买了Precision Castparts(“ PCC”),而我为公司付出了太多。No one misled me in any way – I was simply too optimistic about PCC’s normalized profit potential. Last year, my miscalculation was laid bare by adverse developments throughout the aerospace industry, PCC’s most important source of customers.没有人以任何方式误导我-我对PCC的正常化的利润潜力过于乐观。去年,我的错误估计被整个航空航天业(PCC最重要的客户来源)的不利发展所掩盖。In purchasing PCC, Berkshire bought a fine company – the best in its business. Mark Donegan, PCC’s CEO, is a passionate manager who consistently pours the same energy into the business that he did before we purchased it. We are lucky to have him running things.在收购PCC方面,伯克希尔哈撒韦公司收购了一家优秀公司-这是其业务中最好的。 PCC的首席执行官Mark Donegan是一位充满激情的经理,他一如既往地将自己的精力投入到我们收购该公司之前所做的工作中。我们很幸运能让他管理事情。I believe I was right in concluding that PCC would, over time, earn good returns on the net tangible assets deployed in its operations. I was wrong, however, in judging the average amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business.我相信我的结论是正确的,即PCC将随着时间的推移,从其运营中部署的净有形资产中获得丰厚的回报。但是,在判断平均未来收入金额时,我是错误的,因此,在计算支付业务所需的适当价格时,我是错误的。PCC is far from my first error of that sort. But it’s a big one.PCC远非我犯的第一个那种错误。但这是一个大问题 Two Strings to Our Bow弓的两根弦Berkshire is often labeled a conglomerate, a negative term applied to holding companies that own a hodge-podge of unrelated businesses. And, yes, that describes Berkshire – but only in part. To understand how and why we differ from the prototype conglomerate, let’s review a little history.伯克希尔哈撒韦通常被称为集团公司,这是一个负称,适用于拥有不相关业务杂货店的控股公司。而且,是的,它描述了伯克希尔·哈撒韦公司,但仅部分描述了这一点。要了解我们与原型企业集团之间的区别和原因,让我们回顾一下历史。Over time, conglomerates have generally limited themselves to buying businesses in their entirety. That strategy, however, came with two major problems. One was unsolvable: Most of the truly great businesses had no interest in having anyone take them over. Consequently, deal-hungry conglomerateurs had to focus on so-so companies that lacked important and durable competitive strengths. That was not a great pond in which to fish.随着时间的流逝,企业集团通常将自己局限于购买全部业务。但是,该策略存在两个主要问题。一个是无法解决的:大多数真正伟大的企业对让任何人接管它们都没有兴趣。因此,渴望交易的企业集团必须专注于缺乏重要而持久的竞争优势的马马虎虎的公司。那不是一个可以钓鱼的好池塘。Beyond that, as conglomerateurs dipped into this universe of mediocre businesses, they often found themselves required to pay staggering “control” premiums to snare their quarry. Aspiring conglomerateurs knew the answer to this “overpayment” problem: They simply needed to manufacture a vastly overvalued stock of their own that could be used as a “currency” for pricey acquisitions. (“I’ll pay you $10,000 for your dog by giving you two of my $5,000 cats.”)除此之外,随着大企业集团进入平庸的业务领域,他们常常发现自己需要支付惊人的“控制”保费来圈养他们的采石场。有抱负的企业集团知道这个“超额支付”问题的答案:他们只需要制造自己的大量被高估的股票,就可以将其用作高价收购的“货币”。 (“我会给我5,000美元的猫中的两只,为您的狗支付10,000美元。”)Often, the tools for fostering the overvaluation of a conglomerate’s stock involved promotional techniques and “imaginative” accounting maneuvers that were, at best, deceptive and that sometimes crossed the line into fraud. When these tricks were “successful,” the conglomerate pushed its own stock to, say, 3x its business value in order to offer the target 2x its value.通常,助长集团股价高估的工具包括促销技巧和“富有想象力的”会计手段,这些手段充其量是欺骗性的,有时甚至会越过欺诈行为。当这些技巧“成功”时,这家企业集团将自己的股票推高到其业务价值的3倍,以使目标股价达到其价值的2倍。Investing illusions can continue for a surprisingly long time. Wall Street loves the fees that deal-making generates, and the press loves the stories that colorful promoters provide. At a point, also, the soaring price of a promoted stock can itself become the “proof” that an illusion is reality.投资幻想可能会持续很长时间。华尔街喜欢交易产生的费用,而媒体则喜欢丰富多彩的发起人提供的故事。同样,在某种程度上,经过提升的股票的飞涨价格本身也可以成为幻想成为现实的“证据”。Eventually, of course, the party ends, and many business “emperors” are found to have no clothes. Financial history is replete with the names of famous conglomerateurs who were initially lionized as business geniuses by journalists, analysts and investment bankers, but whose creations ended up as business junkyards.最终,当然,聚会结束了,发现许多商业“皇帝”没有衣服。金融历史上充斥着着名的企业集团的名字,这些企业集团最初被新闻记者,分析师和投资银行家誉为商业天才,但后来被创造为商业垃圾场。Conglomerates earned their terrible reputation.大型企业赢得了可怕的声誉。* * * * * * * * * * * *Charlie and I want our conglomerate to own all or part of a diverse group of businesses with good economic characteristics and good managers. Whether Berkshire controls these businesses, however, is unimportant to us.我和查理(Charlie)和我希望我们的集团拥有拥有良好经济特征和优秀管理者的多元化企业中的全部或部分。然而,伯克希尔是否控制这些业务对我们而言并不重要。It took me a while to wise up. But Charlie – and also my 20-year struggle with the textile operation I inherited at Berkshire – finally convinced me that owning a non-controlling portion of a wonderful business is more profitable, more enjoyable and far less work than struggling with 100% of a marginal enterprise.我花了一些时间才明智。但是查理–以及我在伯克希尔继承的纺织业务20年的挣扎–最终说服了我,拥有一家出色企业的非控股部分比挣扎100%的股权更赚钱,更愉快,工作更少。边缘企业。For those reasons, our conglomerate will remain a collection of controlled and non-controlled businesses. Charlie and I will simply deploy your capital into whatever we believe makes the most sense, based on a company’s durable competitive strengths, the capabilities and character of its management, and price.出于这些原因,我们的企业集团将仍然是受控和非受控业务的集合。查理和我将根据公司的持久竞争力,管理能力和价格以及价格,将您的资金投入我们认为最有意义的领域。点击查看:剩下部分双语译文 往期巴菲特致股东的信 使用双语译文翻译功能免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。
2021-03-01 16:25:37
查看上部分内容Each company was started by a young man who had graduated from the University of Tennessee and stayed put in Knoxville. Neither had a meaningful amount of capital nor wealthy parents.每个公司都是由一个从田纳西大学毕业并留在诺克斯维尔的年轻人创立的。他们既没有可观的资本额,也没有富裕的父母。But, so what? Today, Clayton and Pilot each have annual pre-tax earnings of more than $1 billion. Together they employ about 47,000 men and women.但是,那又如何呢?如今,Clayton和Pilot的年税前收益均超过10亿美元。他们一共雇用了大约47,000名男女。Jim Clayton, after several other business ventures, founded Clayton Homes on a shoestring in 1956, and “Big Jim” Haslam started what became Pilot Travel Centers in 1958 by purchasing a service station for $6,000. Each of the men later brought into the business a son with the same passion, values and brains as his father. Sometimes there is a magic to genes.吉姆·克莱顿(Jim Clayton)在经历了数次其他商业冒险之后,于1956年凭空成立了克莱顿之家(Clayton Homes),“大吉姆”·哈斯拉姆(Big Jim)Haslam于1958年以6,000美元的价格购买了加油站,开办了飞行员旅行中心。后来,每个人都把一个与父亲一样具有激情,价值观和智慧的儿子带入了企业。有时候基因有魔力。“Big Jim” Haslam, now 90, has recently authored an inspirational book in which he relates how Jim Clayton’s son, Kevin, encouraged the Haslams to sell a large portion of Pilot to Berkshire. Every retailer knows that satisfied customers are a store’s best salespeople. That’s true when businesses are changing hands as well.现年90岁的“大吉姆”哈斯拉姆最近写了一本鼓舞人心的书,他在书中讲述了吉姆·克莱顿的儿子凯文如何鼓励哈斯拉姆人将飞行员的大部分出售给伯克希尔。每个零售商都知道,满意的顾客是商店的最佳推销员。当企业也在易手时也是如此。* * * * * * * * * * * *=When you next fly over Knoxville or Omaha, tip your hat to the Claytons, Haslams and Blumkins as well as to the army of successful entrepreneurs who populate every part of our country. These builders needed America’s framework for prosperity – a unique experiment when it was crafted in 1789 – to achieve their potential. In turn, America needed citizens like Jim C., Jim H., Mrs. B and Louie to accomplish the miracles our founding fathers sought.当您下次飞越诺克斯维尔或奥马哈时,向克莱顿一家,哈斯拉姆一家和布鲁姆金斯一家以及遍布全国各地的成功企业家大部队致敬。这些建筑商需要美国的繁荣框架(这是1789年精心打造的一次独特实验)才能发挥其潜力。反过来,美国需要像吉姆C.,吉姆H.,B太太和路易丝这样的公民来实现我们开国元勋所追求的奇迹。Today, many people forge similar miracles throughout the world, creating a spread of prosperity that benefits all of humanity. In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking.今天,许多人在世界各地伪造类似的奇迹,创造了使全人类受益的繁荣繁荣。然而,在其短暂的232年历史中,还没有孵化器能够像美国那样释放人类的潜能。尽管出现了严重的中断,但我国的经济发展却令人叹为观止。Beyond that, we retain our constitutional aspiration of becoming “a more perfect union.” Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so.除此之外,我们保留着成为“更完美的联盟”的宪政愿望。在这方面的进展缓慢,参差不齐,常常令人沮丧。但是,我们已经向前迈进,并将继续这样做。Our unwavering conclusion: Never bet against America.我们坚定不移的结论:永远不要对美国下注。 The Berkshire Partnership伯克希尔伙伴关系Berkshire is a Delaware corporation, and our directors must follow the state’s laws. Among them is a requirement that board members must act in the best interest of the corporation and its stockholders. Our directors embrace that doctrine.伯克希尔是特拉华州的一家公司,我们的董事必须遵守该州的法律。其中一项要求是,董事会成员必须为公司及其股东的最佳利益行事。我们的董事信奉该学说。In addition, of course, Berkshire directors want the company to delight its customers, to develop and reward the talents of its 360,000 associates, to behave honorably with lenders and to be regarded as a good citizen of the many cities and states in which we operate. We value these four important constituencies.此外,当然,伯克希尔哈撒韦公司董事希望该公司取悦客户,发展和奖励其360,000名员工的才干,与放贷人保持良好的行为举止,并被视为我们经营所在的许多城市和州的良好公民。 。我们重视这四个重要选区。None of these groups, however, have a vote in determining such matters as dividends, strategic direction, CEO selection, or acquisitions and divestitures. Responsibilities like those fall solely on Berkshire’s directors, who must faithfully represent the long-term interests of the corporation and its owners.但是,这些集团都没有投票权来决定诸如股息,战略方向,CEO的选择,收购或资产剥离等事项。像这样的责任完全落在伯克希尔·哈撒韦的董事身上,他们必须忠实地代表公司及其所有者的长期利益。Beyond legal requirements, Charlie and I feel a special obligation to the many individual shareholders of Berkshire. A bit of personal history may help you to understand our unusual attachment and how it shapes our behavior.除了法律要求之外,我和查理还对伯克希尔哈撒韦的许多个人股东负有特殊义务。一点个人经历可能会帮助您了解我们不寻常的依恋关系以及它如何影响我们的行为。* * * * * * * * * * * *Before my Berkshire years, I managed money for many individuals through a series of partnerships, the first three of those formed in 1956. As time passed, the use of multiple entities became unwieldy and, in 1962, we amalgamated 12 partnerships into a single unit, Buffett Partnership Ltd. (“BPL”).在我伯克希尔任职之前,我通过一系列合伙关系为许多个人管理资金,最早的三个合伙人于1956年成立。随着时间的流逝,使用多个实体变得笨拙,1962年,我们将12个合伙关系合并为一个单位巴菲特合伙企业有限公司(“ BPL”)。By that year, virtually all of my own money, and that of my wife as well, had become invested alongside the funds of my many limited partners. I received no salary or fees. Instead, as the general partner, I was compensated by my limited partners only after they secured returns above an annual threshold of 6%. If returns failed to meet that level, the shortfall was to be carried forward against my share of future profits. (Fortunately, that never happened: Partnership returns always exceeded the 6% “bogey.”) As the years went by, a large part of the resources of my parents, siblings, aunts, uncles, cousins and in-laws became invested in the partnership.到那年,几乎所有我自己的钱,以及我妻子的所有钱,都与我许多有限合伙人的资金一起投入了。我没有收到薪水或费用。相反,作为普通合伙人,只有在我的有限合伙人获得了高于6%的年度门槛的回报之后,我才能获得报酬。如果收益未能达到该水平,则应将我应得的未来利润中的差额结转。 (幸运的是,这从未发生过:合伙企业的回报率总是超过6%的“柏忌”。)随着岁月的流逝,我父母,兄弟姐妹,阿姨,叔叔,堂兄弟和姻亲的大部分资源都投入了合伙。Charlie formed his partnership in 1962 and operated much as I did. Neither of us had any institutional investors, and very few of our partners were financially sophisticated. The people who joined our ventures simply trusted us to treat their money as we treated our own. These individuals – either intuitively or by relying on the advice of friends – correctly concluded that Charlie and I had an extreme aversion to permanent loss of capital and that we would not have accepted their money unless we expected to do reasonably well with it.查理(Charlie)于1962年成立了他的合伙公司,并且运作得像我一样。我们俩都没有机构投资者,而且我们的合作伙伴在财务上也很少。加入我们的企业的人只是相信我们会像对待自己的钱一样对待他们的钱。这些人(无论是凭直觉还是依靠朋友的建议)正确地得出结论,查理和我对永久性资本损失极度厌恶,除非我们期望自己做得很好,否则我们不会接受他们的钱。I stumbled into business management after BPL acquired control of Berkshire in 1965. Later still, in 1969, we decided to dissolve BPL. After yearend, the partnership distributed, pro-rata, all of its cash along with three stocks, the largest by value being BPL’s 70.5% interest in Berkshire.在1965年BPL取得伯克希尔哈撒韦的控制权后,我偶然涉足业务管理。后来,在1969年,我们决定解散BPL。年底后,合伙企业按比例分配了其所有现金以及三只股票,按价值计算,最大的一笔交易是BPL在Berkshire的70.5%的权益。Charlie, meanwhile, wound up his operation in 1977. Among the assets he distributed to partners was a major interest in Blue Chip Stamps, a company his partnership, Berkshire and I jointly controlled. Blue Chip was also among the three stocks my partnership had distributed upon its dissolution.同时,查理(Charlie)在1977年结束了业务。他分配给合作伙伴的资产中包括对蓝筹邮票(Blue Chip Stamps)的主要兴趣,该公司是他与合伙人,伯克希尔和我共同控制的公司。蓝筹股也是我合伙解散后分配的三只股票之一。In 1983, Berkshire and Blue Chip merged, thereby expanding Berkshire’s base of registered shareholders from 1,900 to 2,900. Charlie and I wanted everyone – old, new and prospective shareholders – to be on the same page.1983年,伯克希尔与Blue Chip合并,从而将伯克希尔的注册股东基础从1900名扩大到了2900名。查理和我希望所有人,包括新老股东和潜在股东,都在同一页面上。Therefore, the 1983 annual report – up front – laid out Berkshire’s “major business principles.” The first principle began: “Although our form is corporate, our attitude is partnership.” That defined our relationship in 1983; it defines it today. Charlie and I – and our directors as well – believe this dictum will serve Berkshire well for many decades to come.因此,1983年的年度报告(前期)列出了伯克希尔的“主要业务原则”。第一条原则开始了:“尽管我们的形式是公司,但我们的态度是伙伴关系。” 1983年,这定义了我们的关系。它今天定义了它。查理和我-以及我们的董事们-相信这一格言将在未来数十年中为伯克希尔公司提供良好的服务。* * * * * * * * * * * *Ownership of Berkshire now resides in five large “buckets,” one occupied by me as a “founder” of sorts.伯克希尔哈撒韦的所有权现在位于五个大型“桶”中,其中一个由我以某种“创始人”的身份占领。That bucket is certain to empty as the shares I own are annually distributed to various philanthropies.由于我每年拥有的股份分配给各种慈善事业,因此这个水桶肯定是空的。Two of the remaining four buckets are filled by institutional investors, each handling other people’s money. That, however, is where the similarity between those buckets ends: Their investing procedures could not be more different.剩下的四个桶中的两个由机构投资者填补,每个人处理别人的钱。然而,这就是这些桶之间相似之处的终结:他们的投资程序再无不同。In one institutional bucket are index funds, a large and mushrooming segment of the investment world. These funds simply mimic the index that they track. The favorite of index investors is the S&P 500, of which Berkshire is a component. Index funds, it should be emphasized, own Berkshire shares simply because they are required to do so. They are on automatic pilot, buying and selling only for “weighting” purposes.指数基金仅占一个机构类别,它是投资界中一个庞大且蓬勃发展的部分。这些资金只是模仿他们追踪的指数。指数投资者最喜欢的是S&P 500,伯克希尔是其中的一员。应该强调的是,指数基金拥有伯克希尔股票的原因仅仅是因为它们必须这样做。他们处于自动驾驶状态,仅出于“加权”目的进行买卖。点击查看:2020年下部分双语译文内容 往期巴菲特致股东的信 使用双语译文翻译功能免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。
2021-03-02 16:25:37
巴菲特致股东的封(2020)上If that strategy requires little or no effort on our part, so much the better. In contrast to the scoring system utilized in diving competitions, you are awarded no points in business endeavors for “degree of difficulty.” Furthermore, as Ronald Reagan cautioned: “It’s said that hard work never killed anyone, but I say why take the chance?”如果我们不需要或只需很少的努力,那就更好了。与潜水比赛中使用的计分系统相比,您在“艰苦程度”方面的商业努力不会获得任何分数。此外,正如罗纳德·里根(Ronald Reagan)告诫的那样:“据说辛勤工作从未杀死任何人,但我说为什么要抓住机会?”The Family Jewels and How We Increase Your Share of These Gems家庭珠宝以及我们如何增加您在这些宝石中的份额On page A-1 we list Berkshire’s subsidiaries, a smorgasbord of businesses employing 360,000 at yearend. You can read much more about these controlled operations in the 10-K that fills the back part of this report. Our major positions in companies that we partly own and don’t control are listed on page 7 of this letter. That portfolio of businesses, too, is large and diverse.在A-1页上,我们列出了伯克希尔的子公司,这是一家年末雇用360,000名员工的大型企业。您可以在本报告后半部分的10-K中阅读有关这些受控操作的更多信息。这封信的第7页列出了我们在部分拥有和不受控制的公司中的主要职位。该业务组合也很大而且是多种多样的。Most of Berkshire’s value, however, resides in four businesses, three controlled and one in which we have only a 5.4% interest. All four are jewels.但是,伯克希尔哈撒韦公司的大部分价值都来自四项业务,其中三项受控,而其中一项仅占我们5.4%的权益。这四个都是珠宝。The largest in value is our property/casualty insurance operation, which for 53 years has been the core of Berkshire. Our family of insurers is unique in the insurance field. So, too, is its manager, Ajit Jain, who joined Berkshire in 1986.价值最大的是我们的财产/财产保险业务,该业务在53年以来一直是伯克希尔的核心业务。我们的保险公司家族在保险领域是独一无二的。它的经理Ajit Jain也是如此,他于1986年加入伯克希尔。Overall, the insurance fleet operates with far more capital than is deployed by any of its competitors worldwide. That financial strength, coupled with the huge flow of cash Berkshire annually receives from its non-insurance businesses, allows our insurance companies to safely follow an equity-heavy investment strategy not feasible for the overwhelming majority of insurers. Those competitors, for both regulatory and credit-rating reasons, must focus on bonds.总体而言,该保险公司的运营资本远远超过其全球任何竞争对手所部署的资本。这种财务实力,再加上伯克希尔每年从非保险业务中获得的大量现金流,使我们的保险公司能够安全地采取对绝大多数保险公司不可行的以股票为主的投资策略。出于监管和信用评级的原因,这些竞争对手必须将重点放在债券上。And bonds are not the place to be these days. Can you believe that the income recently available from a 10-year U.S. Treasury bond – the yield was 0.93% at yearend – had fallen 94% from the 15.8% yield available in September 1981? In certain large and important countries, such as Germany and Japan, investors earn a negative return on trillions of dollars of sovereign debt. Fixed-income investors worldwide – whether pension funds, insurance companies or retirees – face a bleak future.如今,债券已不再是地方。您是否可以相信,最近可从10年期美国国债获得的收入(年末收益率为0.93%)已经比1981年9月的15.8%下降了94%?在某些大型重要国家,例如德国和日本,投资者从数万亿美元的主权债务中获得负收益。全世界的固定收益投资者(无论是养老基金,保险公司还是退休人员)都面临着黯淡的未来。Some insurers, as well as other bond investors, may try to juice the pathetic returns now available by shifting their purchases to obligations backed by shaky borrowers. Risky loans, however, are not the answer to inadequate interest rates. Three decades ago, the once-mighty savings and loan industry destroyed itself, partly by ignoring that maxim.一些保险公司以及其他债券投资者可能会尝试通过将购买的产品转移到由摇摇欲坠的借款人支持的债务中来获取可悲的回报。但是,高风险贷款并不是解决利率不足的答案。三十年前,曾经强大的储蓄和贷款行业摧毁了自己,部分原因是无视这一准则。Berkshire now enjoys $138 billion of insurance “float” – funds that do not belong to us, but are nevertheless ours to deploy, whether in bonds, stocks or cash equivalents such as U.S. Treasury bills. Float has some similarities to bank deposits: cash flows in and out daily to insurers, with the total they hold changing very little. The massive sum held by Berkshire is likely to remain near its present level for many years and, on a cumulative basis, has been costless to us. That happy result, of course, could change – but, over time, I like our odds.伯克希尔现在享有1,380亿美元的保险“流通量”,这些资金不属于我们,但仍然属于我们的部署范围,无论是债券,股票还是现金等价物(例如美国国库券)。浮存金与银行存款有一些相似之处:每天流入和流出保险公司的现金流量,其持有的总额变化很小。伯克希尔哈撒韦所持有的巨额资金很可能多年来仍将保持在目前水平附近,并且从累积的角度来看,对我们来说是无价的。当然,这种快乐的结果可能会改变-但是随着时间的流逝,我喜欢我们的赔率。I have repetitiously – some might say endlessly – explained our insurance operation in my annual letters to you. Therefore, I will this year ask new shareholders who wish to learn more about our insurance business and “float” to read the pertinent section of the 2019 report, reprinted on page A-2. It’s important that you understand the risks, as well as the opportunities, existing in our insurance activities.我反复(有时可能会不停地说)在我给您的年度信函中解释了我们的保险业务。因此,我今年将请希望进一步了解我们的保险业务并“浮动”的新股东阅读A-2页上转载的2019年报告的相关部分。了解您的保险活动中存在的风险和机遇非常重要。Our second and third most valuable assets – it’s pretty much a toss-up at this point – are Berkshire’s 100% ownership of BNSF, America’s largest railroad measured by freight volume, and our 5.4% ownership of Apple. And in the fourth spot is our 91% ownership of Berkshire Hathaway Energy (“BHE”). What we have here is a very unusual utility business, whose annual earnings have grown from $122 million to $3.4 billion during our 21 years of ownership.我们第二,第三高价值的资产(目前几乎是一笔交易)是伯克希尔拥有BNSF的100%所有权,这是按货运量衡量的美国最大铁路,以及我们拥有5.4%的苹果。排在第四位的是伯克希尔·哈撒韦能源(“ BHE”)的91%所有权。我们拥有的是一家非常不寻常的公用事业公司,在我们拥有的21年中,其年收入从1.22亿美元增长至34亿美元。I’ll have more to say about BNSF and BHE later in this letter. For now, however, I would like to focus on a practice Berkshire will periodically use to enhance your interest in both its “Big Four” as well as the many other assets Berkshire owns.在这封信的后面,我将对BNSF和BHE进行更多讨论。但是,就目前而言,我想重点介绍一下伯克希尔将定期使用的一种做法,以增强您对它的“四大”以及伯克希尔拥有的许多其他资产的兴趣。* * * * * * * * * * * *Last year we demonstrated our enthusiasm for Berkshire’s spread of properties by repurchasing the equivalent of 80,998 “A” shares, spending $24.7 billion in the process. That action increased your ownership in all of Berkshire’s businesses by 5.2% without requiring you to so much as touch your wallet.去年,我们回购了80,998股“ A”股,并花费247亿美元,显示了我们对伯克希尔·哈撒韦遍及房地产的热情。这一举动使您在伯克希尔所有业务中的所有权增加了5.2%,而无需您花太多钱就能摸到钱包。Following criteria Charlie and I have long recommended, we made those purchases because we believed they would both enhance the intrinsic value per share for continuing shareholders and would leave Berkshire with more than ample funds for any opportunities or problems it might encounter.遵循查理和我长期以来一直建议的标准,我们进行了这些购买,因为我们相信它们既可以提高持续股东的每股内在价值,又可以使伯克希尔拥有足够的资金来应对可能遇到的任何机会或问题。In no way do we think that Berkshire shares should be repurchased at simply any price. I emphasize that point because American CEOs have an embarrassing record of devoting more company funds to repurchases when prices have risen than when they have tanked. Our approach is exactly the reverse.我们绝不认为应该以任何价格回购伯克希尔股票。我强调这一点是因为美国CEO的尴尬记录是,在价格上涨时而不是在股价下跌时,将更多的公司资金用于回购。我们的方法恰恰相反。Berkshire’s investment in Apple vividly illustrates the power of repurchases. We began buying Apple stock late in 2016 and by early July 2018, owned slightly more than one billion Apple shares (split-adjusted). Saying that, I’m referencing the investment held in Berkshire’s general account and am excluding a very small and separately-managed holding of Apple shares that was subsequently sold. When we finished our purchases in mid-2018, Berkshire’s general account owned 5.2% of Apple.伯克希尔对苹果的投资生动地说明了回购的力量。我们于2016年末开始购买苹果股票,到2018年7月初,拥有略超过10亿苹果股票(分拆后)。话虽如此,我指的是在伯克希尔·哈撒韦公司普通账户中持有的投资,但不包括随后出售的非常小的单独管理的苹果股票。当我们在2018年中期完成购买时,伯克希尔哈撒韦的普通账户拥有苹果5.2%的股份。Our cost for that stake was $36 billion. Since then, we have both enjoyed regular dividends, averaging about $775 million annually, and have also – in 2020 – pocketed an additional $11 billion by selling a small portion of our position.我们所持股份的成本为360亿美元。从那时起,我们俩都享有定期股息,平均每年7.75亿美元,并且在2020年,通过出售我们一小部分头寸,还可额外赚得110亿美元。Despite that sale – voila! – Berkshire now owns 5.4% of Apple. That increase was costless to us, coming about because Apple has continuously repurchased its shares, thereby substantially shrinking the number it now has outstanding.尽管有特价–瞧! –伯克希尔现在拥有苹果5.4%的股份。涨价对我们来说是无价的,这是因为苹果不断回购股票,从而大大减少了现在流通在外的股票数量。But that’s far from all of the good news. Because we also repurchased Berkshire shares during the 21¤2 years,但这远不是所有的好消息。因为我们也在21年2年内回购了伯克希尔股票,you now indirectly own a full 10% more of Apple’s assets and future earnings than you did in July 2018.与2018年7月相比,您现在间接拥有Apple资产和未来收益的10%以上。This agreeable dynamic continues. Berkshire has repurchased more shares since yearend and is likely to further reduce its share count in the future. Apple has publicly stated an intention to repurchase its shares as well. As these reductions occur, Berkshire shareholders will not only own a greater interest in our insurance group and in BNSF and BHE, but will also find their indirect ownership of Apple increasing as well.这种令人愉快的动态仍在继续。自年底以来,伯克希尔哈撒韦公司回购了更多股票,并且将来可能会进一步减少其股票数量。苹果已经公开表示有意回购其股票。随着这些减少的发生,伯克希尔股东不仅将对我们的保险集团,BNSF和BHE拥有更大的利益,而且还将发现他们对苹果的间接所有权也在增加。The math of repurchases grinds away slowly, but can be powerful over time. The process offers a simple way for investors to own an ever-expanding portion of exceptional businesses.回购的数学原理慢慢消失了,但是随着时间的流逝,它会变得强大起来。该过程为投资者提供了一种简单的方式,使其拥有不断扩大的特殊业务部分。And as a sultry Mae West assured us: “Too much of a good thing can be . . . wonderful.”梅·韦斯特(Mae West)闷闷不乐地向我们保证:“好事太多会。 。 。精彩的。”Investments投资项目点击查看:2020年下部分双语译文内容 往期巴菲特致股东的信 使用双语译文翻译功能免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。
2021-03-01 16:25:43
查看上部分内容BNSF began operations in 1850 with a 12-mile line in northeastern Illinois. Today, it has 390 antecedents whose railroads have been purchased or merged. The company’s extensive lineage is laid out at http://www.bnsf.com/bnsf-resources/pdf/about-bnsf/History_and_Legacy.pdf.BNSF于1850年在伊利诺伊州东北部的一条12英里长的线开始运营。如今,它已购买或合并了390条铁路的前身。该公司的广泛血统位于http://www.bnsf.com/bnsf-resources/pdf/about-bnsf/History_and_Legacy.pdf。Berkshire acquired BNSF early in 2010. Since our purchase, the railroad h
2021-03-02 16:25:07
点击查看上部分内容Below we list our fifteen common stock investments that at yearend were our largest in market value. We exclude our Kraft Heinz holding — 325,442,152 shares — because Berkshire is part of a control group and therefore must account for that investment using the “equity” method. On its balance sheet, Berkshire carries the Kraft Heinz holding at a GAAP figure of $13.3 billion, an amount that represents Berkshire’s share of the audited net worth of Kraft Heinz on December 31, 2020. Please note, though, that the market value of our shares on that date was only下面我们列出了15种普通股投资,这些投资在年底时是我们市值最大的。我们将卡夫亨氏(325,442,152股)的股份排除在外,因为伯克希尔哈撒韦是控制组的一部分,因此必须使用“权益”法核算该投资。在其资产负债表上,伯克希尔持有的卡夫亨氏按公认会计原则计算的金额为133亿美元,该金额代表伯克希尔在2020年12月31日经审计的卡夫亨氏净资产中所占的份额。但是请注意,我们的市值该日期的股份仅为113亿美元。 *Excludes shares held by pension funds of Berkshire subsidiaries.*不包括伯克希尔哈撒韦公司子公司的养老基金所持股份。**This is our actual purchase price and also our tax basis.**这是我们的实际购买价格,也是我们的税基。***Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $9 billion.***包括对西方石油(Occidental Petroleum)的100亿美元投资,包括优先股和购买普通股的认股权证,目前合并后的价值为90亿美元。 A Tale of Two Cities双城记Success stories abound throughout America. Since our country’s birth, individuals with an idea, ambition and often just a pittance of capital have succeeded beyond their dreams by creating something new or by improving the customer’s experience with something old.在美国各地,成功的故事比比皆是。自从我们国家诞生以来,有想法,雄心勃勃且常常只有少量资金的个人已经通过创造新的事物或通过改善旧事物的客户体验来超越自己的梦想而取得了成功。Charlie and I journeyed throughout the nation to join with many of these individuals or their families. On the West Coast, we began the routine in 1972 with our purchase of See’s Candy. A full century ago, Mary See set out to deliver an age-old product that she had reinvented with special recipes. Added to her business plan were quaint stores staffed by friendly salespeople. Her first small outlet in Los Angeles eventually led to several hundred shops, spread throughout the West.我和查理(Charlie)遍及全国,与其中许多人或他们的家人在一起。在西海岸,我们从1972年购买See’s Candy开始了日常活动。整整一个世纪以前,玛丽·西(Mary See)着手提供一种经过特殊配方重新发明的古老产品。她的商业计划中还增加了由友好的销售人员组成的古朴商店。她在洛杉矶的第一个小商店最终导致了数百家商店,遍布整个西部。Today, Mrs. See’s creations continue to delight customers while providing life-long employment for thousands of women and men. Berkshire’s job is simply not to meddle with the company’s success. When a business manufactures and distributes a non-essential consumer product, the customer is the boss. And, after 100 years, the customer’s message to Berkshire remains clear: “Don’t mess with my candy.” (The website is https://www.sees.com/; try the peanut brittle.)时至今日,See太太的作品在继续为顾客带来欢乐的同时,为成千上万的男女提供了终身就业机会。伯克希尔的工作根本不在于干涉公司的成功。当企业生产和分销非必要的消费产品时,客户就是老板。而且,在100年之后,客户向伯克希尔公司传达的信息仍然很明确:“别惹我的糖果。” (该网站为https://www.sees.com/;尝试花生糖。)Let’s move across the continent to Washington, D.C. In 1936, Leo Goodwin, along with his wife, Lillian, became convinced that auto insurance – a standardized product customarily purchased from agents – could be sold directly at a much lower price. Armed with $100,000, the pair took on giant insurers possessing 1,000 times or more their capital. Government Employees Insurance Company (later shortened to GEICO) was on its way.让我们穿越整个大陆到华盛顿特区。1936年,利奥·古德温(Leo Goodwin)和他的妻子莉莉安(Lillian)坚信,汽车保险(一种通常从代理商那里购买的标准化产品)可以直接以低得多的价格出售。两人手持10万美元资产,收购了拥有1,000倍或更多资本的大型保险公司。政府雇员保险公司(后简称为GEICO)即将到来。By luck, I was exposed to the company’s potential a full 70 years ago. It instantly became my first love (of an investment sort). You know the rest of the story: Berkshire eventually became the 100% owner of GEICO, which at 84 years of age is constantly fine-tuning – but not changing – the vision of Leo and Lillian.幸运的是,整整70年前,我就接触到了公司的潜力。它立即成为了我的初恋(一种投资)。您还可以了解故事的其余部分:伯克希尔最终成为GEICO的100%拥有者,GEICO在84岁时就不断调整,但并没有改变Leo和Lillian的愿景。There has been, however, a change in the company’s size. In 1937, its first full year of operation, GEICO did $238,288 of business. Last year the figure was $35 billion.但是,公司规模发生了变化。在1937年,即运营的第一个整年,GEICO做了 238,288美元的业务。去年这个数字是350亿美元。* * * * * * * * * * * *Today, with much of finance, media, government and tech located in coastal areas, it’s easy to overlook the many miracles occurring in middle America. Let’s focus on two communities that provide stunning illustrations of the talent and ambition existing throughout our country.如今,由于许多金融,媒体,政府和技术都位于沿海地区,因此很容易忽略了中美洲发生的许多奇迹。让我们集中讨论两个社区,这些社区提供了令人惊叹的全国各地才干和抱负的例证。You will not be surprised that I begin with Omaha.我从奥马哈开始,您不会感到惊讶。In 1940, Jack Ringwalt, a graduate of Omaha’s Central High School (the alma mater as well of Charlie, my dad, my first wife, our three children and two grandchildren), decided to start a property/casualty insurance company funded by $125,000 in capital.1940年,杰克·林格沃尔特(Jack Ringwalt)毕业于奥马哈中央高中(母校还有查理,我的父亲,我的第一任妻子,我们的三个孩子和两个孙子),决定成立一家财产/伤亡保险公司,资金由125,000美元首都。Jack’s dream was preposterous, requiring his pipsqueak operation – somewhat pompously christened as National Indemnity – to compete with giant insurers, all of which operated with abundant capital. Additionally, those competitors were solidly entrenched with nationwide networks of well-funded and long-established local agents. Under Jack’s plan, National Indemnity, unlike GEICO, would itself use whatever agencies deigned to accept it and consequently enjoy no cost advantage in its acquisition of business. To overcome those formidable handicaps, National Indemnity focused on “odd-ball” risks, which were deemed unimportant by the “big boys.” And, improbably, the strategy succeeded.杰克的梦想是荒谬的,要求他的点名操作-有时被戏称为“国家赔偿”-与大型保险公司竞争,所有保险公司都拥有雄厚的资金。此外,这些竞争对手在全国范围内拥有雄厚资金和长期建立的本地代理商网络,因此根深蒂固。根据杰克的计划,与GEICO不同,National Indemnity(国家赔偿)本身将使用任何指定接受它的代理机构,因此在收购业务中不享有成本优势。为了克服这些巨大的障碍,国家赔偿局将重点放在“奇数”风险上,这些风险被“大男孩”认为不重要。而且,该策略不可能成功。Jack was honest, shrewd, likeable and a bit quirky. In particular, he disliked regulators. When he periodically became annoyed with their supervision, he would feel an urge to sell his company.杰克很诚实,机灵,讨人喜欢并且有点古怪。特别是,他不喜欢监管机构。当他定期因他们的监督而烦恼时,他会感到有出售公司的冲动。Fortunately, I was nearby on one of those occasions. Jack liked the idea of joining Berkshire, and we made a deal in 1967, taking all of 15 minutes to reach a handshake. I never asked for an audit.幸运的是,在其中一种情况下,我就在附近。杰克喜欢加入伯克希尔的想法,我们在1967年达成了一项协议,花了整整15分钟的时间达成了握手协议。我从来没有要求审核。Today National Indemnity is the only company in the world prepared to insure certain giant risks. And, yes, it remains based in Omaha, a few miles from Berkshire’s home office.如今,National Indemnity是世界上唯一一家为某些巨额风险提供保险的公司。而且,是的,它仍然位于奥马哈,距伯克希尔哈撒韦公司的家庭办公室只有几英里。Over the years, we have purchased four additional businesses from Omaha families, the best known among them being Nebraska Furniture Mart (“NFM”). The company’s founder, Rose Blumkin (“Mrs. B”), arrived in Seattle in 1915 as a Russian emigrant, unable to read or speak English. She settled in Omaha several years later and by 1936 had saved $2,500 with which to start a furniture store.多年来,我们从奥马哈家族购买了另外四家企业,其中最知名的是内布拉斯加州家具市场(“ NFM”)。该公司的创始人Rose Blumkin(“ B太太”)于1915年作为俄罗斯移民来到西雅图,无法阅读或说英语。几年后,她在奥马哈定居,到1936年,她已节省了2500美元,用于开设一家家具店。Competitors and suppliers ignored her, and for a time their judgment seemed correct: World War II stalled her business, and at yearend 1946, the company’s net worth had grown to only $72,264. Cash, both in the till and on deposit, totaled $50 (that’s not a typo).竞争对手和供应商不理her她,有一段时间他们的判断似乎是正确的:第二次世界大战使她的生意停滞了,到1946年年底,该公司的净资产仅增长到72,264美元。收银机和存款机上的现金总计为50美元(这不是拼写错误)。One invaluable asset, however, went unrecorded in the 1946 figures: Louie Blumkin, Mrs. B’s only son, had rejoined the store after four years in the U.S. Army. Louie fought at Normandy’s Omaha Beach following the D-Day invasion, earned a Purple Heart for injuries sustained in the Battle of the Bulge, and finally sailed home in November 1945.但是,1946年的数据中没有记录一项宝贵的资产:B太太的独子Louie Blumkin在美国陆军服役四年后重新加入了这家商店。路易威登号(D-Day)入侵后,路易(Louie)在诺曼底(Normandy)的奥马哈海滩(Omaha Beach)进行了战斗,因在the突之战中受伤而赢得紫心勋章,并最终于1945年11月驶回家。Once Mrs. B and Louie were reunited, there was no stopping NFM. Driven by their dream, mother and son worked days, nights and weekends. The result was a retailing miracle.一旦B太太和路易(Louie)团聚,就不会停止NFM。在梦想的驱使下,母子俩白天,晚上和周末都在工作。结果就是零售奇迹。By 1983, the pair had created a business worth $60 million. That year, on my birthday, Berkshire purchased 80% of NFM, again without an audit. I counted on Blumkin family members to run the business; the third and fourth generation do so today. Mrs. B, it should be noted, worked daily until she was 103 – a ridiculously premature retirement age as judged by Charlie and me.到1983年,两人创造了价值6000万美元的业务。那年,在我的生日那天,伯克希尔再次购买了NFM的80%,而又未经审核。我指望布鲁姆金(Blumkin)家族成员经营这家公司。第三代和第四代今天也这样做。应该指出的是,B夫人每天工作直到她103岁,这是我和查理(Charlie and我)判断的离退休年龄都荒唐的时代。NFM now owns the three largest home-furnishings stores in the U.S. Each set a sales record in 2020, a feat achieved despite the closing of NFM’s stores for more than six weeks because of COVID-19.NFM现在拥有美国三大家居用品商店。每家都创下了2020年的销售记录,尽管由于COVID-19而关闭了NFM的商店超过六周,这仍然是一项壮举。A post-script to this story says it all: When Mrs. B’s large family gathered for holiday meals, she always asked that they sing a song before eating. Her selection never varied: Irving Berlin’s “God Bless America.”这个故事的后记说明了这一切:当B太太的大家庭聚集在一起度假时,她总是要求他们在吃饭前唱一首歌。她的选择从未改变:欧文·柏林(Erving Berlin)的“上帝保佑美国”。ng Berlin)的“上帝保佑美国”。* * * * * * * * * * * *Let’s move somewhat east to Knoxville, the third largest city in Tennessee. There, Berkshire has ownership in two remarkable companies – Clayton Homes (100% owned) and Pilot Travel Centers (38% owned now, but headed for 80% in 2023).让我们稍微向东移动到田纳西州的第三大城市诺克斯维尔。伯克希尔哈撒韦公司在那儿拥有两家出色的公司的所有权-克莱顿住宅公司(拥有100%的股份)和飞行员旅行中心(目前拥有38%的股份,但到2023年将达到80%)。点击查看:2020年下部分双语译文内容(明日更新) 往期巴菲特致股东的信 使用双语译文翻译功能免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。
2021-03-01 16:25:09
Astronomers spot bizarre, never-before-seen activity from one of the strongest magnets in the universe天文学家从宇宙中最强的磁铁之一发现奇异的,前所未有的活动by ARC Centre of Excellence for Gravitational Wave DiscoveryARC引力波发现卓越中心Artist’s impression of the active magnetar Swift J1818.0-1607. Credit: Carl Knox, OzGrav.艺术家对主动式磁星雨燕J1818.0-1607的印象。图片来源:卡尔·诺克斯(OlGrav)。Astronomers from the ARC Centre of Excellence for Gravitational Wave Discovery (OzGrav) and CSIRO have just observed bizarre, never-seen-before behavio
2021-02-04 18:41:20
How do electrons close to Earth reach almost the speed of light?接近地球的电子如何达到几乎光速? by Helmholtz Association of German Research Centres亥姆霍兹德国研究中心协会The contours in color show the intensities of the radiation belts. Grey lines show the trajectories of the relativistic electrons in the radiation belts. Concentric circular lines show the trajectory of scientific satellites traversing this dangerous region in space. Credit: Ingo Michaelis and Yuri Shprits, GFZ颜色轮廓显示了辐射带的强度。灰线显示了辐射带中相对论电子的轨迹。同心圆线表
2021-02-04 17:53:30
Physicists develop record-breaking source for single photons物理学家为单光子开发了创纪录的光源by University of Basel巴塞尔大学The new single-photon source is based on excitation of a quantum dot (shown as a bulge on the bottom left), which then emits photons. A micro-cavity ensures that the photons are guided into an optical fiber and emerge at its end. Credit: University of Basel, Department of Physics新的单光子源基于量子点的激发(在左下角显示为凸起),然后发射光子。微腔确保将光子导入光纤并在其末端出射。图片来源:巴塞尔大学物理系 Researchers at the University of Basel and Ruhr University Bochum have developed a source of single photons that can produce billions of these quantum particles per second. With its record- breaking efficiency, the photon source represents a new and powerful building-block for quantum technologies.巴塞尔大学和波鸿鲁尔大学的研究人员已经开发出一种单光子源,每秒可以产生数十亿个这样的量子粒子。光子源凭借其破纪录的效率,代表了量子技术的一个强大的新组成部分。Quantum cryptography promises absolutely secure communications. A key component here are strings of single photons. Information can be stored in the quantum states of these light particles and transmitted over long distances. In the future, remote quantum processors will communicate with each other via single photons. And perhaps the processor itself will use photons as quantum bits for computing.量子密码术保证绝对安全的通信。这里的关键组件是单光子串。信息可以存储在这些光粒子的量子状态中,并可以长距离传输。将来,远程量子处理器将通过单个光子相互通信。也许处理器本身将使用光子作为计算的量子位。A basic prerequisite for such applications, however, is an efficient source of single photons. A research team led by Professor Richard Warburton, Natasha Tomm and Dr. Alisa Javadi from the University of Basel, together with colleagues from Bochum, now reports in the journal Nature Nanotechnology on the development of a single-photon source that significantly surpasses previously known systems in terms of efficiency.但是,此类应用的基本先决条件是有效的单光子源。由巴塞尔大学的Richard Warburton教授,Natasha Tomm和Alisa Javadi博士以及Bochum的同事领导的研究小组现在在《自然纳米技术》杂志上报道了单光子源的发展,该光子源的发展大大超越了先前已知的系统在效率方面。 "Funnel" guides light particles“漏斗”引导轻粒子Each photon is created by exciting a single "artificial atom" (a quantum dot) inside a semiconductor. Usually, these photons leave the quantum dot in all possible directions and thus a large fraction is lost. In the photon source now presented, the researchers have solved this problem by positioning the quantum dot inside a "funnel" to send all photons in a specific direction.通过激发半导体内部的单个“人工原子”(量子点)来创建每个光子。通常,这些光子在所有可能的方向上离开量子点,因此损失了很大一部分。在现在提出的光子源中,研究人员通过将量子点放置在“漏斗”中以将所有光子按特定方向发送来解决了这个问题。The funnel is a novel micro-cavity that represents the real innovation of the research team: The micro-cavity captures almost all of the photons and then directs them into an optical fiber. The photons, each about two centimeters long, emerge at the end of an optical fiber.漏斗是一种新颖的微腔,代表了研究团队的真正创新:微腔捕获几乎所有的光子,然后将它们引导到光纤中。每个大约两厘米长的光子出现在光纤的末端。The efficiency of the entire system—that is, the probability that excitation of the quantum dot actually results in a usable photon—is 57 percent, more than double that of previous single- photon sources. "This is a really special moment," explains lead author Richard Warburton. "We've known for a year or two what's possible in principle. Now we've succeeded in putting our ideas into practice."整个系统的效率(即量子点的激发实际上产生可用光子的概率)为57%,是以前的单光子源的两倍以上。主要作者理查德·沃伯顿(Richard Warburton)解释说:“这是一个非常特殊的时刻。 “我们已经知道原则上可能的一两年了。现在我们已经成功地将我们的想法付诸实践。” Enormous increase in computing power极大地提高了计算能力The increase in efficiency has significant consequences, Warburton adds: "increasing the efficiency of single photon creation by a factor of two adds up to an overall improvement of a factor of one million for a string of, say, 20 photons. In the future, we'd like to make our single- photon source even better: We'd like to simplify it and pursue some of its myriad applications in quantum cryptography, quantum computing and other technologies."Warburton补充说,效率的提高将产生重大后果:“将单个光子的创建效率提高两倍,一串20个光子的总效率将提高一百万。在未来,我们希望使我们的单光子源更好:我们希望简化它,并在量子密码学,量子计算和其他技术中追求其无数的应用。”点击:查看更多物理学文章 查看更多分类文章 使用双语译文翻译免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。来源于:Phys
2021-02-03 20:16:05
Mineral often found on Mars discovered deep in Antarctic ice常在火星上发现的矿物发现于南极冰层深处by Bob Yirka , Phys.org鲍勃·伊尔卡(Bob Yirka),Phys.org The morphology of mineral grains in deep TALDICE investigated through SEM. Credit: Nature Communications (2021). DOI: 10.1038/s41467-020-20705-z通过扫描电镜(SEM)研究了深层TALDICE中矿物晶粒的形态。图片来源:Nature Communications(2021)。 DOI:10.1038 / s41467-020-20705-z An international team of researchers has found evidence of the mineral jarosite in ice cores extracted from Antarctica. In their paper published in the journal Nature Communications, the researchers describe how the discovery came about and why they believe it could bolster theories regarding the presence of the same mineral on the surface of Mars.一个国际研究人员小组发现了从南极洲提取的冰芯中的矿物黄钾铁矾的证据。在发表于《自然通讯》杂志上的论文中,研究人员描述了这一发现是如何产生的,以及为什么他们相信该发现可以支持有关火星表面存在相同矿物的理论。 Jarosite is very rarely found on Earth—it is generally seen in mining waste that has been exposed to air and rain. The researchers with this new effort were not looking for it in their ice cores—they were focused on minerals in deep ice cores that might help to better understand ice age cycles. But when they came across the yellow- brown mineral, their interest was piqued. X-ray absorption testing and electron microscopy showed it be jarosite.黄铁矿在地球上很少见-通常在暴露于空气和雨水的采矿废物中看到。做出这项新努力的研究人员并没有在冰芯中寻找它,而是专注于深冰芯中的矿物质,这些矿物质可能有助于更好地了解冰龄周期。但是,当他们遇到黄褐色的矿物时,他们的兴趣激起了。 X射线吸收测试和电子显微镜显示它是黄钾铁矾。 The researchers suggest the mineral formed in ice pockets that also held small amounts of dust. Under the ice, they had eroded, the researchers noted. The finding brought to mind another site where jarosite is found—the surface of Mars. It was found there by the Opportunity rover back in 2004 and has been found to be abundant. Finding jarosite on Mars created a lot of excitement at NASA and around the world, because prior research had shown that water must be present for jarosite formation.研究人员认为,冰袋中形成的矿物质还含有少量的灰尘。研究人员指出,它们在冰下侵蚀了。这一发现使我想到了另一个发现黄钾铁矾的地点-火星表面。早在2004年,Opportunity流浪者就在那发现了它,并且发现它很丰富。在火星上发现黄钾铁矾在NASA和全世界引起了极大的兴趣,因为先前的研究表明,形成黄钾铁矾必须存在水。 The discovery of jarosite on Mars led scientists to come up with theories to explain how it might have originated. Some suggested it might have been left behind as salty water evaporated. Others suggested that Mars might have been covered by a massive ice blanket billons of years ago. They further suggested that jarosite could have formed in ice pockets. That would have been possible, they noted, if the ice blanket grew slowly with dust blowing onto it. At the time the theory was formulated, it was difficult to test because it had never been found to form that way anywhere else, including Earth. 在火星上发现的黄钾铁矾导致科学家提出了一些理论来解释其起源。一些人认为,咸水蒸发后可能会留下来。其他人则认为,火星可能在数年前被巨大的冰盖巨石覆盖。他们进一步认为,黄钾铁矾可能在冰袋中形成。他们指出,如果冰盖缓慢地生长并且上面吹着灰尘,那将是可能的。在提出该理论时,很难进行测试,因为从未发现它能以其他方式形成,包括地球。 Now that jarosite has been found deep in Antarctic ice, the latter theory will likely become the most prominent. The researchers note that the theory still has one glitch—the ice in Antarctica contains very small amounts of jarosite—on Mars, the mineral is found in large slabs. The researchers suggest that the difference might be explained by the huge amounts of dust on the Martian surface.现在已经在南极冰层深处发现了黄钾铁矾,后一种理论可能会成为最突出的理论。研究人员指出,该理论仍然存在一个小问题-南极洲的冰中含有很少量的黄钾铁矾-在火星上,这种矿物存在于大平板中。研究人员认为,这种差异可能是由火星表面上大量的尘埃所解释的。点击:查看更多太空探索文章 查看更多生物学文章 使用PDF文档翻译功能免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。来源于:phys
2021-02-01 19:20:46
Researchers guide a single ion through a Bose-Einstein condensate研究人员引导单个离子通过Bose-Einstein冷凝物by University of Stuttgart斯图加特大学The path of the positively charged ion (yellow) through the BEC (green) can still only be depicted artistically. An ion microscope currently being developed at the Fifth Institute of Physics at the University of Stuttgart will make this path directly visible with a resolution of less than 200 nanometers. Credit: University of Stuttgart/PI5, Celina Brandes 带正电的离子(黄
2021-01-26 19:46:24
Record-breaking laser link could provide test of Einstein's theory by International Centre for Radio Astronomy Research打破纪录的激光链路可以为国际射电天文学研究中心提供爱因斯坦理论的检验由国际射电天文学研究中心提供 UWA's rooftop observatory. Credit: ICRAR西澳大学的屋顶天文台。信用:ICRAR Scientists from the International Centre for Radio Astronomy Research (ICRAR) and the University of Western Australia (UWA) have set a world record for the most stable transmission of a laser signal through the atmosphere.国际射电天文学研究中心(ICRAR)和西澳大利亚大学(UWA)的科学家为激光信号在大气中的最稳定传输创造了世界纪录。In a study published today in the journal Nature Communications, Australian researchers teamed up with researchers from the French National Centre for Space Studies (CNES) and the French metrology lab Systèmes de Référence Temps-Espace (SYRTE) at Paris Observatory.在今天发表在《自然通讯》杂志上的一项研究中,澳大利亚研究人员与来自法国国家太空研究中心(CNES)和法国巴黎天文台空间实验室SystèmesdeRéférenceTemps-Espace(SYRTE)的研究人员合作。The team set the world record for the most stable laser transmission by combining the Aussies' phase stabilization technology with advanced self-guiding optical terminals. Together, these technologies allowed laser signals to be sent from one point to another without interference from the atmosphere.该团队结合了澳大利亚的相位稳定技术和先进的自导光学终端,创造了最稳定的激光传输世界纪录。这些技术一起使激光信号可以从一个点发送到另一点,而不受大气干扰。Lead author Benjamin Dix-Matthews, a Ph.D. student at ICRAR and UWA, said the technique effectively eliminates atmospheric turbulence. "We can correct for atmospheric turbulence in 3-D, that is, left-right, up-down and, critically, along the line of flight," he said. "It's as if the moving atmosphere has been removed and doesn't exist. It allows us to send highly stable laser signals through the atmosphere while retaining the quality of the original signal."主要作者本杰明·迪克斯·马修斯(Benjamin Dix-Matthews),博士学位。 ICRAR和UWA的一名学生说,该技术有效地消除了大气湍流。他说:“我们可以校正3-D的大气湍流,即左右,上下,关键是沿着飞行路线。” “好像移动的气氛已经被去除并且不存在。它使我们能够通过大气发送高度稳定的激光信号,同时保持原始信号的质量。”The result is the world's most precise method for comparing the flow of time between two separate locations using a laser system transmitted through the atmosphere.结果是世界上最精确的方法,它使用通过大气传输的激光系统比较两个单独位置之间的时间流。One of the self-guiding optical terminals on its telescope mount on the roof of a building at the CNES campus in Toulouse. Credit: ICRAR/ UWA望远镜上的一个自导光学终端安装在图卢兹CNES校园的一栋建筑物的屋顶上。信用:ICRAR / UWAICRAR-UWA senior researcher Dr. Sascha Schediwy said the research has exciting applications. "If you have one of these optical terminals on the ground and another on a satellite in space, then you can start to explore fundamental physics," he said. "Everything from testing Einstein's theory of general relativity more precisely than ever before, to discovering if fundamental physical constants change over time."ICRAR-UWA高级研究员Sascha Schediwy博士说,这项研究具有令人兴奋的应用。他说:“如果将这些光学终端中的一个放置在地面上,将另一个放置在太空中,则可以开始探索基本物理原理。” “从比以往任何时候都更精确地测试爱因斯坦的广义相对论,到发现基本物理常数是否随时间变化的一切。”The technology's precise measurements also have practical uses in earth science and geophysics. "For instance, this technology could improve satellite-based studies of how the water table changes over time, or to look for ore deposits underground," Dr. Schediwy said.该技术的精确测量在地球科学和地球物理学中也有实际应用。 Schediwy博士说:“例如,这项技术可以改善基于卫星的地下水位随时间变化的研究,或者寻找地下的矿床。”There are further potential benefits for optical communications, an emerging field that uses light to carry information. Optical communications can securely transmit data between satellites and Earth with much higher data rates than current radio communications.光通信还有一个潜在的好处,光通信是一个新兴的领域,使用光来承载信息。光通信可以安全地在卫星和地球之间传输数据,其数据速率比当前的无线电通信要高得多。"Our technology could help us increase the data rate from satellites to ground by orders of magnitude," Dr. Schediwy said. "The next generation of big data-gathering satellites would be able to get critical information to the ground faster."Schediwy博士说:“我们的技术可以帮助我们将卫星到地面的数据速率提高几个数量级。” “下一代大数据收集卫星将能够更快地将关键信息传递到地面。”The phase stabilization technology behind the record-breaking link was originally developed to synchronize incoming signals for the Square Kilometer Array telescope. The multi-billion-dollar telescope is set to be built in Western Australia and South Africa from 2021.打破记录的链路背后的相位稳定技术最初是为了使平方公里阵列望远镜的输入信号同步而开发的。这项价值数十亿美元的望远镜将于2021年在西澳大利亚和南非建造。 点击:查看更多物理学文章 查看更多双语译文文章 免费试用文档翻译功能 免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。来源于:phys
2021-01-25 19:56:48
Sarah Cunnane莎拉·坎南(Sarah Cunnane)Fri, January 22, 2021, 7:20 AM2021年1月22日,星期五,上午7:20Dave Ramsey says here are 10 reasons you're not getting ahead.戴夫·拉姆西(Dave Ramsey)说,以下是你不能取得成功的10个原因Talk-radio host Dave Ramsey says you can solve your money troubles just as soon as you stop causing them.广播电台主持人戴夫·拉姆西(Dave Ramsey)说,只要您停止造成金钱上的麻烦,就可以解决。The money management guru has been doling out his signature blend of tough-love financial advice and Biblical wisdom since 1992. He learned it all the hard way: In his 20s, Ramsey built a million-dollar fortune flipping houses but lost it all when banks started calling in his debts. He had to buckle down to build back up from bankruptcy.自1992年以来,这名理财大师一直在奉献他的招牌招牌建议和圣经智慧的混合体。他从所有的艰难过程中学到了:20多岁的拉姆齐(Ramsey)建造了百万美元的翻新房屋,但是当银行倒闭时开始讨债。他不得不屈服于从破产中恢复过来。Now his radio show is syndicated on more than 600 stations, and he’s the author of several books. He teaches Americans how to save more money and avoid wallowing in debt — even during the current financial crisis.现在,他的广播节目已在600多个电视台上联合发布,并且他是几本书的作者。他教美国人如何省更多的钱,避免债务沉重,即使在当前的金融危机期间也是如此。Here are 10 reasons you're not getting ahead, according to Dave Ramsey.戴夫·拉姆西(Dave Ramsey)指出,以下是你不能取得成功的10个原因:1.Don’t try to tackle your biggest debts first不要尝试先解决最大的债务Elnur / ShutterstockWhen you’re deep in debt with multiple loans, freeing yourself can seem impossible. That’s why Ramsey suggests the “debt snowball method.”如果您背负着多笔贷款的沉重债务,那么解放自己似乎就不可能了。这就是拉姆齐提出“债务滚雪球方法”的原因。Rather than start with the loan with the highest interest rate, Ramsey says to pay off the loan with the lowest balance first, making only minimum payments on the rest. The idea is that each small victory inspires you to tackle bigger challenges.拉姆齐说,与其从利率最高的贷款开始,不如先还清余额最低的贷款,其余的只付最低的钱。这个想法是,每一次小小的胜利都会激发您应对更大的挑战。“It’s more about behavior change than numbers. Once your income is freed up, you can finally use it to make progress toward your savings goals,” Ramsey explains on his website.“更多的是行为改变,而不是数字。一旦您的收入被释放,您就可以最终使用它来实现您的储蓄目标。” Ramsey在他的网站上解释道。The snowball method is one of Ramsey's most common pieces of advice but it's also controversial. If your credit score is hurting, it may be better to use an online service that can help you determine which bills to pay off first to get your score back up.雪球法是Ramsey最常见的建议之一,但也引起争议。如果您的信用评分受到影响,最好使用在线方式这项服务来帮助您确定先付清哪些账单以恢复您的分数。2.Don’t try to justify frivolous purchases不要试图证明轻率的购买是合理的borevina / Shutterstock博尔维纳/ ShutterstockIf you want to become financially independent, you’ll have to figure out where you can cut corners. That means no more lattes or new jeans.如果您想在财务上变得独立,则必须找出可以偷工减料的地方。这意味着不再需要拿铁或新牛仔裤。“But I work hard all day. I deserve it. Oh, call the wahhmbulance — we all work,” Ramsey said on his radio show.“但是我整天努力工作。我应得的。噢,叫呼呼呼唤-我们都在努力,”拉姆齐在电台节目中说。With just a bit of budgeting, most people learn they’re not nearly as strapped as they think they are. Overspending is what’s keeping Americans in debt, Ramsey says, especially the attitude that you deserve what you want.仅需一点点预算,大多数人就会知道他们并没有像他们认为的那样受困。拉姆西说,超支是让美国人背负债务的原因,尤其是您应有的态度。Each shopping trip helps fritter away your future, especially if you're not using money-saving tools including a free browser add-on that helps you find better prices online.每次购物旅行都会帮助您摆脱将来的烦恼,尤其是如果您没有使用省钱的工具,包括免费的浏览器附加程序,可以帮助您在网上找到更优惠的价格。3.Don’t buy with a credit card what you can buy with cash不要用信用卡购买可以用现金购买的东西Jacob Lund / Shutterstock雅各布·隆德/ ShutterstockRamsey says you don’t need fancy software to help you save. Once you’ve worked out your monthly budget, withdraw that much cash from the bank and separate it into envelopes labeled gas, groceries, entertainment and whatever else you need.拉姆齐说,您不需要精美的软件即可帮助您节省开支。计算完每月预算后,请从银行提取大量现金,然后将其分成标有汽油,食品,娱乐和其他所需物品的信封。“Anytime you want to know how much money you have left to spend in your budget category, just take a peek in your envelope,” Ramsey said in a blog post.拉姆齐在博客中说:“任何时候,您都想知道预算中还有多少钱可以花,只看一眼就可以了。”It may sound old school, but the envelope system forces you to think about your expenses. It’s so easy to tap a credit card and forget about it, while cash makes you watch the money leave.听起来有些老套,但是信封系统迫使您考虑费用。轻按信用卡即可忘却它,这很容易,而现金使您可以看着钱离开。4.Don’t buy new不要买新的4 PM production / ShutterstockAssuming your car has four wheels, that’s good enough for Dave Ramsey. Buying the newest model of anything is a waste.假设您的汽车有四个车轮,对于戴夫·拉姆齐(Dave Ramsey)来说就足够了。购买任何事物的最新模型都是一种浪费。“If you’re tired of the kitchen countertops or want to upgrade to the latest and greatest cellphone, think again … Don’t steal from your needs to pay for your wants,” he writes on his blog.他在博客中写道:“如果您厌倦了厨房台面,或者想升级到最新,最好的手机,请三思……不要从需求中窃取资金来满足您的需求。”Ramsey says no one should buy a new car, unless they have a net worth in excess of $1 million. Cars lose a huge chunk of their value as soon as they’re driven off the lot.拉姆齐(Ramsey)说,除非他们的净资产超过100万美元。汽车一被抛弃,就会立即失去其价值的很大一部分。“The average millionaire drives a four-year-old car with 41,000 miles on it, and of course it’s paid for. They haven’t made a car payment in decades, which is why they’re millionaires,” he adds.“普通的百万富翁开着一辆有41,000英里行驶里程的四岁汽车,这当然是有偿的。他们几十年来没有付过车费,这就是为什么他们是百万富翁。”他补充道。5.Don’t spend when you can invest不要在可以投资的时候花钱 Andrii Yalanskyi / ShutterstockWhen Ramsey appeared on Larry King Live in 2015, the Dow was doing well and unemployment was steadily decreasing. King wanted to know: If the economy’s so great, why are Americans still suffocating in debt?当拉姆齐(Ramsey)在2015年出现在拉里·金(Larry King)Live上时,道指表现良好,失业率稳步下降。金想知道:如果经济如此好,为什么美国人仍然负债累累?Ramsey said wage stagnation has played a significant factor, but that’s no excuse to let consumers off the hook.拉姆西(Ramsey)表示,工资停滞是一个重要因素,但这并不是让消费者摆脱困境的借口。“Americans have a spending problem,” he told King.他对金说:“美国人有消费问题。”“In order to make money on your mutual fund and your 401(k), you have to put money into your 401(k). If you had been doing that [since the 2008 recession] ... your money would have tripled."“为了在共同基金和401(k)上赚钱,您必须将资金投入401(k)。如果您一直这样做(自2008年经济衰退以来)……您的钱将会增加两倍。”You don’t reap the benefits of a flourishing economy by consuming even more; it’s investing that brings wealth. Set aside 15% of your monthly income, build it up, and then put it into the market at regular intervals.您不会通过消费更多而获得繁荣的经济的好处;带来财富的投资。拨出您月收入的15%,积累起来,然后定期将其投入市场。If you're not confident in your ability to invest on your own, you might lean on a fidicuary financial planner to help you with your portfolio.如果您对自己的投资能力不自信,则可以依靠财务理财师来帮助您进行投资。6.Don’t go to a fancy college不要去上名牌大学ssguy / ShutterstockYou’re at the top of your class, so why wouldn’t you attend the best school?您是班上的佼佼者,那么为什么不上最好的学校?According to a 2018 university study, three quarters of all jobs that pay more than $35,000 are held by people with some form of higher education — but don’t set yourself up for failure by saddling yourself with debt.根据2018年的大学研究,所有工作中有四分之三的薪水超过35,000美元由受过某种形式高等教育的人持有,但不要因背负债务而使自己陷入失败。In 2020, the total amount of student debt in the United States is an estimate $1.56 trillion, and graduates are eager to find ways to deal with their unpaid loans.到2020年,美国学生债务总额为估计值总额为1.56万亿美元,毕业生渴望找到处理未偿还贷款的方法。Ramsey says the important thing is getting a decent education without taking out a loan — not the prestige of an Ivy League school.拉姆齐说,重要的是在不借贷的情况下获得体面的教育-而不是常春藤盟校的声望。“That’s the biggest lie we’ve ever believed: where you went to school has some correlation with your future success. It has almost zero,” he told CNBC last year.“这是我们有史以来最大的谎言:您上学的地方与您未来的成功有一定的联系。它几乎为零。”他去年告诉CNBC。7.Don’t splurge once you graduate毕业后不要挥霍mimagephotography / ShutterstockWhen you leave school and find your first real job, you might feel like you’ve got money to burn. Slow your roll.当您离开学校并找到第一份真正的工作时,您可能会觉得自己有钱在燃烧。放慢脚步。“I tell young people who call our radio show that you’re already used to living like a broke college kid, so keep living like one until you start making grown-up money,” Ramsey told CNBC in 2018.Ramsey在2018年对CNBC表示:“我告诉参加我们广播节目的年轻人,您已经习惯了像一个破烂的大学生那样生活,所以要保持像一个人那样生活,直到您开始赚大钱为止。”You don’t have to resort to eating instant noodles and drinking instant coffee; it’s more about the mentality of making every penny count.您不必求助于吃方便面和喝速溶咖啡;这更多地是要精打细算的心态。By limiting your expenses and buying necessities on the cheap, Ramsey said, “you can clean up any debt you might have, build up your emergency fund and start saving for the things you want and need down the road like a better car and a down payment on a house.”通过限制开支和廉价购买必需品,Ramsey说:“您可以清理可能欠下的债务,建立应急基金,并开始为将来想要和需要的东西储蓄,例如买一辆更好的汽车和一辆卡车。付款。”点击:查看剩下的 戴夫·拉姆西(Dave Ramsey)建议 查看更多双语译文文章 使用双语译文文档翻译功能免责声明:福昕翻译只充当翻译功能,此文内容及相关信息仅为传递更多信息之目的,仅代表作者个人观点,与本网站无关,版权归原始网站所有。仅供读者参考,并请自行核实相关内容。若需要浏览原文、下载参考文献等,请自行搜索文中提到的原文网站进行阅读。来源于:yah
2021-01-22 17:15:44