GOING TO CASH关于现金

One big reason we like to hold cash is that my inherent nature is to feel something better to buy is always going to come along and I want to have the cash available to buy it. People assume they can always sell something to buy something better, but I don’t like potentially selling into a lousy market when the liquidity isn’t there.

Steven Romick, 7.31.08

我喜欢持有现金的一个重要原因是在我的本性里总是感觉一些值得买的好东西就快来了，我拿着现金是为了买它。人们总是想他们可以在想买一些好东西的时候卖出点什么，但我不喜欢在流动性不好的糟糕的市场中卖出。

Every couple of years there’s a crisis, in one industry or across markets. We think it’s very important to have buying power going into something like that, which we always have either through holding cash or having significant borrowing power. Without the ability to buy in the middle of a crisis, you’ll suffer the volatility of it but won’t be able to buy the cheap assets that result from it.

Ken Shubin Stein, 2.28.06

每隔几年，一个行业或者整个市场就会发生一次危机。我们认为随时保持一定的购买力非常重要，我们总是会持有现金或者保持足够的偿债能力。失去了在危机中买入的能力，你就只能忍受波动，却不能利用它而买入便宜的资产。

Ben Graham always made the point that even if you thought you had a portfolio of very cheap stocks, if the market at the time was fully priced, you should have at least 25% of your portfolio in something other than equities, such as cash or bonds. To do otherwise would be to delude yourself that your stocks, no matter how cheap they appeared to you, would be magically immune if the whole market was to correct.

Charles de Vaulx, 11.26.08

本·格雷厄姆常说，即使你认为你拥有了一个便宜的股票组合，如果当时的市场是完全定价的，你应该把至少25%的组合变为股票以外的东西，如现金和债券。

Many value investors have a very particular view of when things are cheap and when they’re expensive and they should hold cash. They portray holding cash as a risk-reduction method. My view is that’s just taking on a different risk. You’re betting there is going to be regular cyclicality and things are going to get cheap again and you’re going to be able to buy them. But if they don’t, you’re screwed. You’ll end up like the guys that have been bearish for 20 years and don’t have any assets any more.

Bill Miller, 6.19.05

很多价值投资者在东西便宜的时候有非常特殊的观点，当贵的时候他们就会持有现金。他们把持有现金当作减少风险的方法。我的观点是，那是另一种的风险。你在赌会有一个规律的周期性，东西会再便宜，然后你就能再买入。但如果不这样，你就会被涮了。你就会象那个熊了20年没有任何资产的家伙们一样。（？）

By having a high cash balance, one is suggesting that he has some wisdom or knowledge about timing the market for which he or she should be compensated. I have none of that.

Carlo Cannell, 6.30.08

保持一个高的现金余额，人们会认为他们具有智慧和知识选择市场时机并从中获利。我不同意这种做法。

Our cash balance is purely a residual of whether or not we’re finding enough to invest in.

Jean-Marie Eveillard, 5.30.08

我们的资金余额是由是否我们能找到足够的投资标的来决定的。