腾讯财经讯 北京时间2月10日早间，CNBC头条刊文《巴菲特称股市表现将优于债券和黄金》，现全文摘要如下：

全球亿万富翁、明星投资家沃伦-巴菲特日前表示，在未来一段时间里，股票或者对任何“生产性”资产进行的投资，其表现都大大好于债券，甚至是黄金。更为重要的是，迄今为止，股票已经成为了最为安全的资产。

巴菲特表示，对于债券，目前应该发出警告了，因为这类投资产品的收益率并不高，不足以在经过通胀和税收调整后为投资者带来真实的回报。尽管一直以来，市场一直认为债券以及其他基于汇率的投资品种相对安全，但事实上，目前这些已经是最具风险的资产。

巴菲特表示，其执掌的伯克希尔哈撒韦公司之所以持有美国国债仅仅只是为了确保该公司较高的流动性，即在急需资金的时候，能够迅速变现。巴菲特指出，对于非生产性资产，诸如黄金，目前其价格已经具有较大的泡沫。（翊海）http://www.qq.com/favicon.ico

http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__PEOPLE/B/Buffett_Warren_10_200.jpg

Getty Images Warren Buffett

Warren Buffett is making his case.

Stocks, or investments in any "productive" asset, will "prove to be the runaway winner" over bonds or gold "over any extended period of time" .. and "more important, it will be by far the safest."

Buffett lays out the argument in a bylined article appearing in Fortune's February 27 issue and on its web site.

It's described as an "adaptation" from his upcoming annual letter to Berkshire Hathaway shareholders.

Fortune's Carol Loomis edits that letter each year with Buffett.

In the piece, Buffett argues that bonds "should come with a warning label" right now, because interest rates aren't high enough to make up for inflation and taxes.

Even though bonds, and other currency-based investments, have a reputation of being safe, "in truth they are among the most dangerous of assets."

Buffett says Berkshire holds U.S. Treasury bills only to make sure the company has quick access to cash if it is suddenly needed.

As for "non-productive" assets, most notably gold, Buffett argues their "owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future."

While a rising price can encourage even skeptics to join in, "bubbles blown large enough inevitably pop."

Buffett writes that if all the gold in the world were combined into one cube, about 68 feet on each side, it would be worth $9.6 trillion at its current price of $1750 per ounce.

For that amount of money, "we could buy all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 Exxon Mobils (the world's most profitable company, one earning more than $40 billion annually.)"

Another trillion would be left over.

"A century from now the 400 million acres of farmland will have produced staggering amounts of corn, wheat, cotton, and other crops -- and will continue to produce that valuable bounty, whatever the currency may be. Exxon Mobil (XOM) will probably have delivered trillions of dollars in dividends to its owners and will also hold assets worth many more trillions (and, remember, you get 16 Exxons). The 170,000 tons of gold will be unchanged in size and still incapable of producing anything. You can fondle the cube, but it will not respond."

This is not a new position for Buffett.  For several years now, he's favored stocks over bonds or gold.

Current Berkshire stock prices:

Class B: [BRK.B  79.20  http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_down.gif  -0.46  (-0.58%)   http://media.cnbc.com/i/CNBC/CNBC_Images/backgrounds/realtime_icon.gif]

Class A: [BRK.A  118855.0234  http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_down.gif  -619.9766  (-0.52%)   http://media.cnbc.com/i/CNBC/CNBC_Images/backgrounds/realtime_icon.gif]