巴菲特：诚然，有些人利用负债得以致富。殊不知，这也是一条返贫之路。当杠杆发挥作用时，它会放大你的收益。你的配偶认为你很聪明，而你的邻居会嫉妒你。但杠杆会让人上瘾。一旦从中尝到甜头，很少有人会转而采取更保守的做法。正如我们在三年级时所学到的，任何一系列正数，无论数字多么令人印象深刻，只要乘以一个零，就会顷刻间灰飞烟灭，有些人在2008年又重温了这一课。历史告诉我们，即便使用杠杆的人非常聪明，最后也难逃归零的宿命。（2010年）
巴菲特原文：Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbors get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices. And as we all learned in third grade — and some relearned in 2008 — any series of positive numbers, however impressive the numbers may be, evaporates when multiplied by a single zero. History tells us that leverage all too often produces zeroes, even when it is employed by very smart people.（2010）
释义：1.“magnifies”意为“放大”；
2.“envious”意为“嫉妒”；
3.“addictive”意为“上瘾的”；
4.“evaporates”意为“蒸发”、“消失”。
巴菲特原文：Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbors get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices. And as we all learned in third grade — and some relearned in 2008 — any series of positive numbers, however impressive the numbers may be, evaporates when multiplied by a single zero. History tells us that leverage all too often produces zeroes, even when it is employed by very smart people.（2010）
释义：1.“magnifies”意为“放大”；
2.“envious”意为“嫉妒”；
3.“addictive”意为“上瘾的”；
4.“evaporates”意为“蒸发”、“消失”。
#小c的ins# We’re coming back!! FOOLS GOLD EUROPEAN TOUR 2024!!! Can’t wait to see you again ❤️
Tickets out Friday 26th 10am CEST
Oct 1: La Madeleine - Brussels, BE
Oct 2: Islington Assembly Hall - London, UK
Oct 3: Le Trabendo - Paris, FR
Oct 5: Jovel Music Hall - Münster, DE
Oct 7: E-Werk - Cologne, DE
Oct 8: Grosse Freiheit - Hamburg, DE
Oct 9: Zenith - Munich, DE
Oct 11: LKA-Longhorn - Stuttgart, DE
Oct 13: Kaufleuten - Zurich, CH
Oct 15: Santeria Toscana 31 - Milan, IT
Oct 17: Kafe Antzokia - Bilbao, ES
Oct 18: Razzmatazz Room 2 - Barcelona, ES
Oct 20: BUT - Madrid, ES
Nov 5: Cirkus - Stockholm, SE
Nov 7: Mejeriet - Lund, SE
Nov 8: Trädgårn - Gothenburg, SE
Nov 10: Rockefeller Music Hall - Oslo, NO
Tickets out Friday 26th 10am CEST
Oct 1: La Madeleine - Brussels, BE
Oct 2: Islington Assembly Hall - London, UK
Oct 3: Le Trabendo - Paris, FR
Oct 5: Jovel Music Hall - Münster, DE
Oct 7: E-Werk - Cologne, DE
Oct 8: Grosse Freiheit - Hamburg, DE
Oct 9: Zenith - Munich, DE
Oct 11: LKA-Longhorn - Stuttgart, DE
Oct 13: Kaufleuten - Zurich, CH
Oct 15: Santeria Toscana 31 - Milan, IT
Oct 17: Kafe Antzokia - Bilbao, ES
Oct 18: Razzmatazz Room 2 - Barcelona, ES
Oct 20: BUT - Madrid, ES
Nov 5: Cirkus - Stockholm, SE
Nov 7: Mejeriet - Lund, SE
Nov 8: Trädgårn - Gothenburg, SE
Nov 10: Rockefeller Music Hall - Oslo, NO
巴菲特：当然，杠杆可能也会对企业造成致命打击。负债累累的公司往往认为，这些债务到期之后还能续贷。这种假设通常是有效的。但偶尔有一些时候，由于公司自身问题或全球信贷短缺，到期债务必须通过支付来偿还。此时，只有现金才能解决问题。
然后，借款人就会明白，信用就像氧气。此二者，但凡在充足的时候，我们不会注意到它的存在。当它们缺失时，我们才会注意到。即使信贷短暂缺失，也会使公司陷入困境。事实上，2008年9月，许多经济部门的信用在一夜之间消失，险些使整个国家陷入困境。（巴菲特 2010年）
原文：Leverage, of course, can be lethal to businesses as well. Companies with large debts often assume that these obligations can be refinanced as they mature. That assumption is usually valid. Occasionally, though, either because of company-specific problems or a worldwide shortage of credit, maturities must actually be met by payment. For that, only cash will do the job.
Borrowers then learn that credit is like oxygen. When either is abundant, its presence goes unnoticed. When either is missing, that’s all that is noticed. Even a short absence of credit can bring a company to its knees. In September 2008, in fact, its overnight disappearance in many sectors of the economy came dangerously close to bringing our entire country to its knees.（2010）
然后，借款人就会明白，信用就像氧气。此二者，但凡在充足的时候，我们不会注意到它的存在。当它们缺失时，我们才会注意到。即使信贷短暂缺失，也会使公司陷入困境。事实上，2008年9月，许多经济部门的信用在一夜之间消失，险些使整个国家陷入困境。（巴菲特 2010年）
原文：Leverage, of course, can be lethal to businesses as well. Companies with large debts often assume that these obligations can be refinanced as they mature. That assumption is usually valid. Occasionally, though, either because of company-specific problems or a worldwide shortage of credit, maturities must actually be met by payment. For that, only cash will do the job.
Borrowers then learn that credit is like oxygen. When either is abundant, its presence goes unnoticed. When either is missing, that’s all that is noticed. Even a short absence of credit can bring a company to its knees. In September 2008, in fact, its overnight disappearance in many sectors of the economy came dangerously close to bringing our entire country to its knees.（2010）
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