2020年巴菲特股東大會中文同傳
6月17日，一封關於「股神」巴菲特退休的公開信在社交網絡上傳播。巴菲特公司伯克希爾哈撒韋官網以及相關外媒網站顯示，均無巴菲特退休的相關信息。此外，Twitter中搜索「退休信」中繼任者的名字，也未發現任何相關信息。
網傳的退休信中，巴菲特表示，在過去的幾年裡，查理和我一直在考慮伯克希爾·哈撒韋的未來及其繼任計劃。我們一直在準備Ajit Jain和Greg Abel來接任我們的職責。但是，在過去十年的表現不佳和最近幾個月所犯的錯誤之後，顯然必須採取嚴厲的措施。
退休人士要配置什麼金融資產？
What Is an Annuity?
An annuity is a financial product that pays out a fixed stream of payments to an individual, and these financial products are primarily used as an income stream for retirees. They help individuals address the risk of outliving their savings. Annuities were designed to be a reliable means of securing steady cash flow for an individual during their retirement years and to alleviate fears of longevity risk of outliving one's assets.
年金是一種向個人支付固定現金流的金融產品，這些金融產品主要用作退休人員的收入流。它們幫助個人解決活得比儲蓄長的風險。年金被設計成一種可靠的手段，可以確保個人在退休期間獲得穩定的現金流，並緩解人們活得比資產長的長壽風險的擔憂。
Annuity Types 年金類型
Annuities can also begin immediately upon deposit of a lump sum, or they can be structured as deferred benefits. An example of this type of annuity is the immediate payment annuity in which payments begin immediately after the payment of a lump sum. Deferred income annuities are the opposite of an immediate annuity because they don't begin paying out after the initial investment. Instead, the client specifies an age at which he or she would like to begin receiving payments from the insurance company.
年金也可以在一次性存入後立即開始，或者可以按遞延福利的形式進行組織。這類年金的一個例子是即期年金，在一次性支付後立即開始支付。遞延年金與即期年金相反，因為它們在初始投資後不會開始支付。取而代之的是，客戶指定他或她想要開始接受保險公司付款的年齡。
Fixed and Variable Annuities
固定和可變年金
Annuities can be structured generally as either fixed or variable. Fixed annuities provide regular periodic payments to the annuitant. Variable annuities allow the owner to receive greater future cash flows if investments of the annuity fund do well and smaller payments if its investments do poorly. This provides for less stable cash flow than a fixed annuity but allows the annuitant to reap the benefits of strong returns from their fund's investments.
年金一般可以分為固定年金和可變年金。固定年金為年金人提供定期付款。可變年金允許所有者在年金基金投資表現良好的情況下獲得更大的未來現金流，如果投資表現不佳，則可以獲得較小的支付。這提供了比固定年金更不穩定的現金流，但允許年金人從他們的基金投資中獲得強勁回報的好處。
Illiquid Nature of Annuities
年金的非流動性性質。
One criticism of annuities is that they are illiquid. Deposits into annuity contracts are typically locked up for a period of time, known as the surrender period, where the annuitant would incur a penalty if all or part of that money were touched.
對年金的一種批評是它們缺乏流動性。存入年金合同的存款通常會被鎖定一段時間，也就是所謂的退保期，在這段時間裡，如果全部或部分資金被觸及，年金人將受到處罰。
Annuities vs. Life Insurance
年金VS人壽保險
Life insurance companies and investment companies are the two primary types of financial institutions offering annuity products. For life insurance companies, annuities are a natural hedge for their insurance products. Life insurance is bought to deal with mortality risk—that is, the risk of dying prematurely. Policyholders pay an annual premium to the insurance company who will pay out a lump sum upon their death.
壽險公司和投資公司是提供年金產品的兩種主要金融機構。對於人壽保險公司來說，年金是其保險產品的天然對衝。購買人壽保險是為了處理死亡風險--也就是過早死亡的風險。投保人每年向保險公司支付保費，保險公司將在他們去世時一次性支付一筆保費。
Who Buys Annuities?
誰買年金？
Annuities are appropriate financial products for individuals seeking stable, guaranteed retirement income.Because the lump sum put into the annuity is illiquid and subject to withdrawal penalties, it is not recommended for younger individuals or for those with liquidity needs to use this financial product.
年金是適合個人尋求穩定及有保障退休收入的金融產品，由於一次過存入年金的款項缺乏流動資金，並須繳交提款罰則，因此不建議較年輕的人士或有流動資金需要的人士使用此金融產品。
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