對沖基金創辦人的看法
Billionaire investor Ray Dalio doubled down on his argument that “cash is trash,” as central banks print money and keep interest rates low in response to the coronavirus pandemic.
億萬富翁投資人達里歐進一步強調「現金是垃圾」的觀點。目前各國央行印鈔票，將利率維持在低檔，以因應新冠肺炎疫情。
double down多加把勁做某事
Dalio, the founder of hedge fund Bridgewater Associates, hosted an “Ask Me Anything” event on the social media platform Reddit, where he shared his views on the current state of the economy and markets amid the Covid-19 pandemic.
對沖基金橋水創辦人達里歐在社群媒體平台Reddit舉辦「有問必答」活動，訴說新冠肺炎疫情對於經濟和市場現狀的看法。
where=in which
Back in late January, in an interview with CNBC, Dalio made a similar call, saying “cash is trash” and advising investors to dive into markets. It wasn’t the best call in hindsight, given the market crash that saw Bridgewater’s Pure Alpha Fund II lose around 20% of its value in the first quarter.
早在1月底接受CNBC訪問時，達里歐也提出類似的說法，稱「現金是垃圾」，並建議投資人投入市場。事後來看，這並非上策，因為市場崩盤，橋水的Pure Alpha基金II第一季淨值下跌約20％。
dive into~投入hindsight(n.)後見之明、事後孔明in hindsight事後看來given that…考慮到;有鑑於
But Dalio is sticking to his guns. Cash is less volatile than other assets, he said, but holders risk missing out once the global economy starts to recover.
但達里歐堅持自己的主張。他說，現金的波動低於其他資產，但一旦全球經濟開始復甦，持有現金的人就面臨錯失機會的風險。
stick to his guns堅持自己的主張，堅持信念volatile(adj.)波動的;不穩定的risk(v.)冒…的風險miss out 錯失機會
“Please remember that while it doesn’t move around in value as much as other assets, there is a costly negative return to it,” Dalio wrote on Reddit when asked about cash as an investment. “So I still think that cash is trash relative to other alternatives, particularly those that will retain their value or increase their value during reflationary periods (e.g., some gold and some stocks).”
當被問到現金當作投資時，達里歐在Reddit上寫道：「不要忘了，雖然現金價值的變動不像其他資產那麼大，但是負報酬率的代價相當大。」「因此，我仍然認為，相對於其他替代品而言，現金是垃圾，尤其是相較於那些在通貨再膨脹時期能夠保值或增值的替代品（例如一些黃金和股票）。」
alternative(n.)替代品relative to 與… 比較;相對於retain(v.)保持、保留reflationary(adj.)通貨再膨脹的；景氣復甦的inflation(n.)通貨膨脹deflation(n.)通貨緊縮e.g.=for example例如
Dalio’s view differs significantly from that of Warren Buffett, whose Berkshire Hathaway conglomerate had $128 billion in cash and short-term investments at last count.
達里歐的觀點與巴菲特大相逕庭。據最新統計，巴菲特旗下的波克夏集團現金和短期投資有1,280億美元。
conglomerate(n.)聯合大企業、企業集團significantly(adv.)顯著地;明顯地that=the viewat last count 最新統計
“I will never risk getting caught short of cash,” Buffett said in his letter to shareholders last year.
巴菲特去年在致股東的信函說：「我永遠不會冒著缺現金的風險。」
get caught short=be caught short 突然想上廁所;內急、短缺