Undeniable， even after 100 years， when people fear a lot of people may still be rushed into gold crazy buying. However， I believe that the current market value of $ 9.6 trillion gold assets of the Group A compound rate of return during the next 100 years would be far lower than that in group B of arable land and equity assets.
Fear peaked， the first asset class investment most popular: to promote individual investors fear of economic collapse， the currency—based assets， mostly to buy U.S. Treasury bonds; fear of the collapse of the currency devaluation will push people flocked to buy gold assets never produce anything. In late 2008， we heard everyone say "cash is king"， but this time to spend cash instead of holding cash. Similarly， in the early 1980s， we heard everyone saying "cash is trash"， but at that time the fixed—income investments in high yield levels we remember the most attractive. In both cases， those who blindly follow public investors the heart in order to feel comfortable stability and paid a heavy price.
——摘自2012年巴菲特寫給全體股東的年報
譯文
從現在開始往後未來100年內，整個美國162億平方公裏的耕地將產出數量驚人的玉米、小麥、棉花和其他農作物，而且不論未來貨幣是什麼樣，這些耕地都會繼續產出這樣價值巨大的回報。在未來100年內，埃克森美孚石油公司可能會向股東派發幾萬億美元的股利，而且公司還將會持有價值很多萬億美元的資產規模（記住，你一共擁有16家埃克森美孚石油公司）。100年內17萬公噸黃金的體積大小不會有絲毫變化，而且不會產出任何東西。當然，你可以天天愛撫這個黃金立方體，但是它卻不會對你有任何反應。