The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.

—累积优先股是这样一种优先股，所有以前未支付的优先股股利必须在普通股股利支付之前支付。

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The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.

累积优先股是这样一种优先股，所有以前未支出的优先股股利必需在通俗股股利支出之前支出。

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If the preferred is cumulative, it means dividends that are not paid will be added up.

如果优先权是累积的，这就意味着没有支付的股息将加在一起来算。

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Cumulative preferred stock buffers the risk of a skipped dividend payment by allowing past due dividends to accrue.

FORBES: Why Warren Buffett Prefers Preferred Stock

Non-cumulative preferred stock gives a company more flexibility in managing its cash flow.

FORBES: Why Warren Buffett Prefers Preferred Stock

As stated above, the preferred stock purchased by Berkshire Hathaway is cumulative.

FORBES: Why Warren Buffett Prefers Preferred Stock