2015-03-09 WARREN BUFFETT.BECOMING WARREN BUFFETT

Refer To：《WARREN BUFFETT.BECOMING WARREN BUFFETT-1/2》。

KUNHARDT FILM/FOUNDATION

库哈特电影/基金会

WARREN BUFFETT INTERVIEW

沃伦·巴菲特访谈录

BECOMING WARREN BUFFETT

成为沃伦·巴菲特

KUNHARDT FILM FOUNDATION

库哈特电影基金会

WARREN BUFFETT

沃伦·巴菲特

March 9, 2015

2015年3月9日

Interviewed By: Peter Kunhardt

采访者：彼得·库哈特

Total Running Time: 1 Hour 39 Minutes

总时长：1小时39分钟

TITLE On seeing his son, Peter, perform about his life

标题关于看他儿子彼得表演他的生活

10:17:13:22

WARREN BUFFETT:

沃伦·巴菲特：

I enjoyed it. But it’s- it started off- the performance with my - report card from my- just about the middle of junior high school in Washington and the - from there it gets better. We - we started at the low point or Peter did. And - it - it - he changes it a little every time Iwatch. And - one time out in Los Angeles I performed with him - and my ukulele with - with me. And - for some reason he hasn’t asked me back to do that. But II look forward to attending any of his performances.

I enjoyed it. But it’s- it started off- the performance with my - report card from my- just about the middle of junior high school in Washington and the - from there it gets better. We - we started at the low point or Peter did. And - it - it - he changes it a little every time I watch. And - one time out in Los Angeles I performed with him - and my ukulele with - with me. And - for some reason he hasn’t asked me back to do that. But I I look forward to attending any of his performances.

我很喜欢。但这——他的表演是从我的——我差不多在华盛顿读初中时的成绩单开始的，然后——从那以后就好起来了。我们——我们是从低谷开始的，或者说彼得是。而且——他——他每次我看的时候都会做一点改动。有一次在洛杉矶，我跟他一起表演了——我的尤克里里也带上了——跟我一起。但——出于某种原因，他再没请我回去做那件事。不过我期待参加他的任何一场表演。

TITLE His sense of social consciousness

TITLE 他的社会意识

10:18:22:12

WARREN BUFFETT:

沃伦·巴菲特：

标题关于投票给肯尼迪

10:29:35:00

WARREN BUFFETT:

沃伦·巴菲特：

I voted — I voted for JFK. Right. But I I I w— I didn’t actively campaign for him. My dad was still alive then. My sister - I - my older sister was working very hard for Goldwater. So she started something or worked with it called Gold for Goldwater. So I- I didn’t say- wethink (UNINTEL) two (UNINTEL) in the family nullifying each other.

我投票了——我投给了肯尼迪。没错。但我并没有积极为他助选。当时我父亲还在世。我姐姐——我的大姐当时非常努力地为戈德华特工作，她发起或参与了一个名为“黄金支持戈德华特”的活动。所以我没有公开表态——我们家族内部（听不清）两个人（听不清）互相抵消。

TITLE On Nixon

标题关于尼克松

10:30:03:11

WARREN BUFFETT:

沃伦·巴菲特：

Well, there’s an interesting story on President Nixon inin that in 19 for-my dad got- first got elected in 1942. And- and then in 1946 the Republicans won control over the House of Representatives for the first time since 1930. And one night, Joe Martin, who was to become speaker of the House for the Republicans came over to our house and told my dad that because of the Republican majority there was an open h - open seat on the House on American activities committee. And he offered it to my dad. And my dad said - no thanks, he wasn’t interested in that seat. So then Joe Martin went to a newly elected congressman named Richard Nixon and offered it to him. And that’s the way history develops. You know, I’ve always been fascinated by politics. And politicians fascinate me. So - Nixon was- a very interesting ch- he was a very smart man. And- you know, but he’s self-destructive. I- one of the interesting - probably the - the - the book I’d really like to read is- is Why Smart People do Dumb Things. I’ve seen it all my life. I’ve seen it in finance. I’ve seen it in politics. I see it in marriages. All kinds of things. Why smart people do dumb things because- you know, Nixon- Nixon destroyed himself.

关于尼克松总统，有一个有趣的故事。1942年我父亲首次当选国会议员，而到1946年，共和党自1930年以来首次赢得了众议院的控制权。有一天晚上，即将成为共和党众议院议长的乔·马丁来到我们家，告诉我父亲，由于共和党占多数，众议院非美活动委员会有一个空缺席位，他想提供给我父亲。但我父亲表示“不，谢谢”，他对这个职位不感兴趣。于是乔·马丁转而找到了一个新当选的议员，名叫理查德·尼克松，并把这个职位提供给了他。历史就是这样形成的。我一直对政治很着迷，政治人物也让我感到着迷。尼克松是一个非常有趣的人物，他非常聪明，但却有自我毁灭倾向。我一直很想读的一本书可能是《为什么聪明人会做蠢事》。我一生都在观察这种现象，在金融界、政治界、婚姻关系中都见过。各种情况都有。为什么聪明人会做蠢事呢？你知道，尼克松就是这样毁掉了自己。

10:31:35:07

I was able to purchase Washington - what-I owe Nixon a - a great- thank you because - I was able to buy Washington Post stock very cheap- becauseNixon had encouraged Bebe Rebozo I believe tochallenge two licenses- for TV stations that the Washington Post had in Florida- Jacksonville and Miami. And Washington Post stock took a quick nose dive from about a share down to . And even if those two stations had been taken away the stock was worth - many multiples of - of the price it got to- and they weren’t gonna take it away anyway. So- President Nixon did me a huge favor financially (LAUGH) when he got Bebe to challenge those licenses.

我当时能够购买《华盛顿邮报》的股票——我真的应该好好感谢尼克松，因为我能以非常便宜的价格买进《华盛顿邮报》的股票。原因是尼克松鼓动贝贝·雷博佐挑战《华盛顿邮报》在佛罗里达州杰克逊维尔和迈阿密拥有的两个电视台的许可证。《华盛顿邮报》的股价因此迅速从每股大约跌至。即使这两个电视台真的被撤销许可证，这支股票的实际价值仍远高于它当时跌到的价格，而且实际上许可证也不可能被撤销。因此，当尼克松促使贝贝挑战这些许可证时，他实际上在经济上帮了我一个大忙（笑）。

现在的总统可能也有自我毁灭的倾向。

TITLE On Katharine Graham

标题关于凯瑟琳·格雷厄姆

10:32:28:21

WARREN BUFFETT:

沃伦·巴菲特：

Well, Katharine Graham - Graham was a remarkable woman. I mean, she was the daughter of- of Eugene Meyer who was a huge figure - in Wall Street and Washington. I mean, he went- he- he started in Wall Street- with a very small sum and went onto becomehe was actually - chairman of the fed. He was the f-I think the first head of the RFC. I think he may have been the first head of the World Bank. He was a

remarkable man. And - he had f- five children. But-but Katharine Graham - ended up being the heir to The Washington Post. Eugene Meyer had bought it in the early ‘30s and it lost money year after year after year until it finally merged with The Times’ Harold around1960. But K - Katharine Graham - she had been intimated about her business ability and - and a lot of other abilities both by her mother and by her husband. And she had this idea that- that - men were going to be better at business or anything related to it than- than women. But- but she also had an inner strength thatso when her husband died and - and - and she washad the responsibility for either taking over the paper or just sitting back and- and collecting dividends from itshe gritted her teeth and s- stopped her knees from at least- knocking so people could hear them and- and said, you know, she was going to take on the - the job at running The Washington Post company.

凯瑟琳·格雷厄姆是一位非凡的女性。她是尤金·迈耶的女儿，迈耶是华尔街和华盛顿的重要人物。他最初在华尔街以很少的资金起步，后来成为了美联储主席。我想他还是重建金融公司（RFC）的首任负责人，也可能是世界银行的首任行长。他是一位杰出的人物，有五个孩子。然而，最终继承《华盛顿邮报》的是凯瑟琳·格雷厄姆。尤金·迈耶在1930年代初收购了该报，此后年复一年地亏损，直到1960年左右与《时代先驱报》合并。但凯瑟琳·格雷厄姆一直对自己的商业能力以及其他许多能力感到不自信，这种不自信来自她的母亲和丈夫。她一直觉得男人在商业或相关领域会比女人更擅长。不过，她内心也有一种力量，因此，当她丈夫去世时，她面临着要么接管报纸，要么只是坐享其成领取股息的选择，她咬紧牙关，尽量让自己的膝盖不至于颤抖到让人听见，并表示自己将承担起经营《华盛顿邮报》公司的责任。

10:33:53:07

And- she backed Ben Bradlee, the editor of The Postin the Watergate - scandal at a time when- politicians were opposing her, other news organizations were not picking up on it. The Washington Post was out there all by itself. And - you know, it - it changed - it changed the world - that piece of journalism. She’d earlier done the same thing actually with the Pentagon papers a couple years earlier in 1971 when- Daniel Ellsberg came to The Post - with the papers. And The New York Times I think - had him first. But they - they werethey were s- stopped from publishing to some extent and - and K- Katharine G- Graham - Kay - said toto Ben Bradlee- you know, “Run the presents.”

在水门事件中，她坚定地支持《华盛顿邮报》的主编本·布拉德利。当时政界人士反对她，其他新闻机构也没有跟进报道，《华盛顿邮报》孤军奋战。你知道，那篇报道改变了世界。事实上，在更早的1971年五角大楼文件事件中，她也做了同样的决定。当丹尼尔·埃尔斯伯格带着文件来到《华盛顿邮报》时，我想《纽约时报》最初得到了这些文件，但他们在一定程度上被阻止了发表。而凯瑟琳·格雷厄姆——凯——对本·布拉德利说：“把这些材料发表出去。”

勇气。

TITLE Looking to the future

标题展望未来

10:35:15:17

WARREN BUFFETT:

沃伦·巴菲特：

You don’t have much choice. There’s— it— it—if it’s a choice between looking to the past and look to the future, believe me, look to the future. I- I really never been much for beating myself up over mistakes or anything of the sort. There’s nothing you can do about it. The only thing you could change is the future. Andand - I’m in a business where I’m going to make plenty of mistakes. And - that just comes with the territory. And - I’m - you - move forward. Al— although when - when Kay Graham died I was really hit. That was - that was - that was a terrible time.

你其实没有太多选择。如果必须在回顾过去和展望未来之间做出选择，相信我，还是展望未来吧。我从来不会因为犯过的错误而过分自责或纠结，因为你已经无法改变过去了。唯一能改变的是未来。我所从事的行业注定会犯许多错误，这是不可避免的。我所能做的就是继续前进。不过，当凯·格雷厄姆去世时，我真的深受打击，那真是一段非常难熬的时期。

TITLE Anti-elitist

标题反精英主义

10:36:01:22

WARREN BUFFETT:

沃伦·巴菲特：

That’s probably - I- I mean, I - I- I never thought of it that way. But I I I think I - I think it’s fair to say that I’m an anti-elitist. I- I don’t think people have any business thinking of themselves as elite. I mean, theythey - they may have been born with the potential for more IQ or for that matter, you know, able to kick a football further or - or dance better than somebody else. But- and they, no doubt, worked to perfect their skills and all of that. But - but - it really gets back to every every human as equal value. And - you know, I could but- I coulda been born - well, when I was born in 1930 the odds were probably 40 to one against me being born in the United States. I- I did win the ovarian lottery on that first day. And on top of that I was male. And if I’d been female my life woulda been far, far different. So put that down as another shot. And now the odds are 80 to one against being - being born a male in the United States. And it was enormously important in my whole life- the fact that I was born in 1930 as a male in the United States. So it - to think that - that that makes me superior to anyone else as a human being is just-you know, to me it- I can’t follow that line of reasoning.

我可能——我的意思是，我从未这样想过自己。但我认为公平地说，我是一个反精英主义者。我不认为任何人有资格把自己视为精英。他们可能天生智商更高，或者踢足球更远，或者跳舞比别人好。当然，他们也肯定为完善自身技能付出了努力。但归根结底，每个人的价值都是平等的。你知道，我本可能出生在其他地方——当我在1930年出生时，出生在美国的概率可能只有四十分之一。我在出生的那一天中了“卵巢彩票”。除此之外，我还是个男性。如果我是女性，我的人生可能会完全不同。这又是另一个幸运的因素。如今，出生在美国并且是男性的概率可能只有八十分之一。我一生中最重要的因素之一，就是我在1930年出生于美国并且是男性。但如果因此认为我作为人类比其他人更优越——对我而言，这种推理是无法接受的。

TITLE On women's rights

标题关于女性权利

10:37:39:06

WARREN BUFFETT:

沃伦·巴菲特：

Women - it’s amazing the, you know, the - the 19th amendment was- was passed in 1920. So we went a very long time before we even got around to ccodifying that. But when I was born in 1930- I had sisters, one on each side a couple years each way. And they’re just as smart as I am. They did not have the same shot in life. I mean, they - they were des - the - the without anybody saying it- my parents loved us all equally but they did not have the same expectations for us. The teachers all felt the same about us in terms of wanting to help us and all of that sort of thing. But they were delivering messages, you know, s- without knowing it that told my sisters that their job was to- to marry well. And if they decided to go to work that they should be either retail clerks or nurses or teachers oryou know, maybe secretaries. And that was it. So you had half the talent in the United States- half the talent that - was told to sort of sit on the sidelines. And, you know, it - that’s - always struck me as - as totally wrong. It - it made me realize how lucky I was when I was me. But- on the other hand, you could look at the flip side of that and say it’s quite encouraging because if you look at what this country accomplished only using half of its talent, you know, just think of the potential for the future. I’m enormously bullish on America over the future. And part of the reason is that- that we by-some rather stupid decisions- that probably weren’t even thought out that much- we sort of inherited forthousands of years of male behavior. But we essentially put half our talent on the sidelines. And - we’re making a lotta progress on that now but we’ve got a ways to go.

女性的情况令人惊叹。你知道，第十九修正案是在1920年通过的，而我们花了非常长的时间才开始真正落实它。当我1930年出生时，我有两个姐妹，一个比我大一点，一个比我小一点，她们和我一样聪明。但她们的人生机会却不同。虽然没有人明确这么说过——我的父母平等地爱着我们每个人，但他们对我们的期望并不相同。老师们也都一样关心我们，希望帮助我们，但他们在无意中传递的信息却告诉我的姐妹们，她们的任务是嫁个好人家。如果她们决定工作，那么她们只能做零售店员、护士、教师，或者秘书，仅此而已。因此，美国有一半的人才被告知只能坐在场边旁观。这一直让我感到非常不公平。也让我意识到自己有多幸运。但另一方面，你也可以积极地看待这个问题——如果美国仅凭一半人才就取得了如此巨大的成就，那么想想未来的潜力吧。我对美国的未来极为乐观。部分原因在于，我们过去做出了一些相当愚蠢的决定——可能甚至未经深思熟虑地继承了数千年来的男性主导行为，结果导致我们基本上将一半的人才闲置在一旁。现在我们正在这方面取得巨大进步，但仍然任重道远。

10:39:35:21

It really d—it—it— it really doesn’t make any difference to me except for the fact that - that since I feel that women have gotten the short end of the - the of the stock for a long time that if it’s a 50/50 choice I’d- I’d rather give the opportunity to the woman.

对我来说，这其实并没有什么差别，只是因为我觉得女性长期以来一直处于不利地位，所以如果机会是五五开的，我更愿意把机会给女性。

TITLE Associate yourself with the best people

标题与最好的人为伍

10:40:01:16

WARREN BUFFETT:

沃伦·巴菲特：

I think that I’m lucky enough in life—I know I’m lucky enough in life—to be able to associate pretty much with whom I want to in business or socially or wherever. And—and—I think it’s sort of crazy—I think the ideal thing is to focus with people that are better than you are because you will move in the direction of the people you associate with. And I advise students all of the time, you know, marry up. Marry somebody b—it can’t be done mathematically if everybody tries to do it. But—but you will b—you—you will—your behavior will move in the direction of the people you associate with. And—so why not associate with the best? I mean, I—I’ve had a number of heroes in life. And associating with them has done wonders for me. It—I wouldn’t—I wouldn’t—not have been the same person—I would not have had the same fun in life—if I’d been indiscriminate in terms of who I associate with over time.

我觉得自己很幸运——我知道自己足够幸运——能够在商业、社交或其他任何领域，几乎自由地选择与谁交往。我觉得，与比自己更出色的人为伍才是最理想的状态，因为你会逐渐向你所交往的人靠拢。我经常建议学生们，要找比自己更优秀的人结婚。当然，如果所有人都这样做，从数学上讲是不可能实现的。但是，你的行为确实会向你交往的人靠拢。那么，为什么不选择与最优秀的人交往呢？我的人生中有许多英雄人物，与他们交往给我带来了巨大的帮助。如果我在选择交往对象时毫无标准，我肯定不会成为今天的自己，也不会享受到同样的乐趣。

TITLE Warren’s heroes

标题沃伦的英雄们

10:41:02:00

WARREN BUFFETT:

沃伦·巴菲特：

Well, you start with—my heroes you start with my dad. You know, you move onto—Ben Graham, you move onto my partner, Charlie Munger, Kay Graham was definitely—a hero of mine—my wives have been heroes in both cases. They've all done wonders for me. And—and basically not expected anything in return. I mean, I—I have these friends that—that they do two th—ten things for me and they're thinking about doing the 11th rather than whether they're gonna get one in return for me and—and—from me. And—and—I've been lucky in life in that I never had a hero that's let me down. That would be a terrible experience to have been—to really have your belief in somebody that—that you sort of worshipped—shattered. And it's never happened to me.

谈到我的英雄们，要从我父亲开始，然后是本·格雷厄姆，我的合伙人查理·芒格，凯瑟琳·格雷厄姆无疑也是我的英雄，我的两任妻子也都是我的英雄。他们都给了我巨大的帮助，而且从未期望任何回报。我有一些朋友，他们为我做了十件事后，想到的是如何再为我做第十一件，而不是想着我会不会回报他们。我一生都很幸运，从未被自己的英雄们失望过。如果你崇拜的人让你失望，那种感觉会非常糟糕，但我从未经历过这种情况。

TITLE On loyalty

标题关于忠诚

10:41:51:01

WARREN BUFFETT:

沃伦·巴菲特：

Well, loyalty and the—yeah, it—I’ve—my partner, Charlie Munger, in business, for example, we don’t keep score. You know, at—there’s—who’s done the most work or anything of the sort. And—and in a marriage that’s important. I mean, it—but it’s—it—I literally—I had a fellow named Lorimer Davidson at GEICO who—who spent four hours with me in—in a January day in 1951. He changed my life. He had no expectation he was going to get a thing from me. But I came there on a Saturday and banged on the door of what was then called Government Employees Insurance, now called GEICO. And a janitor finally let me in. And he was the only one in the office, this—Lorimer Davidson. And he spent four hours with me giving me an education that literally did change my life. And—it's very, very fortunate in life when you run into people like that. Ben Graham, I mean, he never asked anything of me. I mean, he just basically gave. I mean, he was—he taught for 25 years or so at Columbia. And he was creating future competitors. I mean, it—I’m sure he didn’t—if he took any money for it he gave it right back to the school. But he just—he—he basically was—somebody said he was planting trees that other people would sit under. And—and I’ve had a number of 'em like that. And—it—it—it’s been wonderful.

忠诚是非常重要的。例如，我与我的生意伙伴查理·芒格之间，我们从不会计较谁做得更多。在婚姻中，这一点同样重要。我记得1951年1月的一天，GEICO的一位名叫洛里默·戴维森的人花了四个小时与我交谈。他改变了我的人生，但他并不期望从我这里得到任何东西。那是一个星期六，我去敲当时还叫政府雇员保险公司（现在叫GEICO）的门，最终一个清洁工让我进去了。当时办公室里只有洛里默·戴维森一个人。他花了四个小时为我提供教育，彻底改变了我的人生。在生活中能遇到这样的人实在是非常幸运。还有本·格雷厄姆，他也从未向我索取任何回报。他在哥伦比亚大学教书大约25年，培养出了许多未来的竞争对手。我相信，即使他拿了报酬，也一定会把钱捐回学校。他基本上就是在种树，让后来者可以乘凉。我遇到过好几个这样的人，真的非常美好。

TITLE Passing on wisdom to the next generation

标题将智慧传递给下一代

10:43:29:09

WARREN BUFFETT:

沃伦·巴菲特：

Well, I like teaching. So I—it’s—it’s a little unfair. I mean, it’s like—I mean, he sacrificed what I—what I do. And I—I’m still at 84—I—I’ve got—40 schools that will come up this school year—from all over, including outside the country. I have one—one school from Brazil that comes. And—another one—came from—China and—a week or so ago. You know, I had Harvard but at the same time I had Western Ontario. And so I enj—but I enjoy it. And—at the start of every year I kind of feel, “I’m not sure whether I wanna do this again.” Then as soon as I start talking to the students I get energized 'cause it’s so much fun—just looking at a bunch of people who got their futures ahead of 'em, they’re forming ideas, they’re forming behavior patterns and—and they’re eager to learn and they come 1,000 miles or 1,500 miles to talk. And—and—I probably get more out of it than they do.

我很喜欢教书，所以我觉得自己有点占便宜了。我的意思是，有些人牺牲了自己的时间来教我，而我现在84岁了，这个学年仍然会有40所学校的学生来找我交流，他们来自世界各地，包括国外。有一所学校来自巴西，另一所大概一周前来自中国。我既接待哈佛大学的学生，也接待西安大略大学的学生。我很享受这种交流。每年开始时，我都会想：“我不确定自己是否还想继续这样做。”但只要一开始与学生们交谈，我就会重新充满能量。看到一群年轻人，他们拥有无限的未来，正在形成自己的思想和行为模式，他们渴望学习，不远千里甚至一千五百英里前来交流，这种感觉实在太棒了。我从中获得的可能比他们还多。

10:44:31:08

I—I let 'em ask any question they wanna ask. I tell 'em, “You could throw it at my head. It’ll be much more fun for me than if you deliver up softballs. So we can talk about investments or—or business but we can talk about philanthropy or we can talk about marriage or we can talk about career.” And—I remember sometime back—there was a young woman from the University of Chicago and the very first question I got from her was, “Do you have to be a bitch on wheels to succeed?” And I—I—I think I convinced her that she didn’t. And my guess is she’s succeeding now. So it—it—it—you get a lotta good feelings out of—out of—teaching. I started when I was 21.

我让他们随意提问，我告诉他们：“你们可以问任何问题，哪怕是尖锐的问题，这样对我来说会更有趣。不论是关于婚姻、事业、投资还是其他话题，都可以问。”我记得有一次，一位来自芝加哥大学的年轻女性问我的第一个问题是：“成功是不是必须得做一个强势到令人讨厌的女人？”我想我说服了她，其实并非如此。我猜她现在一定很成功了。教书带给我的满足感是巨大的。我从21岁就开始这样做了。

TITLE On talking to students

标题与学生交流

10:45:18:00

WARREN BUFFETT:

沃伦·巴菲特：

Well, I—I really wanna talk to students. And—and—if I talk to a bunch of 50 or 60-year-olds, what—they want two things, they want predictions and to be entertained. They’re not gonna change their behavior patterns, they’re all—it’s too late for them. Somebody once said the chains of habit are too light to be felt until they’re too heavy to be broken. And by the time you’re, say—you’re not gonna, you know, there’s—there’s no great change that’s gonna take place. But with the students, it actually makes a difference. And I get letters from them telling me how it makes a difference. It—it makes a difference maybe on who they marry or what—or how they go into marriage in terms of the discussions that they have with their proposed spouses, the—all kinds of things about what they’ll do in careers or whatever it may be. Who knows what comes out of it. But I do know—because I—I hear from them—I do know that they—it changes their lives in some way. And I have a good time too.

我真的很喜欢和学生交流。如果我和一群五六十岁的人交流，他们只想要两件事：预测未来，以及娱乐一番。他们不会改变自己的行为模式，因为对他们来说已经太晚了。有人曾经说过，习惯的枷锁在感觉到之前非常轻微，但一旦感觉到就已经重到无法打破。当你到了某个年龄，你就不会再有大的改变了。但对学生来说，这种交流确实能产生影响。我经常收到学生们的来信，告诉我这些交流如何改变了他们的人生。也许会影响他们选择与谁结婚，或是在进入婚姻前与伴侣的沟通方式，甚至影响他们的职业选择等等。谁知道具体会带来什么结果呢？但我知道这些交流确实在某种程度上改变了他们的生活。而我自己也乐在其中。

TITLE The side people don’t see

标题不为人知的一面

10:46:31:07

WARREN BUFFETT:

沃伦·巴菲特：

Well, the toughest thing I have to do is—is if I have to fire a manager. And we have no retirement age at Berkshire. So—it isn’t like at 65 I can say, “You know, you’re—you’re just terrific but we’ve got this rule.” So when I tell somebody it’s time for 'em to leave, they know I’m making a decision about them. And these people are my friends. And I do it myself—in most cases. Not all cases but most cases. These—certainly if they’re friends of mine, I do it. And—and most of 'em are—I do it myself. And I would give a lotta money not to have to do that sort of thing, but that is my job. And—and capitalism at times can be very tough. And—and—and the market system can. It—it’s a wonderful system. And it produces way more goods and services that people want than any other system will. But with given individuals, given industries, given companies, it—it can be very—it can be brutal. And—it’s up to me to have the right person running a business. And—and sometimes that right person runs outta gas for one reason or another. Sometimes, I mean, I’ve had cases of Alzheimer’s and other debilitating—situations. And—and—I get on a plane and fly in, one way or another tell them that their time is up. And it’s—they usually get—it—they’re consoling me usually 'cause I feel so terrible about it. But—but—you know, it’s not pleasant. But I—you have to make other tough decisions. There’s no question about it.

我最难做的事情就是解雇一名经理。在伯克希尔公司，我们并没有退休年龄限制，所以我不能在某人65岁时对他说：“你很出色，但我们规定你该退休了。”当我告诉某个人该离开时，他们知道这是我对他们个人做出的决定，而这些人往往还是我的朋友。大多数情况下，我都会亲自去做这件事，尤其是涉及我的朋友时。我宁愿花很多钱来避免做这样的事情，但这是我的职责。资本主义有时确实非常残酷，市场机制也是如此。虽然这是一个很棒的体系，它创造的商品和服务比其他任何体系都多得多，但对于特定的个人、行业或公司来说，它可能非常残酷。我必须确保由合适的人来经营公司。有时候，原本合适的人会因为某种原因而不再适合，比如患上阿尔茨海默症或其他严重的健康问题。这时，我就不得不亲自飞过去告诉他们该离开了。通常情况下，反而是他们在安慰我，因为我自己也觉得非常难受。这种事一点也不好受，但我必须做出这些艰难的决定，这是毫无疑问的。

10:48:15:07

It’s—it—it’s—it’s painful. And it’ll always be painful. And—and on the other hand, I have to do it. And—and somebody’ll have to come and tell me. But I’ll—I’ll understand what they’re going through. I—I tell my kids, you know, “Tell me when I’m going gaga. But—but all three of you better come in 'cause if it’s just one of you, you’re out of the will.”

这种事情很痛苦，而且永远都会是痛苦的。但另一方面，我必须去做。将来总有一天，也会有人来告诉我该离开了，我能够理解他们的感受。我告诉我的孩子们：“当我开始糊涂时，你们一定要告诉我。但你们三个最好一起来，因为如果只有一个人来，你就会被踢出遗嘱。”

TITLE His inner voice

标题内在的声音

10:48:59:07

WARREN BUFFETT:

沃伦·巴菲特：

Oh, I think it—it’s largely a blessing. I mean, that is—that is when you, you know, that’s when you’re making decisions. I mean, I—I like to sit and think. And I spend a lotta time doing that. And sometimes it's pretty unproductive. But—but I—I—I find it enjoyable to—to think about particularly about—about business or investment problems. They’re easy. It’s—it’s the human problems that are the tough ones. Sometimes there aren’t any good answers with human problems. There’s—there’s almost always a good answer with money.

我觉得这种内在的声音在很大程度上是一种祝福。因为正是在你静下来思考的时候，你才能做出决定。我喜欢坐下来思考，而且花很多时间去做这件事，有时候可能并不高效。但我觉得特别享受这种思考的过程，特别是关于商业或投资的问题，这些问题通常都很容易解决。真正困难的是人性问题。有时候人性的问题并没有好的答案，但涉及钱的问题几乎总能找到一个好答案。

TITLE How Warren measures success

标题巴菲特如何衡量成功

标题他的思维方式

11:00:31:19

WARREN BUFFETT:

沃伦·巴菲特：

Well, over the years you develop a lotta filters so you don’t waste a lotta time on things. I always worry about sounding rude when people call me about a business because usually in a minute or two I can tell whether it’s gonna make it through all the filters as to something I’m interested in.

嗯，多年来你会建立起很多过滤机制，这样就不会在一些事情上浪费太多时间。当人们打电话向我推荐一项业务时，我总是担心自己听起来很无礼，因为通常在一两分钟内，我就能判断出它是否能通过所有这些过滤条件，成为我感兴趣的东西。

比如，聪明的想法还是包含某种勇气的想法。

11:00:48:08

And I don’t to tell 'em that because they feel that if I just listen to 'em for an hour that I’ll understand why they like it so well or something of the sort. So- there are these - there are various shortcuts that you get. But II probably don’t retain, you know, I- I’m retaining a particular- set of inf- or- or collection of information. But other people are doing it in different ways. I mean when I was a kid I could’ve told you who was the starting lineup for, you know, 16 major league teams. But there - there were only eight teams in each league and - and they didn’t trade their players around or anything. I can’t tell you anybody now. But there’re all kinds of people that can. That- they’re just collecting different information than I’m collecting. And - and - and there - there’re people that are caring around absolutely as much information in their head as I am. But I happen to have it pretty well concentrated in a few areas. And I do know what I call my circle of competence. So I- I- I stay within that circle and I don’t worry about things that are outside that circle that other people may be able to - capitalize or evaluate. And it doesn’t bother me that other people have skills that I don’t have.

而我又不想告诉他们这一点，因为他们觉得只要我听他们讲上一个小时，我就能理解为什么他们那么喜欢这项业务，或类似的原因。所以呢——你会逐渐掌握一些捷径。但我可能并不是保留了所有的信息，我只保留了特定的一套或者一系列的信息集合。但其他人却是用不同的方式去做的。我小时候可以告诉你16支大联盟球队的首发阵容。不过当时每个联盟只有8支球队，而且球员也不经常交易。现在我一个都说不上来了。但有很多人却能做到。他们只是收集了与我不同的信息而已。而且呢，有些人脑子里装的信息量绝对不少于我。但我恰好把我的信息集中在几个领域。我确实清楚我所谓的能力圈。所以我会待在那个圈子里，不去担心那些圈子之外的事情，即使其他人能够利用或评估这些事情。我也不会因为别人拥有我所没有的技能而感到困扰。

TITLE His circle of competence

标题他的能力圈

11:02:02:08

WARREN BUFFETT:

沃伦·巴菲特：

Well, my circle of competence; which has grown to some degree. But - circle of competence is- is- is the area- in which certain kinds of industries, for example, I can understand the future economics of. Other kinds of industries I- I can’t. And I have to - I have to know where that - the perimeter of that circle is. Now over the years I may be able- enlarge the circle somewhat. But the circle never gets to be all-encompassing. AndTom Watson, Senior, who built IBM said, “I’m no genius. But I’m smart in spots and I stay around those spots.” Well, he was talking about a circle of competence. And I see all of - I, you know, my partner, Charlie says, “You know, it’s wonderful to have a h-IQ of 180 as long as you don’t think it’s 200.”

嗯，我的能力圈在某种程度上有所扩大。但是，能力圈指的是某个领域，比如某些行业，我能理解它们未来的经济状况；而其他一些行业，我则理解不了。我必须清楚这个圈子的边界在哪里。多年来，我或许能够稍微扩大这个圈子，但它永远不可能涵盖所有领域。建立了IBM的老汤姆·沃森曾说：“我不是天才，但我在某些方面很聪明，我只待在那些方面。”他所说的正是能力圈的概念。我也见过类似的情况，你知道，我的合伙人查理说过：“智商180当然很好，只要你不认为自己有200就行。”

11:02:48:03

And I have seen all kinds of very, very smart people-self-destruct one way or another in business or particularly in - in - in the stock market. And theythey stray outside of their circle of competence just because they know they’re - they know they’re very, very smart. But that doesn’t mean they know everything. And - and defining w- what your game is, where - where you’re going to h - have an edge is enormously important. And I think both my partner, Charlie, and I have gotten reasonably good at that over the years.

而且我见过很多非常非常聪明的人，在商业中，尤其是在股市里，以各种方式自我毁灭。他们之所以会偏离自己的能力圈，是因为他们知道自己非常非常聪明，但这并不意味着他们懂得一切。所以明确你擅长的领域，明确你能够拥有优势的地方，是极其重要的。我认为，多年来，我和我的合伙人查理在这一点上做得还算不错。

TITLE On greed and envy in American business

标题关于美国商业中的贪婪与嫉妒

11:03:34:04

WARREN BUFFETT:

沃伦·巴菲特：

Well, greed takes wrong- but I would say it envy does it probably as much as anything else. I mean, the reason they get greedy is because you sit there during an internet boom or something and your next-door neighbor who you know is not as smart as you are has just bought a new car because (LAUGH) he did something he didn’t understand but it worked. And you say to yourself, “Well, you know, I- if he can do it, I can do it. And I’m s- I know I’m better than he is.” Or maybe your spouse says to you, (LAUGH) you know, "What’s going on with the Jones next door? You know, he - he - you’re smarter than he is but they’re driving newer cars." So envy is- envy’s a big- I I - I ran a firm on Wall Street for a small period of time. And - I would pay somebody in the late 20 s a couple million dollars- and this is 20 years ago when a couple million was even more than now- and they would be fine until they found the guy next to 'em, you know, got two - $2.1 million.

嗯，贪婪的确会导致错误，但我认为嫉妒可能是更大的原因之一。我的意思是，人们之所以会变得贪婪，是因为当你经历互联网热潮或类似的时期时，你隔壁的邻居，明明没有你聪明，却买了一辆新车，因为（笑）他做了一件自己也不理解但却成功的事情。于是你对自己说：“嗯，如果他能做到，我也一定能做到。我知道我比他更优秀。” 或者你的配偶可能会对你说（笑）：“隔壁的琼斯家是怎么回事？你明明比他聪明，但他们却开着更新的车。” 所以嫉妒是个大问题。我曾经在华尔街短暂地经营过一家公司，那时我会付给二十多岁的员工几百万美元——那还是二十年前，几百万美元比现在更值钱。当时他们都很满意，直到发现旁边的家伙拿到210万美元。

11:04:24:27

And then from that point forth they were unhappy. So envy is a terribly destructive- greed - greed and envy get mixed up together. But- and the - think about envy of course is - as my partner, Charlie, says of - of the of the seven deadly sins, I mean, there’s no- there’s no upside to it. I mean, you talk about gluttony and at least it’s kinda fun while you’re eating. And you could talk about lust and we know, you know, there’s some fun there. But- but you - envy, you make yourself feel terrible and the other guy that you’re (LAUGH) envious of doesn’t even feel it.

从那时起，他们就变得不开心了。所以嫉妒是极具破坏性的——贪婪和嫉妒常常混合在一起。但是——当然，谈到嫉妒，就像我的合伙人查理所说的，那是七宗罪之一，完全没有任何好处。比如说暴食吧，至少在吃东西的时候你还挺享受的；再比如说色欲，我们也知道，那里面也有些乐趣。但是嫉妒呢，你只会让自己感觉糟糕，而你所嫉妒的那个家伙（笑）甚至根本不会察觉到。

TITLE How making money has shaped his character

标题赚钱如何塑造了他的性格

11:05:05:10

WARREN BUFFETT:

沃伦·巴菲特：

Well, it’s— it’s—it—it’s a game. I mean, it-it—it’s— it’s a competitive game. It’s a big game. And I enjoy the game a lot. The money has utility up to a point. But that point was reached probably when I was in my early 30s. You know, beyond that point money had no utility. But the game was a lotta fun. And the game has continued to be fun. And it does benefit other people. But-you know, my - I was born with wiring that in this kind of economy at this time in our history - I’m gonna make a lotta money if I work at it. You know, doesn’t mean that I’m a superior human being or anything. But- but I wasn’t born, you know, so that I can- I can, you know, win Dancing with the Stars.

嗯，这是一个——这是一个游戏。我是说，它是一个竞争性的游戏，是一个很大的游戏。而且我非常享受这个游戏。钱在某种程度上有其作用，但这种作用大概在我三十出头的时候就已经达到了。你知道，超过那个点，钱对我来说就没有实际用途了。但这个游戏真的很有趣，而且它一直都很有趣。而且它确实也能造福他人。但是——你知道，我——我天生就有这种“线路”，在我们这个经济体和历史时期里，如果我努力工作，就会赚到很多钱。你知道，这并不意味着我是个更高级的人。但我不是为了——你知道，去赢《与星共舞》那种节目而生的。

11:05:53:08

I mean, you know, I can’t come in second or third or fifth or tenth. I can come in last. And, you know, it- it- itit was pure accident. And- but I was in the right place at the right time with the right wiring if - if you were going the make money. And- and I realize that at- at some point. And - and I enjoyed it - the game. And it is a game that you don’t have to, you know, it’s not like being - a heavyweight boxer or, you know, baseball player or something. I mean, you can play that game a long, long time.

我是说，你知道，我连第二名、第三名、第五名、第十名都拿不到。我只能垫底。你知道，这一切完全是偶然。但如果你想赚钱的话，我就是出现在正确的时间、正确的地点，加上正确的天赋。而我在某个时候意识到了这一点。然后我就很享受——这个游戏。而且这是一个你不需要像重量级拳击手或棒球选手那样的游戏。我是说，你可以玩这个游戏很久很久。

TITLE How he was as a child

标题他小时候的样子

11:06:32:03

WARREN BUFFETT:

沃伦·巴菲特：

I wasn’t— I I I was— I was smart but I wasn’t that smart. You know, I was- I was good at what I ended up doing. But, you know, I got a nickel a week allowance and - and a nickel a week wasn’t enough to satisfy what my wants. So I- I went into business very early. Andand - I wasn’t gonna make more than a nickel a week unless I- unless I started selling Coca-Cola door to door. I sold gum door to door. I sold Saturday Post, Liberty Post, Ladies’ Home Journal, you name it. And I enjoyed it.

我不是——我，我，我算是聪明，但也没那么聪明。你知道，我很擅长后来从事的那份工作。但是，我那时候每周只有五分钱零用钱——而五分钱根本无法满足我的欲望。所以我很早就开始做生意了。而且——除非我开始挨家挨户卖可口可乐，否则我一周是赚不到超过五分钱的。我挨家挨户卖口香糖，卖《星期六晚邮报》《自由邮报》《妇女家庭杂志》，你能想到的我都卖过。而且我很享受这一切。

TITLE On Omaha

标题关于奥马哈

11:07:19:12

WARREN BUFFETT:

沃伦·巴菲特：

Well, I like Omaha. But I- I’m comfortable when I’m other places but- 'cause I have friends- a lotta friends on - particularly on both coasts. And - and - and Omaha’s very convenient f-flying- either way. I can be almost any place in three hours. And I like to see my friends. And I like- I like action. But- I like Omaha. It’s- it’s— you know, I- I live five minutes from where I work and that’s been the situation now for- for 53 years. And - and - I work with people that, I mean, a great group of people that make my life very easy and that take good care of me. And - and my k- my grandchildren - went to the same high school that that my children went to, my wife went to, my dad went to and my grandfather went to. Same public school, inner city - integrated - been integrated for 75 years. Charlie Munger went to the same school.

我喜欢奥马哈。但我在其他地方也很自在——因为我在东西海岸都有很多朋友。而且奥马哈的飞行非常方便——不论往哪边飞。我基本上三小时内就可以到达任何地方。我喜欢见朋友，也喜欢热闹。但是，我确实喜欢奥马哈。你知道，我住的地方离工作地点只有五分钟路程，而且这种状况已经持续了53年。我和一群非常棒的人一起工作，他们让我的生活很轻松，也照顾得很好。而且，我的孙辈们也上了和我孩子、我妻子、我父亲和我祖父同一所高中的学校。是同一所市中心的公立学校，已经实现种族融合75年了。查理·芒格也上过这所学校。

11:08:11:22

And - so the - there’s a lotta continuity to it. There’s a lotta friendships. The medical center’s five minutes from the office. And at 84 maybe that’s a little more important. And - and I know - I know the doctors, they know me. I- I knew their fathers probably. And - so everything - everything works. And - and it just - it’s a pace, it’s- it’s relationships - continuity, the - that I like. But I- I’m - I’m very happy when I’m other places too with - seeing my friends there.

所以，这其中有很多延续性，也有很多友谊。医院离办公室也只有五分钟路程。在84岁的时候，这可能变得更重要了。而且我认识那些医生，他们也认识我——我可能还认识他们的父亲。所以一切都井然有序。这种节奏，这种关系，这种延续性，是我喜欢的。不过我在其他地方也同样开心，尤其是去见我在那里的朋友。

TITLE His typical day

标题他的一天日常

11:09:01:21

WARREN BUFFETT:

沃伦·巴菲特：

Well, a typical day - yeah, I don’t have any specspecial time I get (UNINTEL). But normally I get up a little before 7:00. I had to get up at 4:30 this morning. So sometimes I wake up early. And I do a lotta reading then too. But- but- I’ll get up-but I’ll read the papers at home some - almost always. So I may get to the office. This morning I happened to get here at 6:30 because I got up very early and I read all the papers and still got there early. But it doesn’t really make any difference because I can think about the same things at the office or - I- I don’t - I have very few appointments. I- have - I’m the least scheduled guy you’ll find in my position. And I- I like it that way. But I get here to the office and - I’ve read some of the papers, I read more papers. I read mail. I don’t do email myself. But it comes from my assistant. And that keeps it down. And - and I sit and read all day. We - we don’t have any committees at- at Berkshire. We don’t have a commit - we don’t have a Power Point we do - don’t have any of that sort of thing.

嗯，我的一天——我没有特别固定的起床时间。但通常我会在7点前起床。今天早上我4:30就起床了。有时候我会起得很早，这时候我会读很多东西。我通常会在家读报纸，几乎每天都是这样。所以我可能会稍晚到办公室。但今天早上我6:30就到了，因为我太早起床，把所有报纸都看完了，还是提前到了。但其实这没什么区别，因为我在办公室也能思考同样的事情。我几乎没有安排什么会面。我可能是你见过职位中最少安排日程的人了，我喜欢这种方式。我到办公室后会继续读报纸、读邮件。我自己不用电邮，都是由我的助理筛选后转给我，这样量会少很多。然后我就整天在那儿读东西。我们在伯克希尔没有任何委员会，也不开会，也不用PowerPoint，没有那些形式化的东西。

11:09:58:07

We don’t have a public relation’s department. We don’t have inver- investor relations, we don’t have a general council, we don’t have a human relations department. We’ve got 300 and some thousand employees around the world. And we’re pretty third or so in market value, maybe fourth-in - in the world. But- but we just don’t go for anything that - that people do just as a matter of form. And - I’ve got - I’ve got an office I like. And - that goes on and s- some days I go home at 5:00 sometimes I go home 5:30 or 6:00.

我们没有公关部，没有投资者关系部，也没有总法律顾问，也没有人力资源部。我们在全球有三十多万名员工，公司的市值在全球大概排名第三或者第四。但我们从来不会为了形式而设立这些部门。我有一个我喜欢的办公室。每天就这么过，有时候我下午5点回家，有时候5:30或6:00回家。

And c- I come down on Saturdays usually. But- but I come down mid-morning maybe and- and - and usually go to lunch with somebody in the office. And there’ll be four, five people in. And-if there’s a football game I may watch it on TV at the office. And - I watch a lotta football games or whatever it may be, sports events. Maybe in the afternoon while at the same time thumbing through other things. And it’s—it-it’s exactly the life I like.

我通常星期六也会来办公室。但通常是上午中段来，然后和办公室里的某个人一起去吃午饭。通常会有四五个人在办公室。如果有橄榄球比赛，我可能会在办公室看电视直播。我看很多橄榄球比赛，还有其他体育比赛。下午一边看比赛，一边翻阅其他资料。这完全就是我喜欢的生活方式。

TITLE The importance of focus

标题专注的重要性

11:14:12:21

WARREN BUFFETT:

沃伦·巴菲特：

I think it was about 1992- that— shortly after I met Bill Gates I was out at a - with his parents. And they have some other guests. And - Bill’s dad asked each of us and there were probably 20 or so- to write down on a piece of paper - one word that would best describe what had helped us the most. And - Bill and I without any collaboration at all each wrote the word focus. And - and I would say my partner, Charlie Munger, is an extreme example of- of focus. But, you know, that’s why Tiger Woods hit 10,000 putts to where, you know, or Roger Federer’s.

我记得大概是1992年，那会儿我刚认识比尔·盖茨不久。有一次我去他父母家，他们还请了其他一些客人。他父亲请在场的每一个人——大概有二十来个——在纸上写下一个最能代表“你成功的最大帮助”的词。比尔和我在完全没有交流的情况下，写下的都是同一个词：专注。我可以说，我的合伙人查理·芒格就是专注的极致代表。但你知道，这就像老虎伍兹能打出一万个推杆，或者罗杰·费德勒一样。

11:14:50:29

B - but spending three or four hours a day hitting - a golf ball or some pianist has been spending five hours a day practicing. I mean, focus is just bearing down on something that - that in my case - and I think probably the case of most people that are reasonably good at what they do - that they enjoy. I mean, you cyou - you wouldn’t be able to do it if it was work. So it’s- it jit’s— it’s a natural-it is not- it is not I say to myself, “I’m going to focus on this,” or do anything of the sort. It’s just a natural behavior. And it’s- it’s been that way ever since I was a kid. But- but kids focus. I mean, the, you know, s- the best - the best kid at baseball in, you know, in eighth grade is- is taking a lotta swings out there or, you know, or he’s I think Bill Bradley told me how he used to shoot baskets five or six hours a day because he figured some other guy was doing it four hours a day. And - but he enjoyed it too. And - and Iit’s the same way with me.

每天花三四个小时打高尔夫球，或者某个钢琴家每天花五个小时练习——这种专注就是一种持续投入的状态。就我个人而言，我相信大多数在自己领域做得还不错的人，都是因为他们热爱所做的事情。你如果不喜欢它，是没法坚持下来的。所以这其实是一种自然行为，而不是我刻意对自己说“我要专注于这个”之类的。对我来说，这种专注从小就是自然而然的。但孩子们本来也很专注。比如，八年级里棒球打得最好的孩子，他肯定在外面挥棒无数次。比尔·布拉德利曾跟我说，他每天投篮五六个小时，因为他觉得别的孩子可能只练四个小时。而且他也很享受这个过程。对我来说也是一样的。

11:16:13:02

Yeah, I c- I can’t tell you the color of the walls in my bedroom or my living room or the color of the carpet in my living room. It— it-it— one time my - when I worked at home I worked in this little sewing room sort of off the bedroom. And - and at one point my wife put in this wallpaper with this bright red and had dollar bills on it or something she found at some place. And a couple years later I- I said to her- I said, “That new wallpaper’s terrific.” And she said, “It’s been there a couple years.” I- I just don’t- I don’t see things like that. It- it - I’m not colorblind or anything. But it-it-it’s just not something that- that grabs me.

是啊，我根本说不出我卧室或者客厅的墙壁是什么颜色，也不记得地毯是什么颜色。有一次我在家工作，用的是卧室旁边一个小缝纫房。有一天我妻子在那里贴了种非常亮红色的墙纸，上面还有些美元图案，是她在某个地方找到的。过了几年我才对她说：“这新墙纸真棒。”她回答说：“那已经贴了几年了。”我真的看不见那种东西。我不是色盲，但那些东西就是无法吸引我注意。

11:16:52:17

And - and - on the other hand I’ll remember a number sometimes a long, long time. It - but - my l- my partner, Charlie Munger’d be the same way. I mean, it and Bill Gates’d be the same way. I’ve got a lotta friends that - that they just - they get s- they get so darned interested in what they’re- they’re working on they just don’t - they don’t see other things. That makes me easy to live with in some ways. I mean, sorta get away with anything around me.

但另一方面，我有时会记得一个数字很久很久。我那位合伙人查理·芒格也是这样，比尔·盖茨也是。我有很多朋友也是如此——他们对自己正在做的事太感兴趣了，以至于看不见其他东西。从某种程度上说，这让我很好相处，因为你在我身边基本可以为所欲为，我根本不会注意到。

专注可以有效的排除噪音，也可能是唯一的办法。

TITLE Lessons from his parents

标题父母给予的教诲

11:17:27:19

WARREN BUFFETT:

沃伦·巴菲特：

Well, it’s very difficult to say. My-it— I grew up in-a middle class family, basically. My dad, well, my dad lost his job in 1931 - a year after I was born. Had lost all his savings. And only the fact that my grand - his father had a grocery store w-was- you know, kept eating. Nevertheless, my father went onto have another child a year or two later. I mean, he was an optimist. He- he believed very much in having an inner score card and never worry about what other people are thinking about you, you know, just - just- if you know why you’re doing what you’re doing, that’s good enough.

这个问题很难说。我是出生在一个中产阶级家庭的。我的父亲——嗯，我父亲在我出生一年后的1931年失业了，还把所有的积蓄都赔光了。我们之所以还能吃饭，全靠我祖父还在经营一家杂货铺。不过尽管如此，我父亲在一两年后还是又生了一个孩子。他是个乐观主义者。他非常相信所谓的“内在评分卡”——不要在意别人怎么看你，只要你自己知道为什么做某件事，那就足够了。

11:18:06:22

And he - he read - a lot. He was an introvert to some degree. He liked people but he- but he also liked just sitting and reading, liked talking - with the kids. And so he - he was - he was a sensational teacher on - over the years. But we were learning, you know, we were learning how he saw life and it made a lotta sense- to us. So we started seeing life the same way. And he - he always emphasized that, “It’s your inner score card that counts. Don’t worry about what the rest of the world thinks.” He was probably a little bit better than that than any of his kids were. But- but it- it- it sunk in.

他读书很多，也算是个内向的人。他喜欢人，但更喜欢独处阅读，也喜欢跟孩子们聊天。从长远来看，他是一个很棒的老师。我们在他身上学到了很多，比如他是怎么看待生活的，而他的看法对我们来说非常有道理，所以我们也渐渐以同样的方式看待生活。他总是强调：“重要的是你的内在评分卡，不要去管全世界是怎么想的。”他在这方面可能比我们几个孩子做得都更好，但他的观念确实深深印在我们心里了。

11:18:47:14

My mother was very smart. And cared a lot about her children. But she’d had a very, very tough childhood. Her- her mother ended up in a mental institution. And one of her sisters joined it, the other sister committed suicide. Her brother who was a super star died at about age 30. So the - she’d had- she’d had a tough life. And - so she - she was very dutiful about taking care of the kids. But you didn’t get the same feeling of- of love. It was there but it just- it didn’t come out the same way as with my dad.

我母亲非常聪明，也很关心她的孩子。但她的童年非常艰难。她的母亲最后进了精神病院，其中一个姐姐也进了精神病院，另一个姐姐自杀了。她那位非常优秀的弟弟在大约30岁时去世了。所以她的人生是非常辛苦的。她在照顾我们这些孩子方面非常尽责，但你从她身上感受到的爱并不像我父亲那样直接。爱是存在的，但表达方式不同。

TITLE His mother’s migraines

标题他母亲的偏头痛

11:19:29:15

WARREN BUFFETT:

沃伦·巴菲特：

She- she - she would have - I th- I think she would have w- what the, you know, would be known as migraines now. I don’t think they even called them migraines in those days. But she- she would experience terrific headaches. And you didn’t wanna be around her when she was having the headaches. And she would - she would lash out more. She would never do it in public. But - but- and - and my - and she worshiped my dad. So - so he was a calming force if he was around. But o’ course he - he wasn’t around during the day when you were a little kid. So- so you- you wanna do- you didn’t wanna be around when my mother had a migraine. But you pr - you know, I- I- I could be sympathetic to that.

她——她会有——我想她应该是有现在所说的偏头痛。我不记得那个年代有没有“偏头痛”这个说法。但她确实会经历非常剧烈的头痛。当她头痛时，你不会想待在她身边。她会变得容易发脾气。当然她从不会在公众场合那样。但——而且她非常崇拜我父亲，所以如果他在场，他能起到安抚作用。不过白天他通常不在家，那时候你还是个小孩。所以，你最好避开我母亲头痛的时候。但你也会——你懂的——我还是能体会到她的痛苦。

TITLE His mother’s concerns on how others viewed their family

标题他母亲很在意外界如何看待家庭

11:20:14:21

WARREN BUFFETT:

沃伦·巴菲特：

Well, she certainly was concerned in the sense that she had one exterior- we - she had one personality when other people were around and- and sometimes she had a different personality when they weren’t around. I mean, she did not show that other personality when other people were around. But I’m not sure how much, you know, I don’t know what kinda pain she was actually in so it’s- it’s hard to evaluate- precisely, you know, what was the motivation for the- the behavior.

她确实很在意，表现在她在别人面前和在家人面前的性格是不同的。她在人前是一个样子，有时候在没有外人时又是另一个样子。她从不会在人前展现出后者。但我不清楚她内心究竟承受着怎样的痛苦，所以很难准确地判断她这些行为背后的动机。

11:20:47:11

I think it had a lasting impact on all three of us, sure. It it - it may have helped. I- I may have compensated in some other ways. I mean, I, you know, I- I- I’ve often thought that I’ve had so much luck in the world that most of the things that I did were wrong turned out pretty well including, you know, when I went through a period where I got very rebellious and - when I was 13 or so. But I may have compensated by going out and delivering 500 papers a day. And- and if you translate that to the present day every - I- I made a penny a paper. But in terms of compounding that penny sure did something else.

我认为这对我们三个孩子都产生了长期影响，当然可能也有正面作用。我可能用别的方式来补偿这种情绪。你知道，我经常觉得自己在这世上太幸运了，以至于很多我做错的事，最后都还算有好结果。比如我13岁左右那段非常叛逆的时期。但我可能通过每天送500份报纸来补偿自己。我每份报纸赚一分钱，如果你把这分钱用复利计算，在今天就是另一回事了。

TITLE His father was the greatest man he ever knew

标题他父亲是他所认识最伟大的人

11:21:42:13

WARREN BUFFETT:

沃伦·巴菲特：

I never saw him doing anything that you couldn’t put on the front page of the paper. And - and - and - I - I now he was- he was probably the best teacher without attempting to be a teacher, you know, with- with all three of us- kids. So it- it- we all grew up knowing that we had unconditional love from my dad. That doesn’t mean we- he thought we could get away with everything. There were times where I felt his disapproval. But he had a terrific way of showing his disapproval. I mean, he just- he would basically and - and - he probably had his reasons for having disapproval too. But he w- he basically would just essentially say, “You know, I know you can do better than that.” He had his own way of saying it. But- but he didn’t— he didn’t - I - I ne - I don’t think I heard him raise his voice, you know, in - in my lifetime. And-but- but you knew if he was disappointed with you. And - and - and that - that h - that would have a big effect with all three of us actually but- including me.

我从没见过他做过任何一件不能登上报纸头条的事。他是那种不刻意当老师却是最好的老师的人，对我们三个孩子都是如此。所以我们都在一种确定的情感中长大——知道父亲对我们有无条件的爱。但这并不意味着我们可以为所欲为。他有时也会表达不满。不过他表达不满的方式非常特别。他大致会说，“我知道你可以做得更好。”他有自己的一套说法。但他从不——我这一生中，从没听过他大声说话。不过你能感觉到他对你是否失望。而这种失望感，对我们三个孩子，包括我自己，影响都很大。

TITLE On pleasing his parents

标题关于取悦父母

11:22:47:14

WARREN BUFFETT:

沃伦·巴菲特：

标题离家出走

01:16:36:02

WARREN BUFFETT:

沃伦·巴菲特：

I ran away. Yeah. I- I- when I was- s- the low point sort of I- I- I decided I would run away. And- and I- but I some kind of a coward about it so I talked two other guys, John McCray and Roger Bell into running away with me.

我离家出走过。是的，那时我正处在人生的低谷。我决定逃跑。但我又有点胆小，于是我说服了两个朋友，约翰·麦克雷和罗杰·贝尔跟我一起走。

01:16:52:20

And- so we- we went out, we got on Wisconsin Avenue out- out- near Western Avenue. And we started hitchhiking. First guy that picked us up- we got in the car- three of us hitchhiking. And - and we asked him he - we asked where he was going. He said, “I- I’m going to hell, you wanna come along.”

我们就出发了，走到威斯康星大道靠近西部大道的地方开始搭便车。第一个停下来接我们的人让我们上车——我们仨一起上去了。我们问他要去哪儿，他说：“我去地狱，你们想跟我一起吗？”

01:17:09:16

And at that point I- the whole adventure was sort of tapering out. But- so I got outta there as fast as I could. But we got to Hershey, Pennsylvania. One of the guys had some thoughts about the fact that Hershey was sort of Nirvana and we could go to the Hershey Plant and they’d give us free Hershey bars. They had an amusement park there. And then we got picked up by the state highway patrol. And - and then - in Pennsylvania. And that scared the hell outta us. They took us down to the highway patrol headquarters. And we could hear this teletype in the background. We just we were lying to these highway patrolmen about how the fact we had our parents’ permission and everything.

在那一刻，我的“冒险梦”就基本破灭了，我赶紧下车。但我们最终到了宾夕法尼亚州的好时镇。其中一个朋友觉得那里简直是天堂——有好时巧克力工厂，说不定还能拿到免费巧克力，还有游乐园。但后来我们被州公路巡警逮住了，在宾州。他们把我们带去巡警总部。我们能听到背景里有电传打字机的声音——我们当时拼命撒谎，说我们得到了父母的许可之类。

01:17:43:18

And we were afraid that teletype was sending out an all points alert, you know, pick these guys up. So we got outta Hershey as fast as we could. And finally we got back to Washington, Robert Belt- Roger Bell’s father was a congressman too. And Roger Bell’s mother actually was in the hospital He cashed in his- his what were then called war bonds to- have the money - to finance his part of things. And - she was - and - and he - he - I think he wanted to go to Stanton Military Academy. And I think he ended up winning that. I walked in the door and the first thing my mother was said to me was. “How come you came back so soon,” which was a little deflating. So that was- that was the last time I ran away.

我们害怕那台电传机是在发出通缉令：抓住这些孩子。所以我们赶紧逃离了好时镇。最终我们回到了华盛顿。罗杰·贝尔的父亲也是一名国会议员。他母亲当时住院，他把原来叫“战争债券”的那种东西兑现了，用来支付自己的逃跑经费。他还希望能去斯汤顿军事学院，我觉得他后来真进去了。至于我，回到家推门而入时，我母亲说的第一句话竟是：“你怎么这么快就回来了？”这让我挺泄气的。那也成了我人生中最后一次离家出走。

TITLE How Warren was with girls

标题沃伦与女孩相处的情况

01:18:28:15

WARREN BUFFETT:

沃伦·巴菲特：

Bad. I-I I I socially when I left Omaha I was in eighth grade. And - I was doing okay socially in Omaha. But when I moved to Washington they were in a different point sort of in - in-in-in social development at that point. And - I was the youngest one always in the class 'cause I’d skipped.

糟糕。我——我在社交方面，当我离开奥马哈的时候，我是八年级。在奥马哈时，我的社交情况还算不错。但搬到华盛顿后，那里的同龄人显然在“社交发展”方面已经处于不同阶段了。而我因为跳了一级，总是班里最小的那个。

01:18:50:06

And - so I - I was sort of out of the swing of things there for a while. The - I - I went to my 60th reunion at Wilson High. And there was a girl there - named Barbara Wegan. She’s got a married name now. But I took her out one time to the uptown theatre in Washington. And I asked her whether she remember what movie she saw. And she said, "No I don’t remember that." And then she said, “But I do remember one thing.” And like an idiot I said, “What was that?” And Barbara said, “Well, you picked me up in a hearse.” It was true that owned a half interest in a hearse when I in high school which was not the smoothest thing- or coolest, as they would say now, the thing that you could - you could do on a date.

所以有段时间我完全不在节奏里。后来我去参加了威尔逊高中的60周年同学会。有个女生在场，叫芭芭拉·韦根，现在当然已经改了夫姓。我高中时曾经约她出去一次，在华盛顿的Uptown剧院看电影。我问她还记得当时看的是什么电影吗。她说，“我不记得了。”然后她说，“但我记得一件事。”我就像个傻子一样问：“什么事？”芭芭拉说：“你开灵车来接我。”这是真的——我在高中时拥有半辆灵车的股份，这显然不是约会时最体面、或者说现在所谓的“最酷”的事情。

TITLE Working for his grandfather’s store

标题在祖父的杂货店打工

01:19:51:23

WARREN BUFFETT:

沃伦·巴菲特：

Yeah, well, when I was very young. I was probably only ten or so at that time because this was before I moved to Washington. I- I did work at my grandfather’s grocery store. And there was a-fellow named Eddie that was the oldest driver. We had seven trucks at- seven orange trucks at the - grocery store. It was a credit and delivery store.

是的，那时候我年纪还很小，大概只有十岁左右，因为那是在我搬去华盛顿之前。我确实在我祖父的杂货店工作过。店里有个叫埃迪的人，是年纪最大的司机。我们有七辆橙色的送货卡车，这是一家赊账制、配送式的杂货店。

01:20:09:21

And so I would be his helper. And people would phone in their orders and then I would load the truck in reverse order of - of how we were going to deliver. Now Eddie would tell me how to load the truck. So I- I went out with him the first time, I loaded the truck like he said. And we started out. And our first stop was in Benson. And then we went- for our second stop was in Dundee. And then we went back to Benson, which was a couple miles away again. Then we went to Central Omaha. Then we went back to Benson again.

我就成了他的助手。客户会打电话进来下单，然后我就按送货顺序的反方向把货物装上卡车。埃迪会告诉我该怎么装。第一次跟他出车时，我照他说的装好了货。我们先去了本森，然后第二站是邓迪，接着我们又返回本森，那可是几英里远。之后我们去了奥马哈市中心，然后又回到本森。

01:20:34:23

And I couldn’t take it. After a while I said, "Ed— Eddie, you know, I- I’m only ten. But- but- this is the craziest route I’ve ever seen." I said, “Let me redesign this and we get this done with half the mileage.” And then he gave me this is disgusted look. And I thought Eddie was 120 then. He was probably about ten years younger than I am now. But Eddie lo- gave me this look and he said, “Warren, don’t you understand,” he said, “Mrs. Call is the best looking woman on the route. And if we get there early enough she may not be dressed.”

我受不了了。过了一会我说：“埃迪，你知道，我才十岁，但我觉得这路线太疯狂了。”我说，“让我重新设计一下，这样我们能把行程缩短一半。”他就用一种非常嫌弃的眼神看我。当时我觉得埃迪像120岁的人，其实他可能比我现在的年纪还小十岁。他看着我，说：“沃伦，你难道不明白吗？卡尔太太是这条线路上最漂亮的女人，如果我们去得够早，她可能还没穿好衣服。”

01:21:01:06

And he said, “And then Mrs. Code is the second best looking and if we get there-” and I felt so sorry for this woman that was last on the route. I mean, by definition she was in bad shape. But I learned a little bit about business then. And- and sometimes how the employees’ interests can differ from those of the employer.

然后他说：“科德太太是第二漂亮的，如果我们也早点去……”我当时真为最后一位要送货的女士感到难过——按这逻辑，她一定条件很差。那时候我学到了一点商业上的事：有时候员工的利益和雇主的目标确实不一样。

TITLE On being competitive as a child

标题童年时的好胜心

01:21:16:14

WARREN BUFFETT:

沃伦·巴菲特：

I’ve always been competitive. But- sometimes it doesn’t pay to be competitive if you’re in the wrong game. I- I- I was in one boxing match when I was about ten or something like that. And after the first round I don’t think I could lift the- lift the gloves. But fortunately the other guy was in the same position. So it didn’t make much difference.

我从小就很有竞争心。但——有时候如果你选错了比赛项目，再有竞争心也没用。我大概十岁的时候参加过一次拳击比赛，打完第一回合我几乎连拳套都抬不起来了。但幸运的是，对手也差不多，所以也没太大区别。

TITLE What his family was like growing up

标题成长中的家庭生活

01:21:51:02

WARREN BUFFETT:

沃伦·巴菲特：

It wasn’t- it- it was not a formal household. And mo—a good bit of the time it was a happy household. And and some of the times it wasn’t. But most of the time it was. And we did - there was a lot of - there was a lot of entertaining in the home in those days. I- nobody had much money.

我们家并不是一个特别严肃的家庭，大多数时候是快乐的家庭，当然也有些时候不是。但大体上我们过得挺开心。那时候家里经常会有些娱乐活动，大家也都没什么钱。

01:22:07:09

So there were bridge clubs, for example. And I- I always- always did very well with older people. I mean, I- I liked my dad - my dad’s friends. And then I used to walk over to- a church for choir practice. I was in a kids’ choir when I was ten or 11. And on the way back I’d always stop at about ten houses and talk to various housewives that I knew through my - through my mother and my dad. And - and there was s- a lotta sociability. And we had—we had a ping pong table in the basement. And all- all of the - all my dad’s friends that would come over - they’d all take me on in ping pong 'cause I was reasonably good at that. And there was a lotta that sorta thing.

比如我们会参加桥牌俱乐部。而我一直都和年纪大的人相处得很好。我喜欢我父亲的朋友们。我小时候会自己走路去教堂练唱诗班，那时我大概十岁或十一岁。回家的路上我会停在大概十户人家门前，跟那些通过父母认识的家庭主妇聊天。那时候人与人之间的交往非常频繁。我们家地下室还有张乒乓球桌，我爸的朋友们来访时都会跟我打一局，因为我打得还不错。这类活动挺多的。

01:22:43:16

So it- there was a lotta sociability that way that didn’t cost any money basically. And it was- we had a good time. It was a lotta singing. My - we had a little organ that my mother played. My dad and mother were both quite religious. And so it was mostly- well, it was almost exclusively - church hymns. So- I still know the words to some of those old church hymns.

所以这种交往基本上不需要花什么钱，但我们玩得很开心。我们也经常唱歌，母亲弹一台小风琴。我父母都很虔诚，所以我们基本上——其实几乎全是唱教会圣歌。至今我还记得其中一些圣歌的歌词。

TITLE Growing up and religion

标题成长过程与宗教

01:23:14:01

WARREN BUFFETT:

沃伦·巴菲特：

-it didn’t have much effect on me. I- I w- I was- I was in the kids’ choir at Dundee Presbyterian Church. And I actually - my wife and I taught a Sunday school right there - class right after we got married for a while. And then I think one of the people in one of the classes heard too much laughter coming out of our class. We were having (LAUGH) a very good time. And so I think they decided that - they could use- new- new faculty at that point.

宗教对我影响不大。我小时候曾是邓迪长老会教堂儿童唱诗班的一员。后来我和妻子结婚后在那儿教过一阵子主日学。但我记得，有次有人听到我们教室里笑声太多——我们确实玩得挺开心的（笑）——于是我猜他们可能觉得，是时候换个老师了。

TITLE College

标题大学生活

01:23:43:19

WARREN BUFFETT:

沃伦·巴菲特：

I didn’t wanna go to college. I was- I was 16 when I got outta high school. I was making about - probably was making a month or something like that delivering papers which only took a couple hours in the morning. I had this half interest in a pinball machine route with a buddy of mine. I liked to go to the horse races and handicap horses. And I really felt that I didn’t really need much more than that. And I was buying stocks. I mean, I- I- I read the Wall Street Journal every day and I did a lot of charting of stocks and that sort of thing then.

我并不想上大学。我16岁高中毕业，那时候每天早上送报，只需花几个小时，每月大概能赚一笔钱。我还和一个朋友合伙经营弹珠机生意。我喜欢去赛马场，看马匹赛前数据来下注。我觉得自己不需要别的东西了。我那时已经在买股票了，每天读《华尔街日报》，还画了很多股票走势图之类的东西。

01:24:14:05

And I was having - I actually was having a pretty good time. And I didn’t see that w- really was much to be gained by going to college. But my dad kind of jollied me into it. And - I think he probably - they didn’t have SA - or at least we didn’t use SATs in those days. But I think he probably woulda taken the test for me if need be. So he suggested that I apply to the Wharton School at the University of Pennsylvania and if I didn’t like it I could quit. And - the year went by and - and I got very good grades in college.

我当时过得挺开心，也看不出上大学能带来什么实质好处。但我父亲半哄半劝地让我去上学。那时还没有SAT考试，至少我们那时没用SAT。但我想如果有必要，他可能会替我考。于是他建议我申请宾夕法尼亚大学的沃顿商学院，还说如果不喜欢可以退学。结果那年过去了，我在大学里成绩非常好。

01:24:44:17

I mean - my - my grades improved as I- as I went along in school. And - but I - I didn’t feel I was learning that much - there because I had mostly graduate students as professors. And they were just staying a chapter ahead of me in the book. And I- I- I- so I asked my dad if- if I could quit then.

我的意思是，我的成绩随着时间推移在不断提升。但我觉得自己在那儿学不到多少东西，因为教我课的大多是研究生助教，他们只比我早读一章书而已。所以我就问我爸可不可以退学。

01:25:05:17

And he said, “Well, give it another year.” So I gave it another year. And - still felt the same way. So he said, “Well, do what you wanna do.” So I actually transferred to the University of Nebraska and that way I finished in three years 'cause I had - had enough credits that I could get out in three years. And I was in a hurry to- I wanted to get out.

他说：“那就再读一年试试。”于是我又坚持了一年，但感觉依旧一样。他说：“那你就按自己想的来。”于是我转学去了内布拉斯加大学，这样我只用了三年就毕业了，因为学分足够。我当时很着急，就是想赶快毕业。

01:25:27:02

I’m doing a service to those schools because I- I- I did learn a fair amount there. And I would say this, the University of Nebraska actually - my year there I- I learned f - fully as much as I was learning at - at Wharton which had a much bigger reputation.

我这样说其实也是为这些学校正名——我确实在那儿学到了不少。我得说，内布拉斯加大学那一年，我学到的东西和在名气更大的沃顿商学院差不多多。

TITLE Graduate school

标题研究生阶段

01:25:48:07

WARREN BUFFETT:

沃伦·巴菲特：

Well, and - one day - I was reading - the - Daily Nebraskan which was the college newspaper. And- and it said in Room 300 or something at 3:00 they’re going to award the scholarship of to go to a graduate school of your choice. So I showed up there and I was the only guy that showed up and these professors wanted to keep waiting for other people to show up.

有一天我在看内布拉斯加大学的校报《每日内布拉斯加人报》，上面写着下午3点在某间教室会颁发一个奖学金，可以用来申请你想去的研究生院。我就去了，结果我是唯一到场的人，教授们还在等其他人出现。

01:26:13:12

And I said, “Wait a second, it said 3:00.” So I got the scholarship un - un - unopposed. And I applied to the Harvard Business School. My dad- was- suggesting that to him. And anything my dad wanted me to do in the end I- I I I c- I usually went along with. I mean and he never pushed me hard.

我说：“等一下，报纸上写的是三点。”于是我毫无竞争对手地拿到了奖学金。我申请了哈佛商学院——那是我爸建议的。基本上他希望我做的事，我最后都会照做，虽然他从不会逼我。

01:26:30:04

But- but I- if I knew he- he wanted me to do something I was very inclined to - to go along. So I- I applied and - and and - I went to - they told me to go to Chicago to get interviewed by this fellow that ran a country day school near Chicago. So I got on Burlington train, oh, for ten hours to Chicago and then I got on another little inner-urban train, rode up to this day school. And the guy interviewed me for about ten minutes. And - and - he - basically said, “You know, find something else.” So I- I reversed the process. Spent ten or 12 hours getting back thinking, “What am I gonna tell my dad?”

但我一旦知道他希望我去做什么，我基本都会答应。所以我就申请了。他们让我去芝加哥接受一位在郊区日校任职的面试官的面试。我坐了十个小时的伯灵顿火车到芝加哥，再转一趟市区小火车到了那所学校。那人面试了我十分钟，然后基本上说：“你还是另谋出路吧。”我就又花了十几个小时回家，心里一直在想：“我该怎么跟我爸交代？”

01:27:08:01

And - it all worked out because - they - they did turn me down but then I was at the University of Omaha that summer. And I was leafing through a catalogue of other schools 'cause I did have this 500 bucks that- that they were gonna give me from Nebraska to go to a graduate school.

结果后来事情有了转机——他们确实拒绝了我。但那个夏天我在奥马哈大学，翻看其他学校的目录，因为内布拉斯加大学给了我500美元奖学金，可以去任何研究生院。

01:27:23:18

And I saw these names of Graham and Dodd who had written this masterpiece of a book in 1934. And it was now 1950. And I had no idea that they were teaching or anything. And I saw that Dave Dodd was the assistant- or associate dean I think it was at- at Columbia. So I wrote him a letter and I- it was- I think it was probably about August by then. And I said, “Dear Dean Dodd,” I said, “I thought you guys were dead. But now that I know you’re alive I’d really like to come study under you.” And so he - he got me in. And he turned out to be a wonderful, wonderful friend. And he would take me to dinner there. And he- he- he treated me like a son. It- was a marvelous experience.

我在目录上看到格雷厄姆和多德这两个名字，他们在1934年写了一本经典著作。那时是1950年，我根本不知道他们还在教书。我看到戴夫·多德是哥伦比亚大学的副院长，于是我写信给他，那时候大概是8月了。我在信中写道：“亲爱的多德院长，我原以为你们都去世了。但既然知道你们还在，我非常希望能跟你们学习。”他就收了我。他后来成为我非常亲密的朋友，还常带我吃饭，待我如同儿子一样。那段经历真是太棒了。

TITLE Dale Carnegie

标题戴尔·卡耐基课程

WARREN BUFFETT:

沃伦·巴菲特：

Yeah, well, I actually - when I was at Columbia I had been terrified of public speaking all of the time- prior well, f - I don’t know when it started. Must’ve started maybe I had some terrible experience I can’t remember, you know, in grade school. But I- I was terrified. I couldn’t do it. I’d throw up. And so I avoided classes where I would be expected to do that. And - I was - I was fine if I wasn’t on stage. I mean, I could - I did a lotta talking otherwise. But- but- so I was at Columbia I saw an ad - for a Dale Carnegie course in midtown New York. And I went down and I wrote a check to-take the course.

是的，实际上我在哥伦比亚大学时，一直都非常害怕公众演讲。我不知道什么时候开始的，可能是小学时有什么糟糕的经历我记不得了。总之，我非常恐惧，甚至会紧张到呕吐。所以我一直避免选那些需要上台演讲的课程。如果不是在台上，我表现得还不错，我其实私下里话很多。但在哥大时，我看到了一则在纽约中城区开设戴尔·卡耐基课程的广告，我就去报名并开了一张支票。

01:28:52:06

And then right— right aft— after I got up this little apartment I was paying ten bucks a month for at - on Claremont Avenue I- I stopped payment on the check. I just didn’t have the guts to go through with it.

然后——就在我搬进那间每月只需十美元房租的小公寓后，我就把支票停付了。我实在没有勇气去上课。

01:29:02:08

And then when I got outta school I came back to Omaha. I’m now 20 years old. I- I’m gonna sell stocks to people that are 50 or 60. And I didn’t even look 20. And I just knew I had to be able g- get it so I could speak in front of people better. So I- again, I saw an ad that- at the Rome Hotel there in Omaha on 16th Street that they were gonna have a Dale Carnegie course.

等我毕业回到奥马哈时，我已经20岁了。我当时要把股票卖给五六十岁的人，但我看起来甚至不像20岁。我知道自己必须提升公众演讲能力。然后我又在奥马哈16街的罗马酒店看到一则戴尔·卡耐基课程的广告。

01:29:24:18

And I went down and a fellow named Walter Keenan who later became a very good friend and a partner in my investment partnership but who I had never met before - was the teacher. And I handed him $100 in cash. And if- if I parted with cash I knew I was gonna follow through. So we took that Dale Carnegie course. And there were about 30 of us. And we couldn’t say our own name in public at the start.

我去了，那位老师是沃尔特·基南，后来他成了我投资合伙人之一，也成了我的好朋友，那时我们还不认识。我把100美元现金交给他。我知道一旦我掏出现金，我就一定会坚持到底。我们上了那门戴尔·卡耐基课，一共大概有30个人。一开始，我们连自己的名字都不敢在公众面前说出来。

01:29:47:11

They made us do all these crazy things to g- get out of ourselves. And so we stood on tables and did all kinds of things. And - it worked. I- and as soon as I got outta that class I went right out to University of Omaha and said, “I wanna start teaching 'cause I wanna get in front of people and force myself to keep doing it.” And that’s why I can’t stop talking now.

他们让我们做各种疯狂的事情来打破自我限制。我们站在桌子上，做各种练习。而这些真的奏效了。我一上完课就立刻跑去奥马哈大学说：“我想开始教学，因为我想强迫自己站在人群面前持续练习。”这就是我现在话这么多的原因。

01:30:09:04

It was during that- class incidentally - they gave a pencil every week for the person who had done the most with what they’d learned the week before. And during that class I proposed to my wife to be and she accepted. So when I told that story the following week when we met I won the pencil.

顺便说一句，那门课每周会奖励一支铅笔，给那些上一周进步最大的人。在那门课期间，我向我未来的妻子求婚了，她答应了。下周我们见面时我分享了这个故事，于是我赢得了那支铅笔。

TITLE On Susie

标题关于苏茜

11:45:40:09

WARREN BUFFETT:

沃伦·巴菲特：

Well, she was- she was 19 when we got married and I was 21. And - but she was so much more mature than I was there’s no comparison. And she - she really put me back together. I was- I was- I was very good at a lotta things, I mean, in terms of business that are- for my age. But on the other hand I was- I was- I was kind of a lopsided - character. I’m still lopsided in some ways. But now I’m lopsided in - in ways I like. And that was in those days I was- lopsided in some ways I didn’t like.

我们结婚时她19岁，我21岁。但她远比我成熟，根本没法比。她真的让我重新完整起来。那时候我在很多事情上表现不错，尤其是商业方面，考虑到我的年纪。但另一方面，我性格非常不均衡。其实我现在也还有些不平衡，但如今的“不平衡”是我喜欢的。而当年那些“不平衡”让我不太舒服。

11:46:18:03

So she- she really put me together. She was- she was there when the - a little watering can putting- pouring it on me. And - and - it - it - it, you know, she’s responsible for- for, well, I- I would’ve accomplished nothing without her.

她真的把我“浇灌”成了一个完整的人。她就像是一个小喷壶，在我身上浇灌着耐心和支持。可以说，没有她，我什么都不会成就。

11:46:42:07

She was incredibly empathetic and everybody- she was nonjudgmental. S— s-it wasn’t that she didn’t have standards. But she just was nonjudgmental about people. And she felt every person, again, was e- the moral equivalent of every- every other person. She was interested in every person individually. We once to a football game in Seattle— University of Washington was playing Nebraska. And at halftime- I went down to get a hot dog and a Coke and she went with me. And there was a line of about four people there. And I got in line and five minutes later I had my Coke and my hot dog in hand.

她极具同理心，而且从不评判别人——并不是说她没有标准，而是她从不对人妄下判断。她认为每个人在道德上都是平等的。她对每个人都充满兴趣。有一次我们去西雅图看一场橄榄球比赛，是华盛顿大学对阵内布拉斯加大学。中场休息时我去买热狗和可乐，她也跟着去了。排队的人大概只有四个，我排了五分钟就拿到了吃的。

11:47:18:23

And I went back and she was waiting a few feet away. And - and there was a woman standing next to her. And this woman was - at that point was saying, “Now I’ve never told this to anybody else in my life,” this is w—you know, that woman was not there when I went to get the (LAUGH) hot dog. You know, pe- people just- they opened up to her. She had more people probably that considered her their best friend than anybody I’ve ever known.

我回去后发现她站在几步之外，旁边还站着一位女士。那位女士正对她说：“我这辈子还从没跟别人讲过这件事。”——你要知道，我去买热狗的时候那女人还不在那儿（笑）。人们总是不自觉地向她敞开心扉。我想，她是我见过被最多人视为“最好的朋友”的人。

TITLE Warren as a young husband

标题年轻时作为丈夫的沃伦

11:48:02:08

WARREN BUFFETT:

沃伦·巴菲特：

Well, I was- I was very focused. I- I- I- I was into my work big time. And - so I- she - she did most of the work - by far - bringing up the children which was probably a good thing. You know, they - they had more of her qualities than mine which I would- I would recommend. And we had 'em young incidentally which was I think a very good thing. I mean, it’s worked out very well in- in our family.

标题关于打桥牌

11:55:13:02

WARREN BUFFETT:

沃伦·巴菲特：

Well, it’s just—it—it—it’s the gr—it’s the best mental game I know aside from business which I think is kind of an interesting mental game too. But—it’s—you know, you’re—you’re gonna play a hand every seven or eight minutes. And—you are going to be facing something where every hand you played in the past has got some utility in evaluating the present hand but you’ll never play the same hand twice. You’re playing it with a partner so it’s a game where partnership dynamics are very important. It’s a game where every card played—you can draw—or every bid made or not made or every card played or not played—you can draw inferences from. So it is—I—I regard it as absolutely the most fascinating game there is. I’m not that good at it.

对我来说，桥牌是除了商业之外最棒的智力游戏——虽然我觉得商业本身也是种很有趣的脑力游戏。你每七八分钟就要打完一副牌，而你过去每一副打过的牌都能帮助你判断当前的手牌，但你永远不会打到相同的牌。你需要和搭档配合，这就让“伙伴关系”成为关键要素。而且每一张打出的牌、每一次叫牌或不叫牌、每一个动作或不动作，你都可以从中推理出东西。我认为它绝对是最迷人的游戏。虽然我打得不算特别好。

11:56:05:13

But—and I think that—I—I can’t think of a better form of mental exercise. And—you know, I hope I’m playing it when I’m 100 years old. I—I probably spend—at least ten hour a week—playing bridge on the computer. And—and—I enjoy every minute—of it.

不过我认为，没有比它更好的头脑锻炼方式了。我希望到我100岁的时候还能继续打桥牌。我现在每周大概会在电脑上打桥牌十个小时左右，而且每一分钟我都非常享受。

TITLE On being frugal

标题关于节俭

11:56:40:02

WARREN BUFFETT:

沃伦·巴菲特：

I—I—I’m not frugal in the sense—I—I buy—anything I want, I buy. And if I could—if I thought it was—if I thought I would enjoy a dinner—better than a hamburger I get at—at—one of—I’d buy it. But—on Sunday—I—frequently take out my children—grandchildren and great-grandchildren. I’ve got—I’ve got nine great-grandchildren. And—and seven of 'em live in this area.

我不算是那种“节俭”的人。如果我想要什么，我就会买。如果我觉得一顿大餐比我在某家店吃的汉堡更让我享受，那我就会去吃大餐。但每逢周日，我经常会带着孩子们、孙子孙女们还有曾孙们出去。我现在有九个曾孙，其中七个就住在这一带。

11:57:11:16

And—so we go to Dairy Queen. We don’t get to Dairy Queen because Berkshire owns it. We don’t go to Dairy Queen 'cause it doesn’t—you don’t run up a big bill. We go to Dairy Queen 'cause I’d rather eat their food than anybody else’s. And the rest of 'em do too. So I—I have never—maybe when, you know, go back to when I was 15 or something. But I’ve—basically I’ve never denied myself anything I wanted. And the plane is very useful to me. And it makes—it enables me to do things that I wouldn’t be able to do otherwise. And—and—and it’s a lot more comfortable. And, you know, so it doesn’t make any difference what it costs 'cause money has no meaning to me anymore.

我们会去 Dairy Queen。不是因为伯克希尔拥有这家公司，也不是因为那儿便宜，而是因为我觉得那里的食物比别的地方好吃，而且孩子们也都喜欢。所以我从来没刻意节省什么——也许15岁的时候有过。但基本上，我从未剥夺过自己想要的东西。比如那架飞机对我来说非常有用，它让我能去做一些原本做不到的事，也更舒适。所以它多少钱我都无所谓，因为金钱对我已经没什么意义了。

11:57:48:06

So I’ve—if something costs me million and I’m gonna really get something out of it I’ll—I’ll do it. But there’s very, very—I can’t think of what, you know, money doesn’t—certainly doesn’t buy love. It’ll buy sex. You know, buy recognition. You know, you—you can get write—you can get—you—you can—you can get your name on a building if you wanna write a big enough check. But there’s no way it can buy love. It can—it can buy testimonial speeches. But—so most things—very few things that require money. A plane requires money. So that—that—but I can have multiple houses but my life would be worse rather than better. I—I have all kinds of friends that have multiple houses. And, you know, basically they become like—you know, a hotel manager, you know, and they have to plan what people want. You know, and—I—I don’t wanna do all that.

所以如果有什么东西要花我几百万，但我真的能从中得到价值，我会买。但真的没多少东西是必须用钱才能得到的。钱肯定买不到爱——它可以买到性，也可以买到名声。比如你想让自己的名字挂在某栋大楼上，只要开出够大的支票就行。但爱是买不到的。你可以买到各种赞美演讲，但金钱真正能换来的事情其实非常少。比如一架飞机确实需要花钱。但比如说我可以买很多房子，可那样我的生活只会更糟。我有很多朋友拥有多套房子，结果他们就像在当酒店经理，要为每套房子安排谁住、安排各种事。我可不想做这些。

TITLE On family and money

标题关于家庭与金钱

11:58:47:18

WARREN BUFFETT:

沃伦·巴菲特：

Well— my wife and I- first wife - Susie - when we were in our 20s talked about what we’d do with money. I kept telling her we’d make a lotta- I’d make a lotta money and she humored me. She didn’t really care. And - and - and whether she believed me or not - she believed me on things generally. So she probably believed me. But it didn’t really make that much difference. But it did make a difference what we were gonna do with the money after we made it. So we actually set up a foundation over 50 years ago- I just looked back at the records in - the other day. And I think we set it up in 1964. And we always said that we were going to give away- if- if I made a lotta money-which I was convinced that I would- that we would end up giving it - we’d - we’d have everything we wanted.

我和我太太——第一任妻子苏姗——在我们二十多岁的时候就讨论过要怎么使用金钱。我一直跟她说我会赚很多很多钱，而她也顺着我说。她其实并不在意。而且——而且——不管她当时信不信我——她一般都相信我说的话，所以她大概也是信的。但这其实并不重要，重要的是我们打算在赚到钱之后怎么用它。所以我们在五十多年前就设立了一个基金会——我前几天才回头看了记录。我记得是1964年设立的。我们一直说，如果——如果我真的赚了很多钱——我很确定我会的——那我们最终会把钱捐出去——我们已经拥有了我们想要的一切。

11:59:28:17

But- but- and we would leave our children originally the idea was, enough so they could do anything but not enough so they could do nothing. That was a line that actually Katharine - Graham gave to me. But it- makes a lotta sense. I mean, if you’re very wealthy - you- you know, it’s crazy to, you know, have your kids out there in-in rags or something of something the sort. But it’s also crazy to have them so they never have to lift a finger the rest of their life. So - so over time - we’ve given them - we gave 'em some money. But in- in my entire lifetime everything that I’ve spent, my wife spent and my kids have spent that came from me will be quite a bit less than of everything I make. The other plus will- will go to others because it has no utility to me and it - and my kids have all they need. They each run a foundation which I- fund and they do a terrific job doing it. And they each in their own way they do it and they work hard at it. And - they live pretty much normal lives. I mean, they - they are not - they’re not driving - driving around a-I gave probably f-I don’t know how many years ago- five or ten years ago I gave - I tried giving a few hours on the plane. But notnot - not enough so they could - so they could crazy on it. But- so I- I’ve softened up some on that. But I-I- I- I couldn’t be more pleased with how the whole subject of money has worked out in our family.

但是——但是——我们原来的想法是，留给孩子们足够的钱让他们可以做任何事情，但不至于多到他们什么也不用做。这个说法其实是凯瑟琳·格雷厄姆告诉我的，但它非常有道理。我的意思是，如果你非常富有——你知道，让你的孩子穿破衣服过日子，那是疯了。但让他们一辈子都不需要动一根手指，那也同样是疯狂的。所以——所以这些年来——我们确实给了他们一些钱。但我一生中，我、我太太和我的孩子们从我这里花掉的钱，加起来也远远少于我所赚的钱。剩下的绝大多数都将捐赠出去，因为这些钱对我来说已经没有用处了——而我的孩子们也已经拥有了他们所需要的一切。他们每个人都在运营一个我出资设立的基金会，他们做得非常出色。他们每个人都有自己的方式，并且在其中付出很多努力。而且——他们基本上都过着普通人的生活。我是说，他们——他们并没有——并不是开着豪车到处跑——我大概在五年或十年前试着给了他们几个小时的私人飞机使用时间。但那远远不够让他们随便乱来。不过——所以我对这个问题的态度有些软化了。但我——我——我——我对我们家在金钱这个问题上所走的路径感到非常满意。

TITLE On Susie running the foundation

标题关于苏茜管理基金会

12:01:04:02

WARREN BUFFETT:

沃伦·巴菲特：

I thought I would pile it up over the years and then I would be sort of a compounding machine to build up-a whole lotta money. And that - then she would unpile it in terms of - running a - one very large foundation. And - she was younger - just a couple years younger than I was

我原本的想法是，我会在这些年里积累财富，成为一个复利机器，积累起一大笔钱。然后她会把这些钱慢慢花出去——通过运营一个非常大型的基金会。而且——她比我年轻——只比我小几岁。

12:01:33:04

But- and women live longer. So I thought the odds were very good that she would disperse it and that it would be much better to give away many, many billions later on than give away a few millions early on and that I was- particularly good at compounding money and therefore society would benefit by waiting.

而且女性寿命一般更长。所以我认为她活得比我久的可能性很高，那她就能负责将这些钱捐出去。而与其早早捐出几百万，不如等到后面再捐出几十亿，对社会的益处会更大。我在钱的复利增长方面特别擅长，因此社会若愿意等，会受益更多。

12:01:49:23

And she didn’t wanna wait as much as I did. But she never quite appreciated compounding like I did. So itthat - it worked out - then she’d - she - she died ten years ago. And - and so I had to change my plans then. But that was the - that woulda been the ori- that was the original plan. And she did run the foundation for a long time. And she gave away significant money. Butand - and when she died - I’d given her $22,000 over the first few years of our marriage just 'cause I thought she oughta have it in her own name. And sh- she left a billion estate and 97 or so percent- of that money - went to the foundation. And so we always figured that the money could do a lotta good and that a lotta money could do possibly a whole lot more good. And that - she was better at giving away money than I would be. And I was better at piling it up than she would be. So the - the whole thing made sense to both of us.

但她不像我那么愿意等待。她从来不像我那样真正理解复利的力量。所以——后来她——她——十年前去世了。所以我也不得不改变原本的计划。但那就是——那是原来的计划。她确实管理基金会很多年，也捐出了不少钱。而且——而当她去世时——我在我们结婚最初几年给了她2.2万美元，因为我觉得她应该有自己名下的钱。她留下了一个十亿美元级别的遗产，其中大约97%捐给了基金会。所以我们一直觉得这笔钱可以发挥很多作用，而更多的钱可以发挥更大的作用。而且——她在捐钱这件事上确实比我更擅长，而我在挣钱这件事上比她更擅长。所以——整个安排对我们俩来说都是有道理的。

TITLE Giving the money to other foundations

标题将资金捐赠给其他基金会

12:02:55:19

WARREN BUFFETT:

沃伦·巴菲特：

Well, I’m not giving it to Bill Gates. I’m giving it to f— I’m giving it to five foundations. And- the Gates Foundation is the largest. But the money’s gotten to a scale where it - very few operations could really handle. But I doubled the amount that I give to each one of the three children’s foundations. So they’re getting- at present prices for Berkshire - they’re getting close to 100 andI don’t know 125 - probably closer to 150 million of stock a year and they gotta keep spending it. Then there’s the Susan Buffett Foundation which was originally we had intended to do the whole thing thatso when we set up 50 years ago.

我不是把钱捐给比尔·盖茨，而是捐给了——我捐给了五个基金会。其中盖茨基金会是最大的。但钱已经多到几乎没有多少机构能处理这个规模。我把捐给每个孩子基金会的钱翻了一倍。以当前伯克希尔的股价计算，他们每年大概能拿到一亿——我不知道是一亿二千五百万，还是可能更接近一亿五千万的股票，而且他们必须继续把这些钱花出去。还有一个是苏茜·巴菲特基金会，这是我们五十年前设立时原本打算用来做全部工作的那个基金会。

12:03:34:00

And that’s got quite a bit more money in. And then the largest is the Gates Foundation who had the same feeling that I do that every human life is of equal value. And so I’m - I feel very good about what’s being done with the money. The money has no utility to me. It - it can’t- it can’t make me happier. Can’t make me, you know- in any way. It probably could make me miserable if I had to do certain things with it. And it has utility to other people if probably used. So it- I’ve got a solution that fits exactly the objectives that we started with 60 years ago or so. But - I’ve got an older sister, Doris, who’sowns a Sunshine Lady. And she spends all day, every day giving away money retail. And she’s done a terrific job at it.

那个基金会现在资金也多了不少。而最大的是盖茨基金会，他们和我有同样的信念——每一个人的生命都是同等宝贵的。所以我对这些钱被用来做的事感到很满意。这些钱对我来说没有什么实际用途。它——它无法让我更快乐，无法让我在任何方面受益。相反，如果我不得不做一些事，它可能还会让我痛苦。而如果它被正确使用，对别人就有实际价值。所以我找到了一个完美契合我们大约60年前初心的方案。另外，我还有个姐姐多丽丝，她运营着一个叫“阳光女士”的基金会。她每天整天都在“零售式地”捐钱，她做得非常出色。

12:04:44:23

And I send her all the letters I get. And - and - she looks into each individual case. She doesn’t give money to each individual case. But she evaluates them. And sh- she helps people and she gives 'em, you know, she’s their friend too in addition to small checks that she give out.

我把我收到的所有信都转给她。她会逐个个案去调查。她不会每个都捐钱，但她会评估情况。她会帮助人们，除了给一些小额支票外，她也成为了他们的朋友。

12:05:01:10

But you can’t get rid of the money that I’ve got doing that. I - I love the fact that she does it and I support her in a small way. But- I have to do things at scale. And having a solution that- where I feel good about the people, feel good about what’s being done and has the ability to do big things makes me, yeah, that’s exactly what I intended the money to do all along.

但就我拥有的财富来说，靠这种方式是花不完的。我——我很欣赏她做的事情，也在一定程度上支持她。但我得以更大规模行动。而我找到的这个方案——我认可所托之人，也认同这些钱所做的事，还有能力做大事——这让我感到，这正是我一直希望这笔钱能够实现的目标。

TITLE What people will view him as

标题人们将如何看待他

12:05:39:11

WARREN BUFFETT:

沃伦·巴菲特：

Both probably. Because- Bill and I and - and Melinda- have worked on developing the giving pl-I- I think actually that will be- I think that will have quite an impact over- over the decades. Not- I think 50 years from now The Giving Pledge will be looked at as- as a - a really important move and will affect the level of philanthropy by the- particularly by the very wealthy in this country. So I think that will be a factor and I- I hope that Berkshire Hathaway i- issomething that people- study in terms of a business operation.

大概是两方面都会有吧。因为——我和比尔，还有梅琳达——我们一起推进了“捐赠誓言”，我认为那件事——我确实觉得那件事在未来几十年里会产生很大的影响。我想，五十年后人们会把“捐赠誓言”看作一个非常重要的举措，它会影响这个国家里尤其是那些极富有者的慈善水平。所以我认为这是一个重要因素。同时我也希望人们会把伯克希尔哈撒韦当作一个商业运作的典范来研究。

TITLE The Giving Pledge

标题关于“捐赠誓言”

12:06:52:06

WARREN BUFFETT:

沃伦·巴菲特：

Very wealthy people they vary- just like very poor people, vary in - in - in their emotions and motivations and everything. But one problem that they have - they often have is that they don’t have - many peers to talk to when you get in the question of- of - their children, for example, or- or philanthropy or whatever it may be. They may have a lawyer they talk to. But they - they don’t just wanna go and talk to anybody about it. So Bill and I have found in The Giving Pledge that - that when we open up the conversation they really like to talk. And the - the first meeting we had we asked David Rockefeller if he would host in New York City.

非常富有的人，他们彼此差异也很大——就像非常贫穷的人一样，他们的情感、动机等方面都各不相同。但他们常常面临一个问题——就是在涉及孩子、慈善或其他类似议题时，他们身边并没有很多可以交谈的同侪。他们可能会找律师聊聊，但他们不会随便跟人谈这种事。所以我和比尔在“捐赠誓言”中发现，只要我们打开话题，他们其实很愿意交流。我们第一次会议时请了大卫·洛克菲勒在纽约主办。

12:07:35:13

And he was very gracious about it. And put together a group of - well, we put together the group. He held the dinner of 15 or 20 people. And I started by asking one couple that were there- and these were all very wellknown names. And I said, you know, “Tell me about how you came about your philosophy of giving.” Well, we went around that table and it was a couple of hours later before people finished talking.

他非常大方地答应了这个请求。我们组织了一个小型聚会，由他在家里设晚宴，来了十五二十位左右的宾客，都是非常知名的人。我一开始就问在场的一对夫妇：“你们是怎么形成自己的捐赠理念的？”然后我们就顺着这个话题一个个聊下来，结果大家谈了几个小时才结束。

12:07:59:04

They wanted to talk about it. But it wasn’t something they were gonna talk- neighborhood, you know, or anything of the sort. And many of 'em had differentover the years, I mean, as we talked to more peoplehave all different kinds of family situations. And some of 'em had been very disappointed with their kids and some of 'em feel terrific. And some of 'em find the kids want the money and others the kids want philanthropy. And - but from that came the idea that - that - we might develop something in the way of both being smarter about philanthropy and - and getting people perhaps engaged in younger and - and in a bigger way by - by organizing - an entity that would focus on that. And - and - so The Giving Pledge came out of that. And there was a need for it. I mean, it- it- it is- it has (UNINTEL) changed the behavior of loads of people.

他们非常愿意谈论这些，但这并不是他们会在邻里之间或其他随便场合就谈的话题。我们与越来越多的人交流后发现，他们各自有各种各样的家庭情况。有些人对孩子感到很失望，有些人则非常满意。有的孩子想要钱，有的则倾向于慈善。这促使我们萌生了一个念头——我们也许可以做点什么，让人们对慈善有更深的理解，也能促使他们更早、以更大的规模参与进来。于是，“捐赠誓言”就这样诞生了。确实有这个需求。我是说，它确实已经改变了许多人的行为。

12:08:49:08

Most of the people overwhelmingly in the- in The Giving Pledge were philanthropically inclined beforehand. They were gonna do it. I think some of 'em are doing it sooner. I think some of 'em are doing it bigger. And in a few cases - and they’ve told me, in fact, I’ve got letters at the office- they’ve told me that it really did change how they thought about things. Itclarified their own thinking. Had one case where thethe - one of the parents was somewhat reluctant to do it and kids talked 'em into doing it which was remarkable and I think it’s done wonders in a family when that happens.

“捐赠誓言”中的大多数人本身就有慈善倾向。他们本来就打算这么做。我觉得其中一些人现在提早开始了，有些人则做得更大。在某些案例中——他们亲口告诉我，实际上我办公室还留着他们写来的信——他们说这真的改变了他们的思维方式，让他们的想法变得更清晰。有一次是其中一个家长本来不太愿意捐，但孩子们劝服了他们，这非常令人惊喜，我觉得这种事发生在一个家庭里，意义非凡。

TITLE The formula for making money

标题赚钱的公式

12:09:22:18

WARREN BUFFETT:

沃伦·巴菲特：

Well, the big answer is you’re in the right place if you’re - in America. And - you don’t have to be particularly smart. You just have to be patient. And itthe biggest thing in making money is time. And I’ve had this long run and so the compounding at the end turns into very big numbers.

其实最关键的是，如果你在美国，你就已经处在了一个正确的位置。而且——你不需要特别聪明，只需要有耐心。赚钱最重要的因素是时间。我有一个很长的积累期，所以复利在最后阶段就变成了非常巨大的数字。

12:10:07:02

But- but if you would- well, at the start of - start of the 20th century the Dow Jones average was at 66 and it ended at 11,400. You know, and that was with the Great Depression and World Wars and flu epidemics and everything else. So you’ve got a tailwind in this country if you just owned a cross-section of it. One big thing is keeping down expenses and the other thing is- is - is not trying to pick one stock but owning a large group of stocks and buying it overtime and then just sitting and paying no attention to people who say they know when to buy and sell and stocks or buy and sell this individual stock. So it’s- it’s a very simple game where the person who doesn’t try to do very much does- usually does better than the person who spends a lot more energy on it.

但是——如果你看看20世纪初，道琼斯指数是66点，到世纪末是11,400点。期间还经历了大萧条、两次世界大战、流感大流行等等。所以在美国，只要你拥有一个横向代表性的投资组合，就有顺风而行的优势。关键一是要控制成本，二是不要试图挑选某一只股票，而是持有一大组股票，长期买入，然后什么也不管，不要理会那些自称知道什么时候该买卖股票的人。这是一场非常简单的游戏，通常是那些不费太多力气的人，比那些花很多精力研究的人赚得更多。

TITLE On Berkshire Hathaway turning fifty

标题伯克希尔哈撒韦成立五十周年

12:11:10:10

WARREN BUFFETT:

沃伦·巴菲特：

It’s been 50 years since May 10th I’ve- 1965 that I formally took control of Berkshire Hathaway. It was done through a partnership that I ran - a bunch of people joined me that - and I ran the money. Andstarted as a textile company what- doomed to fail. And- step by step and-we’ve created something that is kinda what I dreamt we might create over time. But it to-it took a lotta time to do it. Never seemed like we were making that progress- much progress on any one day. But compound interest works.

从1965年5月10日我正式接手伯克希尔哈撒韦，到现在已经50年了。当时是通过我管理的一个合伙企业完成的——有一批人加入我，我负责管理资金。伯克希尔最初是一家注定会失败的纺织公司。我们一步一步走到今天，最终创建出了某种程度上是我当初梦想中的样子。但这花了很长时间。每天看上去好像进展不大，但复利的力量确实存在。

TITLE A system that works

标题一个有效的体系

12:11:55:18

WARREN BUFFETT:

沃伦·巴菲特：

How can you look at a country- just- anybody whowatching this are they- if they walk out their door and think of what was there in 1776, you know, it was a bunch of trees in all probably. There wasn’t anything here. And four million people - the first census in 1790 - just under four million people. And we ended up a few hundred years later with of the world’s GDP. Now that- something’s working. And it isn’t 'cause we’re a lot smarter than we were then or that we’re working harder. We’re not working as hard. But we’ve got a system that really, really works. It doesn’t work for everybody. And that’s something to remember. But in terms of overall output, it has worked since 1776 and it’ll keep working better and better over the years. Not in a straight line. I mean, it- they’re - it- it- it has some fits and starts to it.

你看看这个国家——对任何一个在看这个的人来说，如果你走出家门，想象1776年那时的情景，大概也就是一片树林而已。那时这里几乎什么都没有。1790年第一次人口普查显示，全国人口不到四百万。而几百年后，我们却拥有了全球GDP的巨大份额。这说明某种机制起作用了。而这并不是因为我们比过去聪明多少，也不是我们更努力了——其实我们没那么努力。但我们确实有一个非常有效的体系。这个体系并不是对每个人都奏效，这一点我们必须记住。但就总体产出而言，它从1776年开始就一直有效，并将在未来越来越好地运转。当然，这个过程并不是直线向上的——它有起伏，有波折。

12:12:51:14

But- but this system will turn out more and better goods per capita year after year. In my lifetime alone one guy - it’s gone up six for one in terms of real GDP per capita since I was born in 1930. I was born into a pretty good country then. But- you can’t stop thisyou can’t stop America. You really- you probably can’t stop the world. I- the world is learning the lessons of, you know, China 40 years ago or so decided to modify their system in a way that unleashed the potential of that population which before that had not moved - they were just as smart as we were, they worked just as hard. But they weren’t getting the results. But now they just, you know, they’re going like gangbusters.

但这个体系每年都能持续提升人均产出数量和质量。就我个人而言，自1930年我出生以来，美国的人均实际GDP已经增长了六倍。我出生时，这已经是个相当不错的国家了。但——你无法阻挡这个国家的发展，你真的——也可能无法阻挡整个世界的发展。你看，世界正在吸取经验，比如中国在大约40年前决定改革体制，释放了其人口的潜力——在那之前他们并没有发展起来。其实他们和我们一样聪明，也一样努力，但当时却得不到成果。而现在，他们的进展可以说是突飞猛进。

END OF TRANSCRIPT

访谈结束

2015-03-09 WARREN BUFFETT.BECOMING WARREN BUFFETT

2015-03-09 WARREN BUFFETT.BECOMING WARREN BUFFETT

TITLE On seeing his son, Peter, perform about his life

TITLE His sense of social consciousness

TITLE Omaha and segregation during his childhood

TITLE Fair housing in Omaha

TITLE His first job out of business school

TITLE On hearing Martin Luther King, Jr. speak

TITLE On being a Democrat in a family of Republicans

TITLE On voting for JFK

TITLE On Nixon

TITLE On Katharine Graham

TITLE Looking to the future

TITLE Anti-elitist

TITLE Associate yourself with the best people

TITLE Warren’s heroes

TITLE On loyalty

TITLE Passing on wisdom to the next generation

TITLE On talking to students

TITLE The side people don’t see

TITLE His inner voice

TITLE How Warren measures success

TITLE He doesn’t fear death

TITLE On aging

TITLE His mind is still sharp

TITLE Human behavior

TITLE His focus on work

TITLE Doing what you love to do

TITLE The importance of quiet time

TITLE The way his mind works

TITLE His circle of competence

TITLE On greed and envy in American business

TITLE How making money has shaped his character

TITLE How he was as a child

TITLE On Omaha

TITLE His typical day

TITLE The importance of focus

TITLE Lessons from his parents

TITLE His mother’s migraines

TITLE His mother’s concerns on how others viewed their family

TITLE His father was the greatest man he ever knew

TITLE On pleasing his parents

TITLE The Stock Market crash of 1929

TITLE His father’s optimism

TITLE Warren as a young boy

TITLE The rebellious student and son

TITLE Running away

TITLE How Warren was with girls

TITLE Working for his grandfather’s store

TITLE On being competitive as a child

TITLE What his family was like growing up

TITLE Growing up and religion

TITLE College

TITLE Graduate school

TITLE Dale Carnegie

TITLE On Susie

TITLE Warren as a young husband

TITLE After his father’s death

TITLE His parenting style

TITLE His relationship with Susie

TITLE The transition to becoming empty-nesters

TITLE A view on life

TITLE Recovering after Susie’s death

TITLE On remarrying

TITLE On playing bridge

TITLE On being frugal

TITLE On family and money

TITLE On Susie running the foundation

TITLE Giving the money to other foundations

TITLE What people will view him as

TITLE The Giving Pledge

TITLE The formula for making money

TITLE On Berkshire Hathaway turning fifty

TITLE A system that works

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