WARREN BUFFETT INTERVIEW

沃伦·巴菲特访谈

BECOMING WARREN BUFFETT

成为沃伦·巴菲特

KUNHARDT FILM FOUNDATION

昆哈特电影基金会

WARREN BUFFETT

沃伦·巴菲特

October 7, 2015

2015年10月7日

Interviewed By: Peter Kunhardt

采访者：彼得·昆哈特

Total Running Time: 48 Minutes

总时长：48分钟

标题 伯克希尔·哈撒韦股东大会

10:08:10:07

WARREN BUFFETT:

沃伦·巴菲特：

Well a B—Berkshire Hathaway shareholders meeting is partly a class in business, it’s partly a fun festival, it’s sort of a Mardi Gras for people who come every year. It’s a chance for us to have a lot of fun and meet the people who have entrusted us with their money and we wanna make sure they have a good time and we hope they learn more about the-not only Berkshire but just the attitude they should have toward investments in general.

嗯，伯克希尔·哈撒韦股东大会一部分是商业课，一部分是欢乐的节日，对于每年都来的人来说，有点像狂欢节。这是一个让我们享受乐趣、与那些将钱托付给我们的人见面的机会，我们想确保他们玩得开心，并且我们希望他们不仅能更多地了解伯克希尔，还能了解他们对投资应有的普遍态度。

标题 伯克希尔·哈撒韦团队

10:08:48:21

WARREN BUFFETT:

沃伦·巴菲特：

We’re a-Berkshire is a corporation but it goes beyond that, and-and-and in terms of our-our feeling toward the people who are shareholders, we regard them as our partners. Charlie and I are the managing partners, the others are-are-are silent partners but the attitude is partnership. They-they’re not some faceless group of people and th-that’s why at the annual meeting, ya know that’s why I love seeing forty thousand of em or so; its-it gives real meaning to what we’re doing every day.

我们——伯克希尔是一家公司，但它不止于此，而且——而且——而且就我们对股东们的感情而言，我们视他们为我们的合伙人。查理和我是执行合伙人，其他人是——是——是沉默的合伙人，但态度是合伙关系。他们——他们不是一群面目不清的人，这——这就是为什么在年会上，你知道，这就是为什么我喜欢看到大约四万名股东；这——这赋予了我们每天所做的事情真正的意义。

标题 关于撰写年度报告

WARREN BUFFETT:

沃伦·巴菲特：

Yeah well I—I’m probably one of the only CEO’s that actually enjoys writing the annual report, or as some writers say, I enjoy having written of it-having written it. The-the actual process of writing it could be a lot of work but I want to-I want to tell them or talk to them about what I would like to know if our positions were reversed, and they were running the company and I was the shareholder so I-I mentally envision my two sisters Doris and Bertie, they’re very, very smart.

是的，嗯，我——我可能是唯一真正喜欢写年度报告的CEO之一，或者像一些作家说的，我享受写完它的感觉——写完它之后。这——实际撰写的过程可能工作量很大，但我想——我想告诉他们或跟他们谈谈，如果我们的位置互换，他们经营公司而我是股东，我会想知道什么，所以我——我在脑海中想象我的两个姐妹多丽丝和伯蒂，她们非常非常聪明。

10:10:08:18

They have a very high percentage of their net worth in Berkshire so they’re interested but they’re not following business day to day. So II pretend that they’ve been gone for a year and I’m bringing them up to date about the kind of things I would like to know if they were running the business and I was the silent partner.

她们净资产的很大一部分都在伯克希尔，所以她们很感兴趣，但她们并不每天关注商业动态。所以我假装她们离开了一年，我向她们汇报最新情况，告诉她们如果她们经营这家公司而我是沉默的合伙人，我会想了解的那类事情。

标题 关于《击球的科学》

10:11:12:11

WARREN BUFFETT:

沃伦·巴菲特：

Ted Williams wrote a book called “The Science of Hitting.” And in it he had a picture of himself, a bat and the strike zone broken into I think 77 squares all the way from the letters down to his knees, and the width of the plate. And he said if he-the most important thing in-in batting was to wait for the right pitch. That if he waited for the pitch that was really in the sweet spot, he would bat . 400 and if he had to swing at something on the lower corner, he would probably bat.235.

泰德·威廉姆斯写了一本名为《击球的科学》的书。在书中，他放了一张自己的照片，一根球棒，以及被分成我认为是77个方格的好球区，范围从字母高度一直到他的膝盖，以及本垒板的宽度。他说，如果他——击球中最重要的事情是等待合适的投球。如果他等待真正处于“甜蜜点”的投球，他就能打出0.400的打击率，而如果他不得不挥击低角落的球，他可能只能打出0.235的打击率。

10:11:46:20

And-and in investing, I’m in a no-called strike business, which is the best business you can be in. If-if the count on Ted went to or 1-2, and that ball came across the plate in that corner where he only batted .235, he still had to swing or he would have been called out. In investing there are no called strikes, I can look at a thousand different companies, and I don’t have to be right on every one of them or-or even fifty of them or even twenty-five of them. I just-the only-only way I can have a strike call is if I swing and miss. So I can pick the ball I want to hit and I can wait there and the pitcher can throw pitch after pitch and if they are not in my sweet spot, I don’t have to swing and that’s an enormous advantage over most businesses.

而且——而且在投资中，我从事的是一种没有“好球被判”（no-called strike）的业务，这是你能从事的最好的业务。如果——如果泰德的球数到了 或1好2坏，而那个球穿过本垒板，落在他只能打出0.235打击率的角落，他仍然必须挥棒，否则就会被判出局。在投资中，没有“好球被判”，我可以看一千家不同的公司，而且我不必对每一家都判断正确，或者——甚至不必对其中的五十家或二十五家判断正确。我只是——唯一——唯一会被判“好球”的情况是我挥棒落空。所以我可以选择我想打的球，我可以等在那里，投手可以一球接一球地投，如果它们不在我的“甜蜜点”，我就不必挥棒，这相对于大多数业务来说是一个巨大的优势。

10:12:55:17

The problem of course is, that if you have an audience that’s sayyelling swing you bum while you’re waiting there with a bat on your shoulders, time after time you may get tempted to swing at the wrong pitches so you have to make sure you-that you don’t psychologically get in the position where you have to swing at pitches that really aren’t in your sweet spot.

当然，问题在于，如果你有一群观众，在你扛着球棒等待的时候，一次又一次地冲你喊“挥棒啊，你这笨蛋”，你可能会忍不住去挥击那些不合适的投球，所以你必须确保你——确保你在心理上不会陷入必须去挥击那些实际上不在你“甜蜜点”的投球的境地。

标题 关于决策

10:13:21:19

WARREN BUFFETT:

沃伦·巴菲特：

Yeah, probably if I make one good decision every two years. You have to make very, very few decisions in investing in your life; you might say that a person who bought Berkshire Hathaway fifty years ago only had to make one decision. And there’s a temptation for people to act far too frequently in stocks simply because they’re so liquid; they know they can’t buy and sell farms every day or buy and sell apartments every day. They can buy and sell stocks and that’s- in a very liquid market with very low transaction cost, that should be a huge advantage but people turn it into a disadvantage because they think the availability of-of the opportunity to trade is something that they have to take advantage of every day and actually active trading just costs them a lot of commissions. The main thing to do is to buy into a wonderful business and just sit there with it.

是的，可能我每两年只做一次好的决定就够了。在你的一生中，你只需要在投资上做非常非常少的决定；你可以说，一个五十年前买了伯克希尔·哈撒韦股票的人只需要做一个决定。而且人们有一种诱惑，就是过于频繁地交易股票，仅仅因为它们流动性太强；他们知道自己不能每天买卖农场或买卖公寓。他们可以买卖股票，而且这——在一个流动性很强的市场里，交易成本非常低，这本应是一个巨大的优势，但人们却把它变成了劣势，因为他们认为交易机会的存在是他们每天都必须利用的东西，而实际上频繁交易只会让他们付出很多佣金。最主要的事情是买入一家优秀的企业，然后就持有它。

标题 收到邮件请求

10:14:14:20

WARREN BUFFETT:

沃伦·巴菲特：

I don’t—I would say I get very little hate mail. I get a lot of requests for money. I had one fellow that would ask me for 1.3 billion, he wrote me about seventy times and he never dropped his price, I kind of admired his position of non-negotiation. But I-there may be a social—probably when I wrote about taxes I got—I got a few letters saying you know, why don’t you give all your money to the US government if you think they’re so wonderful. But I-I would say there’s very very little hate mail.

我不会——我想说我收到的仇恨邮件很少。我收到很多要钱的请求。有个人向我要13亿美元，他给我写了大约七十次信，而且从不降价，我有点佩服他毫不让步的立场。但是——可能存在社会性的——可能当我写关于税收的文章时，我收到了——我收到了一些信，说，你知道，如果你觉得美国政府那么好，为什么不把你所有的钱都给他们呢。但我——我想说仇恨邮件非常非常少。

标题 关于奥马哈和内布拉斯加

10:15:26:21

WARREN BUFFETT:

沃伦·巴菲特：

Well, Omaha and Nebraska are home to me and-and-and I had a great time growing up here until I was about twelve, then we moved to Washington. I made lots of friends. Everything about it seems like home. I go back, I’ve probably gone back at least a half-dozen times to my grammar school, Rose Hill, and I go there for fairs they may have, occasionally I might even talk to a grade school class or two. There’s a lot of continuity, there’s a lot of community, there’s a lot of friendship. I know the-I probably know the parents and grandparents now of a lot of people I meet but if I go to a restaurant here, there’s a lot of people that just say “Hi Warren” to me, that either I know, or ththey’re just friendly. My children had a good time growing up here, they had their aunts and uncles and grandparents living within a mile or two so its beenit’s a very solid place and friendly place in which to grow up and in which to conduct business. We have twenty-five people in the office and if you go back a year ago to the Christmas party, we’re gonna take a picture of the twenty-five this year; it’s the exact same twenty-five as a year ago, the exact same ones. Now we have a company of about 350,000 employees and here in the headquarters, I don’t think there’s another company in the world that probably didn’t have-they-we didn’t go up one, we didn’t go down one, and we didn’t change one.

嗯，奥马哈和内布拉斯加是我的家，而且——而且——而且我在这里度过了愉快的童年，直到我大约十二岁，然后我们搬到了华盛顿。我交了很多朋友。这里的一切都像家一样。我回去，我大概回过至少六次我的小学，罗斯希尔小学，我去参加他们可能举办的集市，偶尔我甚至会跟一两个小学班级讲话。这里有很强的连续性，很强的社区感，很深的友谊。我知道——我现在可能认识我遇到的很多人的父母和祖父母，但如果我去这里的餐馆，有很多人会直接对我说“嗨，沃伦”，他们要么我认识，要么——他们只是很友好。我的孩子们在这里长大很开心，他们的叔叔阿姨和祖父母都住在一两英里之内，所以它一直——这是一个非常稳固和友好的地方，适合成长和开展业务。我们办公室有二十五个人，如果你回想一年前的圣诞派对，我们今年要给这二十五个人拍照；这和一年前是完全一样的二十五个人，完全一样。现在我们公司大约有35万名员工，而在总部这里，我认为世界上可能没有另一家公司——他们——我们没有增加一个人，没有减少一个人，也没有更换一个人。

标题 在奥马哈工作

WARREN BUFFETT:

沃伦·巴菲特：

Well working in Omaha certainly maximizes both my enjoyment and my output in terms of work. I mean everything is made to order. I live five minutes away, I-from the office. I’ve been making that five minute trip back and forth now for what, 53 years? You know there’s no stress, I have-I have no stress whatsoever in business. I think its probably helped me not only live longer but I-I’ve certainly lived happier as well.

嗯，在奥马哈工作无疑最大化了我的乐趣和工作产出。我的意思是，一切都像是量身定做。我住的地方离办公室只有五分钟路程。我现在来回走这条五分钟的路程已经多少年了，53年了？你知道，没有压力，我在生意上——我没有任何压力。我想这可能不仅帮助我活得更长，而且我——我肯定也活得更快乐。

标题 早期的合伙企业

10:17:50:18

WARREN BUFFETT:

沃伦·巴菲特：

Yeah, I had a-when I came back from New York in early 1956, I had re-no idea what I was going to do. I knew I was gonna take some classes at school, I knew I was gonna do a lot of reading, I had no idea that I would set up an investing partnership. But a few months after I came back, a few members of the family said, “what should we do with our money?” And I said, I’m not going back into the business of selling stocks but if you would like to join me in a partnership, somewhat along the lines of the one I worked for when I was with Ben Graham, I said I’d be glad to do it. So within a couple of months after coming back, I set up the first partnership. And I was then renting a house; I never owned a house to that point. I was renting a house a block and a half away from the family grocery store, and in it had a little tiny room off the bedroom and that became the office and then two years later I bought the house I live in today in 1958 and that too had a room off the bedroom and I worked out of that room for about four years so there was about six years in which I worked at home. I drove down and picked up the mail, I wrote checks eventually, I was running eleven partnerships finally. I wrote all the checks individually, I filed eleven income tax returns, I took delivery on stocks for all these different companies; I-I was a one-man band there for six years.

是的，我有一个——当我在1956年初从纽约回来时，我完全不知道自己要做什么。我知道我会在学校上一些课，我知道我会大量阅读，我完全没想过我会成立一个投资合伙企业。但在我回来几个月后，一些家人问：“我们应该拿我们的钱怎么办？”我说，我不会再回去做卖股票的生意，但如果你们愿意加入我的合伙企业，有点像我跟本·格雷厄姆一起工作时他经营的那种，我说我很乐意这么做。所以在回来几个月内，我成立了第一个合伙企业。那时我租着房子；在那之前我从未拥有过房子。我租的房子离家族杂货店只有一个半街区远，房子里卧室旁边有一个很小的房间，那成了我的办公室，然后两年后，也就是1958年，我买了我今天住的房子，那房子卧室旁边也有一个房间，我在那个房间里工作了大约四年，所以大约有六年时间我是在家工作的。我开车去取邮件，最终我开支票，我最后经营着十一个合伙企业。我一张一张地开所有支票，我提交了十一份所得税申报表，我为所有这些不同的公司接收股票；我——我在那里当了六年的“一人乐队”。

标题 基威特广场

WARREN BUFFETT:

沃伦·巴菲特：

There came a time at the start of 1962, I-I moved to Kiewit plaza, they were just building the building then and finishing it and I hired two people, one-one was a secretary and one was a fellow that analyzed investments with me, Bill Scott. Bill and I are still friends, he still lives in Omaha and-and we started to look like we were-really were a business. By the time I moved to Kiewit plaza, we had 7 million dollars invested. We-we started-the first partnership started with 105,100 dollars. I put up a hundred and the other people put up 105,000 . And then as-as people came along and saw what was being done in the earlier partnerships, I made this mistake of forming new partnerships. So I had this multiple-multiple checks, multiple tax returns, and all that sort of thing, finally it just made sense to put them together. So when I put them together in January , we had seven million and a lot of that was new people that had come in over the years and some of it-a fair amount was profits.

到了1962年初，我——我搬到了基威特广场，他们当时正在建造并即将完工那栋大楼，我雇了两个人，一个——一个是秘书，另一个是和我一起分析投资的人，比尔·斯科特。比尔和我仍然是朋友，他仍然住在奥马哈，而且——而且我们开始看起来像——真的像一个企业了。到我搬到基威特广场时，我们已经投资了700万美元。我们——我们开始——第一个合伙企业是以105,100美元开始的。我出了一百美元，其他人出了105,000美元。然后随着——随着人们加入进来，看到早期合伙企业的运作情况，我犯了一个错误，就是成立了新的合伙企业。所以我有了这多重——多重支票，多重纳税申报单，以及诸如此类的事情，最终把它们合并起来才合理。所以当我在一月份把它们合并时，我们有了七百万美元，其中很大一部分是多年来加入的新人带来的，还有一部分——相当一部分是利润。

标题 关闭合伙企业

10:21:48:23

WARREN BUFFETT:

沃伦·巴菲特：

I really-I closed down the partnerships, well just one partnership by that point, I closed down the partnership at the end of 1969 because I really wasn’t seeing opportunities in the investment world and-and-and there were some really crazy things going on in the late 60’s and I didn’t want to do that- I understood what people were doing but I didn’t believe in what they were doing. So I didn’t want to join that game. On the other hand, I didn’t like sitting it out and having my results look bad, so I decided to-to give the money back to the partners. I didn’t think-I didn’t want my competitive juices to force me to play in a game where I really didn’t think I had an advantage anymore, so it was a-it was a lifestyle decision. I had all the money I needed and the partners had all done well and I had a way of providing for their contingent shepherding by a couple of friends of mine that were very good managers. The-I had various social ideas too but-but the two were not in conflict, I could have gone on a-on a double track throughout the rest of my life and in a certain sense I have, but not in-I didn’t have that all planned out back in 1969 when I decided to wind up the partnership.

我当时确实决定关闭了那些合伙企业，到那时其实只剩下一个，我在1969年底关掉了那家合伙企业，因为我在投资界看不到好的机会。60年代末发生了一些非常疯狂的事情，我不想参与其中——我理解人们在做什么，但我不认同他们的做法。所以我不想加入那个游戏。另一方面，我也不喜欢什么都不做，然后让我的投资业绩变得难看，于是我决定把钱还给合伙人。我不希望自己因好胜心作祟而在一个我认为自己已不具优势的游戏中继续参战，所以这是一个关于生活方式的决定。我当时已经拥有足够的财富，合伙人们也都赚到了钱，我还有办法让几个非常优秀的管理者朋友继续为他们提供一定的“守护”。我当时也有一些社会理想，但两者并不冲突，我完全可以双轨前行度过余生，在某种意义上我也确实这么做了，只不过在1969年决定结束合伙企业时，我并没有把这一切都规划清楚。

标题 留长头发

10:23:11:06

WARREN BUFFETT:

沃伦·巴菲特：

Well there was a time in the late 60’s when my wife Susie said to me, she said “I don’t mind being married to the next to last guy in the country to have a crew cut” but she said “I really wouldn’t want to be married to the last guy.” So at that point-at that point I left the crew cut style.

嗯，在60年代末有一次，我的妻子苏西对我说，她说：“我不介意嫁给全国倒数第二个留平头的人”，但她说：“我真的不想嫁给最后一个。”所以在那个时候——在那个时候我放弃了平头发型。

TITLE The Stage Delicatessen party

标题 舞台熟食店派对

10:23:35:02

WARREN BUFFETT:

沃伦·巴菲特：

We had—we had a trivia-Susie was great at planning parties, and so she was very imaginative; we had loads of friends and so I like-I liked the Stage Delicatessen in New York so when we were in New York, I’d al-I’d al-we’d always go by there, Susie and I so she decided to have a Stage Delicatessen party in Omaha and-and I don’t know how many people we had, we had a lot of people over that-that night and everybody had a lot of fun. It was-it was the-it was the 1960’s and -and she was imaginative about parties and-and she was good at it and she-she threw herself into it and came up with a lot of good ideas. I just went and ate the food and paid the bills.

我们办过——我们办过一个问答——苏西很擅长策划派对，所以她非常有想象力；我们有很多朋友，所以我喜欢——我喜欢纽约的舞台熟食店，所以当我们在纽约时，我总——我总——我们总会去那里，苏西和我，所以她决定在奥马哈举办一个舞台熟食店派对，而且——而且我不知道我们请了多少人，那天晚上我们请了很多人过来，每个人都玩得很开心。那是——那是——那是1960年代，而且——而且她对派对很有想象力，而且——而且她很擅长这个，她——她全身心投入其中，想出了很多好主意。我只是去吃了东西，付了账单。

标题 掌控伯克希尔·哈撒韦

WARREN BUFFETT:

沃伦·巴菲特：

Well I-the partnership had acquired control of Berkshire Hathaway in 1965, and although I never took the chairman’s role or the presidents role, I was in charge of Berkshire Hathaway. We owned control of it so I made all the decisions. I bought National Indemnity. I bought the Sun newspapers for it, the fellow who operated the textile business checked with me on buying new equipment and so I was the CEO but I never saw a-there was no reason to take the title. Malcolm Chase who was chairman was a wonderful gentleman who had helped me in acquiring control of Berkshire so there was no reason to change his title, he remained the chairman. But he-he was not running the business. He-he-he let me run the business and there was no need; It was clearly the Buffett partnership was the controlling shareholder. When we dissolved the partnership at the end of 1969 and distributed the-the Berkshire stock, I took on the title of chairman just to formalize it going forward now that the control block had really been broken up with our various partners but nothing really changed in 1970 from 1969.

嗯，我——合伙企业在1965年获得了伯克希尔·哈撒韦的控制权，虽然我从未担任董事长或总裁的职位，但我负责伯克希尔·哈撒韦。我们拥有它的控制权，所以我做所有的决定。我收购了国家赔偿公司。我为它收购了太阳报，经营纺织业务的那个人在购买新设备时会征求我的意见，所以我就是CEO，但我从未觉得——没有理由去担任那个头衔。担任董事长的马尔科姆·蔡斯是一位非常好的绅士，他曾帮助我获得伯克希尔的控制权，所以没有理由改变他的头衔，他仍然是董事长。但他——他并不负责经营业务。他——他——他让我来经营业务，而且没有必要；很明显，巴菲特合伙企业是控股股东。当我们在1969年底解散合伙企业并分配——伯克希尔的股票时，我才担任了董事长的头衔，只是为了在控制权真正分散给我们的各个合伙人之后，将未来的事情正式化，但1970年与1969年相比，实际上并没有什么变化。

标题 就社会问题发声

10:26:39:03

WARREN BUFFETT:

沃伦·巴菲特：

Well I think-I think the desire to participate in some of the conversation on things like civil rights or-or the right to family planning or something like that. I mean if-if-if I can’t speak out on it, who can? I mean, I can’t be damaged in terms of ya know my employer fired me because I made some talk some place and-so I’ve-I’ve had strong feelings on certain social policies and you can’t pop off too often, I mean there-some very, very rich guy pining on everything can get a little-get a little boring after a while, so I don’t wanna do it too often, but when I do see myself paying a lower tax rate than anybody else in the office, I mean that bothers me. It-it-it-the degree of inequality in our- the richest society that the world has ever seen bothers me. I don’t want to throw away that greatest society that’s ever existed in the process of changing things but I-I get-I feel like speaking-I like running Berkshire but I can’t-I can’t pretend I’m not a citizen either. When-I’ve said at the shareholders meeting, that I’m willing to work for a very small salary, but I’m not willing to-l’m not willing to put my morals in a blind trust and that does not come with the job so if-if people that are shareholders of Berkshire are bothered a little bit about me speaking out on taxes or something the sort, you know, they’ll either have to accept it or go elsewhere because I-I really don’t feel I should give up my citizenship just because I have a-a job as a head of a major corporation.

嗯，我认为——我认为有参与某些对话的愿望，比如关于民权或者——或者计划生育权之类的事情。我的意思是，如果——如果——如果我不能就此发声，谁能呢？我的意思是，我不会因为在某个地方发表了一些言论而被雇主解雇而受到损害，你知道的——所以我对某些社会政策有强烈的感受，但你不能太频繁地发表意见，我的意思是——某个非常非常富有的人对所有事情都发表看法，过一段时间可能会有点——有点无聊，所以我不想太频繁地这样做，但是当我确实看到自己缴纳的税率比办公室里任何其他人都低时，我的意思是，这让我感到困扰。它——它——它——在我们这个——世界上有史以来最富有的社会中，不平等的程度让我感到困扰。我不想在改变事物的过程中抛弃那个有史以来最伟大的社会，但是我——我感到——我想要发声——我喜欢经营伯克希尔，但我不能——我也不能假装我不是一个公民。当——我在股东大会上说过，我愿意为非常低的薪水工作，但我不想——我不想把我的道德观放入盲目信托中，这并非工作的一部分，所以如果——如果伯克希尔的股东对我谈论税收之类的事情感到有点困扰，你知道，他们要么接受，要么另寻他处，因为我——我真的不觉得我应该仅仅因为我担任一家大公司的负责人就放弃我的公民身份。

标题 幸运地出生在美国

10:28:29:01

WARREN BUFFETT:

沃伦·巴菲特：

America-America has been unbelievably good to me and my family; you know there’s seven billion people in this world and only 320 million plus are in The United States. I mean I was very, very lucky to be born in this country and at-and-and in a time where America’s prospered like never before. So it-and it isn’t because I’m a better person than the guy next door, I just-I’m wired in a certain way that enables me, just like some people are good at chess, some people are good at bridge, some-you know, some people are good at writing musical scores, I happen to be good at something that pays off enormously in this society. Wouldn’t have paid off that well 200 years ago, it wouldn’t have paid off that well in many other countries, so America’s been extraordinary for me and it’s gonna be better in the future overall so I just-I would like to see everybody participate, not equally at all but-but nobody should have a bad economic future in The United States. We can afford for everybody who’s willing to work to get a decent result in this society.

美国——美国对我和我的家人来说真是难以置信地好；你知道这个世界上有七十亿人，而只有三亿两千多万在美国。我的意思是，我非常非常幸运地出生在这个国家，而且——而且——而且是在美国空前繁荣的时代。所以这——这并不是因为我比隔壁的人更好，我只是——我的思维方式恰好使我能够做到，就像有些人擅长下棋，有些人擅长打桥牌，有些——你知道，有些人擅长写乐谱，我恰好擅长在这个社会中能获得巨大回报的事情。这在200年前不会有那么好的回报，在许多其他国家也不会有那么好的回报，所以美国对我来说是非凡的，而且总的来说未来会更好，所以我只是——我希望看到每个人都参与其中，完全不是平等地参与，但是——但是在美国，任何人都不应该有糟糕的经济未来。我们有能力让每个愿意工作的人在这个社会中获得体面的结果。

标题 他收到的最好的礼物

10:30:16:11

WARREN BUFFETT:

沃伦·巴菲特：

Well the best-the best gift I was ever given was to have the father I had when I was born. I mean it-It had nothing to do with that. I w-I was also-I was genetically blessed with a certain wiring that’s very useful in a highly developed market system where there’s lots of chips on the table and you know I happen to be good at that game and other people are wonderful with their hands in medicine, they can do things surgically that I never could do, other people can play the piano magnificently, there’s all kinds of different gifts but I happen to be given one that-that has enormous commercial value at this time in this country, so I wouldbut where I’ve really been blessed is-is with the people that I’ve come in contact with. Some of them, I’ll give myself some credit for choosing to be associated with but if you start off with my dad, I had no-no-nono voice in that and-and just think of the wonderful start that gave me in the first 20 years of my life or really as long as he lived.

嗯，我收到过的最好的——最好的礼物就是我出生时拥有那样的父亲。我的意思是——这与那无关。我——我也——我在基因上很幸运，拥有某种特定的思维方式，这在一个高度发达的市场体系中非常有用，那里有很多筹码摆在桌面上，而你知道我恰好擅长那个游戏，而其他人在医学方面手艺精湛，他们能做我永远做不到的外科手术，其他人能出色地弹奏钢琴，有各种各样不同的天赋，但我恰好被赋予了一种——在这个国家的这个时代具有巨大商业价值的天赋，所以我会——但我真正受到祝福的地方是——是与我接触到的人。他们中的一些人，我会给自己一些功劳，因为我选择与他们交往，但如果你从我父亲开始说起，我对此完全——完全——完全没有发言权，而且——而且想想这在我人生的头20年，或者说在他有生之年，给了我多么美好的开始。

标题 关于查理·芒格

WARREN BUFFETT:

沃伦·巴菲特：

Well Charlie Munger has been a wonderful partner, and he-he’s ungodly smart, he–he’s got a much broader intellect than I do; he’s a-he’s-he’s a smarter guy in about a hundred fields than I am. He’s-he’s magnificent at being able to condense important ideas into just a very few words and he’s always honest in-in what he tells me, so I-I listen to him. In fact I just changed my behavior on something last week because of-of a probably ten-word sentence he said to me. In investing, he had a big impact on me in-in-in moving me somewhat away from Ben Graham and looking for really wonderful companies at fair prices rather than fair companies at wonderful prices. So-so he-he moved me toward quality businesses and that was enormously important because it enabled Berkshire to scale up in a way that would have been impossible buying the kind of lower grade businesses we bought at cheap prices originally.

嗯，查理·芒格一直是一位出色的合伙人，而且他——他非常聪明，他——他的才智比我广博得多；他是一个——他——他在大约一百个领域都比我聪明。他——他非常擅长将重要的思想浓缩成寥寥数语，而且他对我说的总是很诚实，所以我——我听他的。事实上，上周我刚刚因为他对我说的可能只有十个词的一句话而改变了我在某件事上的行为。在投资方面，他对我产生了重大影响，在——在——在某种程度上让我摆脱了本·格雷厄姆的影响，去寻找价格合理的真正优秀的公司，而不是价格便宜的普通公司。所以——所以他——他引导我走向优质企业，这非常重要，因为它使伯克希尔能够以一种我们最初以低价购买的那种低等级企业所无法实现的方式扩大规模。

标题 关于苏西在他成功中的作用

10:33:00:03

WARREN BUFFETT:

沃伦·巴菲特：

Well Susie, when I was in my teens, I developed re-really pretty decent skills in terms of business but-but I hadn’t really come to terms with the world exactly, and I was an unbalanced individual, I may still be but Ibut she-Susie really put me together and she was the one that had the little watering can and I was the seed in the soil but it took the watering can from Susie to help me really grow up and mature; she was a wonderful person and she believed in me, she-she-she-she put me together, and I would-I would not have been-I would not only have turned out to be the person I turned out to be, but I-I would not have-I actually wouldn’t have been successful in business without that, she made me more of a whole person.

苏茜啊，我在十几岁的时候，已经具备了相当不错的商业能力，但我对这个世界其实还没有真正理解透，我那时候是个不够平衡的人——也许现在还是。但苏茜真正把我“拼”起来了。她就像那个拿着小喷壶的人，而我只是埋在土里的种子，正是她那把喷壶让我真正成长和成熟起来。她是个非常了不起的人，她相信我，是她把我“拼”完整。我不仅不会成为今天的我，甚至连事业上的成功都不可能实现，是她让我变成一个更完整的人。

10:34:19:14

She never cared about money or business at all. One time we had dinner with a friend of mine, Herb Wolfe in New York, and as we were coming back on the subway through Manhattan, he lived out our ways, she said Warren, she said “how many hundred-thousands are there in a million?” And at that time, I knew I shouldn’t turn the checkbook over to her.

她从来不关心金钱或商业。有一次我们在纽约和我朋友赫布·沃尔夫吃晚饭，回程时坐地铁穿过曼哈顿，他家住得离我们不远。苏茜忽然问我：“沃伦，一百万里有几个十万？”那一刻我就知道——我可千万不能把支票簿交给她。

标题 关于爱上苏西并结婚

10:34:56:19

WARREN BUFFETT:

沃伦·巴菲特：

Well, I don’t know that, you know you’ll have to go to Rodgers and Hammerstein or somebody to figure out exactly what happens when you meet somebody and-you know, that stranger across the room or something of the sort, but-but I knew she was for me and I didn’t waste any time. I-I wasn’t getting any place for it, but my pursuit was-was avid and - and-and she married me when she was 19 and I was 21. I bought the ring, I told Bill Gates when I was trying to sell him a ring when he was gonna get married in 19-he got married on January 1st, I said I spent 6% of my net worth on my ring for Susie so I think when you come out to our jewelry store, that-that’s just-it’s a guideline, but you know, you might bury it a little bit but 6% is more or less the standard amount.

嗯，我不知道那个，你知道你得去问罗杰斯和汉默斯坦或者什么人，才能弄清楚当你遇到某个人时到底发生了什么——你知道，房间那头的陌生人或者类似的情况，但是——但是我知道她就是我的那个人，我没有浪费任何时间。我——我当时没什么进展，但我的追求是——是热切的，而且——而且她19岁时嫁给了我，我当时21岁。我买了戒指，我告诉比尔·盖茨，当他在19——他是在1月1日结婚的——当他要结婚时，我试图卖给他一枚戒指，我说我花了净资产的6%为苏西买了戒指，所以我想当你去我们的珠宝店时，那——那只是——那是一个指导方针，但是你知道，你可能会稍微调整一下，但6%或多或少是标准数额。

10:35:55:20

The wedding day was kind of interesting because I was a member of The National Guard, here in Nebraska and on April 19th, the Missouri river was coming up over it’s banks and I was getting married at three in the afternoon, and at noon, I got a call and the guy-I answered the phone, and the fellow said “Corporal Buffett,” I said “yes sir?” he said “this is captain murphy, " he said “what time are you getting married?” and I said " 3 O’clock” and he said “well, we’ve been activated so be at the armory at 5 .” So that was-that was not an auspicious start for the wedding day. And a little while later I got a call from the commanding general of the 34th division, and he said “I’m countermanding Captain Murphy’s orders so go and have a great time on the honeymoon.” Fortunately, my original call from Captain Murphy, Captain Murphy stuttered somewhat; otherwise I would have thought it was one of the ushers in the wedding or something playing a game onto me, I might have-I might have made some comment that would’ve landed me in the barracks for a few months.

婚礼那天有点意思，因为我是内布拉斯加州国民警卫队的成员，4月19日那天，密苏里河正要决堤，我下午三点结婚，中午的时候，我接到一个电话，那个人——我接了电话，那家伙说：“巴菲特下士，”我说：“是的，长官？”他说：“我是墨菲上尉，”他说：“你几点结婚？”我说：“3点，”他说：“嗯，我们已经被动员了，所以5点到军械库报到。”所以那——那对婚礼来说不是个吉利的开始。过了一会儿，我接到了第34师指挥官的电话，他说：“我撤销墨菲上尉的命令，所以去好好享受蜜月吧。”幸运的是，我最初接到墨菲上尉的电话时，墨菲上尉说话有点结巴；否则我可能会以为是婚礼上的某个伴郎或者什么人在跟我开玩笑，我可能——我可能会说些什么，导致我在军营里待上几个月。

10:37:07:17

I did not wear my glasses on my wedding day, I can’t-I couldn’t then, one of the eyes has been corrected somewhat but I couldn’t see anything without my glasses and I was so nervous that I-I just decided to take off my glasses and I wouldn’t-I wouldn’t be able to see all those people out there.

我结婚那天没有戴眼镜，我不能——当时不能，有一只眼睛后来矫正了一些，但不戴眼镜我什么也看不见，而且我太紧张了，所以我——我干脆决定摘掉眼镜，这样我就——我就看不到外面那些人了。

标题 苏西和唱歌

10:37:29:00

WARREN BUFFETT:

沃伦·巴菲特：

Well she had a fantastic voice and-and-and she always liked to sing; I liked to sing too but unfortunately I didn’t have the voice she had. But-so she decided in the mid 1970’s that she’d like to try and do it in front of crowds. It’s not fun initially singing in front of crowds but I encouraged her to do it and-and she started performing there locally some, and then she also did a little-a little bit in New York. My friend Bill Roane (last name might not be correct), we started calling him Broadway Bill because he went around Greenwich Village and places, lined up gigs for her. She was very, very good.

嗯，她有一副很棒的嗓子，而且——而且——而且她一直喜欢唱歌；我也喜欢唱歌，但不幸的是我没有她那样的嗓音。但是——所以她在1970年代中期决定，她想尝试在人群面前唱歌。起初在人群面前唱歌并不有趣，但我鼓励她去做，而且——而且她开始在当地进行一些表演，然后她也在纽约做了一点——一点点。我的朋友比尔·罗恩（姓氏可能不正确），我们开始叫他百老汇比尔，因为他跑遍了格林威治村等地，为她安排演出。她非常非常棒。

标题 关于他的饮食

10:39:12:16

WARREN BUFFETT:

沃伦·巴菲特：

Yeah well I like to eat everything that I had on my sixth birthday party. I thought everything on the menu there was superb, with hamburgers and hotdogs and coke and chocolate sundaes and so I found what agreed to me at a very early age and continued now to age 85 and it still seems to work. I’ve-I really never eaten-I don’t see any reason to eat your 10th favorite food when you can eat your favorite food and-and I really found that I’ve had 500 dollar meals or maybe even 1,000 dollar meals and I’ve found they’re not as good as, you know, what I can have when I get a good hamburger and some french-fries and a coke so-I-I don’t see any reason to-to eat what other people like and I know that if I had been eating broccoli and spinach and Brussels sprouts and asparagus all my life, that-that I don’t think I’d have lived this long. Ithink that-I think that it would have seemed like a long time but I-I think my diet has worked very well for me. I’m not advocating it for others, but-but it seemed to have worked very well for me.

是啊，嗯，我喜欢吃我六岁生日派对上吃的所有东西。我认为菜单上的一切都很棒，有汉堡包、热狗、可乐和巧克力圣代，所以我在很小的时候就找到了适合我的东西，并一直持续到现在85岁，而且似乎仍然有效。我——我真的从来不吃——我看不出有什么理由在你能够吃你最喜欢的食物时，去吃你第十喜欢的食物，而且——而且我真的发现，我吃过500美元甚至1000美元的餐，我发现它们不如，你知道，当我能吃到一个好汉堡、一些炸薯条和一杯可乐时那么好，所以——我——我看不出有任何理由去——去吃别人喜欢的东西，而且我知道如果我一辈子都在吃西兰花、菠菜、抱子甘蓝和芦笋，那——那我认为我活不了这么久。我认为那——我认为那会感觉像是很长的时间，但我——我认为我的饮食对我来说效果很好。我不是向别人推荐它，但是——但是它似乎对我效果很好。

标题 他的母亲

10:40:49:15

WARREN BUFFETT:

沃伦·巴菲特：

Well my mother had a tough time, I mean her-her mother ended up in a mental hospital and-and-and she already-she carried a lot of the burdens of the family; her brother who she worshipped died very young, and she was looked at as the mainstay and-and you know, she’d followed my dad obviously to Washington. She pitched in on everything involving my dad but-but-she had-I’m almost sure that they were migraines-they had a different a term in those days for them. And-and so she-she had a-she carried a lot of the worlds burdens on her shoulders and she-she would-she would be difficult sometimes and she could be wonderful other times. But-but when she got difficult, the-the three children felt it.

嗯，我母亲日子过得挺艰难的，我的意思是她的——她的母亲最后进了精神病院，而且——而且——而且她已经——她承担了很多家庭的重担；她崇拜的哥哥很年轻就去世了，她被视为家里的顶梁柱，而且——而且你知道，她显然是跟着我父亲去了华盛顿。她参与了我父亲所有的事情，但是——但是——她有——我几乎可以肯定那是偏头痛——那时候他们对这个有不同的叫法。而且——而且所以她——她有——她肩上扛着很多世界的重担，而且她——她有时会——她有时会很难相处，其他时候又可能很棒。但是——但是当她变得难相处时，我们三个孩子都能感觉到。

10:42:01:12

She was very, very bright and she was very gregarious, she was a good campaigner for my dad, but-but she’d gone through a lot of strains, I mean she-after she-after she graduated from high school, she worked for a couple years before, to get the funds to go to the University of Nebraska where she met my dad andand I think there was a lot of unhappiness which she never talked about in her growing up that affected her attitude to some extent and I think-they-they didn’t call them - I forget the term they used in those days but I think they were migraines, and she was in physical pain a fair amount of the time.

她非常非常聪明，而且她非常合群，她是我父亲的好助选员，但是——但是她经历了很多压力，我的意思是她——在她——在她高中毕业后，她先工作了几年，为了攒钱去内布拉斯加大学，在那里她遇到了我父亲，而且——而且我认为在她成长过程中有很多不快乐的事情，她从未谈起过，这在一定程度上影响了她的态度，而且我认为——他们——他们不叫它们——我忘了他们那时候用的词，但我认为那是偏头痛，而且她在相当多的时间里都承受着身体上的痛苦。

标题 他父亲给他的昵称

10:42:52:19

WARREN BUFFETT:

沃伦·巴菲特：

Well he had various nicknames for me, he’d call me fireball sometimes, and it would - you know I got very interested in the stock market, so Jessie Livermore was a famous stock speculator, sometimes he’d call me that. He had-he had a lot of different names for me that-that-but-he prob-probably fireball was the number one term. I had a lot of energy as a kid, I-I still have a lot of energy when I’m doing something I like andand I was-I was inquisitive-and-and-I-and I liked to talk to grown-ups a lot so any time his friends came over or the families friends, I would have a great time talking, I usually would talk to the men when they came over but if I was wandering around the neighborhood, I’d-l’d go in and talk to housewives in various places, I-and I-I had a lot of energy and ideas you know-and I’d start little businesses or something of the sort, and-and I think he was kind of was entertained by it, I think maybe that’s where the fireball came from.

嗯，他给我取过各种各样的昵称，他有时会叫我“火球”（fireball），而且会——你知道我对股票市场非常感兴趣，所以杰西·利弗莫尔（Jessie Livermore）是一位著名的股票投机家，他有时会那样叫我。他——他给我取了很多不同的名字，那——那——但是——他可能——可能“火球”是用的最多的一个。我小时候精力充沛，我——我现在做我喜欢的事情时仍然精力充沛，而且——而且我——我很好奇——而且——而且——我——而且我非常喜欢和成年人聊天，所以任何时候他的朋友或者家里的朋友过来，我都会聊得很开心，我通常会在男士们过来的时候和他们聊天，但如果我在附近闲逛，我——我会进去和各家的主妇聊天，我——而且我——我有很多精力和想法，你知道——而且我会创办一些小生意之类的事情，而且——而且我想他大概觉得这挺有趣的，我想也许“火球”就是这么来的。

标题 关于公共图书馆

10:44:08:16

WARREN BUFFETT:

沃伦·巴菲特：

Well when I first—first books I read on investment were actually in my dads office. I would go down on-on Saturday; he would have lunch at Johnny’s Café, with his-either one or two partners at the South Omaha Feed Company and so I would-I loved to go to those luncheons, but I’d get down their early and I’d be reading the books in the office, and pretty soon I read all the books in the office, so I started going over to the public library and-I-you know I loved to just run, go to the stacks where the business books were, and I’d-I read them all-all the investment books well before we moved to Washington when I was 12 , and read some of them more than once. And-you know I basically loved reading and the library, we didn’t buy books in those days, the library was-was a great place for me and I would-I would take the streetcar down often and go to the YMCA and go to the library and then go home around dinnertime. I actually got locked into the-what was then the University of Omaha library one time when I got-I got terribly enmeshed in reading in some stacks that were way in the back and they locked the place up and I couldn’t get out so I–it took me several hours before I could rouse my father in law who was the dean there and he got a janitor to finally let me out of the library.

嗯，我最早——最早读的关于投资的书实际上是在我父亲的办公室里。我会在——在周六下去；他会在约翰尼咖啡馆（Johnny's Café）和他在南奥马哈饲料公司（South Omaha Feed Company）的一两个合伙人一起吃午饭，所以我——我喜欢去参加那些午餐会，但我会早点到那里，在办公室里看书，很快我就读完了办公室里所有的书，所以我开始去公共图书馆，而且——我——你知道我就是喜欢跑去，去放商业书籍的书库，而且我——我把它们都读完了——在我12岁搬到华盛顿之前很久就把所有的投资书籍都读完了，有些书还读了不止一遍。而且——你知道我基本上就是喜欢阅读和图书馆，那时候我们不买书，图书馆对我来说是——是个很棒的地方，我——我经常会坐有轨电车下去，去基督教青年会（YMCA），去图书馆，然后在晚饭时间左右回家。有一次我实际上被锁在了——当时是奥马哈大学的图书馆里，当时我——我在后面很里面的书库里读得入了迷，他们把地方锁了，我出不去了，所以我——我花了好几个小时才叫醒我岳父，他是那里的院长，他找了个看门人最终把我从图书馆里放了出来。

标题 他小时候是什么样子

10:45:51:23

WARREN BUFFETT:

沃伦·巴菲特：

Well when we were in Omaha, before I was-we moved to Washington, I would say I was quite gregarious and I would-but I was gregarious with the adults as well as kids. I was-I was certainly-shy with girls, although that was not unusual in those days. But I-I-I’ve always-I like being with people.

嗯，当我们在奥马哈的时候，在我——在我们搬到华盛顿之前，我会说我相当合群，而且我——但我对成年人和孩子们都很合群。我——我对女孩子当然——很害羞，尽管在那个年代这并不罕见。但我——我——我一直——我喜欢和人在一起。

标题 专注的重要性

WARREN BUFFETT:

沃伦·巴菲特：

Focus has always been a strong part of my personality. If I get interested in something, I get really interested. And-and that was true about any subject. I mean my-if I get-if I get interested in a new subject, I wanna read about it, I wanna talk about it, you know I wanna meet people who are involved in it. And-and-and-butthat’s true about most of my friends. Charlie Munger is a very focused guy that-for example. And-and I don’t think I could have done remotely what I’ve been able to do in business unless I-if I hadn’t had that really intense focus. I mean I-I would go through a 2000 page Moody’s manual, page by page at night, you know looking at companies, thinking about them and it-it really-it-it paid off.

专注一直是我性格中很强的一部分。如果我对某件事感兴趣，我会变得非常感兴趣。而且——而且这对任何主题都是如此。我的意思是我的——如果我——如果我对一个新主题感兴趣，我想阅读相关内容，我想谈论它，你知道我想去见那些参与其中的人。而且——而且——而且——但这对我大多数朋友来说也是如此。查理·芒格就是一个非常专注的人——例如。而且——而且我认为如果我没有那种非常强烈的专注力，我不可能在商业上取得哪怕是一点点成就。我的意思是，我——我会在晚上逐页翻阅一本2000页的穆迪手册（Moody's manual），你知道，研究公司，思考它们，而且这——这真的——这——这得到了回报。

标题 与姐妹们的关系

10:49:45:11

WARREN BUFFETT:

沃伦·巴菲特：

My-my two sisters, about equidistant on either side of me, couple years older with Doris, couple years younger with Bertie and-and we had-we had a lot of fun together. They, as they grew older, that-you know, Doris got interested in boys first because she was the oldest, so there were-the age difference to some extent affected the relat-the precise relationship we had at any time but I really like both of my sisters a lot and we were competitive in certain ways. We used to have spelldowns in grade school where you’d have six from each class and you go to the next class upward, and those twelve would spell words until there were only six remaining and then they would go up to the further class. It was always my ambition to move up past Doris who was a couple years ahead of me and I’m sure Bertie’s ambition was to get past me. So-but we-you know-we had-we had fun driving in the cars, we had fun singing, a whole bunch of different things. It-it was-I was lucky to have the sisters I had.

我的——我的两个姐妹，大概在我两边年龄差距差不多，多丽丝（Doris）比我大几岁，伯蒂（Bertie）比我小几岁，而且——而且我们——我们在一起玩得很开心。她们，随着年龄增长，那——你知道，多丽丝因为是最大的，所以最先对男孩感兴趣，所以有——年龄差异在某种程度上影响了我们——我们在任何时候的确切关系，但我真的非常喜欢我的两个姐妹，而且我们在某些方面很有竞争性。我们以前在小学有拼写比赛（spelldowns），每个班选六个人，然后去到高一个年级，那十二个人会拼写单词，直到只剩下六个人，然后他们会再升到更高的年级。我的目标一直是超过比我高几个年级的多丽丝，而且我肯定伯蒂的目标是超过我。所以——但是我们——你知道——我们——我们开车玩得很开心，唱歌也很开心，还有很多其他不同的事情。这——这——我很幸运能有这样的姐妹。

标题 作为唯一儿子的好处

WARREN BUFFETT:

沃伦·巴菲特：

When I was born in 1930, the difference between being a male baby and a female baby was-was huge at birth. My sisters are fully as smart as I am; they got better personalities than I have, certainly they did in our younger years particularly. No one ever said-my dad and mother loved us all equally; the teachers took equal interest in it-in us, but-but the expectations were just different because I was boy and-and they were girls. I mean the-the-the thought was for them that they should marry well and maybe learn to be a secretary or whatever it might be if they wanted to have some temporary employment before they got married and started having children. The expectation with me was, the sky is the limit and-it-it was just night and day. That struck me early on as incredibly unfair and-and-you know of course I continued to see other examples in my life, but the-the initial examples really were my sisters. I mean, here were-here were two human beings that-terrific personalities, very bright, you know- you couldn’t have better people and the teachers never said to them “you don’t have the same opportunities as Warren.” My parents certainly never said anything like that, but it was there and it was there throughout the society.

1930年我出生时，男婴和女婴在出生时的差别是——是巨大的。我的姐妹们和我一样聪明；她们的性格比我好，尤其是在我们年轻的时候更是如此。没有人说过——我的父母对我们都一视同仁；老师们对我们同样感兴趣，但是——但是期望就是不同，因为我是男孩，而——而她们是女孩。我的意思是，对她们的——的——的想法是，她们应该嫁得好，如果想在结婚生子前找份临时工作，也许可以学做秘书或其他什么。对我的期望是，天空才是极限，而且——这——这简直是天壤之别。这在早期就让我觉得极其不公平，而且——而且——你知道，当然我在生活中继续看到其他例子，但——最初的例子确实是我的姐妹们。我的意思是，这里有——这里有两个——性格极好、非常聪明的人，你知道——你找不到更好的人了，老师们从未对她们说过“你没有和沃伦一样的机会”。我的父母当然从未说过类似的话，但这种观念存在，而且贯穿整个社会。

标题 商业与情感

10:52:39:12

WARREN BUFFETT:

沃伦·巴菲特：

Well, in the investment world, you really-if you’re emotional about investments, you’re not gonna-you’re not going to do well. I mean, facts are fact and reason is reason. And you can develop all these attachments or-or-or angers or whatever about your stock. I mean you may love the ones that go up and hate the ones that go downthat’s crazy, I mean the stock doesn’t know you own it. You may have all these feelings about the stock, the stock has no feelings about you. It’s going to reflect what the company behind the stock does. So ourCharlie Munger’s and my investment decisions and our business decisions don’t have emotions in them. We have plenty of emotions for other situations; I mean it’s not that we’re unemotional about the people we care about or anything of the sort but business and investment decisions, if you get emotions in the equation, you’re gonna do a lot of dumb things.

嗯，在投资界，你真的——如果你对投资情绪化，你不会——你不会做得很好。我的意思是，事实就是事实，理性就是理性。你可以对你的股票产生各种依恋或——或——或愤怒之类的。我的意思是你可能会喜欢那些上涨的股票，讨厌那些下跌的股票——这很疯狂，我的意思是股票并不知道你拥有它。你可能对股票有各种各样的感觉，但股票对你没有任何感觉。它将反映股票背后的公司的表现。所以我们——查理·芒格和我的投资决策以及我们的商业决策中没有情感因素。我们在其他情况下有很多情感；我的意思并不是说我们对我们关心的人或诸如此类的事情没有感情，但是商业和投资决策，如果你把情感带入其中，你会做很多蠢事。

标题 美国商业的变化

10:53:53:05

WARREN BUFFETT:

沃伦·巴菲特：

I really think that business in America- obviously the countries develop, new products come along and all of that, but I think the role of managers really hasn’t changed significantly. I mean you want people who are leaders, people who can-who can see over the next hill, people who are going to follow them; you want people who are always dissatisfied with the status quo and thinking there’s a better way of-of making that widget or getting the market or whatever it may be. The market system that this country has enjoyed is-is remarkable in terms of unleashing human potential and it continues to do that decade after decade, and that’s why in my lifetime alone the real GDP per person in The United States has gone up 6 for 1, in one persons lifetime. I mean it’s-when you think of the centuries in the past where humans of the end of the century were living exactly the same as at the start of the century, and then you see the galloping pace of progress in this country since 1776, it-it makes you realize we really have found the secret sauce in the market system. Now there’s a lot of things that-that also need some tempering in a market system but-but it does lead to more and more goods and services that people want, then-then they-in any other system in the world.

我真的认为美国的商业——显然国家在发展，新产品不断涌现等等，但我认为管理者的角色并没有发生显著变化。我的意思是你需要领导者，能够——能够预见未来的人，能够让人们追随他们的人；你需要那些总是对现状不满，并思考有更好的方法来——来制造那个小部件或占领市场或其他什么的人。这个国家所享有的市场体系在释放人类潜力方面是——是卓越的，并且它持续了几十年又几十年，这就是为什么仅在我的一生中，美国的人均实际GDP就增长了6倍，在一个人的有生之年。我的意思是——当你想到过去的几个世纪，世纪末的人们和世纪初的人们生活得完全一样，然后你看到自1776年以来这个国家飞速发展的步伐，这——这让你意识到我们确实在市场体系中找到了秘诀。现在有很多事情——在市场体系中也需要一些调和，但是——但是它确实比世界上任何其他体系更能带来人们想要的越来越多的商品和服务。

标题 不平等的危险

10:55:46:12

WARREN BUFFETT:

沃伦·巴菲特：

The nature of an advanced market system is to concentrate greater and greater rewards on the people who happen to be adapted very well to it and to leave a greater and greater distance between them and the people that absolutely are necessary to their success further behind. So the gap will widen absent taxation or other government policies that-that treat the people-that do something to amelameliorate that difference between those who have market skills of enormous value; you know just an arm treasurer in New York will make tens of millions of dollars a year spotting little discrepancies in price compared to a soldier in Afghanistan, you know whose getting shot at for a pittance per month. So it-it’s a wonderful system for turning out-a market system is a wonderful system for turning out lots of goods and services. It’s going to distribute them more and more unequally as it progresses; it’s a natural phenomenon, it’s not because people are equal or anything of the sort. And - and so there had-has to be some countervailing activities primarily by government to make sure that in an incredibly prosperous society that people who work hard and are good citizens don’t end up really being left behind in aan abysmal way.

先进市场体系的本质是，将越来越大的回报集中在那些恰好非常适应它的人身上，并使他们与那些对其成功绝对必要的人之间的距离越来越大。因此，如果没有税收或其他政府政策来——来对待人民——来做些什么以改善那些拥有巨大价值市场技能的人与其他人之间的差异，差距将会扩大；你知道，纽约的一个套利交易员（arm treasurer）每年可以通过发现微小的价格差异赚取数千万美元，而相比之下，阿富汗的一名士兵，你知道，他每个月冒着生命危险却只得到微薄的报酬。所以它——它是一个生产——市场体系是一个生产大量商品和服务的绝佳体系。随着它的发展，它将越来越不平等地分配这些商品和服务；这是一种自然现象，并不是因为人们平等或诸如此类。而且——因此必须有一些制衡活动，主要由政府来进行，以确保在一个极其繁荣的社会中，那些努力工作并且是好公民的人不会最终以一种糟糕的方式被远远甩在后面。

10:57:34:18

The philanthropy comes from the realization that money that has no utility to me, it can’t be-buy me one thing; I’ve got everything I want, and I could have everything I want with one percent of my net worth I have or even a tenth of one percent of what I have. On the other hand, that money has enormous utility for other people; it can save lives, it can educate people, it can do all kinds of things so it’s silly for me to not transfer that utility over to-to people that can use it. It’s doing me no good.

慈善事业源于这样一种认识：钱对我来说没有效用，它不能——不能给我买任何东西；我已经拥有我想要的一切，我可以用我净资产的百分之一，甚至是我所拥有财富的千分之一，就能拥有我想要的一切。另一方面，这些钱对其他人有巨大的效用；它可以拯救生命，可以教育人们，可以做各种各样的事情，所以我不把这种效用转移给——给那些能使用它的人是愚蠢的。它对我没有任何好处。

标题 关于贪婪

10:58:22:14

WARREN BUFFETT:

沃伦·巴菲特：

Well I wouldn’t say that-I wouldn’t say that greed has gotten me in trouble. I-I don’t-I don’t think greed is a big part of investing. Investing is an attempt to put capital into places where it’s going to produce a very good return. And-but I think-I think usually greed has some aspect of-perhaps of envy in it. It’s the aspiration just to have money for its own sake. Money really doesn’t-it doesn’t do you any good beyond a point so it-it’s-it’s-greed would be sort of an illogical pursuit. I want to do intelligent things, and I want to do emI’m doing them on my own behalf, I’m doing it on behalf of the shareholders of Berkshire. I-I would not want, greedy partners; I mean if I’ve got greedy partners, I have a

problem. I-I’d like them to go elsewhere. I would like people to be my partners who expect a reasonable return from intelligent decisions made over a long period of time.

嗯，我不会说——我不会说贪婪让我陷入困境。我——我不——我不认为贪婪是投资的重要组成部分。投资是试图将资本投入到能够产生非常好回报的地方。而且——但我认为——我认为通常贪婪包含某些方面——也许是嫉妒。它仅仅是为了钱本身而渴望拥有钱。钱真的——到了一定程度它对你没有任何好处，所以它——它——贪婪可以说是一种不合逻辑的追求。我想做明智的事情，我想做——我是代表我自己做的，我是代表伯克希尔的股东做的。我——我不想有贪婪的合伙人；我的意思是如果我有贪婪的合伙人，我就有麻烦了。我——我希望他们去别处。我希望我的合伙人是那些期望通过长期做出的明智决策获得合理回报的人。

标题 他读的报纸

10:59:34:22

WARREN BUFFETT:

沃伦·巴菲特：

I read the Omaha World Herald, I read The New York Times, The Wall Street Journal, The Financial Times, and—and I also read USA Today.

我读《奥马哈世界先驱报》（Omaha World Herald），我读《纽约时报》（The New York Times）、《华尔街日报》（The Wall Street Journal）、《金融时报》（The Financial Times），而且——而且我也读《今日美国》（USA Today）。

标题 他犯过的最严重的错误

10:59:59:10

WARREN BUFFETT:

沃伦·巴菲特：

Well, probably the worst-worst mistakes involve not understanding other people as well as you might. I mean I’m not as smart, in a technical sense-I’m not nearly as smart as I was 50 years ago. If you gave me a test involving memory or you know, ability to pick up new ideas or do math in my head, or whatever it might be, I would not score as well as I would’ve if I was 20 or 30. I think I know a lot more about people than when I was 20 or 30 . I wish I had known as much about people when I was 20 as I think I know now. It would have been helpful in a lot of ways.

嗯，可能最——最严重的错误涉及到未能尽可能地理解他人。我的意思是，在技术层面上，我不如——我远不如50年前那么聪明。如果你给我做一个涉及记忆力或者，你知道，接受新想法或心算能力之类的测试，或者其他任何测试，我的得分不会像我二三十岁时那么高。我认为我现在比我二三十岁时更了解人。我希望我20岁时就能像我现在认为的那样了解人。这在很多方面都会有帮助。

标题 金融界的阴暗面

11:01:11:17

WARREN BUFFETT:

沃伦·巴菲特：

Well there-there’s gonna be crooks in every society, I don’t think our society breeds more of them than other societies, but there-therethere are people for one reason or another, do it on the wrong path and they do that in the business world sometimes, they do it in the

investing world and I think that just because of my background, sometimes I can spot the people who are doing it in the investment world sooner than the authorities end up catching up with them. So there have been times that both Charlie Munger and I have pointed out certain activities that we think are either distasteful or dishonest and-but that will be with us forever. There’s big money in investing and finance and business, huge money, and there are various ways to cheat and people figure out new ones as time goes by and sometimes the authorities are very slow to catch on to what’s going on. Theythere tends to be more of that, I believe, you can’t prove it, during bull markets than during ordinary markets. People’s-people’s morals seem to loosen up as-as stocks rise rapidly, and price, and-and there’s a feeling that kind of everything goes and the other guys doing it, why shouldn’t I? And that was what was going on in the late 60’s when I wound up my partnership. There were people getting very rich by playing games basically with the stocks and I didn’t like-I didn’t like my results being compared with their results, 'cause they were gonna beat me in the game and I didn’t want to do what they were doing so that’s one major reason I-I wound up the partnership. The first time we had our meeting of the Graham Group was in 1968 and when the eleven of us met with Ben Graham, you know basically we were saying to Graham, “how long can this go on?” because there were all kinds of games being played on Wall Street. And-and the press applauded him, and investors applauded him, and these people were becoming hero’s and basically they were-you know, they werethey were engaged in creating mirages with accounting and Ben said it could go on a long time but it’ll come to an end eventually and of course that’s what happened.

嗯，每个社会都会有——都会有骗子，我不认为我们的社会比其他社会滋生了更多的骗子，但是有——有——有些人因为这样或那样的原因，走上了错误的道路，他们有时在商业世界这样做，他们在投资世界也这样做，我认为仅仅因为我的背景，有时我能在当局最终抓住他们之前，更早地发现那些在投资界做坏事的人。所以，查理·芒格和我都有过指出某些我们认为令人反感或不诚实活动的时候，而且——但这将永远伴随着我们。投资、金融和商业领域有大笔资金，巨额资金，而且有各种各样的欺骗方式，随着时间的推移，人们会想出新的方式，有时当局对正在发生的事情反应非常迟钝。我相信，虽然无法证明，在牛市期间，这种情况往往比在普通市场期间更多。人们的——人们的道德似乎随着——随着股票价格的快速上涨而松懈，而且——而且有一种感觉，好像什么都可以做，别人都在做，我为什么不能做？这就是60年代末我结束合伙企业时发生的情况。当时有些人通过基本上玩弄股票的游戏变得非常富有，而我不喜欢——我不喜欢我的业绩和他们的业绩相比较，因为他们会在游戏中击败我，而我不想做他们正在做的事情，所以这是我——我结束合伙企业的一个主要原因。我们格雷厄姆小组（Graham Group）第一次开会是在1968年，当我们11个人和本·格雷厄姆（Ben Graham）会面时，你知道，我们基本上是在问格雷厄姆，“这种情况还能持续多久？”因为华尔街当时正在玩各种各样的把戏。而且——而且媒体称赞他们，投资者也称赞他们，这些人正在成为英雄，而基本上他们是——你知道，他们——他们正在用会计手段制造海市蜃楼，本说这种情况可能会持续很长时间，但最终会结束，当然，后来就是这样。

标题 诚实

11:03:52:16

WARREN BUFFETT:

沃伦·巴菲特：

Well it-it—it has to be there. Honesty is, you know, first of all; I have to be honest with our shareholders. I got, I think over a million shareholders, they’re my partners and they’ve entrusted me with their money and-and it’s one reason in the annual report, I try and tell 'em about mistakes I’ve made as well as you know-I believe it’s an annual report, not an annual sales document. I-it’s a lot easier, as Charlie says it, you know, you don’t have to remember what you’re said if you’re really saying what’s the truth as you go along.

嗯，它——它——它必须存在。诚实是，你知道，首先；我必须对我们的股东诚实。我有，我想超过一百万的股东，他们是我的合伙人，他们把钱托付给了我，而且——这也是我在年度报告中，试图告诉他们我犯过的错误以及，你知道——我相信这是一份年度报告，而不是年度销售文件的一个原因。我——这要容易得多，正如查理所说，你知道，如果你一路上说的都是实话，你就不用记住你说过什么。

标题 伯克希尔·哈撒韦的未来

11:04:57:08

WARREN BUFFETT:

沃伦·巴菲特：

When I’m no longer around, Berkshire’s culture is so deep and to some, I wouldn’t call it unique but certainly special and it-it permeates our board of directors, it permeates our shareholder base, it permeates our managers, so I think it would be very difficult to come in and-and change the culture in any major way. I think it would be rejected like-like a foreign object-so I-I think we’re so big that we can’t have percentage results anything like we’ve had in the past but we can be a very decent business and I think it can go on for a very, very long time without changing its-its character. The sums involved will get larger as it goes along, but the basic principles around Berkshire; it’s one of the reasons I stick them in the back of the annual report. I-l’ve written the principles of-and the economic principles of Berkshire I’ve put in the annual reports for 35 years or so. Nobody else does that in their reports but those are-that’s the way we look at the company and we want our partners to understand that. And-and I’m not only boxing myself in when I put those in, I’m sort of boxing in my successor too. And to some extent, I try to write in the annual report certain things that will box in my successor to some degree 'cause Berkshire-Berkshire has to fit-it has to be a certain kind of structure and operation over the years and I’ve had 50 years plus to-to build that structure and I think that-I’m sure virtually that my successors, more than one will-will follow the same general path. They’ll do things differently obviously but they won’t do things differently in terms of our-the basic tenets of the business.

当我不在了，伯克希尔的文化是如此根深蒂固，对某些人来说，我不会称之为独一无二，但肯定很特别，它——它渗透到我们的董事会，渗透到我们的股东基础，渗透到我们的经理人，所以我认为很难有人进来并——并以任何主要方式改变这种文化。我认为它会被像——像异物一样排斥——所以我——我认为我们规模如此之大，以至于我们的百分比回报不可能像过去那样，但我们可以成为一个非常不错的企业，我认为它可以持续非常非常长的时间而不改变其——其特性。随着时间的推移，涉及的金额会越来越大，但伯克希尔的基本原则；这是我把它们放在年度报告后面的原因之一。我——我已经把——伯克希尔的原则和经济原则写进年度报告大约35年了。没有其他人在他们的报告中这样做，但那些是——那就是我们看待公司的方式，我们希望我们的合伙人理解这一点。而且——而且当我把这些写进去时，我不仅是在约束自己，我某种程度上也是在约束我的继任者。在某种程度上，我试图在年度报告中写一些能在一定程度上约束我继任者的事情，因为伯克希尔——伯克希尔必须适应——多年来它必须是某种特定的结构和运作方式，而我已经花了50多年的时间来——来建立这种结构，我认为——我几乎可以肯定我的继任者们，不止一个，会——会遵循同样的大方向。他们显然会做不同的事情，但他们不会在我们的——业务的基本原则方面做不同的事情。

11:08:18:04

WARREN BUFFETT:

沃伦·巴菲特：

I’ve been very lucky in family. I’ve been-been lucky in-been very lucky in-you wanna-l’ve been lucky in geography, I mean it-l’ve been lucky in the time I was born. I mean, you know, it would not have been too much fun being born 200 years ago, I think about that every time I go to the dentist. That’s-it’s a different world now then than. Just think of childbirth, you know, a few hundred years ago or something of the sort. We’re very lucky that - or at least I consider myself very lucky I was born in 1930 rather than 1730.

我在家庭方面非常幸运。我——在——非常幸运在——你想——我在地理位置上很幸运，我的意思是——我在出生的时代很幸运。我的意思是，你知道，出生在200年前不会太有趣，我每次去看牙医时都会想到这一点。那——现在的世界和那时不同了。想想几百年前的分娩，你知道，或者类似的事情。我们非常幸运——或者至少我认为自己非常幸运，我出生在1930年而不是1730年。

11:08:53:12

There’s an enormous amount of luck. How you’re wired, whether I was born female or male, whether I was born black or white, I mean was- that was huge in 1930. It’s still big but it-it-it was night and day in terms of the opportunity I was going to have. If I were born black, you know I would not have-you know, who knows where I would’ve ended up but I was certainly wouldn’t of been-you know I would have had a whole different life that had nothing to do with me.

运气占了很大成分。你的天性如何，我是生为女性还是男性，我是生为黑人还是白人，我的意思是——这在1930年是巨大的差异。现在仍然有很大差异，但在我将拥有的机会方面，那简直是天壤之别。如果我生为黑人，你知道我不会——你知道，谁知道我最终会怎样，但我肯定不会——你知道我会过上完全不同的生活，而这与我本人无关。

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