AN OBJECTION, of a nature different from that which has been stated and answered, in my last address, may perhaps be likewise urged against the principle of legislation for the individual citizens of America. It may be said that it would tend to render the government of the Union too powerful, and to enable it to absorb those residuary authorities, which it might be judged proper to leave with the States for local purposes. Allowing the utmost latitude to the love of power which any reasonable man can require, I confess I am at a loss to discover what temptation the persons intrusted with the administration of the general government could ever feel to divest the States of the authorities of that description. The regulation of the mere domestic police of a State appears to me to hold out slender allurements to ambition. Commerce, finance, negotiation, and war seem to comprehend all the objects which have charms for minds governed by that passion; and all the powers necessary to those objects ought, in the first instance, to be lodged in the national depository. The administration of private justice between the citizens of the same State, the supervision of agriculture and of other concerns of a similar nature, all those things, in short, which are proper to be provided for by local legislation, can never be desirable cares of a general jurisdiction. It is therefore improbable that there should exist a disposition in the federal councils to usurp the powers with which they are connected; because the attempt to exercise those powers would be as troublesome as it would be nugatory; and the possession of them, for that reason, would contribute nothing to the dignity, to the importance, or to the splendor of the national government.

这类不同于我在上一次论述中已提出并回答过的反对意见，人们或许也会针对对美国个体公民行使立法的原则提出异议。有人会说，这样做会使联邦政府过于强大，并使其能够吞并那些本应为地方目的而保留给各州的剩余权力。即便把合理之人所能要求的对权力之爱的最大限度都予以承认，我仍承认，我难以想见掌管国家政府的人会出于何种诱因而愿意剥夺各州此等性质的权力。仅仅是一州内部之治安与行政的规制，在我看来，对雄心并无多大诱惑。商业、财政、外交与战争，似乎囊括了所有能吸引受此激情支配之心灵的对象；而为达成这些对象所必需的一切权力，理当首先存放于国家层面的总汇之处。至于同一州公民之间的私法裁判、对农业以及性质相近的其他事务的监督——简言之，一切适宜由地方立法加以规定之事——绝不可能成为一般层级管辖所乐于承担的关切。因此，联邦当局间存在篡取与之相连之权力的倾向，实属不大可能；因为试图行使这些权力，将同样麻烦且徒劳无益；正因如此，占有这些权力也不会给国家政府的尊严、重要性或辉煌增添分毫。

But let it be admitted, for argument’s sake, that mere wantonness and lust of domination would be sufficient to beget that disposition; still it may be safely affirmed, that the sense of the constituent body of the national representatives, or, in other words, the people of the several States, would control the indulgence of so extravagant an appetite. It will always be far more easy for the State governments to encroach upon the national authorities than for the national government to encroach upon the State authorities. The proof of this proposition turns upon the greater degree of influence which the State governments if they administer their affairs with uprightness and prudence, will generally possess over the people; a circumstance which at the same time teaches us that there is an inherent and intrinsic weakness in all federal constitutions; and that too much pains cannot be taken in their organization, to give them all the force which is compatible with the principles of liberty.

但且为论辩起见，纵使仅凭恣意与支配之欲就足以滋生那种倾向；仍可坦然断言，国家代表之选民团体——换言之，各州人民——的意志，会抑制如此过分的嗜好。州政府侵犯国家权力，永远要比国家政府侵犯州权来得容易得多。此命题之根据，在于：若州政府以正直与审慎治理其务，便通常会对人民拥有更大的影响力；而这一情形也同时教导我们：一切联邦宪制中，皆潜藏着一种与生俱来的内在弱点；因此在其组织设计上，必须不遗余力，使之具备与自由原则相容的最大力度。

The superiority of influence in favor of the particular governments would result partly from the diffusive construction of the national government, but chiefly from the nature of the objects to which the attention of the State administrations would be directed.

各州政府在影响力上的优势，部分源于国家政府结构的分散与广布，更主要则源于州级行政所要关注之事物的性质。

It is a known fact in human nature, that its affections are commonly weak in proportion to the distance or diffusiveness of the object. Upon the same principle that a man is more attached to his family than to his neighborhood, to his neighborhood than to the community at large, the people of each State would be apt to feel a stronger bias towards their local governments than towards the government of the Union; unless the force of that principle should be destroyed by a much better administration of the latter.

众所周知，人性之情感，往往随对象之距离或分散程度的增加而减弱。基于同一原理，一个人对家庭的依恋强于对邻里的依恋，对邻里的依恋又强于对整个共同体的依恋；因此，各州人民极易对其地方政府抱有较之对联邦政府更为强烈的偏向；除非联邦政府的施政远为优越，以至于抵消此一原理之作用。

This strong propensity of the human heart would find powerful auxiliaries in the objects of State regulation.

人心这种强烈的倾向，在州政府所规制的诸多事务中，还会找到有力的助缘。

The variety of more minute interests, which will necessarily fall under the superintendence of the local administrations, and which will form so many rivulets of influence, running through every part of the society, cannot be particularized, without involving a detail too tedious and uninteresting to compensate for the instruction it might afford.

种种更为细微的利益，必然落入地方行政的督察之下，并化作无数影响力的细流，流经社会的每一处；若要一一细述，势必陷入冗长而乏味的铺陈，所获教益不足以抵偿其枯燥。

There is one transcendant advantage belonging to the province of the State governments, which alone suffices to place the matter in a clear and satisfactory light,–I mean the ordinary administration of criminal and civil justice. This, of all others, is the most powerful, most universal, and most attractive source of popular obedience and attachment. It is that which, being the immediate and visible guardian of life and property, having its benefits and its terrors in constant activity before the public eye, regulating all those personal interests and familiar concerns to which the sensibility of individuals is more immediately awake, contributes, more than any other circumstance, to impressing upon the minds of the people, affection, esteem, and reverence towards the government. This great cement of society, which will diffuse itself almost wholly through the channels of the particular governments, independent of all other causes of influence, would insure them so decided an empire over their respective citizens as to render them at all times a complete counterpoise, and, not un-frequently, dangerous rivals to the power of the Union.

州政府职权范围内，有一项卓绝的优势，足以单独将问题阐释得明白而令人满意——我指的是刑事与民事司法的日常实施。在所有来源之中，此事最为强大、最为普遍、亦最具吸引力，足以激发民众的服从与依附。它作为生命与财产的直接且可见的守护者，其利益与威惧不时显现于公众眼前，规制着一切与个人切身相关、与日常相熟之事；因而较诸任何其他因素，更能在人民心中烙下对政府的亲爱、敬重与崇敬。这个社会之大粘合剂，几乎将完全经由各州政府的渠道而弥散开来；即便撇开其他一切影响因素不论，也足以使各州政府对其各自公民拥有如此明确的支配力，以至于在任何时候都能构成对联邦权力的完全抗衡，并且不止一次地成为其危险的对手。

The operations of the national government, on the other hand, falling less immediately under the observation of the mass of the citizens, the benefits derived from it will chiefly be perceived and attended to by speculative men. Relating to more general interests, they will be less apt to come home to the feelings of the people; and, in proportion, less likely to inspire an habitual sense of obligation, and an active sentiment of attachment.

反之，国家政府的运作较少直接处于广大公民的目光之下；由此获得的利益，多半只会为思辨之士所感知并加以留意。此类运作关涉较为宏泛的一般性利益，因此不太容易切近人们的情感；相应地，也就不大可能激发一种习惯性的义务感与一种积极的依附情绪。

The reasoning on this head has been abundantly exemplified by the experience of all federal constitutions with which we are acquainted, and of all others which have borne the least analogy to them.

关于此点的推理，凡我们所熟悉的一切联邦宪制，以及一切与其稍有类比之政体的经验，已提供了充分的例证。

42. It’s hard to challenge a well-established, popular brand

很难挑战一个知名的、受欢迎的品牌

WARREN BUFFETT: Number 12?

沃伦·巴菲特：第十二号？

AUDIENCE MEMBER: Hello. My name is Harold Yulean (PH). I’m from Chicago, Illinois.

观众成员：你好。我的名字是哈罗德·尤利安（音）。我来自伊利诺伊州芝加哥。

I’d like you to describe the economic characteristics of the Kraft Corporation, why you feel this is a good business.

我想请你描述一下卡夫公司的经济特征，并说明你为什么认为这是一家好公司。

WARREN BUFFETT: Well, I would say most of the big food companies are good businesses in that they earn good returns on tangible assets.

沃伦·巴菲特：嗯，我会说大多数大型食品公司都是好企业，因为它们在有形资产上获得了良好的回报。

And I don’t want to get into — particularly into specifics on Kraft — but if you own important, branded products in this country, whether it’s Wrigley’s or Mars or Coca-Cola, or a number of the Kraft brands, or See’s Candy, you have good assets.

我不想特别深入讨论卡夫的细节，但如果您拥有一些国家重要的品牌产品，无论是箭牌（Wrigley）、玛氏（Mars）、可口可乐（Coca-Cola），还是卡夫的一些品牌，或是喜诗糖果（See’s Candy），那您就拥有了不错的资产。

It’s not easy to take on those products. Just imagine, you know, taking on — Coca-Cola will sell a billion and a half eight-ounce servings of its product around the world today.

很难去挑战这些产品。试想一下，今天可口可乐在全球销售15亿个8盎司的份量。

There’s something in everybody person’s mind virtually in the globe about Coca-Cola. It’s a product of — since 1886 has been associated with happiness and good value in terms of refreshment and all that.

在全球每个人的心中都有关于可口可乐的某种印象。自 1886 年以来，这款产品一直与快乐和物有所值的清爽体验等联系在一起。

It’s just about impossible, you know, to, in my mind, anyway, to take on a product like that. It’s clearly satisfies people in a huge way, you know, everywhere on the globe.

在我看来，挑战像可口可乐这样的产品几乎是不可能的。这显然是一个能满足全球人们需求的巨大产品。

And, you know, it may not be the same — Kraft, for example, has Kool-Aid in the powdered soft drink business. You know, I don’t think I’d want to take on Kool-Aid. I’d rather have Coca-Cola. But it’s a tough product.

虽然可能不会完全相同，但例如卡夫有柯露爱（Kool-Aid）粉末饮料。我认为我不想去挑战柯露爱。我更喜欢可口可乐，但这确实是一个强大的产品。

And to get implanted — just think of — to get implanted in people’s mind RC Cola around the world. And RC Cola has been around a long, long time. You know, it isn’t going to go anyplace. I mean, that is very, very difficult.

想要在人的头脑中植入一种新的可乐品牌，比如RC可乐，而RC可乐已经存在了很长时间，但它始终无法大有作为。这是非常非常困难的。

And actually, Richard Branson came over to this country — you know, they say that a brand is a promise. I mean, there’s a promise involved in picking up a Milky Way, or picking up a Coca-Cola, as to what it’s going to deliver to you.

实际上，理查德·布兰森（Richard Branson）几年前来到这个国家——人们常说品牌是一种承诺。拿起一块麦丽素（Milky Way）或可口可乐，其中包含一种承诺，关于它将会为您带来什么。

Richard Branson came over seven or eight years ago, 10 years ago, you know, a fellow with a famous airline and all of that, and he came out with something called Virgin Cola. And I thought that was kind of an unusual promise to have in a product. (Laughter)

理查德·布兰森大概七八年前，或者十年前，推出了一款叫做“维珍可乐”（Virgin Cola）的饮品。我觉得这产品的承诺有些不寻常。（笑声）

Never could quite figure that one out, what the promise was. But whatever it was, it didn’t work.

从来没能弄明白，那承诺是什么。但不管是什么，它没有奏效。

And there have been — I don’t know how many — Don Keough would know — but there have been hundreds of colas over the years. But in the end, who is going to, you know, buy some substitute cola for a penny a can less, or two cents a can less, than Coca-Cola, or the same thing with See’s Candy, or the same thing with Kool-Aid, or whatever it may be.

而且有过——我不知道有多少——Don Keough 会知道——但多年来有数百种可乐。但最终，谁会为了便宜一分钱或两分钱去买某种替代可乐，而不是可口可乐呢？对于喜诗糖果、柯露爱等产品也是如此。

So we feel pretty good about branded products when they’re runaway leaders in their field. And there’s nothing unusual about Kraft in their position versus Kellogg or some other people like that.

所以，当品牌产品在市场中处于绝对领先地位时，我们对它们的表现感到满意。卡夫的地位并没有什么特别之处，与凯洛格（Kellogg）等公司类似。

So there’s — the specifics of which one we buy may depend a little bit how we feel about the price. It certainly will make a difference how we feel about the price, the management, and some other factors.

具体选择哪一个可能取决于我们对价格的感觉，也肯定会取决于价格、管理层以及其他一些因素。

But if you buy in with good branded products and you don’t pay too much, you’re probably going to do OK.

但如果您买入优质的品牌产品并且不支付过高的价格，那么大概率会有不错的回报。

On the other hand, you’re not going to get super rich because the attributes that I’ve just laid out are pretty well recognized.

另一方面，您不太可能因此变得超级富有，因为我刚刚提到的这些优点已经被广泛认可了。

Charlie? 查理？

CHARLIE MUNGER: I’ve got nothing to add.

查理·芒格：我没有什么要补充的。

WARREN BUFFETT: OK. 沃伦·巴菲特：好的。