I.H.12.Warren Buffett.Kraft
1、《2008-05-03 Berkshire Hathaway Annual Meeting》
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。
Article Comments Update
热门标签
Related Articles
1956-05-01 Warren Buffett.Certificate of Limited Partnership
CERTIFICATE OF LIMITED PARTNERSHIP The undersigned hereby certified that they have this day entered into a limited partnership, and that: I The name of the partnership is BUFFETT ASSOCIATES, LTD. II The character of the business to be carried on ...1994-03-01 Warren Buffett's Letters to Berkshire Shareholders
To the Shareholders of Berkshire Hathaway Inc.: Our per-share book value increased 14.3% during 1993. Over the last 29 years (that is, since present management took over) book value has grown from $19 to $8,854, or at a rate of 23.3% compounded ...Warren Buffett Quotes
1.Everything that can’t go on forever will end. 一切无法永远持续的事物都会结束。 -Warren E. Buffett, on expecting and accepting change, in “About Investing” Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007. 2.I’m like a basketball coach. ...1967-07-12 Warren Buffett's Letters to Limited Partners
原文信息： 标题：1967 Semi-annual Letter to Partners 作者：Warren Buffett 发表时间：1967-07-12 链接：Buffett Partnership Letters 1957-1970 中文翻译参考：RanRan 整理：孙萧萧 BUFFETT PARTNERSHIP. LTD. 610 KIEWIT PLAZA OMAHA, NEBRASKA 68131 TELEPHONE 042-4110 July 12, 1967 First Half ...1967-11-01 Warren Buffett's Letters to Limited Partners
原文信息： 标题：1967 November Letter to Partners 作者：Warren Buffett 发表时间：1967-11-01 链接：To My Partners 中文翻译参考：RanRan 整理：Yoan BUFFETT PARTNERSHIP. LTD. 610KIEWIT PLAZA OMAHA, NEBRASKA 68131 TELEPHONE 042-4110 November 1, 1967 1967 年 11 月 1 日 To My Partners: ...