Ideas
I.H.91.Matt Levine.Banks
银行为普通人保管财富但不负责创造财富。 1、《2025-01-15 Matt Levine.Capital One High-Yield Account Wasn’t》 I’m sorry but the whole theory of banking, the basic core of how banking works, is that a lot of people don’t pay attention to the interest rate on their bank ...
I.H.90.Mark Zuckerberg.Podcasts
Refer To：《2025-01-11 Mark Zuckerberg.Joe Rogan Experience #2255》。 Mark Zuckerberg: Yeah, it's a new medium. I mean, I'm sure you know the history on this. It's like when people transition from radio to TV, 马克·扎克伯格： ...
I.H.29.Warren Buffett.Right Business
有些行业总是不停的有新的竞争者加入，比如汽车制造、零售业，等等；而有些行业的参与者一直非常少，比如价值投资；很多行业介于两者之间。 1、《1998-05-04 Berkshire Hathaway Annual Meeting》 37. Benjamin Graham and how Buffett would teach investing 本杰明·格雷厄姆及巴菲特对投资教学的看法 WARREN BUFFETT: Zone 5. 沃伦·巴菲特： 请第5区。 AUDIENCE MEMBER: ...
I.H.87.Warren Buffett.Berkshire’s Investing Minimum
1、《1999-05-03 Berkshire Hathaway Annual Meeting》 60. Berkshire’s investing minimum 伯克希尔的投资门槛 WARREN BUFFETT: Zone 3, please? 沃伦·巴菲特： 请第3区提问？ AUDIENCE MEMBER: My name is Alan Rank from Pittsburgh. 观众提问者： 我是来自匹兹堡的艾伦·兰克。 I first want to thank Susan ...
I.H.68.Warren Buffett.Loyalty Effect
1、《2000-04-29 Berkshire Hathaway Annual Meeting》 33. Berkshire is the “Metropolitan Museum of businesses” 伯克希尔是“企业界的大都会博物馆” WARREN BUFFETT: Number 8. 沃伦·巴菲特： 第八位提问者。 AUDIENCE MEMBER: Mr. Buffett, Mr. Munger, my name is Norman Rentrop. I’m from Bonn, ...
I.H.61.Warren Buffett.Not interested in auctions
任何销售行为都值得怀疑，包括所有卖书为生的作者。 1、《2001-04-28 Berkshire Hathaway Annual Meeting》 45. Satisfied sellers are a “recruiting force” 满意的卖家是一种“招募力量” WARREN BUFFETT: Area 2. 沃伦·巴菲特：第2区。 AUDIENCE MEMBER: Good afternoon. I’m Jim Hays (PH) from Alexandria, Virginia. ...
I.H.57.Warren Buffett.High Inflation
1、《2015-05-02 Berkshire Hathaway Annual Meeting》 43. Businesses that do best in high inflation 在高通胀中表现最好的企业 BECKY QUICK: OK. This is a question — oops, that’s not the question. Hold on. 贝基·奎克：好的。这是一个问题——哦，那不是问题。等一下。 Here it is. This is a question ...
I.H.56.Steve Jobs.Manufacturing
1、《1992 Steve Jobs.MIT Distinguished Speaker Series》 Let's talk about manufacturing. How many of you have a manufacturing background? Oh, that's great. I love manufacturing. And what kinds of things? What kinds of companies? You have— ...
I.H.55.Steve Jobs.Technology Windows
1、《1992 Steve Jobs.MIT Distinguished Speaker Series》 What technological advances do you see coming over the next five to 10 years? and how is NeXTSTEP structured to take advantage of those? 未来五到十年内你认为会有哪些技术进步？NeXTSTEP 是如何构建以利用这些进步的？ I'll give you a ...
I.H.54.Warren Buffett.Stock options
1、《1997-05-05 Berkshire Hathaway Annual Meeting》 34. Abuse of stock options as executive compensation 滥用股票期权作为高管薪酬 WARREN BUFFETT: Well, we’ll talk about comp then, a little. 沃伦·巴菲特：好吧，那我们就来谈谈薪酬问题。 CHARLIE MUNGER: Yeah, comp, yeah. 查理·芒格：是的，薪酬，是的。 ...
I.H.53.Warren Buffett.Utility system
1、《2018-05-05 Berkshire Hathaway Annual Meeting》 29. Not surprised “if we find good uses” for Berkshire Hathaway Energy’s capital 如果我们找到伯克希尔哈撒韦能源的资本的良好用途，我并不感到惊讶。 WARREN BUFFETT: OK, Gregg? 沃伦·巴菲特：好的，格雷格？ GREGG WARREN: Warren, Berkshire Energy has ...
I.H.50.Warren Buffett.Delayed Gratification
西瓜甜不甜？ 1、《1784-07-26 Benjamin Franklin.ON LUXURY, IDLENESS, AND INDUSTRY.》 It is wonderful how preposterously the affairs of this world are managed. Naturally one would imagine that the interest of a few individuals should give way to general ...
I.H.49.黄峥.关于拼多多的设想
原标题：《市场多一点，还是计划多一点 － 关于供给侧改革的一点想法》，时间：2017-09-22。 前些天一位朋友和我聊起服装生产的历史，他说现在的大规模的批量服装生产是一战的功劳，因为战争引发了快速大规模生产衣服的需求，才有了今天的尺码标准。现在流行的时尚的Burberry的风衣，当时也是为了军队生产的。整个历史我没考证过，Burberry风衣的广告我倒是见过，确实讲了一段感人的战争故事。初听我朋友的这个讲法，有点惊讶，也有点怀疑，但也确实激活了过去一年来我对供给侧改革的思考。 ...
I.H.48.Steve Jobs.Comments on Japan
有且只有两种状态：要么忙着求生，要么忙着求死。 1、《1985-02-01 Steve Jobs.Interview with Playboy》 What about Epson and some of the Japanese computer makers? 关于爱普生和一些日本电脑制造商呢？ I’ve said it before: The Japanese have hit the shores like dead fish. They’re just like dead fish ...
I.H.47.Warren Buffett.Why bought silver?
一个大宗商品的例子。 1、《1998-05-04 Berkshire Hathaway Annual Meeting》 48. Why Buffett bought silver 巴菲特为何购买白银 WARREN BUFFETT: We’d better go to zone 4, I think. (Applause) 沃伦·巴菲特： 我们还是到第4区吧。（掌声） AUDIENCE MEMBER: Good morning, or afternoon, actually. My name’s ...
I.H.46.Warren Buffett.Synergy among subsidiaries
1、《2010-05-01 Berkshire Hathaway Annual Meeting》 33. Why there’s no synergy among subsidiaries 为什么子公司之间没有协同效应 WARREN BUFFETT: Becky? (Applause) 沃伦·巴菲特：贝琪？ BECKY QUICK: This question comes from Ben Soh (PH) who lives in the metro Vancouver area in ...
I.H.45.Warren Buffett.Tech Field
科技行业的变化起伏是机会也是风险，但总体上是风险，很大程度上缺少长期确定性的基础。 1、《1997-05-05 Berkshire Hathaway Annual Meeting》 17. We don’t know how to value Intel and Microsoft 我们不知道如何评估英特尔和微软 WARREN BUFFETT: Zone 11, please. 沃伦·巴菲特： 请第十一区提问。 AUDIENCE MEMBER: Yes, Mr. Buffett, I would ...
I.H.44.Mohnish Pabrai.Shamelessly Cloning
值得怀疑的做法，无耻地复制、“敢为天下后”，以及定量分析，这些策略有可能的缺点是“捡了芝麻丢了西瓜”。 1、《2000-04-29 Berkshire Hathaway Annual Meeting》 9. Rules and fees for Buffett’s 1950′s partnerships 巴菲特1950年代合伙企业的规则和费用 WARREN BUFFETT: Number 7. 沃伦·巴菲特： 第7区。 AUDIENCE MEMBER: Good morning Mr. ...
I.H.43.Charlie Munger.Take a simple idea and take it seriously.
1、《1998-05-04 Berkshire Hathaway Annual Meeting》 61. “Sandy Weill is a very, very good manager” “桑迪·威尔是一位非常非常优秀的经理人” WARREN BUFFETT: OK. Zone four, please. 沃伦·巴菲特： 好的，请第4区提问。 AUDIENCE MEMBER: OK. My name is Tom Conrad (PH), I’m from McLean, Virginia. ...
I.H.42.Warren Buffett.Retailing is a tough business
1、《1996-03-01 Warren Buffett's Letters to Berkshire Shareholders》 It was Nebraska Furniture Mart's Irv Blumkin who did the walking around in the case of R.C. Willey, long the leading home furnishings business in Utah. Over the years, Irv had told me ...
I.H.41.Steve Jobs.closed versus open
1、《Apple Inc. (AAPL) Q4 2010 Earnings Call Transcript》 Google loves to characterize Android as open, and iOS and iPhone as closed. We find this a bit disingenuous and clouding the real difference between our two approaches. The first thing most of us ...
I.H.40.Progressive.Discussion on Investment Portfolios
1、《The Progressive Corporation (PGR) Q1 2023 Earnings Call Transcript》 Michael Ward 迈克尔-沃德 And then on the investment portfolio. I was just hoping you could provide some color on the strategy in CMBS. I know there's new disclosure in the queue. Just ...
I.H.39.Progressive.96 calendar year combined ratio
1、《The Progressive Corporation (PGR) Q2 2023 Earnings Call Transcript》 Joshua Shanker 约书亚-尚克 And I realize how valuable the 96 calendar year is to the company. Is there a risk that right now, there's an opportunity to acquire new customers at a cost ...
I.H.38.Warren Buffett.Be regarded as an asset to the country
1、《1998-05-04 Berkshire Hathaway Annual Meeting》 110. “The truth is you can have the reputation that you want” “事实上，你可以拥有你想要的声誉” WARREN BUFFETT: Let’s go to area 5. 沃伦·巴菲特：让我们转到第5区。 AUDIENCE MEMBER: My name’s Kevin Murphy, I’m from Camarillo, ...
I.H.37.Warren Buffett.Autonomous driving
1、《2024-05-04 Berkshire Hathaway Annual Meeting》 Becky Quick: This question’s for Warren and Ajit. It’s from Jeff Oyster. As a Berkshire and Tesla shareholder, I would like to hear your thoughts on the potential financial effects to GEICO, assuming ...
I.H.36.Warren Buffett.Buy companies or stock?
1、《1998-05-04 Berkshire Hathaway Annual Meeting》 50. If forced to choose, we’d keep the operating businesses 如果必须选择，我们会保留运营型业务 WARREN BUFFETT: Area six, please. 沃伦·巴菲特： 请第6区。 AUDIENCE MEMBER: Hi, my name is David Oosterbaan. I’m from Kalamazoo, ...
I.H.35.Warren Buffett.Charlie wanted to understand everything.
1、《2024-05-04 Berkshire Hathaway Annual Meeting》 Warren Buffett: I’m Warren Buffett and that’s me with Charlie in an unscripted and spontaneous photo taken in Savannah, Georgia early in 1982. Our wives could tell us apart, as long as we wore name ...
I.H.34.Warren Buffett.Operating and Investment
经营和投资的能力是统一，巴菲特的这个想法经历过改变，有区别的想法明显不符合“平常心”的定义。 1、《1996-05-06 Berkshire Hathaway Annual Meeting-Morning Session》 It’s always struck me as terribly illogical, the way property-casualty insurance companies are run, because they’ve been dominated by the ...
I.H.33.Warren Buffett.The “aha” moment
1、《2001-04-28 Berkshire Hathaway Annual Meeting》 57. How Buffett knows when he’s had a “big idea” 巴菲特如何判断自己有了一个“大想法” WARREN BUFFETT: Now, moving onto the big ideas, you know when you’ve got a big idea. And I can’t tell you, you know, exactly what ...
I.H.32.Warren Buffett.Life Insurance
1、《1999-05-03 Berkshire Hathaway Annual Meeting》 58. Two reasons Berkshire isn’t selling life insurance 伯克希尔不从事人寿保险的两个原因 WARREN BUFFETT: Zone 4. (Laughter) 沃伦·巴菲特： 第四区域。（笑声） AUDIENCE MEMBER: I’m David Levy (PH) from Newport Beach, California. 观众： ...
I.H.31.Warren Buffett.Our Method of Operation
1、《1962-01-24 Warren Buffett's Letters to Limited Partners》 Our Method of Operation 我们的投资方法 Our avenues of investment break down into three categories. These categories have different behavior characteristics, and the way our money is divided among ...
I.H.30.Warren Buffett.The Ground Rules
1、《1963-01-18 Warren Buffett's Letters to Limited Partners》 Some partners have confessed (that's the proper word) that they sometimes find it difficult to wade through my entire annual letter. Since I seem to be getting more long-winded each year, I ...
I.H.28.Warren Buffett.Conglomerate Structure
100%控股子公司的股息是免税的，同时也能通过总部（有见识的所有者）消除大量管理上的噪音。 1、《1999-05-03 Berkshire Hathaway Annual Meeting》 77. Creating value for subsidiaries by leaving them alone 通过“放手”来为子公司创造价值 WARREN BUFFETT: Zone 2. 沃伦·巴菲特：第二区域。 AUDIENCE MEMBER: Good afternoon, Mr. Buffett ...
I.H.27.Warren Buffett.Airlines
航空公司是个缺少差异化、商品化特征比较明显的业务。 1、《2001-04-28 Berkshire Hathaway Annual Meeting》 11. Airlines must keep costs in line with competitors 航空公司必须保持成本与竞争对手一致 WARREN BUFFETT: Area 1, please. 沃伦·巴菲特： 请转到第一区域。 AUDIENCE MEMBER: Good morning. I’m Martin Wiegand from ...
I.H.26.Warren Buffett.Accounting
1、《1998-05-04 Berkshire Hathaway Annual Meeting》 113. Berkshire is “poorly” structured for owning securities 伯克希尔在持有证券方面的结构“不佳” WARREN BUFFETT: Area 8. 沃伦·巴菲特： 第八区。 AUDIENCE MEMBER: Yeah, hi. I’m Rachel White (PH) from Missoula, Montana. 观众： ...
I.H.25.Warren Buffett.Long-short Strategy
1、《2002-05-04 Berkshire Hathaway Annual Meeting》 46. Ben Graham and the long/short model 本·格雷厄姆和多空策略模型 WARREN BUFFETT: Six? 沃伦·巴菲特：第六区？ AUDIENCE MEMBER: Hi, I’m Steve Rosenberg (PH). I’m 22, from Ann Arbor, Michigan. It’s a privilege to be here. ...
I.H.22.Warren Buffett.Will
爱钱还是爱工作？ 1、《1998-05-04 Berkshire Hathaway Annual Meeting》 78. Buffett on inheritance: “Enough to do anything, not enough to do nothing” 巴菲特谈遗产：“足够让他们做任何事情，但不足以让他们无所事事” WARREN BUFFETT: OK, zone 8, please. 沃伦·巴菲特：好的，请第8区提问。 JAIME MCMAHON: Hello, I’m ...
I.H.24.Steve Jobs.Making machines intuitive
Refer To：《1983-06-15 Steve Jobs.Before and After Steve’s Talk》。 STEVE JOBS: Well, the major thing is that we’ve got to make things intuitively obvious. And it turns out that people know how to do a lot of things already. In other words, if you walk ...
I.H.23.Warren Buffett.GDP
Refer To：《2003-05-03 Berkshire Hathaway Annual Meeting》。 22. “Desirable” GDP shows how economy affects households “理想” GDP 显示经济如何影响家庭 WARREN BUFFETT: One of the things you have to think about — and people don’t — they don’t focus on this very much. ...
I.H.65.Warren Buffett.Black-Scholes models for options
1、《2002-05-04 Berkshire Hathaway Annual Meeting》 56. The problem with how Black-Scholes values options Black-Scholes估值模型的弊端 WARREN BUFFETT: Number 3? 沃伦·巴菲特：第三个问题？ AUDIENCE MEMBER: Hello, my name is Joseph Lepre (PH). I’m a shareholder from ...
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