Ideas
I.H.204.Right People.Warren Buffett.Average
平庸是已经掉落在地上的苹果，永远不是好事。 1、《1998-05-04 Berkshire Hathaway Annual Meeting》 10. “Time is the enemy of the poor business” “时间是平庸企业的敌人” WARREN BUFFETT: Let’s try zone 3. 沃伦·巴菲特：让我们试试第三区域。 AUDIENCE MEMBER: My name is Warren Hayes (PH). I’m from Chicago, ...
I.H.225.Right People.Andy Jassy.Primitives
Primitives（原子化），这项技术由来已久，软件编程中用过（面向对象的编程技术，最早出现在1960年代的Simula），企业管理中用过（稻盛和夫在1964独创阿米巴的经营方式），现在被Amazon应用于企业的内部管理，把企业拆成一个个最小的原子单元，在此基础上再进行各种组合。 1、《1994-06-16 Steve Jobs.The Rolling Stone Interview》 Is that the period you’re emerging from now? ...
I.H.211.Right People.Steve Jobs.Make Great Products
做好产品需要洞察力，洞察力肯定是个加分项，但如果整个商业模式押注于洞察力就有些问题，不是想有就有，即使有了也像打水漂，扔出去以前不知道结果如何，扔出去以后只能看着。 就像乔布斯说的：“无论发生什么……你无法准确预测会发生什么，但你可以感受到我们前进的方向。这就是你能接近的程度。然后你只需退后，放手让这些事情自行发展”。 1、《1994-06-16 Steve Jobs.The Rolling Stone Interview》 I don’t think of the world that ...
I.H.142.Right Business.Matt Levine.Banks
银行对储户有不可调和的矛盾，既是客户又是“原材料”。 1、《2024-11-18 Matt Levine.SRTs》 SRTs Another theme of this column is that banks don’t have any money. Oh, not literally; I’m partly kidding about this one too. But I have argued that, between stricter bank capital ...
I.H.140.Right Business.Mark Zuckerberg.Podcasts
更容易看到深度思考的形式。 1、《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.100.Warren Buffett.Right Business
“Right Business，Right People，Right Price”，Right Business是排在第1位的因素，人的因素排其次，人的自我意识很容易受到环境的干扰，巴菲特说：“一个声名卓著的经理人如果去管理一个声名狼藉的企业(可以肯定的是这两者的声誉有一个会改变)，通常不变的会是这个企业的名声“。 ...
I.H.306.Right Price.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.216.Right People.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.137.Right Business.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.136.Right Business.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.135.Right Business.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.302.Right Price.Warren Buffett.Stock options
让事情变得复杂很容易，变得简单却很难，股票期权有可能让激励机制变得更复杂而不是简单。 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 ...
I.H.134.Right Business.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.220.Right People.Warren Buffett.Delayed Gratification
不能过分的延迟满足以至于影响正常的心理状态。 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 ...
I.H.132.Right Business.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.131.Right Business.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.227.Right People.Warren Buffett.Synergy among subsidiaries
平庸和卓越都是生理性的，谁也不可能改变谁，参考：《2002-01-20 Steve Jobs.We are what we repeatedly do.》。 From: Steve Jobs To: Apple employees Subject: Aristotle Date: January 20, 2002, 12:47 p.m. We are what we repeatedly do. Excellence, then, is not an act, but a habit. – ...
I.H.130.Right Business.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.226.Right People.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.223.Right People.Charlie Munger.Take a simple idea and take it seriously.
让事情变得复杂很容易，变得简单却很难。 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 ...
I.H.129.Right Business.Warren Buffett.Retailing is a tough business
卖的都是别人的东西，缺少自我的零售业需要一直保持“聪明”以吸引用户，以下是巴菲特的评价。 零售业者必须时时保持聪明警惕，因为你的竞争对手随时准备复制你的做法，然后超越你，同时消费者总是被各种可能的方式吸引去尝试新的商家，在零售业一旦业绩滑坡，注定就会失败。 1、《1996-03-01 Warren Buffett's Letters to Berkshire Shareholders》 It was Nebraska Furniture Mart's Irv Blumkin who did ...
I.H.128.Right Business.Steve Jobs.closed versus open
开源的好处是借助其他人的智慧，有可能的问题是一开始就缺乏信心（认为自己不够好，需要借助“陌生人的善意”），这样的错误只会越滚越大，就像是掉在地上的苹果，一开始有一个小的烂疤，然后越来越大。 1、《2007-05-05 Berkshire Hathaway Annual Meeting》 CHARLIE MUNGER: Yeah. I think that’s exactly right. There are two things: the quality of the business and ...
I.H.224.Right People.Progressive.96 calendar year combined ratio
用表格框住自己的白痴可以强大的不可思议。 1、《2000-04-29 Berkshire Hathaway Annual Meeting》 21. “Average is going be terrible in insurance” 在保险行业，平庸将是致命的 WARREN BUFFETT: The question about insurance, about whether we become average — average is not going to be good [in] ...
I.H.126.Right Business.Warren Buffett.Be regarded as an asset to the country
任何时候都应该成为某种形式的资产。 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 ...
I.H.125.Right Business.Warren Buffett.Autonomous driving
自动驾驶很可能让汽车变得更没有差异性。 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 ...
I.H.124.Right Business.Warren Buffett.Buy companies or stock?
买股票是从一朵花跳到另一朵花，被动接受被投资企业的文化，从力量上看不是最收敛的方式。 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 ...
I.H.222.Right People.Warren Buffett.Charlie wanted to understand everything.
被噪音吸引的生理性本能。 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 ...
I.H.212.Right People.Warren Buffett.Operating and Investment
经营和投资的本质是一样的，但有时候经营需要在局部投入更多的能量，这有可能影响对于本质感受能力。 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.206.Right People.Warren Buffett.The “aha” moment
看问题的角度是最关键的。 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, ...
I.H.123.Right Business.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.122.Right Business.Warren Buffett.Our Method of Operation
非常清晰、非常严密并且非常简单的操作方法。 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 ...
I.H.213.Right People.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.121.Right Business.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.120.Right Business.Warren Buffett.Airlines
一开始的目的就是从A到达B，中途的体验很难改变从A到达B是第一位的目的，航空公司是个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 ...
I.H.232.Right People.Warren Buffett.Will
“我们并没有因为别人渴望我们所拥有的东西而感到享受”。 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 ...
I.H.219.Right People.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.118.Right Business.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.229.Right People.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 ...
I.H.116.Right Business.Warren Buffett.Pharma
救治已经掉在地上的苹果，让它重新长回树上，这是对抗不可抗力的行为，这个行业有大量道德沦丧的行为，以前有脑白金、龟鳖丸，现在这样的神药只多不少。 1、《1999-05-03 Berkshire Hathaway Annual Meeting》 29. “We blew it” on pharmaceutical stocks “在制药股上我们失误了” WARREN BUFFETT: Zone 7. 沃伦·巴菲特： 7号区域。 AUDIENCE MEMBER: Hi, my name is ...
I.H.115.Right Business.Warren Buffett.Financial companies
1、《2001-04-28 Berkshire Hathaway Annual Meeting》 46. Why Berkshire sold its Freddie Mac and Fannie Mae stakes 为什么伯克希尔出售了房地美和房利美的股份 WARREN BUFFETT: Zone 3, please. 沃伦·巴菲特：请三号提问区。 AUDIENCE MEMBER: My name is Steve Sondheimer. I live in Chicago and I’m ...
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