英文名称：Becoming Warren Buffett
年代：2017
推荐：千部英美剧台词本阅读
| 时间 | 英文 | 中文 |
|---|---|---|
| [00:17] | And now one of the most respected investors in America | 现如今美国最受欢迎的投资人 |
| [00:20] | is going to tell you about his secrets. | 将要告诉你他的秘密 |
| [00:30] | “Warren Buffett.” It’s the sound of money. | 沃伦 巴菲特 它就是钱的代名词 |
| [00:33] | $9.2 billion… Billionaire investor Warren Buffett, | 92亿美元 亿万级投资者沃伦巴菲特 |
| [00:35] | the second richest man in America. | 美国第二富有的男人 |
| [00:37] | He’s estimated to be worth about $62 billion. | 他的估值约有620亿美元 |
| [00:40] | That makes him the richest man in the world. | 那使他成为世界上最富有的男人 |
| [00:46] | You know, Buffett is not exactly what you might expect. | 巴菲特可能不是完全是你认为的那样 |
| [00:50] | Even though he’s in the money business, | 即使在金融业务上 |
| [00:52] | he doesn’t even own a calculator or a computer. | 他甚至都没有计算器和电脑 |
| [00:54] | He takes the long view, | 他目光长远 |
| [00:56] | and it’s made him billions, many billions. | 让他赚了数十亿美元 |
| [01:02] | Maybe you can beat the house, | 也许你能在赌场赢钱 |
| [01:03] | but I don’t think you can beat Warren Buffett. | 但是我不认为你能击败沃伦巴菲特 |
| [01:06] | Buffett filed his first tax return at 13 years old. | 巴菲特在13岁时填写了自己的第一份纳税申报单 |
| [01:09] | But he’s no average billionaire, Tom. | 但是他不是普通的亿万富翁 汤姆 |
| [01:11] | No, he certainly isn’t, Matt. | 不 他当然不是 马特 |
| [01:12] | He’s a $44 billion average Joe. | 他是拥有440亿美元的普通人 |
| [01:18] | Warren Buffett has an approach | 沃伦巴菲特 |
| [01:20] | that doesn’t make him very popular with his fellow billionaires. | 拥有不在亿万富翁中受欢迎的办法 |
| [01:25] | Warren Buffett, the boy from Nebraska | 沃伦巴菲特 这位来自内布拉斯加的男孩 |
| [01:27] | who grew up to become the Wizard of Omaha. | 成为了奥马哈的巫师 |
| [01:29] | What was it about him that allowed him to become | 是什么让他成为 |
| [01:31] | the richest man in the world? How did he do it? | 世界上最富有的人? 他怎么做到的? |
| [01:47] | 70 years ago, I was in high school. | 70年前 我还在读中学 |
| [01:51] | Almost a third as long as the country has been around. | 大概就读了我应该读的三分之一那么长 |
| [01:55] | And when I was in high school, | 当我在中学时 |
| [01:57] | I really only had two things on my mind… | 我脑子里只有两件事 |
| [01:59] | girls and cars. | 女孩和车 |
| [02:01] | And– and I wasn’t doing very well with girls, | 我和女孩处得不是很好 |
| [02:04] | so we’ll talk about cars. | 所以我们谈车 |
| [02:05] | But lets just imagine that when we finish, | 但想象一下当我们讨论结束的时候 |
| [02:09] | I’m going to let each one of you pick out the car of your choice. | 我打算让你们选你们想要的车 |
| [02:14] | Sounds good, doesn’t it? | 听起来不错 不是嘛? |
| [02:17] | Pick it out, any color, you name it, | 选出来 什么颜色 记下来 |
| [02:19] | it’ll be tied up with a bow, and it’ll be at your house tomorrow. | 弄好了 明天就送到你家 |
| [02:24] | And you say, “Well, what’s the catch?” | 你会问 你想说什么 |
| [02:29] | And the catch is… | 我想说的就是 |
| [02:30] | that it’s the only car you’re going to get in your lifetime. | 这是你一生中你能获得的唯一一辆车 |
| [02:34] | Now what are you going to do, knowing that that’s the only car | 那现在你知道了这是你一辈子 |
| [02:38] | you’re ever going to have and you love that car? | 唯一一辆车 你也很喜欢他 你要做什么? |
| [02:40] | You’re going to take care of it like you cannot believe. | 你要去好好爱护它 |
| [02:44] | Now what I’d like to suggest | 现在我想建议你的是 |
| [02:46] | is that you’re not going to get only one car in your lifetime, | 你不会在你一生中只拥有一辆车 |
| [02:49] | but you’re gonna get one body and one mind, | 但你只有一个身体和一个大脑 |
| [02:52] | and that’s all you’re going to get. | 那是你所拥有的 |
| [02:54] | And that body and mind feels terrific now, | 身体和大脑现在感觉良好 |
| [02:58] | but it has to last you a lifetime. | 但它要跟你一辈子 |
| [03:04] | I’m on the way to the office. | 我在去办公室的路上 |
| [03:06] | It’s all of a five-minute drive. | 有5分钟的车程 |
| [03:09] | Been doing it… | 我已经有 |
| [03:11] | for 54 years. | 54年这么干了 |
| [03:15] | One of the good things about this five-minute drive | 其中一个好事就是 |
| [03:18] | is that on the way there’s a McDonald’s, | 在五分钟的路上有一家麦当劳 |
| [03:21] | so I’ll pick up something. | 所以我会带些东西 |
| [03:26] | Good morning, | 早上好 |
| [03:27] | thank you for choosing McDonald’s. | 感谢您选择麦当劳 |
| [03:28] | Go ahead and order whenever you’re ready. | 往前走挑选点餐 |
| [03:30] | I’ll have a Sausage McMuffin with egg and cheese. | 我要一个芝士猪柳蛋麦满分 |
| [03:34] | Anything else? That’s it, thank you. | 还要其他的嘛? 就这么多 谢谢 |
| [03:36] | Yeah, and I tell my wife as I shave in the morning, | 我会在早上剃胡子的时候和我妻子说 |
| [03:40] | I say either $2.61, $2.95, or $3.17, | 2.61美元 2.95美元 3.17美元我都会说 |
| [03:45] | and she puts that amount in a little cup by me here | 她会把那么多钱放在那里的小杯子里 |
| [03:49] | and that determines which of three breakfasts I get. | 那决定我早餐吃什么 |
| [03:52] | Hi. 2.95. Okay, 2.95. | 你好 2.95美元 好的 2.95美元 |
| [03:55] | There’s the two. How you doing, sir! | 过得怎样 先生! |
| [03:56] | Hey, great! You’re on “Candid Camera”! | 很好! 你上我们的镜头了! |
| [03:59] | I see. Hello, everybody! | 我看到了 大家好! |
| [04:02] | When I’m not feeling quite so prosperous, | 当我不觉得市场不那么繁荣的时候 |
| [04:03] | I might go with a 2.61, which is two sausage patties, | 我可能吃2.61美元的 里面有两个猪肉馅饼 |
| [04:07] | and then I put ’em together and pour myself a Coke. | 我把它俩放一起 给自己倒一杯可乐 |
| [04:13] | Hi, how are you? Hi. I’ve been good. | 你好 你过得怎么样? 你好 我很好 |
| [04:16] | 3.17 is a bacon, egg, and cheese biscuit, | 3.17美元是培根 蛋 还有芝士比司吉 |
| [04:20] | but the market’s down this morning, | 但是如果早上股票跌了 |
| [04:22] | so I think I’ll pass up the 3.17 and go with the 2.95. | 我就想不吃3.17的 改吃2.95的 |
| [04:32] | I like numbers. | 我喜欢数字 |
| [04:36] | It started before I could remember. | 我从记事前就开始了 |
| [04:41] | It just felt good, working with numbers. | 与数字共处感觉很棒 |
| [04:46] | I was always playing around with numbers in one-way or another. | 我一直在以某种方式和数字一起玩耍 |
| [04:48] | And it was fun to have a bunch of guys over | 有一群家伙在一起 |
| [04:51] | and have them betting on | 赌谁的弹珠 |
| [04:52] | which marble would reach the drain first. | 先滚下真的很有趣 |
| [04:56] | I had a lot of energy as a kid. | 小孩要有很多的能量 |
| [04:58] | I– I was inquisitive, and I was the youngest one | 我很有好奇心 我是班级里最年轻的 |
| [05:01] | always in the class, ’cause I’d skip. | 因为我是跳级的 |
| [05:03] | I’ve always been competitive. | 我一直很好强 |
| [05:08] | I liked to read more than most kids. | 我比大多数孩子读书都要多 |
| [05:10] | I really like to read a lot. | 我真的很喜欢读很多书 |
| [05:13] | My Aunt Edie gave me a copy of “The World Almanac” | 我的姑母给了我一本世界年鉴的复印本 |
| [05:16] | and that was heaven to me. | 那对我来说太重了 |
| [05:18] | And I can still tell you | 我仍然能够告诉你 |
| [05:20] | that Omaha’s population was 214,006 in 1930. | 1930年奥马哈的人口是214006 |
| [05:24] | Some numbers just kind of stick with you. | 某些数字就是与你保持联系 |
| [05:26] | And very early, probably when I was seven or so, | 很早的时候 大概7岁时 |
| [05:30] | I took this book out of the Benson Library | 我从本森图书馆带出一本书 名叫 |
| [05:32] | called “A Thousand Ways to Make a $1,000.” | 赚一千美元的一千种方法 |
| [05:36] | And one of the ways in this book | 书中的方法之一 |
| [05:38] | was having penny weighing machines. | 就是拥有一台投币体重计 |
| [05:44] | And I sat and calculated how much it would cost | 我坐下算了算我要花多少钱 |
| [05:47] | to buy the first weighing machine, | 去购买第一台体重计 |
| [05:48] | and then how long it would take for the profit | 然后赚出的利润购买下一台 |
| [05:50] | from that one to buy another one, and I would sit there | 需要多长时间 |
| [05:52] | and create these compound interest tables | 我会坐在那里做复利表 |
| [05:54] | to figure out how long it would take me to have | 去算让世界上每个人都拥有一台 |
| [05:56] | a weighing machine for every person in the world. | 体重计需要多长时间 |
| [05:59] | I had everybody in the | 我要让所有美国人 |
| [06:00] | country weighing themselves ten times a day, | 每天称十次体重 |
| [06:02] | and me just sitting there like John D. | 我只要坐在那里 |
| [06:04] | Rockefeller of weighing machines. | 像体重计行业的洛克菲勒 |
| [06:09] | The allowance when I was a little boy was a nickel a week, | 我小时候每个星期的零花钱是一个星期五美分 |
| [06:12] | but I liked the idea of having | 但我想让我一个星期的零花钱 |
| [06:14] | a little more than a nickel a week to work with, | 不止五美分 |
| [06:17] | and I went into business very early. | 我很早就进入商业领域了 |
| [06:20] | I started selling Coca-Cola door to door. | 我挨家挨户卖可口可乐 |
| [06:23] | I sold gum door to door. | 卖口香糖 |
| [06:24] | I sold “Saturday Evening Post,” | 卖星期六晚报 |
| [06:26] | “Liberty” Magazine, “Ladies Home Journal,” You name it. | 卖自由杂志 妇女家庭杂志 |
| [06:30] | I think I enjoyed the game almost right from the start. | 我觉得我从一开始就很喜欢这项游戏 |
| [06:35] | But I like being my own boss. | 但我喜欢做我自己的老板 |
| [06:38] | That’s one thing I liked about delivering papers. | 这是我喜欢投递报纸的原因之一 |
| [06:41] | I could arrange the route I wanted. | 我可以安排我喜欢的路线 |
| [06:43] | Nobody was bothering me at 5:00 or 6:00 in the morning. | 在早上五六点钟没人打扰我 |
| [06:50] | I was delivering 500 papers a day, | 我一天投递500份报纸 |
| [06:53] | and I made a penny a paper, but in terms of compounding, | 一份报纸赚一便士 为了获得复利 |
| [06:56] | that penny’s turned into something else. | 那一便士被换成了其他东西 |
| [07:07] | Einstein is reputed to have said that “Compound interest | 爱因斯坦曾因说过 |
| [07:10] | is the eighth wonder of the world” Or something like that, | 复利是世界的第八大奇迹而出名 |
| [07:12] | and it goes back to that story | 有一个故事 |
| [07:13] | you probably learned when you were in grade school | 你可能在学校里听过 |
| [07:16] | where somebody did something for the king, | 有人为国王做事 |
| [07:18] | and the king said, “What can I do for you?” | 国王说 我能为你做什么? |
| [07:20] | And he said, “Well, lets take a chessboard | 他说 拿个棋盘 |
| [07:23] | “And put one kernel of wheat on the first square | 第一个格子里放一颗谷粒 |
| [07:26] | “And then double it on the second | 第二个格子放两颗 |
| [07:27] | and double it on the third.” | 第三个格子里再翻倍 |
| [07:29] | And the king readily agreed to it, and by the time he figured out | 那国王真的同意了 当他 |
| [07:32] | what two to the 64th amounted to, | 算出到第64个格子里总共多少时 |
| [07:35] | he was giving away the entire kingdom. | 他就已经把整个王国的粮食给出去了 |
| [07:37] | So it’s a pretty simple concept, but over time, | 所以这是一个很简单道理 在结束时 |
| [07:42] | it accomplishes extraordinary things. | 就会有非凡的结果 |
| [07:51] | Berkshire is an amazing company. | 伯克希尔是一个神奇的公司 |
| [07:53] | Fourth largest company in the “Fortune” 500. | 财富杂志500强中最大的公司 |
| [07:56] | He is the only person who has ever, from scratch, | 他是500强前十名中唯一 |
| [08:00] | built a company that is in the top 10 of the Fortune 500. | 一个白手起家的人 |
| [08:10] | Berkshire Hathaway. Fine, thank you. | 伯克希尔哈撒韦 好 谢谢 |
| [08:13] | Well, Berkshire is a holding company of sorts. | 伯克希尔是一家多元化的控股公司 |
| [08:16] | It owns a large number of separate businesses | 它拥有大量不同的业务 |
| [08:20] | that operate independently of each other | 很大程度上是 |
| [08:23] | and, to a great extent, | 与它的母公司 伯克希尔哈撒韦 |
| [08:24] | from the parent company, Berkshire Hathaway. | 分开运营 |
| [08:32] | All right, well, we’re going to get more from you in a second. | 我们能在一秒内比你获得更多 |
| [08:34] | So we have maybe 70, maybe 80 businesses, | 我们可能有七八十项业务 |
| [08:37] | and we ask them to behave in a way | 我们让它们 |
| [08:40] | that doesn’t hurt our reputation | 以一种不伤害我们名誉的方式 |
| [08:42] | at Berkshire Hathaway, but they run their own lives. | 在伯克希尔哈撒韦中运营 但是它们是独立的 |
| [08:47] | Other people do most of the | 其他人在 |
| [08:48] | decorating in the office, so various things come in. | 办公室内进行安排 因此有很多不同的事务 |
| [08:53] | Originally, when I moved in in 1962… | 如果你1962年来 |
| [08:57] | you can see this– | 你会看见这个 |
| [08:59] | I went down to the South Omaha Library, | 我来到南奥马哈图书馆 |
| [09:02] | and I think for a dollar, I got seven copies | 我用了1美元 拿到了 |
| [09:06] | of old “New York Times” | 7份旧的纽约时报 |
| [09:08] | from big times like the Panic of 1907. | 有1907年大恐慌时的 |
| [09:12] | This is one– 1929 obviously. | 这很明显是1929年的 |
| [09:15] | But I wanted to put on the walls | 我想要把华尔街 |
| [09:18] | days of extreme panic in Wall Street, | 真正恐慌的年代放在墙上 |
| [09:20] | just as a reminder that anything can happen in this world. | 作为世界上任何事都可能发生的提醒 |
| [09:24] | I mean it– | 我是认真的 |
| [09:25] | it’s instructive art you can call it. | 这是具有启发性的艺术 |
| [09:36] | I was born in 1930 here in Omaha, Nebraska, | 我1930年出生于内布拉斯加的奥马哈 |
| [09:39] | during the stock market crash. | 当时是股市萧条期 |
| [09:43] | My dad lost his job in 1931, a year after I was born. | 我父亲在我出生一年后 1931年时丢掉了工作 |
| [09:50] | He was a stock salesman, | 他是一名股票交易员 |
| [09:51] | and he had what little savings he had in the bank, | 他在银行里有点存款 |
| [09:54] | and so he started his own company. | 所以他开了自己的公司 |
| [09:56] | He worked right through the depression. | 他经历了大萧条 |
| [10:03] | He had an investment company, | 他拥有一家投资公司 |
| [10:05] | and as an adult when I looked back, | 作为一个成年人 |
| [10:07] | I thought, “Wow, did that ever take a lot of nerve.” | 我想 这要拥有多大的勇气 |
| [10:11] | Sometimes we’d go down there on Sunday, | 有时我们周日会去玩 |
| [10:13] | and we could play with the adding machine. | 我们会玩算术计算机 |
| [10:17] | My brother and I tended to play the games together. | 我的兄弟和我喜欢一起玩游戏 |
| [10:20] | And I remember at one point he said to me, | 我记得当时他和我说 |
| [10:23] | “I’m going to be a millionaire by the time I’m… | 我要在我30岁前成为一名百万富翁 |
| [10:26] | 30,” Or something like that. | 或是类似的话 |
| [10:27] | It was totally outside of anything my family had experienced, | 那超出了我们家所经历的 |
| [10:31] | but he just was unusual that way. | 但是他不走寻常路 |
| [10:37] | Well, I was the oldest, | 我是最大的 |
| [10:39] | and then my brother and then my sister. | 然后是我的弟弟和妹妹 |
| [10:41] | And my father would go to New York periodically | 我父亲会定期去纽约 |
| [10:44] | to check on businesses, stocks, and things like that, | 查看他的业务 股票之类的事情 |
| [10:46] | and he’d come back, he’d always have a costume | 他在回来时会给我们每人带一件衣服 |
| [10:48] | for each of us, and Warren loved it. | 沃伦很喜欢那些衣服 |
| [10:52] | He was very good-natured. He was quiet. | 他脾气好 安静 |
| [10:55] | It was hard to tell he was a genius at that point, | 当时还很难察觉出他是个天才 |
| [10:57] | but I mean, who was looking? | 但是谁又会注意到他? |
| [11:04] | The first books I read on investment | 我第一次读有关投资的书 |
| [11:06] | were actually in my dad’s office. | 是在我父亲的办公室里 |
| [11:10] | Pretty soon, I read all the books in the office | 很快 我就读完了他办公室里所有的书 |
| [11:12] | and read some of them more than once. | 有的书读了不止一次 |
| [11:16] | My dad had various nicknames for me. | 我的父亲给我起了很多绰号 |
| [11:18] | He’d call me “Fireball” Sometimes, | 他有时会叫我”火球” |
| [11:20] | because I’d start little businesses. | 因为我开始了一点小生意 |
| [11:22] | He didn’t care about money at all. | 他根本不在乎钱 |
| [11:25] | He believed very much in having an inner scorecard | 他很相信有内部评分卡的存在 |
| [11:28] | and never worry about what other people are thinking about you. | 而且从来不担心别人如何看你 |
| [11:31] | You know, just– just– | 你知道 |
| [11:33] | if you know why you’re | 如果你知道你为什么 |
| [11:35] | doing what you’re doing, that’s good enough. | 要做你正在做的事 那就足够了 |
| [11:37] | I admired everything about him to the extent | 我仰慕他的全部 |
| [11:40] | that I was absorbing lessons from him without knowing it. | 以致我一直能从他那里学到东西 |
| [11:43] | And the idea that all lives have equal value is something that | 从记事时 三个孩子都明白 |
| [11:47] | all three of his children felt since I can remember. | 人人生来平等这个道理 |
| [11:53] | My dad at one point ran for congress | 我父亲在12岁时 |
| [11:55] | when I was 12 or so. | 为国会的事情奔波 |
| [11:58] | It was a very republican household. | 这是一个非常倾向于共和党的家庭 |
| [12:00] | I campaigned for him. My sisters campaigned for him. | 我为他助选 我姐妹为他助选 |
| [12:03] | The whole family did. | 全家都为他助选 |
| [12:08] | My mother was very, very bright, | 我母亲非常 非常聪明 |
| [12:11] | and she was very gregarious. | 她非常懂得社交 |
| [12:12] | She was a good campaigner for my dad. | 她是一名很好的竞选伙伴 |
| [12:16] | She had a lot of ambition, | 有很多抱负 |
| [12:19] | and I think my brother Warren got a lot | 我觉得我的哥哥沃伦 |
| [12:22] | of his extreme competitiveness from my mother, actually. | 从我母亲那里继承了很多竞争力 |
| [12:28] | She was brilliant at math. | 她数学很好 |
| [12:29] | You know, I guess they still had these things | 我猜他们在组装东西的地方 |
| [12:32] | where you crank them and things added up, | 仍然有那些东西 |
| [12:33] | and she could add it in | 她在脑中 |
| [12:34] | her head faster than the machine could do it. | 组装得比机器都要快 |
| [12:36] | She was absolutely amazing in that. | 在那方面她真是太神奇了 |
| [12:41] | She was very dutiful about taking care of the kids, | 在照顾孩子方面她也很尽责 |
| [12:43] | but you didn’t get the same feeling of– of love. | 但你没有感受到同样的爱 |
| [12:46] | It was there, but it just– | 但是 |
| [12:47] | it didn’t come out the same way as with my dad. | 就是和我父亲给予的爱有所不同 |
| [12:51] | Howard Buffett, Sr. | 老霍华德巴菲特 |
| [12:52] | On radio: In the nation, the only permanent way | 在这个国家 |
| [12:54] | to prosperity is a balanced budget. | 通向繁荣的唯一永恒道路是平衡预算 |
| [12:57] | Unless that goal is achieved, | 除非目的达到 |
| [13:00] | all post-war plans will collapse like Hitler’s conquest. | 所有的战后计划都会像希特勒的侵略一样土崩瓦解 |
| [13:04] | Man on radio: You have heard Congressman Howard L.H. Buffett, | 你听到的是共和党众议员 |
| [13:07] | a Republican member of the House of Representatives | 霍华德巴菲特 |
| [13:09] | from Nebraska speaking on the– | 在内布拉斯加的讲话 |
| [13:10] | When I was about 12 or 13, | 当我12或13岁时 |
| [13:12] | we moved to Washington, my family, and I was mad. | 我们搬到了华盛顿 我们家和我都是一团糟 |
| [13:15] | I was having fun in Omaha, and I lost all my friends, | 我之前还在奥马哈享受乐趣 我还失去了所有的朋友 |
| [13:18] | and now I moved to a town where they were all strange, | 现在我搬到了全是陌生人的地方 |
| [13:21] | and so I was very, very unhappy. | 所以我非常非常不开心 |
| [13:29] | At school, I just lost interest. | 在学校 我失去了兴趣 |
| [13:32] | I took pleasure in tormenting my teachers. | 我以折磨我的老师们为乐 |
| [13:38] | At that time for example, AT&T was the stock | 例如当时 AT&T是所有老师 |
| [13:41] | that all teachers owned for their retirement, | 为退休而都持有的股票 |
| [13:44] | and I decided that it would drive my teachers a little crazy | 我认为如果我卖空这个股票 |
| [13:47] | if I went and short the stock, because when you go short a stock, | 会让我的老师们陷入疯狂 因为当你卖空这个股票 |
| [13:50] | you’re betting that it will go down. | 你就是押注它会下跌 |
| [13:53] | So I shorted 10 shares of AT&T, | 所以我卖空了10份额的AT&T |
| [13:55] | and then brought the confirmation to school | 然后我带着证明去学校 |
| [13:57] | and showed these teachers I was shorting the stock. | 向老师展示我卖空了那支股票 |
| [14:00] | They found me a big pain in the neck, | 他们觉得我非常讨厌 |
| [14:02] | but they did think I knew a lot about stocks. | 但是他们觉得我很懂股票 |
| [14:08] | And then at home, my mother would have terrific headaches, | 在家的时候 我的母亲会有严重的头疼 |
| [14:12] | and you didn’t want to be | 在她头疼的时候 |
| [14:13] | around her when she was having the headaches, | 你不会想在她身边 |
| [14:15] | and she would– she would lash out more. | 她会乱摔某些东西 |
| [14:17] | She would never do it in public. | 她从不会当众做这样 |
| [14:20] | Well, I think we were terrified of her. | 我觉得我们很害怕她 |
| [14:23] | When I’d wake up in the morning, | 当我早上醒来时 |
| [14:25] | I’d listen to hear her voice. I could tell by her voice | 我会听到她的声音 我能通过她的声音 |
| [14:27] | if it was going to be a terrible day or not. | 分辨出今天是否糟糕 |
| [14:30] | When she got difficult, the three children felt it. | 当她遇到困难时 三个孩子都能感受到 |
| [14:36] | When I was at the low point, | 当我在低谷时 |
| [14:37] | sort of, I decided that I would run away. | 我觉得我会逃离 |
| [14:42] | So I talked two other guys into running away with me. | 所以我叫其他两个人和我一起走 |
| [14:46] | We went out, and we start hitchhiking… | 我们出去搭顺风车 |
| [14:49] | and then we got picked up by the highway patrol | 我们被高速公路巡警带上了 |
| [14:51] | and that scared the hell out of us. | 那可把我们吓坏了 |
| [14:57] | It’s very interesting. My | 那非常有趣 |
| [14:58] | dad never really gave me hell about doing this, | 我的父亲从来不因为这个训斥我们 |
| [15:00] | but he finally said, “You know,” | 但他最后说 你们知道的 |
| [15:02] | he said, “You can do better than this.” | 你们可以比这做的更好 |
| [15:05] | And just saying that, I mean, I– | 我的意思是 |
| [15:08] | I felt like I was letting him down, basically. | 我感觉我让他失望了 |
| [15:10] | So in all ways, he was teaching me. | 所以他一直在让我受到教诲 |
| [15:13] | Never taught by telling me things, | 不是用告知我的方式来教育我 |
| [15:16] | he just taught by example. | 他通过举例来进行 |
| [15:18] | He had unlimited confidence in me, even when I screwed up, | 他对我有无限的信心 甚至是在我搞砸的时候 |
| [15:21] | and that takes you a long, long way. | 那对你来说会是很长的路 |
| [15:28] | The best gift I was ever given | 我收到的最棒的礼物 |
| [15:30] | was to have the father that I had when I was born. | 就是我出生时就拥有的那位父亲 |
| [15:38] | I didn’t want to go to college. | 我不想去上大学 |
| [15:40] | I was 16 when I got out of high school | 我16岁时离开中学 |
| [15:42] | and I was buying stocks. | 就买股票了 |
| [15:44] | I mean, I actually was having a pretty good time | 我是说我真的拥有很多时间 |
| [15:46] | and I didn’t see that really | 我并没有发现我去学校 |
| [15:47] | was much to be gained by going to college, | 我能获得多少 |
| [15:49] | but my dad kind of jollied me into it. | 但我父亲会拿这开玩笑 |
| [15:53] | He had a roommate who was a friend of mine, | 他有一个室友是我的好朋友 |
| [15:55] | and the roommate said it would just drive him crazy, | 那室友说这让他疯狂 |
| [15:57] | because he studied all the time, | 因为他一直在学习 |
| [15:59] | and Warren would come in 15 minutes before the exam | 沃伦会在考试前15分钟到场 |
| [16:02] | and just ace his way through it. | 用他的方式拿到高分 |
| [16:06] | I finished in three years, ’cause I had enough credits, | 我三年就读完了 因为我拥有足够的学分 |
| [16:09] | and I was in a hurry. I wanted to get out. | 我想快点结束 |
| [16:15] | When I got out of the University of Nebraska, | 当我从内布拉斯加大学毕业 |
| [16:17] | I applied to Harvard Business school. | 我申请了哈佛商学院 |
| [16:20] | They told me I was to get interviewed in a place near Chicago. | 他们告诉我去靠近芝加哥的地方面试 |
| [16:24] | I got there, and he interviewed me for about 10 minutes, | 我到那 面试了我10分钟 |
| [16:28] | and he said, “Forget it.” | 他说 忘了它吧 |
| [16:30] | “You’re not going to Harvard.” | 你没被哈佛录取 |
| [16:31] | And so now I’m thinking, “What do I tell my dad? | 所以我现在想 我该和我父亲说什么? |
| [16:34] | Oh, this is terrible.” And it turned out to be | 这太糟糕了 结果这成了 |
| [16:37] | the best thing that ever happened to me. | 我遇到过的最好的事情 |
| [16:39] | Later that summer, | 那个夏天的后半段 |
| [16:40] | I was looking through a catalog | 我在目录里找 |
| [16:42] | and in the catalog, it had | 在目录里 |
| [16:44] | these names of people that were teaching, | 有的人在教书 |
| [16:46] | and one was Graham and another was Dodd. | 一位是格拉汉姆 另一位是多德 |
| [16:49] | I had read this book by the two of them, | 这两位的书我都读过 |
| [16:52] | so I wrote him a letter in mid-August, | 所以我在八月中给他写了信 |
| [16:54] | and I said, “Dear Professor Dodd,” | 信里写 亲爱的多德教授 |
| [16:57] | I said, “I thought you guys were dead.” | 我以为你们已经去世 |
| [16:59] | “But, now that I found out that you’re alive | 但我发现现在你们还活着 |
| [17:02] | and teaching at Columbia, I would really like to come.” | 在哥伦比亚大学教书 我真的很想来 |
| [17:05] | And he admitted me. So, you know what? | 然后他录取了我 |
| [17:08] | That– it just shows, you never can tell. | 这永远不会知道会发生什么 |
| [17:17] | Gentlemen, Professor Graham. | 格拉汉姆教授 |
| [17:19] | Ben was this incredible teacher. | 本是一名难以置信的老师 |
| [17:21] | I mean he– he was a natural, and he drew us all in. | 他一点也不做作 全身心让我们投入 |
| [17:24] | Are Wall Street professionals– | 华尔街专业人士 |
| [17:26] | they more accurate in the | 的短期预测 |
| [17:28] | shorter term than the long term forecast? | 真的要比长期预测要准吗? |
| [17:31] | Well, our studies indicate | 我们的研究显示 |
| [17:33] | that you have your choice between tossing coins… | 用掷硬币 |
| [17:36] | and taking the consensus of expert opinions, | 和听取专家意见来进行选择 |
| [17:39] | and the results are just about the same in each case. | 得到的结果是差不多的 |
| [17:44] | It was like learning baseball | 就像从能打出400码那里的人 |
| [17:45] | from a fellow who’s batting .400. | 学打棒球一样 |
| [17:48] | It really– it shaped my professional life. | 这塑造了我的职业生涯 |
| [17:53] | There are two rules of investing according to Warren, | 跟着沃伦投资有两条规则 |
| [17:56] | and he learned this from Ben Graham. | 他从本格拉汉姆那里学到了这个 |
| [18:02] | Rule number one, never lose money. | 规则一 不要赔钱 |
| [18:05] | Rule number two, never forget rule number one. | 规则二 不要忘记规则一 |
| [18:11] | Ben Graham basically coined the term “Value investing.” | 本格拉汉姆创造了价值投资这个概念 |
| [18:15] | He believed in careful scrutiny | 他相信对公司财务报表 |
| [18:18] | of a company’s financial statements, | 详细审查 |
| [18:21] | and that if you bought value, it would eventually prove out. | 如果你购买了价值 就会有好的结果 |
| [18:28] | A few years ago, I went to Amazon, | 几年前 我去亚马逊 |
| [18:31] | and sure enough, they had this manual there, | 他们那肯定有卖这本手册 |
| [18:33] | so while reliving my youth– other guys were going to Amazon | 所以当要回顾年轻时代时 其他人 |
| [18:37] | and probably buying old “Playboys” Or something, | 可能会买以前的花花公子或是其他什么 |
| [18:40] | but I bought old Moody’s manuals instead, | 但我会买穆迪手册 |
| [18:42] | and when I got out of school, I started selling stocks, | 当我毕业时 我开始卖股票 |
| [18:46] | I was 20 years old at the time, | 我当时20岁 |
| [18:48] | looked about 16, and acted about 12, | 看起来像16岁 表现得像12岁 |
| [18:50] | so I was not the most impressive salesperson anybody ever met. | 所以我自己并不是我所见到的最令人钦佩的交易员 |
| [18:54] | But what I would do was I went through, page by page, | 但我会一页页看 |
| [18:58] | looking for possibly undervalued stocks. | 寻找估值偏低的股票 |
| [19:03] | Peter Kunhardt: Is this like going through an old family album? | 和看老的家庭照片一样吗? |
| [19:05] | Better! | 比看那个更棒! |
| [19:11] | When I got out of business school at Columbia, | 当我从哥大商学院毕业 |
| [19:14] | I developed pretty decent skills in terms of business, | 我开发出了很好的商业技能 |
| [19:17] | but I hadn’t really come to terms with the world exactly. | 但我真的无法屈服与这个世界 |
| [19:22] | What were you like around girls back then? | 你和女生处得怎么样? |
| [19:24] | Bad. I was– I was sort of | 不怎么样 |
| [19:26] | out of the swing of things there for a while. | 我当时有些不谙世事了 |
| [19:30] | I went to my 60th reunion, and there was a girl there. | 我去参加了我第60个同学会 有个女孩 |
| [19:34] | I took her out one time to the Uptown Theater in Washington, | 我有次带她去华盛顿的上城剧院 |
| [19:38] | and I asked her whether she remembered what movie we saw, | 我问她我们看过哪一部电影 |
| [19:41] | and she said, “No, I don’t remember that.” | 她说 不 我不记得了 |
| [19:42] | And then she said, “But I do remember one thing.” | 她接着说 但我记得一件事 |
| [19:45] | And like an idiot, I said, “What was that?” | 我像一个白痴一样说 你记得什么? |
| [19:47] | And she said, “Well, you picked me up in a hearse.” | 她说 你用一辆灵车接的我【灵车漂移666】 |
| [19:49] | And it was true that I owned | 我在高中的时候 |
| [19:51] | a half-interest in a hearse while I was in high school, | 真的拥有一辆利率打折的灵车 |
| [19:53] | which was not the smoothest thing that– | 现在你约会 |
| [19:55] | or coolest, as they would say now– | 带着人家坐灵车 |
| [19:57] | that you could– you could do on a date. | 不好也不酷 |
| [20:03] | There were two turning points in my life. | 我人生中有两个转折点 |
| [20:06] | Once when I came out of the womb, | 一次是我从子宫中降生 |
| [20:07] | and once when I met Susie, basically. | 另一次是我遇到苏西 |
| [20:13] | She was the girl, yep. | 她就是我的那个女孩 |
| [20:16] | But it took her a little longer | 但是她花了很长时间 |
| [20:18] | to figure out I was the boy. | 才知道我是那个男孩 |
| [20:23] | Susie Buffett: I was going to be | 我在西北大学时 |
| [20:25] | his youngest sister’s roommate at Northwestern. | 是她妹妹的室友 |
| [20:28] | So I walk into their house, he was sitting in this chair, | 我走进他们的房子 他坐在椅子里 |
| [20:32] | and he made some sarcastic quip. | 说了一些垃圾话 |
| [20:36] | So I made one back. I thought, “Who is this jerk?” | 我回了一句 我想 这怪人是谁? |
| [20:40] | And that’s how we met, yes. | 我们就是这么认识的 |
| [20:45] | Listen, Warren is smarter than you even know. | 听着 沃伦比你想得还要聪明 |
| [20:48] | His brain is going all the time. | 他的脑袋一直在转 |
| [20:51] | And my dad said to me, | 我父亲和我说 |
| [20:54] | “Now you have to understand about him– | 现在你要理解他 |
| [20:56] | “You’re not going to have discussions with him | 你不能像和大多数正常人 |
| [20:59] | “Like you would most normal people, | 讲话一样和他说话 |
| [21:01] | but he has a heart of gold.” | 但他有一颗金子般的心 |
| [21:05] | He was just totally enamored of her, | 他对妻子很迷恋 |
| [21:07] | and why not? And she of him. | 为什么不呢? 她对他也是如此 |
| [21:10] | She’d sit on his lap all the time, and he’d stroke her hair. | 她会一直坐在他的膝盖上 他轻抚着他的头发 |
| [21:14] | It was softening him. | 这软化了他 |
| [21:17] | Susie was really kind, considerate, | 苏西非常善良 体贴 |
| [21:20] | and she was the balancing force. | 她就是那种平衡的力量 |
| [21:26] | I just got very, very, very lucky. | 我非常非常幸运 |
| [21:28] | But I was a lopsided person, | 但我是一个非常不平衡的人 |
| [21:31] | and it took a while, but she just stood there | 这需要一段时间 但她就 |
| [21:33] | with a little watering can | 拿着小水壶 |
| [21:36] | and just nourished me along and– and changed me. | 为我浇灌 改变了我 |
| [21:43] | Somebody once said that the chains of habit | 有人曾说兴趣的链条之轻 |
| [21:46] | are too light to be felt until they’re too heavy to be broken. | 无法感受 除非你去重重地破坏它 |
| [21:51] | I had been terrified of public speaking. | 我曾害怕当众演讲 |
| [21:55] | I couldn’t do it. I’d throw up. | 我做不到 我会呕吐 |
| [21:57] | And I knew if I didn’t cure it then, I’d never cure it. | 我知道我不过不治就治不好了 |
| [22:02] | And so I saw an ad in the paper for the Dale Carnegie Course, | 所以我看到了报纸上戴尔卡内基课程的广告 |
| [22:07] | which worked on developing your ability to speak in public, | 那是开发人当众说话能力的 |
| [22:10] | and I went down there. | 所以我就去了 |
| [22:11] | Dale Carnegie: Be sincere. | 真诚 |
| [22:13] | A good smile has the same effect | 好的笑容和狗的尾巴 |
| [22:16] | as a puppy’s tail. When a puppy wags– | 一样有用 当小狗摇尾巴时 |
| [22:17] | They made us do all these crazy things | 他们会做出种种疯狂的事 |
| [22:19] | to get out of ourselves, and so we stood on tables | 来逃避自身 所以我们站在桌子上 |
| [22:22] | and did all kinds of things. | 做各种事情 |
| [22:29] | If I hadn’t had done that… | 如果我没完成那课程 |
| [22:30] | my whole life would have been different. | 我的整个人生可能就会不同 |
| [22:34] | So in my office you will not see | 所以在我办公室不会看见 |
| [22:36] | the degree I got from the University of Nebraska. | 我在内布拉斯加大学获得的学位 |
| [22:38] | You will not see the | 你也不会看见 |
| [22:39] | Masters degree I got from Columbia University, | 我在哥大获得的硕士学位 |
| [22:42] | but you’ll see the little award certificate | 但你会看见我在戴尔卡内基课程中 |
| [22:44] | I got from the Dale Carnegie Course. | 获得的小小证书 |
| [22:48] | As a matter of fact, every week, | 事实上 每个周末 |
| [22:50] | the instructor would give a pencil | 教员都会给 |
| [22:53] | to whoever had done the | 上周完成最多的 |
| [22:55] | most with what we’d learned the week before. | 学员一支铅笔 |
| [22:57] | And so in the fourth or fifth week, | 所以在第四第五周 |
| [23:00] | I proposed to her mother, | 我向孩子她妈求婚 |
| [23:02] | and she said yes. And so that week, | 她同意了 所以那周 |
| [23:05] | I won the pencil, I also got engaged, | 我赢得了铅笔 也订婚了 |
| [23:09] | and it was an incredible week. | 那是难以令人置信的一周 |
| [23:16] | The wedding date was kind of interesting, | 结婚日期也很有趣 |
| [23:18] | because I couldn’t see anything without my glasses, | 因为我不戴眼镜什么都看不见 |
| [23:19] | and I was so nervous that I– | 所以我很紧张 |
| [23:21] | I just decided to take off my glasses | 我只想拿掉眼镜 |
| [23:23] | and I wouldn’t be able to see all those people out there. | 我无法看见那些人 |
| [23:33] | She was 19 when we got married and I was 21… | 我们结婚时她19岁 我21岁 |
| [23:37] | but she was so much more mature than I was. | 但是她比我成熟 |
| [23:39] | There was no comparison. | 没有可比性 |
| [23:46] | She was a better person than I was… | 她人比我更好 |
| [23:49] | but when you get married, it’s not a question of saying, | 但当你结了婚 就不是那么回事了 |
| [23:51] | “I’m going to put a 14% factor in for humor, | 我会把14%的原因放在幽默 |
| [23:54] | and 17% for intellect, and 22% for looks.” | 17%是智商 22%是长相 |
| [23:57] | It doesn’t work that way. | 那不管用 |
| [24:00] | I knew it was the right decision, and– and it was. | 我知道那是正确的决定 绝对的 |
| [24:12] | You could live anywhere in the world. | 你可以住在世界上的任何地方 |
| [24:14] | Why do you choose Omaha, Nebraska? | 为什么你选择内布拉斯加的奥马哈? |
| [24:16] | Yeah, I love it, and I– you know, I was… | 我喜欢这里 你知道 |
| [24:19] | born about a mile from here and, you know, | 我在离这里一英里地的地方出生 |
| [24:22] | I’ve never had a bad experience in Omaha. | 我在奥马哈从来没有感觉不好 |
| [24:36] | Well, Omaha and Nebraska are home to me. | 奥马哈和内布拉斯加对我来说就是家 |
| [24:41] | Everything about it seems like home. | 所有关于这里的一切都像家一样 |
| [24:45] | It’s a pace, it’s relationships. | 这是一种节奏 一种关系 |
| [24:49] | There’s a lot of continuity. There’s a lot of community. | 有很多连续性 也有很多社区 |
| [24:53] | There’s a lot of friendship. | 还有很多朋友 |
| [24:54] | It’s a very solid place and friendly place | 你长大还有做投资的地方 |
| [24:57] | in which to grow up in, in which to conduct a business. | 是一个可靠而且友好的地方 |
| [25:04] | When I came back to Omaha in early 1956, | 当我在1956年回到奥马哈时 |
| [25:08] | I had no idea what I was going to do. | 我不知道我该干什么 |
| [25:12] | A few months after I came back, some members of the family said, | 我回来后几个月 我的一些家庭成员说 |
| [25:15] | “What should we do with our money?” | 我们该怎么处理我们的钱? |
| [25:16] | And I said, “Well, I’m not going back | 我说我不会 |
| [25:17] | “In the business of selling stocks, | 再炒股了 |
| [25:19] | but if you would like to join me in a partnership,” | 但如果你们愿意加入我跟我合作 |
| [25:21] | I said, “I’ll be glad to do it.” | 我很高兴这么做 |
| [25:22] | So within a couple of months after coming back, | 所以回来几个月后 |
| [25:24] | I set up the first partnership. | 我创立了第一个合伙企业 |
| [25:33] | I wrote all the checks individually. | 我亲自写每一张支票 |
| [25:35] | I filed 11 income-tax returns. | 我填了11张所得税申报单 |
| [25:37] | I took delivery on stocks for all these different companies. | 我为各种企业购买股票 |
| [25:40] | I– I was a one-man band there for six years. | 六年间我就是一个人的品牌 |
| [25:47] | Sandy Gottesman: Warren | 沃伦 |
| [25:48] | would sit upstairs in his little office there, | 会坐在他楼上的小办公室里 |
| [25:50] | and I would bring up the name of a company, | 我会提出公司的名字 |
| [25:53] | and most of the time he knew | 大多数时候 |
| [25:55] | much more than I did about the company. | 他了解公司比我要多 |
| [25:56] | He’d know how many shares were outstanding. | 他知道有多少份额还没偿付 |
| [25:58] | He’d know the capitalization. He’d know the earnings. | 他知道总资本 知道收入 |
| [26:01] | It was absolutely incredible. | 真是令人难以置信 |
| [26:04] | I mean when Warren said something, it meant a heck of a lot, | 我是指沃伦说了什么 就意味着很多 |
| [26:07] | and I think all of us paid a lot of attention to Warren | 我认为当他对某件事有明确的立场时 |
| [26:10] | when he took a definite stand on something. | 我们向他投去了太多关注 |
| [26:15] | Charlie Munger: When I first met Warren back in 1959, | 当我1959年第一次见到沃伦回来 |
| [26:19] | I recognized immediately | 我立马发现 |
| [26:21] | that he was a very intelligent person. | 他是一个非常聪明的人 |
| [26:24] | For the last four or five years, | 过去四五年 |
| [26:26] | the stock market has been booming along | 股市告诉运行 |
| [26:28] | and presumably forecasting better business, | 大概预测了 |
| [26:30] | which has really not materialized, | 还未成型的更佳产业 |
| [26:32] | so maybe the stock market is really correcting | 所以股票市场是在 |
| [26:35] | a previous incorrect forecast this time | 纠正之前的错误预测 |
| [26:37] | rather than making a new correct one. | 而不是做正确的预测 |
| [26:39] | He made a lot of money buying thinly traded securities | 他花了很多钱购买很便宜的 |
| [26:43] | that were incredibly cheap statistically. | 可交易证券 |
| [26:50] | Warren was, at that time, | 沃伦当时 |
| [26:52] | dealing with small companies, | 与小公司谈生意 |
| [26:53] | and his investments often were to buy a company | 他的投资通常是购买 |
| [26:57] | that you could figure was a discarded cigar butt, | 形如烟头的公司 |
| [27:01] | but it had one more smoke in it, | 但是有人还在吸 |
| [27:02] | and he wanted to buy at the right time | 他想要在正确的时候买 |
| [27:05] | to be able to benefit from the one smoke. | 从那个抽烟的人身上获利 |
| [27:09] | The first partnership started with $105,100. | 合伙企业以105100美元起步 |
| [27:13] | I put up the 100, and the other people put up the 105,000. | 我投入100 其他人投入105000 |
| [27:16] | And then at the start of 1962, I moved to Kiewit Plaza. | 接着在1962年之初 我搬到了基伟大厦 |
| [27:20] | And by the time I moved to Kiewit Plaza, | 在我们搬到基伟大厦之时 |
| [27:23] | we had $7 million invested, | 我们已经投资了700万美元 |
| [27:25] | and a fair amount was profits. | 盈利数量可观 |
| [27:31] | I was then renting a house. I never owned a house to that point. | 接着我租了一套房子 我那时没有房子 |
| [27:36] | And then two years later, | 两年后 |
| [27:37] | I bought the house I live in today in 1958. | 我1958年买下了我现在住的房子 |
| [27:49] | We had three children, Susie and I. | 我们有三个孩子 还有苏西和我 |
| [27:55] | And we had ’em young, incidentally, | 我们年轻时生了他们 |
| [27:56] | which was I think was a very good thing. | 我觉得很好 |
| [28:03] | My daughter Susie was born here. | 我的女儿苏西在这里出生 |
| [28:07] | I named her Susie just like that, as soon as I looked at her, | 我看到她时我就给她起了苏西这个名字 |
| [28:09] | because she looked just like her mother, | 因为她长得像她母亲 |
| [28:15] | And she was a cinch. | 她是小事一桩 |
| [28:20] | And then Howie was, you know, this absolute bundle of energy… | 而豪伊就拥有相当的能量了 |
| [28:26] | which made things very difficult | 对我妻子苏西 |
| [28:28] | for big Susie for a while. | 就很困难了 |
| [28:33] | Peter again reverted back to Susie’s personality, | 皮特则又回到苏西的个性 |
| [28:36] | and he was an easy child. | 他是个简单的孩子 |
| [28:43] | Howard Buffett: Well, I would describe my childhood as normal, | 我会把我的童年描述为很普通的 |
| [28:45] | but who knows what normal is? | 但谁知道是哪种普通? |
| [28:47] | People often think, | 人们通常会想 |
| [28:49] | “Well, Warren Buffett was this famous rich guy.” | 沃伦巴菲特是著名的富翁 |
| [28:51] | He was not famous, and he wasn’t rich | 当我们长大时 |
| [28:53] | when we were growing up. | 他不出名 也不富裕 |
| [28:56] | What I saw first and foremost, | 我首先看到的是 |
| [29:00] | day in and day out, was consistency. | 日复一日 每天都一样 |
| [29:03] | Every day we hear the garage door close in the house | 每天我们都能在屋子里听见车库门关上 |
| [29:06] | and then like clockwork, my dad would come in the door, | 我父亲就会进门 |
| [29:10] | “I’m home!” And we’d all eat dinner together, | 我回来了! 然后我们一起吃晚餐 |
| [29:13] | which I think surprises a lot of people. | 我想这会让很多人惊讶 |
| [29:18] | Susie Buffett, Jr.: My dad, he used to rock me to sleep at night | 我父亲通常会在夜里哄我睡觉 |
| [29:21] | and sing “Over the Rainbow,” So I have | 唱飞越彩虹 |
| [29:23] | this insanely sentimental attachment to that song. | 所以我对那首歌有很多眷恋 |
| [29:28] | I’ve always had a really close relationship with him. | 我一直和他有很近的关系 |
| [29:36] | I’ve got three very different kids, | 我有三个很不一样的孩子 |
| [29:37] | and they’ve got a common heart, | 他们都有一颗平常心 |
| [29:39] | which they got from their mother. | 都是从他们母亲那里来 |
| [29:44] | She did most of the work by far | 她做了很多 |
| [29:45] | of bringing up the children, | 抚养小孩的工作 |
| [29:47] | which is probably a good thing. | 这可能是个好事 |
| [29:48] | They have more of her qualities than mine, | 他们拥有他们母亲的品质比我的更多 |
| [29:50] | which I would– I would recommend. | 我很推崇这个 |
| [29:54] | Well, my mom was | 我母亲是我 |
| [29:56] | the biggest part of my life growing up… | 成长过程中的最大一部分 |
| [29:58] | even though I got disciplined on a regular basis | 即使我经常被训 |
| [30:01] | and she was usually the one doing it, | 而母亲就是训我的那个人 |
| [30:03] | she was still my best friend. | 她依旧是我最好的朋友 |
| [30:05] | She was somebody who would help anybody, | 她是会帮助任何人的人 |
| [30:07] | I mean, whether she knew ’em or didn’t know ’em | 我是指不管她认识或是不认识的 |
| [30:09] | or maybe even didn’t agree with them, she would still help them. | 或是不赞同她的人 她都会给予帮助 |
| [30:14] | She was incredibly empathetic, | 她很容易感同身受 |
| [30:16] | and she was interested in every person individually. | 对每个人都感兴趣 |
| [30:20] | She never cared about money or business at all. | 她从不关心钱和生意 |
| [30:24] | I mean he would go around saying, | 我是指他会说 |
| [30:25] | “I’m going to be the richest man in the world.” | 我要成为世界上最富有的人 |
| [30:29] | And I think, well, it’s like somebody says, | 我觉得就像有人说 |
| [30:32] | “I play music, and I’m gonna be Mozart.” | 我喜欢音乐 我要成为莫扎特 |
| [30:35] | I don’t know. How does anyone know… | 我不知道 人们怎么知道 |
| [30:39] | How does anyone know? You know? | 你知道吗? |
| [30:41] | So that was okay. I don’t really care about that. | 所以那没问题 我不在乎 |
| [30:47] | I would say that Susie led Warren | 我会说是苏西让沃伦 |
| [30:49] | toward changing his political views. | 改变了他的政治观点 |
| [30:51] | He grew up as a young Republican, | 他作为一名年轻的共和党人长大 |
| [30:53] | his father was a Republican congressman, | 他的父亲是一名共和党议员 |
| [30:56] | but Susie saw things in different ways. | 但苏西有不同的看法 |
| [30:59] | She was the catalyst. | 她是催化剂 |
| [31:01] | Freedom, freedom, freedom! | 自由 自由 自由! |
| [31:05] | Louder, louder, louder, louder, louder! | 大声一点! |
| [31:07] | Freedom, freedom… What do we want now? | 自由 自由 我们现在需要什么? |
| [31:11] | When the children were growing up, | 当我们的孩子长大时 |
| [31:13] | I was very involved in civil rights. | 我就参与到人权中 |
| [31:16] | I was immersed in it, | 我对这很沉迷 |
| [31:18] | and I think that’s what made Warren a Democrat. | 我觉得那使沃伦成为了一名民主党人 |
| [31:21] | He would go with me to hear speakers. | 他会和我去听演讲 |
| [31:26] | I remember that speech that Martin Luther King gave. | 我记得马丁路德金做的演讲 |
| [31:29] | That was one of the most inspiring speeches I– I’ve ever heard. | 那是我听过的最鼓舞人心的演讲 |
| [31:33] | I come to say to you this afternoon… | 我今天下午来和你谈 |
| [31:35] | Took me right out of my seat. My wife was with me. | 带我走出座位 我的妻子和我一起 |
| [31:37] | We both had the same experience. | 我们都拥有相同的经历 |
| [31:39] | Martin Luther King: It will not be long. It was interesting, he– | 不会久远了 这很有趣 |
| [31:41] | in that speech, he talked about truth forever on the scaffold, | 他在绞刑台上讲着永恒的真理 |
| [31:45] | long forever on the throne, but that scaffold sways the future. | 王权永固 但绞刑台会动摇未来 |
| [31:50] | Well, he was going to be dead in six months, | 他会在六个月内死去 |
| [31:53] | but that scaffold did sway the future. | 但绞刑台会动摇未来 |
| [31:57] | My wife was more active than I was, | 我的妻子比我更加积极 |
| [31:59] | but I was 100% with her mentally. | 但我心里百分百支持她 |
| [32:01] | I was just working a little more on my own investments. | 我只处理自己很小一部分投资 |
| [32:06] | But it didn’t make a difference what we were gonna do | 但做了那些 |
| [32:08] | with the money after we made it. | 并没有什么改变 |
| [32:10] | I thought I would pile it up over the years | 我认为我会积累几年 |
| [32:12] | then she would unpile it in terms of running a– | 然后她会为了 |
| [32:16] | one very large foundation. | 运营一个很大的基金而分开 |
| [32:18] | And I was particularly good at compounding money, | 我很擅长组合资产 |
| [32:21] | and therefore society would benefit by waiting. | 所以社会会因等待而获利 |
| [32:28] | I was genetically blessed with certain wiring | 我在基因上被赐予了这样的天赋 |
| [32:31] | that’s very useful in a highly-developed market system | 这在有很多筹码的高速市场系统中 |
| [32:34] | where there’s lots of chips on the table, | 很有用 |
| [32:36] | and you know, I happen to be good at that game. | 你知道 我很擅长那种游戏 |
| [32:41] | Ted Williams wrote a book called “The Science of Hitting,” | 泰德・威廉姆斯写了本书叫做击球的科学 |
| [32:43] | and in it he had a picture of himself at bat | 里面有一张轮到他击球的图片 |
| [32:46] | and the strike zone broken into, I think, 77 squares. | 好球区我想有77平方 |
| [32:51] | And he said, if he waited for the pitch | 他说 如果我等待 |
| [32:53] | that was really in his sweet spot, he would bat .400 | 在他最佳击球点的球 他会击出.400 |
| [32:56] | and if he had to swing at something on the lower corner, | 如果要到更低的角落 |
| [32:59] | he would probably bat .235. | 可能会击出.235 |
| [33:02] | And in investing, I’m in a no-called strike business, | 在投资领域 我处在一个没有好球的生意中 |
| [33:05] | which is the best business you can be in. | 这是一项最好的生意 |
| [33:07] | I can look at a thousand different companies, | 我能观察1000个不同的公司 |
| [33:09] | and I don’t have to be right | 我不用每一家 |
| [33:10] | on every one of them or even 50 of ’em… | 都看准 甚至不用看准其中40个 |
| [33:14] | so I can pick the ball I want to hit. | 所以我可以选择我想击出的球 |
| [33:18] | And the trick in investing is just | 投资的技巧就是 |
| [33:20] | to sit there and watch pitch after pitch to go by | 坐在那里观察球场 |
| [33:23] | and wait for the one right in your sweet spot. | 等待那个在你最佳击球区域的球 |
| [33:25] | And the people that are yelling, “Swing, you bum”? Ignore ’em. | 人们喊 挥棒啊 你傻了? 忽略他们 |
| [33:29] | There’s a temptation for people to act | 在股市中有让人 |
| [33:32] | far too frequently in stocks, | 频繁进行操作的诱惑 |
| [33:34] | simply because they’re so liquid. | 仅仅是因为他们太容易改变 |
| [33:36] | Over the years you develop a lot of filters, | 若干年后你会开发出一种过滤器 |
| [33:39] | and I do know what I call my circle of competence, | 我明白我所谓的能力圈 |
| [33:42] | so I-I– I stay within that circle, | 所以我就待在那个圈子里 |
| [33:44] | and I don’t worry about things that are outside that circle. | 我不担心那个圈子以外的东西 |
| [33:48] | Defining what your game is, | 明确你玩的是什么 |
| [33:50] | where you’re going to have an edge is enormously important. | 你在哪里有优势非常重要 |
| [34:02] | I bought the first shares of Berkshire in 1962, | 我在1962年第一次购买了伯克希尔的股份 |
| [34:05] | and it was a northern textile business | 它做北方的纺织生意 |
| [34:07] | destined to become extinct eventually, | 最后注定要消失 |
| [34:09] | and it was a statistically cheap stock in a terrible business. | 在数据上这是做着差劲生意的便宜股票 |
| [34:15] | Berkshire Hathaway was closing mills | 伯克希尔哈撒韦当时正关闭工厂 |
| [34:18] | and as they closed mills, it would free up some capital, | 由于他们关闭了工厂 就会解放出一些资产 |
| [34:21] | and then they would repurchase shares, | 接着他们会重新回购股份 |
| [34:24] | so I bought some stock with the idea | 我在购买一些股票时就想着 |
| [34:25] | that there would be another tender offer at some point, | 在某些时间会有其他的报价 |
| [34:28] | and we would sell the stock at a modest profit. | 我们会在股票获得适当收益时卖出 |
| [34:31] | And at one point, | 有一次 |
| [34:34] | the management asked me at what price we would tender our stock, | 管理层问我多少价格会对我们的股票提出要约 |
| [34:37] | and I said, “$11.50.” | 我说 11.5美元 |
| [34:42] | And the tender offer came out a few months later, | 几个月后报价来了 |
| [34:44] | and it was at $11 and 3/8ths, | 11美元又3/8 |
| [34:49] | which was an eighth of a point cheaper. | 便宜了八分之一 |
| [34:52] | And that made me very mad, | 那让我怒了 |
| [34:53] | so I just started buying more stock. | 所以我开始买入更多股票 |
| [34:56] | I just felt that I’d been double-crossed by the management. | 我感觉我被管理层欺骗了 |
| [35:00] | And in May of 1965, | 1965年5月时 |
| [35:03] | I bought enough so we controlled the company, | 我购买了足够多的股票 所以我们控制了公司 |
| [35:05] | and we changed the management. | 我们换掉了管理层 |
| [35:14] | It was a pretty silly way to behave, | 沃伦在回忆中说 |
| [35:16] | as Warren has recounted in retrospect. | 这是很愚蠢的行为 |
| [35:20] | One of the reasons Warren is successful | 沃伦成功的原因之一 |
| [35:21] | is he’s brutal in appraising his own past. | 他评价自己的过去时总是非常残忍 |
| [35:24] | He wants to identify misthinkings and avoid them in the future, | 他想要确定错误的想法并在将来避免 |
| [35:29] | but it was an accident that he chose Berkshire Hathaway. | 但是选择伯克希尔哈撒韦却是一场意外 |
| [35:32] | If the chairman hadn’t tried to cheat him out of an eighth, | 如果主席不骗他拿出那八分之一 |
| [35:35] | there wouldn’t have been any Buffett- Berkshire Hathaway history. | 就不会有巴菲特的伯克希尔哈撒韦这段历史 |
| [35:42] | If you’re emotional about investment, | 如果你投资时情绪化 |
| [35:44] | you’re not going to do well. | 你就没法做好 |
| [35:45] | You may have all these feelings about the stock. | 你对股票可能有种种情感 |
| [35:47] | The stock has no feelings about you. | 而股票不会对你有情感 |
| [35:50] | Looking back, it’s interesting, that tender offer– | 回忆过去 非常有趣 那份要约 |
| [35:52] | I didn’t realize it, but it– | 我不明白 但是 |
| [35:54] | it happened about five days after my dad had died | 但是那发生在我父亲去世五天后 |
| [35:56] | and whether that had affected me or not, I don’t know. | 我不知道那是否对我有影响 |
| [36:04] | Do you remember your last conversation with your father? | 你记得你和父亲最后的对话吗? |
| [36:07] | Yeah, but I don’t want to talk about it. | 记得 但是我不想谈论它 |
| [36:16] | I think it just sobered him and hurt him, | 我想这让他清醒并伤害了他 |
| [36:20] | but… | 但是 |
| [36:24] | Warren soldiers on. | 沃伦挺住了 |
| [36:29] | Both Warren and I could look at our fathers | 沃伦和我都可以向我们的父亲看齐 |
| [36:32] | and see what they did right and what they did wrong. | 看看什么做对了 什么做错了 |
| [36:35] | Warren’s father was a real old-fashioned right-wing ideologue. | 沃伦的父亲是一名真正的老派右翼思想家 |
| [36:41] | And his father was so intense about it, | 他父亲对着很热情 |
| [36:43] | that Warren just decided that it was mistake– | 沃伦确定这是错的 |
| [36:47] | it cabbaged up your head to be that much an ideologue, | 做这样的思想家要满腹经纶 |
| [36:50] | so he loved his father, but he didn’t want to become | 所以他喜欢他的父亲 但是他不想成为 |
| [36:53] | that much of a true believer in– in anything. | 任何东西的忠实信徒 |
| [36:59] | My politics became more overt after my dad died. | 我的政治行为在我父亲去世后更加公开了 |
| [37:06] | Civil rights changed my views. | 人权改变了我的观点 |
| [37:08] | You know, in 1776 Thomas Jefferson wrote, | 1776年托马斯杰斐逊写道 |
| [37:11] | “All men are created equal,” | 人人生来平等 |
| [37:12] | And then when they wrote the Constitution, | 当他们编写宪法时 |
| [37:14] | they all of a sudden decided that, no, | 他们出乎意料地就决定了 |
| [37:16] | it was just 3/5ths of a person if you were black. | 如果你是黑人你就等于半个人多一点 |
| [37:18] | I mean, that struck me as kind of crazy. | 那让我疯狂 |
| [37:22] | I was talking to him one day about some racial issue, | 我有一天和他讨论种族问题 |
| [37:26] | and he said to me, “Wait till women discover | 他和我说 等待女人发现 |
| [37:30] | they’re the slaves of the world.” | 他们是世界的奴隶吧 |
| [37:34] | Now how many men were cognizant of that, | 现在很多男人知道了 |
| [37:38] | and even women then? | 女人知道吗? |
| [37:42] | The initial example is really my mother. | 最初的例子就是我的母亲 |
| [37:44] | She came from a generation | 她来自妻子的主要 |
| [37:46] | where the main function of the wife | 功能就是 |
| [37:48] | was to help her husband in the job. | 在工作上帮助丈夫的年代 |
| [37:51] | And my sisters are fully as smart as I am. | 我的姐妹们和我一样聪明 |
| [37:56] | They got better personalities than I had, | 他们比我拥有更好的人格 |
| [37:58] | but they got the message a million different ways | 但她们从通过各种方式认识到了 |
| [38:00] | that their future was limited, | 她们的未来是有限的 |
| [38:03] | and I got the message that the sky is the limit | 我认识到天空是有限的 |
| [38:05] | and it wasn’t due to a lack of love or anything of the sort. | 不是因为缺乏关爱等等 |
| [38:09] | It just– it was the culture. | 就是文化使然 |
| [38:13] | On the other hand, you can look | 另一方面 你可以 |
| [38:14] | at the flip side of that and say it’s quite encouraging, | 从对立面上来看 非常令人振奋 |
| [38:16] | because if you look at what this country accomplished | 因为这个国家就使用了 |
| [38:18] | only using half of its talent, | 它一半的人才 |
| [38:20] | just think of the potential for the future. | 你就会发现未来的潜力 |
| [38:21] | I’m enormously bullish on America over the future | 我对美国的未来很看好 |
| [38:24] | and part of the reason is that we, | 一部分原因是 |
| [38:25] | by some rather stupid decisions, | 由于一些错误的原因 |
| [38:28] | essentially put half our talent on the sidelines. | 让我们一半的人才成为了旁观者 |
| [38:32] | Warren is probably the most rational person I’ve ever met. | 沃伦可能是我见过的最为理性的人 |
| [38:36] | Charlie Munger would be a close rival. | 查理芒格可能差不多 |
| [38:39] | And Charlie became a man | 查理成为沃伦 |
| [38:41] | that Warren depended on heavily | 最为倚重的人 |
| [38:45] | and I think his first experiences | 我认为 |
| [38:48] | in the discarded- cigar-butt era | 他在烟头股上的初次体验 |
| [38:50] | convinced him that it was not exactly where he wanted to be. | 使他相信这不是他真正想要的 |
| [38:55] | He made so much money for so long | 他靠本格拉汉姆教的 |
| [38:57] | doing what he’d been taught by Ben Graham, | 购买便宜股票的那一套 |
| [39:00] | which he’d buy these very cheap stocks. | 赚了很多钱 |
| [39:02] | If they were cheap enough, he didn’t care it was | 如果足够便宜 他就不在乎 |
| [39:04] | a lousy company and a lousy management. | 这是一个多烂的公司或是拥有多烂的管理层 |
| [39:06] | He knew he was going to make money anyway, | 他知道他无论怎样都赚钱 |
| [39:09] | just because of the cheapness. | 因为它们便宜 |
| [39:11] | Charlie Munger has had a big impact on me | 查理芒格在 |
| [39:13] | in moving me toward looking | 推动我寻找价格合理的好公司 |
| [39:15] | for wonderful companies at fair prices | 而不是价格高的好公司方面 |
| [39:18] | rather than fair companies at wonderful prices. | 对我有着很大的影响 |
| [39:21] | That was enormously important, | 那相当重要 |
| [39:23] | because it enabled Berkshire to scale up in a way | 因为它能使伯克希尔成倍扩大 |
| [39:25] | that would have been impossible to do otherwise. | 而不可能犯下其他错误 |
| [39:29] | What are the key indicators | 你在进行投资前 |
| [39:32] | you’d look for within companies before making an investment? | 你会看公司的什么关键指标? |
| [39:36] | Well, I look for something that does give them a moat around it. | 我会寻找周围有护城河的公司 |
| [39:42] | We have a company called See’s Candies out on the west coast. | 我们在西海岸有一家叫做时思糖果的公司 |
| [39:45] | See’s Candies Boxed Chocolates. | 时思糖果盒装巧克力 |
| [39:48] | If you give a box of See’s chocolates to your girlfriend | 如果你第一次约会送给你 |
| [39:52] | on the first date and she kisses you? | 女朋友这个 她会吻你吗? |
| [39:55] | We own you. You know? I mean we– | 我们是你老板 你懂吗? 我是指 |
| [39:57] | we can raise the price tomorrow. | 我们明天就能提高你的价格 |
| [39:59] | I mean, you’ll buy the same box. | 你明天买一盒一样的 |
| [40:00] | You’re not gonna fool around with success, | 你就不可能混过关 |
| [40:02] | so the key there is the response. | 关键就是回应 |
| [40:05] | You do not want to get home on Valentine’s Day | 你不会想在情人节那天回家 |
| [40:08] | and say to your wife or your sweetheart– | 和你的妻子或是心上人 |
| [40:10] | preferably they’re the same person– | 当然最好两个人是同一人 |
| [40:12] | you don’t say, “Here, honey, I took the low bid.” | 你不会说 亲爱的 我低价中标了 |
| [40:15] | It doesn’t work. | 那没用 |
| [40:17] | Price is– to a degree, is immaterial. | 价格一定程度上是无形的 |
| [40:20] | If you’ve got an economic castle, | 如果你有一座经济城堡 |
| [40:22] | people are gonna come and wanna take that castle away from you. | 人们会来占领城堡 把你赶走 |
| [40:25] | You better have a strong moat. | 所以你最好有护城河 |
| [40:27] | You better have a knight | 你最好在城堡中 |
| [40:28] | in the castle that knows what he’s doing. | 拥有一名骑士 并且知道他在做什么 |
| [40:31] | You’re not buying an asset, | 你不是在购买一项资产 |
| [40:32] | you’re buying a name, you’re buying a brand, | 你在买一个名字 一个品牌 |
| [40:35] | you’re buying a real franchise here, | 你在购买这里的真正经营权 |
| [40:37] | and Charlie was more responsible for that than anybody. | 查理在这方面比其他人都更负责任 |
| [40:45] | We were mental partners | 我们从认识开始就是 |
| [40:47] | right from the moment we met. | 心灵伙伴 |
| [40:49] | I wanna know, going back 50 years, | 我想知道50年前 |
| [40:51] | what it was like when you first met Warren. | 你第一次见沃伦是什么情形 |
| [40:54] | Well, I thought he was a prodigy… | 我认为他是一个奇才 |
| [40:57] | and I got a lot of criticism. | 我受到了很多批评 |
| [40:58] | My wife said, “Why are you paying such enormous respect | 我的妻子说 为什么给予 |
| [41:01] | “To that young man with a crew cut | 这个不吃蔬菜的平头男孩 |
| [41:03] | who won’t eat vegetables?” | 如此多的尊重? |
| [41:07] | He’s ungodly smart. | 他简直太聪明了 |
| [41:09] | He’s got a much broader intellect than I do, | 他比我拥有更加广阔的理解能力 |
| [41:12] | and he’s magnificent at being able | 他非常擅长将 |
| [41:15] | to condense important ideas into just a very few words. | 非常重要的理念浓缩为几个字 |
| [41:18] | If you’re not interested in the economic scene right now, | 如果你对现在的经济状况不感兴趣 |
| [41:23] | you’re mentally dead. | 你内心上就已经死亡了 |
| [41:25] | Charlie has no tact. | 查理并不圆滑 |
| [41:27] | All right, let’s talk a little bit about bankers. | 让我们谈谈那些银行家 |
| [41:29] | Charlie, on Friday, compared them to heroin addicts. | 查理在周五把他们和海洛因依赖者做比较 |
| [41:32] | Yeah, well, that’s colorful Charlie, | 真实有趣的查理 |
| [41:34] | but I would not have chosen that. | 但我不会选择成为那样 |
| [41:36] | I once wrote of him | 我上次写他 |
| [41:38] | that when they handed out humility, | 当他们交出自己的谦卑时 |
| [41:39] | he didn’t get his fair share. | 他们就不会拿到他们的公平份额 |
| [41:41] | The ideal way to run a headquarters is to have one man, | 想运营一个总部的理想方法就是有一个人 |
| [41:46] | preferably over 80, | 最好80岁以上 |
| [41:48] | sitting in an office by himself. | 自己坐在办公室里 |
| [41:51] | Anything else is pure frippery. | 其他的东西都没有用 |
| [41:54] | He’s always honest in what he tells me, | 他告诉我的都没有虚言 |
| [41:56] | so I– I listen to him. | 所以我会倾听他 |
| [42:00] | We never had an argument. | 我们从不吵架 |
| [42:03] | We just… | 我们就是 |
| [42:06] | We just kinda roll with it easily. | 这样简单地一起一起摇摆 |
| [42:09] | Suppose Warren doesn’t wanna do something that I would’ve done, | 假若沃伦不做我不会做的事 |
| [42:13] | and suppose that happens four times over 40 years or something. | 假若在40年中这种事情发生四次 |
| [42:17] | What the hell difference does it make to me? | 在我身上会发生多少变化? |
| [42:21] | Net, the record is working out is fine. | 当然得到的结果还是好的 |
| [42:28] | Both of us know that we’ve done better by having ethics. | 我们都知道我们有自己的道德标准 所以我们才能做好 |
| [42:33] | Warren’s not interested | 沃伦对靠欺骗人来赚钱 |
| [42:34] | in making money by cheating people. | 不感兴趣 |
| [42:39] | Warren’s opinions | 沃伦对 |
| [42:40] | of Wall Street investment bankers | 华尔街投行人士的看法 |
| [42:43] | would not endear him to their mothers. | 不会让他受到欢迎 |
| [42:46] | He feels that they’re, for the most part, | 他感觉在很多程度上 |
| [42:49] | not out for their clients. | 他们不是为了客户 |
| [42:51] | They’re out for their own business interests. | 他们是为了自己的商业利益 |
| [42:56] | In the late 1960s, there were just a flood | 在60年代后期 |
| [42:59] | of accounting shenanigans and mergers | 账目诈骗 |
| [43:03] | built upon false accounting and misleading people. | 和建立在伪造账目上的兼并误导了群众 |
| [43:06] | It was a time when a lot of charlatans | 当时的华尔街 |
| [43:09] | were prevailing in Wall Street | 江湖骗子盛行 |
| [43:11] | and were being applauded by Wall Street. | 华尔街还一致称赞 |
| [43:13] | I understood what the game was about, | 我知道这是什么游戏 |
| [43:15] | but I didn’t want to play in it, | 但我不想在里面玩 |
| [43:17] | so I closed down the partnership at the end of 1969, | 所以我在1969年底关掉了合伙企业 |
| [43:21] | and I took on the title of Chairman for Berkshire Hathaway. | 我开始担任伯克希尔哈撒韦的主席 |
| [43:28] | Well, I think the modern Berkshire | 我认为现今的伯克希尔 |
| [43:30] | is pretty much all a reflection of Warren. | 都是沃伦的反射 |
| [43:35] | I have constructed a business that fits me. | 我构造的适合我的企业 |
| [43:40] | It’s kind of crazy to spend your life painting | 如果你用一生来 |
| [43:43] | if you’re painting a subject you don’t want to look at. | 画你不想看的画作真是太疯狂了 |
| [43:44] | I’ve gotten to paint my own painting in business | 我在无尽的帆布上 |
| [43:48] | on an unlimited canvas in a way. | 勾勒我自己的画 |
| [43:52] | It’s a different sort of place. | 这是一个不同的地方 |
| [43:55] | I work with a great group of people | 我和一群让我生活变得简单 |
| [43:57] | that make my life very easy and that take good care of me. | 而且能好好照顾我的人一起工作 |
| [44:00] | Come. Okay. | 进来 好的 |
| [44:04] | We have 25 people in the office, | 我们办公室里有25个人 |
| [44:06] | and if you go back, it’s the exact same 25, the exact same ones. | 如果你回去 还是那25个人 |
| [44:13] | We don’t have any committees at Berkshire. | 我们在伯克希尔没有任何委员会 |
| [44:15] | We don’t have a public relations department. | 没有公关部门 |
| [44:17] | We don’t have investor relations. | 我们没有投资者关系 |
| [44:18] | We don’t have a general council. | 我们没有总理事会 |
| [44:20] | We don’t have a human relations department. | 我们没有人际关系部门 |
| [44:22] | We just don’t go for anything | 我们没有 |
| [44:23] | that people do just as a matter of form. | 任何形式上的东西 |
| [44:27] | It’s exactly the life I like, | 这是我喜欢的生活 |
| [44:29] | and it’s not work to me. | 对我没有负担 |
| [44:32] | It’s just a form of play, basically. | 基本上就是一种娱乐 |
| [44:43] | Oh, I– I like things quiet. | 我喜欢安静 |
| [44:45] | I shut the door, actually, at the office, | 我在办公室里会关门 |
| [44:47] | ’cause I don’t want to hear anybody talking outside. | 因为我不想听到任何人在外面说话 |
| [44:50] | Woman on TV: Broad distinctions between his views | 他的观点和 |
| [44:51] | and the belt-tightening proposals. | 节省开支的提案有很大出入 |
| [44:53] | And I still probably spend | 我每天仍然用 |
| [44:55] | five or six hours a day reading. | 五到六个小时读书 |
| [44:56] | Woman on TV: …look at what’s trending today. | 我们来看看今天的走势 |
| [44:58] | Our quick round-up… | 我们快速聚拢 |
| [44:59] | Well, what’s amazing is the stuff he remembers. | 神奇就神奇在他能记得各种东西 |
| [45:03] | It’s like a little computer, you know? | 就像一台小电脑 |
| [45:05] | I keep thinking the hard | 我一直觉得硬盘会 |
| [45:06] | drive will run out of space, but it doesn’t. | 超出容量 但实际没有 |
| [45:10] | Melinda Gates: He’s one of the smartest people we know. | 他是我们认识的最聪明的人之一 |
| [45:13] | So I was at a couple of the family dinners | 我在比尔家里 |
| [45:14] | at the Gates house where Mary, Bill’s mom, | 享用家庭晚餐 |
| [45:16] | was trying to convince him to come out | 比尔的母亲让他去 |
| [45:18] | to the family place at Hood Canal | 胡德海峡那里 |
| [45:20] | to meet Warren Buffett, and he was resisting | 见沃伦巴菲特 |
| [45:22] | because he was really busy with Microsoft. | 因为微软的事太忙 他拒绝了 |
| [45:24] | And finally he said, “Mom, okay, I’ll come for lunch.” | 最后他说 好的 母亲 我会来吃午餐的 |
| [45:29] | Bill Gates: So the two of us flew out there | 所以我们俩 |
| [45:31] | somewhat reluctantly, ’cause you know, | 答应了 因为你知道 |
| [45:33] | buying and selling stocks– which is how I thought of Warren– | 我认为沃伦就是买卖股票的 |
| [45:36] | wasn’t of particular | 对我来说 |
| [45:37] | interest to me and didn’t seem like value added. | 不感兴趣 也不会有什么附加值 |
| [45:40] | It turned out that was completely wrong. | 结果完全不是那样 |
| [45:43] | We knew that day that we’d be very close friends. | 我们知道那天我们成了非常好的朋友 |
| [45:46] | In fact, we just couldn’t get enough of each other. | 事实上 我们还没有足够地互相了解 |
| [45:51] | Shortly after I met Bill Gates, | 在我见到比尔盖茨不久 |
| [45:53] | Bill’s dad asked each of us to write down on a piece of paper | 比尔的父亲让我们每个人在一张纸上 |
| [45:55] | one word that would best describe what had helped us the most. | 写下对我们帮助最大的一个词 |
| [45:59] | Bill and I, without any collaboration at all, | 比尔和我不约而同地 |
| [46:01] | each wrote the word “Focus.” | 都写下了专注这个词 |
| [46:05] | Well, focus has always been a strong part of my personality. | 专注是我人格中最为强大的一部分 |
| [46:10] | If I get interested in something, I get really interested. | 如果我对什么有兴趣 我就会真正地感兴趣 |
| [46:12] | If I get interested in a new subject, I want to read about it, | 如果我对一个新主题感兴趣 我就会想要进行有关的阅读 |
| [46:15] | I want to talk about it, | 我想要讨论它 |
| [46:16] | and I want to meet people that are involved in it. | 我想要见参与其中的人 |
| [46:20] | We both love to work hard. | 我们都喜欢努力工作 |
| [46:22] | You know, neither of us like frivolous things. | 你知道我们都不喜欢无聊的东西 |
| [46:25] | You know he doesn’t know much about cooking, | 他不知道如何烹饪 |
| [46:27] | or art, or… A huge range of things. | 艺术那些东西 |
| [46:31] | I can’t tell you the color | 我都不知道我卧室和起居室 |
| [46:33] | of the walls in my bedroom or my living room. | 墙壁的颜色 |
| [46:36] | We’re on a satellite phone. | 我们在通卫星电话 |
| [46:37] | I don’t have a mind that relates to the physical universe well. | 我不关心什么物理宇宙 |
| [46:40] | Warren checking the DOW. | 沃伦在看道琼斯指数 |
| [46:42] | But the business universe | 但是商业宇宙 |
| [46:43] | I– I think I understand reasonably well. | 我想我很懂 |
| [46:47] | Warren’s ability to size up people and businesses, | 沃伦评估人和企业的能力 |
| [46:50] | it’s a pretty magical thing. | 真是一个神奇的东西 |
| [46:53] | He is the best at that, anybody we know. | 他在这方面最棒 |
| [46:55] | We– we should all try to be 20% as– as good at that. | 我们要试着有的五分之一 |
| [47:04] | I like to sit and think, | 我喜欢坐下思考 |
| [47:05] | and I spend a lot of time doing that. | 我花很多时间这么做 |
| [47:07] | And sometimes it’s pretty unproductive but– | 有些时候没有什么用 |
| [47:10] | but I find it enjoyable to think about– | 但是考虑生意和投资问题 |
| [47:14] | particularly about– about business | 真的很开心 |
| [47:16] | or investment problems. They’re easy. | 很简单 |
| [47:17] | It’s the human problems that are the tough ones. | 人的问题才是最难的 |
| [47:20] | Sometimes there aren’t any good answers with human problems. | 有些时候人的问题没有什么好的答案 |
| [47:22] | There’s– there’s almost always a good answer with money. | 但是关于钱总是有好的答案 |
| [47:38] | He was sort of a genius. | 他是天才 |
| [47:41] | I think sometimes geniuses are, | 我认为天才都是 |
| [47:44] | by default, lonely and isolated. | 孤独且独立的 |
| [47:51] | He was not really well adjusted. | 他没有经过真正的调整 |
| [47:55] | He was just this funny– | 他就是这么有趣 |
| [47:57] | I mean, humorous guy who maybe had a moat around him, | 我是指幽默的人周围都有护城河 |
| [48:02] | because he was afraid and he didn’t know anyone | 因为他害怕 |
| [48:06] | that he wanted to let in. | 不知道想要进入的人 |
| [48:11] | And to this day, I mean, I don’t know… | 时至今日 |
| [48:17] | Well, nobody knows him like I do, | 没人像我一样了解他 |
| [48:19] | and probably any wife would say that, but… | 可能所有妻子都会这么说 但是 |
| [48:27] | He’s a loner in a sense. | 在某种意义上他是不合群的 |
| [48:30] | And it’s difficult to connect on an emotional level, | 很难再情绪层面上产生联系 |
| [48:33] | because I think that that’s not his basic mode of operation. | 因为我觉得这不是他的基本运作方式 |
| [48:40] | He was there… physically, | 他是在那里 |
| [48:44] | but he was upstairs reading all the time. | 但是他一直在楼上读书 |
| [48:50] | I always told my mother we have to talk in sound bytes. | 我一直告诉我母亲我们要靠音节来对话 |
| [48:54] | I learned that early on, | 我很早就知道了 |
| [48:55] | that if you start going into some long thing, | 如果你开始做一件很长久的事 |
| [48:58] | unless you’ve explained to him | 除非你提前向他解释 |
| [48:59] | ahead of time that it’s going to be a long thing | 那是一件很长久的事 |
| [49:01] | and you need him to hang in there, you lose him. | 你需要他坚持下去 |
| [49:05] | You lose him to whatever giant thought | 他脑子里考虑什么的时候 |
| [49:07] | he has in his head at the time | 你就会失去他 |
| [49:09] | that he was probably thinking about before you came in | 他可能在你进来前就在思考 |
| [49:12] | and really wants to get back to. | 而且真的很想继续思考 |
| [49:18] | He’s not like the rest of us. | 他不像我们其他人 |
| [49:21] | I don’t think my dad ever took anybody for granted, | 我不认为我的父亲把别人看得很重 |
| [49:24] | but you are a little bit blind, I think, | 但你有时可看不到 |
| [49:27] | sometimes to what other people might be doing behind the scenes, | 有些时候其他人在幕后做些事情 |
| [49:30] | and my dad’s gotten a little bit of a pass. | 我父亲可能视而不见 |
| [49:35] | Warren can’t find the light switch, | 沃伦找不到灯开关 |
| [49:38] | and it’s probably my fault. | 这可能我的错 |
| [49:40] | One time, years ago when the kids were little, | 有一次 几十年前 孩子们还小 |
| [49:44] | I was feeling really sick. I had the flu, | 我感觉很不舒服 我感冒了 |
| [49:46] | so I lay down on the bed, and I said to Warren, | 我躺在床上 和沃伦说 |
| [49:48] | “Will you get me a pan? Or something from the kitchen. | 能给我拿个盘子吗? 或者是厨房的 |
| [49:51] | I may not get to the bathroom. I feel so sick.” | 我可能不能去浴室了 我感觉不舒服 |
| [49:54] | He said, “Okay.” So he trottles down to the kitchen, | 他说 好 就下楼去厨房了 |
| [49:58] | and I hear this bang, bip, boom, bang! | 我就听到了叮叮咣咣的声音 |
| [50:02] | And he comes up, and he brings me a colander. | 然后他来了 给我拿了个滤锅 |
| [50:06] | I looked at it, and I said, “Look, honey, this has holes in it.” | 我看着滤锅 说 亲爱的 这个有洞 |
| [50:10] | “Oh, oh, okay.” So he ran down, | 哦 哦 好的 他就跑下去了 |
| [50:14] | all this banging and everything. | 然后又是叮叮咣咣 |
| [50:17] | And he comes up and he puts the colander on a cookie sheet. | 出现时把滤锅放在了烤盘上 |
| [50:26] | Physical proximity to Warren | 身体上的接近 |
| [50:28] | doesn’t always mean that he’s there with you. | 并不意味着他和你在一起 |
| [50:34] | He’s so cerebral, you see? | 他非常清醒 你发现了吗? |
| [50:40] | That’s why I learned to have my own life. | 那就是为什么要学着要有自己的生活 |
| [50:42] | We were two parallel lines and– | 我们是两条平行线 |
| [50:45] | but very connected when he was open to connecting. | 但是他开放时我们是相连的 |
| [50:53] | I did make a joke at one point. I said, you know, | 当时我说了个笑话 我说 |
| [50:55] | we could make a tape of Mom yelling, | 我们可以做个母亲叫喊的录音 |
| [50:57] | “Bye, Warren, I’ll be back later!” | 再见 沃伦 我过会会回来的! |
| [50:59] | And then have the door slam, | 然后门就关上了 |
| [51:01] | and he would just think she was here. | 他会觉得他就在这里 |
| [51:04] | I don’t think he knew what she was doing most of the time. | 我不认为他知道她大多数时间在做什么 |
| [51:09] | Once Howie and I were both gone, | 豪伊和我 |
| [51:11] | as we’ve gotten older, | 长大离开 |
| [51:12] | she started to see the writing on the wall here | 她就开始看墙上写的东西 |
| [51:15] | and just started trying to figure out | 她想要知道 |
| [51:17] | how she could at least have some more, | 她能获得什么更多的东西 |
| [51:19] | as she called it, a room of her own. | 她把它称为她自己的空间 |
| [51:29] | The worst mistakes involve | 最大的错误就是 |
| [51:31] | not understanding other people as well as you might. | 不像应当的那样去理解别人 |
| [51:44] | Well, she left Omaha in 1977, | 她在1977年离开了奥马哈 |
| [51:47] | and there really isn’t much to say about that. | 那没有什么太多好说的 |
| [52:00] | It was devastating for him, and I came home, | 这对他来说是毁灭性的 我回到家 |
| [52:04] | because I-I– I can’t say I was mad at her exactly, | 因为不能说对她感到愤怒 |
| [52:09] | but I kept thinking, “How can you leave him? | 但我一直在想 你怎么能离开他? |
| [52:12] | He’s so– he can’t function by himself.” | 他简直不能自理 |
| [52:17] | So my mother– she’d asked a bunch of her friends | 所以我母亲喊了她很多朋友 |
| [52:21] | to sort of look in on him, and Astrid was one of them. | 去照应他 阿斯特丽德就是其中之一 |
| [52:26] | So I called Astrid. I said, “Astrid, | 所以我打电话给阿斯特丽德 我说 |
| [52:28] | “Will you take Warren– make him some soup? | 阿斯特丽德 你能给沃伦做点汤吗? |
| [52:30] | “Go over there and look after him, | 去那照顾他一下 |
| [52:33] | because he’s not gonna make it.” | 因为他自己不会做 |
| [52:35] | And it took him a while to figure it out, but he figured it out. | 他花了很长时间去想通 但是最后想通了 |
| [52:39] | I said, “I’m not leaving you, | 我说我没有离开你 |
| [52:42] | because I’ll be wherever you want me when you want me.” | 因为你需要我的时候我都会出现 |
| [52:48] | My mom moved to San Francisco, | 我母亲搬去了旧金山 |
| [52:49] | and I think one of the | 我认为她离开 |
| [52:50] | reasons it was important for her to leave Omaha | 奥马哈的重要原因就是 |
| [52:53] | was because she just felt | 因为她感觉 |
| [52:54] | like she was kinda trapped in this environment, | 她被困在了这个环境里 |
| [52:57] | that everybody knew who she was, | 每个人知道她是谁 |
| [52:59] | that she couldn’t have her own identity. | 她不能有她自己的身份 |
| [53:03] | He knew that there was something she needed to do | 他知道她有事要去做 |
| [53:06] | and that she really recognized that the money gave us all and her | 她知道给我们的钱 |
| [53:11] | a choice in a lot of ways that a lot of people didn’t have. | 然而她选了很多人不会走的路 |
| [53:16] | There was a time Warren was getting criticized. | 当时沃伦受到批评 |
| [53:19] | Here was this very, | 他每年都变得 |
| [53:20] | very rich man who was getting richer every year, | 越来越富有 |
| [53:23] | and really wasn’t giving a lot of money away, | 他不想把很多钱都给出去 |
| [53:25] | and there was terrific criticism by some people, | 有些人很严厉地批评了他 |
| [53:28] | which Warren never said anything about. | 但沃伦什么也没说 |
| [53:32] | The biggest thing in making money is time. | 赚钱最重要的就是时间 |
| [53:34] | You don’t have to be particularly smart, | 你不需要非常聪明 |
| [53:37] | you just have to be patient. | 你要有耐心 |
| [53:39] | Susie didn’t want to wait as much as I did, | 苏西不想再像我一样等了 |
| [53:41] | but she never quite appreciated compounding like I did. | 但她不会像我一样欣赏组合 |
| [53:45] | That is a disagreement we have. | 那是我们之间的一个分歧 |
| [53:48] | I run a foundation now. | 我现在运营了一个基金 |
| [53:50] | I think we should be giving more money away, | 我认为我们要捐出更多钱 |
| [53:53] | but I understand why we don’t– | 但我理解为什么不 |
| [53:56] | because it’s… business. | 因为这是生意 |
| [54:00] | To me the crux of it is, that it wasn’t the money itself. | 对我来说关键不是钱本身 |
| [54:04] | You can see that in the way he lives. | 你能知道他的生活方式 |
| [54:06] | I mean, he doesn’t buy huge paintings | 他不买大量画作 |
| [54:10] | or build big houses or anything like that. | 或是造大房子 |
| [54:12] | It’s all mental with him, and the money is his scorecard. | 对他来说都是精神上的 钱就是他的计分板 |
| [54:19] | And he used to say to me, | 他以前经常和我说 |
| [54:21] | “Everybody can read what I read. | 每人都能读我读的书 |
| [54:24] | It’s a level playing field.” | 这是一个公平竞争的环境 |
| [54:26] | And he loves that, because he’s competitive. | 他喜欢那样 因为他有求胜欲 |
| [54:29] | And he’s sitting there all by himself in his office, | 他都是一个人都在办公室 |
| [54:32] | reading these things that everybody else can read, | 读每人都能读的书 |
| [54:36] | but he loves the idea that he’s gonna win. Ha! | 但他喜欢赢的想法 |
| [54:43] | I’ll tell you how you do it. | 我会告诉你怎么做 |
| [54:46] | Have you ever seen a juggler | 你见过玩杂耍的 |
| [54:47] | juggle 25 milk bottles? | 耍25个牛奶瓶吗? |
| [54:50] | How did he ever get to do that? | 他怎么做到的? |
| [54:53] | The answer is he started with one bottle, then two, then three | 答案就是他从一个瓶子开始 然后两个 三个 |
| [54:56] | and just kept doing it, and pretty soon he was at 25, | 就坚持 很快就会有25个 |
| [54:58] | and that’s the way we did it. | 我们也是这样 |
| [55:01] | So, basically, we started out with cash | 所以我们从现金开始 |
| [55:03] | and ended up buying a bunch of businesses, | 以购买一些企业结束 |
| [55:06] | including insurance companies. | 包括保险公司 |
| [55:08] | Insurance is, in itself, a profitable business, | 保险自身是一项赚钱的生意 |
| [55:13] | but it has the additional advantage | 但它有另外一个 |
| [55:15] | of creating something that’s called “Float.” | 优点 能创造浮款 |
| [55:18] | Float is the money that hangs around Berkshire | 浮款是指当要进行偿付时 |
| [55:22] | while a claim is waiting to be paid. | 在伯克希尔周围的那些钱 |
| [55:24] | And Warren turned out to have a extraordinary ability | 沃伦拥有运用 |
| [55:29] | to use the money thrown off by the float | 浮款来购买能使 |
| [55:32] | to buy companies that fed the growth of Berkshire. | 伯克希尔成长的公司的非凡能力 |
| [55:38] | In 1983, Mrs. B cashed in on her business | 1983年 B女士通过 |
| [55:42] | by selling control for $55 million | 将公司控制权以550万美元卖给沃伦巴菲特 |
| [55:45] | to a company owned by investor Warren Buffett. | 控股的公司大赚一笔 |
| [55:54] | Warren was quite an expert about newspapers. | 沃伦是报纸行业的专家 |
| [55:58] | He got interested in the “Post,” | 他对华盛顿邮报有所兴趣 |
| [56:00] | because he recognized it | 因为他觉得这是一家 |
| [56:01] | as a greatly undervalued company. | 估值偏低的公司 |
| [56:06] | Kay Graham: He had to write me a letter. | 他要给我写一封信 |
| [56:08] | “Dear Ms. Graham, I’ve just bought 5% of your company, | 亲爱的格拉汉姆女士 我购买了你公司5%的股份 |
| [56:10] | “And I mean you no harm, | 我不会对你造成伤害 |
| [56:12] | “And I think it’s a great company. | 我认为这是一个好公司 |
| [56:14] | “I know it’s Graham owned and Graham run, | 我知道这是格拉汉姆拥有并运营的 |
| [56:16] | and that’s fine with me.” | 那对我来说很好 |
| [56:18] | And I thought, “Whoa, this guy’s really terrific.” | 我想 这人真是好 |
| [56:22] | He used to come to board meetings with about 20 annual reports | 他过去经常拿着20份年报来参加董事会议 |
| [56:27] | and he would take me through these annual reports. | 他会带我看这些年报 |
| [56:29] | It was like going to business school with Warren Buffett. | 就像和沃伦巴菲特一起去商学院 |
| [56:33] | Kay Graham did introduce Warren to the world of Washington, | 凯・格拉汉姆把沃伦介绍给了华盛顿政界 |
| [56:37] | entirely different group than he had ever dealt with before. | 那和他之前接触的人群完全不一样 |
| [56:42] | It was clear that working with Kay | 和凯共事 |
| [56:46] | gave him a different kind of confidence, and he was the star. | 给了他不一样的信心 他就是明星 |
| [56:51] | Everyone wants to hear | 每个人都想知道 |
| [56:53] | what Warren Buffett has to say. | 沃伦巴菲特说了什么 |
| [56:54] | The Oracle of Omaha | 奥马哈的先知 |
| [56:56] | building his image and having some fun. | 塑造了他的形象并很有乐趣 |
| [57:01] | Berkshire shares have increased | 伯克希尔的股价 |
| [57:03] | more than 2,000% in value. | 增长了2000% |
| [57:05] | One of the largest market capitalizations in the world, | 是世界上市值最大的公司之一 |
| [57:08] | and it could grow a lot larger | 它可能更加壮大 |
| [57:09] | since Warren Buffett shows no sign of slowing down. | 因为沃伦巴菲特没有减缓的迹象 |
| [57:12] | So how did he do it? | 所以他怎么做到的? |
| [57:14] | By investing in what he knows and understands– | 通过投资他所了解的 |
| [57:17] | good old-fashioned American brands like Coca-Cola, | 美国老牌本土品牌 比如可口可乐 |
| [57:19] | Fruit of the Loom, and Dairy Queen. | 富德龙 DQ |
| [57:21] | What inspired you? This inspired me! | 什么激发了你? 这激发了我! |
| [57:24] | Buy what you like, is that what it is? Yeah absolutely. | 买你喜欢的 是这样吗? 对是的 |
| [57:29] | Today, the Coca-Cola Company will sell | 当今 可口可乐公司 |
| [57:31] | almost two billion eight-ounce servings | 会销售20亿的八盎司 |
| [57:35] | of one form or another of Coca Cola products. | 单一形式或其他可口可乐产品 |
| [57:38] | Now if you get an extra penny a day, a penny a serving, | 如果你一件一天赚一便士 |
| [57:41] | that’s $20 million a day, | 就是一天2000万 |
| [57:43] | that’s $7.3 billion a year from one penny more. | 一年就是73亿美元 |
| [57:48] | When you own Coca Cola, you own a little piece | 当你拥有可口可乐 |
| [57:51] | of the minds of billions and billions of people. | 你就可以拥有数十亿人的想法 |
| [57:56] | That is really good. | 那真的不错 |
| [58:00] | Who’s got the most $100 bills these days? | 这些天谁赚得最多的100美元钞票? |
| [58:02] | Well, his name is Warren Buffett in this country, | 是这个国家名叫沃伦巴菲特的人 |
| [58:05] | and he has just displaced his friend Bill Gates | 他取代了他的朋友比尔盖茨 |
| [58:08] | as the richest businessman in the world. | 成为世界上最有钱的商人 |
| [58:18] | And the purpose of Wednesday’s meeting was to discuss | 周三会议的目的是讨论 |
| [58:20] | Buffett’s company, Berkshire Hathaway’s plan | 巴菲特的公司伯克希尔哈撒韦计划 |
| [58:22] | to purchase railroad giant Burlington Northern, | 以260亿美元的估值购买 |
| [58:24] | valued at $26 billion. | 北伯灵顿铁路 |
| [58:26] | This would be Buffett’s largest acquisition ever. | 这会是巴菲特最大的一笔收购 |
| [58:33] | He’s created Berkshire from virtually nothing | 他把伯克希尔从零 |
| [58:35] | into hundreds of billions of dollars of market cap. | 带到几千亿美元的市值 |
| [58:38] | Nobody else has a record like that. | 没人有这样的记录 |
| [58:42] | He wanted to have an outstanding reputation | 他希望拥有杰出的声誉 |
| [58:45] | that he’d never really upset | 不会在收购企业时 |
| [58:47] | the apple cart when he bought a business, | 搞砸 |
| [58:50] | that he kept the management in place. | 保持适当管理 |
| [58:53] | He was establishing a reputation | 他建立了 |
| [58:56] | that paid off later in life. | 在后半生见到成效的声誉 |
| [58:59] | It’s been building and building ever since I’ve known him. | 从我知道他时他就已经建立起来 |
| [59:04] | It takes 20 years to build a reputation, | 他花了20年来建立声誉 |
| [59:06] | then it takes five minutes to lose it. | 只花了五分钟失去 |
| [59:13] | When Warren made his investment in Salomon, | 当沃伦投资所罗门时 |
| [59:15] | I was one of the people, along with many, many others, | 我和很多人一样 |
| [59:19] | who were quite amazed, because he had taken | 都非常惊讶 |
| [59:21] | a very critical tone in talking | 因为他对投行人士和他们的贪婪 |
| [59:23] | about investment bankers and about their greed. | 都是报以批评的态度 |
| [59:27] | And here he was investing in one, | 而他就投资了其中之一 |
| [59:30] | Salomon Brothers, that was known to be a member of the club. | 所罗门兄弟 就是银行业成员之一 |
| [59:36] | Warren and Charlie were on the board, | 沃伦和查理在董事会上 |
| [59:39] | and Charlie couldn’t stand what was going on there | 查理不赞成所发生的事情 |
| [59:43] | and didn’t like the culture at all. | 他不喜欢那种文化 |
| [59:46] | And shortly after they got involved, the thing exploded. | 在他们参与后不久 就出事了 |
| [59:59] | In 1991 on a terrible day in August, | 1991年八月 一个糟糕的日子 |
| [1:00:03] | I got a call, and the two top officers of Salomon | 我接到一个电话 是两名所罗门的高管 |
| [1:00:08] | were on the other end, and they said that– | 打来的 他们说 |
| [1:00:11] | that… “We have problem.” | 我们遇到了问题 |
| [1:00:15] | This is “NBC Nightly News.” | 这里是NBC晚间新闻 |
| [1:00:18] | Good evening. It is the kind of scandal | 晚上好 这是震动华尔街的 |
| [1:00:20] | that rocks Wall Street and raises questions, | 新闻 反映了 |
| [1:00:23] | questions about the integrity of our financial institutions. | 我们金融机构的诚信问题 |
| [1:00:26] | The giant securities firm of Salomon Brothers under investigation | 所罗门兄弟旗下证券公司正 |
| [1:00:30] | for improper trading of treasury bonds. | 因长期债的不正当交易遭到调查 |
| [1:00:33] | Salomon admitted it exceeded the limit | 所罗门承认超出了 |
| [1:00:35] | of trading in government bonds, | 交易政府债券的限制 |
| [1:00:37] | once by buying bonds in the name of a customer | 一次是由于使用不知情客户的名义 |
| [1:00:40] | who didn’t even know about the deal. | 购买债券 |
| [1:00:42] | Salomon Brothers is under | 所罗门兄弟 |
| [1:00:43] | investigation by the Treasury Department, | 正遭到财政部的 |
| [1:00:45] | the Federal Reserve, the SEC, and the Justice Department. | 美联储 美国证券交易委员会和司法部门的调查 |
| [1:00:48] | But more important than the fate of the firm itself | 但是比公司造假本身更加重要的是 |
| [1:00:51] | is the impact their actions could have | 这种行为会对美国市场的 |
| [1:00:54] | on the public trust and on the credibility | 公信度与可信性 |
| [1:00:56] | of the American market worldwide. | 造成打击 |
| [1:01:00] | The company owed $150 billion. | 公司欠下1500亿美元债务 |
| [1:01:03] | It owed more money than any other private company | 比美国任何私人企业欠债 |
| [1:01:06] | in the United States at the time. | 都要多 |
| [1:01:08] | And that night I met with the | 当晚我会见了 |
| [1:01:10] | man that ran the Federal Reserve of New York, | 纽约联储的人 |
| [1:01:13] | who was the sheriff in effect, and I said, you know, | 他是实际的执行者 我说 |
| [1:01:17] | “I’ve never really owed very much money before.” | 我从来没欠过这么多钱 |
| [1:01:18] | I said, “I’ve got a little mortgage on a house, | 我用一套房子做了抵押 |
| [1:01:20] | but 150 billion is a little staggering.” | 但1500亿太惊人了 |
| [1:01:23] | And I was hoping he would say, “Well, don’t worry, Warren. | 我希望他会说 别担心 沃伦 |
| [1:01:26] | We’ll give you a few weeks to breathe.” | 我们会给你几周喘气的 |
| [1:01:28] | And he– he said to me, “Prepare for any eventuality.” | 而他对我说 做好发生任何事情的准备吧 |
| [1:01:38] | Earlier today, the US Treasury Department | 今天早些时候 美国财政部 |
| [1:01:41] | announced it had suspended Salomon Brothers | 宣布暂停所罗门兄弟 |
| [1:01:43] | from participating in the auction of new issues. | 参与竞购新的证券 |
| [1:01:46] | It was one more jolt | 这对丑闻缠身的 |
| [1:01:47] | for a scandal-scarred Wall Street. | 华尔街又一次严重的挫折 |
| [1:01:51] | The Fed was in effect saying, | 美联储称 |
| [1:01:53] | “You’re an evil force, and we don’t want you trading our bonds.” | 你们是恶势力 我们不想让你们交易我们的债券 |
| [1:01:59] | It was a huge turning point for Warren. | 这对沃伦来说是一个重大的转折 |
| [1:02:03] | And he believed that, at that particular point, | 他相信当时 |
| [1:02:06] | his reputation was on the line. | 他的名誉正处于危险之中 |
| [1:02:09] | Warren had 24 hours to make up his mind | 沃伦有24个小时思考 |
| [1:02:12] | as to whether he was going to go forward or just bow out. | 是继续前行还是退出 |
| [1:02:16] | And I think at that point, | 我认为当时 |
| [1:02:17] | Salomon Brothers could have gone into bankruptcy. | 所罗门兄弟会破产 |
| [1:02:20] | And Warren stepped up and took responsibility. | 而沃伦加入了 开始承担责任 |
| [1:02:28] | Okay. I’m Warren Buffett. | 我是沃伦巴菲特 |
| [1:02:31] | I was… elected… | 我在几个小时前的 |
| [1:02:34] | Interim Chairman of Salomon, Inc. | 董事会上被选为 |
| [1:02:37] | a few hours ago at a board of directors meeting. | 所罗门公司的临时主席 |
| [1:02:40] | Why was it necessary for you to step in | 为什么你的介入非常重要 |
| [1:02:42] | and what is your mandate of leadership? | 你领导的要求是什么? |
| [1:02:44] | I think that it was necessary to step in | 我认为介入很重要 |
| [1:02:46] | because I would do whatever was needed, | 因为我会做任何有必要的事 |
| [1:02:49] | dig out any bit of information about what’s happened in the past, | 挖掘出过去所发生事情的信息 |
| [1:02:52] | and I would do everything I could to make sure | 我会尽我所能 |
| [1:02:54] | that things exactly right in the future. | 确保事情在将来正常发展 |
| [1:02:55] | Mr. Buffett, are you satisfied that– | 巴菲特先生 你满意・・・ |
| [1:02:58] | I had to convince the Treasury that what was done in the past | 我要让财政部确信过去所做的 |
| [1:03:02] | was awful and stupid, | 是可怕的 愚蠢的 |
| [1:03:04] | and they had every right to be furious at us, | 他们有权力对我们采取激烈措施 |
| [1:03:07] | but this firm employed 8,000 people, | 但是这个企业雇佣了8000人 |
| [1:03:09] | and it was going to go out of business | 除非让我们继续 |
| [1:03:11] | unless they let us continue, basically. | 不然我们就会歇业 |
| [1:03:16] | Warren believed that there was a too-big-to-fail scenario. | 沃伦相信大而不倒的方案 |
| [1:03:20] | The term was not used then, | 但条款并未使用 |
| [1:03:22] | but he believed that Salomon was too big to fail. | 但是他相信所罗门会大而不倒 |
| [1:03:26] | And if Salomon went down, | 如果所罗门关门 |
| [1:03:29] | it would take other important parts of Wall Street with it. | 会牵扯到华尔街的其他重要环节 |
| [1:03:35] | We had this death knell from the Treasury, | 我们从财政部那里听到了丧钟 |
| [1:03:38] | so I called the Treasury. | 所以我打电话给财政部 |
| [1:03:40] | Nick Brady was the Secretary. | 尼克・布雷迪是部长 |
| [1:03:42] | I’m pleading for my life. | 我为我身家做辩护 |
| [1:03:45] | And I’m sure my voice was cracking and everything else, | 我确定我的声音很响 |
| [1:03:47] | and I said, “Nick, this is the most important day of my life.” | 我说 尼克 这是我生命里最重要的一天 |
| [1:03:50] | And I really did feel | 我真的感觉 |
| [1:03:51] | that it was going to be a colossal disaster. | 这会演变成一场大灾难 |
| [1:03:56] | He wasn’t sure I was right at all– | 他不确信我是对的 |
| [1:03:58] | in fact, he probably thought I was wrong– | 实际上 他可能觉得我是错的 |
| [1:03:59] | but he knew that I felt what I was saying. | 但是他知道我说话时的感受 |
| [1:04:03] | So, the Treasury modified its order, | 因此 财政部修改了法令 |
| [1:04:06] | and in effect, of course, | 并实施 |
| [1:04:07] | it was quite an endorsement. | 这是一种支持 |
| [1:04:10] | It was huge. | 巨大的支持 |
| [1:04:16] | It saved Salomon. | 它拯救了所罗门 |
| [1:04:18] | Nick Brady went with Warren, because he trusted him. | 尼克布雷迪顺从了沃伦 因为他相信他 |
| [1:04:22] | It shows how having a good reputation is really helpful in life. | 这显示了拥有好的声誉在生活中真的很有帮助 |
| [1:04:27] | I thank you for the opportunity | 感谢给我在这次小组委员会前 |
| [1:04:29] | to appear before this subcommittee. | 发声的机会 |
| [1:04:32] | I would like to start by apologizing | 我想以为这次行为 |
| [1:04:34] | for the acts that have brought us here. | 把大家带到这里而道歉 |
| [1:04:36] | A nation has a right to expect its rules and laws to be obeyed, | 一个国家有权利期望它的规则与法律得到遵守 |
| [1:04:40] | but I also have asked every Salomon employee | 但是我也让每个所罗门雇员 |
| [1:04:43] | to be his or her own compliance officer. | 做自己的合规官员 |
| [1:04:46] | After they first obey all rules, | 在他们遵守法律之后 |
| [1:04:48] | I then want employees to ask themselves | 我接着问他们 |
| [1:04:51] | whether they are willing to have any contemplated act | 愿不愿意有任何预期行为 |
| [1:04:54] | appear the next day on the front page | 出现在明天他们的配偶 |
| [1:04:57] | of their local paper to be read by their spouses, | 孩子 朋友 |
| [1:05:00] | children, and friends. | 阅读的报纸头版头条上 |
| [1:05:02] | If they follow this test, | 如果他们同意了这项考验 |
| [1:05:04] | they need not fear my other message to them: | 他们就不必为我其他的话感到害怕 |
| [1:05:07] | Lose money for the firm, and I will be understanding. | 折损公司的财富 我会能理解 |
| [1:05:10] | Lose a shred of reputation for the firm, | 折损公司仅剩的声誉 |
| [1:05:12] | and I will be ruthless. | 我就会赶尽杀绝 |
| [1:05:14] | I welcome your questions. | 欢迎提问 |
| [1:05:37] | It’s been 50 years | 我正式接管 |
| [1:05:39] | since I formally took control of Berkshire Hathaway, | 伯克希尔哈撒韦已经有50年 |
| [1:05:42] | and, step by step, we’ve created something | 一步接着一步 |
| [1:05:45] | that is kind of what I dreamt we might create over time, | 我们已经创造了一些我们梦想中的东西 |
| [1:05:49] | but it took a lot of time to do it. | 但这会要很多时间 |
| [1:05:51] | Never seemed like we were | 不是我们在一天 |
| [1:05:52] | making that much progress on any one day, | 内能取得的进展 |
| [1:05:53] | but compound interest works. | 但是复利真的有用 |
| [1:05:57] | When you think back 50 years ago | 当你50年前 |
| [1:05:59] | when you founded this company, | 创立这家公司时 |
| [1:06:01] | did you ever imagine it would | 你会想象出 |
| [1:06:02] | be the fifth-largest company in the world? | 这会是世界上第五大企业吗? |
| [1:06:06] | No, I– I didn’t, but if I was thinking about it, | 不 我不会 但如果我考虑的话 |
| [1:06:09] | I wouldn’t have thought in terms of being the fifth, | 我不会想要成为第五 |
| [1:06:11] | or the fourth, or the third. | 第四或是第三 |
| [1:06:13] | You would’ve wanted number one. | 我会要成为第一 |
| [1:06:15] | Oh! I mean, if you’re gonna dream, you might as well dream. | 我是说 如果你要做梦 不妨就做梦吧 |
| [1:06:18] | …two, three. | 二 三 |
| [1:06:21] | Bill Gates wins. Bill Gates wins. | 比尔盖茨赢了 比尔盖茨赢了 |
| [1:06:25] | Well, a Berkshire Hathaway shareholders meeting is | 伯克希尔哈撒韦股东大会的 |
| [1:06:27] | partly a fun festival. It’s sort of a Mardi Gras | 一部分是一个欢乐的节日 |
| [1:06:31] | for people to come every year. | 就像每年要来的狂欢节 |
| [1:06:33] | It’s a chance for us to have a lot of fun | 这是让我们享受乐趣 |
| [1:06:35] | and meet the people that have entrusted us with their money. | 认识我么投资者的机会 |
| [1:06:42] | Well, we used to have just 30 people in a cafeteria, | 我们在餐厅内原来只有30个人 |
| [1:06:46] | and now we have this huge public spectacle. | 现在我们有了这场公众盛会 |
| [1:06:52] | Celebration is part of making | 庆典是 |
| [1:06:54] | a group of people work well together. | 能让人们更好合作的一部分 |
| [1:06:57] | It’s a celebration. | 这是一场庆典 |
| [1:06:59] | We are glad | 你们能来 |
| [1:07:01] | You’re here at our meeting | 我们很开心 |
| [1:07:05] | Be sure to check out our wares | 仔细查看我们的产品 |
| [1:07:08] | We’ll sell you See’s Candy and Dilly Bars | 我们会向你售卖时思糖果盒 冰雪皇后冰棒 |
| [1:07:13] | And insurance for all of your cars | 还有你车辆的保险 |
| [1:07:16] | For its buy, buy, buy all you see | 买买买 在伯克希尔展会中 |
| [1:07:20] | At the Berkshire show! | 买你看到的一切! |
| [1:07:30] | All right! Woo! | 好了! 哇哦! |
| [1:07:33] | He truly loves to do what he does. | 他真的很喜欢他所做的 |
| [1:07:37] | Love you, Warren! Aw, yeah. | 爱你 沃伦! 啊! 耶~~~~ |
| [1:07:40] | I think investors who own Berkshire Hathaway, | 我觉得持有伯克希尔哈撒韦的投资者 |
| [1:07:43] | they see themselves as a part of a community. | 他们把自己视作一个团体 |
| [1:07:46] | One, two, three. | 一 二 三 |
| [1:07:50] | There are more long-term holders of Berkshire than any company. | 伯克希尔比其他公司有更多长期投资者 |
| [1:07:54] | People consider it a religion. | 人们把它视为一种信仰 |
| [1:07:56] | Okay, right here. | 好的 这里 |
| [1:07:59] | They don’t buy it with the idea | 他们不会买了 |
| [1:08:00] | they’re gonna sell it next week. | 想着下个礼拜就卖掉 |
| [1:08:02] | I think most of them buying it | 我想大多数人 |
| [1:08:03] | with the intent of holding it for their lifetime, | 都是想终生持有 |
| [1:08:05] | just like they’d buy a farm or buy an apartment house. | 就像他们购买农场或是购买公寓房 |
| [1:08:07] | At Berkshire, everybody gets the same information | 在伯克希尔 每个人都能从 |
| [1:08:10] | from the comprehensive annual report. | 综合年报中得到相同的信息 |
| [1:08:13] | We don’t meet with the analysts. | 我们没见过分析师 |
| [1:08:15] | I’m not interested in what an analyst thinks about Berkshire. | 我对分析师怎么看伯克希尔不感兴趣 |
| [1:08:18] | I’m interested in what the | 我对伯克希尔的投资者 |
| [1:08:19] | owners of Berkshire think about Berkshire. | 怎么看伯克希尔比较感兴趣 |
| [1:08:23] | He came out of a private partnership | 他来自一个他知道 |
| [1:08:25] | where people he knew were trusting him. | 人们信赖他的私人公司 |
| [1:08:29] | And he had his relatives in the partnership, | 他的公司里有他的亲属 |
| [1:08:31] | and they were not rich. | 他们并不富裕 |
| [1:08:33] | And as it got bigger, he started treating | 在它壮大时 他开始像对待亲属一样 |
| [1:08:35] | everybody else the way he treated his relatives. | 对待其他人 |
| [1:08:41] | In terms of our feeling | 按照我们 |
| [1:08:42] | toward the people who are shareholders, | 对股东的感觉 |
| [1:08:44] | we regard them as our partners. | 我们把他们视作我们的伙伴 |
| [1:08:46] | They’re not some faceless group of people. | 他们不是一群匿名人士 |
| [1:08:49] | And that’s why at the annual meeting, | 那就是为什么在年度会议上 |
| [1:08:51] | I love seeing 40,000 of them. | 我乐于见到这40000人 |
| [1:08:53] | It gives real meaning to what we’re doing every day. | 它给予了我们每天做这些事的真正意义 |
| [1:08:56] | Let’s try. If you know… | 让我们试试 如果你知道 |
| [1:08:59] | Susie like I know Susie | 苏西喜欢我知道苏西 |
| [1:09:02] | Oh, oh, oh, what a gal | 喔 喔 喔 多好的女人 |
| [1:09:06] | We just have a lot of love and respect for each other. | 我们互相关爱互相尊敬 |
| [1:09:09] | And that’s never changed. | 那从不改变 |
| [1:09:10] | Oh, oh… Susie: I don’t go to most things in Omaha, | 喔 喔 我不怎么知道奥马哈的事 |
| [1:09:13] | because I think Astrid lives there with him, | 因为我觉得阿斯特丽德和他住在一起 |
| [1:09:16] | and that’s for her to do. | 那是她该做的 |
| [1:09:19] | And then we do all kinds of things. | 我们一起做很多事情 |
| [1:09:25] | Strange as it may seem to people, | 可能对人们来说很奇怪 |
| [1:09:26] | I always think, you know, “Who cares? | 我经常想 谁在乎? |
| [1:09:28] | “If it’s working between the people who are directly involved, | 如果对参与的人都有好处 |
| [1:09:30] | who cares what anyone thinks?” | 谁在乎别人怎么想? |
| [1:09:32] | And my mother and Astrid were very close, you know. | 我的母亲和阿斯特丽德很亲密 |
| [1:09:34] | They really, really loved each other, | 她们互相喜欢 |
| [1:09:37] | and I think that my mother was glad that she was there, | 我觉得她在那里我母亲很开心 |
| [1:09:40] | ’cause she– she loved my dad. | 因为她爱我父亲 |
| [1:09:42] | She wanted him taken care of and happy, | 她希望他被照顾而且过得开心 |
| [1:09:44] | and there’s no one better than Astrid. | 没人比阿斯特丽德更好 |
| [1:09:46] | She’s just– she loves my dad. | 她爱我的父亲 |
| [1:09:47] | She wouldn’t care if he had one cent. | 如果他只有一美分她也不会在乎 |
| [1:09:48] | …back where you belong | 回到你所属的地方 |
| [1:09:50] | Well, Astrid has lived with me for a long time. | 阿斯特丽德和我一起住了很长时间 |
| [1:09:54] | She’s done wonders for me. | 她为我做了很多 |
| [1:09:56] | It worked well, but I don’t think it’ll work | 这很好 但我觉得 |
| [1:09:58] | for lots of other people necessarily. | 这对其他人来说没什么必要 |
| [1:10:02] | Susie and I loved each other, we admired each other, | 苏西和我互相喜欢 我们互相爱慕 |
| [1:10:04] | and we were totally in sync with what the other was doing, | 我们所做的都能同步 |
| [1:10:07] | but we were two different individuals. | 但我们是两个不同的个体 |
| [1:10:15] | The first time Warren came out to San Francisco… | 沃伦第一次来旧金山 |
| [1:10:20] | we took a walk, and he looked around, | 我们散了会步 他到处看看 |
| [1:10:22] | and he doesn’t– he’s not very visual. | 他不太能看清 |
| [1:10:25] | He was looking around, and he said, | 他到处看看 他说 |
| [1:10:27] | “This really is– this is your city.” | 这才是你的城市 |
| [1:10:37] | I am so drawn to color, light, form, and nature, | 我很会被色彩 灯光 外表和天性吸引 |
| [1:10:42] | that he thought it was a good place for me. | 他认为这对我来说是个好地方 |
| [1:10:47] | Over the years I’ve developed | 几年来 |
| [1:10:49] | a better understanding of human nature. | 我对人性有了更好的理解 |
| [1:10:51] | I can learn a lot about investments out of a book , | 我能从一本书上学到很多有关投资的东西 |
| [1:10:53] | but I don’t think you can learn as much about human beings. | 但我不认为你能学到很多有关人类的信息 |
| [1:10:57] | You really need some experiences, | 你需要一些经验 |
| [1:10:59] | and I’m wiser in that respect than I was 40 or 50 years ago, | 我在这方面比四五十年前更加聪明 |
| [1:11:03] | even though I can’t rattle off numbers | 虽然我不能像之前一样 |
| [1:11:06] | the same way I used to be able to. | 飞快地说出数字 |
| [1:11:13] | Well, I think that what we do reflects who we are, | 我认为这反应出我们是谁 |
| [1:11:18] | and that’s true for everybody in this room. | 这才是该在这件屋子里的人 |
| [1:11:20] | And if you do the work I do, | 如果你做我的工作 |
| [1:11:23] | you meet the best human beings in the world. | 你会遇到世界上最好的人 |
| [1:11:25] | People who have made a choice | 人需要去决定 |
| [1:11:28] | not to make money, but to serve other human beings. | 不赚钱而去为别的人服务 |
| [1:11:31] | I think it’s the best kind of life anyone could have. | 我认为这才是最棒的人生 |
| [1:11:34] | I was with her in Arizona at | 我在亚利桑那和他参加 |
| [1:11:36] | this “Fortune” Most Powerful Women’s Conference, | 财富杂志最有影响力女性论坛 |
| [1:11:39] | and she told me she had a biopsy the day before, | 她说前一天做了活组织切片 |
| [1:11:42] | and I didn’t really think much of it. | 我真的没想太多 |
| [1:11:46] | Then we got home, and the biopsy results were not good. | 回家后 检查结果不是很好 |
| [1:11:49] | It was stage four oral cancer. | 是四期口腔癌 |
| [1:11:53] | I was on my way to a board meeting in India, | 我正在去印度参加董事会的路上 |
| [1:11:55] | and I remember saying to her, | 我记得和她说 |
| [1:11:57] | “I’ll see you when I get back.” | 我回来就去看你 |
| [1:11:59] | And she rarely cried, | 她少有地哭了 |
| [1:12:01] | and she just started crying and said, | 她哭着说 |
| [1:12:03] | “No, you need to stay here, | 不 你们需要待在这里 |
| [1:12:04] | and you need to come out for the operation.” | 你们要等我做手术 |
| [1:12:09] | So we were all there, | 所以我们都在这里 |
| [1:12:10] | and the day she was going into the surgery, | 做手术的那天 |
| [1:12:13] | that morning, my dad… | 那天早晨 我的父亲 |
| [1:12:17] | It’s funny, he– there’s some of it he just can’t– | 他不能 |
| [1:12:19] | you know, he just can’t– | 他不能 |
| [1:12:21] | the thought of something happening to her was just, for him– | 他认为所发生的事情 |
| [1:12:24] | you know, was just the worst thing that could happen. | 是能够发生的最糟糕的事情 |
| [1:12:29] | She knew it was going to be really difficult. | 她知道会很难 |
| [1:12:31] | She knew the recovery was going to be brutal, | 她知道康复会很艰难 |
| [1:12:34] | so I think that she had that surgery for others. | 所以我想她是在为别人做这个手术 |
| [1:12:42] | It was… quite a big surgery. | 这是一个非常大的手术 |
| [1:12:44] | She couldn’t talk, she couldn’t swallow, she couldn’t eat. | 她不能说话 不能吞咽 不能吃东西 |
| [1:12:48] | But she came out, and I really was with her | 但她走出来了 我几个月 |
| [1:12:51] | for the next four months or so. | 都和她在一起 |
| [1:12:54] | And my dad came out every weekend. | 我父亲每个周末都来 |
| [1:13:02] | And in a few months she was doing better. | 几个月后它好些了 |
| [1:13:16] | She and my dad had gone to Cody, Wyoming, | 她和我父亲去怀俄明的科迪 |
| [1:13:18] | which they did every year with a bunch of friends. | 每年他们和一群朋友聚会 |
| [1:13:26] | And my dad called. This was, | 我父亲打电话 |
| [1:13:28] | I don’t know, 8:00 at night or something, | 是晚上八点还是什么 |
| [1:13:31] | and he said, “Something happened to Mom. | 他说 妈妈有事了 |
| [1:13:34] | I’m in an ambulance. You need to come.” | 我在救护车上 你要来 |
| [1:13:41] | I actually thought something had happened to my dad. | 我想我父亲有事了 |
| [1:13:44] | I don’t know why I thought that, but I– I guess I thought | 我不知道我为什么这样想 |
| [1:13:47] | my mom had had this recovery, | 我猜我是想母亲已经康复了 |
| [1:13:49] | it was successful, and why would anything happen to her? | 很成功 为什么会有其他事在她身上发生? |
| [1:13:59] | It was horrible. | 真可怕 |
| [1:14:01] | And a total shock. | 完全震惊了 |
| [1:14:02] | You know, she’d been fine. | 你知道她原来好好的 |
| [1:14:04] | She’d been fine. They went off to Cody, | 她好好的 他们去科迪 |
| [1:14:06] | she was fine, and they were having dinner, | 她好好的 他们正在吃晚饭 |
| [1:14:08] | and you know, she didn’t feel well after dinner, | 吃完晚饭她感觉不好 |
| [1:14:11] | and… she had the stroke. | 她就中风了 |
| [1:14:19] | We went into the hospital room, and my dad was sitting there. | 我们去了医院 我父亲坐在那里 |
| [1:14:22] | He’d been sitting there all night, holding her hand. | 他整完都坐在那里 举着她的手 |
| [1:14:27] | I was so proud of him, | 我为他骄傲 |
| [1:14:29] | because when it came down to it, | 因为当事情发生 |
| [1:14:32] | he knew what he was supposed to do, | 他知道该做什么 |
| [1:14:33] | and he did it, which was nothing. | 他做了 虽然没有用 |
| [1:14:40] | So my dad went to sleep, | 我们来了父亲就去睡觉了 |
| [1:14:42] | and I sat with her. | 我坐在她身旁 |
| [1:14:44] | And I just kept putting my hand on her heart | 把手放在他心脏上 |
| [1:14:47] | to see if she was breathing, and… | 来看她是否有呼吸 |
| [1:14:52] | At one point, you know, I didn’t feel anything, | 我一度感觉不到任何呼吸 |
| [1:14:54] | so I went out, I got the nurse, | 我出去 问护士 |
| [1:14:56] | and I said, “Can you come in here?” | 你能进来吗? |
| [1:14:58] | And she said, “No, she’s gone.” | 她说 不 她已经走了 |
| [1:15:00] | So, I have to say one of the worst moments of my life | 我必须要说把我父亲喊醒告诉他 |
| [1:15:03] | was waking my dad up to tell him that. | 这个消息是我人生中最糟糕的时刻 |
| [1:15:15] | It’s a very strange thing, love. | 爱是一种很奇怪的东西 |
| [1:15:16] | You can’t get rid of it. | 你无法控制它 |
| [1:15:20] | If you try to give it out, you get more back. | 如果你对人有爱 你会得到更多的爱 |
| [1:15:25] | If you try to hang onto it, you lose it. | 如果你紧抓不放 你就会失去 |
| [1:15:36] | Susie… really put me together. | 苏西 塑造了我 |
| [1:15:39] | She believed in me. | 她相信我 |
| [1:15:40] | She-she-she– she put me together. | 她塑造了我 |
| [1:15:42] | And I would not only have | 我不会成为 |
| [1:15:43] | turned out to be the person I turned out to be, | 我要成为的那样 |
| [1:15:46] | but I would not have– | 但我不会 |
| [1:15:48] | I actually wouldn’t have been | 我不会在缺少她的情况下 |
| [1:15:49] | as successful in business without that, and… | 在事业上获得成功 |
| [1:15:51] | she made me more of a whole person. | 她让我成为了完整的人 |
| [1:16:01] | He went dark, essentially, quiet and inward | 他当时一度陷入黑暗 |
| [1:16:05] | for a certain amount of time. | 安静而内向 |
| [1:16:09] | You know, my dad is a solitary guy, | 你知道 我父亲是个独立的人 |
| [1:16:12] | and he had lived, essentially, a solitary life in a lot of ways. | 他很多时候都一个人过 |
| [1:16:19] | I think it came down to him figuring out | 我想他要想想 |
| [1:16:22] | how he was gonna get through this tunnel | 他要如何穿过这个隧道 |
| [1:16:25] | and get out the other side. | 到达另一端 |
| [1:16:31] | In my head at the time, I thought, | 当时我想 |
| [1:16:33] | “God, I don’t know if he’ll ever get out of bed.” | 神啊 我觉得他都不会从床上爬起来 |
| [1:16:39] | But he did. | 但他却做到了 |
| [1:16:53] | Welcome. I’m Patty Stonesifer, | 欢迎大家 我是帕蒂・斯通塞弗 |
| [1:16:55] | the CEO of the Bill and Melinda Gates Foundation. | 盖茨基金会的CEO |
| [1:16:58] | And we appreciate you coming today, | 感谢你们的到来 |
| [1:17:00] | especially since I sent a very vague and very late notice | 特别是因为我们很迟才大概得通知 |
| [1:17:03] | to ask you to come to a conversation with Bill and Melinda | 大家来这里与盖茨夫妇讨论 |
| [1:17:06] | on the future on philanthropy. | 慈善的未来 |
| [1:17:09] | So, lets get on with it. | 那么 让我们开始吧 |
| [1:17:11] | I have the pleasure of introducing a good man | 我要向你们介绍一位好人 |
| [1:17:16] | whose great decision is | 他的决定 |
| [1:17:17] | going to change the world, Warren Buffett. | 将改变这个世界 让我们欢迎沃伦巴菲特 |
| [1:17:31] | A remarkable decision tonight | 今天这位富甲一方的人 |
| [1:17:33] | from one of the richest men in the world. | 要做出一项非凡的决定 |
| [1:17:35] | Mega-billionaire Warren Buffett says | 超级富翁沃伦巴菲特说 |
| [1:17:37] | he is giving away most of his fortune away to charity. | 他将把他的大部分财富捐给慈善 |
| [1:17:40] | Buffett has pledged to give away | 巴菲特承诺捐出 |
| [1:17:41] | the bulk of his fortune | 他的大部分财富 |
| [1:17:43] | to the Bill and Melinda Gates Foundation | 交给盖茨基金会 |
| [1:17:46] | and giving more than 15% of his money | 并将他15%以上的财富 |
| [1:17:48] | to foundations started by | 交给由 |
| [1:17:50] | his three children and his late wife, Susan. | 他的三个孩子和前妻苏珊运营的基金会 |
| [1:17:53] | One global health activist called what Buffett did today | 一位全球卫生专家称巴菲特今天所做的 |
| [1:17:56] | one of the most remarkably | 是将会被载入史册的 |
| [1:17:58] | selfless acts that history will ever record. | 无私善举 |
| [1:18:02] | That’s a better hand than I get at a Berkshire Hathaway meeting. | 比我在伯克希尔哈撒韦的会议上站得高多了 |
| [1:18:06] | I’d like to thank you for coming. | 欢迎你们的到来 |
| [1:18:08] | It– it’s a great day for me. It’s a great day for my family. | 今天对我来说是伟大的一天 对我家庭来说也是伟大的一天 |
| [1:18:13] | My wife Susie and I had planned that whatever I made | 我的妻子苏西和我计划将我们创造的所有 |
| [1:18:16] | would go back to society, | 回报给社会 |
| [1:18:17] | and, originally, I thought she would outlive me | 原来我觉得她会活得更加长久 |
| [1:18:20] | and that she’d make a big decision on it. | 她会做出那个伟大决定 |
| [1:18:22] | But since her death, I had to rethink | 但自从她去世 我要重新思考 |
| [1:18:25] | the best way to get the money into society | 把钱交给社会的最好方法 |
| [1:18:28] | and have it used in the most effective way, | 把它用在最有效的地方 |
| [1:18:29] | and I had a solution staring me in the face. | 有些好的解决方案正紧盯我不放 |
| [1:18:34] | It was completely out of the blue. I mean amazing. | 完全出乎意料 真是神奇 |
| [1:18:37] | The largest single gift ever given was | 我们收到的最大单笔捐赠 |
| [1:18:41] | what he gave away that day. | 是当天他给予的 |
| [1:18:44] | I’d like to ask the people representing those… | 我想邀请代表那些基金的 |
| [1:18:47] | various foundations to come out. | 人来出场 |
| [1:18:53] | The first three letters are easy to sign, I just sign “Dad.” | 前三个字很好签 我签”Dad”就可以了 |
| [1:19:11] | When he wrote the letter to us, | 当他给我们写那封信时 |
| [1:19:13] | he put something in that letter | 他放在信里的东西 |
| [1:19:14] | that was incredibly important to me, | 对我来说非常重要 |
| [1:19:16] | which was exactly how our foundation behaves, | 就是我们基金会的运营方式 |
| [1:19:20] | which is, if you’re gonna try to bat a thousand, | 如果你想击出1000码 |
| [1:19:23] | you won’t do very many things that are important. | 你不用做什么重要的事 |
| [1:19:25] | But if you’re willing to basically strike out a few times, | 但如果你愿意击出好几次 |
| [1:19:29] | you can really change something big. | 你就要做出大的改变 |
| [1:19:31] | I.C.C.N.! | I.C.C.N.! |
| [1:19:35] | Well, I feel terrific about the fact | 我的每个孩子 |
| [1:19:37] | that my three children each run a separate foundation | 都按照他们各自的兴趣每人运营 |
| [1:19:39] | that combines their special interests, | 一个独立的基金会我感觉很好 |
| [1:19:42] | whether it’s early education | 有早教的 |
| [1:19:44] | or whether it’s farming | 有农业的 |
| [1:19:45] | in areas where people’s techniques for using | 有小幅地块改善 |
| [1:19:48] | small plots of land could use a lot of improvement. | 所用的技术 |
| [1:19:51] | All kinds of ways– vaccines, you name it. | 还有疫苗等等 |
| [1:19:55] | More powerful than Buffett’s gift | 比巴菲特的捐赠 |
| [1:19:56] | is the message he’s sending to other wealthy Americans, | 更加强有力的是他带给其他美国富人的信息 |
| [1:19:59] | that those who have the least in this world | 世界上拥有最少的那些人 |
| [1:20:02] | should benefit from those who have the most. | 应该从拥有最多的人那里获益 |
| [1:20:10] | In my entire lifetime, everything that I’ve spent | 我的一生中 |
| [1:20:13] | will be quite a bit less than one percent | 我花去的总共都不及我 |
| [1:20:16] | of everything I’ve made. | 所赚到的1% |
| [1:20:17] | The other 99% plus will go to others, | 剩余的99%+将给到别人 |
| [1:20:20] | because it has no utility to me. | 因为它对我来说没有用处 |
| [1:20:26] | So, it’s silly for me to not transfer that utility | 所以不把有用的东西 |
| [1:20:32] | to people who can use it. | 给可以使用的人是很愚蠢的 |
| [1:20:35] | It’s doing me no good. | 它对我没有用 |
| [1:20:42] | I am so proud of what we do. | 我为我们所做的感到自豪 |
| [1:20:46] | I almost cry at every board meeting, | 我每次董事会几乎都要流泪 |
| [1:20:47] | because I just think she would be so proud. | 因为我觉得她会非常自豪 |
| [1:20:52] | And that is my biggest job, in my opinion, | 在我认为确保每一便士 |
| [1:20:55] | is to make sure that every penny gets spent | 都花到她想花的地方 |
| [1:20:57] | the way she would want it spent. | 是我最重要的工作 |
| [1:21:02] | Whoever you are in this life, you don’t want to think | 不管是谁活在世上 都不想 |
| [1:21:04] | you wasted a lot of your energy, love, | 把能量 时间与爱浪费 |
| [1:21:09] | and time on something useless. | 在无用的东西上 |
| [1:21:13] | I always thought I’d marry a minister, a doctor, or somebody | 我一直想我会和一名牧师 一位医生 |
| [1:21:17] | out doing some valuable service | 或是对人类有价值的人 |
| [1:21:22] | to human beings. | 结婚 |
| [1:21:24] | And the fact that I married | 事实是 |
| [1:21:26] | somebody who makes just piles of money | 我的结婚对象赚了大笔的钱 |
| [1:21:29] | is really the antithesis of what I ever thought, | 与我所想简直相互对立 |
| [1:21:32] | but I know what he is, | 但我知道他是什么样的人 |
| [1:21:34] | and… he is… | 他是 |
| [1:21:39] | There’s no finer human being than who he is. | 一个不能再好的人 |
| [1:21:54] | The truth is that I’m here | 事实就是 |
| [1:21:56] | in my position as a matter of luck. | 我能处在我的位置上非常幸运 |
| [1:21:58] | Hey! How are you doing, Grandpa? | 嘿! 你过得怎么样 爷爷? |
| [1:22:00] | Hey, Grandpa! Okay. | 嘿 爷爷! 好 |
| [1:22:02] | When I was born in 1930, | 当我1930年出生时 |
| [1:22:05] | the odds were probably 40:1 | 我出生在美国的比率 |
| [1:22:07] | against me being born in the United States. | 大约是40比1 |
| [1:22:10] | I did win the ovarian lottery on that first day, | 我在第一天就赢得了卵巢彩票 |
| [1:22:12] | and on top of that, I was male. | 加上我是一名男性 |
| [1:22:15] | Put that down as another 50/50 shot | 又是一半一半 |
| [1:22:17] | and now the odds are 80:1 | 我作为男性在美国出生的 |
| [1:22:19] | against being born a male in the United States, | 几率就是80:1 |
| [1:22:22] | and it was enormously important in my whole life. | 那在我整个一生中都相当重要 |
| [1:22:26] | To think that that makes me superior to anyone else | 为了思考什么让我 |
| [1:22:29] | as a human being is just– I can’t follow that line of reasoning. | 超越其他人类 我不能按照那个推理路面 |
| [1:22:33] | Perfect! Okay, good luck. | 完美! 好了 好运 |
| [1:22:38] | I think I was lucky to | 我认为 |
| [1:22:40] | have been standing alongside Warren Buffett | 在他成长为沃伦巴菲特时 |
| [1:22:43] | while he was becoming Warren Buffett. | 陪伴在沃伦巴菲特身边是很幸运的 |
| [1:22:45] | He has developed over the years. He’s broadened. | 他经过了很长时间的发展 他发展壮大 |
| [1:22:50] | His values extend through all of his life. | 他的估值一直在拓展 |
| [1:22:54] | He wants to lead a life that he and his father, | 他过着和她父亲一样的生活 |
| [1:22:57] | if his father was still living, would say was a good one. | 如果他父亲还在 会说他很棒 |
| [1:23:03] | I think he’s going to end up | 我想他会在历史书中 |
| [1:23:05] | in the history books a hundred years from now. | 延续百年 |
| [1:23:07] | I’m not sure what role he’s going to be assigned. | 我不确定我被分配到何种角色 |
| [1:23:11] | Will he be famous for what he did as an investor | 是以投资者著名 |
| [1:23:14] | or as a philanthropist? | 还是以一名慈善家而著名? |
| [1:23:17] | But Warren said that his ambition in life is to be a teacher. | 但沃伦说他生命中的志向是做一名老师 |
| [1:23:22] | The world is a great movie to watch, | 世界是一场很好看的电影 |
| [1:23:24] | but you don’t want to sleepwalk through life. | 但你不会想一辈子都在梦游 |
| [1:23:27] | The important thing to do is to look for the job | 重要的事是寻找一份 |
| [1:23:29] | you would take if you didn’t need a job | 职业 如果你不干你的职业 |
| [1:23:31] | and life is wonderful then. | 生活依旧多姿多彩 |
| [1:23:33] | I mean, you’ll jump out of bed in the morning | 你早上从床上坐起 |
| [1:23:36] | because you’re really looking forward to the day. | 是因为你期待这一天 |
| [1:23:39] | I have– for over 60 years, | 我有60年 |
| [1:23:42] | I’ve been able to tap dance to work | 都是跳着踢踏舞去工作 |
| [1:23:44] | just ’cause I’m doing what I love doing and– | 就是因为我做我喜欢做的 |
| [1:23:46] | and I just feel very, very lucky. | 我感觉非常幸运 |
| [1:23:49] | Okay, class dismissed. | 好的 下课了 |
| [1:24:11] | Night. | 晚安 |
| [1:24:13] | Do you fear death? | 你畏惧死亡吗? |
| [1:24:14] | No, I don’t. | 不 |
| [1:24:17] | I’ve had a terrific life. I feel– you know, it’s gonna happen, | 我有极佳的一生 它终究会发生 |
| [1:24:20] | and I have no idea what happens after it. | 我不知道死后会发生什么 |
| [1:24:23] | I’m an agnostic, so I– | 我是不可知论者 |
| [1:24:24] | you know, it may be terribly interesting. | 它可能非常有趣 |
| [1:24:27] | It may not be interesting at all. We’ll find out. | 可能无趣 我们会发现的 |
| [1:24:28] | But physically, I’m pretty well depreciated. | 但在身体上 我已经没有什么价值了 |
| [1:24:31] | I’m getting down to salvage value. | 我仅剩一点残值 |
| [1:24:39] | But it really doesn’t make any difference at all. | 它真的没什么用了 |
| [1:24:41] | It doesn’t interfere with my work. | 但它不妨碍我工作 |
| [1:24:42] | It doesn’t interfere with my happiness. | 不妨碍我感到快乐 |
| [1:24:44] | It doesn’t interfere with my thinking. | 不妨碍我思考 |
| [1:24:51] | I don’t feel any diminution in my enjoyment of life | 我不感觉我对生活的享受 |
| [1:24:55] | or enthusiasm for life at all. | 和热爱有任何减少 |
| [1:24:56] | In fact, in a sense, the game that I’m in | 事实上 在某种意义上 |
| [1:24:59] | gets more interesting all the time. | 我所处的游戏正变得越来越有趣 |
| [1:25:03] | It’s a competitive game. It’s a big game, | 这是富有竞争的游戏 很大一场游戏 |
| [1:25:06] | and I enjoyed the game a lot. | 我很享受这场游戏 |
| [1:26:03] | Somewhere over the rainbow | |
| [1:26:09] | Way up high | |
| [1:26:14] | There’s a land that I heard of | |
| [1:26:20] | Once in a lullaby | |
| [1:26:25] | Somewhere over the rainbow | |
| [1:26:30] | Skies are blue | |
| [1:26:36] | And the dreams | |
| [1:26:39] | That you dare to dream | |
| [1:26:42] | Really do come true | |
| [1:26:46] | One day I’ll wish upon a star | |
| [1:26:49] | And wake up where the clouds | |
| [1:26:51] | Are far behind me | |
| [1:26:57] | Where troubles melt | |
| [1:26:59] | Like lemon drops | |
| [1:27:00] | Oh, way above | |
| [1:27:01] | The chimney tops | |
| [1:27:03] | That’s where | |
| [1:27:05] | You’ll find me | |
| [1:27:11] | Somewhere over the rainbow | |
| [1:27:16] | Blue birds fly | |
| [1:27:21] | Birds fly over the rainbow | |
| [1:27:27] | Why then, oh, why can’t I? | |
| [1:27:53] | Somewhere over the rainbow | |
| [1:27:58] | Blue birds fly | |
| [1:28:03] | Birds fly over the rainbow | |
| [1:28:08] | Why then, oh, why can’t I? | |
| [1:28:13] | If happy little bluebirds fly beyond the rainbow | |
| [1:28:20] | Why, oh, why | |
| [1:28:22] | Can’t I? | |
| [1:28:28] | Good night, Susan. |