(1)”Most people are too fretful, they worry too much.Success means being very patient, but aggressive when it’s time.”
看完这条可不要too aggressive哈。芒格本人曾经就因为用margin给自己带来过大麻烦。我这个朋友也喜欢用margin,非常危险。

(2)”Using [a stock’s] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns – for example, See’s [a candy company owned owned by Berkshire] usually loses money in two quarters of each year – and some terrible businesses can have steady results.”

(3)”I think that, every time you saw the word EBITDA [earnings], you should substitute the word “bullshit” earnings.”

(4)“Warren talks about these discounted cash flows. I’ve never seen him do one.”?”It’s true,” replied Buffett. “If the value of a company doesn’t just scream out at you, it’s too close.”

(5)”If you buy something because it’s undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That’s hard. But if you buy a few great companies, then you can sit on your ass. That’s a good thing.”

(6)”We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Wesco] just before a calamity. Both were bought at a discount to liquidation value.”
6,我们买过一个纺织厂(Berkshire Hathaway)和一个加州的存贷行(Wesco),这俩后来都带来了灾难。但是我们买的时候,价格都比清算价值打折还低。

(7)”For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.”
我也这么认为:internet 实际上是就业杀手,需要很多年才能消化。但是,如果能看懂这个变化则会非常有收获。

(8)”Virtually every investment expert’s public assessment is that he is above average, no matter what is the evidence to the contrary.” 这可是芒格说的哈。

(9)”Investing is where you find a few great companies and then sit on your ass.”

(10)”Warren spends 70 hours a week thinking about investing.”

(11)”People calculate too much and think too little.” 投资上看起来确实如此。

(12)”Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.”

(13)”The tax code gives you an enormous advantage if you can find some things you can just sit with.”

(14)”If you’re going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%—or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening…”

(15)”The number one idea, is to view a stock as an ownership of the business [and] to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash flow than you’re paying for. Move only when you have an advantage. It’s very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.”

(16)”Failure to handle psychological denial is a common way for people to go broke. You’ve made an enormous commitment to something.You’ve poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think,” Now it has to work. If I put in just a little more, then it ’all work…. People go broke that way —because they can ’t stop,rethink,and say,’ I can afford to write this one off and live to fight again. I don’t have to pursue this thing as an obsession —in a way that will break me .’ “
16,人们破产的常见原因是不能控制心理上的纠结。你花了这么多心血、这么多金钱,花的越多,就越容易这么想:“估计快成了,再多花一点儿,就能成了……” 人们就是这么破产的—-因为他们不肯停下来想想:“之前投入的就算没了呗,我承受得起,我还可以重新振作。我不需要为这件事情沉迷不误,这可能会毁了我的。”

(17)”…in terms of business mistakes that I’ve seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don’t drill oil wells. We pay our taxes. And we’ve done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don’t buy it.”

(18)”I believe that we are at or near the apex of a great civilization….In 50-100 years, if we’re a poor third to some countries in Asia, I wouldn’t be surprised. If I had to bet, the part of the world that will do best will be Asia.”

(19)”To some extent, stocks are like Rembrandts. They sell based on what they’ve sold in the past. Bonds are much more rational. No-one thinks a bond’s value will soar to the moon.” “Imagine if every pension fund in America bought Rembrandts. Their value would go up and they would create their own constituency.”

(20)”It’s crazy to assume that what’s happening in Argentina and Japan is inconceivable here.”

(21)”REITs are way more suitable for individual shareholders than for corporate shareholders. And Warren has enough residue from his old cigar-butt personality that when people became disenchanted with the REITs and the market price went down to maybe a 20% discount from what the companies could be liquidated for, he bought a few shares with his personal money. So it’s nice that Warren has a few private assets with which to pick up cigar butts in memory of old times – if that’s what keeps him amused.”

(22)”Smart people aren’t exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.”

(23))”The whole concept of the house advantage is an interesting one in modern money management. The terms of the managers of the private partnerships look a lot like the take of the croupier at Monte Carlo, only greater.”

(24)”There are always people who will be better at some thing than you are.You have to learn to be a follower before you become a leader.”

(25)”We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side. If you can’t state arguments against what you believe better than your detractors, you don’t know enough.”

(26)“I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I’ve seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.”

(27)”A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.” 就是坚持不做不对的事情的意思。

(28)”There are two types of mistakes: 1) doing nothing[We saw it, but didn’t act on it]; what Warren calls “sucking my thumb” and 2) buying with an eyedropper things we should be buying a lot of.”

(29)”Checklist routines avoid a lot of errors. You should have all of this elementary wisdom, and you should go through a mental checklist in order to use it. There is no other procedure that will work as well.”

(30)”Litigation is notoriously time-consuming, inefficient, costly and unpredictable.”

(31)”Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That’s your opportunity cost. That’s what you learn in freshman economics. The game hasn’t changed at all. That’s why Modern Portfolio Theory is so asinine.”

(32)”The more hard lessons you can learn vicariously rather than through your own hard experience, the better.”
“Well, some of our success we predicted and some of it was fortuitous.”

(33)”The general assumption is that it must be easy to sit behind a desk and people will bring in one good opportunity after another — this was the attitude in venture capital until a few years ago. This was not the case at all for us — we scrounged around for companies to buy. For 20 years, we didn’t buy more than one or two per year. …It’s fair to say that we were rooting around. There were no commissioned salesmen. Anytime you sit there waiting for a deal to come by, you’re in a very dangerous seat.”
33,一般认为,最好的情形就是你坐在办公室里,然后美好的投资机会一个接一个地被送到你的面前 —- 直到几年之前,风投界的人们就是这样享受的。但是我们完全不是这样 —- 我们就跟要饭的似的到处寻找好公司来买。20年来,我们每年最多投资一到两个公司…… 说我们已经挖地三尺了都不夸张。(好机会)是没有专业推销员的。如果你坐在那里等待好机会来临,那你的座儿很危险。

(34)”Our biggest mistakes, were things we didn’t do, companies we didn’t buy.”

(35)”You can progress only when you learn the method of learning.”

(36)”It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”

(37)”Berkshire’s past record has been almost ridiculous. If Berkshire had used even half the leverage of, say, Rupert Murdoch, it would be five times its current size.”

(38)”It took us months of buying all the Coke stock we could to accumulate $1 billion worth — equal to 7% of the company. It’s very hard to accumulate major positions.”
38,买可口可乐股票的时候我们花了几个月才攒了10亿美元的股票 — 是可口可乐总市值的7%。要攒成主要股东是很难的。

(39)”All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return”

(40)”If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then, we had just come out of a depression. Capitalism was a bad word. There had been abuses in the 1920s. A joke going around then was the guy who said, ‘I bought stock for my old age and it worked — in six months, I feel like an old man!’ “It’s tougher for you, but that doesn’t mean you won’t do well — it just may take more time. But what the heck, you may live longer.”
40,如果今天你的资本较少并且年轻,你的机会比我们那时候要少。我们年轻的时候刚走出大萧条,资本主义那时候是一个贬义词,在20年代对资本主义的批判更是肆虐。那时候流行一个笑话:有个人说“我买股票是为老了的时候考虑,没想到六个月就用上了!我现在已经觉得自己是老人了。”你们的环境更加艰难,但并不意味着你们做不好 — 只是要多花些时间。但是去他娘的,你们还可能活的更长呢。

(41)”Regarding the demographic trend called Baby Boomers, it’s peanuts compared to the trend of economic growth.? Over the last century, [our] GNP is up seven times.? This was not caused by Baby Boomers, but by the general success of capitalism and the march of technology.? Those trends were so favorable that little blips in the birth rate were not that significant.??We can keep social peace as long as GNP rises 3% annually – this can pay for spending by politicians.? If we ever got to stasis [no growth], then with all the promises, you’d get real tensions between the generations.? The Baby Boomers would exacerbate it, but the real cause would be lack of growth.”
41,关于所谓“婴儿潮(美国5、60年代出生)”的人口学现象,其影响相对经济增长的影响来说小很多。过去的一个世纪,美国的GNP(国民生产总值)增长了7倍。这不是婴儿潮导致的,而是由美国资本主义的成功和技术的发展带来的。这两样东西的影响太利好,婴儿潮问题相比之下就是一个小波动。只要美国的GNP每年增长3%,就能保持社会和平 — 足以覆盖政客们的花销。如果美国的发展停滞了,我敢保证,你们将会见证真切的代沟,不同代的人之间关系会很紧张。婴儿潮是这种紧张的催化剂,但是根本原因还是经济不增长。

(42)”Practically everybody overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that.”

(43)”You must know the big ideas in the big disciplines, and use them routinely — all of them, not just a few. Most people are trained in one model — economics, for example — and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.”
43,你应该对各种学科的各种思维都有所理解,并且经常使用它们 — 它们的全部,而不是某几个。大部分人都熟练于使用某一个单一的模型,比如经济学模型,去解决所有的问题。应了一句老话:“拿锤子的木匠,看这世界就觉着像钉子。” 这是一种很白痴的做事方法。

(44)”The whole concept of dividing it up into ‘value’ and ‘growth’ strikes me as twaddle. It’s convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.”

(45)”In my whole life, I have known no wise people who didn’t read all the time – none, zero. You’d be amazed at how much Warren reads, at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”

(46)”We read a lot.? I don’t know anyone who’s wise who doesn’t read a lot.? But that’s not enough: You have to have a temperament to grab ideas and do sensible things.? Most people don’t grab the right ideas or don’t know what to do with them.”

(47)”We get these questions a lot from the enterprising young. It’s a very intelligent question: You look at some old guy who’s rich and you ask, ‘How can I become like you, except faster?”

(48)”It takes almost no capital to open a new See’s candy store. We’re drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control”

(49)”It’s dangerous to short stocks.”

(50)”Being short and seeing a promoter take the stock up is very irritating. It’s not worth it to have that much irritation in your life.”

(51)”It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud and then at have it go from X to 3X and and have the crooks happily partying with your money while you’re meeting margin calls. Why would you want to go within hailing distance of that?”

(52)”…the cost of being a publicly traded stock has gone way, way up. It doesn’t make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements….”?

(53)”Well the open-outcry auction is just made to turn the brain into mush: you’ve got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away… I mean it just absolutely is designed to manipulate people into idiotic behavior.”

(54)”The problem with closed bid auctions is that they are frequently won by people making a technical mistake, as in the case with Shell paying double for Belridge Oil. You can’t pay double the losing bid in an open outcry auction.”

(55)”We’re partial to putting out large amounts of money where we won’t have to make another decision.”

(56)”Understanding how to be a good investor makes you a better business manager and vice versa.”

(57)”What’s fascinating . . .is that you could now have a business that might have been selling for $10 billion where the business itself could probably not have borrowed even $100 million. But the owners of that business, because its public, could borrow many billions of dollars on their little pieces of paper- because they had these market valuations. But as a private business, the company itself couldn’t borrow even 1/20th of what the individuals could borrow.”

(58)”I constantly see people rise in life who are not the smartest – sometimes not even the most diligent. But they are learning machines; they go to bed every night a little wiser than when they got up. And, boy, does that habit help, particularly when you have a long run ahead of you.”

(59)”The basic concept of value to a private owner and being motivated when you’re buying and selling securities by reference to intrinsic value instead of price momentum – I don’t think that will ever be outdated.”

(60)”Warren and I have not made our way in life by making successful macroeconomic predictions and betting on our conclusions.”

(61)”Well, the questioner came from Singapore which has perhaps the best economic record in the history of any developing economy and therefore he referred to 15% per annum as modest. It’s not modest–it’s arrogant. Only someone from Singapore would call it modest.”

(62)”I don’t spend much time, regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.”

(63)”If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounce on them with vigor.”

(64)”We just throw some decisions into the ‘too hard’ file and go onto the others.”

(65)”Forgetting your mistakes is a terrible error if you are trying to improve your cognition.”

(66)”In the 1930s, there as a stretch here you could borrow more against the real estate than you could sell it for. I think that’s what’s going on in today’s private-equity world”

(67)”Mimicking the herd invites regression to the mean.”

(68)”A lot of opportunities in life tend to last a short while, due to some temporary inefficiency… For each of us, really good investment opportunities aren’t going to come along too often and won’t last too long, so you’ve got to be ready to act and have a prepared mind.”

(69)”Everywhere there is a large commission, there is a high probability of a ripoff.”

(70)”Acknowledging what you don’t know is the dawning of wisdom.”

(71)”Recognize reality even when you don’t like it – especially when you don’t like it.”
71,即使你不喜欢现实,也要承认现实 — 其实越是你不喜欢,你越应该承认现实。

(72)”We try more to profit from always remembering the obvious than from grasping the esoteric.”

(73)?“Over the long term, it’s hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you’re not going to make much different than a six percent return – even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you’ll end up with one hell of a result.”

(74)”Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.”

(75)”Many markets get down to two or three big competitors—or five or six. And in some of those markets, nobody makes any money to speak of. But in others, everybody does very well.? Over the years, we’ve tried to figure out why the competition in some markets gets sort of rational from the investor’s point of view so that the shareholders do well, and in other markets, there’s destructive competition that destroys shareholder wealth.? If it’s a pure commodity like airline seats, you can understand why no one makes any money. As we sit here, just think of what airlines have given to the world—safe travel, greater experience, time with your loved ones, you name it. Yet, the net amount of money that’s been made by the shareholders of airlines since Kitty Hawk, is now a negative figure—a substantial negative figure. Competition was so intense that, once it was unleashed by deregulation, it ravaged shareholder wealth in the airline business.? Yet, in other fields—like cereals, for example—almost all the big boys make out. If you’re some kind of a medium grade cereal maker, you might make 15% on your capital. And if you’re really good, you might make 40%. But why are cereals so profitable—despite the fact that it looks to me like they’re competing like crazy with promotions, coupons and everything else? I don’t fully understand it.? Obviously, there’s a brand identity factor in cereals that doesn’t exist in airlines. That must be the main factor that accounts for it.And maybe the cereal makers by and large have learned to be less crazy about fighting for market share—because if you get even one person who’s hell-bent on gaining market share…. For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I’d ruin Kellogg in the process. But I think I could do it.”
“You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add – and that your best course is to trust some expert.”
75,许多市场最终会形成两到三个大竞争者 —- 或者五到六个。其中有些市场里压根儿没有人能赚到什么钱。有些市场里每个竞争者都做得不错。多年以来,我们一直在研究,为什么有些市场里竞争比较理性,股东们获得的回报都不错,而有些市场里的竞争则让股东血本无归。我们举航空公司的例子来说吧,咱们现在坐在这里,可以想到航空公司们为世界作出的各种贡献 — 安全的旅行、更好的体验、能够随时飞向你的爱人,等等。但是,这个行业自从莱特兄弟的时代以来,给股东们回报的利润是负的,而且是一个巨大的负数。这个市场里的竞争是如此激烈,以至于一旦放开监管,航空公司们就开始(大降价)来损害股东们的权益。然而,在另外一些行业里,比如麦片行业,几乎所有的竞争者都混得挺舒服。如果你是一家中型的麦片生产商,你大概能有15%的资产回报率。如果你的本事特别好,甚至能达到40%。但是为什么麦片这么挣钱呢?在我看来他们整天搞各种疯狂的营销、推广、优惠券来激烈竞争,竟然还这么挣钱。我不是很明白。显然,品牌效应的因素是麦片行业有而航空行业没有的。这可能是个主要因素。或者麦片生产商们有共识,认为谁都不可以那么疯狂地竞争 —- 因为如果有一个二楞子视市场占有率如命根,比如说如果我是家乐氏的老板然后我决定要抢占60%的市场占有率,我想我可以把这个市场的大部分利润都给弄没了。这个过程中我可能会把家乐氏给毁掉。但是我想我还是可以做到(占据市场以及消灭行业利润)。你应该有信心去颠覆那些比你资深的人,条件是他们的认知被动机导致的偏见蒙蔽了、或者被类似的心理因素明显影响了。但是在另外一些情况下,你应该认识到你也许没有什么新意可想 — 你最好的选择就是相信这些领域中的专家。

(76)”In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables — like the discount warehouses of Costco.”
76,我们发现那些在生意中优胜的“系统”往往有些变量被近乎荒谬地最大化或者最小化 —- 比如Costco的打折仓储店。

(77)”There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.”
77,有些情况比坐拥大量现金无处可投更糟糕。我还记得当年缺钱的情景 — 我可不想回到那个时候。

(78)”If you always tell people why, they’ll understand it better, they’ll consider it more important, and they’ll be more likely to comply.”

(79)”Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.”
79,量入而出、时刻攒钱、把钱放到可以延期交税的账户里。时间长了,你就会攒出一笔财富了。 这完全不需要动什么脑子。

(80)”I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.”

(81)”I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart…”

(82)”I know someone who lives next door to what you would actually call a fairly modest house that just sold for $17 million. There are some very extreme housing price bubbles going on .”

(83)”Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.”

(84)”The present era has no comparable referent in the past history of capitalism. We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodom and Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.”

(85)”Our investment style has been given a name – focus investing – which implies ten holdings, not one hundred or four hundred. The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obvious idea. But 98% of the investment world does not think this way. It’s been good for us.”

(86)”You want to be very careful with intense ideology. It presents a big danger for the only mind you’re ever going to get.”

(87)”Like Warren, I had a considerable passion to get rich. “Not because I wanted Ferraris– I wanted the independence. I desperately wanted it.”

(88)”Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.”

(89)”You can progress only when you learn the method of learning.”

(90)”It’s a good habit to trumpet your failures and be quiet about your successes.”

(91)”In effect about half our spare cash was stashed in currencies other than the dollar. I consider that a non-event. As it happens it’s been a very profitable non-event.”

(92)”As for what we like least, we don’t want kleptocracies. We need a rule of law. If people are stealing from the companies, we don’t need that.”

(93)”I agree with Peter Drucker that the culture and legal systems of the United States are especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.”

(94)”Berkshire in its history has made money betting on sure things.”

(95)”I don’t think there’s any business that we’ve bought that would have sold itself to a hedge fund. There’s a class of businesses that doesn’t want to deal with private-equity and hedge funds…thank God”

(96)”We’re guessing at our future opportunity cost. Warren is guessing that he’ll have the opportunity to put capital out at high rates of return, so he’s not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we’d change. Our hurdles reflect our estimate of future opportunity costs.”

(97)”Our ideas are so simple that people keep asking us for mysteries when all we have are the most elementary ideas.”

(98)”The idea of a margin of safety, a Graham precept, will never be obsolete. The idea of making the market your servant will never be obsolete. The idea of being objective and dispassionate will never be obsolete. So Graham had a lot of wonderful ideas.”

(99)”Ben Graham could run his Geiger counter over this detritus from the collapse of the 1930s and find things selling below their working capital per share and so on….? But he was, by and large, operating when the world was in shell shock from the 1930s—which was the worst contraction in the English-speaking world in about 600 years. Wheat in Liverpool, I believe, got down to something like a 600-year low, adjusted for inflation. the classic Ben Graham concept is that gradually the world wised up and those real obvious bargains disappeared. You could run your Geiger counter over the rubble and it wouldn’t click. … Ben Graham followers responded by changing the calibration on their Geiger counters. In effect, they started defining a bargain in a different way. And they kept changing the definition so that they could keep doing what they’d always done. And it still worked pretty well.”
99,格雷厄姆的方法就像是拿着探测器在30年代的废墟里寻找宝贝 — 股价比每股现金还低的便宜股票。但总的来说,他工作的时代是全世界还陷在二战战后恐惧症的时代,那是英语世界600年来通缩最严重的时代。利物浦的小麦价格跌到了600百年的最低值。经典的格雷厄姆理念认为世界会渐渐苏醒过来,这些便宜会消失的。你拿着那时候的探测器在现在的废墟里恐怕是找不到宝贝的。所以格雷厄姆的追随者们就调整了探测器,他们开始用现代的方法来定义宝贝。他们一直在改进探测器,来做自己擅长的事情 — 寻宝。直到现在,他们都还做得不错。

(100)”Warren and I don’t feel like we have any great advantage in the high-tech sector. In fact, we feel like we’re at a big disadvantage in trying to understand the nature of technical developments in software, computer chips or what have you. So we tend to avoid that stuff, based on our personal inadequacies. Again, that is a very, very powerful idea. Every person is going to have a circle of competence. And it’s going to be very hard to advance that circle. If I had to make my living as a musician…. I can’t even think of a level low enough to describe where I would be sorted out to if music were the measuring standard of the civilization.? So you have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. And that’s as close to certain as any prediction that you can make. You have to figure out where you’ve got an edge. And you’ve got to play within your own circle of competence.? If you want to be the best tennis player in the world, you may start out trying and soon find out that it’s hopeless—that other people blow right by you. However, if you want to become the best plumbing contractor in Bemidji, that is probably doable by two-thirds of you. It takes a will. It takes the intelligence. But after a while, you’d gradually know all about the plumbing business in Bemidji and master the art. That is an attainable objective, given enough discipline. And people who could never win a chess tournament or stand in center court in a respectable tennis tournament can rise quite high in life by slowly developing a circle of competence—which results partly from what they were born with and partly from what they slowly develop through work.”
100,巴菲特和我在高科技领域都没有什么优势。我们觉得让我们去了解软件、芯片之类的东西我们讨不着好。所以,基于这些不足,我们尽量避免这些东西。这又是一个很重要的思维。每个人都有自己的能力圈,而且这个能力圈很难增长。如果我要依靠音乐谋生的话 — 我就完蛋了。所以你应该想想自己的天资在什么地方。如果你在从事别人有天赋而你没有的工作,你肯定是要输的。没有意外。你要知道你的强项在什么地方,要在你的能力圈里面玩儿。如果你想做天下第一网球手,你可能很快发现自己没戏,有人会迅速赢你好几条街。但是如果你想做城关镇的水管承包商,可能三分之二的人都能做到。这需要一个意向和一些智力投入。但是一段时间之后你就会慢慢了解城关镇的水管行业并且渐渐掌握这门艺术了。这是一个可以达到的目标,只要有足够的付出。就是运用一些与生俱来或者后天慢慢养成的能力圈,那些即使从来没有赢过象棋比赛和网球比赛的人们也可以在生活中走向不小的成功。

(101)”Beta and modern portfolio theory and the like – none of it makes any sense to me.”
101,风险系数贝塔和现代投资组合理论都一样 — 对于我来说完全是瞎搞。

(102)”Today, it seems to be regarded as the duty of CEOs to make the stock go up. This leads to all sorts of foolish behavior. We want to tell it like it is.”

(103)”Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it’s not the individual investors that are doing it. It’s the institutions.”

(104)”closet indexing….you’re paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you’re being played for a sucker.”

(105)”Black-Scholes is a know-nothing system. If you know nothing about value — only price — then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it’s crazy to get into Black-Scholes.”

(106)”Black-Scholes works for short-term options, but if it’s a long-term option and you think you know something [about the underlying asset], it’s insane to use Black-Scholes.”

(107)”It’s hard to predict what will happen with two brands in a market.? Sometimes they will behave in a gentlemanly way, and sometimes they’ll pound each other.? I know of no way to predict whether they’ll compete moderately or to the death.? If you could figure it out, you could make a lot of money.”

(108)”We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.”

(109)”A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.”

(110)”There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested — there’s never any cash. It reminds me of the guy who looks at all of his equipment and says, “There’s all of my profit.” We hate that kind of business. “
110,有两种生意:第一种每年挣12%,年底可以把钱拿回来;第二种每年挣12%,但是利润必须重新投入运营—永远也看不到现金。这让我想到了一个家伙,他看着手里的一大堆(不能变现的)工具装备,慨然叹曰:“这就是我的全部利润了。” 我们可不喜欢这种生意。

(111)”There are actually businesses, that you will find a few times in a lifetime, where any manager could raise the return enormously just by raising prices—and yet they haven’t done it. So they have huge untapped pricing power that they’re not using. That is the ultimate no-brainer. … Disney found that it could raise those prices a lot and the attendance stayed right up.? So a lot of the great record of Eisner and Wells … came from just raising prices at Disneyland and Disneyworld and through video cassette sales of classic animated movies… At Berkshire Hathaway, Warren and I raised the prices of See’s Candy a little faster than others might have. And, of course, we invested in Coca-Cola—which had some untapped pricing power. And it also had brilliant management. So a Goizueta and Keough could do much more than raise prices. It was perfect.”
111,有些生意你在人生中会见识几次,这些生意里,随便找个人当经理都能大幅提高利润,只需要提高商品价格 — 但是他们又没有这么做。所以他们有很多未开发的定价权。这些生意是最不需要动脑子的。迪士尼发现他们不管怎么提价,入场率都是那么高。所以艾斯纳和威尔斯(迪士尼CEO)的“杰出表现”很大部分来源于给迪士尼乐园门票提价或者给迪士尼的动画提价。在我们这儿,巴菲特和我给See’s糖果提价的速度比别人都更快一些。另外,当然了,我们也投资了可口可乐,可口可乐也是有很多未开发的定价权的。而且可口可乐还有一个很棒的管理层,所以他们的CEO可以做许多提价以外的事情。这很完美。

(112)”At Berkshire Hathaway we do not like to compete against Chinese manufacturers.”

(113)”Berkshire is in the business of making easy predictions ?If a deal looks too hard, the partners simply shelve it.”

(114)”We’re the tortoise that has outrun the hare because it chose the easy predictions.”

(115)””Warren and I avoid doing anything that someone else at Berkshire can do better. You don’t really have a competency if you don’t know the edge of it.”

(116)”Understanding both the power of compound return and the difficulty of getting it is the heart and soul of understanding a lot of things.”?

(117)”Generally speaking, it can’t be good to be running a big current account deficit and a big fiscal deficit and have them both growing. You would be thinking the end there would be a comeuppance.” “[But] it isn’t as though all the other options look wonderful compared to the US. It gives me some feeling that what I regard as fiscal misbehavior on our part could go on some time without paying the price.”

(118)”We started from such a strong position. It’s not as if the alternatives are all so great. I can understand why people would rather invest in the? U.S. Do you want to be in Europe, where 12-13% of people are unemployed and most 28-year-olds are living at home and being paid by state to do it? Or be in Brazil or Venezuela with the political instability that you fear? It’s not totally irrational that? people still like the U.S., despite its faults. Whatever misbehavior there is could go on quite a long time without a price being paid.”

(119)”Almost all good businesses engage in ‘pain today, gain tomorrow’ activities.”

(120)”No CEO examining books today understands what the hell is going on.”

(121)”Generally speaking, if you’re counting on outside directors to act [forcefully to protect your interests as a shareholder, then you’re crazy].? As a general rule in? America, boards act only if there’s been a severe disgrace. My friend Joe was asked to be on the board of Northwestern Bell and he jokes that ‘it was the last thing they ever asked me.’?I think you get better directors when you get directors who don’t need the money. ?When it’s half your income and all your retirement, you’re not likely to be very independent.? But when you have money and an existing reputation that you don’t want to lose, then you’ll act more independently.”

(122)”If mutual fund directors are independent, then I’m the lead character in the Bolshoi Ballet.”

(123)”Of course I’m troubled by huge consumer debt levels – we’ve pushed consumer credit very hard in the US.? Eventually, if it keeps growing, it will stop growing. As Herb Stein said, “If something cannot go on forever, it will stop.”? When it stops, it may be unpleasant.? Other than Herb Stein’s quote, I have no comment.”
123,我当然对现在的巨大消费债务感到担忧。我们美国一直过于致力于推进信用消费了。如果他持续增长,总有一天会停止增长的。就像赫伯·斯坦恩说的“任何不能永远前进的东西都会有停止的一刻。” 当信用消费停止增长的时候,恐怕就不好过了。我完全同意斯坦恩的说法,别无评价。

(124)”?I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you’d be better off.”

(125)”We don’t care about quarterly earnings (though obviously we care about how the business is doing over time) and are unwilling to manipulate in any way to make some quarter look better.”

(126)”What we don’t like in modern capitalism is the expectations game. It’s not the kissing cousin of evil; it’s the blood brother.”

(127)”There are a lot of things we pass on. We have three baskets: in, out, and too tough…We have to have a special insight, or we’ll put it in the ‘too tough’ basket. All of you have to look for a special area of competency and focus on that.”

(128)”We have a history when things are really horrible of wading in when no one else will.”

(129)”We have monetized houses in this country in a way that’s never occurred before. Ask Joe how he bought a new Cadillac [and he’ll say] from borrowing on his house. We are awash in capital. [Being] awash is leading to very terrible behavior by credit cards and subprime lenders -a very dirty business, luring people into a disadvantageous position. It’s a new way of getting serfs, and it’s a dirty business. We have financial institutions, including those with big names, extending high-cost credit to the least able people. I find a lot of it revolting. Just because it’s a free market doesn’t mean it’s honorable.”
129,我们当今用房子套钱的方法以前从未出现过。你问张三他是怎么买的宝马,他会告诉你是靠抵押房子贷的款。我们现在资本过剩。资本过剩会导致人们疯狂刷信用卡和放债人发放次贷 —- 发放次贷是一个肮脏的生意。它诱惑人们前往绝地。这是一种获取奴隶的新方法,这是很脏的生意。我们有些金融机构 — 包括那些大行 —- 都在向那些弱势群体发放次贷。我觉得这种行为令人厌恶。自由市场是自由的并不意味着它就是光荣的。

(130)”We don’t believe that markets are totally efficient and we don’t believe that widespread diversification will yield a good result.? We believe almost all good investments will involve relatively low diversification. Maybe 2% of people will come into our corner of the tent and the rest of the 98% will believe what they’ve been told.”

(131)”Efficient market theory [is]? a wonderful economic doctrine that had a long vogue in spite of the experience of Berkshire Hathaway. In fact one of the economists who won — he shared a Nobel Prize — and as he looked at Berkshire Hathaway year after year, which people would throw in his face as saying maybe the market isn’t quite as efficient as you think, he said, “Well, it’s a two-sigma event.” And then he said we were a three-sigma event. And then he said we were a four-sigma event. And he finally got up to six sigmas — better to add a sigma than change a theory, just because the evidence comes in differently.And, of course, when this share of a Nobel Prize went into money management himself, he sank like a stone.”
131,市场有效论是一个很好的经济学教条,流行了很长时间,但是跟我们Berkshire Hathaway的经验相悖。事实上依靠此理论获得诺贝尔奖的其中一位经济学家也观察了我们公司好多年,人们当他面质问他,说市场恐怕不那么有效吧,不然怎么解释Berkshire的战绩,他就说我们是一个小概率的例子,有两个标准差。然后他又说我们这个例子有三个标准差。然后又说我们四个标准差。最后终于多到了六个标准差。他宁愿给我们多弄几个标准差也不愿意修改他的理论。当然了,最后当他拿获得的诺贝尔奖金自己去投资的时候,钱就泥牛入海了。

(132)”I know just enough about? thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that’s a very stupid way to solve an energy problem.”

(133)”It is entirely possible that you could use our mental models to find good IPOs to buy. There are countless IPOs every year, and I’m sure that there are a few cinches that you could jump on. But the average person is going to get creamed. So if you’re talented, good luck. IPOs are too small for us, or too high tech, so we won’t understand them. So, if Warren’s looking at them, I don’t know about it.”

(134)”Well envy/jealousy made, what, two out of the ten commandments? Those of you who have raised siblings you know about envy, or tried to run a law firm or investment bank or even a faculty? I’ve heard Warren say a half a dozen times, “It’s not greed that drives the world, but envy.”

(135)”Suppose, any one of you knew of a wonderful thing right now that you were overwhelmingly confident- and correctly so- would produce about 12% per annum compounded as far as you could see. Now, if you actually had that available, and by going into it you were forfeiting all opportunities to make money faster- there’re a lot of you who wouldn’t like that. But a lot of you would think, “What the hell do I care if somebody else makes money faster?” There’s always going to be somebody who is making money faster, running the mile faster or what have you. So in a human sense, once you get something that works fine in your life, the idea of caring terribly that somebody else is making money faster strikes me as insane.”
这里我看到两点:1.平常心地呆在自己能力圈内; 2. 12%是个可接受的年复合回报率。
135,假设一个场景,你知道有一个铁板钉钉没跑儿的机会可以带来12%的复合年回报。现在,假如这个机会放在你面前,但是要求你从此不再接受别的赚快钱的机会,你们中大部分人是不愿意干的。但你们中很多人也会说:“别人赚钱快为什么我要在意呢?” 这世界总有些人会赚钱比你快、跑得比你快、或者别的什么比你快。但是,从理智的角度来思考,一旦你自己找到了一件运行良好的机制能致富,还非要在意别人赚钱比你快,这在我来看就是疯了。