巴菲特致股东的信(2022年)⑦没有什么比拥有一位好搭档更棒的了


Nothing Beats Having a Great Partner

没有什么比拥有一位好搭档更棒的了

Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.

查理和我的想法基本一致。但我要花一整页纸才能说清的道理,他一句话就总结了。而且他的版本总是推理更清晰、表达更精妙——有人可能还会加一句——更直截了当。

Here are a few of his thoughts, many lifted from a very recent podcast:

以下是他的一些想法,其中许多摘自最近的一期播客:

• The world is full of foolish gamblers, and they will not do as well as the patient investor.

• 世界上到处是愚蠢的赌徒,他们的回报比不上有耐心的投资者。

• If you don’t see the world the way it is, it’s like judging something through a distorted lens.

• 如果你不能如实地看待这个世界,那就像透过一面扭曲的镜片在判断事物。

• All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly.

• 我只想知道我会死在哪里,这样我就永远不去那个地方。一个相关的想法:趁早写下你理想中的讣告——然后照着去活。

• If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.

• 如果你根本不在乎自己是不是理性的,你就不会去修炼理性。然后你就会一直不理性,结果一塌糊涂。

• Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.

• 耐心是可以学会的。注意力持久、能长时间专注于一件事情,是一项巨大的优势。

• You can learn a lot from dead people. Read of the deceased you admire and detest.

• 你可以从逝去的人身上学到很多。去读你景仰的和你鄙视的故人的事迹。

• Don’t bail away in a sinking boat if you can swim to one that is seaworthy.

• 如果你能游到一艘完好的船上,就别待在正在下沉的船里拼命舀水了。

• A great company keeps working after you are not; a mediocre company won’t do that.

• 一家伟大的公司在你退出之后还能照常运转;一家平庸的公司做不到。

• Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.

• 沃伦和我不去理会市场上的泡沫。我们寻找好的长期投资,然后死死抱住不放。

• Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.

• 本·格雷厄姆 (Ben Graham) 说过:"短期来看,股市是一台投票机;长期来看,它是一台称重机。"如果你持续让某样东西变得更有价值,总会有聪明人注意到,然后开始买入。

• There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.

• 投资没有百分之百确定的事。因此,使用杠杆是危险的。一串绝妙的数字乘以零,永远等于零。别指望能发两次财。

• You don’t, however, need to own a lot of things in order to get rich.

• 不过,要致富并不需要拥有很多东西。

• You have to keep learning if you want to become a great investor. When the world changes, you must change.

• 如果你想成为一名伟大的投资者,就必须持续学习。当世界变了,你也必须跟着变。

• Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.

• 沃伦和我讨厌铁路股讨厌了几十年,但世界变了,最终美国有了四条对经济至关重要的大型铁路。我们迟迟没有认识到这种变化,但迟到总比不到好。

• Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: “Warren, think more about it. You’re smart and I’m right.”

• 最后,我要补上查理的两句话,几十年来它们一直是他拍板定案的杀手锏:"沃伦,再想想吧。你很聪明,但我是对的。"

And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh.

就这样。每次和查理通电话,我都会学到新东西。而且,在让我思考的同时,他也让我开怀大笑。


I will add to Charlie’s list a rule of my own: Find a very smart high-grade partner – preferably slightly older than you – and then listen very carefully to what he says.

我要在查理的清单上加上自己的一条准则:找一位非常聪明、品格高尚的搭档——最好比你年长一点——然后非常用心地听他说的话。

〔译文源于芒格书院整理的巴菲特致股东的信〕

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