巴菲特致股东的信（2023年）查理・芒格：伯克希尔・哈撒韦的总设计师

Charlie Munger – The Architect of Berkshire Hathaway

查理・芒格：伯克希尔・哈撒韦的总设计师

Charlie Munger died on November 28, just 33 days before his 100th birthday.

查理・芒格在 11 月 28 日辞世，彼时距离他的百岁寿辰，仅剩 33 天。

Though born and raised in Omaha, he spent 80% of his life domiciled elsewhere. Consequently, it was not until 1959 when he was 35 that I first met him. In 1962, he decided that he should take up money management.

尽管他在奥马哈出生并长大，但他一生中80%的时间都居住在其他地方。因此，直到1959年，他35岁时，我才第一次见到他。1962 年，他下定决心，正式开启资产管理事业。

Three years later he told me – correctly! – that I had made a dumb decision in buying control of Berkshire. But, he assured me, since I had already made the move, he would tell me how to correct my mistake.

三年后，芒格直言我收购伯克希尔控股权是个愚蠢的决定—— 事实证明他说得完全正确。但他宽慰我说，既然抉择已然落地，他会教我如何纠正这个错误。

In what I next relate, bear in mind that Charlie and his family did not have a dime invested in the small investing partnership that I was then managing and whose money I had used for the Berkshire purchase. Moreover, neither of us expected that Charlie would ever own a share of Berkshire stock.

接下来我讲述这段往事时，大家需要清楚一个前提：当时我运营着一家小型投资合伙企业，收购伯克希尔的资金正来源于此，但，查理及其家人从未在这家合伙公司投过一分钱。而且在那个节点，我们俩谁都不曾料到，查理今后会持有伯克希尔的股份。

Nevertheless, Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding I subsequently followed his instructions.

即便如此，查理在 1965 年当即劝我说：“沃伦，别再收购伯克希尔这类公司了。既然你已经掌控了伯克希尔，那就以合理价格收购优质企业并入集团，不要再用极致低价去收购平庸企业。换句话讲，抛弃你偶像本・格雷厄姆教给你的那整套思路。这套法子管用，但仅适用于小资金体量。”此后我虽屡屡反复摇摆，但终究还是遵从了他的建议。

Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced. Until his death, he continued in this role and together we, along with those who early on invested with us, ended up far better off than Charlie and I had ever dreamed possible.

多年之后，查理正式和我并肩执掌伯克希尔。每当我重拾旧日投资惯性、思路跑偏时，都是他一次次点醒我，让我回归理智。直至离世，他始终扮演着这个角色。我与查理，再加上早期追随我们的投资人，最终收获的成果，远超当年所有想象。

In reality, Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision.

事实上，查理是如今伯克希尔蓝图的总设计师，而我就如同总承包商，日复一日落地执行，把他构想的蓝图一步步建成现实。

Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.

查理从未想过以缔造者的的身份邀功，甘愿退居幕后，让我站在台前接受鲜花与掌声。某种程度上，他于我，亦兄亦父。即便他明知自己是正确的，也依然把决策权交到我手上；每当我铸成大错，他永远、永远不会旧事重提、指责我的过失。

In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.

现实之中，一座地标建筑只会被世人铭记它的设计师，负责浇筑混凝土、装配门窗的一线建设者，很快就会被世人淡忘。伯克希尔已然成长为一家卓越的企业。虽说多年来一直是我（站在台前）带队落地各项经营执行，但这份功绩理应永久归于总设计师 —— 查理。