巴菲特致股东的信（1988年）
⑩大卫·多德

David L. Dodd

     Dave Dodd, my friend and teacher for 38 years, died last year at age 93. Most of you don’t know of him. Yet any long-time shareholder of Berkshire is appreciably wealthier because of the indirect influence he had upon our company.

大卫·多德

与我相交 38 年亦师亦友的大卫·多德，于去年以高龄 93 岁过世，大多数的人可能都不知道他是谁，但是许多伯克希尔的老股东却因为他对本公司的间接影响而受益良多。

     Dave spent a lifetime teaching at Columbia University, and he co-authored Security Analysis with Ben Graham. From the moment I arrived at Columbia, Dave personally encouraged and educated me; one influence was as important as the other. Everything he taught me, directly or through his book, made sense. Later, through dozens of letters, he continued my education right up until his death.

大卫终其一生在哥伦比亚大学教书，同时他也与格雷厄姆合作著述《证券分析》一书，自从我到哥伦比亚之后，大卫不时地鼓励与教导我，给我的影响一个接着一个，他所教导我的每一件事，不论是直接或通过他的著作都非常有道理，后来毕业后，通过不断往来的信件，他给我的教育持续到他逝世之前。

     I have known many professors of finance and investments but I have never seen any, except for Ben Graham, who was the match of Dave. The proof of his talent is the record of his students: No other teacher of investments has sent forth so many who have achieved unusual success.

我认识许多财经与投资学的教授，除了格雷厄姆以外，没有人可以比得上大卫，最好的证明就是他学生的成绩，没有其它投资学的教授可以教出那么多杰出的英才。  

     When students left Dave’s classroom, they were equipped to invest intelligently for a lifetime because the principles he taught were simple, sound, useful, and enduring. Though these may appear to be unremarkable virtues, the teaching of principles embodying them has been rare.

当学生离开大卫的教室，就代表着他们一生将具备投资才能，因为他所教导的原则是如此的简单、完整有用且持久，虽然这些特点看起来并不显著，但要将这些原则教导给学生却不是一件容易的事。

     It’s particularly impressive that Dave could practice as well as preach. just as Keynes became wealthy by applying his academic ideas to a very small purse, so, too, did Dave. Indeed, his financial performance far outshone that of Keynes, who began as a market-timer (leaning on business and credit-cycle theory) and converted, after much thought, to value investing. Dave was right from the start.

让我印象最深刻的是大卫总是言行一致，就像凯恩斯运用自己研究出的学术观点来致富，大卫也是如此。事实上他在财务表现远比凯恩斯来得出色，凭借着企业与信用周期理论，之后再演变成价值投资，大卫一开始就选择了正确的方向。

     In Berkshire’s investments, Charlie and I have employed the principles taught by Dave and Ben Graham. Our prosperity is the fruit of their intellectual tree.

查理跟我运用大卫与格雷厄姆所教的原则，在伯克希尔的投资之上，我们的成功正代表着他们心血的结晶。

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