现如今美国最受欢迎的投资人 And now one of the most respected investors in America
翻译:3f 字幕君的公众号:unknown_2016
将要告诉你他的秘密 is going to tell you about his secrets.
沃伦 巴菲特 它就是钱的代名词 "Warren Buffett." It's the sound of money.
92亿美元 亿万级投资者沃伦巴菲特 $9.2 billion... Billionaire investor Warren Buffett,
美国第二富有的男人 the second richest man in America.
他的估值约有620亿美元 He's estimated to be worth about $62 billion.
那使他成为世界上最富有的男人 That makes him the richest man in the world.
巴菲特可能不是完全是你认为的那样 You know, Buffett is not exactly what you might expect.
即使在金融业务上 Even though he's in the money business,
他甚至都没有计算器和电脑 he doesn't even own a calculator or a computer.
他目光长远 He takes the long view,
让他赚了数十亿美元 and it's made him billions, many billions.
也许你能在赌场赢钱 Maybe you can beat the house,
但是我不认为你能击败沃伦巴菲特 but I don't think you can beat Warren Buffett.
巴菲特在13岁时填写了自己的第一份纳税申报单 Buffett filed his first tax return at 13 years old.
但是他不是普通的亿万富翁 汤姆 But he's no average billionaire, Tom.
不 他当然不是 马特 No, he certainly isn't, Matt.
他是拥有440亿美元的普通人 He's a $44 billion average Joe.
沃伦巴菲特 Warren Buffett has an approach
拥有不在亿万富翁中受欢迎的办法 that doesn't make him very popular with his fellow billionaires.
沃伦巴菲特 这位来自内布拉斯加的男孩 Warren Buffett, the boy from Nebraska
成为了奥马哈的巫师 who grew up to become the Wizard of Omaha.
是什么让他成为 What was it about him that allowed him to become
世界上最富有的人? 他怎么做到的? the richest man in the world? How did he do it?
70年前 我还在读中学 70 years ago, I was in high school.
大概就读了我应该读的三分之一那么长 Almost a third as long as the country has been around.
当我在中学时 And when I was in high school,
我脑子里只有两件事 I really only had two things on my mind...
女孩和车 girls and cars.
我和女孩处得不是很好 And-- and I wasn't doing very well with girls,
所以我们谈车 so we'll talk about cars.
但想象一下当我们讨论结束的时候 But lets just imagine that when we finish,
我打算让你们选你们想要的车 I'm going to let each one of you pick out the car of your choice.
听起来不错 不是嘛? Sounds good, doesn't it?
选出来 什么颜色 记下来 Pick it out, any color, you name it,
弄好了 明天就送到你家 it'll be tied up with a bow, and it'll be at your house tomorrow.
你会问 你想说什么 And you say, "Well, what's the catch?"
我想说的就是 And the catch is...
这是你一生中你能获得的唯一一辆车 that it's the only car you're going to get in your lifetime.
那现在你知道了这是你一辈子 Now what are you going to do, knowing that that's the only car
唯一一辆车 你也很喜欢他 你要做什么? you're ever going to have and you love that car?
你要去好好爱护它 You're going to take care of it like you cannot believe.
现在我想建议你的是 Now what I'd like to suggest
你不会在你一生中只拥有一辆车 is that you're not going to get only one car in your lifetime,
但你只有一个身体和一个大脑 but you're gonna get one body and one mind,
那是你所拥有的 and that's all you're going to get.
身体和大脑现在感觉良好 And that body and mind feels terrific now,
但它要跟你一辈子 but it has to last you a lifetime.
我在去办公室的路上 I'm on the way to the office.
有5分钟的车程 It's all of a five-minute drive.
我已经有 Been doing it...
54年这么干了 for 54 years.
其中一个好事就是 One of the good things about this five-minute drive
在五分钟的路上有一家麦当劳 is that on the way there's a McDonald's,
所以我会带些东西 so I'll pick up something.
早上好 Good morning,
感谢您选择麦当劳 thank you for choosing McDonald's.
往前走挑选点餐 Go ahead and order whenever you're ready.
我要一个芝士猪柳蛋麦满分 I'll have a Sausage McMuffin with egg and cheese.
还要其他的嘛? 就这么多 谢谢 Anything else? That's it, thank you.
我会在早上剃胡子的时候和我妻子说 Yeah, and I tell my wife as I shave in the morning,
2.61美元 2.95美元 3.17美元我都会说 I say either $2.61, $2.95, or $3.17,
她会把那么多钱放在那里的小杯子里 and she puts that amount in a little cup by me here
那决定我早餐吃什么 and that determines which of three breakfasts I get.
你好 2.95美元 好的 2.95美元 Hi. 2.95. Okay, 2.95.
过得怎样 先生! There's the two. How you doing, sir!
很好! 你上我们的镜头了! Hey, great! You're on "Candid Camera"!
我看到了 大家好! I see. Hello, everybody!
当我不觉得市场不那么繁荣的时候 When I'm not feeling quite so prosperous,
我可能吃2.61美元的 里面有两个猪肉馅饼 I might go with a 2.61, which is two sausage patties,
我把它俩放一起 给自己倒一杯可乐 and then I put 'em together and pour myself a Coke.
你好 你过得怎么样? 你好 我很好 Hi, how are you? Hi. I've been good.
3.17美元是培根 蛋 还有芝士比司吉 3.17 is a bacon, egg, and cheese biscuit,
但是如果早上股票跌了 but the market's down this morning,
我就想不吃3.17的 改吃2.95的 so I think I'll pass up the 3.17 and go with the 2.95.
我喜欢数字 I like numbers.
我从记事前就开始了 It started before I could remember.
与数字共处感觉很棒 It just felt good, working with numbers.
我一直在以某种方式和数字一起玩耍 I was always playing around with numbers in one-way or another.
有一群家伙在一起 And it was fun to have a bunch of guys over
赌谁的弹珠 and have them betting on
先滚下真的很有趣 which marble would reach the drain first.
小孩要有很多的能量 I had a lot of energy as a kid.
我很有好奇心 我是班级里最年轻的 I-- I was inquisitive, and I was the youngest one
因为我是跳级的 always in the class, 'cause I'd skip.
我一直很好强 I've always been competitive.
我比大多数孩子读书都要多 I liked to read more than most kids.
我真的很喜欢读很多书 I really like to read a lot.
我的姑母给了我一本世界年鉴的复印本 My Aunt Edie gave me a copy of "The World Almanac"
那对我来说太重了 and that was heaven to me.
我仍然能够告诉你 And I can still tell you
1930年奥马哈的人口是214006 that Omaha's population was 214,006 in 1930.
某些数字就是与你保持联系 Some numbers just kind of stick with you.
很早的时候 大概7岁时 And very early, probably when I was seven or so,
我从本森图书馆带出一本书 名叫 I took this book out of the Benson Library
赚一千美元的一千种方法 called "A Thousand Ways to Make a $1,000."
书中的方法之一 And one of the ways in this book
就是拥有一台投币体重计 was having penny weighing machines.
我坐下算了算我要花多少钱 And I sat and calculated how much it would cost
去购买第一台体重计 to buy the first weighing machine,
然后赚出的利润购买下一台 and then how long it would take for the profit
需要多长时间 from that one to buy another one, and I would sit there
我会坐在那里做复利表 and create these compound interest tables
去算让世界上每个人都拥有一台 to figure out how long it would take me to have
体重计需要多长时间 a weighing machine for every person in the world.
我要让所有美国人 I had everybody in the
每天称十次体重 country weighing themselves ten times a day,
我只要坐在那里 and me just sitting there like John D.
像体重计行业的洛克菲勒 Rockefeller of weighing machines.
我小时候每个星期的零花钱是一个星期五美分 The allowance when I was a little boy was a nickel a week,
但我想让我一个星期的零花钱 but I liked the idea of having
不止五美分 a little more than a nickel a week to work with,
我很早就进入商业领域了 and I went into business very early.
我挨家挨户卖可口可乐 I started selling Coca-Cola door to door.
卖口香糖 I sold gum door to door.
卖星期六晚报 I sold "Saturday Evening Post,"
卖自由杂志 妇女家庭杂志 "Liberty" Magazine, "Ladies Home Journal," You name it.
我觉得我从一开始就很喜欢这项游戏 I think I enjoyed the game almost right from the start.
但我喜欢做我自己的老板 But I like being my own boss.
这是我喜欢投递报纸的原因之一 That's one thing I liked about delivering papers.
我可以安排我喜欢的路线 I could arrange the route I wanted.
在早上五六点钟没人打扰我 Nobody was bothering me at 5:00 or 6:00 in the morning.
我一天投递500份报纸 I was delivering 500 papers a day,
一份报纸赚一便士 为了获得复利 and I made a penny a paper, but in terms of compounding,
那一便士被换成了其他东西 that penny's turned into something else.
爱因斯坦曾因说过 Einstein is reputed to have said that "Compound interest
复利是世界的第八大奇迹而出名 is the eighth wonder of the world" Or something like that,
有一个故事 and it goes back to that story
你可能在学校里听过 you probably learned when you were in grade school
有人为国王做事 where somebody did something for the king,
国王说 我能为你做什么? and the king said, "What can I do for you?"
他说 拿个棋盘 And he said, "Well, lets take a chessboard
第一个格子里放一颗谷粒 "And put one kernel of wheat on the first square
第二个格子放两颗 "And then double it on the second
第三个格子里再翻倍 and double it on the third."
那国王真的同意了 当他 And the king readily agreed to it, and by the time he figured out
算出到第64个格子里总共多少时 what two to the 64th amounted to,
他就已经把整个王国的粮食给出去了 he was giving away the entire kingdom.
所以这是一个很简单道理 在结束时 So it's a pretty simple concept, but over time,
就会有非凡的结果 it accomplishes extraordinary things.
伯克希尔是一个神奇的公司 Berkshire is an amazing company.
财富杂志500强中最大的公司 Fourth largest company in the "Fortune" 500.
他是500强前十名中唯一 He is the only person who has ever, from scratch,
一个白手起家的人 built a company that is in the top 10 of the Fortune 500.
伯克希尔哈撒韦 好 谢谢 Berkshire Hathaway. Fine, thank you.
伯克希尔是一家多元化的控股公司 Well, Berkshire is a holding company of sorts.
它拥有大量不同的业务 It owns a large number of separate businesses
很大程度上是 that operate independently of each other
与它的母公司 伯克希尔哈撒韦 and, to a great extent,
分开运营 from the parent company, Berkshire Hathaway.
我们能在一秒内比你获得更多 All right, well, we're going to get more from you in a second.
我们可能有七八十项业务 So we have maybe 70, maybe 80 businesses,
我们让它们 and we ask them to behave in a way
以一种不伤害我们名誉的方式 that doesn't hurt our reputation
在伯克希尔哈撒韦中运营 但是它们是独立的 at Berkshire Hathaway, but they run their own lives.
其他人在 Other people do most of the
办公室内进行安排 因此有很多不同的事务 decorating in the office, so various things come in.
如果你1962年来 Originally, when I moved in in 1962...
你会看见这个 you can see this--
我来到南奥马哈图书馆 I went down to the South Omaha Library,
我用了1美元 拿到了 and I think for a dollar, I got seven copies
7份旧的纽约时报 of old "New York Times"
有1907年大恐慌时的 from big times like the Panic of 1907.
这很明显是1929年的 This is one-- 1929 obviously.
我想要把华尔街 But I wanted to put on the walls
真正恐慌的年代放在墙上 days of extreme panic in Wall Street,
作为世界上任何事都可能发生的提醒 just as a reminder that anything can happen in this world.
我是认真的 I mean it--
这是具有启发性的艺术 it's instructive art you can call it.
我1930年出生于内布拉斯加的奥马哈 I was born in 1930 here in Omaha, Nebraska,
当时是股市萧条期 during the stock market crash.
我父亲在我出生一年后 1931年时丢掉了工作 My dad lost his job in 1931, a year after I was born.
他是一名股票交易员 He was a stock salesman,
他在银行里有点存款 and he had what little savings he had in the bank,
所以他开了自己的公司 and so he started his own company.
他经历了大萧条 He worked right through the depression.
他拥有一家投资公司 He had an investment company,
作为一个成年人 and as an adult when I looked back,
我想 这要拥有多大的勇气 I thought, "Wow, did that ever take a lot of nerve."
有时我们周日会去玩 Sometimes we'd go down there on Sunday,
我们会玩算术计算机 and we could play with the adding machine.
我的兄弟和我喜欢一起玩游戏 My brother and I tended to play the games together.
我记得当时他和我说 And I remember at one point he said to me,
我要在我30岁前成为一名百万富翁 "I'm going to be a millionaire by the time I'm...
或是类似的话 30," Or something like that.
那超出了我们家所经历的 It was totally outside of anything my family had experienced,
但是他不走寻常路 but he just was unusual that way.
我是最大的 Well, I was the oldest,
然后是我的弟弟和妹妹 and then my brother and then my sister.
我父亲会定期去纽约 And my father would go to New York periodically
查看他的业务 股票之类的事情 to check on businesses, stocks, and things like that,
他在回来时会给我们每人带一件衣服 and he'd come back, he'd always have a costume
沃伦很喜欢那些衣服 for each of us, and Warren loved it.
他脾气好 安静 He was very good-natured. He was quiet.
当时还很难察觉出他是个天才 It was hard to tell he was a genius at that point,
但是谁又会注意到他? but I mean, who was looking?
我第一次读有关投资的书 The first books I read on investment
是在我父亲的办公室里 were actually in my dad's office.
很快 我就读完了他办公室里所有的书 Pretty soon, I read all the books in the office
有的书读了不止一次 and read some of them more than once.
我的父亲给我起了很多绰号 My dad had various nicknames for me.
他有时会叫我"火球" He'd call me "Fireball" Sometimes,
因为我开始了一点小生意 because I'd start little businesses.
他根本不在乎钱 He didn't care about money at all.
他很相信有内部评分卡的存在 He believed very much in having an inner scorecard
而且从来不担心别人如何看你 and never worry about what other people are thinking about you.
你知道 You know, just-- just--
如果你知道你为什么 if you know why you're
要做你正在做的事 那就足够了 doing what you're doing, that's good enough.
我仰慕他的全部 I admired everything about him to the extent
以致我一直能从他那里学到东西 that I was absorbing lessons from him without knowing it.
从记事时 三个孩子都明白 And the idea that all lives have equal value is something that
人人生来平等这个道理 all three of his children felt since I can remember.
我父亲在12岁时 My dad at one point ran for congress
为国会的事情奔波 when I was 12 or so.
这是一个非常倾向于共和党的家庭 It was a very republican household.
我为他助选 我姐妹为他助选 I campaigned for him. My sisters campaigned for him.
全家都为他助选 The whole family did.
我母亲非常 非常聪明 My mother was very, very bright,
她非常懂得社交 and she was very gregarious.
她是一名很好的竞选伙伴 She was a good campaigner for my dad.
有很多抱负 She had a lot of ambition,
我觉得我的哥哥沃伦 and I think my brother Warren got a lot
从我母亲那里继承了很多竞争力 of his extreme competitiveness from my mother, actually.
她数学很好 She was brilliant at math.
我猜他们在组装东西的地方 You know, I guess they still had these things
仍然有那些东西 where you crank them and things added up,
她在脑中 and she could add it in
组装得比机器都要快 her head faster than the machine could do it.
在那方面她真是太神奇了 She was absolutely amazing in that.
在照顾孩子方面她也很尽责 She was very dutiful about taking care of the kids,
但你没有感受到同样的爱 but you didn't get the same feeling of-- of love.
但是 It was there, but it just--
就是和我父亲给予的爱有所不同 it didn't come out the same way as with my dad.
老霍华德巴菲特 Howard Buffett, Sr.
在这个国家 On radio: In the nation, the only permanent way
通向繁荣的唯一永恒道路是平衡预算 to prosperity is a balanced budget.
除非目的达到 Unless that goal is achieved,
所有的战后计划都会像希特勒的侵略一样土崩瓦解 all post-war plans will collapse like Hitler's conquest.
你听到的是共和党众议员 Man on radio: You have heard Congressman Howard L.H. Buffett,
霍华德巴菲特 a Republican member of the House of Representatives
在内布拉斯加的讲话 from Nebraska speaking on the--
当我12或13岁时 When I was about 12 or 13,
我们搬到了华盛顿 我们家和我都是一团糟 we moved to Washington, my family, and I was mad.
我之前还在奥马哈享受乐趣 我还失去了所有的朋友 I was having fun in Omaha, and I lost all my friends,
现在我搬到了全是陌生人的地方 and now I moved to a town where they were all strange,
所以我非常非常不开心 and so I was very, very unhappy.
在学校 我失去了兴趣 At school, I just lost interest.
我以折磨我的老师们为乐 I took pleasure in tormenting my teachers.
例如当时 AT&T是所有老师 At that time for example, AT&T was the stock
为退休而都持有的股票 that all teachers owned for their retirement,
我认为如果我卖空这个股票 and I decided that it would drive my teachers a little crazy
会让我的老师们陷入疯狂 因为当你卖空这个股票 if I went and short the stock, because when you go short a stock,
你就是押注它会下跌 you're betting that it will go down.
所以我卖空了10份额的AT&T So I shorted 10 shares of AT&T,
然后我带着证明去学校 and then brought the confirmation to school
向老师展示我卖空了那支股票 and showed these teachers I was shorting the stock.
他们觉得我非常讨厌 They found me a big pain in the neck,
但是他们觉得我很懂股票 but they did think I knew a lot about stocks.
在家的时候 我的母亲会有严重的头疼 And then at home, my mother would have terrific headaches,
在她头疼的时候 and you didn't want to be
你不会想在她身边 around her when she was having the headaches,
她会乱摔某些东西 and she would-- she would lash out more.
她从不会当众做这样 She would never do it in public.
我觉得我们很害怕她 Well, I think we were terrified of her.
当我早上醒来时 When I'd wake up in the morning,
我会听到她的声音 我能通过她的声音 I'd listen to hear her voice. I could tell by her voice
分辨出今天是否糟糕 if it was going to be a terrible day or not.
当她遇到困难时 三个孩子都能感受到 When she got difficult, the three children felt it.
当我在低谷时 When I was at the low point,
我觉得我会逃离 sort of, I decided that I would run away.
所以我叫其他两个人和我一起走 So I talked two other guys into running away with me.
我们出去搭顺风车 We went out, and we start hitchhiking...
我们被高速公路巡警带上了 and then we got picked up by the highway patrol
那可把我们吓坏了 and that scared the hell out of us.
那非常有趣 It's very interesting. My
我的父亲从来不因为这个训斥我们 dad never really gave me hell about doing this,
但他最后说 你们知道的 but he finally said, "You know,"
你们可以比这做的更好 he said, "You can do better than this."
我的意思是 And just saying that, I mean, I--
我感觉我让他失望了 I felt like I was letting him down, basically.
所以他一直在让我受到教诲 So in all ways, he was teaching me.
不是用告知我的方式来教育我 Never taught by telling me things,
他通过举例来进行 he just taught by example.
他对我有无限的信心 甚至是在我搞砸的时候 He had unlimited confidence in me, even when I screwed up,
那对你来说会是很长的路 and that takes you a long, long way.
我收到的最棒的礼物 The best gift I was ever given
就是我出生时就拥有的那位父亲 was to have the father that I had when I was born.
我不想去上大学 I didn't want to go to college.
我16岁时离开中学 I was 16 when I got out of high school
就买股票了 and I was buying stocks.
我是说我真的拥有很多时间 I mean, I actually was having a pretty good time
我并没有发现我去学校 and I didn't see that really
我能获得多少 was much to be gained by going to college,
但我父亲会拿这开玩笑 but my dad kind of jollied me into it.
他有一个室友是我的好朋友 He had a roommate who was a friend of mine,
那室友说这让他疯狂 and the roommate said it would just drive him crazy,
因为他一直在学习 because he studied all the time,
沃伦会在考试前15分钟到场 and Warren would come in 15 minutes before the exam
用他的方式拿到高分 and just ace his way through it.
我三年就读完了 因为我拥有足够的学分 I finished in three years, 'cause I had enough credits,
我想快点结束 and I was in a hurry. I wanted to get out.
当我从内布拉斯加大学毕业 When I got out of the University of Nebraska,
我申请了哈佛商学院 I applied to Harvard Business school.
他们告诉我去靠近芝加哥的地方面试 They told me I was to get interviewed in a place near Chicago.
我到那 面试了我10分钟 I got there, and he interviewed me for about 10 minutes,
他说 忘了它吧 and he said, "Forget it."
你没被哈佛录取 "You're not going to Harvard."
所以我现在想 我该和我父亲说什么? And so now I'm thinking, "What do I tell my dad?
这太糟糕了 结果这成了 Oh, this is terrible." And it turned out to be
我遇到过的最好的事情 the best thing that ever happened to me.
那个夏天的后半段 Later that summer,
我在目录里找 I was looking through a catalog
在目录里 and in the catalog, it had
有的人在教书 these names of people that were teaching,
一位是格拉汉姆 另一位是多德 and one was Graham and another was Dodd.
这两位的书我都读过 I had read this book by the two of them,
所以我在八月中给他写了信 so I wrote him a letter in mid-August,
信里写 亲爱的多德教授 and I said, "Dear Professor Dodd,"
我以为你们已经去世 I said, "I thought you guys were dead."
但我发现现在你们还活着 "But, now that I found out that you're alive
在哥伦比亚大学教书 我真的很想来 and teaching at Columbia, I would really like to come."
然后他录取了我 And he admitted me. So, you know what?
这永远不会知道会发生什么 That-- it just shows, you never can tell.
格拉汉姆教授 Gentlemen, Professor Graham.
本是一名难以置信的老师 Ben was this incredible teacher.
他一点也不做作 全身心让我们投入 I mean he-- he was a natural, and he drew us all in.
华尔街专业人士 Are Wall Street professionals--
的短期预测 they more accurate in the
真的要比长期预测要准吗? shorter term than the long term forecast?
我们的研究显示 Well, our studies indicate
用掷硬币 that you have your choice between tossing coins...
和听取专家意见来进行选择 and taking the consensus of expert opinions,
得到的结果是差不多的 and the results are just about the same in each case.
就像从能打出400码那里的人 It was like learning baseball
学打棒球一样 from a fellow who's batting .400.
这塑造了我的职业生涯 It really-- it shaped my professional life.
跟着沃伦投资有两条规则 There are two rules of investing according to Warren,
他从本格拉汉姆那里学到了这个 and he learned this from Ben Graham.
规则一 不要赔钱 Rule number one, never lose money.
规则二 不要忘记规则一 Rule number two, never forget rule number one.
本格拉汉姆创造了价值投资这个概念 Ben Graham basically coined the term "Value investing."
他相信对公司财务报表 He believed in careful scrutiny
详细审查 of a company's financial statements,
如果你购买了价值 就会有好的结果 and that if you bought value, it would eventually prove out.
几年前 我去亚马逊 A few years ago, I went to Amazon,
他们那肯定有卖这本手册 and sure enough, they had this manual there,
所以当要回顾年轻时代时 其他人 so while reliving my youth-- other guys were going to Amazon
可能会买以前的花花公子或是其他什么 and probably buying old "Playboys" Or something,
但我会买穆迪手册 but I bought old Moody's manuals instead,
当我毕业时 我开始卖股票 and when I got out of school, I started selling stocks,
我当时20岁 I was 20 years old at the time,
看起来像16岁 表现得像12岁 looked about 16, and acted about 12,
所以我自己并不是我所见到的最令人钦佩的交易员 so I was not the most impressive salesperson anybody ever met.
但我会一页页看 But what I would do was I went through, page by page,
寻找估值偏低的股票 looking for possibly undervalued stocks.
和看老的家庭照片一样吗? Peter Kunhardt: Is this like going through an old family album?
比看那个更棒! Better!
当我从哥大商学院毕业 When I got out of business school at Columbia,
我开发出了很好的商业技能 I developed pretty decent skills in terms of business,
但我真的无法屈服与这个世界 but I hadn't really come to terms with the world exactly.
你和女生处得怎么样? What were you like around girls back then?
不怎么样 Bad. I was-- I was sort of
我当时有些不谙世事了 out of the swing of things there for a while.
我去参加了我第60个同学会 有个女孩 I went to my 60th reunion, and there was a girl there.
我有次带她去华盛顿的上城剧院 I took her out one time to the Uptown Theater in Washington,
我问她我们看过哪一部电影 and I asked her whether she remembered what movie we saw,
她说 不 我不记得了 and she said, "No, I don't remember that."
她接着说 但我记得一件事 And then she said, "But I do remember one thing."
我像一个白痴一样说 你记得什么? And like an idiot, I said, "What was that?"
她说 你用一辆灵车接的我【灵车漂移666】 And she said, "Well, you picked me up in a hearse."
我在高中的时候 And it was true that I owned
真的拥有一辆利率打折的灵车 a half-interest in a hearse while I was in high school,
现在你约会 which was not the smoothest thing that--
带着人家坐灵车 or coolest, as they would say now--
不好也不酷 that you could-- you could do on a date.
我人生中有两个转折点 There were two turning points in my life.
一次是我从子宫中降生 Once when I came out of the womb,
另一次是我遇到苏西 and once when I met Susie, basically.
她就是我的那个女孩 She was the girl, yep.
但是她花了很长时间 But it took her a little longer
才知道我是那个男孩 to figure out I was the boy.
我在西北大学时 Susie Buffett: I was going to be
是她妹妹的室友 his youngest sister's roommate at Northwestern.
我走进他们的房子 他坐在椅子里 So I walk into their house, he was sitting in this chair,
说了一些垃圾话 and he made some sarcastic quip.
我回了一句 我想 这怪人是谁? So I made one back. I thought, "Who is this jerk?"
我们就是这么认识的 And that's how we met, yes.
听着 沃伦比你想得还要聪明 Listen, Warren is smarter than you even know.
他的脑袋一直在转 His brain is going all the time.
我父亲和我说 And my dad said to me,
现在你要理解他 "Now you have to understand about him--
你不能像和大多数正常人 "You're not going to have discussions with him
讲话一样和他说话 "Like you would most normal people,
但他有一颗金子般的心 but he has a heart of gold."
他对妻子很迷恋 He was just totally enamored of her,
为什么不呢? 她对他也是如此 and why not? And she of him.
她会一直坐在他的膝盖上 他轻抚着他的头发 She'd sit on his lap all the time, and he'd stroke her hair.
这软化了他 It was softening him.
苏西非常善良 体贴 Susie was really kind, considerate,
她就是那种平衡的力量 and she was the balancing force.
我非常非常幸运 I just got very, very, very lucky.
但我是一个非常不平衡的人 But I was a lopsided person,
这需要一段时间 但她就 and it took a while, but she just stood there
拿着小水壶 with a little watering can
为我浇灌 改变了我 and just nourished me along and-- and changed me.
有人曾说兴趣的链条之轻 Somebody once said that the chains of habit
无法感受 除非你去重重地破坏它 are too light to be felt until they're too heavy to be broken.
我曾害怕当众演讲 I had been terrified of public speaking.
我做不到 我会呕吐 I couldn't do it. I'd throw up.
我知道我不过不治就治不好了 And I knew if I didn't cure it then, I'd never cure it.
所以我看到了报纸上戴尔卡内基课程的广告 And so I saw an ad in the paper for the Dale Carnegie Course,
那是开发人当众说话能力的 which worked on developing your ability to speak in public,
所以我就去了 and I went down there.
真诚 Dale Carnegie: Be sincere.
好的笑容和狗的尾巴 A good smile has the same effect
一样有用 当小狗摇尾巴时 as a puppy's tail. When a puppy wags--
他们会做出种种疯狂的事 They made us do all these crazy things
来逃避自身 所以我们站在桌子上 to get out of ourselves, and so we stood on tables
做各种事情 and did all kinds of things.
如果我没完成那课程 If I hadn't had done that...
我的整个人生可能就会不同 my whole life would have been different.
所以在我办公室不会看见 So in my office you will not see
我在内布拉斯加大学获得的学位 the degree I got from the University of Nebraska.
你也不会看见 You will not see the
我在哥大获得的硕士学位 Masters degree I got from Columbia University,
但你会看见我在戴尔卡内基课程中 but you'll see the little award certificate
获得的小小证书 I got from the Dale Carnegie Course.
事实上 每个周末 As a matter of fact, every week,
教员都会给 the instructor would give a pencil
上周完成最多的 to whoever had done the
学员一支铅笔 most with what we'd learned the week before.
所以在第四第五周 And so in the fourth or fifth week,
我向孩子她妈求婚 I proposed to her mother,
她同意了 所以那周 and she said yes. And so that week,
我赢得了铅笔 也订婚了 I won the pencil, I also got engaged,
那是难以令人置信的一周 and it was an incredible week.
结婚日期也很有趣 The wedding date was kind of interesting,
因为我不戴眼镜什么都看不见 because I couldn't see anything without my glasses,
所以我很紧张 and I was so nervous that I--
我只想拿掉眼镜 I just decided to take off my glasses
我无法看见那些人 and I wouldn't be able to see all those people out there.
我们结婚时她19岁 我21岁 She was 19 when we got married and I was 21...
但是她比我成熟 but she was so much more mature than I was.
没有可比性 There was no comparison.
她人比我更好 She was a better person than I was...
但当你结了婚 就不是那么回事了 but when you get married, it's not a question of saying,
我会把14%的原因放在幽默 "I'm going to put a 14% factor in for humor,
17%是智商 22%是长相 and 17% for intellect, and 22% for looks."
那不管用 It doesn't work that way.
我知道那是正确的决定 绝对的 I knew it was the right decision, and-- and it was.
你可以住在世界上的任何地方 You could live anywhere in the world.
为什么你选择内布拉斯加的奥马哈? Why do you choose Omaha, Nebraska?
我喜欢这里 你知道 Yeah, I love it, and I-- you know, I was...
我在离这里一英里地的地方出生 born about a mile from here and, you know,
我在奥马哈从来没有感觉不好 I've never had a bad experience in Omaha.
奥马哈和内布拉斯加对我来说就是家 Well, Omaha and Nebraska are home to me.
所有关于这里的一切都像家一样 Everything about it seems like home.
这是一种节奏 一种关系 It's a pace, it's relationships.
有很多连续性 也有很多社区 There's a lot of continuity. There's a lot of community.
还有很多朋友 There's a lot of friendship.
你长大还有做投资的地方 It's a very solid place and friendly place
是一个可靠而且友好的地方 in which to grow up in, in which to conduct a business.
当我在1956年回到奥马哈时 When I came back to Omaha in early 1956,
我不知道我该干什么 I had no idea what I was going to do.
我回来后几个月 我的一些家庭成员说 A few months after I came back, some members of the family said,
我们该怎么处理我们的钱? "What should we do with our money?"
我说我不会 And I said, "Well, I'm not going back
再炒股了 "In the business of selling stocks,
但如果你们愿意加入我跟我合作 but if you would like to join me in a partnership,"
我很高兴这么做 I said, "I'll be glad to do it."
所以回来几个月后 So within a couple of months after coming back,
我创立了第一个合伙企业 I set up the first partnership.
我亲自写每一张支票 I wrote all the checks individually.
我填了11张所得税申报单 I filed 11 income-tax returns.
我为各种企业购买股票 I took delivery on stocks for all these different companies.
六年间我就是一个人的品牌 I-- I was a one-man band there for six years.
沃伦 Sandy Gottesman: Warren
会坐在他楼上的小办公室里 would sit upstairs in his little office there,
我会提出公司的名字 and I would bring up the name of a company,
大多数时候 and most of the time he knew
他了解公司比我要多 much more than I did about the company.
他知道有多少份额还没偿付 He'd know how many shares were outstanding.
他知道总资本 知道收入 He'd know the capitalization. He'd know the earnings.
真是令人难以置信 It was absolutely incredible.
我是指沃伦说了什么 就意味着很多 I mean when Warren said something, it meant a heck of a lot,
我认为当他对某件事有明确的立场时 and I think all of us paid a lot of attention to Warren
我们向他投去了太多关注 when he took a definite stand on something.
当我1959年第一次见到沃伦回来 Charlie Munger: When I first met Warren back in 1959,
我立马发现 I recognized immediately
他是一个非常聪明的人 that he was a very intelligent person.
过去四五年 For the last four or five years,
股市告诉运行 the stock market has been booming along
大概预测了 and presumably forecasting better business,
还未成型的更佳产业 which has really not materialized,
所以股票市场是在 so maybe the stock market is really correcting
纠正之前的错误预测 a previous incorrect forecast this time
而不是做正确的预测 rather than making a new correct one.
他花了很多钱购买很便宜的 He made a lot of money buying thinly traded securities
可交易证券 that were incredibly cheap statistically.
沃伦当时 Warren was, at that time,
与小公司谈生意 dealing with small companies,
他的投资通常是购买 and his investments often were to buy a company
形如烟头的公司 that you could figure was a discarded cigar butt,
但是有人还在吸 but it had one more smoke in it,
他想要在正确的时候买 and he wanted to buy at the right time
从那个抽烟的人身上获利 to be able to benefit from the one smoke.
合伙企业以105100美元起步 The first partnership started with $105,100.
我投入100 其他人投入105000 I put up the 100, and the other people put up the 105,000.
接着在1962年之初 我搬到了基伟大厦 And then at the start of 1962, I moved to Kiewit Plaza.
在我们搬到基伟大厦之时 And by the time I moved to Kiewit Plaza,
我们已经投资了700万美元 we had $7 million invested,
盈利数量可观 and a fair amount was profits.
接着我租了一套房子 我那时没有房子 I was then renting a house. I never owned a house to that point.
两年后 And then two years later,
我1958年买下了我现在住的房子 I bought the house I live in today in 1958.
我们有三个孩子 还有苏西和我 We had three children, Susie and I.
我们年轻时生了他们 And we had 'em young, incidentally,
我觉得很好 which was I think was a very good thing.
我的女儿苏西在这里出生 My daughter Susie was born here.
我看到她时我就给她起了苏西这个名字 I named her Susie just like that, as soon as I looked at her,
因为她长得像她母亲 because she looked just like her mother,
她是小事一桩 And she was a cinch.
而豪伊就拥有相当的能量了 And then Howie was, you know, this absolute bundle of energy...
对我妻子苏西 which made things very difficult
就很困难了 for big Susie for a while.
皮特则又回到苏西的个性 Peter again reverted back to Susie's personality,
他是个简单的孩子 and he was an easy child.
我会把我的童年描述为很普通的 Howard Buffett: Well, I would describe my childhood as normal,
但谁知道是哪种普通? but who knows what normal is?
人们通常会想 People often think,
沃伦巴菲特是著名的富翁 "Well, Warren Buffett was this famous rich guy."
当我们长大时 He was not famous, and he wasn't rich
他不出名 也不富裕 when we were growing up.
我首先看到的是 What I saw first and foremost,
日复一日 每天都一样 day in and day out, was consistency.
每天我们都能在屋子里听见车库门关上 Every day we hear the garage door close in the house
我父亲就会进门 and then like clockwork, my dad would come in the door,
我回来了! 然后我们一起吃晚餐 "I'm home!" And we'd all eat dinner together,
我想这会让很多人惊讶 which I think surprises a lot of people.
我父亲通常会在夜里哄我睡觉 Susie Buffett, Jr.: My dad, he used to rock me to sleep at night
唱飞越彩虹 and sing "Over the Rainbow," So I have
所以我对那首歌有很多眷恋 this insanely sentimental attachment to that song.
我一直和他有很近的关系 I've always had a really close relationship with him.
我有三个很不一样的孩子 I've got three very different kids,
他们都有一颗平常心 and they've got a common heart,
都是从他们母亲那里来 which they got from their mother.
她做了很多 She did most of the work by far
抚养小孩的工作 of bringing up the children,
这可能是个好事 which is probably a good thing.
他们拥有他们母亲的品质比我的更多 They have more of her qualities than mine,
我很推崇这个 which I would-- I would recommend.
我母亲是我 Well, my mom was
成长过程中的最大一部分 the biggest part of my life growing up...
即使我经常被训 even though I got disciplined on a regular basis
而母亲就是训我的那个人 and she was usually the one doing it,
她依旧是我最好的朋友 she was still my best friend.
她是会帮助任何人的人 She was somebody who would help anybody,
我是指不管她认识或是不认识的 I mean, whether she knew 'em or didn't know 'em
或是不赞同她的人 她都会给予帮助 or maybe even didn't agree with them, she would still help them.
她很容易感同身受 She was incredibly empathetic,
对每个人都感兴趣 and she was interested in every person individually.
她从不关心钱和生意 She never cared about money or business at all.
我是指他会说 I mean he would go around saying,
我要成为世界上最富有的人 "I'm going to be the richest man in the world."
我觉得就像有人说 And I think, well, it's like somebody says,
我喜欢音乐 我要成为莫扎特 "I play music, and I'm gonna be Mozart."
我不知道 人们怎么知道 I don't know. How does anyone know...
你知道吗? How does anyone know? You know?
所以那没问题 我不在乎 So that was okay. I don't really care about that.
我会说是苏西让沃伦 I would say that Susie led Warren
改变了他的政治观点 toward changing his political views.
他作为一名年轻的共和党人长大 He grew up as a young Republican,
他的父亲是一名共和党议员 his father was a Republican congressman,
但苏西有不同的看法 but Susie saw things in different ways.
她是催化剂 She was the catalyst.
自由 自由 自由! Freedom, freedom, freedom!
大声一点! Louder, louder, louder, louder, louder!
自由 自由 我们现在需要什么? Freedom, freedom... What do we want now?
当我们的孩子长大时 When the children were growing up,
我就参与到人权中 I was very involved in civil rights.
我对这很沉迷 I was immersed in it,
我觉得那使沃伦成为了一名民主党人 and I think that's what made Warren a Democrat.
他会和我去听演讲 He would go with me to hear speakers.
我记得马丁路德金做的演讲 I remember that speech that Martin Luther King gave.
那是我听过的最鼓舞人心的演讲 That was one of the most inspiring speeches I-- I've ever heard.
我今天下午来和你谈 I come to say to you this afternoon...
带我走出座位 我的妻子和我一起 Took me right out of my seat. My wife was with me.
我们都拥有相同的经历 We both had the same experience.
不会久远了 这很有趣 Martin Luther King: It will not be long. It was interesting, he--
他在绞刑台上讲着永恒的真理 in that speech, he talked about truth forever on the scaffold,
王权永固 但绞刑台会动摇未来 long forever on the throne, but that scaffold sways the future.
他会在六个月内死去 Well, he was going to be dead in six months,
但绞刑台会动摇未来 but that scaffold did sway the future.
我的妻子比我更加积极 My wife was more active than I was,
但我心里百分百支持她 but I was 100% with her mentally.
我只处理自己很小一部分投资 I was just working a little more on my own investments.
但做了那些 But it didn't make a difference what we were gonna do
并没有什么改变 with the money after we made it.
我认为我会积累几年 I thought I would pile it up over the years
然后她会为了 then she would unpile it in terms of running a--
运营一个很大的基金而分开 one very large foundation.
我很擅长组合资产 And I was particularly good at compounding money,
所以社会会因等待而获利 and therefore society would benefit by waiting.
我在基因上被赐予了这样的天赋 I was genetically blessed with certain wiring
这在有很多筹码的高速市场系统中 that's very useful in a highly-developed market system
很有用 where there's lots of chips on the table,
你知道 我很擅长那种游戏 and you know, I happen to be good at that game.
泰德·威廉姆斯写了本书叫做击球的科学 Ted Williams wrote a book called "The Science of Hitting,"
里面有一张轮到他击球的图片 and in it he had a picture of himself at bat
好球区我想有77平方 and the strike zone broken into, I think, 77 squares.
他说 如果我等待 And he said, if he waited for the pitch
在他最佳击球点的球 他会击出.400 that was really in his sweet spot, he would bat .400
如果要到更低的角落 and if he had to swing at something on the lower corner,
可能会击出.235 he would probably bat .235.
在投资领域 我处在一个没有好球的生意中 And in investing, I'm in a no-called strike business,
这是一项最好的生意 which is the best business you can be in.
我能观察1000个不同的公司 I can look at a thousand different companies,
我不用每一家 and I don't have to be right
都看准 甚至不用看准其中40个 on every one of them or even 50 of 'em...
所以我可以选择我想击出的球 so I can pick the ball I want to hit.
投资的技巧就是 And the trick in investing is just
坐在那里观察球场 to sit there and watch pitch after pitch to go by
等待那个在你最佳击球区域的球 and wait for the one right in your sweet spot.
人们喊 挥棒啊 你傻了? 忽略他们 And the people that are yelling, "Swing, you bum"? Ignore 'em.
在股市中有让人 There's a temptation for people to act
频繁进行操作的诱惑 far too frequently in stocks,
仅仅是因为他们太容易改变 simply because they're so liquid.
若干年后你会开发出一种过滤器 Over the years you develop a lot of filters,
我明白我所谓的能力圈 and I do know what I call my circle of competence,
所以我就待在那个圈子里 so I-I-- I stay within that circle,
我不担心那个圈子以外的东西 and I don't worry about things that are outside that circle.
明确你玩的是什么 Defining what your game is,
你在哪里有优势非常重要 where you're going to have an edge is enormously important.
我在1962年第一次购买了伯克希尔的股份 I bought the first shares of Berkshire in 1962,
它做北方的纺织生意 and it was a northern textile business
最后注定要消失 destined to become extinct eventually,
在数据上这是做着差劲生意的便宜股票 and it was a statistically cheap stock in a terrible business.
伯克希尔哈撒韦当时正关闭工厂 Berkshire Hathaway was closing mills
由于他们关闭了工厂 就会解放出一些资产 and as they closed mills, it would free up some capital,
接着他们会重新回购股份 and then they would repurchase shares,
我在购买一些股票时就想着 so I bought some stock with the idea
在某些时间会有其他的报价 that there would be another tender offer at some point,
我们会在股票获得适当收益时卖出 and we would sell the stock at a modest profit.
有一次 And at one point,
管理层问我多少价格会对我们的股票提出要约 the management asked me at what price we would tender our stock,
我说 11.5美元 and I said, "$11.50."
几个月后报价来了 And the tender offer came out a few months later,
11美元又3/8 and it was at $11 and 3/8ths,
便宜了八分之一 which was an eighth of a point cheaper.
那让我怒了 And that made me very mad,
所以我开始买入更多股票 so I just started buying more stock.
我感觉我被管理层欺骗了 I just felt that I'd been double-crossed by the management.
1965年5月时 And in May of 1965,
我购买了足够多的股票 所以我们控制了公司 I bought enough so we controlled the company,
我们换掉了管理层 and we changed the management.
沃伦在回忆中说 It was a pretty silly way to behave,
这是很愚蠢的行为 as Warren has recounted in retrospect.
沃伦成功的原因之一 One of the reasons Warren is successful
他评价自己的过去时总是非常残忍 is he's brutal in appraising his own past.
他想要确定错误的想法并在将来避免 He wants to identify misthinkings and avoid them in the future,
但是选择伯克希尔哈撒韦却是一场意外 but it was an accident that he chose Berkshire Hathaway.
如果主席不骗他拿出那八分之一 If the chairman hadn't tried to cheat him out of an eighth,
就不会有巴菲特的伯克希尔哈撒韦这段历史 there wouldn't have been any Buffett- Berkshire Hathaway history.
如果你投资时情绪化 If you're emotional about investment,
你就没法做好 you're not going to do well.
你对股票可能有种种情感 You may have all these feelings about the stock.
而股票不会对你有情感 The stock has no feelings about you.
回忆过去 非常有趣 那份要约 Looking back, it's interesting, that tender offer--
我不明白 但是 I didn't realize it, but it--
但是那发生在我父亲去世五天后 it happened about five days after my dad had died
我不知道那是否对我有影响 and whether that had affected me or not, I don't know.
你记得你和父亲最后的对话吗? Do you remember your last conversation with your father?
记得 但是我不想谈论它 Yeah, but I don't want to talk about it.
我想这让他清醒并伤害了他 I think it just sobered him and hurt him,
但是 but...
沃伦挺住了 Warren soldiers on.
沃伦和我都可以向我们的父亲看齐 Both Warren and I could look at our fathers
看看什么做对了 什么做错了 and see what they did right and what they did wrong.
沃伦的父亲是一名真正的老派右翼思想家 Warren's father was a real old-fashioned right-wing ideologue.
他父亲对着很热情 And his father was so intense about it,
沃伦确定这是错的 that Warren just decided that it was mistake--
做这样的思想家要满腹经纶 it cabbaged up your head to be that much an ideologue,
所以他喜欢他的父亲 但是他不想成为 so he loved his father, but he didn't want to become
任何东西的忠实信徒 that much of a true believer in-- in anything.
我的政治行为在我父亲去世后更加公开了 My politics became more overt after my dad died.
人权改变了我的观点 Civil rights changed my views.
1776年托马斯杰斐逊写道 You know, in 1776 Thomas Jefferson wrote,
人人生来平等 "All men are created equal,"
当他们编写宪法时 And then when they wrote the Constitution,
他们出乎意料地就决定了 they all of a sudden decided that, no,
如果你是黑人你就等于半个人多一点 it was just 3/5ths of a person if you were black.
那让我疯狂 I mean, that struck me as kind of crazy.
我有一天和他讨论种族问题 I was talking to him one day about some racial issue,
他和我说 等待女人发现 and he said to me, "Wait till women discover
他们是世界的奴隶吧 they're the slaves of the world."
现在很多男人知道了 Now how many men were cognizant of that,
女人知道吗? and even women then?
最初的例子就是我的母亲 The initial example is really my mother.
她来自妻子的主要 She came from a generation
功能就是 where the main function of the wife
在工作上帮助丈夫的年代 was to help her husband in the job.
我的姐妹们和我一样聪明 And my sisters are fully as smart as I am.
他们比我拥有更好的人格 They got better personalities than I had,
但她们从通过各种方式认识到了 but they got the message a million different ways
她们的未来是有限的 that their future was limited,
我认识到天空是有限的 and I got the message that the sky is the limit
不是因为缺乏关爱等等 and it wasn't due to a lack of love or anything of the sort.
就是文化使然 It just-- it was the culture.
另一方面 你可以 On the other hand, you can look
从对立面上来看 非常令人振奋 at the flip side of that and say it's quite encouraging,
因为这个国家就使用了 because if you look at what this country accomplished
它一半的人才 only using half of its talent,
你就会发现未来的潜力 just think of the potential for the future.
我对美国的未来很看好 I'm enormously bullish on America over the future
一部分原因是 and part of the reason is that we,
由于一些错误的原因 by some rather stupid decisions,
让我们一半的人才成为了旁观者 essentially put half our talent on the sidelines.
沃伦可能是我见过的最为理性的人 Warren is probably the most rational person I've ever met.
查理芒格可能差不多 Charlie Munger would be a close rival.
查理成为沃伦 And Charlie became a man
最为倚重的人 that Warren depended on heavily
我认为 and I think his first experiences
他在烟头股上的初次体验 in the discarded- cigar-butt era
使他相信这不是他真正想要的 convinced him that it was not exactly where he wanted to be.
他靠本格拉汉姆教的 He made so much money for so long
购买便宜股票的那一套 doing what he'd been taught by Ben Graham,
赚了很多钱 which he'd buy these very cheap stocks.
如果足够便宜 他就不在乎 If they were cheap enough, he didn't care it was
这是一个多烂的公司或是拥有多烂的管理层 a lousy company and a lousy management.
他知道他无论怎样都赚钱 He knew he was going to make money anyway,
因为它们便宜 just because of the cheapness.
查理芒格在 Charlie Munger has had a big impact on me
推动我寻找价格合理的好公司 in moving me toward looking
而不是价格高的好公司方面 for wonderful companies at fair prices
对我有着很大的影响 rather than fair companies at wonderful prices.
那相当重要 That was enormously important,
因为它能使伯克希尔成倍扩大 because it enabled Berkshire to scale up in a way
而不可能犯下其他错误 that would have been impossible to do otherwise.
你在进行投资前 What are the key indicators
你会看公司的什么关键指标? you'd look for within companies before making an investment?
我会寻找周围有护城河的公司 Well, I look for something that does give them a moat around it.
我们在西海岸有一家叫做时思糖果的公司 We have a company called See's Candies out on the west coast.
时思糖果盒装巧克力 See's Candies Boxed Chocolates.
如果你第一次约会送给你 If you give a box of See's chocolates to your girlfriend
女朋友这个 她会吻你吗? on the first date and she kisses you?
我们是你老板 你懂吗? 我是指 We own you. You know? I mean we--
我们明天就能提高你的价格 we can raise the price tomorrow.
你明天买一盒一样的 I mean, you'll buy the same box.
你就不可能混过关 You're not gonna fool around with success,
关键就是回应 so the key there is the response.
你不会想在情人节那天回家 You do not want to get home on Valentine's Day
和你的妻子或是心上人 and say to your wife or your sweetheart--
当然最好两个人是同一人 preferably they're the same person--
你不会说 亲爱的 我低价中标了 you don't say, "Here, honey, I took the low bid."
那没用 It doesn't work.
价格一定程度上是无形的 Price is-- to a degree, is immaterial.
如果你有一座经济城堡 If you've got an economic castle,
人们会来占领城堡 把你赶走 people are gonna come and wanna take that castle away from you.
所以你最好有护城河 You better have a strong moat.
你最好在城堡中 You better have a knight
拥有一名骑士 并且知道他在做什么 in the castle that knows what he's doing.
你不是在购买一项资产 You're not buying an asset,
你在买一个名字 一个品牌 you're buying a name, you're buying a brand,
你在购买这里的真正经营权 you're buying a real franchise here,
查理在这方面比其他人都更负责任 and Charlie was more responsible for that than anybody.
我们从认识开始就是 We were mental partners
心灵伙伴 right from the moment we met.
我想知道50年前 I wanna know, going back 50 years,
你第一次见沃伦是什么情形 what it was like when you first met Warren.
我认为他是一个奇才 Well, I thought he was a prodigy...
我受到了很多批评 and I got a lot of criticism.
我的妻子说 为什么给予 My wife said, "Why are you paying such enormous respect
这个不吃蔬菜的平头男孩 "To that young man with a crew cut
如此多的尊重? who won't eat vegetables?"
他简直太聪明了 He's ungodly smart.
他比我拥有更加广阔的理解能力 He's got a much broader intellect than I do,
他非常擅长将 and he's magnificent at being able
非常重要的理念浓缩为几个字 to condense important ideas into just a very few words.
如果你对现在的经济状况不感兴趣 If you're not interested in the economic scene right now,
你内心上就已经死亡了 you're mentally dead.
查理并不圆滑 Charlie has no tact.
让我们谈谈那些银行家 All right, let's talk a little bit about bankers.
查理在周五把他们和海洛因依赖者做比较 Charlie, on Friday, compared them to heroin addicts.
真实有趣的查理 Yeah, well, that's colorful Charlie,
但我不会选择成为那样 but I would not have chosen that.
我上次写他 I once wrote of him
当他们交出自己的谦卑时 that when they handed out humility,
他们就不会拿到他们的公平份额 he didn't get his fair share.
想运营一个总部的理想方法就是有一个人 The ideal way to run a headquarters is to have one man,
最好80岁以上 preferably over 80,
自己坐在办公室里 sitting in an office by himself.
其他的东西都没有用 Anything else is pure frippery.
他告诉我的都没有虚言 He's always honest in what he tells me,
所以我会倾听他 so I-- I listen to him.
我们从不吵架 We never had an argument.
我们就是 We just...
这样简单地一起一起摇摆 We just kinda roll with it easily.
假若沃伦不做我不会做的事 Suppose Warren doesn't wanna do something that I would've done,
假若在40年中这种事情发生四次 and suppose that happens four times over 40 years or something.
在我身上会发生多少变化? What the hell difference does it make to me?
当然得到的结果还是好的 Net, the record is working out is fine.
我们都知道我们有自己的道德标准 所以我们才能做好 Both of us know that we've done better by having ethics.
沃伦对靠欺骗人来赚钱 Warren's not interested
不感兴趣 in making money by cheating people.
沃伦对 Warren's opinions
华尔街投行人士的看法 of Wall Street investment bankers
不会让他受到欢迎 would not endear him to their mothers.
他感觉在很多程度上 He feels that they're, for the most part,
他们不是为了客户 not out for their clients.
他们是为了自己的商业利益 They're out for their own business interests.
在60年代后期 In the late 1960s, there were just a flood
账目诈骗 of accounting shenanigans and mergers
和建立在伪造账目上的兼并误导了群众 built upon false accounting and misleading people.
当时的华尔街 It was a time when a lot of charlatans
江湖骗子盛行 were prevailing in Wall Street
华尔街还一致称赞 and were being applauded by Wall Street.
我知道这是什么游戏 I understood what the game was about,
但我不想在里面玩 but I didn't want to play in it,
所以我在1969年底关掉了合伙企业 so I closed down the partnership at the end of 1969,
我开始担任伯克希尔哈撒韦的主席 and I took on the title of Chairman for Berkshire Hathaway.
我认为现今的伯克希尔 Well, I think the modern Berkshire
都是沃伦的反射 is pretty much all a reflection of Warren.
我构造的适合我的企业 I have constructed a business that fits me.
如果你用一生来 It's kind of crazy to spend your life painting
画你不想看的画作真是太疯狂了 if you're painting a subject you don't want to look at.
我在无尽的帆布上 I've gotten to paint my own painting in business
勾勒我自己的画 on an unlimited canvas in a way.
这是一个不同的地方 It's a different sort of place.
我和一群让我生活变得简单 I work with a great group of people
而且能好好照顾我的人一起工作 that make my life very easy and that take good care of me.
进来 好的 Come. Okay.
我们办公室里有25个人 We have 25 people in the office,
如果你回去 还是那25个人 and if you go back, it's the exact same 25, the exact same ones.
我们在伯克希尔没有任何委员会 We don't have any committees at Berkshire.
没有公关部门 We don't have a public relations department.
我们没有投资者关系 We don't have investor relations.
我们没有总理事会 We don't have a general council.
我们没有人际关系部门 We don't have a human relations department.
我们没有 We just don't go for anything
任何形式上的东西 that people do just as a matter of form.
这是我喜欢的生活 It's exactly the life I like,
对我没有负担 and it's not work to me.
基本上就是一种娱乐 It's just a form of play, basically.
我喜欢安静 Oh, I-- I like things quiet.
我在办公室里会关门 I shut the door, actually, at the office,
因为我不想听到任何人在外面说话 'cause I don't want to hear anybody talking outside.
他的观点和 Woman on TV: Broad distinctions between his views
节省开支的提案有很大出入 and the belt-tightening proposals.
我每天仍然用 And I still probably spend
五到六个小时读书 five or six hours a day reading.
我们来看看今天的走势 Woman on TV: ...look at what's trending today.
我们快速聚拢 Our quick round-up...
神奇就神奇在他能记得各种东西 Well, what's amazing is the stuff he remembers.
就像一台小电脑 It's like a little computer, you know?
我一直觉得硬盘会 I keep thinking the hard
超出容量 但实际没有 drive will run out of space, but it doesn't.
他是我们认识的最聪明的人之一 Melinda Gates: He's one of the smartest people we know.
我在比尔家里 So I was at a couple of the family dinners
享用家庭晚餐 at the Gates house where Mary, Bill's mom,
比尔的母亲让他去 was trying to convince him to come out
胡德海峡那里 to the family place at Hood Canal
见沃伦巴菲特 to meet Warren Buffett, and he was resisting
因为微软的事太忙 他拒绝了 because he was really busy with Microsoft.
最后他说 好的 母亲 我会来吃午餐的 And finally he said, "Mom, okay, I'll come for lunch."
所以我们俩 Bill Gates: So the two of us flew out there
答应了 因为你知道 somewhat reluctantly, 'cause you know,
我认为沃伦就是买卖股票的 buying and selling stocks-- which is how I thought of Warren--
对我来说 wasn't of particular
不感兴趣 也不会有什么附加值 interest to me and didn't seem like value added.
结果完全不是那样 It turned out that was completely wrong.
我们知道那天我们成了非常好的朋友 We knew that day that we'd be very close friends.
事实上 我们还没有足够地互相了解 In fact, we just couldn't get enough of each other.
在我见到比尔盖茨不久 Shortly after I met Bill Gates,
比尔的父亲让我们每个人在一张纸上 Bill's dad asked each of us to write down on a piece of paper
写下对我们帮助最大的一个词 one word that would best describe what had helped us the most.
比尔和我不约而同地 Bill and I, without any collaboration at all,
都写下了专注这个词 each wrote the word "Focus."
专注是我人格中最为强大的一部分 Well, focus has always been a strong part of my personality.
如果我对什么有兴趣 我就会真正地感兴趣 If I get interested in something, I get really interested.
如果我对一个新主题感兴趣 我就会想要进行有关的阅读 If I get interested in a new subject, I want to read about it,
我想要讨论它 I want to talk about it,
我想要见参与其中的人 and I want to meet people that are involved in it.
我们都喜欢努力工作 We both love to work hard.
你知道我们都不喜欢无聊的东西 You know, neither of us like frivolous things.
他不知道如何烹饪 You know he doesn't know much about cooking,
艺术那些东西 or art, or... A huge range of things.
我都不知道我卧室和起居室 I can't tell you the color
墙壁的颜色 of the walls in my bedroom or my living room.
我们在通卫星电话 We're on a satellite phone.
我不关心什么物理宇宙 I don't have a mind that relates to the physical universe well.
沃伦在看道琼斯指数 Warren checking the DOW.
但是商业宇宙 But the business universe
我想我很懂 I-- I think I understand reasonably well.
沃伦评估人和企业的能力 Warren's ability to size up people and businesses,
真是一个神奇的东西 it's a pretty magical thing.
他在这方面最棒 He is the best at that, anybody we know.
我们要试着有的五分之一 We-- we should all try to be 20% as-- as good at that.
我喜欢坐下思考 I like to sit and think,
我花很多时间这么做 and I spend a lot of time doing that.
有些时候没有什么用 And sometimes it's pretty unproductive but--
但是考虑生意和投资问题 but I find it enjoyable to think about--
真的很开心 particularly about-- about business
很简单 or investment problems. They're easy.
人的问题才是最难的 It's the human problems that are the tough ones.
有些时候人的问题没有什么好的答案 Sometimes there aren't any good answers with human problems.
但是关于钱总是有好的答案 There's-- there's almost always a good answer with money.
他是天才 He was sort of a genius.
我认为天才都是 I think sometimes geniuses are,
孤独且独立的 by default, lonely and isolated.
他没有经过真正的调整 He was not really well adjusted.
他就是这么有趣 He was just this funny--
我是指幽默的人周围都有护城河 I mean, humorous guy who maybe had a moat around him,
因为他害怕 because he was afraid and he didn't know anyone
不知道想要进入的人 that he wanted to let in.
时至今日 And to this day, I mean, I don't know...
没人像我一样了解他 Well, nobody knows him like I do,
可能所有妻子都会这么说 但是 and probably any wife would say that, but...
在某种意义上他是不合群的 He's a loner in a sense.
很难再情绪层面上产生联系 And it's difficult to connect on an emotional level,
因为我觉得这不是他的基本运作方式 because I think that that's not his basic mode of operation.
他是在那里 He was there... physically,
但是他一直在楼上读书 but he was upstairs reading all the time.
我一直告诉我母亲我们要靠音节来对话 I always told my mother we have to talk in sound bytes.
我很早就知道了 I learned that early on,
如果你开始做一件很长久的事 that if you start going into some long thing,
除非你提前向他解释 unless you've explained to him
那是一件很长久的事 ahead of time that it's going to be a long thing
你需要他坚持下去 and you need him to hang in there, you lose him.
他脑子里考虑什么的时候 You lose him to whatever giant thought
你就会失去他 he has in his head at the time
他可能在你进来前就在思考 that he was probably thinking about before you came in
而且真的很想继续思考 and really wants to get back to.
他不像我们其他人 He's not like the rest of us.
我不认为我的父亲把别人看得很重 I don't think my dad ever took anybody for granted,
但你有时可看不到 but you are a little bit blind, I think,
有些时候其他人在幕后做些事情 sometimes to what other people might be doing behind the scenes,
我父亲可能视而不见 and my dad's gotten a little bit of a pass.
沃伦找不到灯开关 Warren can't find the light switch,
这可能我的错 and it's probably my fault.
有一次 几十年前 孩子们还小 One time, years ago when the kids were little,
我感觉很不舒服 我感冒了 I was feeling really sick. I had the flu,
我躺在床上 和沃伦说 so I lay down on the bed, and I said to Warren,
能给我拿个盘子吗? 或者是厨房的 "Will you get me a pan? Or something from the kitchen.
我可能不能去浴室了 我感觉不舒服 I may not get to the bathroom. I feel so sick."
他说 好 就下楼去厨房了 He said, "Okay." So he trottles down to the kitchen,
我就听到了叮叮咣咣的声音 and I hear this bang, bip, boom, bang!
然后他来了 给我拿了个滤锅 And he comes up, and he brings me a colander.
我看着滤锅 说 亲爱的 这个有洞 I looked at it, and I said, "Look, honey, this has holes in it."
哦 哦 好的 他就跑下去了 "Oh, oh, okay." So he ran down,
然后又是叮叮咣咣 all this banging and everything.
出现时把滤锅放在了烤盘上 And he comes up and he puts the colander on a cookie sheet.
身体上的接近 Physical proximity to Warren
并不意味着他和你在一起 doesn't always mean that he's there with you.
他非常清醒 你发现了吗? He's so cerebral, you see?
那就是为什么要学着要有自己的生活 That's why I learned to have my own life.
我们是两条平行线 We were two parallel lines and--
但是他开放时我们是相连的 but very connected when he was open to connecting.
当时我说了个笑话 我说 I did make a joke at one point. I said, you know,
我们可以做个母亲叫喊的录音 we could make a tape of Mom yelling,
再见 沃伦 我过会会回来的! "Bye, Warren, I'll be back later!"
然后门就关上了 And then have the door slam,
他会觉得他就在这里 and he would just think she was here.
我不认为他知道她大多数时间在做什么 I don't think he knew what she was doing most of the time.
豪伊和我 Once Howie and I were both gone,
长大离开 as we've gotten older,
她就开始看墙上写的东西 she started to see the writing on the wall here
她想要知道 and just started trying to figure out
她能获得什么更多的东西 how she could at least have some more,
她把它称为她自己的空间 as she called it, a room of her own.
最大的错误就是 The worst mistakes involve
不像应当的那样去理解别人 not understanding other people as well as you might.
她在1977年离开了奥马哈 Well, she left Omaha in 1977,
那没有什么太多好说的 and there really isn't much to say about that.
这对他来说是毁灭性的 我回到家 It was devastating for him, and I came home,
因为不能说对她感到愤怒 because I-I-- I can't say I was mad at her exactly,
但我一直在想 你怎么能离开他? but I kept thinking, "How can you leave him?
他简直不能自理 He's so-- he can't function by himself."
所以我母亲喊了她很多朋友 So my mother-- she'd asked a bunch of her friends
去照应他 阿斯特丽德就是其中之一 to sort of look in on him, and Astrid was one of them.
所以我打电话给阿斯特丽德 我说 So I called Astrid. I said, "Astrid,
阿斯特丽德 你能给沃伦做点汤吗? "Will you take Warren-- make him some soup?
去那照顾他一下 "Go over there and look after him,
因为他自己不会做 because he's not gonna make it."
他花了很长时间去想通 但是最后想通了 And it took him a while to figure it out, but he figured it out.
我说我没有离开你 I said, "I'm not leaving you,
因为你需要我的时候我都会出现 because I'll be wherever you want me when you want me."
我母亲搬去了旧金山 My mom moved to San Francisco,
我认为她离开 and I think one of the
奥马哈的重要原因就是 reasons it was important for her to leave Omaha
因为她感觉 was because she just felt
她被困在了这个环境里 like she was kinda trapped in this environment,
每个人知道她是谁 that everybody knew who she was,
她不能有她自己的身份 that she couldn't have her own identity.
他知道她有事要去做 He knew that there was something she needed to do
她知道给我们的钱 and that she really recognized that the money gave us all and her
然而她选了很多人不会走的路 a choice in a lot of ways that a lot of people didn't have.
当时沃伦受到批评 There was a time Warren was getting criticized.
他每年都变得 Here was this very,
越来越富有 very rich man who was getting richer every year,
他不想把很多钱都给出去 and really wasn't giving a lot of money away,
有些人很严厉地批评了他 and there was terrific criticism by some people,
但沃伦什么也没说 which Warren never said anything about.
赚钱最重要的就是时间 The biggest thing in making money is time.
你不需要非常聪明 You don't have to be particularly smart,
你要有耐心 you just have to be patient.
苏西不想再像我一样等了 Susie didn't want to wait as much as I did,
但她不会像我一样欣赏组合 but she never quite appreciated compounding like I did.
那是我们之间的一个分歧 That is a disagreement we have.
我现在运营了一个基金 I run a foundation now.
我认为我们要捐出更多钱 I think we should be giving more money away,
但我理解为什么不 but I understand why we don't--
因为这是生意 because it's... business.
对我来说关键不是钱本身 To me the crux of it is, that it wasn't the money itself.
你能知道他的生活方式 You can see that in the way he lives.
他不买大量画作 I mean, he doesn't buy huge paintings
或是造大房子 or build big houses or anything like that.
对他来说都是精神上的 钱就是他的计分板 It's all mental with him, and the money is his scorecard.
他以前经常和我说 And he used to say to me,
每人都能读我读的书 "Everybody can read what I read.
这是一个公平竞争的环境 It's a level playing field."
他喜欢那样 因为他有求胜欲 And he loves that, because he's competitive.
他都是一个人都在办公室 And he's sitting there all by himself in his office,
读每人都能读的书 reading these things that everybody else can read,
但他喜欢赢的想法 but he loves the idea that he's gonna win. Ha!
我会告诉你怎么做 I'll tell you how you do it.
你见过玩杂耍的 Have you ever seen a juggler
耍25个牛奶瓶吗? juggle 25 milk bottles?
他怎么做到的? How did he ever get to do that?
答案就是他从一个瓶子开始 然后两个 三个 The answer is he started with one bottle, then two, then three
就坚持 很快就会有25个 and just kept doing it, and pretty soon he was at 25,
我们也是这样 and that's the way we did it.
所以我们从现金开始 So, basically, we started out with cash
以购买一些企业结束 and ended up buying a bunch of businesses,
包括保险公司 including insurance companies.
保险自身是一项赚钱的生意 Insurance is, in itself, a profitable business,
但它有另外一个 but it has the additional advantage
优点 能创造浮款 of creating something that's called "Float."
浮款是指当要进行偿付时 Float is the money that hangs around Berkshire
在伯克希尔周围的那些钱 while a claim is waiting to be paid.
沃伦拥有运用 And Warren turned out to have a extraordinary ability
浮款来购买能使 to use the money thrown off by the float
伯克希尔成长的公司的非凡能力 to buy companies that fed the growth of Berkshire.
1983年 B女士通过 In 1983, Mrs. B cashed in on her business
将公司控制权以550万美元卖给沃伦巴菲特 by selling control for $55 million
控股的公司大赚一笔 to a company owned by investor Warren Buffett.
沃伦是报纸行业的专家 Warren was quite an expert about newspapers.
他对华盛顿邮报有所兴趣 He got interested in the "Post,"
因为他觉得这是一家 because he recognized it
估值偏低的公司 as a greatly undervalued company.
他要给我写一封信 Kay Graham: He had to write me a letter.
亲爱的格拉汉姆女士 我购买了你公司5%的股份 "Dear Ms. Graham, I've just bought 5% of your company,
我不会对你造成伤害 "And I mean you no harm,
我认为这是一个好公司 "And I think it's a great company.
我知道这是格拉汉姆拥有并运营的 "I know it's Graham owned and Graham run,
那对我来说很好 and that's fine with me."
我想 这人真是好 And I thought, "Whoa, this guy's really terrific."
他过去经常拿着20份年报来参加董事会议 He used to come to board meetings with about 20 annual reports
他会带我看这些年报 and he would take me through these annual reports.
就像和沃伦巴菲特一起去商学院 It was like going to business school with Warren Buffett.
凯·格拉汉姆把沃伦介绍给了华盛顿政界 Kay Graham did introduce Warren to the world of Washington,
那和他之前接触的人群完全不一样 entirely different group than he had ever dealt with before.
和凯共事 It was clear that working with Kay
给了他不一样的信心 他就是明星 gave him a different kind of confidence, and he was the star.
每个人都想知道 Everyone wants to hear
沃伦巴菲特说了什么 what Warren Buffett has to say.
奥马哈的先知 The Oracle of Omaha
塑造了他的形象并很有乐趣 building his image and having some fun.
伯克希尔的股价 Berkshire shares have increased
增长了2000% more than 2,000% in value.
是世界上市值最大的公司之一 One of the largest market capitalizations in the world,
它可能更加壮大 and it could grow a lot larger
因为沃伦巴菲特没有减缓的迹象 since Warren Buffett shows no sign of slowing down.
所以他怎么做到的? So how did he do it?
通过投资他所了解的 By investing in what he knows and understands--
美国老牌本土品牌 比如可口可乐 good old-fashioned American brands like Coca-Cola,
富德龙 DQ Fruit of the Loom, and Dairy Queen.
什么激发了你? 这激发了我! What inspired you? This inspired me!
买你喜欢的 是这样吗? 对是的 Buy what you like, is that what it is? Yeah absolutely.
当今 可口可乐公司 Today, the Coca-Cola Company will sell
会销售20亿的八盎司 almost two billion eight-ounce servings
单一形式或其他可口可乐产品 of one form or another of Coca Cola products.
如果你一件一天赚一便士 Now if you get an extra penny a day, a penny a serving,
就是一天2000万 that's $20 million a day,
一年就是73亿美元 that's $7.3 billion a year from one penny more.
当你拥有可口可乐 When you own Coca Cola, you own a little piece
你就可以拥有数十亿人的想法 of the minds of billions and billions of people.
那真的不错 That is really good.
这些天谁赚得最多的100美元钞票? Who's got the most $100 bills these days?
是这个国家名叫沃伦巴菲特的人 Well, his name is Warren Buffett in this country,
他取代了他的朋友比尔盖茨 and he has just displaced his friend Bill Gates
成为世界上最有钱的商人 as the richest businessman in the world.
周三会议的目的是讨论 And the purpose of Wednesday's meeting was to discuss
巴菲特的公司伯克希尔哈撒韦计划 Buffett's company, Berkshire Hathaway's plan
以260亿美元的估值购买 to purchase railroad giant Burlington Northern,
北伯灵顿铁路 valued at $26 billion.
这会是巴菲特最大的一笔收购 This would be Buffett's largest acquisition ever.
他把伯克希尔从零 He's created Berkshire from virtually nothing
带到几千亿美元的市值 into hundreds of billions of dollars of market cap.
没人有这样的记录 Nobody else has a record like that.
他希望拥有杰出的声誉 He wanted to have an outstanding reputation
不会在收购企业时 that he'd never really upset
搞砸 the apple cart when he bought a business,
保持适当管理 that he kept the management in place.
他建立了 He was establishing a reputation
在后半生见到成效的声誉 that paid off later in life.
从我知道他时他就已经建立起来 It's been building and building ever since I've known him.
他花了20年来建立声誉 It takes 20 years to build a reputation,
只花了五分钟失去 then it takes five minutes to lose it.
当沃伦投资所罗门时 When Warren made his investment in Salomon,
我和很多人一样 I was one of the people, along with many, many others,
都非常惊讶 who were quite amazed, because he had taken
因为他对投行人士和他们的贪婪 a very critical tone in talking
都是报以批评的态度 about investment bankers and about their greed.
而他就投资了其中之一 And here he was investing in one,
所罗门兄弟 就是银行业成员之一 Salomon Brothers, that was known to be a member of the club.
沃伦和查理在董事会上 Warren and Charlie were on the board,
查理不赞成所发生的事情 and Charlie couldn't stand what was going on there
他不喜欢那种文化 and didn't like the culture at all.
在他们参与后不久 就出事了 And shortly after they got involved, the thing exploded.
1991年八月 一个糟糕的日子 In 1991 on a terrible day in August,
我接到一个电话 是两名所罗门的高管 I got a call, and the two top officers of Salomon
打来的 他们说 were on the other end, and they said that--
我们遇到了问题 that... "We have problem."
这里是NBC晚间新闻 This is "NBC Nightly News."
晚上好 这是震动华尔街的 Good evening. It is the kind of scandal
新闻 反映了 that rocks Wall Street and raises questions,
我们金融机构的诚信问题 questions about the integrity of our financial institutions.
所罗门兄弟旗下证券公司正 The giant securities firm of Salomon Brothers under investigation
因长期债的不正当交易遭到调查 for improper trading of treasury bonds.
所罗门承认超出了 Salomon admitted it exceeded the limit
交易政府债券的限制 of trading in government bonds,
一次是由于使用不知情客户的名义 once by buying bonds in the name of a customer
购买债券 who didn't even know about the deal.
所罗门兄弟 Salomon Brothers is under
正遭到财政部的 investigation by the Treasury Department,
美联储 美国证券交易委员会和司法部门的调查 the Federal Reserve, the SEC, and the Justice Department.
但是比公司造假本身更加重要的是 But more important than the fate of the firm itself
这种行为会对美国市场的 is the impact their actions could have
公信度与可信性 on the public trust and on the credibility
造成打击 of the American market worldwide.
公司欠下1500亿美元债务 The company owed $150 billion.
比美国任何私人企业欠债 It owed more money than any other private company
都要多 in the United States at the time.
当晚我会见了 And that night I met with the
纽约联储的人 man that ran the Federal Reserve of New York,
他是实际的执行者 我说 who was the sheriff in effect, and I said, you know,
我从来没欠过这么多钱 "I've never really owed very much money before."
我用一套房子做了抵押 I said, "I've got a little mortgage on a house,
但1500亿太惊人了 but 150 billion is a little staggering."
我希望他会说 别担心 沃伦 And I was hoping he would say, "Well, don't worry, Warren.
我们会给你几周喘气的 We'll give you a few weeks to breathe."
而他对我说 做好发生任何事情的准备吧 And he-- he said to me, "Prepare for any eventuality."
今天早些时候 美国财政部 Earlier today, the US Treasury Department
宣布暂停所罗门兄弟 announced it had suspended Salomon Brothers
参与竞购新的证券 from participating in the auction of new issues.
这对丑闻缠身的 It was one more jolt
华尔街又一次严重的挫折 for a scandal-scarred Wall Street.
美联储称 The Fed was in effect saying,
你们是恶势力 我们不想让你们交易我们的债券 "You're an evil force, and we don't want you trading our bonds."
这对沃伦来说是一个重大的转折 It was a huge turning point for Warren.
他相信当时 And he believed that, at that particular point,
他的名誉正处于危险之中 his reputation was on the line.
沃伦有24个小时思考 Warren had 24 hours to make up his mind
是继续前行还是退出 as to whether he was going to go forward or just bow out.
我认为当时 And I think at that point,
所罗门兄弟会破产 Salomon Brothers could have gone into bankruptcy.
而沃伦加入了 开始承担责任 And Warren stepped up and took responsibility.
我是沃伦巴菲特 Okay. I'm Warren Buffett.
我在几个小时前的 I was... elected...
董事会上被选为 Interim Chairman of Salomon, Inc.
所罗门公司的临时主席 a few hours ago at a board of directors meeting.
为什么你的介入非常重要 Why was it necessary for you to step in
你领导的要求是什么? and what is your mandate of leadership?
我认为介入很重要 I think that it was necessary to step in
因为我会做任何有必要的事 because I would do whatever was needed,
挖掘出过去所发生事情的信息 dig out any bit of information about what's happened in the past,
我会尽我所能 and I would do everything I could to make sure
确保事情在将来正常发展 that things exactly right in the future.
巴菲特先生 你满意··· Mr. Buffett, are you satisfied that--
我要让财政部确信过去所做的 I had to convince the Treasury that what was done in the past
是可怕的 愚蠢的 was awful and stupid,
他们有权力对我们采取激烈措施 and they had every right to be furious at us,
但是这个企业雇佣了8000人 but this firm employed 8,000 people,
除非让我们继续 and it was going to go out of business
不然我们就会歇业 unless they let us continue, basically.
沃伦相信大而不倒的方案 Warren believed that there was a too-big-to-fail scenario.
但条款并未使用 The term was not used then,
但是他相信所罗门会大而不倒 but he believed that Salomon was too big to fail.
如果所罗门关门 And if Salomon went down,
会牵扯到华尔街的其他重要环节 it would take other important parts of Wall Street with it.
我们从财政部那里听到了丧钟 We had this death knell from the Treasury,
所以我打电话给财政部 so I called the Treasury.
尼克·布雷迪是部长 Nick Brady was the Secretary.
我为我身家做辩护 I'm pleading for my life.
我确定我的声音很响 And I'm sure my voice was cracking and everything else,
我说 尼克 这是我生命里最重要的一天 and I said, "Nick, this is the most important day of my life."
我真的感觉 And I really did feel
这会演变成一场大灾难 that it was going to be a colossal disaster.
他不确信我是对的 He wasn't sure I was right at all--
实际上 他可能觉得我是错的 in fact, he probably thought I was wrong--
但是他知道我说话时的感受 but he knew that I felt what I was saying.
因此 财政部修改了法令 So, the Treasury modified its order,
并实施 and in effect, of course,
这是一种支持 it was quite an endorsement.
巨大的支持 It was huge.
它拯救了所罗门 It saved Salomon.
尼克布雷迪顺从了沃伦 因为他相信他 Nick Brady went with Warren, because he trusted him.
这显示了拥有好的声誉在生活中真的很有帮助 It shows how having a good reputation is really helpful in life.
感谢给我在这次小组委员会前 I thank you for the opportunity
发声的机会 to appear before this subcommittee.
我想以为这次行为 I would like to start by apologizing
把大家带到这里而道歉 for the acts that have brought us here.
一个国家有权利期望它的规则与法律得到遵守 A nation has a right to expect its rules and laws to be obeyed,
但是我也让每个所罗门雇员 but I also have asked every Salomon employee
做自己的合规官员 to be his or her own compliance officer.
在他们遵守法律之后 After they first obey all rules,
我接着问他们 I then want employees to ask themselves
愿不愿意有任何预期行为 whether they are willing to have any contemplated act
出现在明天他们的配偶 appear the next day on the front page
孩子 朋友 of their local paper to be read by their spouses,
阅读的报纸头版头条上 children, and friends.
如果他们同意了这项考验 If they follow this test,
他们就不必为我其他的话感到害怕 they need not fear my other message to them:
折损公司的财富 我会能理解 Lose money for the firm, and I will be understanding.
折损公司仅剩的声誉 Lose a shred of reputation for the firm,
我就会赶尽杀绝 and I will be ruthless.
欢迎提问 I welcome your questions.
我正式接管 It's been 50 years
伯克希尔哈撒韦已经有50年 since I formally took control of Berkshire Hathaway,
一步接着一步 and, step by step, we've created something
我们已经创造了一些我们梦想中的东西 that is kind of what I dreamt we might create over time,
但这会要很多时间 but it took a lot of time to do it.
不是我们在一天 Never seemed like we were
内能取得的进展 making that much progress on any one day,
但是复利真的有用 but compound interest works.
当你50年前 When you think back 50 years ago
创立这家公司时 when you founded this company,
你会想象出 did you ever imagine it would
这会是世界上第五大企业吗? be the fifth-largest company in the world?
不 我不会 但如果我考虑的话 No, I-- I didn't, but if I was thinking about it,
我不会想要成为第五 I wouldn't have thought in terms of being the fifth,
第四或是第三 or the fourth, or the third.
我会要成为第一 You would've wanted number one.
我是说 如果你要做梦 不妨就做梦吧 Oh! I mean, if you're gonna dream, you might as well dream.
二 三 ...two, three.
比尔盖茨赢了 比尔盖茨赢了 Bill Gates wins. Bill Gates wins.
伯克希尔哈撒韦股东大会的 Well, a Berkshire Hathaway shareholders meeting is
一部分是一个欢乐的节日 partly a fun festival. It's sort of a Mardi Gras
就像每年要来的狂欢节 for people to come every year.
这是让我们享受乐趣 It's a chance for us to have a lot of fun
认识我么投资者的机会 and meet the people that have entrusted us with their money.
我们在餐厅内原来只有30个人 Well, we used to have just 30 people in a cafeteria,
现在我们有了这场公众盛会 and now we have this huge public spectacle.
庆典是 Celebration is part of making
能让人们更好合作的一部分 a group of people work well together.
这是一场庆典 It's a celebration.
你们能来 We are glad
我们很开心 You're here at our meeting
仔细查看我们的产品 Be sure to check out our wares
我们会向你售卖时思糖果盒 冰雪皇后冰棒 We'll sell you See's Candy and Dilly Bars
还有你车辆的保险 And insurance for all of your cars
买买买 在伯克希尔展会中 For its buy, buy, buy all you see
买你看到的一切! At the Berkshire show!
好了! 哇哦! All right! Woo!
他真的很喜欢他所做的 He truly loves to do what he does.
爱你 沃伦! 啊! 耶~~~~ Love you, Warren! Aw, yeah.
我觉得持有伯克希尔哈撒韦的投资者 I think investors who own Berkshire Hathaway,
他们把自己视作一个团体 they see themselves as a part of a community.
一 二 三 One, two, three.
伯克希尔比其他公司有更多长期投资者 There are more long-term holders of Berkshire than any company.
人们把它视为一种信仰 People consider it a religion.
好的 这里 Okay, right here.
他们不会买了 They don't buy it with the idea
想着下个礼拜就卖掉 they're gonna sell it next week.
我想大多数人 I think most of them buying it
都是想终生持有 with the intent of holding it for their lifetime,
就像他们购买农场或是购买公寓房 just like they'd buy a farm or buy an apartment house.
在伯克希尔 每个人都能从 At Berkshire, everybody gets the same information
综合年报中得到相同的信息 from the comprehensive annual report.
我们没见过分析师 We don't meet with the analysts.
我对分析师怎么看伯克希尔不感兴趣 I'm not interested in what an analyst thinks about Berkshire.
我对伯克希尔的投资者 I'm interested in what the
怎么看伯克希尔比较感兴趣 owners of Berkshire think about Berkshire.
他来自一个他知道 He came out of a private partnership
人们信赖他的私人公司 where people he knew were trusting him.
他的公司里有他的亲属 And he had his relatives in the partnership,
他们并不富裕 and they were not rich.
在它壮大时 他开始像对待亲属一样 And as it got bigger, he started treating
对待其他人 everybody else the way he treated his relatives.
按照我们 In terms of our feeling
对股东的感觉 toward the people who are shareholders,
我们把他们视作我们的伙伴 we regard them as our partners.
他们不是一群匿名人士 They're not some faceless group of people.
那就是为什么在年度会议上 And that's why at the annual meeting,
我乐于见到这40000人 I love seeing 40,000 of them.
它给予了我们每天做这些事的真正意义 It gives real meaning to what we're doing every day.
让我们试试 如果你知道 Let's try. If you know...
苏西喜欢我知道苏西 Susie like I know Susie
喔 喔 喔 多好的女人 Oh, oh, oh, what a gal
我们互相关爱互相尊敬 We just have a lot of love and respect for each other.
那从不改变 And that's never changed.
喔 喔 我不怎么知道奥马哈的事 Oh, oh... Susie: I don't go to most things in Omaha,
因为我觉得阿斯特丽德和他住在一起 because I think Astrid lives there with him,
那是她该做的 and that's for her to do.
我们一起做很多事情 And then we do all kinds of things.
可能对人们来说很奇怪 Strange as it may seem to people,
我经常想 谁在乎? I always think, you know, "Who cares?
如果对参与的人都有好处 "If it's working between the people who are directly involved,
谁在乎别人怎么想? who cares what anyone thinks?"
我的母亲和阿斯特丽德很亲密 And my mother and Astrid were very close, you know.
她们互相喜欢 They really, really loved each other,
我觉得她在那里我母亲很开心 and I think that my mother was glad that she was there,
因为她爱我父亲 'cause she-- she loved my dad.
她希望他被照顾而且过得开心 She wanted him taken care of and happy,
没人比阿斯特丽德更好 and there's no one better than Astrid.
她爱我的父亲 She's just-- she loves my dad.
如果他只有一美分她也不会在乎 She wouldn't care if he had one cent.
回到你所属的地方 ...back where you belong
阿斯特丽德和我一起住了很长时间 Well, Astrid has lived with me for a long time.
她为我做了很多 She's done wonders for me.
这很好 但我觉得 It worked well, but I don't think it'll work
这对其他人来说没什么必要 for lots of other people necessarily.
苏西和我互相喜欢 我们互相爱慕 Susie and I loved each other, we admired each other,
我们所做的都能同步 and we were totally in sync with what the other was doing,
但我们是两个不同的个体 but we were two different individuals.
沃伦第一次来旧金山 The first time Warren came out to San Francisco...
我们散了会步 他到处看看 we took a walk, and he looked around,
他不太能看清 and he doesn't-- he's not very visual.
他到处看看 他说 He was looking around, and he said,
这才是你的城市 "This really is-- this is your city."
我很会被色彩 灯光 外表和天性吸引 I am so drawn to color, light, form, and nature,
他认为这对我来说是个好地方 that he thought it was a good place for me.
几年来 Over the years I've developed
我对人性有了更好的理解 a better understanding of human nature.
我能从一本书上学到很多有关投资的东西 I can learn a lot about investments out of a book ,
但我不认为你能学到很多有关人类的信息 but I don't think you can learn as much about human beings.
你需要一些经验 You really need some experiences,
我在这方面比四五十年前更加聪明 and I'm wiser in that respect than I was 40 or 50 years ago,
虽然我不能像之前一样 even though I can't rattle off numbers
飞快地说出数字 the same way I used to be able to.
我认为这反应出我们是谁 Well, I think that what we do reflects who we are,
这才是该在这件屋子里的人 and that's true for everybody in this room.
如果你做我的工作 And if you do the work I do,
你会遇到世界上最好的人 you meet the best human beings in the world.
人需要去决定 People who have made a choice
不赚钱而去为别的人服务 not to make money, but to serve other human beings.
我认为这才是最棒的人生 I think it's the best kind of life anyone could have.
我在亚利桑那和他参加 I was with her in Arizona at
财富杂志最有影响力女性论坛 this "Fortune" Most Powerful Women's Conference,
她说前一天做了活组织切片 and she told me she had a biopsy the day before,
我真的没想太多 and I didn't really think much of it.
回家后 检查结果不是很好 Then we got home, and the biopsy results were not good.
是四期口腔癌 It was stage four oral cancer.
我正在去印度参加董事会的路上 I was on my way to a board meeting in India,
我记得和她说 and I remember saying to her,
我回来就去看你 "I'll see you when I get back."
她少有地哭了 And she rarely cried,
她哭着说 and she just started crying and said,
不 你们需要待在这里 "No, you need to stay here,
你们要等我做手术 and you need to come out for the operation."
所以我们都在这里 So we were all there,
做手术的那天 and the day she was going into the surgery,
那天早晨 我的父亲 that morning, my dad...
他不能 It's funny, he-- there's some of it he just can't--
他不能 you know, he just can't--
他认为所发生的事情 the thought of something happening to her was just, for him--
是能够发生的最糟糕的事情 you know, was just the worst thing that could happen.
她知道会很难 She knew it was going to be really difficult.
她知道康复会很艰难 She knew the recovery was going to be brutal,
所以我想她是在为别人做这个手术 so I think that she had that surgery for others.
这是一个非常大的手术 It was... quite a big surgery.
她不能说话 不能吞咽 不能吃东西 She couldn't talk, she couldn't swallow, she couldn't eat.
但她走出来了 我几个月 But she came out, and I really was with her
都和她在一起 for the next four months or so.
我父亲每个周末都来 And my dad came out every weekend.
几个月后它好些了 And in a few months she was doing better.
她和我父亲去怀俄明的科迪 She and my dad had gone to Cody, Wyoming,
每年他们和一群朋友聚会 which they did every year with a bunch of friends.
我父亲打电话 And my dad called. This was,
是晚上八点还是什么 I don't know, 8:00 at night or something,
他说 妈妈有事了 and he said, "Something happened to Mom.
我在救护车上 你要来 I'm in an ambulance. You need to come."
我想我父亲有事了 I actually thought something had happened to my dad.
我不知道我为什么这样想 I don't know why I thought that, but I-- I guess I thought
我猜我是想母亲已经康复了 my mom had had this recovery,
很成功 为什么会有其他事在她身上发生? it was successful, and why would anything happen to her?
真可怕 It was horrible.
完全震惊了 And a total shock.
你知道她原来好好的 You know, she'd been fine.
她好好的 他们去科迪 She'd been fine. They went off to Cody,
她好好的 他们正在吃晚饭 she was fine, and they were having dinner,
吃完晚饭她感觉不好 and you know, she didn't feel well after dinner,
她就中风了 and... she had the stroke.
我们去了医院 我父亲坐在那里 We went into the hospital room, and my dad was sitting there.
他整完都坐在那里 举着她的手 He'd been sitting there all night, holding her hand.
我为他骄傲 I was so proud of him,
因为当事情发生 because when it came down to it,
他知道该做什么 he knew what he was supposed to do,
他做了 虽然没有用 and he did it, which was nothing.
我们来了父亲就去睡觉了 So my dad went to sleep,
我坐在她身旁 and I sat with her.
把手放在他心脏上 And I just kept putting my hand on her heart
来看她是否有呼吸 to see if she was breathing, and...
我一度感觉不到任何呼吸 At one point, you know, I didn't feel anything,
我出去 问护士 so I went out, I got the nurse,
你能进来吗? and I said, "Can you come in here?"
她说 不 她已经走了 And she said, "No, she's gone."
我必须要说把我父亲喊醒告诉他 So, I have to say one of the worst moments of my life
这个消息是我人生中最糟糕的时刻 was waking my dad up to tell him that.
爱是一种很奇怪的东西 It's a very strange thing, love.
你无法控制它 You can't get rid of it.
如果你对人有爱 你会得到更多的爱 If you try to give it out, you get more back.
如果你紧抓不放 你就会失去 If you try to hang onto it, you lose it.
苏西 塑造了我 Susie... really put me together.
她相信我 She believed in me.
她塑造了我 She-she-she-- she put me together.
我不会成为 And I would not only have
我要成为的那样 turned out to be the person I turned out to be,
但我不会 but I would not have--
我不会在缺少她的情况下 I actually wouldn't have been
在事业上获得成功 as successful in business without that, and...
她让我成为了完整的人 she made me more of a whole person.
他当时一度陷入黑暗 He went dark, essentially, quiet and inward
安静而内向 for a certain amount of time.
你知道 我父亲是个独立的人 You know, my dad is a solitary guy,
他很多时候都一个人过 and he had lived, essentially, a solitary life in a lot of ways.
我想他要想想 I think it came down to him figuring out
他要如何穿过这个隧道 how he was gonna get through this tunnel
到达另一端 and get out the other side.
当时我想 In my head at the time, I thought,
神啊 我觉得他都不会从床上爬起来 "God, I don't know if he'll ever get out of bed."
但他却做到了 But he did.
欢迎大家 我是帕蒂·斯通塞弗 Welcome. I'm Patty Stonesifer,
盖茨基金会的CEO the CEO of the Bill and Melinda Gates Foundation.
感谢你们的到来 And we appreciate you coming today,
特别是因为我们很迟才大概得通知 especially since I sent a very vague and very late notice
大家来这里与盖茨夫妇讨论 to ask you to come to a conversation with Bill and Melinda
慈善的未来 on the future on philanthropy.
那么 让我们开始吧 So, lets get on with it.
我要向你们介绍一位好人 I have the pleasure of introducing a good man
他的决定 whose great decision is
将改变这个世界 让我们欢迎沃伦巴菲特 going to change the world, Warren Buffett.
今天这位富甲一方的人 A remarkable decision tonight
要做出一项非凡的决定 from one of the richest men in the world.
超级富翁沃伦巴菲特说 Mega-billionaire Warren Buffett says
他将把他的大部分财富捐给慈善 he is giving away most of his fortune away to charity.
巴菲特承诺捐出 Buffett has pledged to give away
他的大部分财富 the bulk of his fortune
交给盖茨基金会 to the Bill and Melinda Gates Foundation
并将他15%以上的财富 and giving more than 15% of his money
交给由 to foundations started by
他的三个孩子和前妻苏珊运营的基金会 his three children and his late wife, Susan.
一位全球卫生专家称巴菲特今天所做的 One global health activist called what Buffett did today
是将会被载入史册的 one of the most remarkably
无私善举 selfless acts that history will ever record.
比我在伯克希尔哈撒韦的会议上站得高多了 That's a better hand than I get at a Berkshire Hathaway meeting.
欢迎你们的到来 I'd like to thank you for coming.
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 It-- it's a great day for me. It's a great day for my family.
我的妻子苏西和我计划将我们创造的所有 My wife Susie and I had planned that whatever I made
回报给社会 would go back to society,
原来我觉得她会活得更加长久 and, originally, I thought she would outlive me
她会做出那个伟大决定 and that she'd make a big decision on it.
但自从她去世 我要重新思考 But since her death, I had to rethink
把钱交给社会的最好方法 the best way to get the money into society
把它用在最有效的地方 and have it used in the most effective way,
有些好的解决方案正紧盯我不放 and I had a solution staring me in the face.
完全出乎意料 真是神奇 It was completely out of the blue. I mean amazing.
我们收到的最大单笔捐赠 The largest single gift ever given was
是当天他给予的 what he gave away that day.
我想邀请代表那些基金的 I'd like to ask the people representing those...
人来出场 various foundations to come out.
前三个字很好签 我签"Dad"就可以了 The first three letters are easy to sign, I just sign "Dad."
当他给我们写那封信时 When he wrote the letter to us,
他放在信里的东西 he put something in that letter
对我来说非常重要 that was incredibly important to me,
就是我们基金会的运营方式 which was exactly how our foundation behaves,
如果你想击出1000码 which is, if you're gonna try to bat a thousand,
你不用做什么重要的事 you won't do very many things that are important.
但如果你愿意击出好几次 But if you're willing to basically strike out a few times,
你就要做出大的改变 you can really change something big.
I.C.C.N.! I.C.C.N.!
我的每个孩子 Well, I feel terrific about the fact
都按照他们各自的兴趣每人运营 that my three children each run a separate foundation
一个独立的基金会我感觉很好 that combines their special interests,
有早教的 whether it's early education
有农业的 or whether it's farming
有小幅地块改善 in areas where people's techniques for using
所用的技术 small plots of land could use a lot of improvement.
还有疫苗等等 All kinds of ways-- vaccines, you name it.
比巴菲特的捐赠 More powerful than Buffett's gift
更加强有力的是他带给其他美国富人的信息 is the message he's sending to other wealthy Americans,
世界上拥有最少的那些人 that those who have the least in this world
应该从拥有最多的人那里获益 should benefit from those who have the most.
我的一生中 In my entire lifetime, everything that I've spent
我花去的总共都不及我 will be quite a bit less than one percent
所赚到的1% of everything I've made.
剩余的99%+将给到别人 The other 99% plus will go to others,
因为它对我来说没有用处 because it has no utility to me.
所以不把有用的东西 So, it's silly for me to not transfer that utility
给可以使用的人是很愚蠢的 to people who can use it.
它对我没有用 It's doing me no good.
我为我们所做的感到自豪 I am so proud of what we do.
我每次董事会几乎都要流泪 I almost cry at every board meeting,
因为我觉得她会非常自豪 because I just think she would be so proud.
在我认为确保每一便士 And that is my biggest job, in my opinion,
都花到她想花的地方 is to make sure that every penny gets spent
是我最重要的工作 the way she would want it spent.
不管是谁活在世上 都不想 Whoever you are in this life, you don't want to think
把能量 时间与爱浪费 you wasted a lot of your energy, love,
在无用的东西上 and time on something useless.
我一直想我会和一名牧师 一位医生 I always thought I'd marry a minister, a doctor, or somebody
或是对人类有价值的人 out doing some valuable service
结婚 to human beings.
事实是 And the fact that I married
我的结婚对象赚了大笔的钱 somebody who makes just piles of money
与我所想简直相互对立 is really the antithesis of what I ever thought,
但我知道他是什么样的人 but I know what he is,
他是 and... he is...
一个不能再好的人 There's no finer human being than who he is.
事实就是 The truth is that I'm here
我能处在我的位置上非常幸运 in my position as a matter of luck.
嘿! 你过得怎么样 爷爷? Hey! How are you doing, Grandpa?
嘿 爷爷! 好 Hey, Grandpa! Okay.
当我1930年出生时 When I was born in 1930,
我出生在美国的比率 the odds were probably 40:1
大约是40比1 against me being born in the United States.
我在第一天就赢得了卵巢彩票 I did win the ovarian lottery on that first day,
加上我是一名男性 and on top of that, I was male.
又是一半一半 Put that down as another 50/50 shot
我作为男性在美国出生的 and now the odds are 80:1
几率就是80:1 against being born a male in the United States,
那在我整个一生中都相当重要 and it was enormously important in my whole life.
为了思考什么让我 To think that that makes me superior to anyone else
超越其他人类 我不能按照那个推理路面 as a human being is just-- I can't follow that line of reasoning.
完美! 好了 好运 Perfect! Okay, good luck.
我认为 I think I was lucky to
在他成长为沃伦巴菲特时 have been standing alongside Warren Buffett
陪伴在沃伦巴菲特身边是很幸运的 while he was becoming Warren Buffett.
他经过了很长时间的发展 他发展壮大 He has developed over the years. He's broadened.
他的估值一直在拓展 His values extend through all of his life.
他过着和她父亲一样的生活 He wants to lead a life that he and his father,
如果他父亲还在 会说他很棒 if his father was still living, would say was a good one.
我想他会在历史书中 I think he's going to end up
延续百年 in the history books a hundred years from now.
我不确定我被分配到何种角色 I'm not sure what role he's going to be assigned.
是以投资者著名 Will he be famous for what he did as an investor
还是以一名慈善家而著名? or as a philanthropist?
但沃伦说他生命中的志向是做一名老师 But Warren said that his ambition in life is to be a teacher.
世界是一场很好看的电影 The world is a great movie to watch,
但你不会想一辈子都在梦游 but you don't want to sleepwalk through life.
重要的事是寻找一份 The important thing to do is to look for the job
职业 如果你不干你的职业 you would take if you didn't need a job
生活依旧多姿多彩 and life is wonderful then.
你早上从床上坐起 I mean, you'll jump out of bed in the morning
是因为你期待这一天 because you're really looking forward to the day.
我有60年 I have-- for over 60 years,
都是跳着踢踏舞去工作 I've been able to tap dance to work
就是因为我做我喜欢做的 just 'cause I'm doing what I love doing and--
我感觉非常幸运 and I just feel very, very lucky.
好的 下课了 Okay, class dismissed.
晚安 Night.
你畏惧死亡吗? Do you fear death?
不 No, I don't.
我有极佳的一生 它终究会发生 I've had a terrific life. I feel-- you know, it's gonna happen,
我不知道死后会发生什么 and I have no idea what happens after it.
我是不可知论者 I'm an agnostic, so I--
它可能非常有趣 you know, it may be terribly interesting.
可能无趣 我们会发现的 It may not be interesting at all. We'll find out.
但在身体上 我已经没有什么价值了 But physically, I'm pretty well depreciated.
我仅剩一点残值 I'm getting down to salvage value.
它真的没什么用了 But it really doesn't make any difference at all.
但它不妨碍我工作 It doesn't interfere with my work.
不妨碍我感到快乐 It doesn't interfere with my happiness.
不妨碍我思考 It doesn't interfere with my thinking.
我不感觉我对生活的享受 I don't feel any diminution in my enjoyment of life
和热爱有任何减少 or enthusiasm for life at all.
事实上 在某种意义上 In fact, in a sense, the game that I'm in
我所处的游戏正变得越来越有趣 gets more interesting all the time.
这是富有竞争的游戏 很大一场游戏 It's a competitive game. It's a big game,
我很享受这场游戏 and I enjoyed the game a lot.
Somewhere over the rainbow
Way up high
There's a land that I heard of
Once in a lullaby
Somewhere over the rainbow
Skies are blue
And the dreams
That you dare to dream
Really do come true
One day I'll wish upon a star
And wake up where the clouds
Are far behind me
Where troubles melt
Like lemon drops
Oh, way above
The chimney tops
That's where
You'll find me
Somewhere over the rainbow
Blue birds fly
Birds fly over the rainbow
Why then, oh, why can't I?
Somewhere over the rainbow
Blue birds fly
Birds fly over the rainbow
Why then, oh, why can't I?
If happy little bluebirds fly beyond the rainbow
Why, oh, why
Can't I?
Good night, Susan.