硅谷华人协会基金会编辑整理

因为时间仓促，翻译中出现错误遗漏在所难免。欢迎发信到 info@svcaf.org 批评指正， 我们将在下一版本中改进。任何译文中有不确信的地方以英文原文为准。

成为沃伦•巴菲特 2017 HBO纪录片| Becoming Warren Buffett 2017 HBO Documentary Films

Transcripts of https://www.youtube.com/watch?v=WK4jaamtRjA

Woman 1: And now, one of the most respected investors in America is going to tell you about his secrets.

女1：现如今美国最受有声望的投资人将要告诉你他的秘密。

Man: Warren Buffett. It’s the sound of money, $9.2 billion last year generated by this man…

男1：沃伦·巴菲特，他就是钱的代名词。去年有92亿美元是这个人创造的。。。

Woman 2: Billionaire investor Warren Buffett, the second richest man in America.

女2：亿万富翁投资者，沃伦巴菲特，美国第二富有的人。

Man 2: He’s estimated to be worth about $62 billion and makes him the richest man in the world.

男2：他的身价估值约为620亿美元。照这样算的话，他会成为世界上最富有的人。

Woman 3: You know, Buffett is not exactly what you might expect.

女3：巴菲特可能不完全如你想象的那般。

Woman 4: Even though he’s in the money business, he doesn’t even own a calculator or a computer.

女4：尽管他从事金融业，但他甚至都没有计算器或是电脑。

Man 3: He takes the long view and it’s made him billions, many billions.

男3：他很有远见所以才能成为亿万富翁。

Man 4: Maybe you could beat the house, but I don’t think you could beat Warren Buffett.

男4：也许你能在赌场胜过庄家，可我不认为你能打败巴菲特。

Man 5: Buffett filed his first tax return at 13 years old.

男5：巴菲特在13岁就开始纳税了。

Matt: But, he’s no average billionaire, Tom.

马特：可是他和其他的亿万富翁不一样呀，汤姆。

Tom: No, he certainly isn’t, Matt.

汤姆：当然不一样，马特。

Woman 5: He’s a $44-billion average Joe.

女5：他只是拥有440亿美元的普通人。

Man 7: Warren Buffett has an approach that doesn’t make him very popular with his fellow billionaires.

男7：沃伦·巴菲特的做法并不受其他亿万富翁的欢迎。

Man 8: Warren Buffett, the boy from Nebraska who grew up to become the Wizard of Omaha.

男8：沃伦·巴菲特，这位来自内布拉斯加州的男孩，长大后成为“奥马哈的鬼才”。

Man 9: What was it about him that allowed him to become the richest man in the world? How did he do it?

男9：是什么使他成为世界上最有钱的人？他是怎么做到的？

WB: Seventy years ago, I was in high school. Almost a third as long as the country has been around. And when I was in high school, I really only had two things on my mind: Girls and cars. And, and I wasn’t doing very well with girls, so we’ll talk about cars. But, let’s just imagine that when we finish, I’m going to let each one of you pick out the car of your choice. Sounds good, doesn’t it? Pick it out, any color, you name it, it’ll be tied up with a bow and it’ll be at your house tomorrow. And you say, “Well, what’s the catch?” And the catch is, that it’s the only car you’re going to get in your lifetime. Now, what are you going to do knowing that that’s the only car you’re ever going to have and you love that car? You’re going to take care of it like you cannot believe. Now, what I’d like to suggest is you’re not going to get only one car in your lift, but you’re going to get one body and one mind and that’s all you’re going to get. And that body and mind feels terrific now, but it has to last you a lifetime.

沃伦·巴菲特：70年前，那时我在读高中。那时候美国已经成立200多年了。读高中时我脑子里只想着两件事。那就是女孩和车子。但我对女孩不是很擅长所以还是谈车子吧。大家想象一下，假如这次见面结束后，我将会让你们每人选一辆自己喜欢的车。听起来不错吧？选择你自己喜欢的颜色，明天车子就会打包好送到你家。这时你会问： “有什么条件吗？” 作为交换，你一生中只能获得这么一辆车。既然是你唯一的车，你会怎么对它？你会十分珍惜那辆车。你会无比小心地保养那辆车。我想说的是，你一生当中肯定不止拥有一辆车。但你只有一个身体，一个脑袋，那就是你所拥有的。即使现在你的身体和大脑都感觉良好，但是它们要陪伴你一生。

WB: I’m on the way to the office. It’s all of a five-minute drive. Been doing it for 54 years. One of the good things about this five-minute drive is that on the way there’s a McDonald’s, so I’ll pick up something.

沃伦·巴菲特：我正在前往办公室的路上。大约需要五分钟的车程。我走这条路已经有54年了。在这5分钟车程中，我感到欣慰的是在路上有家麦当劳，我可以买点东西。

Woman on Speaker: Good morning. Thank you for choosing McDonald’s. Go ahead and order whenever you’re ready.

服务员：早上好，欢迎您来麦当劳。请问您需要些什么？

WB: I’ll have a Sausage McMuffin with egg and cheese.

沃伦·巴菲特：我要一个香肠芝士鸡蛋堡。

WOS: Anything else?

服务员：还需要其他的吗？

WB: That’s it. Thank you.

沃伦·巴菲特：就这些，谢谢。

Yeah, and I tell my wife as I shave in the morning, I say either $2.61, $2.95 or $3.17, and she puts that amount in a little cup by me here and that determines which of three breakfasts I get.

我早上剃胡子时会告诉我妻子，给我2.61美元，2.95美元或是3.17美元。她就把钱放在我身边的小杯子里。那些钱决定我三种早餐中选择吃什么。

Cashier: Hi. Two ninety-five.

收银员：你好，总共2.95美元。

WB: Okay, $2.95. There’s the two.

沃伦·巴菲特：好的，2.95美元。给你2号早餐。

Cashier: How are you doing, sir?

收银员：先生，你好吗？

WB: Hey, great! You’re on Candid Camera.

沃伦·巴菲特：我很好！你上我们的镜头了。

Cashier: I see. Hello, everybody!

收银员：是吗？大家好！

WB: When I’m not feeling quite so prosperous, I might go with a $2.61, which is two sausage patties, and then I put them together and pour myself a Coke.

沃伦·巴菲特：当我觉得市场不怎么繁荣时，我就吃2.61美元的早餐。里面有两根香肠、一块肉饼。我会把它们放在一起，然后再给自己倒一杯可乐。

McDonald’s Woman: Sausage McMuffin.

服务员：香肠鸡蛋堡

WB: Hi, how are you?

沃伦·巴菲特：你好吗？

McDonald’s Woman: Good.

服务员：我很好。

WB: Three-seventeen is a bacon, egg and cheese biscuit, but the market’s down this morning, so I think I’ll pass up the $3.17 and go with the $2.95.

沃伦·巴菲特：3.17美元的早餐有培根、鸡蛋和奶酪饼。但今天早上市场不景气，所以我不想吃3.17美元的，就改成了2.95美元的早餐。

WB: I like numbers. It started before I could remember. It just felt good, working with numbers. I was always playing around with numbers in one way or another, and it was fun to have a bunch of guys over and have them betting on which marble would reach the drain first. I had a lot of energy as a kid. I was inquisitive and I was the youngest one always in the class because I’d skip. I’ve always been competitive.

沃伦·巴菲特：我喜欢数字。在我记事之前就喜欢了。我就喜欢和数字打交道。我也在变着花样和数字玩耍。我喜欢和其他孩子打赌哪颗弹珠会先滚到排水口。我小的时候活力充沛。我的好奇心极强。因为跳级，我一直是班里年纪最小的孩子。我很有上进心。

I like to read more than most kids. I really like to read a lot. My Aunt Edie gave me a copy of The World Almanac and that was heaven to me, and I can still tell you that Omaha’s population was 214,006 in 1930. Some numbers just kind of stick with you.

我比大多数孩子读的书都要多，我真的很喜欢读书。伊迪阿姨给了我一本《世界年鉴》的复印本，我简直如获珍宝。我现在还可以告诉你，1930年时奥马哈的人口为214,006。有些数字就是会一直跟着你。

And very early, probably when I was 7 or so, I took this book out of the Benson Library called A Thousand Ways to Make $1000. And one of the ways in this book was having penny-weighing machines, and I sat and calculated how much it would cost to buy the first weighing machine and then how long it would take for the profit from that one to buy another one. I would sit there and create these compound interest tables to figure out how long it would take me to have a weighing machine for every person in the world. I had everybody in the country weighing themselves 10 times a day, and me just sitting there like John D. Rockefeller of weighing machines.

我很小的时候，大概只有7岁的时候，我在本森图书馆借了一本书。书名叫《赚一千美元的一千种方法》。书里介绍了一种方法，就是去买一架投币的体重计。我坐下来计算买一台体重计要多少钱以及多久以后可以获得利润买另外一台。我坐着，在那里画了一张复利表格，思考要多久才能让世界上人人都有一台体重计。那需要全美国人每天称重10次。我只需要坐在那里，像体重计行业的约翰.洛克菲勒一样。

The allowance when I was a little boy was a nickel a week, but I liked the idea of having a little more than a nickel a week to work with and I went into business very early. I started selling Coca-Cola door to door. I sold gum door to door. I sold Saturday Evening Post, Liberty magazine, Ladies Home Journal, you name it. I think enjoyed the game almost right from the start.

我小时候每周有5美分的零花钱。但我想要的，可不止这每周5美分。所以我很早就开始做生意了。最开始是上门推销可口可乐。也推销过口香糖。我卖过周六邮报、自由杂志、妇女家庭杂志，真的很多。我觉得我打从一开始就很喜欢做这些。

But, I liked being my own boss. That’s one thing I liked about delivering papers. I could arrange the route I wanted. Nobody was bothering me at five or six in the morning. I was delivering 500 papers a day and I made a penny a paper, but in terms of compounding, that penny’s turned into something else.

但是我也喜欢做自己的老板。我喜欢送报纸的原因在于我能规划自己喜欢的路线。早上五、六点钟的时候，没人能打扰我。我每天送500份报纸，每份报纸赚1美分。但是因为复利，1美分又变成了其他的东西。

Einstein is reputed to have said that compound interest is the eighth wonder of the world or something like that, and it goes back to the story you probably learned when you were in grade school where somebody did something for the king and the king said, “What can I do for you?” And he said, “Well, let’s take a chessboard and put one kernel of wheat on the first square and then double it on the second and double it on the third.” And the king readily agreed to it, and by the time he figured out what 2 to the 64th amounted to, he was giving away the entire kingdom. So, it’s a pretty simple concept, but over time, it accomplishes extraordinary things.

爱因斯坦说过，复利是世界第八大奇迹。这还要从我们小学时学的故事说起。有一个人帮助了国王。于是国王便说：“我能为你做些什么吗？”那个人说：“你在这棋盘的第1格放一粒粮食，第2格放两倍，第3格再放两倍。国王马上同意照做了。但当他发现2的64次方有多大的时候，他就要把整个国家的粮食给出去了。这（复利）是一个简单的道理。但假以时日，复利可以给你带来意想不到的东西。

Carol Loomis: Berkshire is an amazing company, fourth largest company in the Fortune 500. He is the only person who has ever, from scratch, built a company that is in the top 10 of the Fortune 500.

卡萝尔·卢米斯：伯克希尔是一个了不起的公司。它在财富500强公司当中排名第4。他是唯一一个白手起家建立财富500强公司前十名公司的人。

Woman: Berkshire Hathaway. Fine, thank you.

女人：伯克希尔·哈撒韦。好的，谢谢。

WB: Well, Berkshire is a holding company of sorts. It owns a larger number of separate businesses that operate independently of each other and, to a great extent, from the parent company, Berkshire Hathaway. We have maybe 70, maybe 80 businesses, and we ask them to behave in a way that doesn’t hurt our reputation at Berkshire Hathaway, but they run their own lives.

沃伦·巴菲特：伯克希尔是一家多元化的控股公司。它有很多不同的商业。各自独自运转但都隶属于母公司伯克希尔·哈撒韦。我们可能有七、八十个公司。我们都会要求它们循规蹈矩以免损害伯克希尔的名声，但它们也是独立的。

Other people do most of the decorating of the office, so various things come in. Originally, when I moved in in 1962, you can see this—I went down to the South Omaha Library and, I think for a dollar, I got seven copies of old New York Times from big times like the Panic of 1907. This is one – 1929, obviously. But, I wanted to put on the walls days of extreme panic in Wall Street, just as a reminder that anything can happen in this world. I mean, it’s instructive art, you can call it.

这个办公室大部分是其他人装修的，所以风格迥异。我是在1962年开始用这个办公室的。请看看这个，我当时去了奥马哈图书馆，花了1美元买了7份旧的纽约时报。它们记录了重大事件，比如1907年的金融危机。这张明显是1929年的。我把这些记录华尔街恐慌的旧报纸挂在墙上，提醒自己，任何事都可能发生。你甚至可以说，这是教育性艺术。

WB: I was born in 1930 here in Omaha, Nebraska, during the stock market crash. My dad lost his job in 1931, a year after I was born. He was a stock salesman and he had what little savings he had in the bank, and so he started his own company. He worked right through the depression.

沃伦·巴菲特：1930年，我出生于内布拉斯加州，奥马哈市。那时正处于股市崩盘的时期。1931年我1岁时，我爸爸失业了。他是股票推销员，银行里也没什么存款，所以他开始自己创办公司。他经历了大萧条的时期。

Bertie Buffett: He had an investment company and as an adult, when I looked back, I thought, “Wow, did that ever take a lot of nerve.” Sometimes we’d go down there on Sunday and we could play with the adding machine. My brother and I tended to play the games together, and I remember at one point, he said to me, “I’m going to be a millionaire by the time I’m,” 30 or something like that. It was totally outside of anything my family had experienced, but he just was unusual that way.

伯蒂·巴菲特：他创办了一个投资公司。我现在再回想过去，我想这要有多大的勇气啊！我们星期天会去那里玩计算器。我哥哥经常和我一起玩。我记得有一次他好像对我说：“等到30岁的时候，我会成为百万富翁。”我们家里从来没出过百万富翁。所以他这样说让我很惊讶。

Doris Buffett: Well, I was the oldest, and then my brother and then my sister. And my father would go to New York periodically to check on businesses and stocks and things like that, and he’d come back, he always had a costume for each of us, and Warren loved it. He was very good-natured. He was quiet. It was hard to tell he was a genius at that point, but I mean, who was looking?

多莉丝·巴菲特：我是老大，弟弟是老二，妹妹最小。我的父亲会定期去纽约查看他的股票和业务之类的事情。他回来时会给我们每个人买衣服。沃伦很喜欢。他性格很好，他很文静。那时还看不出来他是一个天才。谁又会注意到他呢？

WB: The first books I read on investment were actually in my dad’s office. Pretty soon, I read all the books in the office and read some of them more than once. My dad had various nicknames for me. He’d call me fireball sometimes because I’d start little businesses. He didn’t care about money at all. He believed very much in having an inner scorecard and never worry about what other people are thinking about you, you know, just if you know why you’re doing what you’re doing, that’s good enough. I admired everything about himself to the extent that I was absorbing lessons from him without knowing it, and the idea that all lives have equal value is something that all three of his children felt since I can remember.

沃伦·巴菲特：我第一次读关于投资的书是在我爸爸的办公室。很快我就读完了办公室里所有的书籍。有些还读了不止一遍。我爸爸因此给我取了很多的外号。因为我开始经营了一点小生意，所以有时他会叫我“火球”。他根本不在乎钱，他只相信要有个自己内心的记分牌而不在意其他人的想法。你只要知道自己在干什么，那就够了。我非常崇拜他所有的东西。不知不觉，我在他身上学了很多东西。生命都有平等的价值，这个概念，我们三姐弟从记事起便都感受到了。

My dad at one point ran for congress when I was 12 or so. It was a very Republican household and I campaigned for him; my sisters campaigned for him. The whole family did. My mother was very, very bright and she was very gregarious. She was a good campaigner for my dad.

我爸爸在我大约12岁的时候竞选国会议员。我们是共和党家庭。我为他拉票，我姐妹也为他拉票，全家都为他拉票。我妈妈非常开朗、善于交际，她是一个很好的竞选伙伴。

Bertie Buffett: She had a lot of ambition, and I think my brother Warren got a lot of his extreme competitiveness from my mother, actually.

伯蒂·巴菲特：我妈妈非常有上进心。我觉得哥哥沃伦其实从妈妈的身上继承了高度的进取心。

Doris Buffett: She was brilliant at math. You know, I guess they still had these things where you crank them and things added up and she could add it in her head faster than the machine could do it. She was absolutely amazing in that.

多莉丝·巴菲特：她非常擅长数学。做算术时，我们还在纠结该怎么做时，她迅速心算出结果，比计算器还要快。她的数学能力非常惊人。

WB: She was very dutiful about taking care of the kids, but you didn’t get the same feeling of love. It was there, but it just—it didn’t come out the same way as with my dad.

沃伦·巴菲特：她照顾孩子时尽职尽责。但你不会觉得她对我们的爱也是如此。她爱我们，但和爸爸爱我们的方式不同。

Howard Buffett, Sr.: In the nation, the only permanent way to prosperity is a balanced budget. Unless that goal is achieved, all post-war plans will collapse like Hitler’s conquest.

霍华德·巴菲特：要想使这个国家兴盛起来，唯一恒定的方法就是平衡收支。如果无法达到这个目标，其他一切战后企划都会像希特勒的征服世界的计划一样轰然倒塌。

Man on radio: You have heard Congressman Howard L.H. Buffett, Republican member of the House of Representatives from Nebraska, speaking on the…

电台：你刚刚听到的是霍华德·巴菲特的发言，他是来自内布拉斯加的共和党代表。

WB: When I was about 12 or 13, we moved to Washington, my family, and I was mad. I was having fun in Omaha. I lost all my friends and now I moved to a town where they were all strange, and so I was very, very unhappy.

沃伦·巴菲特：当我十二、三岁时，全家搬至华盛顿，我很生气。我本来在奥马哈玩的很开心。如今却要远离所有的朋友来到陌生的地方。所以我非常，非常不开心。

At school, I just lost interest. I took pleasure in tormenting my teachers. At that time, for example, AT&T was the stock that all teachers owned for their retirement, and I decided that it would drive my teachers a little crazy if I went short of stock because when you go short of stock, you’re betting that it will go down. So, I shorted 10 shares of AT&T, and then brought the confirmation to school and showed these teachers that I was shorting the stock. They found me a big pain in the neck, but they did think I knew a lot about stocks.

我对学校也失去了兴趣。我以折磨老师为乐。例如当时，我发现老师都用退休基金买了AT&T的股票。如果我把股票做空，老师们肯定会抓狂。因为做空股票就是预计股票会大跌。我卖空10份额的AT&T股票，带着认证书来到学校，然后告诉老师我卖空了那个股票。他们发现我是个让人头疼的孩子。但他们发现我很懂股票。

And then at home, my mother would have terrific headaches, and you didn’t want to be around her when she was having the headaches and she would lash out more. She would never do it in public.

在家时，我妈妈患有很严重的头痛。她头痛时没有人敢待在她身边。她会摔东西。她在公开场合不会这样。

Doris Buffett: Well, I think we were terrified of her. When I’d wake up in the morning, I’d listen to hear her voice. I could tell by her voice if it was going to be a terrible day or not.

多莉丝·巴菲特：那时我们很怕她。我早上起来，听见她的声音，我就能知道当天会不会是糟糕的一天。

WB: When she got difficult, the three children felt it. When I was at the low point, sort of, I decided that I would run away. So, I talked two other guys into running away with me. We went out and we started hitchhiking, and then we got picked up by the highway patrol and that scared the hell out of us. It’s very interesting. My dad never really gave me hell about doing this, but he finally said, “You know,” he said, “you can do better than this.” And just saying that, I mean, I felt like I was letting him down, basically. So, in all ways, he was teaching me – never taught by telling me things; he just taught by example. He had unlimited confidence in me, even when I screwed up, and that takes you a long, long way. The best gift I was ever given was to have the father that I had when I was born.

沃伦·巴菲特：当她发脾气时三个孩子都能感受得到。我在心情不好时，就决定离家出走。我说服他们两个和我一起离家出走。我们出去，开始搭便车。但是被公路巡逻警察发现了。我们被他们吓坏了。有趣的是，我的爸爸从来没有因为这个而使劲责骂我。他最后说：“你应该可以做得更好。”简单的一句话，但是我知道我让他失望了。他一直在教导我，但从没告诉我该怎么做，而是以身作则。即使我犯下大错了，他对我还是有无限的信心。而这可以给人巨大的鼓励。我收到的最好的礼物就是我出生时就拥有的那位父亲。

WB: I didn’t want to go to college. I was 16 when I got out of high school and I was buying stocks. I mean, I actually was having a pretty good time and I didn’t see that there really was much to be gained by going to college, but my dad kind of jollied me into it.

沃伦·巴菲特：我16岁高中毕业时不想去上大学。我当时在买股票。我买股票时非常开心。我觉得上大学学不到什么，但我爸爸非要我去上大学。

Doris Buffett: He had a roommate who was a friend of mine, and the roommate said it was driving him crazy because he studied all the time and Warren would come in like 15 minutes before the exam and just ace his way through it.

多莉丝·巴菲特：他有一个室友是我的朋友。室友说自己一直不断学习，这快把他逼疯了。沃伦考试时会提前15分钟入场，且成绩全部都是优。

WB: I finished in three years because I had enough credits and I was in a hurry. I wanted to get out.

沃伦·巴菲特：我3年就取得了所有学分，完成了学业，因为我很想快点毕业。我想出去闯闯。

When I got out of the University of Nebraska, I applied to Harvard Business School. They told me I was to get interviewed in a place near Chicago. I got there and he interviewed me for about 10 minutes, and he said, “Forget it. You’re not going to Harvard.” And so now, I’m thinking, “What do I tell my dad? This is terrible.” And, it turned out to be the best thing that ever happened to me.

我走出内布拉斯加大学后，我申请了哈佛商学院。他们叫我去芝加哥附近面试。我去了那里，面试用了约10分钟。然后他说：“算了吧，哈佛不会录取你。”我在想，我该怎么告诉我爸爸？这事太难堪了。但后来发现这是发生在我身上最好的事。

Later that summer, I was looking through a catalog and, in the catalog, it had these names of people that were teaching, and one was Graham and another was Dodd. I had read this book by the two of them, so I wrote him a letter in mid-August and I said, “Dear Professor Dodd,” I said, “I thought you guys were dead. But, now that I found out that you’re alive and teaching at Columbia, I would really like to come.” And he admitted me. so, you know what? It just shows, you never can tell.

后来那年夏天，我在读一份邮购商品目录。那份目录里有许多教师的名字。其中一名是格雷厄姆，另外一名是多德。我读过他们合作写的书。在8月中旬时我给他们写信。我说：“亲爱的多德教授，我以为你们已经死了，但我发现你们还活着，且在哥伦比亚大学教书。我真的想来读书。”然后他同意了。你们知道其中的原因吗？所以这只能说明世事难料。

Man on TV: Gentlemen, Professor Graham.

电视：先生们，这是本杰明·格雷厄姆教授。

WB:       Ben was this incredible teacher. I mean, he was a natural and he drew us all in.

沃伦·巴菲特：本是一位非常优秀的老师。他不做作且能吸引我们所有人的注意力。

Question: Are Wall Street professionals, they more accurate in the shorter term than the long-term forecast?

问题：教授，华尔街的专家对短期的预测真的要比长期预测准确吗？

Ben Graham: Well, our studies indicate that you have your choice between tossing coins and taking the consensus of expert opinions, and the results are just about the same in each case.

本·格雷厄姆：我们的研究显示，你可以二选一：用投掷硬币的方式或者听取专家意见，其实结果都是一样的。

WB: It was like learning baseball from a fellow who was batting .400. It really—it shaped my professional life.

沃伦·巴菲特：我就像是在跟顶级棒球高手学习打棒球。他真正塑造了我的职业生涯。

Carol Loomis: There are two rules of investing according to Warren and he learned this from Ben Graham.

卡萝尔·卢米斯：沃伦投资有两大法则。他是从本·格雷厄姆那里学来的。

WB: Rule number one, never lose money. Rule number two, never forget rule number one.

沃伦·巴菲特：法则一，永远不要赔钱。法则二，永远别忘记法则一。

Carol Loomis: Ben Graham basically coined the term “value investing.” He believed in careful scrutiny of a company’s financial statements and that if you bought value, it would eventually prove out.

卡萝尔·卢米斯：本·格雷厄姆创造了价值投资这个术语。他相信，仔细研究一家公司的财务报表，如果你买到有价值的东西了，你最终就会获得收益。

WB: A few years ago, I went to Amazon and, sure enough, they had this manual there. So, well, reliving my youth, other guys were going to Amazon probably and buying old Playboys or something, but I bought old Moody’s Manuals instead and, when I got out of school, I started selling stocks. I was 20 years old at the time and looked about 16 and acted about 12, so I was not the most impressive salesperson anybody ever met. But, what I would do was I went through page by page looking for possibly undervalued stocks.

沃伦·巴菲特：几年前我就浏览亚马逊网站。上面确实有售卖这本指导手册。其他年轻人上亚马逊可能是买旧的花花公子之类的，但我买的是穆迪手册。20岁时，我离开学校开始卖股票。我外表看起来像16岁，做事像12岁，所以别人对我的印象并不深刻。但我一页一页地翻手册，寻找可能被低估了的股票。

Peter Kunhardt: Is this like going through an old family album?

彼得·坤哈德：这就像翻旧的家庭相册吧？

WB: Better.

When I got out of business school at Columbia, I developed pretty decent skills in terms of business but I hadn’t really come to terms with the world, exactly.

沃伦·巴菲特：这更有趣。

我离开哥伦比亚大学商学院后，我的商业技巧已经相当不错了，但我还没有真正的与这个世界接触过。

Peter Kunhardt: What were you like around girls back then?

彼得·坤哈德：你以前追求女孩的经历怎么样？

WB: Bad. I was sort of out of the swing of things there for a while. I went to my 60th reunion. There was a girl there, I took her out one time to the Uptown Theater in Washington, and I asked her whether she remembered what movie we saw and she said, “No, I don’t remember that.” And then she said, “But, I do remember one thing.” And, like an idiot, I said, “What was that?” And she said, “Well, you picked me up in a hearse.” And it was true that I owned a half-interest in a hearse while I was in high school, which was not the smoothest thing, or coolest, as they would say now, thing that you could do on a date.

沃伦·巴菲特：很糟糕。我在那段时间非常摇摆不定。我去参加60周年同学会。当时有一个女孩，我曾经带她去华盛顿的住宅区剧院约会。我问她是否记得我们看了什么电影。她说不记得。然后她说：“但有一件事我记得。”我像一个白痴一样问她：“你还记得什么？”她说：“你是用灵车来接我的。”这件事是真的。高中时我有一辆灵车的一半所有权。现在说来这件事可不怎么酷。我竟然开它去约会。

There were two turning points in my life, once when I came out of the womb and once when I met Susie, basically. She was the girl, yeah. But, it took her a little longer to figure out I was the boy.

我的生命当中有两个转折点。一次是我从娘胎出生时，一次是我遇到了苏西。她是我命中注定的那个人。但是她用了比较长的时间才发现我是那个对的男孩。

Susie Buffett: I was going to be his youngest sister’s roommate at Northwestern. So, I walked into their house and he was sitting in this chair, and he made some sarcastic quip. So, I made one back. I thought, “Who is this jerk?” And that’s how we met, yes.

苏西·巴菲特：在西北大学，我是他最小的妹妹的室友。我走进他家时，他正坐在椅子上。然后他挖苦我，我便回敬他。我心想：“这混蛋是谁啊？”这就是我们相遇的过程。

Listen, Warren is smarter than you even know. His brain is going all the time. And my dad said to me, “Now, you have to understand about him, you’re not going to have discussions with him like you would most normal people, but he has a heart of gold.”

要知道，沃伦比你想象中的还要聪明。他的大脑一直在运转。我爸爸对我说：“你得理解他，你和他说话不能像和大部分正常人一样讨论，但他有一颗金子的心。”

Doris Buffett: He was just totally enamored of her—and why not—and she of him. She’d sit on his lap all the time and he’d stroke her hair. It was softening him. Susie was really kind, considerate, and she was a balancing force.

多莉丝·巴菲特：他非常迷恋对方，她也一样。她会一直坐在他的大腿上。他会抚摸她的头发，那让他觉得舒服。苏西真的很善解人意，她有一股平衡的力量。

WB: I just got very, very, very lucky. But, I was a lopsided person and it took a while, but she just stood there with a little watering can and just nourished me along and changed me.

沃伦·巴菲特：我真的非常，非常，非常幸运。有段时间我很不平衡，但她一直陪着我，站在那里拿着小水壶浇水一样滋养我，也改变了我。

Somebody once said that the chains of habit are too light to be felt until they’re too heavy to be broken. I had been terrified of public speaking. I couldn’t do it, I’d throw up, and I knew if I didn’t cure it then, I’d never cure it. And so, I saw an ad in the paper for the Dale Carnegie course, which worked on developing your ability to speak in public, and I went down there.

有人说过，一连串的习惯的枷锁，你在开始感受不到。当你感受到时，它们就已经变得十分沉重，你无法打破习惯的枷锁了。我以前一直很害怕当着大众演讲。我做不到，我会呕吐的。但我知道如果我当下不改变，就永远都改变不了了。然后我在报纸上看到了戴尔·卡内基课程的广告。那是一个锻炼你在公共场合讲话的能力的课程。我就去了那里。

Dale Carnegie: Be sincere. A good smile has the same effect as a puppy’s tail. When a puppy wags…

戴尔·卡内基：要真诚。一个微笑和小狗的尾巴有相同的效果。当小狗摇尾巴的时候。。。

WB: They made us do all these crazy things to get out of ourselves, and so we stood on tables and did all kinds of things. If I hadn’t done that, my whole life would have been different. So, in my office, you will not see the degree I got from the University of Nebraska, you’ll not see the master’s degree I got from Columbia University, but you’ll see the little award certificate I got from the Dale Carnegie course. As a matter of fact, every week, the instructor would give a pencil to whoever had done the most with what we’d learned the week before. And so, in the fourth or fifth week, I proposed to her mother, and she said yes. And so that week, I won the pencil and I also got engaged. I mean, it was an incredible week.

沃伦·巴菲特：他让我们放开自己去做一些疯狂的事。我们就站在桌子上做各种各样的事。如果我没有去那里，我的人生就会截然不同。在我的办公室里，你看不到内布拉斯加大学学位证书，也看不到哥伦比亚大学硕士文凭。但是你能看到戴尔·卡内基课程的一个小小的获奖证书。事实上每个星期，老师会送一支铅笔给将前一周课程所学到的运用得最好的学生。所以在第四或第五个星期，我向她妈妈请求娶她的女儿。然后她同意了。所以在那周，我赢了铅笔也订了婚。那是令人难忘的一周。

WB: The wedding date was kind of interesting because I couldn’t see anything without my glasses, and I was so nervous that I just decided to take off my glasses and I wouldn’t be able to see all those people out there. She was 19 when we got married and I was 21, but she was so much more mature than I was. There’s no comparison. She was a better person than I was. But, when you get married, it’s not a question of saying, “I’m going to put a 14% factor in for humor and 17% for intellect and 22% for looks.” It doesn’t work that way. I knew it was the right decision, and it was.

沃伦·巴菲特：我婚礼那天也挺有意思的，因为我不戴眼镜就看不到东西。我很紧张，所以我决定那天摘掉眼镜，这样就看不清在场的所有人了。结婚时，她19岁，我21岁。但对比起来，她比我成熟多了。根本没法比。当时的她是个比我优秀的人。但结婚这件事，你不能说我投入14%的幽默、17%的智力和22%的长相在里面。你不能这样去量化它，那不管用的。我知道这是正确的决定，而也确实是。

Audience: You could live anywhere in the world. Why do you choose Omaha, Nebraska?

听众：你可以居住在世界上的任何地方。为什么你选择内布拉斯奥马哈？

WB: I love it. I was born about a mile from here and, you know, I’ve never had a bad experience in Omaha.

沃伦·巴菲特：我爱它。我是在距离这里一英里的地方诞生的，你应该知道。我在奥马哈也从来没有过不好的经历。

Omaha and Nebraska are home to me. Everything about it seems like home. It’s the pace. It’s relationships. There’s a lot of continuity. There’s a lot of community. There’s a lot of friendship. It’s a very solid place and friendly place in which to grow up and in which to conduct a business.

奥马哈和内布拉斯加是我的家。这里的所有东西都给我一种家的感觉。这里的节奏，这里的人际关系。这里有很多的关联、有很多的社区、还有很多朋友。这里是一个很适合成长和做生意的，非常祥和友善的地方。

When I came back to Omaha in early 1956, I had no idea what I was going to do. But, a few months after I came back, some members of the family said, “What should we do with our money?” And I said, “Well, I’m not going back in the business of selling stocks, but if you would like to join me in a partnership,” I said, “I’ll be glad to do it.” So, within a couple of months after coming back, I set up the first partnership.

当我在1956年初回到奥马哈时，我完全不知道我要做什么。但我回来几个月后，一些家庭成员问我：“我们该怎么利用我们的钱？”我说：“我现在不会再做股票生意了。但如果你们想成为我的合伙人，我会很高兴的。”所以在回来的短短几个月内，我建立了第一家合伙公司。

I wrote all the checks individually. I filed 11 income tax returns. I took delivery on stocks for all these different companies. I was a one-man band there for six years.

我亲手写了每一张支票、我提交了11份所得税申报表。对于不同的公司，我要分配不同的股票。在那六年里，一直都是我一个人在做，就像一个人的乐队一样。

Sandy Gottesman: Warren would sit upstairs in his little office there and I would bring up the name of a company, and most of the time he knew much more than I did about the company. He’d know how many shares were outstanding. He’d know the capitalization. He’d know the earnings. It was absolutely incredible. I mean, when Warren said something, it meant a heck of a lot, and I think all of us paid a lot of attention to Warren when he took a definite stand on something.

桑迪·戈特斯曼：沃伦经常坐在楼上的小办公室里，我会把公司的名称报给他。但很多时候，他比我更了解这些公司。他知道有多少是流通股、他知道公司的市值、他知道公司的收入，这些都很神奇。当沃伦讲话时，话里一定有很多意义。当沃伦对某件事表态时，我们都会专心致志地听他讲。

Charlie Munger: When I first met Warren back in 1959, I recognized immediately that he was a very intelligent person.

查理·芒格：我第一次见沃伦是在1959年。我马上发觉他是一个非常聪明的人。

Host on TV: For the last four or five years, the stock market has been booming along and presumably forecasting better business, which has really not materialized, so maybe the stock market is really correcting a previous incorrect forecast this time rather than making a new correct one.

电视节目主持人：在过去的四、五年，股票市场在蓬勃发展。据预测，商业会出现前所未有的繁荣景象。所以股票市场并没有按照错误的预测发展，而是出现了一番新景象。

Charlie Munger: He made a lot of money buying thinly traded securities that were incredibly cheap statistically.

查理·芒格：他购买了成交量低但是非常便宜的股票，他从中赚了不少钱。

Carol Loomis: Warren was at that time dealing with small companies and his investments often were to buy a company that you could figure was a discarded cigar butt but it had one more smoke in it, and he wanted to buy at the right time to be able to benefit from the one smoke.

卡萝尔·卢米斯：沃伦在那时忙着处理小公司。他的投资往往是去购买那些像要快燃尽的雪茄烟头般，还有吸最后一口的价值的公司。他想要在正确的时间买入，在那最后一口烟中受益。

WB: The first partnership started with $105,100. I put up the 100 and the other people put up the 105,000. And then, at the start of 1962, I moved to Kiewit Plaza and, by the time I moved to Kiewit Plaza, we had $7 million invested and a fair amount was profits.

沃伦·巴菲特：第一家合伙公司是从105100美元开始的。我出100，其他人出105000。然后在1962年初，我搬到基威特广场。搬到基威特广场时，我们已经有700万美元的投资了，且其中很多都是利润。

I was then renting a house. I never owned a house to that point. And then, two years later, I bought the house I live in today in 1958. We had three children, Susie and I, and we had them young, incidentally, which was I think a very good thing. My daughter Susie was born here. I named her Susie just like that as soon as I looked at her because she looked just like her mother. And, she was a cinch. And then, Howie was, you know, this absolute bundle of energy, which made things very difficult for big Susie for a while. Peter again reverted back to Susie’s personality and he was an easy child.

我一直在租房子。直到那个时候，我都还没有买过房子。两年后的1958年，我买下了现在仍在居住的房子。苏西和我有三个孩子。我们很年轻的时候就意外有了孩子，我认为这是一件好事。我的女儿苏西在这里出生。我叫她苏西是因为当我一看到她时，就觉得她长得很像她母亲。她对我们很重要。霍伊比较活泼好动。有时候他会给她妈妈苏西带来很多麻烦。彼得和苏西的性格很像。他是一个随和的孩子。

Howard Buffett: Well, you know, I describe my childhood as normal, but who knows what normal is? People often think, “Well, Warren Buffett was this famous rich guy.” He was not famous and he wasn’t rich when we were growing up.

霍伊·巴菲特：我会用“正常”来形容我的童年。可是没有人知道什么是正常。别人经常以为：“沃伦·巴菲特，他是个著名的有钱人。但在我们成长的过程当中，他不著名，也并不富有。”

What I saw first and foremost, day in and day out, was consistency. Every day we hear the garage door close in the house and then, like clockwork, my dad would come in the door, “I’m home!” and we’d all eat dinner together, which I think surprises a lot of people.

彼得·巴菲特：我首先想到的是，我们每天都过得都一样。每天我们在房间里，听到车库关门的声音，就像发条钟一样。我爸爸进门后会说：“我回来了！”然后我们会一起吃晚饭。我知道很多人会感到惊讶。

Susie Buffett Jr.: My dad, he used to rock me to sleep at night and sing Over the Rainbow, so I have this insanely sentimental attachment to that song. I’ve always had a really close relationship with him.

小苏西·巴菲特：以前我爸爸在晚上会摇着我睡觉和给我唱“彩虹之上”。所以我对那首歌有着极其特殊的感情。我和他的关系一直很亲密。

WB: I’ve got three very different kids and they’ve got a common heart, which they got from their mother. She did most of the work by far of bringing up the children, which was probably a good thing. They have more of her qualities than mine, which I would recommend.

沃伦·巴菲特：我有三个性格迥异的孩子。他们的内在都是相似的，这是从他们的母亲身上继承来的。养育孩子的大部分工作都是她在做。这可能是件好事。他们更像妈妈而不像我，我觉得这样挺好。

Howard Buffett: Well, my mom was the biggest part of my life growing up. Even though I got disciplined on a regular basis and she was usually the one doing it, she was still my best friend. She was somebody who would help anybody. I mean, whether she knew them or didn’t know them or maybe even didn’t agree with them, she would still help them.

霍伊·巴菲特：我妈妈是我人生成长中最重要的部分。尽管被管教对我来说是一件常事，大多时候是她在管教我，但她仍然是我的好朋友。她非常乐于助人。不管是不是她认识的人，有时甚至是和她意见不合的人，她都会去帮助他们。

WB: She was incredibly empathetic and she was interested in every person individually. She never cared about money or business at all.

沃伦·巴菲特：她非常有同理心。她对每一个人都充满兴趣。她一点也不在乎钱和生意。

Susie Buffett: I mean, he would go around saying, “I’m going to be the richest man in the world,” and I think, well, it’s like somebody says, “I play music and I’m going to be Mozart.” I don’t know. How does anyone know? How does anyone know, you know? So, that was okay. I don’t really care about that.

苏西·巴菲特：他经常在外面说：“我要成为世界上最富有的人。”我听到了，就想，这和有些人说的一样：“我喜欢音乐，我要成为莫扎特。”我不知道。又有谁能知道呢？所以他这么说也行。我只是听听，并没有在意他说的话。

Carol Loomis: I would say that Susie led Warren toward changing his political views. He grew up as a young Republican, his father was a Republican congressman, but Susie saw things in different ways. She was the catalyst.

卡萝尔·卢米斯：我想说苏西改变了沃伦的政治观点。他从小到大是一位年轻的共和党人。他父亲以前是共和党国会议员。但苏西看待事情的方式却不一样。她是他改变的催化剂。

Activists On TV: Freedom, freedom, freedom! Louder, louder, louder! Louder! Freedom! Freedom! What do we want now? Freedom!

电视里的社运分子：自由，自由，自由！大声点，大声点，大声点！大声点！自由！自由！我们现在想要什么？自由！

Susie Buffett: When the children were growing up, I was very involved in civil rights. I was immersed in it, and I think that’s what made Warren a Democrat. He would go with me to hear speakers.

苏西·巴菲特：当孩子们正在成长的那段时间，我很积极参与公民权利运动，我沉浸于此。我想也许就是那样沃伦成为了民主党人。他会和我一起去听别人的演讲。

WB: I remember that speech that Martin Luther King gave. That was one of the most inspiring speeches I’ve ever heard.

沃伦·巴菲特：我还记得马丁·路德·金发表的演讲。那是我听过的最鼓舞人心的演讲之一。

MLK: I come to say to you this afternoon…

马丁·路德·金·：今天下午，我来到这里是来告诉你们。。。

WB: Took me right out of my seat. My wife was with me and we both had the same experience.

沃伦·巴菲特：他的话让我从椅子上跳起来。我妻子也在，我们都有同样的经历。

MLK: It will not be long.

马丁·路德·金·：不会太久的。

WB: It was interesting. In that speech, he talked about truth forever on the scaffold, wong forever on the throne, but that scaffold sways the future. Well, he was going to be dead in six months, but that scaffold did sway the future.

沃伦·巴菲特：他的演讲非常有趣。有趣的是他在那场演讲中说到，真理永远被立于断头台之上，谬误永远立于王座上。但那个断头台影响着未来。他在那之后的六个月便离世了，但那断头台的确支配了未来。

My wife was more active than I was, but I was 100% with her mentally. I was just working a little more on my own investments. But, it didn’t make a difference what we were going to do with the money after we made it. I thought I would pile it up over the years, then she would un-pile it in terms of running one very large foundation. And I was particularly good at compounding money, and therefore, society would benefit by waiting.

我的妻子比我更积极，但我在精神上和她完全一致。我只是在我的投资上花了更多时间。但是我们在赚了钱之后该怎么花却有了分歧。我想一直存起来，存上很多年。她想建立一个很大的基金会，把这些钱捐出去。我很擅长用钱创造复利，这样社会能在等待中受益。

WB: I was genetically blessed with a certain wiring that’s very useful in a highly developed market system where there’s lots of chips on the table and, you know, I happen to be good at that game. Ted Williams wrote a book called The Science of Hitting, and in it he had a picture of himself at bat and the strike zone broken into, I think, 77 squares. And he said if he waited for the pitch that was really in his sweet spot, he would bat .400, and if he had to swing at something on the lower corner, he would probably bat .235. And in investing, I’m in a now-called strike business, which is the best business you can be in. I can look at a thousand different companies and I don’t have to be right on every one of them or even 50 of them, so I can pick the ball I want to hit. And the trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot. And the people that are yelling, “Swing your bum?” Ignore them.

沃伦·巴菲特：我很幸运，在基因上有一些先天的优势。这在高度成熟，桌上有很多筹码的市场体系中十分有用。而我恰好非常擅长这种游戏。特德·威廉姆斯写了一本书，叫做《击打的科学》。里面有一张照片，是他拿着棒球棒，击球区大概有77平方英寸。他说，如果他等待扔出的球真的在他的最佳击球位置的时候，他就能打出 40%的超高平均击中概率。但如果他迫不得已在下方角落挥棒击球的话, 他就只能打出 23.5%的平均击中率。而投资，也是一个伺机出击的生意。这是你能想到的最好的生意。我可以看一千家不同的公司。我不必每一家都看准，甚至不用看准其中50家。所以我能去选择我想要出击的。投资诀窍就是，你坐在那里，看着各种机会来来去去，专心等待你想要的那个最佳击球位置。别人可能会说：“挥棒啊，笨蛋！”不要管他们。

There’s a temptation for people to act far too frequently in stocks simply because they’re so liquid. Over the years, you develop a lot of filters, and I do know what I call my circle of competence, so I stay within that circle and I don’t worry about things that are outside that circle. Defining what your game is, where you’re going to have an edge, is enormously important.

人们在做股票投资时会倾向于过于频繁的操作就是因为股票的流动性太强。这些年来，大家发展出很多自己的筛选准则。而我也知道我自己的能力范围。所以我一直呆在圈内。我不理会圈子外的东西。要定义你自己的游戏，知道自己的特长，这点非常重要。

I bought the first shares of Berkshire in 1962 and it was a northern textile business destined to become extinct eventually, and it was a statistically cheap stock in a terrible business. Berkshire Hathaway was closing mills and, as they closed mills, it would free up some capital, and then they would repurchase shares. So, I bought some stock with the idea that there would be another tender offer at some point and we would sell the stock at a modest profit. And at one point, the management asked me at what price we would tender our stock, and I said, “$11.50,” and the tender offer came out a few months later and it was at $11 and 3/8, which was an eight of a point cheaper, and that made me very mad. So, I just started buying more stock. I just felt that I’d been double-crossed by the management and, in May of 1965, I bought enough so we controlled the company and we changed the management.

1962年，我买了伯克希尔的第一份股票。那是北方纺织企业的股票，但它注定的命运就是迟早要破产了。它的股票很便宜，但业务很糟。当时伯克希尔·哈撒韦正在关闭工厂。关闭工厂时，会释放出一定的资本，他们就会购回股票。所以我买了一些股票，想着以后肯定会有人愿意购买。到时我们再卖掉股票便可获得可观的利润。在那时，管理层问我要以多少钱卖出股票。我说： “11.50美元。” 几个月后，投标报价出来了，是11.38美元，便宜了百分之八。这让我非常生气。于是我开始买进更多股票。我觉得我自己被管理层出卖了。在1965年5月，我们买了很多股票，足以掌控那家公司。然后我们换了管理层。

Charlie Munger: It was a pretty silly way to behave, as Warren has recounted in retrospect. One of the reasons Warren is successful is he’s brutal in appraising his own past. He wants to identify misthinkings and avoid them in the future, but it was an accident that he chose Berkshire Hathaway. If the chairman hadn’t tried to cheat him out of an eighth, there wouldn’t have been any Buffett-Berkshire Hathaway history.

查理·芒格：在沃伦回顾以前的生涯时说到，他j这样做是很傻的。沃伦成功的原因之一是他在评价自己的过去时很残酷。他会找出以前的错误想法，避免以后再犯。但他选择伯克希尔·哈撒韦是个意外。如果管理层主席没有骗那百分之八，就不会有任何巴菲特和伯克希尔·哈撒韦交叉的历史。

WB: If you’re emotional about investment, you’re not going to do well. You may have all these feelings about the stock, the stock has no feelings about you. Looking back, it’s interesting, that tender offer, I didn’t realize it but it happened about five days after my dad had died, and whether that had affected me or not, I don’t know.

沃伦·巴菲特：如果你投资时过于情绪化，你肯定做不好。你可能对股票有各种各样的感情，但股票对你却没有一点感情。回顾过去，有意思的是，那次投标大概发生在我爸爸去世五天后，我当时并没意识到这点。我不知道这有没有影响到我。

Peter Kunhardt: Do you remember your last conversation with your father?

彼得·坤哈德：你还记得你最后一次和你父亲谈话的内容吗？

WB: Yeah, but I don’t want to talk about it.

沃伦·巴菲特：记得，但我不想谈。

Charlie Munger: I think it just sobered him and hurt him, but Warren soldiers on. Both Warren and I could look at our fathers and see what they did right and what they did wrong. Warren’s father was a real old-fashioned right-wing ideologue, and his father was so intense about it that Warren just decided that it was a mistake. It cabbaged up your head to be that much of an ideologue. So, he loved his father, but he didn’t want to become that much of a true believer in anything.

查理·芒格：我觉得这件事肯定给他带来很大的痛苦，也让他清醒，但沃伦坚持了下去。我和沃伦都能观察我们的父亲，看他们做对了什么，做错了什么。沃伦的父亲是传统的右翼理念的理想家。他的父亲对此非常热衷，但沃伦觉得这是不对的。太过分的理想会腐蚀掉你的头脑。他爱他父亲，但他不想成为那种忠实信徒。

WB: My politics became more overt after my dad died. Civil rights changed my views. You know, in 1776, Thomas Jefferson wrote, “All men are created equal,” and then when they wrote the Constitution, they all of a sudden decided that no, it was just 3/5 of a person if you were black. I mean, that struck me as kind of crazy.

沃伦·巴菲特：我爸爸去世后，我的政治倾向开始转变。公民权利运动改变了我的观点。在1776年，托马斯·杰弗逊写道：“人人生而平等”，而且这被写进了宪法。但他们突然又决定了，如果你是黑人，你就只相当于3/5个人。这让我有点抓狂。

Susie Buffett: I was talking to him one day about some racial issue and he said to me, “Wait till women discover they’re the slaves of the world.” Now, how many men were cognizant of that, and even women, then?

苏西·巴菲特：有一天我和他谈到种族歧视的问题。他对我说：“女人有一天会发现她们是世界的奴隶”。现在有多少男人意识到这点？更不用说女人了。

WB: The initial example is really my mother. She came from a generation where the main function of the wife was to help her husband in the job. And, my sisters are fully as smart as I am, they got better personalities than I have, but they got the message a million different ways that their future was limited and I got the message that the sky is the limit. And it wasn’t due to a lack of love or anything of the sort, it just—it was the culture. On the other hand, you can look at the flip side of that and say it’s quite encouraging because, if you look at what this country accomplished only using half of its talent, just think of the potential for the future. I’m enormously bullish on America over the future and part of the reason is that we, by some rather stupid decisions, essentially put half our talent on the sidelines.

沃伦·巴菲特：最初的例子是我的母亲。她那一代人，妻子的主要作用就是在工作中协作丈夫。我的姐妹都和我一样聪明，她们的性格比我还要好。但各种外部信息按一百万种方式都告诉她们，女子无才便是德。而我所得到的信息是，天高任鸟飞。这并不是因为没有人爱她们，而是文化原因。另外，你从另一个角度来看，这又很令人鼓舞。因为这个国家才用了一半人的智慧就取得如此成就，所以未来肯定更加光明。我觉得我们在未来会创造奇迹，因为我们过去做出愚蠢的决定实际把另一半人才闲置不用。

Carol Loomis: Warren is probably the most rational person I’ve ever met. Charlie Munger would be a close rival. And Charlie became a man that Warren depended on heavily and I think his first experiences in the discarded-cigar-butt era convinced that it was not exactly where he wanted to be.

卡萝尔·卢米斯：沃伦大概是我见过的最理性的人。查理·芒格和他很像。他成为沃伦所倚重的一个人。我觉得沃伦最初那段光拣便宜的经历让他觉得那不是他想要的。

Charlie Munger: He made so much money for so long doing what he’d been taught by Ben Graham, which he’d buy these very cheap stocks and, if they were cheap enough, he didn’t care it was a lousy company and lousy management. He knew he was going to make money anyway just because of the cheapness.

查理·芒格：过去很多年里，他通过本杰明·格雷厄姆教给他的方法赚了很多钱，就是买便宜的股票。只要股票很便宜，他不在乎那个公司和管理层是否很糟糕。他一定会赚钱，只因为买得很便宜。

WB: Charlie Munger has had a big impact on me in moving me toward looking for wonderful companies at fair prices rather than fair companies at wonderful prices. That was enormously important because it enabled Berkshire to scale up in a way that would have been impossible to do otherwise. Yup?

沃伦·巴菲特：查理·芒格对我有很大的影响。他转变了我的态度，让我去以公道的价格买下卓越的公司，而不是以特别便宜的价格买下平庸的公司。这点非常重要。因为只有用这个方法，伯克希尔·哈撒韦才能得以壮大发展。对吧？

Audience: What are the key indicators you look for within companies before making an investment?

听众：你在投资之前都会以公司内部的哪些东西作为关键指标？

WB: Well, I look for something that does give them a moat around it.

沃伦·巴菲特：我会找有护城河保护的公司。

WB: We have a company called See’s Candies out on the West Coast. See’s Candies boxed chocolates. If you give a box of See’s chocolates to your girlfriend on the first date and she kisses you? We own you. You know? I mean, we can raise the price tomorrow, I mean, you’ll buy the same box. You’re not going to fool around with success. So, the key there is the response.  You do not want to go home on Valentine’s Day and say to your wife or your sweetheart—preferably, they’re the same person—you don’t say, “Here, honey, I took the low bid.” It doesn’t work. Price is, to a degree, is immaterial. If you’ve got an economic castle, people are going to come and want to take that castle away from you and you better have a strong moat. You better have a knight in the castle that knows what he’s doing.

沃伦·巴菲特：我们在西海岸有一家叫喜诗糖果的公司。喜诗糖果盒装巧克力。如果你首次约会时给女朋友一盒喜诗巧克力，而她吻了你，那我们就主宰你了。我明天就可以提高价格，而你还是会买同一盒巧克力，因为你不会在爱情上开玩笑。所以关键就是反馈。你不会在情人节那天回到家对你的妻子或是爱人说，最好她们是同一个人，你不会说：“亲爱的，我花钱买了点更便宜的，”这不管用的。价格在某些程度上是无关紧要的。如果你有一座经济城堡，人们会来到这里想要抢走你的城堡。你最好有防御强的护城河、城堡里有精兵强将。

Sandy Gottesman: You’re not buying an asset, you’re buying a name, you’re buying a brand, you’re buying a real franchise here, and Charlie was more responsible for that than anybody.

桑迪·戈特斯曼：你买的不是产品，而是产品名字、产品品牌、还有真正的连锁店经营权。查理比其他人更清楚这一点。

WB: We were mental partners right from the moment we met.

沃伦·巴菲特：我们从相识起便惺惺相惜。

TV show host: I want to know, going back 50 years, what it was like when you first met Warren.

电视节目主持人：我想知道在50年前，你第一次见沃伦是什么样的场景？

Charlie Munger: Well, I thought he was a prodigy, and I got a lot of criticism. My wife said, “Why are you paying such enormous respect to that young man with a crew cut who won’t eat vegetables?”

查理·芒格：我觉得他是一个神童。我饱受批评。我的妻子说：“那小子，理着平头，不吃蔬菜，你为什么这么看重他？”

WB: He’s ungodly smart. He’s got a much broader intellect than I do and he’s magnificent at being able to condense important ideas into just a very few words.

沃伦·巴菲特：他聪明绝顶。他的聪明才智，我望尘莫及。他概括能力超强，短短数语，就可以表述出一些很重要的观点。

Charlie Munger:If you’re not interested in the economic scene right now, you’re mentally dead.

查理·芒格：如果你对当前的经济形势不感兴趣，那你就是个行尸走肉。

Carol Loomis: Charlie has no tact.

卡萝尔·卢米斯：查理并不圆滑。

Woman: All right, let’s talk a little bit about bankers. Charlie, on Friday, compared them to heroin addicts.

女人：好的，让我们谈论一下银行家。查理在周五说他们像是海洛因吸食者。

WB: Yeah, well, that’s colorful Charlie, but I would not have chosen that.

沃伦·巴菲特：这像是查理会说的话。但我不会选择用这个词。

Carol Loomis: I once wrote of him that when they handed out humility, he didn’t get his fair share.

卡萝尔·卢米斯：我曾经写关于他，他过于谦虚，所以没有得到应有的股份。

Charlie Munger: The ideal way to run a headquarters is to have one man, preferably over 80, sitting in an office by himself. Anything else is pure frippery.

查理·芒格：运营总部最理想的方法就是，有一个人，最好80岁以上，独自坐在办公室里，与外界事物隔开。任何其他东西都是纯粹的花哨。

WB: He’s always honest in what he tells me, so I listen to him.

沃伦·巴菲特：他对我永远实话实说，所以我愿意听他的。

Charlie Munger: We never had an argument. We just kind of roll with it easily. Suppose Warren doesn’t want to do something that I would’ve done and suppose that happens four times over 40 years or something, what the hell difference does it make to me? Net, the record is working out fine.

查理·芒格：我们从来不曾吵架过，我们就是一起轻松地处理事务。如果沃伦不想做什么事，我就帮他搞定。假设在四十年里我帮他四次，这对我又没有什么影响。总的来说得到的结果还是好的。

Both of us know that we’ve done better by having ethics. Warren’s not interested in making money by cheating people.

我们两个都知道靠良心赚钱才能走得更远。沃伦不屑于靠骗人来赚钱。

Carol Loomis: Warren’s opinions of Wall Street investment bankers would not endear him to their mothers. He feels that they’re, for the most part, not out for their clients. They’re out for their own business interests.

卡萝尔·卢米斯：沃伦对华尔街投资银行家的看法使他不受他们待见。他觉得他们大部分不是为了客户的利益，而是为了他们自己的商业利益。

WB: In the late 1960s, there were just a flood of accounting shenanigans and mergers built upon false accounting and misleading people. It was a time when a lot of charlatans were prevailing in Wall Street and were being applauded by Wall Street, and I understood what the game was about but I didn’t want to play in it. So, I closed down the partnership at the end of 1969 and I took on the title of Chairman for Berkshire Hathaway.

沃伦·巴菲特：在20世纪60年代后期，基于假账和误导投资者的会计造假和商业合并满天飞。那时一堆骗子在华尔街猖獗一世，畅通无阻。我知道他们玩的这个把戏，我不想参与进去。所以在1969年末，我关掉了合伙企业，开始担任伯克希尔·哈撒韦的董事长。

Charlie Munger: Well, I think the modern Berkshire is pretty all a reflection of Warren.

查理·芒格：我觉得现在的伯克希尔·哈撒韦就是沃伦人格的映射。

WB: I have constructed a business that fits me. It’s kind of crazy to spend your life painting if you’re painting a subjective you don’t want to look at. I’ve gotten to paint my own painting in business on an unlimited canvas in a way. It’s a different sort of place. I work with a great group of people that make my life very easy and that take good care of me. We have 25 people in the office and, if you go back, it’s the exact same 25, the exact same ones. We don’t have any committees at Berkshire. We don’t have a public relations department. We don’t have investor relations. We don’t have a general council. We don’t have a human relations department. We just don’t go for anything that people do just as a matter of form. It’s exactly like the life I like and it’s not work to me. It’s just a form of play, basically.

沃伦·巴菲特：我创建了适合我的企业。如果你用一生来画你不想看的画作，那真是有毛病。我用我的事业在这无限的画布上创作我自己的画作。那是一个不一样的地方。我和一群优秀的人一起工作。他们让我的生活变得非常容易，也很照顾我。我们的办公室里有25人。如果你现在回去看，还是那25个人，人员完全没有变动。在伯克希尔·哈撒韦，我们没有委员会。我们没有公关部、没有投资者关系部，我们没有顾问律师、没有人事关系部。我们不会做那些形式上的事情。我就喜欢这种生活。对我来说这不是工作，而基本是一种娱乐形式。

No, I like things quiet. I shut the door, actually, at the office because I don’t want to hear anybody talking outside. And, I still probably spend five or six hours a day reading.

不，我喜欢安静。在办公室，我一般会关上门，因为我不想听到有人在外面说话。我每天仍然会花五、六个小时的时间阅读。

Howard Buffett: Well, what’s amazing is the stuff he remembers. It’s like a little computer, you know? I keep thinking the hard drive will run out of space, but it doesn’t.

霍伊·巴菲特：令人惊讶的是，他能记住很多东西。他就像一台小小的电脑。我总觉得他的硬盘会有耗尽空间的一天，可是并没有。

Melinda Gates: He’s one of the smartest people we know. So, I was at a couple of the family dinners at the Gates house where Mary, Bill’s mom, was trying to convince him to come out to the family place at Hood Canal to meet Warren Buffett and he was resisting because he was really busy with Microsoft. And finally, he said, “Mom, okay, I’ll come for lunch.”

梅琳达·盖茨：他是我们遇到的最聪明的人之一。有一次在盖茨家族的家庭聚餐，比尔的妈妈，玛丽，想说服比尔去胡德海峡的家里去认识一下沃伦·巴菲特。但比尔因为忙于处理微软的事就拒绝了。最后他说：“好吧，妈妈，我会来吃午饭。”

Bill Gates: So, the two of us flew out there somewhat reluctantly because, you know, buying and selling stocks, which is how I thought of Warren, wasn’t of particular interest to me and didn’t seem like value added. It turned out that was completely wrong. We knew that day that we’d be very close friends. In fact, we just couldn’t get enough of each other.

比尔·盖茨：所以我们两个很无奈地去了。因为我想象中的沃伦只会买卖股票，不是我会特别感兴趣的类型，也没有太多价值。后来我发现我完全错了。我们都觉得我们会成为非常亲密的朋友。事实上，我们两个相见恨晚。

WB: Shortly after I met Bill Gates, Bill’s dad asked each of us to write down on a piece of paper one word that would best describe what had helped us the most. Bill and I, without any collaboration at all, each wrote the word focus. Well, focus has always been a strong part of my personality. If I get interested in something, I get really interested. If I get interested in a new subject, I want to read about it, I want to talk about it and I want to meet people that are involved in it.

沃伦·巴菲特：我认识比尔·盖茨不久后，比尔的爸爸叫我们每一个人在一张纸上写下对我们最有帮助的一个词。比尔和我事前没有任何交流，但都写下了“专注”这个词。专注一直是我个性中最重要的一部分。如果我对某件事感兴趣，我就会非常投入。如果我对新事物感兴趣，我会去阅读相关资料、我会想谈论它、相遇见和它有关的人。

Bill Gates: We both love to work hard. You know, neither of us like frivolous things. You know, he doesn’t know much about cooking or art or a huge range of things.

比尔·盖茨：我们俩工作都很努力。我们俩都不喜欢无聊的事。他对烹饪和艺术，还有很多东西，都一窍不通。

WB: I can’t tell you the color of the walls in my bedroom or my living room. I don’t have a mind that relates to the physical universe well.

沃伦·巴菲特：我无法告诉你我的卧室和客厅的墙壁是什么颜色。我对于物理和宇宙的知识也全然不懂。

Man: Warren checking the DOW.

男人：沃伦正在查看道琼斯指数。

WB: But, the business universe I think I understand reasonably well.

沃伦·巴菲特：但对于商业的宇宙，我倒是了解得非常清楚。

Bill Gates: Warren’s ability to size up people and business, it’s a pretty magical thing.

比尔·盖茨：沃伦非常擅长评估人和企业，这是一件很神奇的事。

Melinda Gates: He is the best at that, anybody we know.

梅琳达·盖茨：他是我们认识的最擅长那方面的人。

Bill Gates: We should all try to be 20% as good at that.

比尔·盖茨：我们有他的20%就好了。

WB: I like to sit and think and I spend a lot of time doing that, and sometimes it’s pretty unproductive but I find it enjoyable to think about, particularly about, business or investment problems. They’re easy. It’s the human problems that are the tough ones. Sometimes, there aren’t any good answers with human problems. There’s almost always a good answer with money.

沃伦·巴菲特：我喜欢坐下来思考。我花了很多时间思考。尽管有时没什么收获，但我很享受思考的过程。我喜欢思考商业或是投资的问题。思考这些很简单，思考人类的问题才比较困难。人类的问题有时没有什么合适的答案。但关于钱的问题，总会有合适的答案。

Susie Buffett: He was sort of a genius. I think sometimes geniuses are, by default, lonely and isolated. He was not really well-adjusted. He was just this funny, I mean, humorous, guy who maybe had a moat around him because he was afraid and he didn’t know anyone that he wanted to let in. And to this day, I mean, I don’t know, well, nobody knows him like I do and probably any wife would say that, but…

苏西·巴菲特：他是个天才。我有时觉得天才一般都是孤独寂寞的。他不是非常得体。他只是一个有趣、幽默的家伙。也许因为胆小，他给自己设了护城河。那些他想邀请进入自己世界的人，他并不总认识他们。当然，或许，没人比我更了解他。也许每一个妻子都会这样说，但是。。。

Howard Buffett: He’s a loner in a sense, and it’s difficult to connect on an emotional level because I think that that’s not his basic mode of operation.

霍伊·巴菲特：在某种意义上，他是一个孤独的人。他很难与我们进行情感层面的交流。因为我觉得他天生就不擅长做这些。

Susie Buffett Jr.: He was there physically, but he was upstairs reading all the time. I always told my mother we have to talk in sound bites. I learned that early on that if you start going in some long thing, unless you’ve explained to him ahead of time that it’s going to be a long thing and you need him to hang in there, you lose him. You lose him to whatever giant thought he has in his head at the time that he was probably thinking about before you came in and really wants to get back to.

小苏西·巴菲特：他确实呆在家里，但是他一般都是在楼上一个劲地看书。我一直告诉我母亲，和他说话，要简明扼要。我很早就知道了。如果你需要跟我父亲讲一个很长的东西，除非你提前告诉他你要讲很长的东西，而且需要他坚持听下去，不然他很快就会走神。你不懂他的天才头脑里在思考什么。那可能在你跟他讲事情之前他就开始思考了，而且他真的很想继续思考下去。

Peter Buffett: He’s not like the rest of us. I don’t think my dad ever took anybody for granted, but you are a little bit blind, I think, sometimes to what other people might be doing behind the scenes, and my dad’s gotten a little bit of a pass.

彼得·巴菲特：他和我们都不一样。我不觉得我爸爸把谁看得很轻。但有时你可能看不到。有时候其他人在幕后做的事情，我爸爸可能视而不见。

Susie Buffett: Warren can’t find the light switch and it’s probably my fault. One time, years ago, when the kids were little, I was feeling really sick. I had the flu. So, I laid down on the bed and I said to Warren, “Will you get me a pan or something from the kitchen? I may not get to the bathroom. I feel so sick.” He said, “Okay.” So, he [00:49:56 unintelligible] down to the kitchen and I hear this bang, bip, boom, bang! And he comes up and he brings me a colander, and I look at it and I said, “Look, honey, this has holes in it.” “Oh, oh, okay.” So, he ran down, all this banging and everything, and he comes up and he puts the colander on a cookie sheet.

苏西·巴菲特：沃伦找不到电灯的开关，这可能是我的错。许多年前，在孩子们还小的时候，我得了流感，感觉恶心想吐。我躺在床上对沃伦说：“你可以去厨房给我拿个平底锅之类的吗？我觉得很难受，我去不了洗手间。”他说好。于是他走进厨房，我就听到了乒乒乓乓的声音。他过来给我递了个滤盆。我看了一下说：“你听好了，这上面有洞。”“哦，好吧”于是他又跑下楼，又是乒乒乓乓。然后他上楼，他把滤盆放在一个烤盘上递给我。

Physical proximity to Warren doesn’t always mean that he’s there with you. He’s so cerebral, you see? That’s why I learned to have my own life. We were two parallel lines and—but very connected when he was open to connecting.

尽管沃伦在你身边，但这不意味着他和你在一起。你看，他是如此的超然。所以我学会了拥有自己的生活。我们像两条平行线，但他一旦想找我，我们就会紧密连接起来。

Susie Buffett Jr.: I did make a joke at one point. I said, “You know, we could make a tape of Mom yelling, you know, ‘Bye, Warren! I’ll be back later!’” and then have the door slam, and he would just think she was here. I don’t think he knew what she was doing most of the time. Once Howie and I were both gone, as we’ve gotten older, she started to see the writing on the wall there and just started trying to figure out how she could at least have some more, she called it, you know, a room of her own.

小苏西·巴菲特：我以前开过一个玩笑。我说：“我们可以把妈妈在喊‘再见沃伦，我一会儿就回来’的声音录下来”然后砰地把门关上，他就会觉得那是妈妈。我不觉得他知道我妈妈大多数时间都在做什么。霍伊和我长大后都离开了家。她就独自看着墙上写的东西，思考她在这个家里面怎样能有多一点点个人的空间。

WB: The worst mistakes involve not understanding other people as well as you might. Well, she left Omaha in 1977 and there really isn’t much to say about that.

沃伦·巴菲特：我最严重的错误就是没有足够去理解其他人。她在1977年离开了奥马哈。对此，我没有太多好说的。

Susie Buffett Jr.: It was devastating for him, and I came home because I—I can’t say I was mad at her exactly, but I kept thinking, “How can you leave him? He’s so—he can’t function by himself.” So, my mother, she’d asked a bunch of her friends to sort of look in on him, and Astrid was one of them.

小苏西·巴菲特：那对他来说是毁灭性的。我回家了。虽然我不是说生我妈妈的气，但我一直在想，我妈妈怎么能离开他？他根本无法自理生活。所以我妈妈请了很多朋友帮忙照顾爸爸。其中之一就是阿斯特丽德。

Susie Buffett: So, I called Astrid. I said, “Astrid, will you take Warren—make him some soup? Go over there and look after him because he’s not going to make it.” And, it took him a while to figure it out, but he figured it out. I said, “I’m not leaving you because I’ll be wherever you want me when you want me.”

苏西·巴菲特：我打电话给阿斯特丽德。我说：“阿斯特丽德，你可以给沃伦熬些汤吗？去那里照顾他因为他自己不会做“。他思考了很久，最后他弄明白了。我说：”我不会离开你，因为只要你想要我回来的时候，我就会回来。“

Howard Buffett: My mom moved to San Francisco, and I think one of the reasons it was important for her to leave Omaha was because she just felt like she was kind of trapped in this environment that everybody knew who she was, that she couldn’t have her own identity.

霍伊·巴菲特：我妈妈搬到旧金山。我认为离开奥马哈对她来说很重要的其中一个原因是，因为她觉得她好像被困在那个环境里面，每个人都认识她，她得不到独立的身份认同感。

Peter Buffett: He knew that there was something she needed to do and that she really recognized that the money gave us all and her a choice in a lot of ways that a lot of people didn’t have.

彼得·巴菲特：她知道她自己应该做点什么。可是后来她发现，金钱真的带给了我们大家以及她自己很多其他人没有的东西。

Charlie Munger: There was a time Warren was getting criticized that here was this very, very rich man who was getting richer every year and really wasn’t giving a lot of money away, and there was terrific criticism by some people, which Warren never said anything about.

查理·芒格：有一段时间沃伦饱受批评。因为他一年比一年有钱，但他都不把钱捐出去。有些人很严厉地批评了他，但沃伦从来没有回应过。

WB: The biggest thing in making money is time. You don’t have to be particularly smart; you just have to be patient. Susie didn’t want to wait as much as I did, but she never quite appreciated compounding like I did.

沃伦·巴菲特：赚钱最重要的是时机。你不必很聪明，你只需要有耐心。但她不想和我一起等，她和我不一样，她从来都不喜欢复利这种做法。

Susie Buffett: That is a disagreement we have. I run a foundation now. I think we should be giving more money away, but I understand why we don’t, because it’s a business. To me, the crux of it is that it wasn’t the money itself. You can see that in the way he lives. I mean, he doesn’t buy huge paintings or build big houses or anything like that. It’s all mental with him, and the money is his scorecard. And he used to say to me, “Everybody can read what I read. It’s a level playing field,” and he loves that because he’s competitive. And he’s sitting there all by himself in his office, reading these things that everybody else can read, but he loves the idea that he’s going to win.

苏西·巴菲特：这也是我们的分歧所在。我管理一个基金会。我觉得我们应该捐更多钱，但我明白为什么我们没有这么做，因为这是商业。对我来说，金钱本身并不重要。你可以看到，他的生活方式。他不买贵重的画作或造大房子之类的。他要的是精神世界。钱是他的记分卡。他以前曾经和我说：“每个人都能读我读的书，这是一个公平的竞争。”他喜欢这样因为他有求胜欲。他独自坐在办公室，读每个人都能读的书，但他热爱那种他会赢的想法。

Charlie Munger: I’ll tell you how you do it. Have you ever seen a juggler juggle 25 milk bottles? How did he ever get to do that? The answer is he started with one bottle, then two, then three, and just kept doing it, and pretty soon he was at 25. And that’s the way we did it. So, basically, we started out with cash and ended up buying a bunch of businesses including insurance companies.

查理·芒格：我来告诉你如何做吧。你曾经见过一个可以抛25个牛奶瓶的杂技人吗？他是怎么做到的？答案是，他开始抛第一个，然后两个，三个，然后一直这么做，很快就能抛25个了。我们也是一样。我们最开始以现金起家，最后买下了很多企业，包括保险公司。

Carol Loomis: Insurance is in itself a profitable business but has the additional advantage of creating something that’s called float, and float is the money that hangs around Berkshire while a claim is waiting to be paid, and Warren turned out to have an extraordinary ability to use the money thrown off by the float to buy companies that fed the growth of Berkshire.

卡萝尔·卢米斯：保险本身就是赚钱的生意。但它的额外优势是能创造浮动金额。浮动资金就是指等着要支付保险赔偿的时候，伯克希尔拥有的还能流动的资金。沃伦对于怎样利用这些浮动资金有着超越常人的能力。他用来收购公司，伯克希尔才得以壮大。

Man: In 1983, Mrs. B cashed in on her business by selling control for $55 million to a company owned by investor Warren Buffett.

男人：1983年，B夫人以5500万美元把她公司的控制权卖给一家沃伦·巴菲特投资拥有的公司。

Carol Loomis: Warren was quite an expert about newspapers. He got interested in the Post because he recognized it as a greatly undervalued company.

卡萝尔·卢米斯：沃伦对报纸非常了解。他对《华盛顿邮报》很感兴趣，因为他觉得这是一家被严重低估的公司。

Kay Graham: He had to write me a letter of, “Dear Mrs. Graham, I’ve just bought 5% of your company and I mean you no harm and I think it’s a great company. I know it’s Graham-owned and Graham-run and that’s fine with me.” And I thought, “Whoa, this guy is really terrific.” He used to come to board meetings with about 20 annual reports, and he would take me through these annual reports. I mean, it was like going to business school with Warren Buffett.

凯·格雷汉姆：他给我写过一封信。上面写道：“亲爱的格雷汉姆太太，我刚买了贵公司5%的股权。我没有恶意。我觉得这是一家很伟大的公司。我知道它归格雷汉姆所有和经营，我对此没有异议”。 我想：“哇，这个人真不错。”曾经，他来参加董事会时带来20多份年度报告。他会和我浏览这些年度报告。和沃伦·巴菲特共事就好像在商学院读书。

Carol Loomis: Kay Graham did introduce Warren to the world of Washington, entirely different group than he had ever dealt with before.

卡萝尔·卢米斯：凯·格雷汉姆介绍沃伦来到华盛顿。这和他之前接触的世界完全不同。

Peter Buffett: It was clear that working with Kay gave him a different kind of confidence, and he was the star.

彼得·巴菲特：很明显与凯共事让他有了不一样的自信。他就好像一个明星。

Woman: Everyone wants to hear what Warren Buffett has to say.

女1：每个人都想听沃伦·巴菲特想说什么。

Man: The Oracle of Omaha building his image and having some fun.

男1：奥马哈的先知塑造了自己的形象并且乐在其中。

Man 2: Berkshire shares have increased more than 2000% in value.

男2：伯克希尔股票增值超过2000%。

Man 3: One of the largest market capitalizations in the world, and it could grow a lot larger since Warren Buffett shows no sign of slowing down.

男3：它是世界上市值最大的公司之一，且还有可能继续增长，因为沃伦·巴菲特并没有放缓脚步的意思。

Woman 2:  So, how did he do it? By investing in what he knows and understands – good old-fashioned American brands like Coca-Cola, Fruit of the Loom and Dairy Queen. What inspired you?

女2：他是怎么做到的？通过投资他知道和理解的公司，传统的美国品牌，像可口可乐、鲜果布衣和冰雪皇后。是什么启发了你？

WB: This inspired me.

沃伦·巴菲特：这个启发了我。

Woman 2: Buy what you like, is that what it is?

女2：买你自己喜欢的东西，你是这个意思吗？

WB: Yeah, absolutely.

沃伦·巴菲特：对的，当然。

Today, the Coca-Cola Company will sell almost two billion eight-ounce servings of one form or another of Coca-Cola products. Now, if you get an extra penny a day, a penny a serving, that’s $20 million a day. That’s $7.3 billion a year from one penny more. When you own Coca-Cola, you own a little piece of the minds of billions and billions of people. That is really good.

现在可口可乐公司销售额近20亿，8盎司各种各样的可口可乐产品。 如果每卖出一份，你就多赚一分钱。一天就是2000万美元，一年是73亿。这就是一分钱的效果。当你拥有可口可乐时，你就抓住了无数人的一丝心智。这非常好。

Man: Who’s got the most hundred-dollar bills these days? Well, his name is Warren Buffett in this country and he has just displaced his friend Bill Gates as the richest businessman in the world.

男人：这段时间谁赚最多钱？他就是这个国家的沃伦·巴菲特。他刚刚取代了他的朋友比尔·盖茨，成为世界上最富有的商人。

Woman on TV: And the purpose of Wednesday’s meeting was to discuss Buffett’s company, Berkshire Hathaway’s plan to purchase railroad giant Burlington Northern. Valued at $26 billion, this would be Buffett’s acquisition ever.

电视里的女人：周三会议的目的是讨论巴菲特的公司，伯克希尔·哈撒韦计划收购总值260亿美元的铁路巨头，北方伯灵顿。这将是巴菲特最大的收购项目。

Charlie Munger: He’s created Berkshire from virtually nothing into hundreds of billions of dollars of market cap. Nobody else has a record like that.

查理·芒格：他几乎是从零开始，创造了伯克希尔·哈撒韦，至今的几百亿美元公司。没人做到过这个成绩。

Sandy Gottesman: He wanted to have an outstanding reputation that he’d never really upset the apple cart when he bought a business, that he kept the management in place. He was establishing a reputation that paid off later in life. It’s been building and building ever since I’ve known him.

桑迪·戈特斯曼：他希望维持好的声誉，他购买企业时从来不惊动企业的运作，他维持原有的管理层。他树立的声誉在之后为他带来了很多好处。从我认识他起，他就在建立自己的声誉。

WB: It takes 20 years to build a reputation and it takes five minutes to lose it.

沃伦·巴菲特：建立的声誉需要花20年时间，但是5分钟就会失去声誉。

Carol Loomis: When Warren made his investment in Salomon, I was one of the people, along with many, many others, who were quite amazed, because he had taken a very critical tone in talking about investment bankers and about their greed and here he was investing in one, Salomon Brothers, that was known to be a member of the club.

卡萝尔·卢米斯：当沃伦准备投资所罗门时，我和其他许多人都感到非常惊讶。因为他在谈及那些投资银行家时都持非常批评的态度，说他们非常贪心。但他打算投资的所罗门兄弟，就是那些投资行业的成员之一。

Sandy Gottesman: Warren and Charlie went on the board and Charlie couldn’t stand what was going on there and didn’t like the culture at all. And shortly after they got involved, the thing exploded.

桑迪·戈特斯曼：沃伦和查理去了董事会。查理无法忍受董事会上发生的事。他不喜欢所罗门的文化。他们收购所罗门不久后，那件事情便爆发了。

WB: In 1991 on a terrible day in August, I got a call, and the two top officers of Salomon were on the other end and they said that, you know, “We have a problem.”

沃伦·巴菲特：1991年8月可怕的一天，我接到电话，是所罗门的两个高层人员打来的。他们说：“我们陷入了麻烦。”

NBC Intro: This is NBC Nightly News.

NBC介绍：这里是NBC晚间新闻。

NBC Anchor: Good evening. It is the kind of scandal that rocks Wall Street and raises questions, questions about the integrity of our financial institutions.

NBC广播：晚上好。华尔街发生了引人注目的丑闻。许多人都质疑我们金融机构的诚信问题。

Man: The giant securities firm of Salomon Brothers under investigation for improper trading of treasury bonds.

男1：据调查，大型证券公司所罗门兄弟，在进行不正当的国债交易。

Man 2: Salomon admitted it exceeded the limit of trading in government bonds, once by buying bonds in the name of a customer who didn’t even know about the deal.

男2：所罗门承认这超出了政府债券的买卖范围。他们以一位客户的名义购买了债券而那位客户对这笔交易毫不知情。

Salomon Brothers is under investigation by the Treasury Department, the Federal Reserve, the SEC, and the Justice Department, but more important than the fate of the firm itself is the impact their actions could have on the public trust and on the credibility of the American market worldwide.

女人：所罗门兄弟正在接受由财政部、美联储、证券交易委员会和美国司法部进行的调查。比这家公司本身命运更重要的是，这次行为对公众信任的影响，还有美国市场在世界上的公信力。

WB: The company owed $150 billion. It owed more money than any other private company in the United States at the time. And that night, I met with the man that ran the Federal Reserve of New York, who was the sheriff in effect, and I said, “You know, I’ve never really owed very much money before.” I said, “I’ve got a little mortgage on a house, but 150 billion is a little staggering.” And, I was hoping he would say, “Well, don’t worry, Warren, we’ll give you a few weeks to breathe.” And he said to me, “Prepare for any eventuality.”

沃伦·巴菲特：公司欠债1500亿美元。在那时，欠款额比美国其他任何私人公司欠的都多。那天晚上，我去见了纽约美联储的一个负责人，他其实是监管长官。我说：“除了在买房时有小额房屋贷款，我从来没有欠过多少钱，1500亿太吓人了”。我希望他会说：”别担心沃伦，我们会给你几周的缓冲期。“可他对我说：”准备接受最坏的结果吧。“

Woman: Earlier today, the US Treasury Department announced that it had suspended Salomon Brothers from participating in the auction of new issues.

女人：今天早些时候，美国财政部宣布，禁止所罗门兄弟公司参与拍卖新债券。

Man: It was one more jolt for a scandal-scarred Wall Street.

男人：这是丑闻缠身的华尔街的又一个污点。

Carol Loomis: The Fed was in effect saying, “You’re an evil force and we don’t want you trading our bonds.” It was a huge turning point for Warren, and he believed that at that particular point his reputation was on the line.

卡萝尔·卢米斯：美联储还说：“你们是邪恶的力量，我们不想再和你们进行债券交易。“这对沃伦来说是一个巨大的转折点。他知道在当下那个特定的时刻，他的声誉已经岌岌可危。

Sandy Gottesman: Warren had 24 hours to make up his mind as to whether he was going to go forward or just bow out, and I think at that point Salomon Brothers could have gone into bankruptcy, and Warren stepped up and took responsibility.

桑迪·戈特斯曼：沃伦有24小时来整理思绪，决定他是继续前行还是就止步于此。我那时觉得所罗门兄弟会破产。沃伦必须站出来承担责任。

WB: Okay. I’m Warren Buffett. I was elected Interim Chairman of Salomon, Inc. a few hours ago at a board of directors meeting.

沃伦·巴菲特：好，我是沃伦·巴菲特。在几个小时前召开的董事会上，我被选为所罗门的临时董事长。

Man: Why was it necessary for you to step in and what is your mandate of leadership?

男1：你为什么要站出来？你的领导任务是什么？

WB: I think that it was necessary to step in because I would do whatever was needed, dig out any bit of information about what’s happened in the past, and I would do everything I could to make sure that things are exactly right in the future.

沃伦·巴菲特：我觉得我必须站出来，因为我要告诉大家过去到底发生了什么事。我也要尽我所能确保这件事会朝正确的方向发展。

Man 2: Mr. Buffett, are you satisfied that…

男2：巴菲特先生，你满不满意。。。

WB: I had to convince the Treasury that what was done in the past was awful and stupid and they had every right to be furious at us, but this firm employed 8000 people and it was going to go out of business unless they let us continue, basically.

沃伦·巴菲特：我说服财政部说，我们在过去做的事情非常糟糕、非常愚蠢，他们有所有的理由生气。但是这家公司雇用了8000人。除非他们让我们继续营业，不然这些人都要失业。

Carol Loomis: Warren believed that there was a too-big-to-fail scenario. The term was not used then, but he believed that Salomon was too big to fail and, if Salomon went down, it would take other important parts of Wall Street with it.

卡萝尔·卢米斯：在沃伦看来，这家公司是“太大而不能倒“的。那个时候还没有”太大而不能倒“的说法，但他相信所罗门就是过大而不能倒下。如果所罗门倒闭了，华尔街的其他重要公司也要受牵连影响而倒闭。

WB: We had this death knell from the Treasury, so I called the Treasury. Nick Brady was the Secretary. You know, I’m pleading for my life and I’m sure my voice was cracking and everything else. I said, “Nick, this is the most important day of my life,” and then I really did feel that it was going to be a colossal disaster. He wasn’t sure I was right at all—in fact, he probably thought I was wrong—but he knew that I felt what I was saying. So, the Treasury modified its order, and in effect, of course, it was quite an endorsement. It was huge.

沃伦·巴菲特：我们收到来自财政部的丧钟。当时的财政部长是尼克·布雷迪。我有生以来首次请求别人。我相信我当时的声音是颤抖的。我说：“尼克，这是我生命中最重要的一天。“我也觉得这肯定是一场巨大的灾难。他也不知道我对不对。事实上他可能觉得我是错的。但当我说这些的时候，他了解我的感受。所以财政部修改了其命令和决定。那是对巴菲特莫大的认可。这事意义非凡。

Charlie Munger: It saved Salomon. Nick Brady went with Warren because he trusted him. It shows how having a good reputation is really helpful in life.

查理·芒格：这拯救了所罗门公司。 尼克·布雷迪选择帮助沃伦，因为他信任他。这事真的显示了在生活中，一个人坚持维持良好的声誉是多么有用。

WB: Thank you for the opportunity to appear before this subcommittee. I would like to start by apologizing for the acts that have brought us here. A nation has a right to expect its rules and laws to be obeyed, but I also have asked every Salomon employee to be his or her own compliance officer. After they first obey all rules, I then want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper to be read by their spouses, children and friends. If they follow this test, they need not fear my other message to them: “Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm and I will be ruthless.” I welcome your questions.

沃伦·巴菲特：我谢谢你们给我机会来到小组委员会。我为我们的行为给在座的各位道歉。国家有权希望制定的法律法规被遵守。我已经要求每一位所罗门员工成为自己的检察官。在他们遵守所有条例后，我还让员工们抚心自问，他们是否愿意让任何丑闻出现在第二天当地报纸的头版新闻，被他们的配偶、子女和朋友看到。如果员工听从了我的要求，他们就不必为我其他的话感到害怕：“公司如果赔钱，我会理解。但公司赔了声誉，我就会毫不留情”。欢迎你们提问。

WB: It’s been 50 years since I formally took control of Berkshire Hathaway and, step by step, we’ve created something that is kind of what I dreamt we might create over time, but it took a lot of time to do it. It never seemed like we were making that much progress on any one day, but compound interest works.

沃伦·巴菲特：我正式接管伯克希尔·哈撒韦已经50年了。我们是一步一步才走到现在的。我花了很多时间创造了我梦想的事业。从单独的任何一天看，我们没有什么进展。但是随着时间推移，复利产生了结果。

Woman: When you think back 50 years ago when you founded this company, did you ever imagine it would be the fifth largest company in the world?

女人：50年前，当你创立这家公司的时候，你有想过它会成为世界第五大公司吗？

WB: No, I didn’t. But, if I was thinking about it, I wouldn’t have thought in terms of being the fifth, or the fourth, or the third.

沃伦·巴菲特：不，我没有。但如果我当时这么想，我肯定不会考虑当第五、第四或第三。

Woman: You would have wanted number one.

女人：你想当第一。

WB: I mean, if you’re going to dream, you might as well dream.

沃伦·巴菲特：我的意思是，如何要做梦，就梦想大一点。

Woman: …two, three. Bill Gates wins. Bill Gates wins.

女人：二、三。比尔·盖茨赢了。比尔·盖茨赢了。

WB:  Well, a Berkshire Hathaway shareholders meeting is partly a fun festival. It’s sort of a Mardi Gras for people to come every year. It’s a chance for us to have a lot of fun and meet the people that have entrusted us with their money.

沃伦·巴菲特：伯克希尔·哈撒韦的股东大会就像是好玩的嘉年华会。它有一点像懺悔星期二，人们每年都聚在一起。我们借这个机会与那些用钱信任我们的股东们好好地玩在一起。

Charlie Munger: Well, we used to have just 30 people in a cafeteria, and now we have this public spectacle. Celebration is part of making a group of people work well together. It’s a celebration.

查理·芒格：以前我们只有30人在自助餐厅，但现在却有这么一副盛大的景象。庆祝可以让人们更好地一起工作。这就是庆祝的意义。

WB: [Sings] We are glad you’re here at our meeting

Be sure to check out our wares

We’ll sell you See’s Candy and Dilly Bars

and insurance for all of your cars

For it’s buy, buy,

buy all you see

At the Berkshire show!

沃伦·巴菲特：【唱】我们很高兴你们来到了这次聚会

请好好看一下我们的商品

我们卖喜诗糖果和帝力雪糕

还有你所有的车保险

买吧，买吧

把你在伯克希尔展览会上所看到的

都买下来吧！

Carol Loomis: He truly loves to do what he does.

卡萝尔·卢米斯：他很喜欢他所做的事。

Woman: Love you, Warren!

女人：沃伦，爱你！

WB: Aw, yeah.

沃伦·巴菲特：噢～耶

Carol Loomis: I think investors who own Berkshire Hathaway, they see themselves as a part of a community. There are more long-term holders of Berkshire than any company. People consider it a religion.

卡萝尔·卢米斯：我觉得拥有伯克希尔·哈撒韦的投资者都把自己视为这个社区的一部分。伯克希尔的长期投资者比其他公司都多。人们把它当作一个宗教信仰。

WB: They don’t buy it with the idea they’re going to sell it next week. I think most of them buy it with the intent of holding it for their lifetime just like they’d buy a farm or buy an apartment house. At Berkshire, everybody gets the same information from the comprehensive annual report. We don’t meet with the analysts. I’m not interested in what an analyst thinks about Berkshire. I’m interested in what the owners of Berkshire think about Berkshire.

沃伦·巴菲特：人们买下公司的股票不是打算第二周就卖掉。我觉得大部分人买了，会一生都持在手上，就像他们买农场或买公寓一样。在伯克希尔，每个人从年度报告得到的信息都一样。我们不需要分析师。分析师对伯克希尔的意见，我不感兴趣。我只对伯克希尔的持股人的意见感兴趣。

Charlie Munger: He came out of a private partnership where people he knew were trusting him, and he had his relatives in the partnership and they were not rich. And, as it got bigger, he started treating everybody else the way he treated his relatives.

查理·芒格：他有很多信任他的私人合作伙伴。最开始的时候，他的合作伙伴都是他的亲属，而且他们并不富裕。随着公司壮大，他开始对待每一个人都像对待自己的亲人一样。

WB: In terms of our feeling toward the people who are shareholders, we regard them as our partners. They’re not some faceless group of people, and that’s why at the annual meeting, you know, I love seeing 40,000 of them. It gives real meaning to what we’re doing every day.

沃伦·巴菲特：从情感的角度讲，我们把那些股份持有者都视为我们的合作伙伴。他们不是没有名字的一群人。所以在年会上，我很想看到这40000人。这才赋予了我们每天做事的意义。

WB: Let’s try.

沃伦·巴菲特：我们来试试看。

WB + Audience: [Sings] If you knew Susie like I know Susie

Oh, oh, oh, what a gal

沃伦·巴菲特 + 听众：如果你像我一样认识苏西

哦，哦，哦，多好的女孩

Susie Buffett: We just have a lot of love and respect for each other and that’s never changed. I don’t go to most things in Omaha because I think Astrid lives there with him and that’s for her to do. And then, we do all kinds of things.

苏西·巴菲特：我们深爱对方并且尊重彼此，这点永远不会改变。我大多数时候不去奥马哈的，因为我觉得阿斯特里德和他住在一起，这是她要做的。然后，我们做各种各样的事情。

Susie Buffett Jr.: Strange as it may seem to people, I always think, you know, “Who cares? If it’s working between the people who are directly involved, who cares what anyone thinks?” And my mother and Astrid were very close, you know. They really, really loved each other. And I think that my mother was glad that she was there because she, you know, she loved my dad. She wanted him taken care of and happy, and there’s no one better than Astrid. I mean, she loves my dad. She wouldn’t care if he had one cent.

小苏西·巴菲特：别人可能会觉得很奇怪，但我才不介意这些呢。我们只要关心和自己直接有联系的人就好。谁在乎别人怎么想？我妈妈和阿斯特丽德的关系非常好。她们都很喜欢、很喜欢对方。我妈妈很高兴阿斯特丽德陪伴着爸爸。因为她爱爸爸，她希望有人好好照顾他、希望他开心，所以阿斯特丽德是最佳的人选。她爱我爸爸，她不介意他有没有钱。

WB: Well, Astrid has lived with me for a long time. She’s done wonders for me. It worked well, but I don’t think it’ll work for lots of other people necessarily. Susie and I loved each other and we admired each other and we were totally in sync with what the other was doing, but we were two different individuals.

沃伦·巴菲特：我和阿斯特丽德住在一起很久了。她为我做了很多事，阿斯特丽德对我很好但我不觉得别人可以理解我们。苏西和我彼此相爱、彼此钦佩、我们做起事来都是同步的。但我们又是两个不同的个体。

Susie Buffett: The first time Warren came out to San Francisco, we took a walk and he looked around, and he doesn’t—he’s not very visual. He was looking around and he said, “This really is—this is your city.” I am so drawn to color, light and form and nature, that he thought it was a good place for me.

苏西·巴菲特：沃伦第一次来到旧金山时，我们一起走走、到处看看。他视力不好，所以看不太清楚。他环顾风景说：“这确实是你该住的城市。”我被色彩、灯光和自然风光所吸引，所以他觉得这个地方适合我。

WB: Over the years, I’ve developed a better understanding of human nature. I can learn a lot about investments out of a book, but I don’t think you can learn as much about human beings. You really need some experiences, and I’m wiser in that respect than I was 40 or 50 years ago, even though I can’t rattle off numbers the same way I used to be able to.

沃伦·巴菲特：多年来我已经能更好地了解人的本性。我可以从书本以外的地方学习投资，但我觉得学习了解人类本性很难。你需要去亲身经历。而在这方面，我比四、五十年前更聪明，虽然我已经不能像从前那样一口气说出一串数字。

Susie Buffett: Well, I think that what we do reflects who we are, and that’s true for everybody in this room. And if you do the work I do, you meet the best human beings in the world, people who have made a choice not to make money but to serve other human beings. I think it’s the best kind of life anyone could have.

苏西·巴菲特：我觉得我们的行为能反映出我们的天性。在座的每个人都是这样。如果你做我的工作，你就能遇到世界上最优秀的人。那些人的选择不是为了赚钱，而是为其他人服务。我觉得这是我们能拥有的最好的生活。

Susie Buffett Jr.: I was with her in Arizona at this Fortune most powerful women’s conference, and she told me that she’d had a biopsy the day before, and I didn’t really think much of it. Then, we got home, and the biopsy results were not good. It was stage IV oral cancer.

小苏西·巴菲特：我和她一起参加了亚利桑那州的财富杂志最有影响力女性会议。她告诉我她前一天做了切片检查，但我没有想太多。我们回到家后，检查的结果并不乐观，是口腔癌第四期。

Howard Buffett: I was on my way to a board meeting in India and I remember saying to her, “I’ll see you when I get back.” And she rarely cried, and she just started crying and said, “No, you need to stay here and you need to come out for the operation.”

霍伊·巴菲特：我正准备去印度开一个董事会。我记得我对她说：“我回来的时候再来看你。“她很少哭，但那次她哭着说：”不，你要留在这里，陪我做完手术。“

Susie Buffett Jr.: So, we were all there, and the day she was going into the surgery, that morning, my dad, it’s funny, there’s some of it he just can’t, you know, he just can’t—the thought of something happening to her was just, for him, you know, it was just the worst thing that could happen.

小苏西·巴菲特：她要做手术的那一天我们都在那里。那天早上，有趣的一点是，我的爸爸有一点不由自主地想到她会发生什么事。对他来讲，那会是最糟糕的事。

Peter Buffett: She knew it was going to be really difficult, she knew the recovery was going to be brutal, so I think that she had that surgery for others.

彼得·巴菲特：她知道一切都会很艰难、她知道恢复的过程很难熬，所以我觉得她是为了别人才做这次的手术。

Susie Buffett Jr.: It was quite a big surgery. She couldn’t talk, she couldn’t swallow, she couldn’t eat, but she came out. And I really was with her for the next four months or so, and my dad came out every weekend. And, in a few months, she was doing better. She and my dad had gone to Cody, Wyoming, which they did every year with a bunch of friends. And, my dad called. This was, I don’t know, eight o’clock at night or something. And he said, “Something happened to Mom. I’m in an ambulance. You need to come.”

小苏西·巴菲特：这是一个很大的手术。她不能说话、不能喝水、不能吃东西。但她克服了。我陪了她接下来的四个月左右。我爸爸每个周末都过来看她。几个月后，她的身体有所好转。她和我爸爸去了怀俄明州，科迪市。他们每年都会和朋友去。我爸爸打来电话，大约是晚上8点左右。他说：“你妈妈出事了，我在救护车上，你快来。“

Howard Buffett: I actually thought something had happened to my dad. I don’t know why I thought that, but I guess I thought, you know, my mom had had this recovery, it was successful, and why would anything happen to her?

霍伊·巴菲特：我还以为是爸爸出了什么事。我也不知道为什么我会那么想。但我妈妈的康复过程看起来很成功，从不曾想到她会出事。

Susie Buffett Jr.: It was horrible, and a total shock. You know, she’d been fine. She’d been fine. They went off to Cody. You know, she was fine. And they were having dinner and, you know, she didn’t feel well after dinner and she had the stroke. We went into the hospital room and my dad was sitting there. He’d been sitting there all night, holding her hand. I was so proud of him, because when it came down to it, he knew what he was supposed to do and he did it, which was nothing. So, my dad went to sleep and I sat with her, and I just kept putting my hand on her heart to see if she was breathing and, at one point, you know, I didn’t feel anything. So, I went out and I got the nurse, and I said, “Can you come in here?” She said, “No, she’s gone.” So, I have to say one of the worst moments of my life was waking my dad up to tell him that.

小苏西·巴菲特：那太可怕了，打击太大了。你知道吗，她一直都很好。他们去科迪时，她一直都很好。他们吃晚饭时，她也很好。但吃完晚饭后，她感觉不舒服，她中风了。我们去了医院病房，我爸爸坐在那里握着她的手，坐了整整一夜。我为他感到骄傲。因为这种事发生时，他知道他该怎么做，而且他做到了，虽然不是什么了不起的事。我爸爸去睡了，我坐在她身边。我把手放在她心脏，看她是否还在呼吸。有一刻我没有感觉到她的心跳，我就马上去找护士。我说：“你能来一下吗？“她说：”不了，她已经走了。“我必须叫醒爸爸告诉他这个消息，那是我觉得一生中最难受的时刻。

WB: It’s a very strange thing, love. You can’t get rid of it. If you try to give it out, you get more back. If you try to hang onto it, you lose it. Susie really put me together. She believed in me. She put me together and I would not only have turned out to be the person I’ve turned out to be, but I would not have—I actually wouldn’t have been as successful in business without that. She made me more of a whole person.

沃伦·巴菲特：爱是一件很奇怪的东西。你无法摆脱它。如果你付出爱，反而得到更多。如果你想要抓住它，反而会失去。苏西，她使我变得完整。她相信我、她塑造我、她让我成为了现在的我。如果不是这样，我的生意不会成功的。她让我成为了一个更完整的人。

Peter Buffett: He went dark, essentially, quiet and inward for a certain amount of time. You know, my dad is a solitary guy and he had lived, essentially, a solitary life in a lot of ways. I think it came down to him figuring out how he was going to get through this tunnel and get out the other side.

彼得·巴菲特：那以后一段时间里，他变得很阴郁、安静、内向。我爸爸是一个孤独的人。他很多时候是独自在生活。我觉得他必须思考该怎么走出这痛苦的地道，迎接新生活。

Susie Buffett Jr.: In my head at the time, I thought, “God, I don’t know if he’ll ever get out of bed.” But, he did.

小苏西·巴菲特：那时我想：“天啊，我不知道爸爸会再次从床上爬起来。“但他却做到了。

Patty Stonesifer: Welcome. I’m Patty Stonesifer, the CEO of the Bill and Melinda Gates Foundation, and we appreciate you coming today especially since I sent a very vague and very late notice to ask you to come to a conversation with Bill and Melinda on the future of philanthropy. So, let’s get on with it. I have the pleasure of introducing a good man whose great decision is going to change the world, Warren Buffett.

帕蒂·斯通斯弗：欢迎各位。我是帕蒂·斯通斯弗，比尔与梅琳达基金会的首席执行官。我们感谢你们今天的到来，特别是在我给你们的邀请函措辞模糊又发得晚的情况下。邀请函里只叫你们来与比尔以及梅琳达谈论未来的慈善事业。那么，我们现在开始吧。我很荣幸为大家介绍一个好人。他的伟大决定将改变这个世界。他就是沃伦·巴菲特。

Man: A remarkable decision tonight from one of the richest men in the world. Mega-billionaire Warren Buffett says he is giving away most of his fortune to charity.

男1：世界上最富有的人将要在今晚做一个重大的决定。超级亿万富豪，沃伦·巴菲特说他要把他的大部分财产捐给慈善机构。

Woman: Buffett has pledged to give away the bulk of his fortune to the Bill and Melinda Gates Foundation and giving more than 15% of his money to foundations started by his three children and his late wife, Susan.

女人：巴菲特已承诺要把他的大部分财富捐赠给比尔与梅琳达基金会。他会把超过15%的财产捐赠给由他三个孩子和已故妻子苏珊所创办的基金会。

Man 2: One global health activist called what Buffett did today one of the most remarkably selfless acts that history will ever record.

男2：一个全球卫生专家说巴菲特今天所做的是最伟大无私的行为。这将永垂史册。

WB: That’s a better hand than I get at a Berkshire Hathaway meeting. I’d like to thank you for coming. It’s a great day for me. It’s a great day for my family.My wife Susie and I had planned that whatever I made would go back to society and, originally, I thought she would outlive me and that she’d make the big decision on it. But, since her death, I had to rethink the best way to get the money into society and have it used in the most effective way, and I had a solution staring me in the face.

沃伦·巴菲特：这比我在伯克希尔·哈撒韦会议上的掌声更热烈。谢谢你们能来到这里。这对我和家人来说是一个重要的日子。我和妻子苏西决定，无论我赚了多少钱都要回报给社会。原本我以为她会活得比我久，然后由她来做这个重大的决定。但是她去世后我不得不重新思考，怎样才是这笔钱可以回报给社会的最好的方法，而且能最有效率地被利用。我现在已经把答案都写在了脸上。

Bill Gates: It was completely out of the blue, I mean, amazing. The largest single gift ever given was what he gave away that day.

比尔·盖茨：这真的很出乎意料，真的很神奇。我们收到的最大的礼物就是他那天的捐赠。

WB: I’d like to ask the people representing those various foundations to come out. The first three letters are easy to sign. I just sign “Dad.”

沃伦·巴菲特：我想请各个基金会的代表上台。三个字母写起来简单点，我就签“爸爸“。

Howard Buffett: When he wrote the letter to us, he put something in that letter that was incredibly important to me which was exactly how our foundation behaves, which is, if you’re going to try to bat a thousand, you won’t do very many things that are important. But, if you’re willing to basically strike out a few times, you can really change something big.

ICCN!

霍伊·巴菲特：他给我们写了信，信里写了一些话。那些话对我非常重要。那是在讲我们基金会该怎么运行。上面写说如果你去击打棒球1000次，你不会去做许多重要的事情的。但是如果你愿意只出击几次，你就可能会有所成就。

ICCN！

WB: Well, I feel terrific about the fact that my three children each run a separate foundation that combines their special interests, whether it’s early education or whether it’s farming in areas where people’s techniques for using small plots of land could use a lot of improvement, all kinds of ways, vaccines, you name it.

沃伦·巴菲特：我感到很骄傲，我的三个孩子根据自己的兴趣，各自运行自己的基金会。不管是早期教育还是教农区人民使用新科技工具。那能开发小块土地，提高生产效益。还有很多其他方式，像是接种疫苗，等等。

Man: More powerful than Buffett’s gift is the message he’s sending to other wealthy Americans, that those who have the least in this world should benefit from those who have the most.

男人：巴菲特的礼物更有价值的是，他给美国其他富人传递了信息。拥有很多的人应该去帮助一无所有的人。

WB: In my entire lifetime, everything that I’ve spent will be quite a bit less than 1% of everything I made. The other 99%-plus will go to others because it has no utility to me. So, it’s silly for me to not transfer that utility to people who can use it. It’s doing me no good.

沃伦·巴菲特：在我整个人生当中，我花出去的钱从来不会超过我赚的1%。其他的99%都将给别人了，因为那对我没有用。那些钱既然对我没用，我不捐赠给需要用到的人就很傻。那对我没有什么好处。

Susie Buffett Jr.: I am so proud of what we do. I almost cry at every board meeting because I just think she would be so proud. And that is my biggest job, in my opinion, is to make sure that every penny gets spent the way she would want it spent.

小苏西·巴菲特：我对我们所做的感到十分骄傲。每次董事会上我几乎都要掉眼泪。因为我觉得我妈妈会感到很自豪。我觉得我最大的工作就是要确保每一分钱都花在她想花的地方。

Susie Buffett: Whoever you are in this life, you don’t want to think you wasted a lot of your energy and love and time on something useless. I always thought I’d marry a minister, a doctor or somebody out doing some valuable service to human beings, and the fact that I married somebody who makes just piles of money is really the antithesis of what I ever thought. But, I know what he is, and he is—there’s no finer human being than who he is.

苏西·巴菲特：不管你是谁，你都不该在没用的事情上大量花费你的时间、精力和爱。我一直以为我会嫁给部长、医生或是对人类做出一些有价值的事的人。但最后我嫁给了一个只知道赚很多钱的人。这和我以前想的完全相反。但我知道没有比他更好的人了。

WB: The truth is that I’m here in my position as a matter of luck.

沃伦·巴菲特：事实就是我做到今天这个位置，只是因为运气。

Teens: How are you doing, Grandpa?

Hey, Grandpa!

青年：爷爷，你还好吗？

嗨，爷爷。

WB: Okay.

When I was born in 1930, the odds were probably 40:1 against me being born in the United States. I did win the ovarian lottery on that first day and, on top of that, I was male. Put that down as another 50/50 shot and now the odds are 80:1 against being born a male in the United States, and it was enormously important in my whole life. To think that that makes me superior to anyone else as a human being is just—I can’t follow that line of reasoning.

沃伦·巴菲特：好。

我在1930年出生。那时候出生在美国的几率为1/40。我的确是中了投胎彩票头等奖。更重要的是我是个男性。这个几率为五五开。那么出生在美国的男性的几率为1/80。这对我的人生非常重要。光这一点我就超过了其他很多人。但是我不能依循这条路线来进行推理。

Perfect! Okay, good luck.

完美！好的，祝你好运。

Carol Loomis: I think I was lucky to have been standing alongside Warren Buffett while he was becoming Warren Buffett. He has developed over the years. He’s broadened. His values extend through all of his life. He wants to lead a life that he and his father, if his father was still living, would say was a good one. I think he’s going to end up in the history books a hundred years from now. I’m not sure what role he’s going to be assigned. Will he be famous for what he did as an investor or as a philanthropist? But, Warren said that his ambition in life is to be a teacher.

卡萝尔·卢米斯：我觉得我很幸运能陪着沃伦·巴菲特，一起见证了他的成功。他发展了这么多年，不断壮大起来。他的价值观贯穿着他的整个人生。他想要过的生活是他和他父亲会称赞的好生活，如果他父亲还在世能看到的话。我觉得一百年后，史书会把他记录下来。我不知道他会以是怎样的角色被记载。是一位著名投资者？还是一个慈善家？但沃伦说他的人生目标是成为一名教师。

WB: The world is a great movie to watch, but you don’t want to sleepwalk through life. The important thing to do is to look for the job you would take if you didn’t need a job and life is wonderful then. I mean, you know, you jump out of bed in the morning because you’re really looking forward to the day. I have, for over 60 years, I’ve been able to tap dance to work just because I’m doing what I love doing and I just feel very, very lucky. Okay, class dismissed.

沃伦·巴菲特：人生就像一场电影。但你不能浑浑噩噩地过日子。重要的是，你要找一份哪怕你不需要工作也愿意做的工作。这样生活就是美好的。我的意思是，早上，你从床上跳起来，是因为你很期待这一天。我60多年来都是跳着踢踏舞去工作的，因为我很喜欢做我在做的事。我觉得我非常、非常幸运。好了，下课了。

Night.

晚安。

Peter Kunhardt: Do you fear death?

彼得·坤哈德：你害怕死亡吗？

WB: No, I don’t. I’ve had a terrific life. I feel—you know, it’s going to happen, and I have no idea what happens after it. I’m an agnostic, so I—you know, it may be terribly interesting, it may not be interesting at all. We’ll find out. But, physically, I’m pretty well depreciated. I’m getting down to salvage value. But, it really doesn’t make any difference at all. It doesn’t interfere with my work, it doesn’t interfere with my happiness, doesn’t interfere with my thinking. I don’t feel any diminution in my enjoyment of life or enthusiasm for life at all. In fact, in a sense, the game that I’m in gets more interesting all the time. It’s a competitive game, it’s a big game, and I enjoy the game a lot.

沃伦·巴菲特：不，我不怕。我已经过了精彩的一辈子。它总是要发生的。我也不知道死亡之后会发生什么事。我是不可知主义，所以我可能会觉得很好玩，也可能会觉得很无聊。我们以后会知道的。我的身体开始退化了，我只剩下一点残余的价值了。但这也没有多大区别。这不会影响我的工作、不会影响我的幸福、我的思维方式。我还是和以前一样享受生活、热爱生活。某种意义上讲，我身处的游戏正变得越来越有趣。这是一场竞争激烈的游戏，而我很享受这场游戏。

PRE-CRAWL END TITLES

片尾滚动字幕：

In 2006, on his 76th birthday, Warren and Astrid were married.

2006年，在沃伦76岁生日之际，他和阿斯特丽德结婚了。

As of 2016, Warren Buffett has given away $24.3 billion worth of Berkshire Hathaway stock.

2016年，沃伦·巴菲特捐出价值243亿美元的伯克希尔公司股票。

The remaining shares are currently worth over $63 billion.

如今剩余的股票价值超过630亿美元。

After applying compound interest, the total will be over $100 billion.

算上复利，股票总价值超过1000亿美元。

沃伦的捐款被用于：

Warren’s gift has gone towards:

Early childhood education                 Sex trafficking prevention

早期教育                                                                                 性贩运预防

College-ready education                       Adolescent girls’ rights

大学预备教育                                                                           青春期女性的权利

Post-secondary success                      social and emotional education

大专教育                                                                                 社会和情绪教育

Inmate education                                    Indigenous community support

囚犯教育                                                                                 本土社区支持

Global libraries                                    Domestic violence prevention

全球图书馆                                                  防止家庭暴力               

Vaccination development                 Clean water access

研发疫苗                                                                                 净水计划

Vaccine delivery                                    Conflict migration

疫苗运送                                                移民冲突

Agricultural development                 Alleviating financial stress

开发农场                                                                                 减轻财政压力

Family planning                                    Endangered species protection

家庭计划                                                                                 濒危物种保护

Financial services for the poor       Supporting law enforcement

为穷苦人民提供资金援助                                                      支持执法

Public health education                    Police education

公共健康教育                                                                           警察教育

Maternal, newborn and child health   Public schools

产妇、新生儿和儿童健康应急响应                                 公立学校

Emergency response                       Low-income community development

紧急应变                                                                                 帮助低收入群体

Disease prevention and eradication      Rights for low-income women workers

疾病的预防和根治                                                            低收入女性公认的权利

Sanitation and hygiene                        Native language and cultural preservation

环境卫生                                                                                 母语和文化保护

Ending campus sexual assault              LGBTQ rights

终止校园性侵犯                                                                    LGBTQ权利

Environmental justice                         Ending sexual assault in the military                            

环境正义                                                                                 终止军队中的性侵犯

Supporting independent journalism       Advancing electoral equality

支持独立新闻业                                                                    促进选举平等

Migrant worker rights                         Ending mass incarceration of women

移工的权利                                                                           结束对妇女的大规模监禁

Re-entry of incarcerated women        Community organizing

被监禁的妇女的重返教育                                                      组织社区

Access to safe abortions                          Just and sustainable food economies

安全的人工流产                                                                    公正和可持续的粮食经济

Refugee support services                      Leadership development for girls

难民支持服务                                                                           发展女性的领导能力

Payday lending alternatives               Ending childhood sexual abuse

发薪日贷款替代方案                                                            结束儿童期性虐待

Homeless alleviation                       Conservation-based agricultural research

援助流浪汉                                                                           传统型农业研究

peacebuilding through development  Child and family mental health services

通过发展建设和平                                                            儿童和家庭精神卫生服务

After-school and summer programs   Promoting social change through the arts

课余和暑假课程                                                                    通过艺术促进社会变革

Social workers in schools                 Renewable energy in developing countries

校内的社工                                                                           发展中国家的可再生能源

Hunger relief                                         Scholarships for abuse survivors

饥饿救济                                                虐待幸存者奖学金

Tobacco control                                 Promoting democracy internationally

烟草管制                                                在国际上促进民主

Nutrition education                         Nuclear disarmament

 营养教育                                              去核

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硅谷华人协会基金会(SVCA基金会)是华人草根自己501(c)(3) 非赢利公益组织。SVCA基金会致力于通过切实的行动服务硅谷和附近地区的华 人，研讨华人关心的话题，提供教育资讯和讲座，鼓励华裔团结参与社区事务，提升华人形象，共同建设更美好的加州。如果您赞同我们的理念，喜欢我们的行动，请访问我们的网站，加入我们的义工队伍或者捐款。