M1
M10:00
前面我提到过，关于从错误中学习，最好的办法其实是从别人的错误中学习。
The earlier part about, you know, I've said about learning from your mistakes, the best thing to do is learn from other guys' mistakes.
我的意思是，Patton以前常说，为国家牺牲是种荣誉；但要确保是对方获得这个荣誉，你知道吧。
I mean, you know, it's like, you know, Patton used to say, you know, it's an honor to die for your country; make sure the other guy gets the honor, you know.
所以，我们的做法确实是尽量通过别人的经历来学习。不过，我自己也重复犯过很多错误，这一点我可以告诉你。
So our approach is, is really to try and learn vicariously, but there's a lot of mistakes that I've repeated, I can, I can tell you that.
对。
Yeah.
最大的一个错误，可能也是多年来最主要的一类错误，就是面对真正优秀的企业时，不愿意多付一点钱；或者明明知道它非常优秀，却不愿意在价格更高的时候继续买入。
The biggest one, probably the biggest category over time, is being reluctant to pay up a little for a really outstanding business, or to continue to buy it at higher prices when I knew it was outstanding.
所以，这些错误的代价已经达到数百亿美元，而且我可能还会继续犯这种错误。
So the costs of that have been in many, many billions, and I'll probably keep making that mistake.
真正会犯错的情况是：有些企业是你能够理解的，价格也很有吸引力，可你却没有采取行动。
There are—the mistakes are made when there are businesses you can understand and they're attractive and you don't do something about it.
我一点都不担心那些因为我见到 Bill Gates 却没有买 Microsoft 之类的事情而造成的错误。
I don't worry at all about the mistakes that come about because when I met Bill Gates, I didn't buy Microsoft or something.
那不是我的投资方式。
That's, that's not my game.
但真正的错误发生在你明明可以做些什么的时候。我们大多数错误，都是错过机会，而不是采取了错误行动。
But the mistakes are made when you—most of our mistakes have been mistakes of omission rather than commission.
Charlie？
Charlie?
M2
M21:19
对，我觉得大多数人一辈子都遇不到几次我所谓的那种根本不用动脑就知道的机会，就是事情明显到几乎可以确定一定会成功。
Yeah, I think most people get very few what I call no-brainer opportunities, where it's just so damned obvious that, that this is going to work.
M1
M11:32
而且，这种机会非常少，可能隔上好几年才出现一次。所以我觉得，当这些机会出现时，人们必须学会拿出勇气和智慧，大举投入。对，你得愿意狠狠地咬下一大口。机会来了却不这么做，是很荒唐的；但如果你只是在边缘上小打小闹，等真正的时机到来时，又没有准备好大举投入，那同样很荒唐。
And since they are very few and they may be separated by periods of years, I think people have to learn to have the courage and the intelligence to step up in a major way when those opportunities arise. Yeah, you gotta, you gotta be willing to take a really big bite, and, uh, it's, it's crazy if you don't, and it's crazy if you dabble around at the edges so you're not prepared to take a big bite when the time comes.