1996年股东大会 · 为什么巴芒极少投资影视行业的公司？ — 文稿

M10:00

第二个问题，关于 Eisner 和 Disney，你会怎么界定 Michael Eisner 的能力圈？你担不担心他会走出这个能力圈？

And secondly, with respect to Eisner and Disney, how would you define Michael Eisner's circle of competence, and are you concerned that he might step outside it?

M20:10

嗯，我会说，他已经证明了自己非常擅长理解 Disney 到底真正是什么。

Well, I would say that he has proven himself very good at understanding what Disney is really all about.

你也可以回头看看从 Walt 到 Eisner 之间那几任管理层，如果你看那些年，他们其实并没有真的把这件事做出什么名堂。

And you can look back to the predecessor management between Walt and Eisner, and they didn't really do much with that if you look at those years.

Disney 特别的地方到底是什么？你又怎么让它变得更特别？

What is special about Disney and how do you make it more special?

还有，怎么让更多人觉得它更特别？

And how do you make it more special to more people?

我的意思是，这些才是你真正要去管理的事情。

I mean, those are the things that you want to manage.

而当你在经营像 Disney 这样的东西时，你手里其实有非常棒的原料可以发挥。

And you've got wonderful ingredients to work with when you're working with something like Disney.

我的意思是，它这个嘛，你知道，就像我们刚才在说 Mayo Clinic 和脑外科医生时提到的一个优势。

I mean, it - you know, one of the advantages we were talking about about the Mayo Clinic and brain surgeons.

而且那只老鼠最妙的一点是，它没有经纪人，你知道。

And the nice thing about the mouse is that he doesn't have an agent, you know.

我的意思是，那只老鼠是你的。

I mean, the mouse is yours.

它不会老在那里重新谈条件，也不会每个星期或者每个月都跟你说，你看，我在中国又红了多少，诸如此类。

And he's not in there renegotiating and, you know, every week or every month and saying, you know, just look at how much more famous I've become in China, you know, or something.

所以，如果你拥有那只老鼠，你就是拥有那只老鼠。

So, if you own the mouse, you own the mouse.

而 Eisner 对这一切都理解得非常透彻。

And Eisner understands all of that very well.

我会说，他一直都很有手腕。

I would say he's been very skillful.

尤其是在他怎么思考这些事情这方面。

In terms of how he's thought about it.

我会担心任何一个经理人，这跟 Michael Eisner 本人没关系；Charlie 和我连对我们自己都会担心，会不会跑出自己的能力圈，而且我们确实这么干过。

I worry about any manager, it has nothing to do with Michael Eisner, but Charlie and I worry about ourselves in terms of getting out of our circle of competence, and we've done it.

这件事非常有诱惑力，而且某种程度上大概也是人性的一个部分，可能是因为自负之类的。就像 Charlie 会说的，如果你是一只漂在池塘上的鸭子，碰上一直下雨，水涨船高，你的位置越来越高，过一阵子你就会觉得那是因为你自己，不是因为下雨，你会觉得自己真是什么了不起的鸭子。

It is very tempting, and it's probably part of the human condition in terms of hubris or something, that if, you know, that if you've, as Charlie would say, if you're a duck floating on a pond and it's been raining and you're going up in the world, after a while you think it's you and not the rain, you know, that you're some duck.

M31:52

对。

Right.

M21:57

我们每个人多少都会有点这样，不过我觉得，Disney、Coca-Cola、Gillette，我觉得这些公司都非常专注。

And we all succumb to that a little bit, but I think that - I think Disney, Coca-Cola, Gillette - I think those companies are very focused.

我觉得我们的运营单位也都非常专注，而我认为这让我们比那些开始有点无聊、于是决定玩一玩、看看自己到底有多有天赋的经理人，拥有巨大的优势。

I think our operating units are very focused, and I think that gives us a huge advantage over the managers that are getting a little bored and decide that they better fool around with just how talented they really are.

Charlie？

Charlie?

M12:20

嗯。

Yeah.

M32:21

Eisner 很有创造力，而且他也不相信那些预测，这在电影行业里是一个非常好的组合。

Eisner is quite creative, and he also distrusts projections, and that is a very good combination to have in the motion picture business.

M22:33

对，Charlie 以前是律师，呃，替谁来着，20th Century Fox，在很多年前？

Yeah, Charlie was a lawyer for, uh, what, 20th Century Fox in the old days?

对，他对 Hollywood 是怎么运作的多少见识过一点，也因此让我们大概有三十年都没去买任何电影公司的股票。

Yeah, and he saw a little bit of how Hollywood operated and kept us out of buying any motion picture stocks for about 30 years.

每次我一靠近这类股票，他就会给我讲几个过去的故事。

Every time I'd go near one, he'd regale me with a few stories of the past.

所以，这个行业里，人们可以拿别人的钱去换取自己在那个圈子里的分量，而这种组合是很危险的。因为如果我能拿你的钱去买我在自己世界里的重要性，那我会干出什么来，真是谁也说不准。

So it's, it's a business where people can trade other people's money for their own significance in their world, and that is a dangerous combination where if I can buy significance in my world with your money, you know, there's no telling what I'll do.

M33:07

这个行业有一部分总让我想起 California 的一家石油公司，那家公司被一个人控制着。人们以前常说，要是他们真找到了石油，那个老头也会把油给偷走。

Part of the business reminds me of an oil company in California, and it was controlled by one individual, and people used to say about it, if they ever do find any oil, that old man will steal it.

而电影行业，大概只有一半还算有正常的商业道德。

And the motion picture business, it's only about half of it that has normal commercial morals.

M23:31

我们不是在把这话套到 Disney 身上。

We're not, we're not applying that to Disney.

M33:32

没有。

No.

M23:33

Disney，Disney 真的很了不起，Disney 为股东做得非常出色，而且他们确实能靠电影赚到真金白银。

Disney, Disney is really - Disney's done an extraordinary job for the shareholders, and they make real money out of movies.

大多数电影公司都让所有相关的人赚到了钱，但真正留给股东的，却没有多少。

Most movie companies have made money for everybody associated with it, but not a lot has stuck to the shareholders.

所以简单来说。

So in short.