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2012年股东大会 · 为何伯克希尔买富国银行,巴菲特私人账号却买了摩根大通

32 段 · 3 位说话人 · 原片 3:11
M1
M10:00

我们,我们收到了几个关于这个话题的问题。

We, we got a couple of questions on this topic.

你在 CNBC 的一次采访里说过,你给你个人账户买了 JPMorgan 的股票。

You said in an interview on CNBC that you had bought shares in JPMorgan for your personal account.

你能不能解释一下,你是怎么决定一笔投资是做个人投资,还是以受托人的身份、代表我们这些 Berkshire 股东来投资的?

Can you explain how you decide to make a personal investment versus one in your role as a fiduciary for us as shareholders of Berkshire?

另外,能不能也请你分享一下,你最近给自己账户买了哪些股票?

And while you're at it, could you please share some names of stocks you've recently bought for your own account?
M2
M20:22

嗯,事实是,我比起 JPMorgan 更喜欢 Wells Fargo,不过我——不过我也——而且我们一直在买——我们,我们已经买了,也还在买 Wells Fargo 的股票,所以这就让我没法再去买 Wells Fargo 了。

Well, the truth is I like Wells Fargo better than I like JPMorgan, but I—but I also—and we're buying—we, we bought, we're buying Wells Fargo stock, and that takes me out of the business of buying Wells Fargo.

所以呢,我就会去买一些我没那么喜欢、但我还是非常喜欢的东西。

So therefore, I go into something that I don't like quite as well, but that I still like very much.

还有,呃,这也是我面临的一个问题,就是,Berkshire 在买的东西,我自己就不能买。

And, uh, that's one of the problems I have, is that, that I can't be buying what Berkshire is buying.

然后,呃,我手上也有一些钱,所以我就会去选我的第二选择,或者像我以前买 Korean 公司那样,去买一些特别特别小的公司,诸如此类。

And, uh, and I've got some money around, and therefore I go into my second choices or into tiny little companies like I did with Korean companies and that sort of thing.

不过我最好的想法,全都在 Berkshire 里面,这一点我可以向你保证。

But my best ideas are, are all in Berkshire, that I can promise you.

Charlie?

Charlie?

Charlie 也买了房地产,还有别的一些东西,用这种方式避开了这个问题。

Charlie's bought real estate too and different things and avoided that problem.
M3
M31:12

对,不过基本上,Munger 家族的钱也就放在两三样东西里。

Yeah, but basically the Munger family's in two or three things only.

分散投资在我看来,不是什么我实际上特别感兴趣的事,除非是在像 Berkshire 这样的大地方里,它自然而然就发生了。

Diversification is my idea of not something I have practically no interest in, except as it happens automatically in a big place like Berkshire.

我把那个——你知道的——股票报价机扔掉的那一天,我可高兴了。

I rejoiced the day I got rid of a quote, you know, a stock-quoting machine.

而且我喜欢这种买入并持有的投资方式。

And I like this buy-and-hold investing.

这是一种很美好的生活方式,而且你打交道的人,层次也更高一些。

It's a lovely way to live a life, and you deal with a better class of people.

而且对我们所有人来说,这套方法都挺管用的。

And it's worked pretty well for all of us.

所以,我觉得你没必要担心 Warren 的那些边上的投资。

So, and I don't think you need to worry about Warren's side investments.

他通过 Berkshire 做的投资规模太大了,而那些个人投资相对来说又太小了;如果这已经是你人生里最大的烦恼,那说明你的日子过得已经非常幸运了。

His investments through Berkshire are so huge, and those are so small relatively, that if that's your main problem in life, you have a very favored life.
M2
M22:08

嗯,如果你百分之九十八点五的钱都在 Berkshire 里,你却还真在费心思考那百分之一点五怎么做到最好,那你多少是有点疯了。

Well, if you have 98.5% of your money in Berkshire and you really are trying to do your thinking about what's best for the 1.5%, you're a little bit crazy.

你该想的是 Berkshire,我可以向你保证,我确实是这么做的。

You should be thinking about Berkshire, which I can assure you I do.

不过,那个,你知道,也可能会——

But that, you know, there could be—.
M3
M32:25

而且他确实是更喜欢 Wells Fargo,而不是 JPMorgan。

And he does like Wells Fargo better than JPMorgan.

对,我是。

Yeah, I do.
M2
M22:29

对。

Yeah.

我们在 Berkshire 里持有 Wells Fargo 四亿多股。

And we have 400 and some million shares of Wells Fargo in Berkshire.

而且我觉得我当然也很喜欢 JPMorgan,不过——但我对 Wells 更了解。

And I think I like JPMorgan fine, obviously, and then—but I know Wells better.

它更容易理解。

It's easier to understand.

呃,呃,所以,你知道,我们,我们,我们——我们在第一季度买了 Wells Fargo。

Uh, uh, so, you know, we, we, we, we've bought Wells Fargo in the first quarter.

我们去年也买了 Wells Fargo。

We bought Wells Fargo last year.

我们是很多很多年前买的。

We bought it an awful lot of years ago.

然后,呃,如果我不是在管理 Berkshire,你知道,而是拿着我自己的钱坐在那里,那我会有很多钱投在 Wells Fargo,我大概也会投一些钱在 JPMorgan。

And, uh, if I wasn't managing Berkshire, you know, but instead was sitting with my own money, I'd have a lot of money in Wells Fargo, and I'd probably have some money in JPMorgan too.