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1998年股东大会 · 巴菲特:我是如何筛选优秀经理人的

44 段 · 3 位说话人 · 原片 4:23
M1
M10:00

Buffett 先生,Munger 先生,你们好。我叫 Sanjeev Mechandani,是来自 Boston 的股东。

Mr. Buffett and Mr. Munger, my name is Sanjeev Mechandani, shareholder from Boston.

首先,感谢二位所做的一切。

First of all, thank you to both of you for everything.

我有两个问题。

I have 2 questions.

Buffett 先生,您在选人这件事上,显然也像选股票一样,有自己的一套筛选标准。

For you, Mr. Buffett, you obviously have filters that you apply on selecting people as you do on stocks.

您能不能跟我们讲一点,这些筛选标准都是什么?

Can you tell us a little bit about what those filters are?
M2
M20:19

针对人的筛选标准?

Filters on people?
M1
M10:20

对,在选人的时候——您很擅长激励那些已经很有钱的人继续工作。

Yes, in selecting—you have an ability to motivate people who have a lot of money to keep working.

您会看重什么——嗯,这个——

What do you look for to— Well, that's a—.
M2
M20:29

这个问题非常非常关键,因为我们买企业的时候,并没有现成的经理人团队可以往里放。

That is a key, key question, because when we buy businesses, we don't have managers to put in them.

我的意思是,我们不是用那种方式去收购的。

I mean, we're not buying them that way.

我们办公室里也没有一大堆 MBA,能让我们——

We don't have a lot of MBAs around the office that we're—.
M3
M30:39

谢天谢地。

Thank God.
M2
M20:40

对。

Yeah.

而且我,你知道,我也从来没承诺过说,他们来了以后会有什么各种各样的发展机会。

Then I, you know, I have not promised that they're going to have all kinds of opportunities.

所以从实际情况来说,我们买下企业的时候,必须连同原有的管理层一起要。

And so, as a practical matter, we need management with the businesses that we buy.

而且四次里大概有三次,或者差不多吧,这个经理人本身就是企业的 owner,会拿到几千万美元,甚至可能是几亿美元。

And 3 times out of 4, or thereabouts, the manager is the owner and is receiving tens of millions, maybe hundreds of millions of dollars.

所以他们其实根本没必要工作。

So they don't have to work.

而我们得在见他们的那段时间里判断出来,他们爱的是这个生意,还是爱钱。

And we have to decide in that time when we meet them whether they love the business or love money.
M1
M11:18

对。

Right.
M2
M21:19

这不是在做道德判断。

And we're not making a moral judgment.

Charlie 也许会,但我——我不是在判断,到底是爱生意更好,还是爱钱更好。

Charlie may, but I, I'm not making a moral judgment about whether it's better to love the business or love money.

但对我来说,搞清楚这两者里哪一个才是他们最主要的驱动力,非常重要。

But it's very important for me to know which of the two is the primary motivator with them.

而且,呃,我们在识别那些真正热爱自己生意的人这件事上,运气一直特别好。

And, uh, we have had extremely good luck in identifying people who love their business.

所以我们要做的,就是避免我们这边做出任何会削弱他们对生意的热爱,或者把其他条件搞得难以忍受,以至于压过他们对生意热爱的事情。

And so all we have to do is avoid anything on our part that diminishes that love of the business or makes other conditions so intolerable that they overcome that love of the business.

我们手下有不少人在为我们工作,他们在财务上其实完全不需要工作了,但他们可能比这个世界上百分之九十五,甚至更多的人都还要拼。

And we have a number of people working for us that have no financial need to work at all, and they probably outwork, you know, 95% or more of the people in the world.

他们这么做,就是因为他们真的——他们就是喜欢上场击球。

And they do it because they just— they love smacking the ball.

而且在这一点上,我们几乎——可以说基本上没犯过什么错。

And we almost— we virtually have had no mistakes in that respect.

还有一些人,Charlie 和我在看他们提交给我们的方案时,就判断出他们确实——比起生意本身,他们更喜欢钱。

And we have identified a number of people, Charlie and I have, in terms of proposals to us where we felt that they did really— they liked the money better than the business.

你能感觉到,他们对这个生意已经有点疲了,虽然他们可能也会真心实意地向我们承诺,说自己会继续干下去。

They were kind of tired of the business, you know, and they might promise us that they would continue on and they would do it in good faith.
M3
M32:39

对。

Right.
M2
M22:40

但是过了六个月、一年之后,总会发生点什么,然后他们心里就会想,我为什么要为了 Berkshire Hathaway 做这个呢,而不是去做别的、他们自己更想做的事?

But something would happen six months later, a year later, and they'd say to themselves, why am I doing this, you know, for Berkshire Hathaway when I could be doing whatever else they want to do?

我没法确切告诉你,我们在心里到底是用什么样的筛子去筛选他们的,但我可以告诉你,如果你看人看得久了,我觉得你在得出这类结论时,命中率可以相当高,就像你判断人类行为的其他方面一样。

I can't tell you exactly what filter it is that we put them through mentally, but I can tell you that if you've been around a while, I think you can have a pretty high batting average in coming to those conclusions, as you can about other aspects of human behavior.

我不是说你随便拉一百个人过来,看一眼就能把他们的性格分析得清清楚楚,或者诸如此类的事;但我觉得,当你看到那些特别极端的例子——那些只会给你带来麻烦的人,或者那些只会给你带来快乐的人——你其实是能分辨得相当准的。

I'm not saying you can take 100 people and take a look at them and analyze their personalities or anything of the sort, but I think when you see the extreme cases, the ones that are going to cause you nothing but trouble or the ones that are going to bring you nothing but joy, I think you can identify those pretty well.
M3
M33:27

Charlie?

Charlie?

嗯,对,我觉得这其实很简单。

Well, yeah, I think it's pretty simple.

你得有正直、聪明、经验,还有投入精神。

You've got integrity, intelligence, and experience, and dedication.

这就是一个组织想要运转良好所需要的东西。

And that's what human enterprises need to run well.

这些年来,能有这么一群了不起的伙伴和我们一起共事,我们真的是非常幸运。

And we've been very lucky in getting this marvelous group of associates to work with all these years.

我觉得,在这方面,我们已经很难做得比现在更好了。

It would be hard to do better, I think, than we've done in that respect.

你们看看这个地方。

Look around this place.

我的意思是,尤其是你们这些年轻人,看看这个地方。

I mean, and particularly you young people, look around this place.

看看这些人的人生里能得到多少满足感,而他们大半辈子其实都在延迟满足。

Look at how much gratification can come into these lives which have been mostly spent in deferring gratification.

你们这些股东,真是一群很有意思的人。

It's a very funny group of people, you shareholders.
M2
M24:18

好,那就在这一番自我表扬之后,我们先去吃午饭吧,半小时后回来。

Well, on that note of self-congratulation, let's go have lunch and we'll be back in half an hour.