M20:13
听起来，您像是已经准备好要创办一家hedge fund了。
Sounds to me like a man that's about ready to start a hedge fund.
就我来说，我大概是在一九五六年三月从New York搬回这里的。当时我家里有几个人对我说，他们希望我帮忙管理投资，就像我去New York之前在这边卖证券时做的那样。
They—in my case, I'd moved back here from New York in March or so of 1956, and a few members of my family said, we'd like you to manage our investments, just like I did when I was selling securities out here before I went to New York.
我其实不喜欢做卖证券这行，呃，部分原因是，如果我以二十美元的价格卖给别人一只股票，结果它跌到了十美元，我会想再多买一点。但我没法面对那些以二十美元买入这只股票的人，因为他们买它只是基于对我的信任，并不是因为他们真正理解这家公司，而现在他们却因此感到很沮丧。
And I didn't like being in the security-selling business, uh, partly because if I sold somebody a stock at $20 and it went down to $10, I wanted to buy more, but I couldn't face the idea of people that had bought it at 20, and based only on confidence in me, not because they understood it, and now they were feeling depressed.
这实在是……怎么说呢，并不是一件让人满意的事。
And it was—it just wasn't—it wasn't very satisfactory.
如果每一个决定都有人在旁边盯着，我管理资金的表现就不可能像一个人独自在房间里操作时那么好。
I, I could not do as well managing money if people were watching every decision as I could if I did it in a room all by myself.
所以我就对家里的这七个人说，呃，其中有一个其实是我大学时的室友，他母亲后来也加入了。
So I just told these seven members of the family, uh, one of them actually, it was my roommate in college and his mother, they came in also.
我说，你们要是愿意加入一个合伙企业，我不会告诉你们具体发生了什么，但我可以告诉你们，我会用同样的方式管理自己的钱，也会管理你们的钱。
I said, you know, if you'd like to join up in a partnership, I'm not going to tell you what's going on, but I will tell you that I will be doing with my own money what I'm doing with yours.
后来，我把自己的钱也全部投了进去，而这个过程推进得非常慢。
Later on, I put all my own money in, and it just was very slow.
几个月后，我曾经工作过的Graham-Newman准备清算了。有个叫Homer Dodge的人，就去问Ben Graham，他从Graham-Newman拿到这笔钱之后应该怎么办。
A few months later, Graham-Newman, that I'd worked for, was liquidating, and a fellow named Homer Dodge asked Ben Graham what he should do with the money he was getting out of Graham-Newman.
Ben Graham说，这个年轻人以前为我工作过，人还不错。
He said, this kid used to work for me, and he's okay.
于是Homer Dodge就来找我，和我一起做了。
And so, he came out and went in with me.
到了那年晚秋，另一个人看到某份法律刊物上登了一则合伙企业成立的通知，就问，这是什么？
And another fellow late in the fall saw—had seen the notice of partnership formed in some legal paper, and he said, what's this?
后来他也来找我，加入了进来。
And came in with me.
就这样，我们一路跌跌撞撞地做了下去。
And it just—we just stumbled along.
将近六年的时间里，我一直在自己家里办公，一个员工都没有。
And for almost six years I operated out of my house, no employee.
所有账目都是我自己记，报税表也是我自己填。我还亲自出去领取股票，然后把它们放进银行的保险箱里。
I kept all the books, I filed the tax returns, I went out and picked up the stocks personally and stuck them in the safe-deposit box.
Charlie出现之后，我一直拿一件事打趣他。我一九五九年认识他时就对他说，法律当个爱好还可以，但以你的才智，实在不该把时间花在这个行业上。
When Charlie came along, I kept chiding him about the fact—I met him in 1959, and I said, law is okay as a hobby, but it's no place for a man with your intellect to spend his time.
好，接下来就让Charlie来讲吧。
And, well, I'll let Charlie take it over from there.