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1999年股东大会 · 财富继承,一个让巴菲特和芒格看法相左的话题

23 段 · 2 位说话人 · 原片 2:41
M1
M10:00

哦,说到继承财富和孩子。

Oh, inherited wealth and children.

对。

Yeah.

孩子继承钱这个事。

Kids inheriting money.

对。

Yeah.
M2
M20:05

嗯,我们前排这儿有个少数派观点。

Well, we have a minority viewpoint down here in the front row.

我觉得我对这个话题的看法,大概在我十八岁的时候就变了。

I think my views on that subject changed when I was about 18.

在那之前,我觉得这会是个特别棒的主意。

Until that point, I thought it would have been a great idea.

那个,呃,不,我,我是很相信 meritocracy 的。

The, uh, no, I, I am quite a believer in a, uh, meritocracy.

相信 meritocracy,而且我觉得这其中的一部分,就是不要让有些人仅仅因为运气好,投对了胎,就在人生起点上比别人领先太多太多。

A meritocracy, and I think a part of, part of that is not having people start way, way ahead of other people in life based on whether they were lucky enough to come from the right womb or not.

所以我一直不太认同这样一种想法:大量财富一代传一代,不管是对社会有好处,还是在很多情况下对孩子有好处——当然我觉得后者问题更大——我都不太相信。

So I've never been big on the idea that either society benefited, or in many cases the kids, although I think that's much more problematic, but by the fact that great transfers of wealth will go from one generation to another.

我更愿意看到,一个人在这个世界上能掌握多少资源、能在多大程度上影响别人的人生、能支配多少别人的劳动,诸如此类,应该由他自身拥有多少才能来决定,而不是什么来自 womb 的天赋神权。

I would rather see the degree of talent possessed by individuals determine the resources they command in this world and their ability to influence other people's lives and command the labor of other people and all of that than any divine right of the womb.

Charlie 在这件事上的看法稍微有点不一样。

Charlie has a somewhat different view on that.
M1
M11:21

对,我是更愿意让这个世界把财富往下一代传一点。

Yeah, I am a little more willing to let the world take the succeeding generations down.

就是——他是支持传下去的。

It's— He believes in passing it.

我觉得他们其实不太需要太多帮助。

I don't think they need much help.
M2
M21:41

Charlie 赞成往下传,只要你能确定他们最后会把它败光。

Charlie believes in passing it along as long as you're sure they're gonna blow it.

好,那你继续。

Okay, so go ahead.
M1
M11:48

Warren,你仔细想想看,过去那些巨额财富,如果你回到一九零零年、一八七零年,你说说看,哪些人因为自己是那个家族的第四代,还掌握着巨大的权力?

If you stop to think, Warren, of the great fortunes of yore, if you go back to 1900, 1870, and, you know, name me the people that have vast power because they are in the 4th generation in that family.

他们当中有些人日子确实过得非常好,但他们并没有在主宰这个世界。

Some of them are living awfully well, but they are not running the world.
M2
M22:06

我会说,Rockefeller 家族的影响力,肯定比他们——他们如果只是叫个普通的 Rock,要大得多。

I would say the Rockefeller family had considerably more influence than if their, their name had been, you know, just plain Rock.
M1
M12:16

我觉得这没错,不过你举的可能是这里面最强的单一家族了。而且现在财富已经分散到六十个、七十个、八十个 Rockefeller 身上了——我觉得确实,当年那里面有四五个兄弟,拥有不寻常的世俗影响力。

I think that's true, but you're picking probably the strongest single family of the piece, and now that it's dispersed among 60 or 70 or 80 Rockefellers, it— I think it's true there were 4 or 5 brothers there that had an unusual share of worldly influence.

不过我得说,就那个例子而言,我觉得他们处理得非常好。

I must say, in that case, I think they handled it very well.

7区。

Zone 7.