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1995年股东大会 · 巴菲特:有些人情愿去死也不愿意思考和学习

54 段 · 3 位说话人 · 原片 5:58
M1
M10:00

我叫 Bassam Yarmouth,来自 Texas 的 Arlington。

My name is Bassam Yarmouth from Arlington, Texas.

Buffett 先生和 Munger 先生,有没有可能把你们这两位伟大的头脑,用在人生里一项长期投资上?比如说,在 Berkshire 提供学徒机会,或者开办一所学校?

Mr. Buffett and Mr. Munger, what possibility to use these two great minds for a long-term investment in life by either taking apprenticeships in Berkshire or opening a school?
M2
M20:22

我刚才没听明白那个问题。

I didn't follow that one.

Warren,你来回答吧。

Warren, you handle it.
M3
M30:24

这问题是在问什么——

Is it a question of what—
M1
M10:25

我的意思是,有没有可能利用你们两位伟大的头脑,去教育这个国家的新一代,把这当成一项长期投资?比如通过 Berkshire 给年轻人提供学徒机会,或者开一所商学院?

What the possibility using these two great minds of yours to educate a new generation as a long-term investment in this country, to either through apprenticeship in Berkshire for young people or open a business school?
M2
M20:46

嗯,这题我来试着答一下吧,因为我在这方面有过明确的失败记录。

Well, let me try that one because I have a demonstrated record of non-performance.

我一直很难让我的孩子们真正明白我所知道的东西。

I have had great difficulty enabling my children to know what I know.

Warren,也许你失败得比我少一点。

And Warren, maybe you have failed less.
M3
M31:11

我的孩子们在很多方面都比我聪明得多,所以这方面我的经历和你不一样,Charlie。

My children in many ways are a lot smarter than I am, so I had a different experience, Charlie.

不,我觉得你可以学到很多。你知道,我自己主要是靠阅读来学习的,所以我不觉得我有什么原创的想法,当然——不过我确实学到了很多。

No, I think you can, you know, I've mainly learned by reading myself, so I don't think I have any original ideas that I certainly—but I've certainly got a lot.

我是说,我讲过我读 Graham 的作品。

I mean, I've talked about reading Graham.

我读过 Phil Fisher,我自己也是从阅读中获得了很多想法。

I read Phil Fisher, and I've gotten a lot of ideas myself from reading.

拿我自己来说,说到父母的影响,你知道,我父母对我的影响非常大。

In my own case, I mean, talk about your parents having influence, you know, my parents had enormous influence.

所以我觉得,你能从别人身上学到很多。

So I think you can learn a lot from other people.

事实上,我觉得如果你很会向别人学习,你根本不需要有什么全新的想法,也不用太多事情都自己来。

In fact, I think if you learn reasonably well from other people, you don't have to get any new ideas or do much on your own.

你只要把你看到的那些最好的东西运用起来就行了。

You can just apply the best of what you see.
M2
M21:58

一般来说,我觉得我们总能从几百万人里筛出一批聪明有见识的人,但我不觉得有人发明过一种教学方法,能把每个人都教得有智慧。

Generally speaking, I think we always get a group of wise people after sifting millions, but I don't think anybody's invented a way to teach so that everybody is wise.

有些人对学习任何东西的抗拒程度,真是非常惊人。

It's extraordinary how resistant some people are to learning anything.
M3
M32:22

是啊,更让人吃惊的是,就算学习明明符合他们自己的利益,他们还是那么抗拒。

Well, and really what is astounding is how resistant they are when it's in their self-interest to learn.

我的意思是,我一直都很惊讶,Graham 明明那么受重视。

I mean, I was always astounded by how much attention was paid to Graham.

我是说,四十年前他就被看作是 security analysts 这个领域的泰斗了,可真正对他所教原则的重视却少得可怜。

I mean, he was regarded 40 years ago as the dean of security analysts, but how little attention was paid in terms of the principles he taught.

这不是因为有人驳倒了那些原则,也不是因为人们在学习健全投资原则这件事上没有自身利益。

And it wasn't because people were refuting them, and it wasn't because people didn't have a self-interest in learning sound investment principles.

纯粹就是这种对思考或者改变的惊人抗拒。

It was just this incredible resistance to thinking or change.

我是说,我有一次引用过 Berkshire Hathaway 的 Bertrand Russell 说过的一句话,他说,大多数人宁可去死,也不愿意思考。

I mean, I quoted Berkshire Hathaway's Bertrand Russell one time, who was saying, who said that most men would rather die than think.

很多人,你知道,确实就是这样。

Many have, you know.

而且从金融这个角度看,这话特别真实。

And in the financial sense, that's very true.

这并不复杂。

It's not complicated.

我的意思是,人际关系通常也没那么复杂。

I mean, human relations, you know, usually aren't that complicated.

但很显然,培养一些在处理人际关系时行之有效的习惯,绝对符合人们自己的利益,可让人惊讶的是,还是有那么多人会这样那样把事情搞砸。

But certainly it's in people's self-interest to develop habits that work well in human relations, but an amazing number of people seem to mess it up one way or another.
M2
M23:34

Berkshire Hathaway 到底被模仿了多少,不管是在美国的投资界,还是在美国企业界?

How much has Berkshire Hathaway been copied, either in investing America or corporate America?

我不是说我们就一定值得别人模仿,但人们就是不愿意跟他们现在正在做的方式不一样。

Now, I'm not saying we deserve to be necessarily, but people don't want to do it differently than they're presently doing it.
M3
M33:52

你也许会说,Mrs. B 在一九三七年用五百美元起家,创办了你们这个周末可能在外面看到的那家公司,你知道,她这辈子一天学都没上过,却把它做成了一家了不起的大企业,你可能会说,嗯,这个是值得研究的。

You might argue that Mrs. B, having started what you may have seen out there this weekend with $500 in 1937, you know, without a day in school in her life, and building that into a great enterprise, you might say, well, that is something to study.

我的意思是,你知道,是因为她刚来这儿的时候不会讲英语吗?

I mean, you know, is it because she couldn't speak English when she got over here?

也许是我们把人给洗掉了。

Maybe we cleanse people.
M2
M24:15

对。

Right.
M3
M34:16

我的意思是,到底——你知道,看到一个人在激烈竞争的行业里创造出这么惊人的成功,这里面到底有什么值得学习的?

I mean, what are the— You know, what is there to learn from seeing somebody create an incredible success like that in a competitive business?

她并没有发明什么这个世界前所未见的东西。

She didn't invent something that the world had never seen before.

她也没有占着什么能保护她不受竞争影响的独家地段。

She didn't have a lock on some piece of real estate that protected her from competition.

你知道,所有这些都没有——可她却做成了几乎没人做到的事。

You know, all of these— and yet she accomplished something that virtually no one has accomplished.

那现在,为什么商学院不研究她呢?

Now, why aren't business schools studying her?

你知道,为什么他们在讲 EVA,也就是我们刚才说过的 economic value added?

You know, why are they talking about EVA, you know, economic value added, as we talked about earlier?

我的意思是,这里就有一个成功案例。

I mean, here is a success.

一定有什么东西让她取得了成功。

Something has made her a success.

你知道,那到底是什么——难道是二百二十的 IQ 吗?她确实很聪明,但难道是二百二十的 IQ 吗?

You know, is it something— is it a 220— she's very smart, but is it a 220 IQ?

不是,不是这样。

No, it isn't.

她是个非常聪明的女人,但她成功的原因并不是什么无法在习惯和思维方式上被复制的东西。

It's a very smart woman, but it's not something that's incapable of being replicated in the habits and the way of thinking.

可是谁在研究她呢?

But who is studying her?

我的意思是,他们把她当成一个奇闻异事来展示,可如果你去任何一所前二十的商学院,你知道,不会有哪怕一页材料发给学生,去研究这样一个不可思议的成功案例。

I mean, they present her as a curiosity, but if you go to any of the top 20 business schools, you know, there's not one page that's being given to anybody to study what is an incredible success.

而我,我就是觉得这很有意思,呃,而且在某种程度上,你知道,我在投资界也见过这种情况。

And I, I just, I find that very interesting that, uh, and to some extent, you know, I've seen it in the investment world.

这里面有这么个问题——一方面,你知道,这对某所顶尖商学院里研究管理学的教授来说,大概是有点打击的:他一路读到博士,什么都有了,结果却得出来泡在那个家具卖场里,去研究一个开着高尔夫球车的女人。

There's this— For one thing, the high, you know, it, it's probably a little discouraging to a professor of management at some major business school who's gone on to get his doctorate and everything to think he has to come out and hang around the furniture mart and study a woman in a golf cart.

我的意思是,不过你很清楚。

I mean, but you're good.

如果他们真这么做了,反而会更好。

They'd be better off if they did.

是的,先生。

Yes, sir.