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2010年股东大会 · 巴菲特:可以喜欢金钱,但永远不要用你的名誉去换

49 段 · 2 位说话人 · 原片 4:40
M1
M10:00

如果你发现 Berkshire Hathaway 旗下的公司有不道德或者违法的行为,你会不会亲自直接介入?

If you became aware of unethical or illegal activities at a Berkshire Hathaway-owned company, would you directly and personally intervene?
M2
M20:12

当然,我们必须介入。

Sure, we have to jump in.

我们有一条热线,我觉得这是个非常好的做法——这不算是什么发明,但这是 Sarbanes-Oxley 里体现出来的一项好政策。

We have a hotline, which I think was a very good invention of— it wasn't an invention, but a good policy embodied in Sarbanes-Oxley.

你知道,这对我们一直很有帮助。

And you know, that's been a plus to us.

我有时候也会直接收到来信,呃,呃,所以我想听到这些问题。

I get letters directly sometimes, uh, uh, so I want to hear about problems.

你知道,我希望在我听到之前,已经有人先知道了,而且已经把问题解决了;但如果问题在别的地方没有得到解决,那我就希望听到。

You know, I hope somebody else has heard about them first and already gotten them solved, but if they don't get solved someplace else, you know, I want to hear about them.

我们还有内部审计职能,这在 Berkshire 很重要。呃,当然,如果有人打投诉热线来说,坐我旁边那个人有口臭,这种事我一般就略过去了。

And we, we have an internal audit function, which is important at Berkshire, uh, and anything that comes in, you know, when somebody calls in on the complaint line and says the guy works next to me has bad breath, I mean, I tend to skip over those.

但是,只要收到任何跟涉嫌不当行为有关的情况,在 Berkshire 都一定会被调查。

But if anything comes in that relates to alleged bad behavior, it's going to get investigated at Berkshire.

而且我们也确实是这么做的。

And it does.

而且时不时地,确实会出现一些很严重的违规行为。

And every now and then, there have been some important transgressions.

这些事情会通过各种渠道到我们这里来,比如直接写信给我,或者打热线,或者写信给审计委员会,等等。

That have come to us via either letters to me or calls on the hotline or maybe letters to the audit committee, whatever.

我们鼓励这么做。

We encourage that.

Charlie?

Charlie?
M1
M11:34

对,这件事现在比做生意本身还更让我们在意。

Yeah, we care more about that than business anymore.
M2
M21:42

我们大概每两年会发出一封信。

We have a letter that goes out every roughly 2 years.

那是唯一的一次沟通。

It's the only communication.

我大概应该找个时候把这封信的副本放进年报里,让股东们也看看。不过这封信有一页半长。

I probably ought to put a copy of it in the annual report sometime so that the shareholders see it, but it's a page and a half long.

信里会让经理告诉我,如果他们那天晚上出了什么事,第二天我应该考虑让谁来接管那个地方。

It asks the manager to tell me who, if something happened to them that night, who I should consider putting in charge of the place the next day.

这并不代表我一定会听他们的建议,但我想知道他们的理由,以及这个人的优点和缺点。

Doesn't mean I'll follow their advice, but I want to know their reasons and the pluses and minuses.

不过这封信一开始基本上就是说,听着,我们已经有了足够的钱。

But it starts off basically and it says, look, we've got all the money we need.

我们当然还想赚更多的钱。

We'd like to make more money.

我们喜欢赚钱。

We love making money.

但是我们的名誉并没有多到可以拿去挥霍的地步,我们绝不会拿名誉去换钱。

But we don't have a shred more of reputation than we need, and we won't trade reputation for money.

而且我们希望这个信息能传达出去。

And we want that message to get out.

这也是为什么我们每年都会把那个 Salomon 的故事放进影片里。

It's the reason we stick that Salomon thing in the movie every year.

我是说,你们当中有些人现在大概都能背下来了,但我觉得不断重复这个故事也没有坏处。

I mean, you can probably— some of you can recite it by now, but I don't think it can hurt to keep repeating that story.

还有,我们会把这个信息告诉他们。然后我最近又加了一句,我说,如果你做某件事的理由里,唯一——或者说你能想到的最好理由——只是因为别人也在这么做,那这理由是不够的。

And, and the one thing we tell— we tell them that message, and then I've added a new line in this, and I say, if the reason you're doing something, the only— the best reason you can come up with is that the other guy is doing it, it's not good enough.

一定得有——一定得有别的理由,不能只是因为别人也在做,不然你就有麻烦了。

There must be— there's got to be some other reason besides the other fellow's doing it, or you're in trouble.

而且我会告诉他们,只要有任何可疑的地方,就打电话给我。

And I get— and I tell them, call me if anything's questionable.

如果你觉得这件事已经快踩线了,就给我打个电话。

If you think it's close to the line, give me a call.

我这么一说,就没人给我打电话了,因为他们知道,只要他们自己都觉得这事已经很接近那条线了,那大概就说明它已经越线了。

By saying that, nobody gives me a call because they know that the very fact that they think it's that close to the line probably tells them it's over the line.

不过我想,我还是想听到这些事情。

But I want, I want to hear about stuff.

只要我们足够早听说,而且足够早采取行动,任何问题我们都能处理。

We can, we can cure any problem if we hear about it soon enough and take action soon enough.

但如果任由它在某个地方慢慢恶化,大家还把它掩盖起来——有时候确实会这样——那我们就有麻烦了。

But if it's allowed to fester out someplace and people cover it up, and sometimes they have, then we got a problem.

而且将来这种事还会有。

And we will have more of that in the future.

这是避免不了的。

There's no getting around it.

你知道,如果你有二十六万人,总会有些事情在发生。

You know, if you have 260,000 people, there's gonna be some things going on.

我只希望我们能尽快听到这些事,也希望他们的经理能更快听到,并且在事情传到我们这里之前就先处理掉。

I just hope we hear about them fast, and I hope their managers hear about them even faster and do something before it even gets to us.

但我们非常非常想保护 Berkshire 的声誉。

But we want very much to protect the reputation of Berkshire.

这是正确的做法。

It's the right thing to do.

Charlie?

Charlie?
M1
M13:46

嗯,这绝对是至关重要的。

Well, it is absolutely essential.

而且总体来说,Berkshire 的声誉非常好,这一点你们从主流媒体的评级和各种调查里也看得出来。

And Berkshire averaged out has a very good reputation, as you can tell by the ratings from major media and surveys.

这对我们来说是无比珍贵的。

And that is absolutely precious to us.

从某种意义上说,你们这些人其实也是这种文化的一部分。

In a sense, you people are, are part of the culture too.

理想并不是把所有法律允许赚到的钱都赚到,只要别惹上太多法律麻烦就行。

The ideal is not to just make all the money that can legally be made without causing too much legal trouble.

我们追求的东西比这要更大。

The idea is bigger than that.

我们的理念是,只有当财富是以公平的方式获得、并且被明智地使用时,我们才会赞赏它。

It's, it's that we celebrate wealth only when it's been fairly won and wisely used.

而且,如果这种理念能渗透到这里的文化里,包括股东在内,我们觉得这对我们非常有帮助。

And, and if, if that idea pervades the, the culture of the place, including the shareholders, we think that's very helpful to us.