1997年股东大会 · 芒格调侃亚里士多德等历史名人 — 文稿

M10:00

我是另一位来自 Chicago 的，Shrikant Ranganekar，也是一位股东。

I'm another Chicagoan, Shrikant Ranganekar, and a share owner.

这个问题我想先请教 Munger 先生，然后再请教 Buffett 先生。

This question is directed first to Mr. Munger and then to Mr. Buffett.

Munger 先生，您引用 Commodore 和 Aristotle 来支持您的观点，这让我很感兴趣。

Mr. Munger, I am intrigued by your marshalling of the Commodore and Aristotle to support your points.

现在的资金管理人里，很少有人会这么做，或者说有能力这么做。

Very few of today's money managers would or could do that.

您能不能多讲讲，研究文明史在形成稳健的投资理念这件事上，到底起什么作用？

Could you elaborate on what role a study of history of civilization plays in developing a sound investment philosophy?

谢谢。

Thanks.

M20:36

嗯，我可不想把 Aristotle 夸得太过头。

Well, I don't want to praise Aristotle too much.

你知道，他曾经以为女人的牙齿数量和男人不一样，可他从来都没往自己太太嘴里看一眼。

You know, he was the one who thought that women had a different number of teeth from men and never looked in his wife's mouth.

也许他太太看过。

Maybe his wife did.

我完全赞成接受良好的通识教育，我觉得这对投资表现有帮助，对商业表现也有帮助，也能让人当个更好的公民。

I'm all in favor of a good general education, and I think it helps investment performance, and it helps business performance, and it helps one be a better citizen.

还有，呃，人们讲的一些东西会让人印象特别深，所以正因为很容易记住，它们对思考也很有帮助。

And, uh, and some of the things people say are quite memorable, and therefore they're helpful to the mind by the very ease with which they're remembered.

而且我想，你可能会惊讶地发现，有多少聪明的投资专业人士都能大谈 Aristotle，甚至还能谈像 Hegel 这种我很受不了的人。

And I think you'd be surprised how many bright investment professionals could talk a lot about Aristotle or even people I can't stand, like Hegel.

M31:32

你还想再引用点谁的话吗？

You want to quote a little more from anybody here?

不，不想。

No, I don't.

M21:42

来强化一下你的——哦，天哪，我在这世界上最喜欢的一句名言之一，是 Einstein 说的。

Reinforce your— oh, my, one of my favorite quotations in the whole world is from Einstein.

他说，凡事都应该尽可能简单，但不能再更简单了。

He says, everything should be made as simple as possible, but no more simple.

我觉得这句话描述的，就是我们所有人面对的现实。

And I think that describes the reality that we all face.

M31:58

不过 Charlie 最喜欢的，还是 Ben Franklin。

Charlie's favorite, though, is Ben Franklin.

大概没错吧，是不是，Charlie？

That's probably true, isn't it, Charlie?

对。

Yeah.

我们从 Ben 那儿得到的东西，比从任何别人那儿都多。

We get more from Ben than anybody else.

管好你的店，它就会养活你，诸如此类的话。

Keep thy shop and it will keep thee, that sort of thing.

我的意思是，我们脑子里简直装满了这种东西。

I mean, we're just loaded with that stuff.

M22:13

搬三次家，跟着一场火灾差不多。

Three removes are as good as a fire.

一个空麻袋很难自己直挺挺地站着。

It's hard for an empty sack to stand upright.

这些话在 Berkshire 就跟圣经一样。

That's the Bible around Berkshire.

对，我以前听 Warren 说过，我之所以在财务上这么保守，是因为我不想知道，自己在被逼到极限的时候，行为会糟糕到什么地步。

Yeah, I once heard Warren say, the reason I'm so financially conservative is I, I don't want to find out how badly I might behave if I were stretched.

M32:38

我看我们最好在这儿把他打住。

I think we better cut him off here.

M22:43

二区，你们最好，呃，

Zone 2, you better, uh,