M20:55
你是问我们会怎么建议？
What would we recommend?
我们这里又重复了一下这个问题，讲的是投资者的思维方式。
We got the question being repeated here about the mindset of an investor.
也就是说——他是想让你给他点建议，告诉他怎么才能少一点像 lemming 那样。
Is it—he wants you to advise him as to how he can become less like a lemming.
嗯，既然问题是你重复的，那这个问题的第一个回答我就让你来吧，Charlie。
Well, well, since you repeated the question, I'm going to let you give the first answer to that, Charlie.
除非他一天只吃大概一千卡路里。
Until he eats about 1,000 calories a day.
好吧，我可以告诉你，是什么改变了我自己在投资这件事上的一生。
Well, I will tell you what changed my own life on investing.
我十一岁就开始投资了。
I started investing when I was 11.
我最早开始读这方面的东西——我这个人是什么都相信要读一读——然后，嗯，我大概六岁或者七岁的时候，就开始读这类内容了。
I first started reading about it—I believe in reading everything in sight—and, and, uh, first started reading about it when I was probably 6 or 7 years old.
但是在那之后大概八年的时间里，我一直在兜圈子，研究 technical analysis，还做各种各样的事情。
But for, for about 8 years, I wandered around with technical analysis and doing all kinds of things.
后来我读了一本叫 The Intelligent Investor 的书，嗯，那时候我十九岁，在 University of Nebraska。
And then I read a book called The Intelligent Investor, and, uh, I did that when I was 19 down at the University of Nebraska.
我想说，如果你真正吸收了 The Intelligent Investor 里的那些教训，主要是这本书里的核心内容，
And I would say that if you absorb the lessons of The Intelligent Investor mainly.
我还给这本书写了前言，而且我特别推荐第 8 章和第 20 章，那你就不会像 lemming 一样行事，而且跟那些 lemmings 相比，你的表现很可能会好得多。
And I wrote a foreword and I recommended particularly chapters 8 and 20, that you will not behave like a lemming and you may do very well compared to the lemmings.
我们这边的 Bookworm 有 The Intelligent Investor 的 copies，我，我觉得这本书现在依然和我当年——我想大概是一九五零年——第一次读它时一样伟大。
We have here in the Bookworm copies of The Intelligent Investor, and I, I think it's as great a book now as I did when I, when I read it early, I guess, in 1950.
嗯，如果你照着 Ben Graham 在那本书里教的那些原则去做，你永远不会得到糟糕的结果。
Uh, you will never—you can't get a bad result if you follow the lessons that Ben Graham taught in that book.
我还想顺便提一下，外面还有一本书，我之前并不知道它到这个时候已经出版完成了。
I should mention that there's a book out there also that I did not—I did not know it would be completed by this time.
嗯，我的表亲 Bill Buffett 写了一本关于我们祖父杂货店的书，叫 Foods You Will Enjoy，Bill 也会在外面。
Uh, my cousin Bill Buffett has written a book about our grandfather's grocery store called Foods You Will Enjoy, and Bill will be out there.
他在给大家签书。
He's signing books.
我前几天刚拿到我的第一本，读完了，我非常喜欢。
I just got my first copy a couple days ago, read it, and I enjoyed it a lot.
Charlie 也在同一家杂货店工作过，嗯，那是多少年前来着？
Charlie worked at the same grocery store, uh, how many years ago?
大概，嗯，就 Charlie 来说，大概是整整七十年前了。
Probably, uh, probably a good 70 years ago in Charlie's case.
我们俩当时干得都不怎么样。
Neither one of us was very good.
不过我爷爷嘛，在股票这件事上，你最好别太把他的建议当回事。
But my grandfather, you don't want to pay much attention to his advice on stocks.
他写过很多信，而且他对股市一直很悲观，特别推崇在杂货店里靠辛苦工作赚钱。
He wrote a lot of letters, and he was very negative on the stock market and big on hard work at the grocery store.
所以我们后来就不听他的了。
So we quit listening to him.
相反，相反，去读一读《The Intelligent Investor》。
Instead, instead, read The Intelligent Investor.
那本书，就是那本书，给了我一套投资哲学，这么多年一直陪着我。里面有三个重要的教训，都跟你怎么看待股票有关。第一，你要把股票看成一家企业的一部分；第二，你对市场的态度应该是，把它当成来为你服务的工具，而不是来指导你的老师；第三，就是要有 margin of safety 的概念，做事情永远都要留出一些余地。
That's the, that's the book that gave me the philosophy that has stayed with me now for a lot of years, and there's 3 big lessons in there which relate to your attitude toward stocks generally, which is that you think of them as parts of a business, and your attitude toward the market, which is that you use it to serve you and not to instruct you, and then the idea of a margin of safety, of always leaving some extra room in things.
不过我觉得，这个房间里的人，已经学会了第一个重要的教训。
But the people in this room, I think, have learned that important first lesson.
我的意思是，我觉得大多数持有 Berkshire 的人，并不会把自己看成是在持有一个带着小小 ticker symbol 的东西，或者某个可能会有好于预期、也可能差于预期的 earnings surprise 之类的东西。
I mean, I think most people that own Berkshire do not see themselves as owning something with a little ticker symbol or something that may have a favorable or unfavorable earnings surprise or something of the sort.
他们更愿意把自己看成，是在拥有外面另一个房间里那些企业组成的一整个群体。
But they'd rather think of themselves as owning a group of those businesses that are out there in the other room.
这才是看待——这才是看待股票的方式。
And that's the way to look at— that's the way to look at stocks.
如果你这么做，你就永远不会变成一只 lemming。
You'll never be a lemming if you do that.
我们来看第二点。
Let's go to number 2.