学习笔记:巴菲特佛罗里达大学演讲全文
学习笔记:巴菲特佛罗里达大学演讲全文
最近在听很多纳瓦尔的分享，有一句话让我印象特别深——他说，巴菲特1998年在佛罗里达大学商学院的演讲，他完整听了不下10次。作为常年研究价值投资、也一直在践行“长期主义”的人，我立刻找来演讲稿，逐字逐句研读，越读越有共鸣，也终于懂了为什么这篇演讲能被纳瓦尔反复品读，成为无数投资人的“底层认知手册”。现在把英中文版本的全文分享在这里，我平常喜欢看英文原稿，这样同步还能学英语一举两得，大家也可以试着边看边读英文，不理解的再看翻译哦~学习能让人保持年轻，不信的话，跟着我一起打卡学习，慢慢见证成长呀~Warren Buffett University of Florida Speech巴菲特・佛罗里达大学演讲（1998 年 10 月 15 日）Buffett: Testing, one million, two million, three million. Seems to be working.巴菲特：测试，一百万，两百万，三百万。好像没问题。I’d like to just say a few words primarily and then the highlight for me will be getting your questions in a few minutes.我先简单讲几句，接下来对我来说最重要的环节，就是几分钟后回答你们的提问。I want to talk about what is on your mind. I urge you to throw hard balls.It’s more fun for me if you put a little speed on your pitches as they come in.You can ask about anything except last week’s taxes I gave. That’s off limits.你们什么都可以问，除了我上周的报税情况，这个免谈。I would like to talk for just one minute to the students about your future when you leave here.Because you will learn a tremendous amount about investments, you all have the ability to do well;you all have the IQ to do well. You all have the energy and initiative to do well or you wouldn’t be here.你们智商都足够，也都有精力和进取心，否则不会坐在这里。Most of you will succeed in meeting your aspirations.But in determining whether you succeed there is more to it than intellect and energy.I would like to talk just a second about that.In fact, there was a guy, Pete Kiewit in Omaha, who used to say,he looked for three things in hiring people: integrity, intelligence and energy.And he said if the person did not have the first one, the latter two would kill him,because if they don’t have integrity, you want them dumb and lazy.We want to talk about the first one because we know you have the last two.You are all second-year MBA students, so you have gotten to know your classmates.Think for a moment that I granted you the right—you can buy 10% of one of your classmate’s earnings for the rest of their lifetime.想象一下：我给你一项权利 —— 你可以买入一位同学未来一生收入的 10%。You can’t pick someone with a rich father; you have to pick someone who is going to do it on his or her own merit.And I gave you an hour to think about it.Will you give them an IQ test and pick the one with the highest IQ? I doubt it.Will you pick the one with the best grades? The most energetic?You will start looking for qualitative factors, in addition to quantitative, because everyone has enough brains and energy.你会开始看重品质 ，而不只是能力数值，因为每个人智商精力都够用。You would probably pick the one you responded the best to, the one who has leadership qualities,the one who is able to get other people to carry out their interests.That would be the person who is generous, honest and who gave credit to other people for their own ideas.All types of qualities. Whomever you admire the most in the class.Then I would throw in a hooker.In addition to buying 10% of this person, you had to go short one of your classmates.除了做多某个人一生收入的 10%，你还必须做空另一位同学。That is more fun. Who do you want to go short?You wouldn’t pick the person with the lowest IQ,you would think about the person who turned you off, the person who is egotistical, who is greedy, who cuts corners, who is slightly dishonest.你会想到那些让你反感的人：自负、贪婪、投机取巧、不太诚实的人。As you look at those qualities on the left and right hand side, there is one interesting thing about them:it is not the ability to throw a football 60 yards, it is not the ability to run the 100 yard dash in 9.3 seconds, it is not being the best looking person in the class.这些品质跟你橄榄球能扔多远、百米跑多快、长得好不好看无关。They are all qualities of behavior, temperament, character that are achievable—they are not forbidden to anybody in this group.它们都是行为、性情、品格层面的东西，人人都可以做到 —— 在座各位没有谁天生做不到。And if you look at the qualities on the right hand side—the ones that turn you off in other people—there is not a quality there that you have to have.而右边那些让人讨厌的缺点，没有一个是你必须拥有的。You can get rid of it a lot easier at your age than at my age, because most behaviors are habitual.在你们这个年纪改掉，比我容易得多，因为大多数行为都是习惯。The chains of habit are too light to be felt until they are too heavy to be broken.There is no question about it.I see people with these self-destructive behavior patterns at my age or even twenty years younger and they really are entrapped by them.我见过很多我这个年纪、甚至更年轻的人，被自我毁灭式的行为困住。So I would say, if you just write down the qualities of the person you would buy 10% of, and then start behaving like that person,所以我说：写下你愿意买入 10% 的那个人的品质，然后照着去做，you will be the one you want to buy 10% of when you are all through.And the beauty of it is that you already own 100% of yourself and you are stuck with it.而妙处在于：你本来就 100% 拥有你自己，且一辈子无法更换。So you might as well be that person.Investment Philosophy 投资理念I like businesses that I can understand. Let’s start with that.That narrows it down by 90%.There are all types of things I don’t understand, but fortunately, there is enough I do understand.You have this big wide world out there and almost every company is publicly owned.So you have all American business practically available to you.So it makes sense to go with things you can understand.I don’t want an easy business for competitors.I want a business with a moat around it.I want a very valuable castle in the middleand then I want the Duke who is in charge of that castle to be very honest and hard working and able.Then I want a moat around that castle.The moat can be various things: low cost, patents, real estate location, share of mind.护城河可以是各种形式：低成本、专利、地理位置、心智占有率。Time is the friend of the wonderful business, the enemy of the mediocre.I don’t care if the odds you succeed are 99 to 1 or 1000 to 1 that you succeed.哪怕成功概率是 99:1 甚至 1000:1，我也不在乎。If you hand me a gun with a million chambers with one bullet in a chamber and put it up to your temple and I am paid to pull the trigger, I would not do it.如果有人给我一把一百万腔的枪，只装一颗子弹，顶着你太阳穴，给钱让我扣扳机，我也不干。I don’t need the money. The downside is clear.There was a lousy book with a great title written by Walter Gutman—You Only Have to Get Rich Once.有本书写得一般，但书名很棒，作者沃尔特・古特曼： 人只需要富一次就够了 。Now that seems pretty fundamental.If you have $100 million at the beginning of the yearand you will make 10% if you are unleveraged and 20% if you are leveraged 99 times out of a 100,不加杠杆赚 10%，加杠杆 99 次能赚 20%，what difference if at the end of the year you have $110 million or $120 million?年底你是 1.1 亿还是 1.2 亿，有什么区别？It makes absolutely no difference.It makes no difference to your family, make no difference to anything.But if you lose, you lose everything—your reputation, your friends’ money, humiliation.We basically never borrow money.I never borrowed money even when I had $10,000 basically.John Meriwether and the two Nobel prize winners.If you take the 16 of them, they have about as high an IQ as any 16 people working together in one business in the country, including Microsoft.这 16 个人的智商，全美任何团队都难匹敌，包括微软。An incredible amount of intellect in that room.Now you combine that with the fact that the 16 had extensive experience in the field they were operating in—300 or 400 years of aggregate experience.再加上他们在这个领域的深厚经验 —— 合计从业三四百年。And most of them had most of their very substantial net worth in the businesses.But they risked something that was important to them for something that was unimportant to them.Henry Kaufman said: “There are two kinds of people who go broke: those who know nothing and those who know everything.”亨利・考夫曼说：“有两种人会破产：一无所知的人，和无所不知的人。”What you need to do is figure out what you understand and then stay within that circle.你要做的，是搞懂自己能理解什么，然后待在这个圈子里。It doesn’t matter how big the circle is.What matters is that you know where the edges are.I don’t try to buy companies at the bottom.I try to buy wonderful companies at fair prices.I get to work in a job that I love, but I have always worked at a job that I loved.I loved it just as much when I thought it was a big deal to make $1,000.即便当年赚 1000 美元都觉得了不起时，我也同样热爱。I urge you to work in jobs that you love.I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume.为了简历好看，一直做不喜欢的工作，我觉得是脑子不清醒。That’s a little like saving up sex for your old age.I only work with people I like.If I could make $100 million working with someone I don’t like, I wouldn’t do it.That’s like marrying for money—it’s probably a bad idea under any circumstances,but it’s absolutely nuts if you’re already rich.Imagine a genie comes to you before you are born and says:“You’re going to be born into the world, but I’m going to let you design the social system you’re going to live in.“你将要降生到这个世界，我允许你设计你所处的社会制度。The catch is: you don’t know where you’re going to land in that system.You could be black or white, male or female, rich or poor, able-bodied or disabled, smart or dumb, born in America or Somalia.”你可能是黑人或白人，男性或女性，富有或贫穷，健全或残疾，聪明或愚笨，出生在美国或索马里。You would design a system that takes care of the person at the bottom, because you might end up there.你会设计一个照顾底层的制度，因为你可能就是那个底层。And you would design a system that rewards people who contribute.But the truth is, you already won the ovarian lottery.You were born in America at this time.That’s worth at least $50 million to you. You can’t buy that.So you have an enormous obligation to use your talents.Investing is simple, but not easy.You have the knowledge, the IQ, the energy.If you behave with integrity, stay within your circle of competence, and be patient, you will succeed.只要保持正直、待在能力圈内、保持耐心，你就会成功。
本文来自网友投稿或网络内容，如有侵犯您的权益请联系我们删除，联系邮箱：wyl860211@qq.com 。
