Name: 回顧巴菲特合夥人查理蒙格的生平與傳奇 (Looking back at the life and legacy of investing legend Charlie Munger)
Uploaded: 2023-12-04T21:01:20.000Z
Duration: 5 min 13 s

Our Becky Quick looks back at Munger's long life and his underrecognized role in helping Warren Buffett become one of the richest people on earth.

我們的貝基·奎克回顧了蒙格的長壽及他在協助華倫·巴菲特成為地球上最富有的人之一中被低估的角色。

Charlie Munger was best known as Warren Buffett's right-hand man, their investing partnership dating back decades.

查理·蒙格最著名的身分是華倫·巴菲特的得力助手，他們的投資夥伴關係可以追溯到數十年前。

程度副詞

I would say that every time I'm with Charlie, I'll get at least some new slant on an idea that causes me to rethink certain things, and we've had so much fun in the partnership over the years.

每次與查理在一起，我都會從中獲得至少一些對某個想法的新觀點，使我重新思考一些事情，我們在這個夥伴關係中有著如此多的樂趣。

It's almost hilarious, it's been so much fun.

Buffett credits the Berkshire Hathaway vice chairman with teaching him the importance of paying up for high-quality businesses.

巴菲特將波克夏·海瑟威的副主席與教導他付出更多代價購買高質量企業的重要性聯繫在一起。

When he weaned me away from the idea of buying very so-so companies at very cheap prices, knowing that there was some small profit and looking for really wonderful businesses to buy at fair prices.

當他讓我放棄以非常便宜的價格購買非常馬馬虎虎的公司的想法時，因為他知道利潤微薄，並尋找真正出色的企業以合理的價格購買。

It's not that much fun to buy a business where you really hope this sucker liquidates before it goes broke.

購買一家你真的希望這個傻瓜在破產之前清算的企業並不是那麼有趣。

The willingness to pay for quality paid off for Munger and Buffett in deals like their purchase of See's Candies and the decision in the late 1980s to buy a substantial stake in Coca-Cola.

蒙格和巴菲特願意為品質付出代價，這在他們收購喜詩糖果以及 1980 年代末決定購買可口可樂大量股份等交易中得到了回報。

Before his Berkshire days, Munger owned his own successful investment firm and practiced law.

在加入波克夏之前，蒙格擁有自己成功的投資公司並從事法律工作。

In 1962, he and a group of attorneys founded Munger Tolles, now known as Munger, Tolles & Olsonvery, a very prominent law firm.

1962年，他和一群律師創立了Munger Tolles（現稱為Munger, Tolles & Olsonvery），一家非常著名的律師事務所。

Munger, like Buffett, grew up in Omaha, Nebraska, and as teenagers, they both worked at Buffett's grandfather's grocery store, but not at the same time, as Munger was seven years older.

蒙格和巴菲特一樣，在內布拉斯加州的奧馬哈長大，青少年時期，他們都在巴菲特祖父的雜貨店工作，但不是同時工作，因為蒙格比他年長七歲。

It wasn't until Buffett was in his late 20s and Munger in his mid-30s and living in California that they were introduced to each other by mutual friends.

直到巴菲特 20 多歲和芒格 30 多歲住在加州時，他們才透過共同的朋友介紹認識。

We had dinner together in 1959. In five minutes, Charlie was rolling on the floor laughing at his own jokes, and I'd do the same thing.

1959 年，我們一起吃晚餐。五分鐘後，查理就被自己講的笑話笑得在地板上打滾，我也會做同樣的事情。

They began to spend hours each week on the telephone, talking investments, and Buffett urged Munger to trade in a career in law for one in investing.

他們開始每週花幾個小時打電話討論投資，巴菲特敦促蒙格放棄律師職業，轉而從事投資工作。

I met Charlie and he was practicing law. I told him that was okay as a hobby, but it was a lousy business, so...  - Fortunately, I listened.

我遇見了查理，他正在從事法律工作。 我告訴他，作為一種愛好還可以，但這是一件糟糕的職業，所以… - 幸運的是，我聽了。

From 1962 until 1975, Munger's investment partnership produced a 19.8% compound annual return versus just 5% for the Dow.

從 1962 年到 1975 年，蒙格的投資合夥企業創造了 19.8% 的複合年回報率，而道瓊指數的複合年回報率僅為 5%。

It wasn't until 1978 that Munger formally joined Berkshire as vice chairman.

直到1978年，蒙格才正式加入波克夏擔任副董事長。

But Munger's even-tempered, risk-averse and pragmatic approach to investing was a major influence on Buffett from the time they first met,

但從他們第一次見面起，蒙格的平和、規避風險和務實的投資態度就對巴菲特產生了重大影響，

helping Berkshire Hathaway grow into a multimillion-dollar conglomerate that owns well-known businesses like Dairy Queen, Geico, Helzberg Diamonds, and Burlington Northern.

幫助波克夏·海瑟威公司成長為價值數百萬美元的企業集團，旗下擁有 Dairy Queen、Geico、Helzberg Diamonds 和 Burlington Northern 等知名企業。

Munger, however, didn't limit himself to just Berkshire.

然而，蒙格並不僅限於波克夏。

He was chairman of Wesco Financial from 1984 until 2011 when it was totally assimilated into Berkshire.

1984 年至 2011 年，他擔任 Wesco Financial 董事長，直至該公司完全併入波克夏·海瑟威公司。

During those years, he was known for his deadpan humor and straight-shooting style at shareholder meetings where he interacted at length with his investers.

那些年裡，他在股東大會上與投資者進行了長時間的互動，以面無表情的幽默和直率的風格而聞名。

After Wesco, Munger moved the show and his growing collection of fans to another company, where he remained chairman, The Daily Journal.

在韋斯科之後，蒙格將舞台和他不斷增長的粉絲群轉移到了另一家公司，他仍然擔任該公司的董事長，即《每日日報》。

One of my favorite lines from you is, you want to hire the guy with the IQ of 130 that thinks he's 120 and the guy with an IQ of 150 who thinks he's just 170 will just kill you.

我最喜歡你說的一句話之一是，你想僱用一個智商 130 的人，但他認為自己只有 120，而智商為 150 的人，卻認為自己只有 170，他只會殺了你。

He brought his blistering one-liners to Berkshire Hathaway's annual meetings too.

他還把他的尖刻俏皮話帶到了波克夏·海瑟威公司的年會上。

What I needed to get ahead was to meet against idiots, and luckily, there's a large supply.

我需要做的就是與白痴對抗，幸運的是，白痴有很多。

Professional traders, they go into trading cryptocurrencies, it's just disgusting. It's like somebody else is trading turds, and you decide, I can't be left out.

專業交易員，他們從事加密貨幣交易，這太噁心了。 這就像有人在交易糞便，而你決定，我不能被排除在外。

Absolutely. That's the way I got married. My wife lowered her expectations.

當然。 我就是這樣結婚的。 我的妻子降低了她的期望。

And despite a net worth of around $2 billion, for Munger, money wasn't everything.

儘管蒙格的淨資產約為 20 億美元，但對蒙格來說，金錢並不是一切。

All you succeed in doing in your life is to get early rich from passing holding little bits of paper, and you get better and better at only that for all your life, it's a failed life.

你一生中所做的一切成功的事情就是透過持有一點點紙鈔而早日致富，而你一生中只能在這方面做得越來越好，這是失敗的生活。

Life is more than being shrewd at passing wealth accumulation.

生活不僅僅是精明地​​累積財富。