BECKY, YOU KNEW CHARLIE BETTER

貝基，你更瞭解查理

THAN ANYBODY AT THIS NETWORK,

比這個網絡裡的任何人都強、

COVERED BERKSHIRE HATHAWAY FOR

伯克希爾-哈撒韋公司

SO LONG.

好長。

WE ALL KNEW CHARLIE FOR HIS WIT,

我們都知道查理的機智

HIS MUNGERISMS, SO TO SPEAK, BUT

可以說是他的芒格主義，但

I THINK THE INTERPLAY BETWEEN

我認為

WARREN BUFFETT AND CHARLIE

沃倫-巴菲特和查理

MUNGER IS REALLY FASCINATING.

芒格真的很迷人。

THE FRIENDSHIP, BUT ALSO SORT OF

友誼，同時也是一種

THE GIVE AND TAKE AND HOW

付出與回報，以及如何

CHARLIE WAS THE TRUE FOIL TO

查理是真正的陪襯

WARREN BUFFETT IN TERMS OF

沃倫-巴菲特

BOUNCING INVESTMENT IDEAS.

跳動的投資理念。

I REMEMBER WARREN CALLED CHARLIE

我記得沃倫叫查理

THE ABOMABOMINABLE NO-MAN.

可惡的無名小卒

>> YEAH, SAYING, THIS DOESN'T

>>是的，說，這不

WORK AND HERE'S WHY.

工作，原因就在這裡。

THEY DID FIGURE OUT TOGETHER A

他們一起想出了一個

DIFFERENT THOUGHT OF INVESTING,

不同的投資思想、

A DIFFERENT WAY OF BUILDING

另闢蹊徑

THINGS.

事情。

WARRREN BUFFETT HAD BEEN AN ACT

沃倫-巴菲特一直在演戲

LITE, BUYING GOOD BUSINESSES,

輕，購買好的企業、

DECENT BUSINESSES, AT REALLY

體面的企業，在真正

CHEAP PRICES.

價格便宜。

CHARLIE MUNGER IS THE ONE WHO

是查理-芒格

KIND OF CHANGED WARREN BUFFETT'S

某種程度上改變了沃倫-巴菲特的

THINKINGS ON THESE THINGS, WHERE

對這些事情的思考，其中

HE SAID, WE SHOULD BE BUYING

他說，我們應該購買

GREAT BUSINESSES AT DECENT

有體面的好生意

PRICES.

價格

YOU DON'T HAVE TO GO SO LOW AND

你不必如此低聲下氣

GET A GREAT BARGAIN PRICE FOR IT

以低廉的價格購得

IF YOU HAVE A GREAT BUSINESS,

如果你有一個偉大的企業、

THAT WILL EVENTUALLY TAKE CARE

終會解決

OF OOITSELF.

自己的。

TODAY, WARREN BUFFETT PUTTING

今天，沃倫-巴菲特把

OUT A STATEMENT, SAYING,

發表聲明說

BERKSHIRE HATHAWAY COULD NOT

伯克希爾-哈撒韋公司無法

HAVE BEEN BUILT WITHOUT

沒有

CHARLIE'S INSPIRATION, WISDOM,

查理的靈感和智慧

AND PARTICIPATION.

和參與。

AND JUST A COUPLE OF WEEKS AGO,

而就在幾周前

WHEN I SAT DOWN WITH CHARLIE, HE

當我和查理坐在一起時，他

DID TALK A LITTLE BIT ABOUT HOW

我確實談到了

THINGS STARTED AT BERKSHIRE

伯克希爾開始的事情

HATHAWAY.

哈特霍維

HERE'S WHAT HE HAD TO SAY.

他是這麼說的

>> I DID NOT REALLY THINK THAT

>> 我真的沒有想到

WE'D EVER HAVE ONE.

我們永遠不會有

IT WOULD -- IN THE -- SO MANY

它將

HUNDREDS OF BILLIONS IN

數千億美元

BERKSHIRE.

伯克希爾

I DID NOT ANTICIPATE THAT.

我沒想到會這樣。

AND WARREN AND I WERE STARTING

沃倫和我開始

WITH OUR LITTLE PIDDLY START,

我們的小起點

THAT WE'D EVER GET TO $100

我們能達到 100 美元

MILLION, MUCH LESS SEVERAL

百萬美元，更不用說幾個

HUNDRED BILLION.

千億。

IT'S -- -- IT WAS AN AMAZING

這是

OCCURRENCE.

發生。

>> WHAT HAPPENED?

>> 發生了什麼事？

THAT YOU DIDN'T ANTICIPATE?

你沒有預料到的？

WHAT LED TO THAT SUCCESS?

成功的原因是什麼？

>> WELL, WE GOT A LITTLE LESS

>>好吧，我們少了一點

CRAZY THAN MOST PEOPLE.

比大多數人都瘋狂。

AND A LITTLE LESS -- AND THAT

和少一點

REALLY HELPED US.

真的幫了我們大忙。

IN ADDITION, WE WERE GIVEN AS

此外，我們還獲得了

MUCH LONGER TIME TO RUN THAN

運行時間比

MOST PEOPLE, BECAUSE SOMETHING

大多數人，因為有些東西

KEPT US ALIVE INTO OUR 90s.

讓我們活到 90 多歲。

AND IT GAVE US A LONG TRACK FROM

它為我們提供了一條長長的賽道，從

OUR LITTLE PIDDLING START, ALL

我們小小的起點

THE WAY TO THE 90s.

通往 90 年代之路

THOSE ARE THE TWO THINGS THAT

這兩件事

REALLY HAPPENED.

真的發生了

AND OF COURSE, WE WISED UP OVER

當然，我們在

TIME.

時間

WE GOT INTO BETTER AND BETTER

我們變得越來越好

COMPANIES AND WE UNDERSTOOD MORE

我們瞭解了更多

AND MORE OF THE BAD THINGS THAT

和更多的壞事

COULD HAPPEN, HOW EASY THEY

會發生，他們是多麼容易

COULD CREEP IN, AND WE AVOIDED

我們避免了

THEM EVEN MORE, WHEN WE WERE OLD

當我們年老時

THAN WE DID WHEN WE WERE YOUNG,

比起我們年輕時

AND IT ALL WORKED.

這一切都成功了。

>> I THINK BACK IN 2015, FOR THE

>> 我想早在 2015 年，對於

50th ANNIVERSARY OF BERKSHIRE,

伯克希爾 50 週年、

YOU WROTE IN THE SHAREHOLDERS

您在股東中寫道

LETTER THAT AMONG MANY OTHER

信中除其他許多內容外

THINGS, YOU HAD A $60 BILLION

你有 600 億美元

PILE OF CASH AT THAT POINT.

那時候就有一大堆現金了。

YOU THOUGHT THAT -- THAT PILE OF

你認為那堆

CASH WOULD DECLINE OVER TIME,

隨著時間的推移，現金會逐漸減少、

BECAUSE YOU'D BE ABLE TO BUY

因為你可以買到

MORE AND MORE THINGS.

越來越多的東西。

NOW YOU'VE GOT ALMOST $160

現在你有近 160 美元

BILLION IN CASH.

十億現金。

IS THERE AN OPPORTUNITY FOR A

是否有機會

REALLY BIG PURCHASE WITH THAT?

這真的是大宗採購嗎？

AND DO YOU THINK YOU'LL SEE ONE?

你認為你會看到嗎？

>> OF COURSE.

>> 當然。

THERE'S AN OPPORTUNITY FOR A LOT

有很多機會

BIGGER.

更大。

AND PEOPLE WHO DON'T HAVE 160.

和沒有 160.

WE HAVE $160 BILLION IN CASH,

我們有 1600 億美元的現金、

PLUS A GREAT CREDIT RATING WE

加上良好的信用評級，我們

DESERVE.

應得的。

AND WHO IN THE HELL HAS THAT?

那到底是誰有呢？

NOT VERY MANY.

不多。

YES.

是的。

BUT WHAT IT'S GOING TO BE, I

但它會是什麼，我

CAN'T TELL YOU.

不能告訴你

IT CAN'T BE ANYTHING TOO SMALL,

不能太小、

BECAUSE IT DOESN'T MATTER HOW

因為無論如何

GOOD IT IS.

很好。

WE'RE OF A SIZE NOW, TOO SMALL

我們現在的尺寸，太小了

DOESN'T MOVE THE NEEDLE VERY

並不能很好地

MUCH.

多。

SO, WE HAVE -- WE NEED SOMETHING

是以，我們需要

BIG TO COME ALONG, AND USE UP

大來，用完

ALL OUR CASH AND SOME BORROWING.

我們所有的現金和一些借款。

BUT WHO IS MORE LIKELY TO FIND

但誰更有可能找到

SOMETHING THAN A GUY WHO HAS

比一個有

$160 BILLION IN CASH?

1600 億美元現金？

PLUS A LONG HISTORY OF BUYING

加上長期購買

BARGAINS?

討價還價？

I DON'T THINK IT'S HOPELESS.

我不認為沒有希望。

IT MAY HAVE TO BE DONE BY SOME

可能需要由某些人

DIFFERENT PEOPLE, THE NEXT TIME,

不同的人，下一次、

WE MAY NOT TO BE ABLE JUST TO

我們可能無法

SQUEEZE A LITTLE MORE LEMON

再擠一點檸檬

JUICE OUT OF THE OLD LEMONS.

從舊檸檬中榨出汁來。

WE MAY BE ABLE TO -- WE MAY HAVE

我們也許可以

TO SQUEEZE SOME NEW LEMONS,

擠出一些新檸檬、

MEANING NEW PEOPLE MAY HAVE TO

這意味著新人可能需要

MAKE THE DECISIONS, BUT WHO CAN

做出決定，但誰能

MAKE THEM BETTER THAN SOMEBODY

讓他們比別人強

THAT'S WATCHED THE EARLY PROCESS

這就是早期的過程

ALL THROUGH ALL THOSE YEARS AND

這些年來

SEEING HOW WELL IT WORKS?

看看效果如何？

AND WHO STARTS WITH A LITTLE

和誰從一個小

LEGACY, $160 BILLION IN CASH.

遺產，1600 億美元現金。

>> SO, YOU'RE TALKING ABOUT GREG

>>所以，你說的是格雷格

ABLE --

ABLE --

>> YES.

>> 是。

>> TED AND TODD.

>>特德和託德。

>> OR SOMEBODY NOT YET THERE.

>>或某人還沒到。

>> MELISSA, THAT WAS JUST TWO

>> 梅麗莎，那只是兩個

WEEKS AGO TODAY, AND CHARLIE

幾周前的今天，查理

MUNGER, AT 99 YEARS AND 11

芒格，99 歲零 11

MONTHS, REALLY STILL HAD GREAT

個月，真的還是有很大

COMMAND OF EVERYTHING THAT HE

指揮他的一切

SAW, VERY QUICK MENTALLY.

看到了，思維非常敏捷。

VERY CAPABLE OF SITTING AND KIND

坐懷不亂

OF REFLECTING ON ALL OF THESE

反思所有這些

THINGS, BUT HE'S A HUGE REASON

的事情，但他是一個巨大的原因

WHY BERKSHIRE HATHAWAY IS THE

為什麼伯克希爾-哈撒韋公司是

COMPANY THAT IT IS TODAY, AND HE

今天的公司，他

WILL BE SORELY MISSED.

我們將深切懷念他。

>> ARE THERE INVESTMENTS THAT

>> 有些投資

BERKSHIRE HATHAWAY HAS HELD OR

伯克希爾-哈撒韋公司持有或

HAS CURRENTLY THAT HAS CHARLIE

有目前，有查理

MUNGER'S FINGERPRINTS ALL OVER

遍佈芒格的指紋

IT?

信息技術？

>> SURE.

>>當然。

PROBABLY BYD IS THE BIGGEST

可能是最大的

EXAMPLE OF THAT.

這就是一個例子。

THEY GOT IN VERY EARLY AND THAT

他們來得很早，而且

WAS SOMETHING THAT CHARLIE

是查理

MUNGER WAS VERY EXCITED ABOUT,

芒格非常興奮、

BECAUSE OF THE GUY WHO WAS

因為那個人

RUNNING THE COMPANY.

經營公司。

COUPLE OF TRIPS TO CHINA, ONE

幾次中國之行，一次

WAS WARREN AND CHARLIE BOTH,

是沃倫和查理

TRAVELING TO CHINA TO SEE THEIR

去中國看他們的

INVESTMENT THERE, ANDI THINK

我認為

THEY WERE BOTH KIND OF BLOWN

他們都被吹了

AWAY BY WHAT THEY SAW, B

他們的所見所聞