And I also want to report that your vice chairman is getting new social distinction.

我還要報告的是，你們的副主席正在獲得新的社會榮譽。

I've been invited during this gathering to go to a happy hour, put on by the Bitcoin people.

在這次聚會期間，比特幣公司邀請我去參加他們舉辦的歡樂時光活動。

And I've tried to figure out what the Bitcoin people do in their happy hour.

我還想知道比特幣玩家們在歡樂時光都做些什麼。

And I finally figured it out.

我終於想明白了。

They celebrate the life and work of Judas Iscariot.

他們慶祝紀念加略人猶大（背叛基督的人）的生活和工作。

Is your invitation still good?

您的邀請函還有效嗎？

I finally figured out why the teachers of corporate finance often teach a lot of stuff that's wrong.

我終於明白，為什麼企業財務的老師經常教一些錯誤的東西了。

When I had some eye eye troubles very early in life, I consulted a very famous eye doctor and I realized that his place of business was doing a totally obsolete cataract operation.

早年，我的眼睛出現了一些問題，我諮詢了一位非常有名的眼科醫生，才知道他的診所做的是完全過時的白內障手術。

They were still cutting with a knife after better procedures had been.

在經過更好的程序之後，他們仍然在用刀割。

And I said, why are you in a great medical school?

我說，你為什麼會在一所很好的醫學院？

Performing absolute obsolete operations?

執行絕對過時的操作？

He said, Charlie, it's such a wonderful operation to teach.

他說，查理，這是個非常棒的教學行動。

Well, that's what happens in corporate finance.

公司財務就是這樣。

They get these formulas and it's a fine teaching experience.

他們得到了這些公式，這是一次很好的教學體驗。

You give them a formula, you present the problem, they use the formula.

你給他們一個公式，你提出問題，他們使用公式。

It's, you get a real feeling of worthwhile activity.

它讓你真正感受到活動的價值。

There's only one trouble it's all balderdash.

只有一個麻煩，那就是它已經過時了。

Yeah.

是啊

Whenever you hear a theory described as elegant, watch out in a Charlie and I were on a plane recently that was hijacked with what was hijacked.

每當你聽到一個理論被描述為優雅的時候，就要小心查理和我最近在一架被劫持的飛機上被劫持的東西。

I'm telling about our experience on that hijacked plane when the hijackers picked us out as the two dirty capitalists that they really had to execute.

我說的是我們在那架被劫持的飛機上的經歷，當時劫機者挑中了我們兩個骯髒的資本家，他們真的要處決我們。

And, but they were, they were a little abashed about it.

不過，他們對此有些羞愧。

They didn't really have anything against us.

他們對我們並沒有什麼敵意。

So they said that each of us would be given one request before they shot us.

所以他們說，在槍殺我們之前，每個人都會有一個請求。

And they turned to Charlie and they said, what would you like as your request?

他們轉過身來對查理說，你有什麼要求？

Charlie said, I would like to give once more my speech on the virtues of Costco with illustrations.

查理說，我想再一次繪聲繪色地介紹 Costco 的優點。

And the hijacker said, well, that sounds pretty reasonable to me.

劫機者說，好吧，我覺得這聽起來很有道理。

And he turned to me and said, and what would you like Mr Buffet?

他轉過身對我說，巴菲特先生，你想要什麼？

And I said, shoot me first.

我說，先斃了我吧

Yeah.

是啊

Well, well, Costco of course, is a, a business that became the best in the world in its category.

好吧，好吧，好市多當然是一家在同類產品中成為全球最佳的企業。

And it did it with an extreme meritocracy and an extreme ethical duty, self imposed to take all its cost advantages as fast as it could accumulate them and pass them on to the customers.

它做到了極度任人唯賢和極度道德義務，自我強加，以最快的速度積累所有成本優勢，並將其轉嫁給客戶。

And of course, that created a ferocious customer loyalty and, and uh it's been a wonderful business to watch and of course, strange things happen when you, when you do that and do that long enough, Costco has one store in Korea that will do over 400 million in sales this year.

好市多在韓國有一家店，今年的銷售額將超過 4 億美元。

These are figures it can't exist in retailing, but of course they do.

這些數字在零售業是不可能存在的，但它們當然存在。

And so that's an example of, of somebody having the right managerial system, the right personnel selects the right ethics, uh the right diligence and et cetera, et cetera.

是以，這就是一個例子，說明某人有正確的管理制度、正確的人員選擇、正確的職業道德、正確的勤奮等等。

That is quite rare.

這是非常罕見的。

And if you, if once or twice in a lifetime, you're associated with such a business, you're a very lucky person.

如果你，如果你一生中能有一兩次機會與這樣的企業合作，你就是一個非常幸運的人。

And the more normal business is a business like, say General Motors, which became the most successful business of its kind in the world and wiped out its common shareholders.

而更正常的企業是像通用汽車這樣的企業，它成為世界上同類企業中最成功的企業，卻讓其普通股股東血本無歸。

What last year?

去年怎麼了？

That is a very interesting story.

這是一個非常有趣的故事。

And if I were teaching a business school, I would have value line type figures that took people through the entire history of General Motors.

如果我在商學院任教，我會用價值線類型的數字帶領人們回顧通用汽車的整個歷史。

And I would try and relate the changes in the graph and in the data to what happened in the business.

我會嘗試將圖表和數據中的變化與業務中發生的事情聯繫起來。

And to some extent they faced a really difficult problem, heavily unionized business combined with great success and very tough competitors who came up from Asia and elsewhere and to some extent from Europe.

在某種程度上，他們面臨著一個非常棘手的問題，即嚴重工會化的企業與巨大的成功相結合，以及來自亞洲和其他地區，在某種程度上來自歐洲的非常強勁的競爭對手。

And that is a real problem which of course, to prevent wealth from killing you.

當然，這是一個真正的問題，要防止財富殺死你。

Your success turning into a disadvantage is a big problem in business.

你的成功變成了劣勢，這是生意場上的一個大問題。

And so there are all these wonderful lessons in those in those graphs and I don't know why people don't do it.

是以，這些圖表中蘊含著所有這些美妙的經驗，我不知道人們為什麼不這樣做。

The graphs don't even exist that I would use to teach.

我在教學中使用的圖表甚至都不存在。

I can't imagine anybody being dumb enough not to have the kind of graphs I yearn yearn for.

我無法想象會有人蠢到沒有我渴望的那種圖形。

But so far as I know there's no business in the school in the country that's yearning for these graphs.

但據我所知，全國的學校裡沒有一家企業渴望得到這些圖表。

Partly the reason they don't want it is if you taught a history of business this way, you'd be trampling on the territories of all professors and sub disciplines, you'd be stealing some of their best cases and the, and the bureaucracies, even academic bureaucracies, people protect their own turf.

他們不希望這樣做的部分原因是，如果你用這種方式教授商業史，你就會踐踏所有教授和分支學科的領地，你就會竊取他們的一些最佳案例，而官僚機構，甚至是學術官僚機構，都會保護自己的地盤。

And of course, a lot of that happened in general.

當然，很多事情都發生在平時。

Motors Nick.

尼克發動機

Yeah, it's a, I really think the world that's the way it should be taught.

是的，我真的認為世界上就應該這樣教。

Harvard Business go once taught it much that way.

哈佛商學院曾經這樣講過。

And they stopped and I'd like to make a case study as the way they stopped.

他們停了下來，我想就他們停下來的方式做一個案例研究。

I think I can suc success.

我想我可以成功。

I think I can successfully guess.

我想我可以成功猜到。

It's that, of course, in history of business trampled on the territory of barons of other disciplines.

當然，這是在商業史上踐踏了其他學科男爵的領地。

Like the baron of marketing, the baron of finance, the baron of whatever.

比如營銷男爵、金融男爵、什麼的男爵。

And, uh, listen, IBM is an interesting case.

聽著，IBM是個有趣的案例。

I mean, there's just one after another that are utterly fascinating and I don't think they're properly taught at all because nobody wants to do the full sweep.

我的意思是，它們一個接一個，令人著迷，但我認為它們根本沒有得到適當的傳授，因為沒有人願意全面學習。

Yeah.

是啊

The one place that I feel we're making a huge mistake is not learning enough from the big mess that came from wretched excess in our financial system.

我覺得我們正在犯一個巨大的錯誤，那就是沒有從我們的金融體系中的過剩行為所造成的巨大混亂中吸取足夠的教訓。

I don't think we've throttled the sin and folly out of that aspect of the economy nearly enough.

我認為，我們對經濟中的罪惡和愚蠢扼殺得還不夠。

And I think if you look at all the panics and depressions of the United States, they all came from financial collapses, usually preceded by perfectly asinine greedy behavior.

我認為，如果你回顧一下美國所有的恐慌和蕭條，它們都是由金融崩潰引起的，而在此之前，通常都有非常愚蠢的貪婪行為。

And I think there would be a lot to be said for taking no an ax to our financial sector and whittling it down to a more constructive size.

我認為，如果不對我們的金融部門開刀，將其削減到更具建設性的規模，會有很多好處。

Well, tell us more about how you use that ax.

那麼，請告訴我們更多關於你如何使用那把斧頭的資訊。

Well, Warren, I'll make myself ridiculous, but I guess I'm so old.

好吧，沃倫，我會讓自己變得可笑的，但我想我已經老了。

I'm entitled to do that.

我有權這麼做。

I would have the tax system discourage trading.

我會讓稅收制度抑制貿易。

I would have various kinds of Tobin taxes.

我會徵收各種託賓稅。

I would have securities trading more with the frequency of real estate than the trading with computer algorithms were one person's computers, outwit another person's computers and what amounts to sort of legalized front running.

我認為證券交易更多的是房地產交易，而不是計算機算法交易，即一個人的計算機勝過另一個人的計算機，相當於一種合法化的幌子交易。

I don't think we need any of that stuff and I think making heroes out of the people who succeed at it is not good for the fiber of the country either.

我認為我們不需要這些東西，而且我認為把成功者塑造成英雄也不利於國家的發展。

I hate the idea that 25% of our best engineers are going into the financial sector.

我討厭 25% 的優秀工程師進入金融行業的想法。

So I think it's crazy what we've allowed and I think the lack of contrition in our financial sector after the disgraceful stuff they got us into is perfectly awesome.

是以，我認為我們所允許的一切都太瘋狂了，我認為我們的金融部門在讓我們陷入不光彩的事情之後還缺乏悔改之心，這簡直太可怕了。

It makes Dave soga look like a hero.

這讓戴夫-索加看起來像個英雄。

He's getting warmed up.

他在熱身

Yeah, just as a sidelight, you know, how many of, you know, that if you train an S and P future contract, uh, 500 S and P 500 contract and you hold it for 10 seconds and you have a profit that 60% of the gain is long term gain and 40% is short term gain.

是的，順便提一下，你知道，有多少人，你知道，如果你訓練一份 S 和 P 期貨合約，呃，500 份 S 和 P 500 合約，你持有它 10 秒鐘並獲得利潤，60% 的收益是長期收益，40% 是短期收益。

So, our congress has said that this activity should be more lightly taxed, you know, than cleaning washrooms or, or doing all the things that you people do every day that uh you get a special tax treatment.

所以，我們的國會說，這種活動應該被徵收更輕的稅，你知道，比起打掃衛生間，或者做你們這些人每天都要做的所有事情，呃，你們可以享受特殊的稅收待遇。

Now that illustrates one of the problems with the tax code and that there's a few people that care intensely about having that in there.

這就說明了稅法的問題之一，有少數人非常在意稅法中是否有這一條。

And the cost of it in terms of less revenue for the US government is diffused among a large group, none of whom have enough interest to want to go out and write their congressmen or hire a lobbyist to fight the other way.

美國政府是以而減少收入的代價分散在一大批人身上，他們中沒有人有足夠的興趣去寫信給國會議員或僱傭說客來進行反擊。

But it's pretty extraordinary that, uh, we have decided that that particular form of activity should, uh, should get 60% taxed at a 15% maximum rate even though it may only take 10 or 20 seconds and be just a little flicker on the screen.

但是，我們決定對這種特殊形式的活動徵收 60%的稅，最高稅率為 15%，即使它可能只需要 10 或 20 秒鐘，只是螢幕上的一個小閃爍，這也是非常不尋常的。

And the hedge fund operators of America get a much lower tax rate than the professors of physics or the drivers of taxis.

美國對沖基金經營者的稅率比物理學教授或計程車司機低得多。

This is demanded the mistakes that have been most extreme in Berkshire's history are mistakes of omission.

這就要求伯克希爾歷史上最極端的錯誤是不作為的錯誤。

Uh They don't show up on our figures.

我們的數據中沒有顯示。

Uh, they show up in opportunity costs.

呃，它們體現在機會成本上。

In other words, we, we have opportunities, we almost do it.

換句話說，我們，我們有機會，我們幾乎做到了。

In retrospect, we can tell that we were very much mistaken not to do it in terms of the shareholders.

現在回想起來，我們可以說，從股東的角度來看，不這樣做是非常錯誤的。

Those are the ones in our history that it really cost the most and very few management.

在我們的歷史上，這些都是真正代價最大、管理極少的。

Uh, uh, do much thinking or talking about opportunity costs.

呃，呃，關於機會成本的思考或討論太多了。

But Warren, we have blown billions and billions and billions.

但是沃倫，我們已經浪費了數十億、數十億、數十億。

I might as well say it.

我還是直說吧。

You're right.

你說得對。

Right.

對

Yeah.

是啊

My question is not about money.

我的問題與錢無關。

It's about friendship.

這是關於友誼的。

How do you remain friends and business partners for so long?

你們是如何長期保持朋友和商業夥伴關係的？

And what advice do you have for young people like me in selecting true friends and future business partners?

對於像我這樣的年輕人，在選擇真正的朋友和未來的商業夥伴時，您有什麼建議？

Thank you.

謝謝。

No one.

沒有人

But when Charlie and I met in 1959 we were introduced by the Davis family and they predicted that within 30 minutes, we would either not be able to stand each other or we would get along terrifically.

但當查理和我在 1959 年相遇時，我們是由戴維斯一家介紹認識的，他們預言，在 30 分鐘內，我們要麼無法忍受對方，要麼會相處得非常好。

And uh uh that was a fairly insightful analysis actually by the davises.

戴維斯夫婦的分析很有見地

Uh uh because you had two personalities that both had some tendencies to dominance in certain situations.

因為你有兩種性格，在某些情況下都有一些支配傾向。

And uh but we just, we hit it off.

我們一見如故

We, we have disagreed but we, uh we have never had an argument that I can remember at all in 43 years.

我們，我們有不同意見，但我們，呃，在我的記憶中，43 年來我們從未有過爭執。

And uh uh and yet we both have strong opinions and they aren't the same strong opinions at times.

我們都有強烈的意見，但有時意見並不一致。

But the truth is we've had an enormous amount of fun together.

但事實上，我們在一起非常開心。

We continued to have an enormous amount of fun and, uh, nothing will change that.

我們繼續享受著無窮的樂趣，嗯，沒有什麼能改變這一點。

Basically.

基本上是這樣。

It, uh, uh, it may have worked better because he's in California and I'm in Almo.

因為他在加利福尼亞，而我在阿爾莫，所以效果可能更好。

I don't know.

我不知道。

I'll let Charlie comment on it.

我會讓查理對此發表評論。

Well, that's a wonderful question you've asked because Warren and I both know some very successful businessmen who have not one true friend on earth and rightly so that's true.

你問的這個問題很好，因為沃倫和我都認識一些非常成功的商人，他們在世界上沒有一個真正的朋友，事實也確實如此。

Um That is no way to live a life.

這不是生活的方式。

And if, if, if, by asking that question you're asking, how do I get the right friends?

如果，如果，如果你問了這個問題，你就是在問，我怎樣才能交到合適的朋友？

You are really on the right question.

你真的問對問題了。

Uh And when you get with the right friends, if you've worked hard at becoming the right sort of fellow, I think you'll recognize what you have and then all you have to do is hang on the real question.

當你和正確的朋友在一起時，如果你努力成為一個正確的人，我想你會認識到你所擁有的一切，然後你所要做的就是抓住真正的問題。

What question is, what do you like in other people?

問題是，你喜歡別人的什麼？

I mean, what do you want from a friend?

我是說，你想從朋友那裡得到什麼？

And if you think about it, there's certain qualities that you admire in other people that you find likable that you and, and, and, and cause you to want to be around uh certain people and then look at those qualities and say to yourself, which of these, is it physically or mentally impossible for me to have?

如果你仔細想想，你欣賞別人身上的某些品質，你覺得這些品質很討人喜歡，讓你想和某些人在一起，然後看看這些品質，然後對自己說，這些品質中，有哪些是我在身體上或精神上不可能擁有的？

And the answer will be none.

答案是沒有。

You know, I mean, you, it's only reasonable that if certain things attract you to other people that if you possess those, they will attract other people to you.

你知道，我的意思是，你，如果某些東西吸引了你，那麼如果你擁有這些東西，它們也會吸引其他人來找你，這才是合理的。

And secondarily if you find certain things repulsive in other people, whether they brag or they're dishonest or whatever it may be that turns you off, it's gonna turn other people off if you possess those qualities and those are choices, you know, very few of those things, uh, you know, are in your DNA, they, they are choices and, and they are also habits.

其次，如果你覺得別人身上有某些令人厭惡的東西，不管他們是吹牛還是不誠實，也不管是什麼讓你反感的東西，如果你擁有這些品質，就會讓別人反感，而這些都是選擇，你知道，很少有這些東西，呃，你知道，是你的基因裡就有的，它們，它們是選擇，它們也是習慣。

I mean, if you, if you have habits that attract people early on, you'll have them later on.

我的意思是，如果你一開始就有吸引人的習慣，你以後也會有。

And if you have, uh, habits that repel people, you're not gonna cure it when you're 60 or 70.

如果你有排斥別人的習慣 你到了六七十歲也治不好。

So, it's, it's, it is not a complicated equation.

是以，這並不是一個複雜的方程式。

And as I remember Ben Franklin did something like that one time, didn't he list the qualities he admired?

我記得本-富蘭克林曾經做過類似的事情，他不是列舉了他所欽佩的品質嗎？

And then just how to acquire them.

然後就是如何獲取它們。

He went out of the way you've gone after acquiring money.

他不惜一切代價去獲取金錢。

Ok.

好的。

They're not mutually exclusive.

它們並不相互排斥。