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  • He was the single most successful investor of the 20th century.

    他是20世紀最成功的投資者

  • Time Magazine named him one of the most influential people in the world.

    時代雜誌選他是世界上最有影響力的人士之一

  • He's worth over 70 billion dollars.

    他的身價超過七千億美元

  • He's Warren Buffett, and here are his top 10 rules for success.

    他就是巴菲特,以下是他的成功的最重要十項原則

  • How can other people... tap dance to work, what's the secret of that?

    為什麼人可以工作很愉快,他們有何秘技?

  • You find your passion, you find your passion.

    你要找到自己所愛,找到熱誠

  • I was very, very lucky to find ....

    我很幸運地找到了

  • you know what? I was ...

    你知道嗎?當我七八歲時找到熱情

  • Seven or eight years old and, you know

    你知道

  • and fortunately my children have found their passion.

    幸運地我的孩子們找到了他們的熱情

  • My, you know, one son loves farming like nothing else.

    我有一個兒子非常喜愛農牧

  • One son loves music like everything else.

    另一個兒子喜愛音樂

  • And all three of them love philanthropy and what they get to do.

    三個兒子都喜歡慈善事業,也喜愛他們能夠做的事

  • You're lucky in life when you find it, and uh

    如果你找到了算你幸運

  • you can't guarantee you're gonna find it in your first job

    你不能保證你做第一份工作時就很喜歡它

  • but I always tell the college students to come out

    我常和大學生說

  • I say, "Take the job that you would take if you would take if

    我說,「如果你找到一份工作」

  • you were independently wealthy."

    「可以讓你在經濟上獨立」

  • You know, that's, you're going to do well at it.

    你就會做得很好

  • If you think you're going to be a lot happier if you've got 2x instead of x, you're probably making a mistake.

    如果你覺得你能拿到二倍而不是一倍的錢,你會更快樂,你想錯了

  • I mean ... You oughta find something you like that's– that works with that

    我的意思是,你要找的是你喜歡的工作,然後去做

  • You will be getting trouble if you think making 10x or 20x is the answer to everything in life.

    如果你以為賺10倍或20倍的錢可以解決人生所有的問題, 你會有很大的麻煩

  • Because then you will do things like borrow money when you shouldn't

    因為那樣你會一直去借錢,而實際你不應該去

  • ... or maybe cut corners on things that your employer wants you to cut corners on.

    也許你會想投機取巧,或者你的老板要你去投機

  • It just doesn't make any sense.

    這是完全不對的

  • You won't like it when you look back on it...

    你以後回想時你不會喜歡曾做過的事

  • The three things in hiring to people you look for are integrity, intelligence and energy

    雇主求才時看的三項品德是正直、聰穎和活力

  • and he said, "If the person didn't have the first two, that the latter two would kill him"

    然後他說,「如果一個人沒有前兩項,後兩項會毀了他」

  • because if they don't have integrity, you want 'em dumb and lazy. You don't want 'em smart and energetic.

    因為如果人沒有正直,你寧願他們笨些或懶惰,你不要他們聰明又有活力

  • It never bothered me, if people...

    對我來說沒有問題,如果

  • disagreed with what I thought,

    有人不同意我的看法

  • as long as I felt I knew the facts.

    只要我覺得我知道事實是如何

  • I mean there's a whole bunch of things that I don't know a thing about.

    我的意思是說我有很多事不懂

  • I just stay away from those.

    我就不去碰它們

  • So, I stay within what I call my circle of competence.

    我只待在我的能力範圍裡

  • Tom Watson said it best.

    Tom Watson說這樣最好

  • He said, "I'm no genius but I'm smart in spots and I stay around those spots."

    他說: 「我不是天才,但我有一些地方還算聰明,所以我待在那些地方」

  • Well, I try and stay around those spots ...

    所以我也試著待在我能力的範圍裡

  • and I just don't have a problem if

    我也沒有什問題

  • somebody says you know you are wrong on something.

    如果有人說我錯了

  • I just go back and look at the facts...

    我就回頭看看事實

  • and I think that really is much more important, frankly,

    坦白說,我覺得那樣比較重要

  • thanthan having a few more points of IQ or...

    比起一些像IQ多幾分

  • or having an extra course or two in school or anything of the sort.

    或是在學校上過什麼課程

  • You need emotional stability.

    你需要在情緒上穩定

  • I just read and read and read. I probably read five to six hours a day.

    我就是讀書、讀書、讀書,每天大約讀五到六小時

  • I don't read as fast now as when I was younger

    現在沒有年輕時讀得快

  • but I read five daily newspaper. I read a fair number of magazines.

    但每天要讀五份報紙,一些雜誌

  • I read 10-Ks, I read annual reports and I read a lot of other things too.

    我讀財務報告、年度報告等等

  • So I've always enjoyed reading, I love reading biographies.

    我一直很喜歡讀書,像是自傳

  • Famous lesson about a margin of safety ...

    有關於安全係數,有一個著名的訓示

  • you don't drive a truck

    你不要開一輛卡車過橋

  • that weighs 99-hundred pounds across a bridge

    車上載重9千9百磅

  • that says limit 10-thousand pounds

    橋墩上的告示明白規定不得載超過10萬磅過橋

  • because you can't be that sure about it

    因為你沒有辦法那麼有把握不會超過

  • If you see something like that, go a down

    如果你碰到這種情況

  • further down the road and go by one that says,

    再往前走,找下一條橋

  • "limit 20,000 pounds" .. and that's the one you drive across

    規定最低可以接受的重量是2萬磅,然後你才開卡車過去

  • The nature of capitalism is that people want to come and take your castle.

    資本主義的本質是所有人都可以把你的城堡拿走

  • Perfectly understandable.

    完全可以理解

  • I mean, if I'm selling television sets or something

    我的意思是如果我在賣電視機或其他的東西

  • there's going to be ten other people trying to sell a better television set.

    其他很多的人也可以賣更好的電視機

  • If I have a restaurant here in Omaha,

    如果你在Omaha市開餐廳

  • people are gonna try and copy my menu

    其他人可能抄你的菜單

  • and give more parking and take my chef, and so on ...

    然後提供更多停車位,甚至挖走我的廚師等等

  • So, capitalism's all about

    所以,資本主義就是

  • somebody coming and trying to take the castle.

    別人都可以把你的城堡拿走

  • Now, what you need

    所以你所需要做的是

  • is you need a castle that has some durable ...

    你要一座可以持久經營的城堡

  • competitive advantage ...

    要有競爭優勢

  • Some castle that has a moat around it.

    有些城堡有護城河

  • And that moat, that's one of the best moats, in many respects

    護城河是最好的,各方面都要好

  • is to be a low-cost producer.

    對企業來說就是一位低成本製作人

  • But sometimes the moat is just having more talent.

    有些時候護城河也可以指才能

  • I mean, if you're the heavyweight champion of the world

    假如你是世界重量極拳王

  • and you keep knocking out people, you've got

    你可以一直出拳打倒對手

  • a competitive advantage as long as you can keep doing it.

    因為你有競爭優勢,然後可以保持下去

  • And it's very profitable

    你就有錢途

  • if you're the one that happens to be able to do it.

    如果你是碰巧做到你做的事

  • If you can turn out great motion pictures ...

    然後你能創造出好的電影

  • Steven Spielberg ...

    像是史蒂芬史匹柏

  • I mean, he's a fellow to bet on

    我的意思是他是位值得投資的人

  • and it has enormous economic value.

    投資他可以帶來很大的經濟效益

  • You'd be surprised

    你會很驚訝

  • atat my days

    在我的時代

  • I mean, they are very

    我們沒有什麼組織力

  • unstructured

    鬆散的結構

  • Uh ... no meetings

    沒有會議

  • uh ... none

    沒有

  • I mean ... we don't ... I don't like meetings

    我的意思是我們不喜歡開會

  • and, uh ...

    而且

  • I read a lot

    我愛讀文章

  • I wish I were a faster reader.

    我希望我閱讀速度能快點

  • I'd get more done. But I do read a lot.

    我可能可以完成更多工作,但我真的讀很多

  • And I– I, uh... I'm on the phone

    我講電話

  • a moderate amount.

    不少的時候

  • Uh...

  • Our businesses run themselves, basically, out there.

    我的生意自動的會運作

  • My job is allocating capital

    我的工作是分配資金

  • and that's what I'm thinking about.

    我腦子想的就是這些

  • But I don't like to have

    但我不喜歡

  • things all packed hour to hour to hour

    事實安排地非常緊迫

  • and Bill and I are both

    比爾和我兩人

  • extraordinarily lucky ... I mean, we really get to do

    非常幸運,我想說的是我們能夠

  • what we like to do the way we wanna do it

    做自己想做的事,而且是用自己的方法去做

  • with the people that we choose to be around that are terrific.

    和我們一起工作的夥伴也很傑出

  • I mean, we've really got everything

    我們真是得天獨厚

  • our way

    用我們的方法

  • and we're very fortunate.

    我們非常幸運

  • And ... in his world, he has some...

    在他的領域,他有些

  • he has a different kind of pace than I have

    不同於我的步調

  • but we both love it the way we do it

    但我們都熱愛我們的工作

  • and

    而且

  • my guess is that we're each

    我推測我們兩人

  • the most productive

    都相當有生產力

  • in that particular mode, too

    以我們特別的模式

  • because it ...

    因為

  • it fits our personalities and aptitudes.

    和個性與性向有關

  • What kills great businesses

    會使企業失敗的原因

  • If you look at... I do believe in looking at history

    是如果我們看一下,我相信我們在過去的歷史

  • and I–

    我個人則

  • I try to

    試著去

  • I like to study failure, actually ... my partner says

    我喜歡去研究失敗,事實上,我的夥伴常說

  • all I wanna know is where I'll die

    我想知道的是究竟去什麼地方會去死

  • so I'll never go there.

    我就不去那兒

  • And we want to see what has caused

    我們想知道

  • businesses to go bad

    促使企業失敗的原因

  • and the biggest thing that kills 'em is complacency.

    最危險的事是自滿

  • You want a restlessness

    你應該要有的態度是不鬆懈

  • a feeling that

    你感覺到

  • you know, that

    你知道

  • somebody's always after you

    有人一直在後面追你

  • but you're gonna stay ahead of them

    但你要保持領先他人

  • you always want to be on the move.

    你總是要往前

  • And, uh...

    而且

  • when you've got a great business

    你的企業很大的時候

  • you know, like Coca Cola, which is ...

    你知道,像可口可樂

  • there aren't any like Coca Cola.

    沒有別的企業像可口可樂

  • But you really...

    但你真的

  • the danger would always be

    危險是會發生的

  • that you rest on your morals

    如果你鬆懈下來

  • but I see none of that in Coca Cola

    我沒有看過可口可樂公司鬆懈下來

  • that is the key:

    這是很關鍵的

  • to compete the same way when you've got

    始終如一,即使企業已經很大

  • 1.8 billion servings being sold daily

    每天賣掉18億的商品

  • as when you were selling

    好像你每天只賣出

  • ten a day

    十瓶

  • that restlessness, that belief

    從不鬆懈的信念

  • that tomorrow's more exciting

    認為明天會更好

  • than today.

    比今天

  • You know, you just have to have it permeate the organizations.

    你知道,這種精神要滲入整個組織

  • Who was Ben Graham ...?

    Ben Graham 是誰?

  • He was your primary mentor, model ...

    他是你的導師、模範

  • He was a wonderful man

    他是位很了不起的人

  • and he was my professor at Columbia

    他是我在哥倫比亞時的教授

  • I read his book when I was 19

    我在十九歲時讀他的書

  • at the University of Nebraska.

    當時我在內布拉斯加州大學

  • And I'd started investing when I was eleven

    我從十一歲開始投資

  • and I started reading about him when I was like seven.

    我大概在七歲時開始讀到有關於他的事

  • So, I had gone through all ...

    所以我經歷了許多

  • I'd read every book in the Omaha Public Library that there was on...,

    我大概把Omaha 的公立圖書館裡有關投資的書都讀了

  • by the time I was twelve, on investing and stock market.

    十二歲以前就讀完有關投資的書

  • And I had a lot of fun,

    那時非常開心

  • but I never really found out...

    但我當時沒發現

  • I never got grounded in anything

    我並沒有真的很有專業知識

  • and it was entertaining

    只是感到有趣

  • but it wasn't gonna be profitable.

    然後投資也不是很賺錢

  • And then I read Graham's book

    然後我讀了 Graham 的書

  • The Intelligent Investor

    他是位聰明的投資者

  • when I was at University of Nebraska

    我在內布拉斯加州大學學讀書

  • and that just opened the whole thing up to me.

    他的書等於開啟了一扇大門

  • And I named my oldest son

    我第一個兒子的名字就是以他

He was the single most successful investor of the 20th century.

他是20世紀最成功的投資者

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A2 初級 美國腔 投資 讀書 企業 城堡 可口可樂 幸運

巴菲特的十大成功法則(@WarrenBuffett) (Warren Buffett's Top 10 Rules For Success (@WarrenBuffett))

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    羅吉森 發佈於 2021 年 01 月 14 日
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