Warren Buffett's Investing Secrets | Book Insights on The Essays of Warren Buffett by Lawrence A. Cunningham and Warren Buffett
发布时间 2023-04-26 14:00:45 来源
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He's one of the most interviewed persons on the planet. His advice is considered a golden goose within the realms of investment and finance. When the market is involved, everybody wants to hear what he's got to say. His name is Warren Buffett. Here he is on CNBC. The own stocks like you don't farm or apartment house, you don't get a quote on those every day or every week. And I think you look at the business and the value of American business depends on how much it delivers and cash to its owners over, between now and judgment day.
他是地球上接受采访最多的人之一。在投资和金融领域，他的建议被视为一只金鹅。当涉及到市场时，每个人都想听听他的意见。他的名字是沃伦·巴菲特。在CNBC上，他说：拥有股票就像拥有农场或公寓，你不会每天或每周都得到报价。我认为你应该看企业的表现以及美国企业将在审判日前向其所有者提供多少现金。
Warren Buffett is arguably the most successful investor of all time. He's consistently in the top 10 richest people in the world. Countless books have been written about him, but the essays of Warren Buffett is the only edited, compendium of writings from the sage of Omaha himself. Lawrence Cunningham's 1997 book is a carefully chosen selection of Buffett's famous annual letters. He wrote these to shareholders in the annual report of Berkshire Hathaway, the fantastically profitable holding company that he's co-managed since the 70s.
沃伦•巴菲特可以说是有史以来最成功的投资者。他一直是全球前十大富豪之一。巨量的书籍被写来描写他，但是《沃伦•巴菲特的论文集》是唯一一本由奥马哈智者亲自编辑、总编的选集。劳伦斯•坎宁安的这本1997年的书籍是巴菲特著名年度信件中的精选。这些信件是他在Berkshire Hathaway的年度报告中写给股东的。这个公司是他在70年代以来共同管理，创下了惊人的利润。
Berkshire produced returns that way outpaced the rest of the market for years. Its rate of return has only normalized in recent years as it missed out on the tech stock boom. Buffett has always steered clear of tech investments, although his company has more recently taken a 4% stake in Apple. And here's his advice to Apple CEO Tim Cook when asked by Fox Business on whether to get into investing in Tesla Motors. Berkshire's the largest business is insurance. It uses the cash float of premiums to buy outstanding companies outright, some of which we'll discuss below. It also owns large stakes in many publicly listed companies, like Wells Fargo, Coca-Cola, and United Airlines. Shares in the company are famously the most expensive in the world. Its Class A shares are currently over $300,000 each. The company doesn't pay out dividends and never had a share split, preferring to keep reinvesting profits in snapping upgrade companies.
伯克希尔公司多年来一直创造比市场表现更好的回报率，直到最近错过了科技股的繁荣而回归正常。巴菲特一直避免投资科技领域，尽管最近公司已经持有4%苹果公司的股份。当被问及是否要投资特斯拉汽车时，巴菲特给苹果CEO蒂姆·库克的建议是：巴克希尔公司是最大的保险公司，利用保费的现金流购买优秀的公司，下面我们将介绍其中一些。它还持有许多上市公司的大股份，如富国银行、可口可乐和美国联合航空公司等。该公司的股票被誉为世界上最贵的股票，其A类股票目前每股超过30万美元。该公司不支付股息，也从未进行股票分割，而是喜欢将利润再投资于收购升级的公司。
Berkshire has no strategic plan, which means it's not fixed in any one direction. It owns many companies and is worth billions, but because it sits on a huge cash mountain it can move like a speedboat when it wants to, instead of an aircraft carrier. Berkshire's annual revenues from all its companies and stocks is an astonishing $242 billion as of 2018. Buffett apprenticed under Benjamin Graham, author of the Intelligent Investor in New York during his 20s. Other than that, Buffett has always lived in Omaha, Nebraska. His approach to investing is a long way from Wall Street in every sense. Shareholders eagerly anticipate his letters. They contain many simple nuggets of wisdom, often delivered through amusing anecdotes or pithy sayings. He once ruffully apologized for the expense of maintaining a private jet, which he dubbed the indefensible.
伯克希尔公司没有战略计划，这意味着它没有固定的方向。它拥有许多公司，价值数十亿美元，但因为它坐拥巨额现金，可以在需要时像快艇一样灵活行动，而不是像航空母舰那样。截至2018年，伯克希尔所有公司和股票的年收入达到了惊人的2420亿美元。巴菲特在20岁时在纽约跟随《聪明的投资者》的作者本杰明·格雷厄姆学习。除此以外，巴菲特一直居住在内布拉斯加州奥马哈。他的投资方式与华尔街完全不同。股东们热切地期待着他的信件。他的信件中包含许多简单的智慧，通常通过幽默趣事或犀利的说话来传达。他曾经粗暴地为维护一架私人飞机的费用道歉，将其称为“无法辩护的东西”。
In this book insight, we'll learn three key lessons that emerge from Buffett's writings. First, look for underlying value. Second, markets are risky, good businesses are not, and finally, buying for keeps. We'll also look at some lessons for the small investor that come from Buffett's experience before assessing his overall legacy.
在这本书中，我们将学习三个关键的洞察力，这些洞察力从巴菲特的写作中产生。首先，要寻找潜在的价值。其次，市场是有风险的，但好的企业不会有风险。最后，要长期持有。我们还将从巴菲特的经验中汲取一些小投资者的经验教训，然后评估他的整体遗产。
The key to winning in the stock market is not in predicting the market's direction, but in knowing the value of businesses, irrespective of their current quoted price. Buffett criticizes investment advisors who waste their time making forecasts about the economy. You can never see into the future. It's more important to find good businesses that remain good for years to come. He also dismisses efficient market theory, which says there's no point in analyzing and calculating the value of a business, because the stock market, working with perfect efficiency, always reveals a company's value through its share price. Buffett says prices only reflect value most of the time.
在股市中获胜的关键不在于预测市场走向，而在于了解企业的价值，不论它们当前的报价如何。巴菲特批评那些浪费时间做经济预测的投资顾问。你永远无法看到未来。更重要的是找到那些未来数年仍然表现优秀的好企业。他还否定了有效市场理论，该理论认为，分析和计算企业的价值没有意义，因为完美高效的股市总能通过股票价格揭示公司的价值。巴菲特认为，股价大部分时间只反映了价值。
Having total faith in them prevents people from actually trying to understand businesses. Buffett's mentor Ben Graham once said, in the short run, the market is a voting machine, but in the long run, it's a value-weighing machine. Graham referred to the stock market as Mr. Market. Mr. Market has incurable emotional problems. This causes his estimation of the business's values to go up and down all the time, but you could take advantage of Mr. Market's depressions and euphoria. Stock market prices for companies are driven by emotion, not truth. The truth about a company lies in its operating results, rather than its current stock price or its glossy forecasts.
对某些企业有完全的信任会阻止人们真正尝试去了解企业。巴菲特的导师本·格雷厄姆曾经说过，短期来看，市场是一个投票机，但是长期来看，它是一个价值称重机。格雷厄姆称股票市场为市场先生，市场先生有着不可救药的情绪问题，导致其估计企业价值时一直动荡不定，但你可以利用市场先生的情绪低谷和狂热。公司的股市价格是由情感而非真相驱动的，关于公司的真相来自其经营业绩，而不是当前的股票价格或华丽的预测。
Berkshire often makes its best acquisitions when fear is at its highest, or when sentiment about the market is at its lowest. For the investor in fundamentals, these are the times to buy.
伯克希尔常常在恐惧情绪最高或市场情绪最低的时候进行最佳收购。对于基础投资者而言，这是购买的最好时机。
Many of Buffett's family and close friends have invested in the majority of their net worth and Berkshire. He says, I never believed in risking what my family and friends have, and need in order to pursue what they don't have and don't need. There's no point in losing a night's sleep over a stock play just to gain a bit more money. Better to be very sure about an investment, so sure that the ups and downs of its stock price won't worry you. You know the company's intrinsic worth, and that the market will sooner or later recognize this. This is the essence of value investing.
巴菲特的许多家人和亲密友人都将他们绝大部分的净资产都投资到了伯克希尔公司中。他认为，冒着让家人和朋友的财富和需求受到风险的可能性去追求他们所没有和不需要的东西是不值得的。为了赚取更多的钱而失去一夜的睡眠并不值得。更好的做法是非常确定一个投资，这样即使它的股价涨跌也不会让你担心。你知道公司的内在价值，并且市场迟早会认识到这一点。这就是价值投资的本质。
Buying stocks is generally considered risky, but Buffett's method reduces risk to a bear minimum. Buffett famously doesn't invest in industries he doesn't fully understand. People criticize him for not getting into the technology stock's boom of the late 1990s. Instead, he bought companies that produce boring things like paint, bricks, and carpets. His golden rule is to invest in your circle of competence. This means your areas you know something about, and where you understand how the companies make their money. IBM's Thomas Watson once said, I'm no genius, I'm smart in spots, but I stay around those spots. That pretty much sums up Buffett's philosophy.
购买股票通常被认为是有风险的，但巴菲特的方法将风险降至最低。巴菲特以不投资自己完全不理解的行业著称。人们批评他没有参与1990年代末的科技股热潮，而是购买生产油漆、砖块和地毯等无聊东西的公司。他的黄金法则是投资于自己的能力圈。这意味着你所了解的领域以及你理解公司如何赚钱的地方。IBM的托马斯·沃森曾说过，我不是天才，只是聪明某些地方，并专注于这些领域。这基本上概括了巴菲特的哲学。
Here is Buffett's opinion on the cryptocurrency boom from an interview with CMBC. And when you buy nonproductive assets, all you're counting on is whether the next person is going to pay you more because they're even more excited about another next person coming along, but the asset itself is creating nothing. Buffett seeks as much certainty as possible. This generally rules out fast moving industries where there's greater uncertainty. He appreciates the growth to the economy that new ideas and technologies bring, but he takes a different view as an investor. In one letter he wrote, our reaction to a fermenting industry is much like our attitude towards space exploration. We applaud the endeavor, but prefer to skip the ride.
以下是巴菲特在接受CMBC采访时对加密货币热潮的看法。当您购买无生产资产时，您所依赖的仅仅是下一位买家是否会出更多的钱，因为他们对接下来的下一位买家更加兴奋，但该资产本身并没有创造任何价值。巴菲特寻求尽可能多的确定性。这通常排除了快速发展的行业，因为存在更大的不确定性。他欣赏新创意和技术为经济带来的增长，但作为投资者，他持有不同的观点。他曾在一封信中写道，我们对发酵中的行业的反应很像我们对待空间探索的态度。我们赞赏这一努力,但更愿意跳过这次旅行。
Buffett is also critical of mergers. Most Wall Street deals seem to happen simply because many people are paid to make deals. Do the companies involve, often having been lovingly built over many decades benefit? Despite the rosy prediction when the marriage is made, they often don't. Buffett quotes Peter Drucker talking to Time magazine. Deal making is exciting and fun, and working is grubby. Running anything is primarily an enormous amount of grubby detail work. Deal making is romantic, sexy. That's why you have deals that make no sense. Instead of art of the deal, follow the art of the real.
巴菲特也对企业兼并持批评态度。华尔街的许多交易似乎仅仅是因为有很多人为此支付薪水。涉及的公司，常常已经是经过数十年精心打造的，从中获益吗？尽管在合并时看起来前景光明，但实际上往往并非如此。巴菲特引用彼得·德鲁克在《时代杂志》上的一段话：交易制造是激动人心和有趣的，而工作却是肮脏的。经营任何事物主要是大量的肮脏细节工作。交易制造是浪漫和性感的。这就是为什么会出现毫无意义的交易。不要追求交易之道的艺术，而是追随真实之道的艺术。
In this part, we've started our discussion on the essays of Warren Buffett, edited by Lawrence Cunningham. These are letters Buffett wrote to his shareholders at Berkshire, the company He-Co-Manages. We've learned that in investing, the most important thing is to find out the underlying value of a company. It beats trying to predict market growth, the economy, and various other unpredictable measures. We also learned to invest in your inner circle of competence where you understand something of the field and how businesses in it make their money. It discourages interest in experimental or new fields and mergers, which are sexy but usually pointless.
在这部分中，我们开始讨论劳伦斯·考宁汉编辑的沃伦·巴菲特论文集。这些文章是巴菲特给他所共同管理的伯克希尔股东的信件。我们了解到，在投资中，最重要的是要找出一家公司的潜在价值。这比试图预测市场增长、经济和其他不可预测的措施更重要。我们还学会了投资于自己内部的专业领域，了解行业和公司的盈利方式。这不鼓励涉足实验性或新兴领域和兼并，因为它们可能很吸引人，但通常没有意义。
Next time, we'll look at Buffett's method of buying for keeps. Then we'll hear some of Buffett's advice to small-time investors and reflect on his legacy. Enjoying this episode of Book Insights? If so, keep listening and learning. Use the collection of over 100 titles you can read or listen to now at memodeapp.com-insights. That's m-e-m-o-d-a-p-p.com-slashinsights.
下一次，我们将探讨巴菲特长期持有的购买方法。然后我们将听取巴菲特对小型投资者的建议，并反思他的遗产。喜欢本集《书籍洞见》吗？如果是这样，请继续收听和学习。您可以在 memodeapp.com-insights 上阅读或听取现在超过100个标题的收藏。这是m-e-m-o-d-a-p-p.com-slashinsights。
Warren Buffett is one of the most influential investors in history. Yet, if you ask him, he's very modest about what he does. Here he is in an interview on CNBC. You are buying when you buy it, and it's in general owners or Berkshire House and Warranty. You are buying something that over time is going to return cash to you. Maybe a long time in terms of Berkshire, but it will be bigger numbers. And those are the coupons and it's up to you. Your job is an investor to decide what you think those coupons will be.
沃伦·巴菲特是历史上最具影响力的投资者之一。然而，如果你问他，他对自己所做的事情非常谦虚。这里是他在CNBC的一次采访中的讲话。当你购买时，你购买的是通常归Berkshire House和保修的所有者。你在购买一些长期会给你返回现金的东西。在伯克希尔方面可能需要很长时间，但数字会更大。这些是利息券，由你决定。作为投资者，你的工作就是决定你认为这些利息券将有多大。
Until the essays of Warren Buffett, the wit and wisdom of the sage of Omaha has never appeared in Book Form. His annual letters to shareholders of Berkshire are compiled and edited by Lawrence Cunningham. Today, we're continuing describing the three major takeaways. Last time we went over the importance of the underlying value of a company. Then we learned to invest within your understanding of a company and market. Today, we'll go over how Buffett encourages buying for keeps. Then we'll reflect on what Buffett's legacy truly reveals to us.
直到沃伦·巴菲特的文章问世，奥马哈圣人的机智和智慧从未以书籍形式呈现。他每年写给伯克希尔股东的信件由劳伦斯·坎宁安编辑和汇编。今天，我们将继续介绍三个主要要点。上次我们讨论了公司的基本价值的重要性。然后我们学习了要在自己对公司和市场的理解范围内进行投资。今天，我们将讨论巴菲特如何鼓励长期持有股票。然后我们将反思巴菲特的遗产真正向我们展示了什么。
Berkshire buys many smaller companies outright along with its investments in large corporation stocks. Firms such as Borishine's Fine Jewelry, Nebraska Furniture Mart and Seize Candies are often family enterprises lovingly built up over many years. The owners wish to realize some gains for all their hard work, yet won't just sell to anyone. When Berkshire steps in, everyone wins.
伯克希尔公司不仅投资于大型公司股票，还直接收购许多小公司，例如博瑞莎恩珠宝、内布拉斯加家居电器市场和席茲糖果等。这些公司通常是家族企业，经过多年的努力经营而成。业主们希望获得一些回报，但并非向任何人出售。当伯克希尔介入时，每个人都赢得了好处。
Berkshire gets a fantastic business that will keep growing indefinitely. The owners usually stay to keep running it, doing what they love. They receive guarantees that the business won't be merged, sold off, broken up, or moved from its home base. Buffett wants owners to have a strong emotional attachment to their company. It suggests that company has honest accounting, respect for customers, pride in product, and loyal and effective management in place. In short, they have integrity.
伯克希尔得到了一个极好的业务，它将无限增长。业务所有者通常会留下来继续运营它，做他们喜欢的事情。他们获得保证，业务不会合并、出售、拆分或从其母公司搬迁。巴菲特希望业主对他们的公司有强烈的情感依恋。这表明公司有诚实的会计、尊重客户、对产品感到自豪，以及成熟和有效的管理团队。简而言之，他们有正直和真诚的特质。
It remarks that after some mistakes, I learn to go into business only with people whom I like, trust and admire. The strategy is a remarkably good filter for making investment decisions. He said it also ensures an extraordinarily good time. Working with people you don't like is like marrying for money. Probably a bad idea under any circumstance, but absolute madness if you're rich.
这段话表达的意思是，经过一些错误后，我学会了只和我喜欢、信任和钦佩的人做生意，这个策略对于做出投资决策来说是一个非常好的过滤器。他说，这也会确保非常愉快的时间。和你不喜欢的人一起工作就像为了钱而结婚。在任何情况下都可能是个糟糕的想法，但如果你很富有的话，那么这完全是一种疯狂的想法。
Buffett intends to keep companies he buys. He'll weather the company's rough patches and low returns in Berkshire's bottom line. The company then tries to get the problems fixed. In his 1985 annual report, Buffett wrote, no matter how great the talent or effort, some things just take time. You can't produce a baby in one month by getting nine women pregnant. This outlook runs counter to the approach of most other investment companies. They usually quickly ditch underperforming assets.
巴菲特打算保留他购买的公司。他会忍受公司的困难时期和伯克希尔的低回报。然后公司努力解决问题。在他1985年的年度报告中，巴菲特写道，“无论天赋或努力如何，有些事情需要时间。你不能通过让九个女人怀孕一个月来生产婴儿。”这种展望与大多数其他投资公司的方法相反。他们通常会迅速放弃表现不佳的资产。
Buffett tells the CEOs of each company he buys to run the business under three major points. First, as if they owned 100% of it. Second, it's the only asset their family owns or will ever own. And third, it can't be sold or merged for at least 100 years. Imagine the long-term productivity of such an outlook.
巴菲特告诉他购买的每个公司的CEO，要按照三大要点来运营业务。第一，像他们拥有100%的公司一样运营。第二，这是他们家庭所拥有或将拥有的唯一资产。第三，至少100年内不能将其出售或合并。想象一下这样的眼光所带来的长期生产力。
Buffett wrote, we like to do business with someone who loves their company, not just the money that a sale will bring him, though we certainly understand why they like that as well. When this emotional attachment exists, its signals important qualities will likely be found within the business.
巴菲特写道，我们喜欢与那些热爱自己的公司而非仅仅看重销售带来收益的人做生意，尽管我们理解为什么他们喜欢后者。当这种情感上的执着存在时，公司内部很可能会发现重要的品质信号。
Berkshire has the longest investment horizon to be found in the public company universe. Investors in the company are expected to hold onto their stock for many years, even passing it onto relatives after their death. In Berkshire's owner's manual, Buffett writes, we hope you visualize yourself as part owner of a business that you expect to stay with indefinitely.
伯克希尔公司在公开公司范围内拥有最长的投资视野。投资者们被期望持有该公司股票数年，并且可能会在去世后将其传给亲属。巴菲特在伯克希尔的业主手册中写道，我们希望您将自己视为一个无期限持有的企业的股东。
The company's annual meeting in Omaha is designed for the faithful. It's part information and part entertainment, and attracts tens of thousands of stockholders from all around the world. The small investor can pick up many lessons from Buffett's essays, here are a few.
这家公司在奥马哈举行的年度会议是为忠实股东设计的。它既包含信息又包含娱乐，并吸引了来自世界各地数以万计的股东。小投资者可以从巴菲特的文章中学到很多经验教训，下面列举几个。
Invest only in a company whose business you understand. Invest only in companies whose earnings will surely be higher in the future than now. Look for companies that have a durable competitive advantage, like a newspaper that's the only newspaper in a city. Even if their stock price fluctuates, this advantage will naturally outperform other stocks.
只投资你能理解的公司。只投资那些未来肯定会比现在赚更多钱的公司。寻找具有持久竞争优势的公司，例如一个城市唯一的报纸。即使股票价格波动，这种优势自然会超越其他股票。
When you buy a stock, buy it for the long haul. If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes. Always follow Benjamin Graham's three-word investing mantra, margin of safety. Don't invest in debt-laden companies. The smallest hiccup and earnings can crash it to the ground.
买股票时，要考虑长期投资。如果你连10年都不愿意持有某股票，就不要考虑短期持有10分钟。要始终遵循本杰明·格雷厄姆的投资口号：“安全边际”。不要投资于负债累累的公司，即使是最小的波动也可能导致公司收益崩溃。
Buffett instead likes to invest in what he calls the inevitable. There are companies whose products will still be bought 10, 20, 30 years from now, and whose brand is so famous it gives them the lion's share of the market. For example, Berkshire Hathaway has had large holdings in Coca-Cola and Gillette for many years. Though distribution, manufacturing processes, and product innovation will evolve, people will still be drinking coke and needing to shave for our investment lifetimes, and they'll turn to the trusted names.
巴菲特相反喜欢投资于他所称之为“不可避免”的公司，这些公司的产品在未来10、20、30年仍将被购买，品牌非常著名，使其占据市场的大部分份额。例如，伯克希尔·哈撒韦公司多年来一直持有可口可乐和吉列的大量股份。尽管分销、制造过程和产品创新将不断演变，人们仍会在我们的投资生命周期内喝可乐和剃须，他们会信任这些知名品牌。
Seize Candies has been operating since the 1920s. Though the company has changed, the basic reason why people buy boxed chocolate has not. People come back to the name they know and trust. If you find a small number of companies with a strong competitive advantage, they're selling for reasonable prices, why diversify? Put more money into a smaller number of carefully chosen stocks, means you can relax.
Seize Candies自20世纪20年代以来一直在运营。尽管公司已经发生了变化，但人们购买盒装巧克力的基本原因并没有改变。人们会回到他们知道和信任的品牌。如果你找到了一小部分具有强大竞争优势的公司，并以合理的价格出售，为什么还要分散投资呢？将更多的钱投入到少数精选的股票中，意味着你可以放松心情。
Berkshire Hathaway may make only a handful of investments in the stock market in a year. Sometimes, none at all. Often, the smartest investment move, Buffett has always said, is inactivity. Berkshire Hathaway has no strategic plan. Makes no promises to its investors and doesn't produce any forecasts about the economy or the markets.
伯克希尔·哈撒韦可能一年只进行几次股市投资。有时候，可能根本不进行任何投资。伯克希尔·哈撒韦一直认为，最明智的投资举动是保持不活动。 伯克希尔·哈撒韦没有战略计划，并不向投资者做出承诺，也不对经济和市场做出任何预测。
At the end of each year, investors are told how the company fared, and Buffett can be disarmingly honest. In the past he has happily admitted mistakes, like buying US air before deregulation caused profits to slide. He'll also point out that many of his greatest investment mistakes have been purchases he didn't make. He once said, for Berkshire's shareholders, myself included, the cost of this thumb sucking has been huge.
每年年末，投资者都会得知公司的表现情况，巴菲特会毫不掩饰地说出实话。过去他曾欣然承认错误，比如在美国空中运输业在解除管制后利润下滑之前购入。他还会指出，他最大的投资错误往往是他没有做出的购买决策。他曾经说过，“对于伯克希尔的股东，包括我在内，这种“吸拇指”行为的代价是巨大的”。
Though most of the essays in the book are a few years old now, their lessons have indated. Buffett established his investing style decades ago, and though it underwent refinements, the philosophy remains. This message that if you work with people you like and trust, and the financial fundamentals are sound, prosperity will take care of itself. This is an eccentric view to hold in the financial industry, and yet Berkshire's astounding success proves its wisdom.
虽然这本书中的大部分文章现在都已经几年了，但它们所传达的教训仍然具有时间性。巴菲特几十年前就确立了自己的投资风格，尽管它经历了一些改进，但其哲学思想仍然保持不变。这个思想传达的是如果你和你喜欢和信任的人一起工作，并且财务基本面良好，繁荣将会自然而然地到来。这在金融行业是一种偏离常规的观点，但伯克希尔惊人的成功证明了它是多么的智慧。
We tend to think that anything related to business or money requires us to be hard-nosed, but Berkshire developed a system for finding people who care. Buffett is known for disagreeing with other tycoons who want to lower corporate taxes. He's quite happy to pay a tax rate of 35%. He feels that, in a capitalist society, that rewards financial success above all others. It's fair that he has to give a fair amount of it back. This redistributed wealth goes to people whose success is not related to money, like nurses and teachers.
我们往往认为任何与商业或金钱有关的事情都需要我们变得强硬，但伯克希尔开发了一种寻找关心的人的系统。巴菲特以不同意其他想要降低企业税的巨头而闻名。他很乐意支付35%的税率。他认为，在资本主义社会中，财务成功优先于其他。他给予公平的回报是合理的。这些重新分配的财富将流向那些与金钱无关的成功人士，例如护士和教师。
What will happen when Buffett dies? His vast personal fortune is already being divested into Bill and Melinda Gates Foundation. But this doesn't include Berkshire itself. He and Munger created a set of business genes. These are philosophies and practices that will outlive them no matter who's running the company. Their greatest legacy? Demonstrating a way of investing that anyone can follow to their profit.
巴菲特去世后会发生什么？他巨额的个人财富已经被分拆到比尔和梅林达盖茨基金会了。但这并不包括伯克希尔（Berkshire）本身。他和芒格（Munger）创造了一套商业基因。这些是哲学和实践，将超越他们，不管谁来经营公司。他们最伟大的遗产是什么？展示了一种任何人都可以遵循以获得利润的投资方式。
We're concluding our discussion on the essays of Warren Buffett, edited by Lawrence Cunningham. These pages are from Buffett's much anticipated letters to his shareholders. He puts out every year. As we've learned, there's never a dull moment.
我们正在结束对劳伦斯·卡宁汉姆编辑的《沃伦·巴菲特论文集》的讨论。这些页面来自巴菲特每年向他的股东发布的备受期待的信件。正如我们所学到的那样，这里从未有过无聊的时刻。
We've gone over three key insights. Last time, we went over how to look for the underlying value. Then we discussed how you can minimize risk by gambling on good businesses rather than unpredictable ones. This time, we've gone over how you can buy for keeps. Never investing in something you wouldn't care to keep in the near or distant future. And how Buffett invests in caring business owners. We've also explored how Buffett's greatest legacy may be as easy to adopt methods that achieve so much success.
我们已经了解了三个关键的洞见。上一次，我们讨论了如何寻找潜在价值。然后，我们讨论了如何通过投资好的企业而不是不可预测的企业来最小化风险。这一次，我们讨论了如何长期持有投资。永远不要投资于你不关心是否在近或远的未来持有的东西。以及巴菲特如何投资于关心业务拥有者的公司。我们还探讨了巴菲特的最大遗产可能是采用易于成功的方法。
We'll finish with a look at the man describing what makes him different from everybody else. People would rather gamble. I mean, the idea that you can double your money in six months, that's just going to, it's why people go to the raises, why they go to Vegas, you know, whatever it may be. They even know the odds are against them and they still do it. I mean, it's a strong instinct to want to get rich fast. And I don't know how to do it.
我们最后会看看这个人描述他与其他人的不同之处。人们更喜欢冒险。我的意思是，你可以在六个月内翻倍，这种想法正是为什么人们去参加集资活动，去拉斯维加斯，或者做任何其他赌博活动。即使知道胜算不高，他们仍然会去尝试。这表明人们渴望迅速致富的强烈本能。但我不知道如何做到。
In short, gambling will make you poor. Only investing in a nation's prosperity and a good businesses can make you rich. Thank you for listening to Book Insights. Check out the rest of our content at memo.com.
简而言之，赌博会让你变穷，只有在国家繁荣和好企业投资才能让你变富。感谢您收听Book Insights，欢迎在memo.com上查看我们的其他内容。
Please keep in mind that the information provided in or through our book insights episodes is for educational and informational purposes only. It's not intended to be a substitute for advice given by qualified professionals and should not be relied upon to disregard or delay seeking professional advice.
请记住，我们的书籍洞察节目提供的信息仅用于教育和信息目的。它不旨在替代合格专业人士提供的建议，也不应依靠忽视或延误寻求专业建议。