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The wit and wisdom of Warren Buffett

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 楼主| 发表于 2013-5-2 18:05:20 | 显示全部楼层 |阅读模式
Fortune met Warren Buffett by accident in 1966. I was writing an investing article about another man, Alfred Winslow Jones, who wasn't famous at that moment, but was about to be because of the article. Jones was running something called a hedge fund, and Fortune's description of what that was and how Jones operated started a miniboom in the hedge fund business. Buffett Partnership Ltd. -- a sort of competitor of Jones's fund -- got a single line in the article. To my everlasting dismay, I misspelled Buffett, giving it only one "t."
《财富》(Fortune)杂志最早于1966年开始和沃伦•巴菲特打交道。当时笔者正在写一篇关于阿尔弗雷德•温斯洛•琼斯的投资文章。那时琼斯还没什么名气,但即将由于这篇文章而名满天下。琼斯正在经营被称为“对冲基金”的业务,《财富》杂志对这一业务以及琼斯如何经营这项业务的描述揭开了对冲基金业的一个小繁荣期。这篇文章中有一句话提到了巴菲特的公司Buffett Partnership Ltd.,差不多是琼斯基金的竞争对手。让我惭愧至今的是,我把巴菲特(Buffett)的名字拼错了,少了一个“t”。
A bit later, my husband, John Loomis, met Buffett and came home saying, "I think I have just met the smartest investor in the country." I'm sure my eyes rolled. But then I, too, got to know Warren (and his wonderful late first wife, Susie) and realized how impressive this largely unknown fellow was. The Loomises bought stock in his small company, Berkshire Hathaway (BRKA); we became good friends of the Buffetts; and ultimately I became the pro bono editor of his increasingly famous annual letter to shareholders.
随后不久,我的丈夫约翰•卢米斯见到了巴菲特,回到家里说:“我觉得,我遇到了全美国最聪明的投资人。”我肯定,当时我是不屑一顾的。 后来,我自己也认识了巴菲特(以及他已逝的第一任妻子苏茜,一个极好的人),意识到这个当时基本上默默无闻的家伙是多么了不起。卢米斯家族买了巴菲特那家小公司伯克希尔-哈撒韦公司(Berkshire Hathaway )的股票;我们也成为了巴菲特一家的好友;后来,我还成为了他名声大噪的年度致股东公开信的无偿编辑。
Meanwhile, Fortune set off on a long-term course of covering Buffett. He got two paragraphs and a picture in a 1970 Fortune story called "Hard Times Come to the Hedge Funds" -- his fund was a rarity, having 13 straight years of profits -- and by 1977 we were running a 7, 000-word piece by Buffett on "How Inflation Swindles the Equity Investor."
与此同时,《财富》杂志也开始长期报道巴菲特。1970年,《财富》杂志一篇《对冲基金遭遇艰难岁月》(Hard Times Come to the Hedge Funds)的报道中,巴菲特有了两段话和一张照片——他的基金是个特例,连续13年盈利——到了1977年,我们刊登了巴菲特撰写的一篇7,000字的文章《通胀如何骗取股票投资者钱财》(How Inflation Swindles the Equity Investor)。
Now, 46 years after Fortune first met the man, we have a book, Tap Dancing to Work, that collects everything important we've done about him (and some lighter stuff too), with commentary written by me. All the articles mentioned above, from the A.W. Jones story on, are in it -- and that's just the start. In total, the book is a Buffett banquet.
如今,在《财富》杂志首次邂逅巴菲特46年后,我们搜罗了这些年来撰写的所有有关巴菲特的重要文章(以及一些不那么重要的文章),加上我的点评,出了一本书《跳着踢踏舞去上班》(Tap Dancing to Work)。上面提到的所有文章,从写阿尔弗雷德•温斯洛•琼斯的那篇投资文章开始,全部都收录在内——而这仅仅是个开始。总而言之,这本书是一场巴菲特报道盛宴。
What follows are some choice quotes from its pages and a selection of photographs that mark the passing of time, as Buffett grew into an investor/manager/philanthropist whose place in history is assured. One thing is certain: We are awfully glad to have been there as it happened.
书后附上了在巴菲特逐步成长为一位伟大的投资人/管理者/慈善家的过程中,这些报道的一些精彩摘录和记录下那些时刻的精选照片。可以确定的一件事是:我们非常高兴能够参与其中。
A coda: In 1966, when Fortune first met Warren Buffett, Berkshire's stock (today's Class A) was $22. In early November, it was about $130, 000.
尾声:1966年,当《财富》杂志首次邂逅沃伦•巴菲特时,伯克希尔(如今的A类股)股价为22美元。今年11月初,该股股价约为130,000美元。
1980s
20世纪80年代
Aug. 22, 1983: Letters from chairman Buffett
1983年8月22日:《来自巴菲特董事长的信》
"The market, like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do."
“市场就像上帝一样,会帮助那些自助者。但与上帝不同,市场不会饶恕那些不知道自己在做什么的人。”
Dec. 26, 1983: Can you beat the stock market?
1983年12月26日:《你能跑赢股市吗?》
In investing, says Buffett, "you wait for the 3 and 0 pitch."
巴菲特说,在投资中,“你需要等待最佳时机。”
Jan. 20, 1986: Merger fees that bend the mind
1986年1月20日:《伤脑筋的并购费》
"Buffett is so smart," remembers Bruce Wasserstein, "that you had to be careful to avoid being picked."
“巴菲特非常聪明,”并购大师布鲁斯•沃瑟斯坦回忆说。“得小心别被他盯上。”
Sept. 29, 1986: Should you leave it all to the children?
1986年9月29日:《一切都该留给子孙吗?》
"Would anyone say the best way to pick a championship Olympic team is to select the sons and daughters of those who won 20 years ago? [That would be] a crazy way for a society to compete."
“会有人说,挑选奥运冠军队员的最佳方式就是选那些20年前夺得冠军的子女们吗?如果社会竞争这样进行,(那就)太疯狂了。”
Dec. 7, 1987: Early fears about index futures
1987年12月7日:《对于指数期货的早期恐惧》
"We do not need more people gambling in nonessential instruments identified with the stock market in this country, nor brokers who encourage them to do so … We need the intelligent commitment of investment capital, not leveraged market wagers."
“我们不需要更多的人来参与美国股市早已认定可有可无的工具,券商也不该鼓励人们参与此类投资…我们需要明智地配置投资资本,不是杠杆化的市场押注。”
April 11, 1988: The inside story of Warren Buffett
1988年4月11日:《巴菲特内幕》
"With few exceptions, when a manager with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact."
“当一位声名卓著的经理接管一家基本面数据糟糕的公司时,安然无恙的是公司的名声,这一点很少有例外。”
Oct. 30, 1989: Are these the new Warren Buffetts?
1989年10月30日:《谁将成为新的巴菲特?》
"You don't need a rocket scientist. Investing is not a game where the 160 IQ guy beats the guy with the 130 IQ … Rationality is essential when others are making decisions based on short-term greed or fear. That is when the money is made."
“你不需要一名火箭科学家。投资不是智商160打败智商130的游戏……当别人都出于短期的贪婪或恐惧而做出决定时,理性至关重要。这就是赚钱的时候。”
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