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我得到過的最佳建議

我得到過的最佳建議

《財富》 2013年11月07日
智慧的養(yǎng)成不僅需要時間,還需要人和人之間互動關(guān)系。這篇文章中的真知灼見就來自幾對有影響力的二人組合:他們有的是商業(yè)伙伴、政府領(lǐng)導(dǎo)人、基金會的領(lǐng)導(dǎo)、導(dǎo)師、學(xué)生,還有的是更出色的人物。他們都擁有一種意愿,希望相互學(xué)習(xí)、一起變得更聰明。

2.沃倫?巴菲特和查理?芒格

1959年,他們在奧馬哈的一次晚宴上相識,馬上對彼此產(chǎn)生了興趣?!八诖髲d里踱步,被自己講的笑話逗得開懷大笑。我想,這人和我是一路人——我也是這樣?!彼麄凂R上開始分享投資理念。19年后,芒格加入了伯克希爾-哈撒韋公司(Berkshire Hathaway)。兩人至今仍然在共事,只不過83歲的首席執(zhí)行官巴菲特在奧馬哈,89歲的副董事長芒格在洛杉磯。每年春天的伯克希爾年會上,他倆并肩坐在臺上,向近3萬名股東和崇拜者傳播關(guān)于投資、商業(yè)和生活的點滴心得。但人們很少讀到兩人在芝加哥所做的那種最成功的投資對話,聊的是他們從彼此身上學(xué)到了什么。――P.S.

芒格:我得到的最佳建議是別當(dāng)律師。律師是我家族傳承了兩代的職業(yè),沃倫對我的生來就要從事的職業(yè)很是不屑。他認為,把它當(dāng)業(yè)余愛好沒問題,但當(dāng)成事業(yè)就實在太愚蠢了。

巴菲特:干這行不能發(fā)揮他全部的才干。如果他真想玩點有意思的,他應(yīng)該放棄法律,加入我的行業(yè)。律師這一行在很大程度是委托人的代理,律師的工作是為別人服務(wù)。我要為自己服務(wù),實施我自己的主張。我知道,查理的想法和我一樣。

芒格:在我想明白之前,我的一只腳已經(jīng)踏進了律師行業(yè)。后來我把那只腳拔了出來。前后只花了幾個月的時間。

巴菲特:我一度偏向低價證券。查理說,這種投資理念不對。我當(dāng)時是跟我的偶像本?格雷厄姆學(xué)的。(查理)說長期賺大錢的方法是投資一家好的企業(yè),堅定不移地持有它,或許還要為它增加更多好的業(yè)務(wù)。對我來說,這是相當(dāng)、相當(dāng)大的改變。我沒有馬上改過來,后來還出現(xiàn)過反復(fù)。但它對我的業(yè)績產(chǎn)生了巨大影響。他絕對是正確的。

芒格:我有個一生的習(xí)慣:我觀察什么管用,什么不管用,背后的原因是什么。

巴菲特:我們運用這種方法收購的第一家企業(yè)是時思糖果公司(See's Candies)。這是一家出色的企業(yè)。不過,以我過去的經(jīng)歷,我是絕對不想把最后一百萬美元資金投在它身上的。

芒格:最后一百萬?你不想投最后25,000美元!

巴菲特:查理一直提醒我,我又滑落到石器時代了。他給我的建議要比我給他的多很多。他過著非常理性的生活。我從來沒聽到他表達過任何對別人的嫉妒之詞。

芒格:有句老話說:“嫉妒有什么好?它是一種不能給人帶來任何樂趣的罪惡。”

巴菲特:性情比智商更重要。

芒格說:另一個大秘密是,我們擅長終生學(xué)習(xí)。從很多方面講,沃倫在七、八十歲時比年輕時更擅于學(xué)習(xí)。如果一個人不停學(xué)習(xí),就會擁有極大的優(yōu)勢。

2.Warren Buffett & Charlie Munger

They met at a dinner party in Omaha in 1959 and took an instant liking to each other. "He was rolling on the floor laughing at his own jokes, and I thought, That is my kind of guy -- I do the same thing," Buffett says. They started sharing investment ideas immediately, and Munger joined Berkshire Hathaway (BRKA, Fortune 500) 19 years later. The two are still together, though they operate remotely -- CEO Buffett, 83, in Omaha, and vice chairman Munger, 89, in Los Angeles. Each spring they sit side by side onstage at the Berkshire annual meeting, dispensing snippets about investing, business, and life to some 30,000 shareholders and worshipers. But it's rare to get this most successful investment duo talking, as they did here in Chicago, about what they've learned from each other. --P.S.

Munger: The best advice I ever got from Warren was to stop practicing law. Warren was very derisory about my chosen profession, which had been in my family for a couple of generations. He thought it was all right as a hobby, but as a business it was pretty stupid.

Buffett: It didn't use his full talents. If he really wanted to get in an interesting game, he should leave law and get into my game. In law, to a great extent, you're an agent for your principal. Your job is there to serve somebody else. I got to serve myself, to implement my own ideas. And I knew Charlie was cut the same way.

Munger: I kept one foot in the law practice until I knew it was going to work, and then I removed that foot. It took only a few months.

Buffett: I had been oriented toward cheap securities. Charlie said that was the wrong way to look at it. I had learned it from Ben Graham, a hero of mine. [Charlie] said that the way to make really big money over time is to invest in a good business and stick to it and then maybe add more good businesses to it. That was a big, big, big change for me. I didn't make it immediately and would lapse back. But it had a huge effect on my results. He was dead right.

Munger: I have a habit in life. I observe what works and what doesn't and why.

Buffett: The first real business we bought that way was See's Candies. It was an outstanding business. From my past, I didn't want to pay the last few million dollars.

Munger: The last few million? You didn't want to pay the last $25,000!

Buffett: Charlie kept reminding me that I was slipping into the Stone Age again. He's given me a lot more advice than I've given him. He lives a very rational life. I've never heard him say a word that expressed envy of anyone.

Munger: There's an old saying, "What good is envy? It's the one sin you can't have any fun at."

Buffett: Temperament is more important than IQ.

Munger: The other big secret is that we're good at lifelong learning. Warren is better in his seventies and eighties, in many ways, than he was when he was younger. If you keep learning all the time, you have a wonderful advantage.

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