广东景恒资本管理有限公司

查理·芒格的经典投资语录(下)

文章来源:网络整理发布时间:2016-03-17

导读:查理•芒格是美国知名投资家,伯克希尔公司副主席。这位今年已92岁高寿的老人,是沃沦·巴菲特一生的黄金搭档,有“幕后智囊”和“最后的秘密武器”之称。他看起来不苟言笑,但言简意赅的话语中常常充满让人回味无穷的智慧。本文以下摘取芒格的部分经典语录,与大家共享(接上篇)。

66. In the 1930s, there as a stretch here you could borrow more against the real estate than you could sell it for. I think that’s what’s going on in today’s private-equity world.

30年代的时候,靠房产抵押得到的贷款可以比房子的售价更多。这大概就是现在私募股权领域的情形。

67. Mimicking the herd invites regression to the mean.

模仿一大堆人意味着接近他们的平均水平。

68. A lot of opportunities in life tend to last a short while, due to some temporary inefficiency… For each of us, really good investment opportunities aren’t going to come along too often and won’t last too long, so you’ve got to be ready to act and have a prepared mind.

生命中的很多机遇都只会持续一小段时间,它们持续是因为(别人)暂时不便(攫取它)……对于我们每个人,机不可失时不再来,所以你最好随时预备好行动并且有足够的思想准备。

69. Everywhere there is a large commission, there is a high probability of a rip off.

有巨额佣金的地方常常就有骗局。

70. Acknowledging what you don’t know is the dawning of wisdom.

承认自己不懂某样东西意味着智慧的曙光即将来临。

71. Recognize reality even when you don’t like it –especially when you don’t like it.

即使你不喜欢现实,也要承认现实——其实越是你不喜欢,你越应该承认现实。

72. We try more to profit from always remembering the obvious than from grasping the esoteric.

我们努力做到通过牢记常识而不是通过知晓尖端知识赚钱。

73. Over the long term, it’s hard for a stock to earn a much better return than the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you’re not going to make much different than a six percent return– even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you’ll end up with one hell of a result.

长期而言,一个公司股票的盈利很难比这个公司的盈利多。如果公司每年赚6%持续40年,你最后的年化回报也就是6%左右,即使你买的时候股票有很大的折扣。但反过来如果公司每年资产收益率达18%并且持续二三十年,即使你买的时候看起来很贵,他还是会给你带来惊喜。

74. Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its limitations.

就像工人必须了解自己工具的局限性,用脑子吃饭的人也要知道自己脑子的局限性。

75. Suppose,any one of you knew of a wonderful thing right now that you were overwhelmingly confident- and correctly so- would produce about 12% per annum compounded as far as you could see. Now, if you actually had that available, and by going into it you were forfeiting all opportunities to make money faster- there’re a lot of you who wouldn’t like that. But a lot of you would think, “What the hell do I care if somebody else makes money faster?” There’s always going to be somebody who is making money faster, running the mile faster or what have you. So in a human sense, once you get something that works fine in your life, the idea of caring terribly that somebody else is making money faster strikes me as insane.

假设一个场景,你知道有一个板上钉钉没跑儿的机会可以带来12%的复合年回报。现在,假如这个机会放在你面前,但是要求你从此不再接受别的赚快钱的机会,你们中大部分人是不愿意干的。但你们中很多人也会说:“别人赚钱快为什么我要在意呢?”这世界总有些人会赚钱比你快、跑得比你快、或者别的什么比你快。但是,从理智的角度来思考,一旦你自己找到了一件运行良好的机制能致富,还非要在意别人赚钱比你快,这在我来看就是疯了。

76. In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables — like the discount warehouses of Costco.

我们发现那些在生意中优胜的“系统”往往有些变量被近乎荒谬地最大化或者最小化——比如Costco的打折仓储店。

77. There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.

有些情况比坐拥大量现金无处可投更糟糕。我还记得当年缺钱的情景——我可不想回到那个时候。

78. If you always tell people why, they’ll understand it better, they’ll consider it more important, and they’ll be more likely to comply.

如果你(在发出指令和诉求的时候)总是告诉他们你的原因,他们就会更好地理解你的意图,并且觉得你的想法更重要,他们也就更愿意听你的。

79. Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.

量入而出、时刻攒钱、把钱放到可以延期交税的账户里。时间长了,你就会攒出一笔财富了。这完全不需要动什么脑子。

80. I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.

我尽量远离那些不懂装懂的人。

81. I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.

我觉得先好好掌握别人已经整理好的知识才是靠谱的学习方法。我不认可那种闭门造车自己鼓捣出结果的方法。没人能那么聪明。

82. I know someone who lives next door to what you would actually call a fairly modest house that just sold for $17 million. There are some very extreme housing price bubbles going on.

我有个熟人,他们家旁边那个房子看起来很不起眼的,但是竟然卖了1700万美元。房市价格有很极端的泡沫。

83. Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.

经验告诉我们,当机会来临的时候,如果你有足够的准备并且适时、果断、有魄力地做一些简单而合理的事情,就能奇迹般地让你致富。偶尔出现的这种机会往往赐予那些时刻准备着、一直搜寻着、并且愿意分析复杂事物的人。当机会出现的时候,你所要做的全部事情就是使用你平时谨慎耐心攒下来的弹药、大手下注在那些胜算极大的赌局上。

84. The present era has no comparable referent in the past history of capitalism. We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodom and Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.

现在这个时代是以往的资本主义中没见过的。与以往相比,我们有史上最多的知识分子投身在炒卖股票和投机倒把上。许多我所见到的事情让我联想起索多玛和蛾摩拉(堕落罪恶之城)。自私、妒忌、还有各种山寨货。以前也有过这些事情,它们导致了可怕的后果。

85. Our investment style has been given a name –focus investing – which implies ten holdings, not one hundred or four hundred. The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obvious idea. But 98% of the investment world does not think this way. It’s been good for us.

我们的投资风格被称作焦点投资,意在持有十只股票、而不是一百个或者四百个。好投资不好找,所以应该集中在那些少数几个好的上,这对于我是很显而易见的事情。但是投资界98%的人都不这么想。这对我们倒是挺好的。

86. You want to be very careful with intense ideology. It presents a big danger for the only mind you’re ever going to get.

你要当心过于强烈的意识形态观念。如果你脑子里只有一个念头的话那是非常危险的。

87. Like Warren, I had a considerable passion to get rich. Not because I wanted Ferraris– I wanted the independence. I desperately wanted it.

和巴菲特一样,我有很强的致富欲望。不是因为我喜欢法拉利什么的,而是我喜欢独立。我极度渴望独立。

88. Well envy/jealousy made, what, two out of the ten commandments. Those of you who have raised siblings you know about envy, or tried to run a law firm or investment bank or even a faculty. I’ve heard Warren say a half a dozen times, “It’s not greed that drives the world, but envy.”

你看,妒忌和嫉妒,一个事儿占了十诫里的两个位置。你们养过小孩儿们的、开律所的、管投行的、甚至当系主任的,都知道妒忌是怎么回事儿。我听巴菲特说过好多次:“带领世界前进的不是贪婪、而是妒忌的力量。”

89. It’s a good habit to trumpet your failures and be quiet about your successes.

多谈谈你的失败历程、少吹嘘你的成功经历,这样对你好。

90. Ineffect about half our spare cash was stashed in currencies other than the dollar. I consider that a non-event. As it happens it’s been a very profitable non-event.

实际效果上说,我们有一半的闲置现金是以美元以外的货币形式存储的。我觉得这个不是什么大事儿。没想到这件事情成了件很赚钱的小事儿。

91. As for what we like least, we don’t want kleptocracies. We need a rule of law. If people are stealing from the companies, we don’t need that.

我们最不喜欢的东西就是盗贼统治。我们需要法治。如果人们都从公司里盗取东西,我们不要这种公司。

92. I agree with Peter Drucker that the culture and legal systems of the United States are especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.

我同意德鲁克的观点,他认为美国相对其他国家而言是对公司股东最优惠的国家。事实上,很多国家的上市公司股东权益是很没优先级的,需要让位于各种其他人群的利益。

93. Berkshire in its history has made money betting on sure things.

Berkshire的历史就是在确定的事情上打赌的过程。

94. Efficient market theory is a wonderful economic doctrine that had a long vogue in spite of the experience of Berkshire Hathaway. In fact one of the economists who won — he shared a Nobel Prize — and as he looked at Berkshire Hathaway year after year, which people would throw in his face as saying maybe the market isn’t quite as efficient as you think, he said, “Well, it’s a two-sigma event.” And then he said we were a three-sigma event. And then he said we were a four-sigma event. And he finally got up to six sigmas — better to add a sigma than change a theory, just because the evidence comes in differently. And, of course, when this share of a Nobel Prize went into money management himself, he sank like a stone.

市场有效论是一个很好的经济学教条,流行了很长时间,但是跟我们Berkshire Hathaway的经验相悖。事实上依靠此理论获得诺贝尔奖的其中一位经济学家也观察了我们公司好多年,人们当他面质问他,说市场恐怕不那么有效吧,不然怎么解释Berkshire的战绩,他就说我们是一个小概率的例子,有两个标准差。然后他又说我们这个例子有三个标准差。然后又说我们四个标准差。最后终于多到了六个标准差。他宁愿给我们多弄几个标准差也不愿意修改他的理论。当然了,最后当他拿获得的诺贝尔奖金自己去投资的时候,钱就泥牛入海了。

95. We’re guessing at our future opportunity cost. Warren is guessing that he’ll have the opportunity to put capital out at high rates of return, so he’s not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we’d change. Our hurdles reflect our estimate of future opportunity costs.

我们在猜测未来的机会成本。巴菲特认为将来有可能遇到很高回报的机会,所以他现在不会为10%回报的机会出手。但是如果我们知道利率一直保持在1%,我们会改变策略的。我们的仓位取决于我们对未来机会成本的预测。

96. Our ideas are so simple that people keep asking us for mysteries when all we have are the most elementary ideas.

我们的想法都是很简单的,以至于人们总是希望我们能说点儿神秘的东西出来,但是我们的方法就是这么简单。

97. The idea of a margin of safety, a Graham precept, will never be obsolete. The idea of making the market your servant will never be obsolete. The idea of being objective and dispassionate will never be obsolete. So Graham had a lot of wonderful ideas.

格雷厄姆的安全边际理念、不让市场主宰自己的理念、保持平常心的理念永远都不会过时。所以格雷厄姆有很多很好的理念。

98. I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that’s a very stupid way to solve an energy problem.

我虽然懂的热力学知识不多,但还是足以判断这个事儿:如果你要花费很多石油资源去生产乙醇,那么用乙醇替代石油就是一件很傻的节能方案。

99. Warren and I don’t feel like we have any great advantage in the high-tech sector. In fact, we feel like we’re at a big disadvantage in trying to understand the nature of technical developments in software, computer chips or what have you. So we tend to avoid that stuff, based on our personal inadequacies. Again, that is a very, very powerful idea. Every person is going to have a circle of competence. And it’s going to be very hard to advance that circle. If I had to make my living as a musician…. I can’t even think of a level low enough to describe where I would be sorted out to if music were the measuring standard of the civilization. So you have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. And that’s as close to certain as any prediction that you can make. You have to figure out where you’ve got an edge. And you’ve got to play within your own circle of competence. If you want to be the best tennis player in the world, you may start out trying and soon find out that it’s hopeless—that other people blow right by you. However, if you want to become the best plumbing contractor in Bemidji, that is probably doable by two-thirds of you. It takes a will. It takes the intelligence. But after a while, you’d gradually know all about the plumbing business in Bemidji and master the art. That is an attainable objective, given enough discipline. And people who could never win a chess tournament or stand in center court in a respectable tennis tournament can rise quite high in life by slowly developing a circle of competence—which results partly from what they were born with and partly from what they slowly develop through work.

巴菲特和我在高科技领域都没有什么优势。我们觉得让我们去了解软件、芯片之类的东西我们讨不着好。所以,基于这些不足,我们尽量避免这些东西。这又是一个很重要的思维。每个人都有自己的能力圈,而且这个能力圈很难增长。如果我要依靠音乐谋生的话——我就完蛋了。所以你应该想想自己的天资在什么地方。如果你在从事别人有天赋而你没有的工作,你肯定是要输的。没有意外。你要知道你的强项在什么地方,要在你的能力圈里面玩儿。如果你想做天下第一网球手,你可能很快发现自己没戏,有人会迅速赢你好几条街。但是如果你想做城关镇的水管承包商,可能三分之二的人都能做到。这需要一个意向和一些智力投入。但是一段时间之后你就会慢慢了解城关镇的水管行业并且渐渐掌握这门艺术了。这是一个可以达到的目标,只要有足够的付出。就是运用一些与生俱来或者后天慢慢养成的能力圈,那些即使从来没有赢过象棋比赛和网球比赛的人们也可以在生活中走向不小的成功。

100. Beta and modern portfolio theory and the like –none of it makes any sense to me.

风险系数贝塔和现代投资组合理论都一样——对于我来说完全是瞎搞。

101. Today, it seems to be regarded as the duty of CEOs to make the stock go up. This leads to all sorts of foolish behavior. We want to tell it like it is.

今天,保持股价似乎成了总裁们的任务之一,这引发了很多愚蠢的行为。我们这是实事求是。

102. Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it’s not the individual investors that are doing it. It’s the institutions.

对门外汉投资者们,我们的一贯标准建议都是购买免佣金的指数基金。我认为这要比你的股票经纪的建议更好。那些建议你购买其他金融产品的人往往都是借以收取佣金和费用的。其结果就是越来越多的资金投放在指数基金上,而这里大部分都是机构,而不是个人。

103. Closetindexing….you’re paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you’re being played for a sucker.

 "黑箱追指数"投资法(一种大部分钱投资于指数成份股,小部分由基金经理选股的投资组合,一般不公开策略,意在接近指数的表现)……你给经理支付一大笔钱,而他把85%的钱照着指数成分投资。如果你是这么干的,你就被人当傻子玩儿了。

104. Black-Scholes is a know-nothing system. If you know nothing about value — only price — then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it’s crazy to get into Black-Scholes.

布莱克-舒尔斯模型(一种衍生品定价模型)是一种白痴模型。如果你对于标的物的价值一无所知而只知道价格,那么这个模型对于90天的期权定价还是有价值的。但当你要放眼于更长的时间的时候,使用这个模型就是疯了。

105. We have monetized houses in this country in a way that’s never occurred before. Ask Joe how he bought a new Cadillac and he’ll say from borrowing on his house. We are awash in capital. Being awash is leading to very terrible behavior by credit cards and subprime lenders –a very dirty business, luring people into a disadvantageous position. It’s a new way of getting serfs, and it’s a dirty business. We have financial institutions, including those with big names, extending high-cost credit to the least able people. I find a lot of it revolting. Just because it’s a free market doesn’t mean it’s honorable.

我们当今用房子套钱的方法以前从未出现过。你问张三他是怎么买的凯迪拉克,他会告诉你是靠抵押房子贷的款。我们现在资本过剩。资本过剩会导致人们疯狂刷信用卡和放债人发放次贷——发放次贷是一个肮脏的生意。它诱惑人们前往绝地。这是一种获取奴隶的新方法,这是很脏的生意。我们有些金融机构——包括那些大行——都在向那些弱势群体发放次贷。我觉得这种行为令人厌恶。自由市场是自由的并不意味着它就是光荣的。

106. We don’t believe that markets are totally efficient and we don’t believe that widespread diversification will yield a good result. We believe almost all good investments will involve relatively low diversification. Maybe 2% of people will come into our corner of the tent and the rest of the 98% will believe what they’ve been told.

我们不认为市场是完全有效的,也不相信分散投资会带来更好的结果。我们认为最好的投资都是比较集中的。大概2%的人会跟我们站在同一个立场,其他的都还是相信他们所听到的那些谬论。

107. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.

我们挣的钱都是从那些优质企业中来的。有些是我们全资收购的、有些是我们部分拥有的。但是当你分析我们的情况时,大钱总是从优质企业里来。其他人也是这样,从优质企业身上赚到钱。

 108. A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.

很多股份回购的行为只是为了刺激股价而不是趁低吸收股权。三四十年前,如果你去寻找那些积极回购股票的公司,可以赚不少钱,因为他们那时候都是因为股价低于价值才回购的,很纯粹很简单。

109. There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested — there’s never any cash. It reminds me of the guy who looks at all of his equipment and says, “There’s all of my profit.” We hate that kind of business.

有两种生意:第一种每年挣12%,年底可以把钱拿回来;第二种每年挣12%,但是利润必须重新投入运营---永远也看不到现金。这让我想到了一个家伙,他看着手里的一大堆(不能变现的)工具装备,慨然叹曰:“这就是我的全部利润了。” 我们可不喜欢这种生意。

110. There are actually businesses, that you will find a few times in a lifetime, where any manager could raise the return enormously just by raising prices—and yet they haven’t done it. So they have huge untapped pricing power that they’re not using. That is the ultimate no-brainer. … Disney found that it could raise those prices a lot and the attendance stayed right up. So a lot of the great record of Eisner and Wells …came from just raising prices at Disneyland and Disneyworld and through videocassette sales of classic animated movies… At Berkshire Hathaway, Warren and I raised the prices of See’s Candy a little faster than others might have. And, of course, we invested in Coca-Cola—which had some untapped pricing power. And it also had brilliant management. So a Goizueta and Keough could do much more than raise prices. It was perfect.

有些生意你在人生中会见识几次,这些生意里,随便找个人当经理都能大幅提高利润,只需要提高商品价格——但是他们又没有这么做。所以他们有很多未开发的定价权。这些生意是最不需要动脑子的。迪士尼发现他们不管怎么提价,入场率都是那么高。所以艾斯纳和威尔斯(迪士尼CEO)的“杰出表现”很大部分来源于给迪士尼乐园门票提价或者给迪士尼的动画提价。在我们这儿,巴菲特和我给See's糖果提价的速度比别人都更快一些。另外,当然了,我们也投资了可口可乐,可口可乐也是有很多未开发的定价权的。而且可口可乐还有一个很棒的管理层,所以他们的CEO可以做许多提价以外的事情。这很完美。

111. At Berkshire Hathaway we do not like to compete against Chinese manufacturers.

我们Berkshire不喜欢和中国生产企业竞争。

112. Berkshire is in the business of making easy predictions. If a deal looks too hard, the partners simply shelve it.

Berkshire的工作是做简单的预测,如果一个交易太难搞懂,我们会把它搁置一边。

113. We’re the tortoise that has outrun the hare because it chose the easy predictions.

我们是跑赢兔子的乌龟,因为我们挑那些简单的事情来预测。

114. Warren and I avoid doing anything that someone else at Berkshire can do better. You don’t really have a competency if you don’t know the edge of it.

巴菲特和我尽量不做那些公司内有人比我们做得好的事情。如果你不知道你的能力圈的边缘在哪儿,你等于没有能力圈。

115. Understanding both the power of compound return and the difficulty of getting it is the heart and soul of understanding a lot of things.

理解复利的强大和难于达成,是理解很多事情的精髓。

116. There are a lot of things we pass on. We have three baskets: in, out, and too tough…We have to have a special insight, or we’ll put it in the ‘too tough’ basket. All of you have to look for a special area of competency and focus on that.

我们略过很多东西的。我们有三个篮子:留着的、要扔的、太难懂的。如果我们没有特别看懂它的前景,我们就把它扔进太难懂的那个篮子。你们要做的就是寻找一个你们特别有竞争力的领域并且专注于此。

117. We don’t care about quarterly earnings (though obviously we care about how the business is doing over time) and are unwilling to manipulate in any way to make some quarter look better.

我们不在意单季度盈利(虽然我们关注一个企业长期表现如何),也很不愿意用任何方法修改报表以便某一季度的结果看上去更好。

118. Almost all good businesses engage in ‘pain today, gain tomorrow’ activities.

几乎所有的好生意都是“今日付出,明日回报”类的。

119. No CEO examining books today understands what the hell is going on.

今天的总裁没有能通过看报表搞明白发生什么事儿的。

120. If mutual fund directors are independent, then I’m the lead character in the Bolshoi Ballet.

如果共同基金的董事能够做到独立,那我就是莫斯科芭蕾舞团的主跳。


(完)