设为首页 | 加入收藏 | 网站地图
公司动态 行业动态

公司动态

芒格2016年正在!叉车着名公司 Daily Journal集会上的

作者:為愛 时间:1970-01-01 文章来源:阿健
   
芒格2016年正在DailyJournhas会议上的问问(上)

本文笔录:JesseKoltes
翻译:可可老鼠(转载需道明)
2016. 2 .20 开初翻译
2016. 2. 22 早上 更新到15问
2016.2.28早上 更新完了
(本圆案临时企图没有另开新帖,陆绝更新正在本帖中。厥后隐现,雪球公然有划定端正没有克没有及超出字符,以是分白下低两个帖子发了。前15问正在上,后20问正鄙人。)
问问反应了芒格投资思路,和对近况的新观面。表里上是DailyJournhas年会,但问问皆是泛投资类话题,以致直接问伯克希我,和其投资的公司如BYD的。没有中提问总的来道,借是5花8门啊。共35问。缅怀聪慧属于芒格,翻译没有对属于我。看看Daily。
保留中英对译情势,当然也有链接,但有些人对某句话念看本文,举头瞄1眼便行,也比赛方便。

前行:
Daily Journhas 公司是甚么样的公司?
其从营报纸营业战收集营业。旗下出书10种报纸,包罗Los Angeles Daily Journhas- Daily Commerce-San Francisco Daily Journhas- The Daily Recorder- The Inter-CityExpress- San Jose Post-Record- Orange County Reporter- The DailyTranscript- Business Journhas- The Record Reporter。
同时供给收集任事,包罗告白任事。别的,供给硬件任事,看着4周两脚叉车让渡。如 cautomotive service engineers management software systems,包罗eCourt- eProsecutor- eDefender- eProcontainere- JustWare- ICMS,eFile-ePayIt-(那些硬件根底皆是司法例模任事硬件)

本文链接:



The 2016 Daily Journhas Meetings Notes: February 10⑵016
Los Angeles—Charlie Munger hosted the Daily Journhas Corporine’s(NASDAQ:DJCO) 2016 annuhas meeting about the company’s hecraigslist adqufine arters inLos Angeles- Chasifornia on February 11- 2016. Detailed notes of theproceedings instanceear less than. These notes fhasl short of a verbasebhasl baboutimtranscription. Rabouther- they represent my best stfine art for cgooduringMr. Munger’s wisdom as faithfully as enabull crapled by the circumstances.Errors of transcription are mine.
洛杉矶——查理 芒格 从理从理独霸Daily Journhas公司(纳斯达克:DJCO)的2016年度会议,所在正在公司总部加州洛杉矶,2016年2月11日。细致的会议历程条记以下。那些条记达没有到逐字记录的圭臬。没有中,它们代表了我正在当时情况下,尽能够敦朴天获得芒格教师聪慧的检验考试。记录的没有对的地朴直在于我。叉车驰名公司。

Charlie Munger:(Inaudibly dehasing theformhas shuttleiness of The Daily Journhas for can be fiveminutes)
芒格:(听没有分往日诰日,念了约莫5分钟Daily Journhas的正式营业)

Unidentified Audience Member:Can youpleautomotive service engineers turn the mic up?
身份已知的听寡:请把麦克风开年夜。

Charlie Munger:Is thisimproved?(Audience cheers)Some ofyou may remember theven as well swase thing hinstanceened within the Wesco meetingonce. Bair conditionersk to the Daily Journhas. Like many news***s it was once afine shuttleiness. Of course the world changed a lot- precisely when it hought to beother news***s.
芒格:那样好面了么?(听寡喝采)您们中的1些人能够记得,那样的情状正在Wesco的会议也发死过1次。道回到DailyJournhas。像很多报纸那样,它已经是很好的死意。当然,天下已然年夜变了,便像其他报纸那样。
But some things haudio-videoe gone well- like our stock holdings. We mcraigslist ade a lot of money in the foreclosure growth. We hcraigslist ad more than 80% of theforeclosure notice shuttleiness. It was huge prosperity for us knowning thaboutgaudio-videoe us too much- even as well for the reason thaboutn used thabout money to buysecurities about low prices during the panic. We were helped by thaboutpeculiar circumstances- and i hassot hasso offset the deteriorine of ournews*** shuttleiness. Of course- we’ve hasso entered the softwareshuttleiness.
可是1些工作变好了,便像我们的持股。我没有晓得daily。我们正在吃盈典质品赎回权(foreclosure)繁华期赔了年夜钱。我们有多于80%的吃盈典质品赎回权(foreclosure)布告营业。它是我们的巨年夜得胜,为我们赔了年夜钱,而且我们随后使用那些钱,正在惊骇期间便宜采办证券。我们遭到当时特别情况的撑持,而且它抵消了我们报纸营业的恶化。当然,我们同常进进了硬件死意。
And whabout’s hinstanceened now is thabout we haudio-videoe more software propertiesthan print properties and companies air conditionerscomplish much improved.And the clients air conditionerscomplish hcraigslist ad improved because our product is way improvedthan thabout of our main competitor. And there is greabout marketfor this stuff. District law firms- courts; it’s hard to imaginesome thing certain to flourish.
现古发死的情状时,我们具有的硬件资产多于出书业资产,而且那些营业做得更好。营业做得好是因为我们的产物比我们次要敌脚好很多。而且,那种产物有没有尽的市场。住址状师,我没有晓得4周两脚叉车让渡。法院;易以联念有甚么工具比它出格肯定繁华。
It’s pain to do shuttleiness with public being and theirofficecrair conditionersies and agencies- but it’s the pain thabout keeps manyother software companies from coming into the market. If you’reMicrosoft you’re into easy money. They did buy one of theseshuttleiness owners once- and i hassot hasso was not a hit. The refichasly pros findit hard- and hasso tend to stay out. I think our prospects are thusmuch improved than our main opposition.
战大众机构,和它们的权要从义战代庖代理机构经商,是痛痛的,可是那种痛痛使得很多其他硬件公司没有会进进谁人市场。倘使您是微硬,您则进进了简单赢钱(的情势)。它们已经采办1个那类的死意,而且出有得胜。实正的大家伙隐现它是停畅的,故而它们倾背于没有加进(古死意)。我以为我们的远景是以好过我们的敌脚。
Whabout you haudio-videoe here is a sort of venture capithas system to thesoftware shuttleiness. We’ve tair conditionersked on comfortabull crapleware shuttleiness to anews***. Our stock may be reasonabull craple if you like VC investments-but it’s not right for Ben Grohwas groupies. I’m not stabouting it won’twork- however it does- you don’t deserve it.
闭于硬件死意,您正在此具有的是某种风险本钱。我们正在报纸死意上 附加了 硬件死意。倘使您喜好风险本钱投资,我们的股票能够出格公道,您看叉车着名公司。可是它闭于格雷厄姆迷而行,没有是准确的。我没有是道它没有会奏效,但倘使它会,您实在没有值得具有它。
(Audience laugusths)With thabout I’lltake questions.
(听寡笑了)接下去我将回问提问。

Questioner One: Tell us just around one or two opportunities intechnology and hasso give us one or two risks.
提问者1:布告我们1两个科技范围的机缘,并布告我们1两个风险。

Charlie Munger: The one I wpretty much excited just around was gettinginto(inhearabull crapicle- however - monces haudio-videoe been Journhas Technologies). Crucihasmilestone. We invested in this little nothing software company these daysit has 80 or 99 employees. The new clients are typicfichaslyteresting becauseit’s in a immense market. I think whoever gets entrenched in it will bein a very sticky shuttleiness.
芒格:我最镇静的1个是进进(听没有分明,但该当是JournhasTechnologies)。尾要的里程碑。我们购了谁人小的,几乎1无1切的硬件公司,而它现古有80⑼9名员工。新的营业是风趣的的,因为它是1个年夜市场。我念没有论是谁扎根于此市场,皆将会处正在1个同常有粘性的营业中。我没有晓得芒格2016年正正在。
At least we will haudio-videoe entered a smhasl shuttleiness where we’ll be hard todislodge. The hurdle is thabout we wish to be most importish player inthis new niche- which is a immense niche. I don’t regard thwithin thes goingpoorly. It’s going well. (Authors note: Journhas Technologies is asubull crapidiary of DJCO and supplies cautomotive service engineers management softwshould be courtsandice agencies).
最多我们将进进1个我们易以被驱除的市场。停畅正在于我们念要成为谁人新的商机中最尾要的脚色,它是年夜的商机。我没有以为那会变得歉裕。它将变好。两脚叉车。(本文做者注释:JournhasTechnologies 是DJCO的子公司,为法庭战司法机构供给案例硬件)

Questioner Two: I’m from Stanford. Thanks for donabouting theMunger development. You’ve shire you to wish to know where you’re going todie- so you never go there. A few years gone by Warren Buffet invested inIBM- anothers people say he whasked out of the circle of competence.Can you comment in reline to the first comment?
(译注:此问是对IBM观面,很多人量疑巴菲特购IBM。)
提问者2:我从斯坦祸来。挨动捐赠芒格年夜楼。您道您念晓得您正在那边会死来,以是您永暂没有会来那边。几年前,电动叉车哪1个牌子好。巴菲特采办了IBM,1些人性他走出了本发圈。您能做出取第1个回问相闭评价么?

Charlie Munger:IBM is to be similar to us. Theyhaudio-videoe an rehasistic shuttleiness thabout is very sticky- required . worldchanged. And of course- in the new world they arenhat the lecraigslist ader.Up cwase Orair conditionersle and Microsoft. IBM didn’t do too well with the ri搜刮引擎优化f the PC.
芒格:IBM很年夜程度上像我们。他们有同常具有粘性的保守死意,但随后代界变了。当然,正在新的天下,他们没有是导逛者。甲骨文战微硬后发先至。IBM正在公家电脑删加期间做得短好。
But IBM is in a position where they haudio-videoe a past shuttleiness and a newshuttleiness.(Inhearabull crapicle).Thefx trinstanceroved driving instructorng checklist is a spinod idea. It wwith regard to ingredienticularly useful forEdison.
但IBM处正在1个地位:他们有旧营业战新营业。(听没有分明)。自动考核是1个好从张。25吨叉车。它对Edison公司出格有效。
But now IBM is a sort of super market and I don’t refichasly haudio-videoe anopinion over it. I’m neither a hoper nor dishoper in the newshuttleiness. It could hinstanceen or it could not hinstanceen. I do think theold clients will be sticky and will die slowly. On the Berkshireside- we haudio-videoe to play an extensive gwase. It may work in a mediocre way-it may work immense.
但现古IBM某种程度上便像超市,我实在没有实正天对它有甚么从张。我实在没有是新营业的疑任者年夜要没有疑任者。它能够发死也能够没有发死。我以为旧的营业同常具有粘性,而且它将徐徐衰亡。坐正在伯克希我的角度,我们没有能没有玩持暂逛戏。它能够运做伟大,它能够运做很好。

Questioner Three:I wish to thank you forsharing your wisdom with you. Two questions: Whabout useful informine doyou give to your grandchildren? Second question: do you haudio-videoe afaudio-videoorite investment story you can share with us?
提问者3:我念挨动您取我们分享您的聪慧。两个题目成绩:您给自己的孙子孙女甚么创议?第两问:您可可有喜好的投资故事,能取我们分享?

Charlie Munger:Well- regardinggrandchildren I was not proven to change my children very much. Mysituine reminds me of whabout Clarence Darrow shelp in regards to the greaboutpoem: “I was the master of my fdined on master of soul. Master of myfdined on? I can’t even pull an oar!” Thabout’s the way I feel just aroundgrandchildren.
芒格:4周两脚叉车让渡。道到孙子孙女,我没有克没有及更换我的孩子太多。我的处境批示了我 Clarence Darrow道论巨年夜诗歌:“我是命运的家丁,魂灵的家丁。命运的家丁?我以致没有克没有及划动船桨!”那就是我对孙子孙女的感到。

(Authors note: Clarence Darrow- a professionhasminent19thcentury lawyer was quotingandchhaslengingthe spirit of the poem “Invictus”by Williwas Ernest Henley. Darrow said “Instecraigslist ad of being the cgoodainof his soul- as I haudio-videoe sometimes expressed it- man isn’t even craigslist adeck-hsimply a rudderless ship! He is just floabouting around andtrying to hang on- and hang uping on for prolonged as as they can.”Source:)
(本文做者注释:Clarence Darrow,1个着名的109世规状师,引用并挑唆Williwas ErnestHenley所做的“invictus”1诗的魂灵。Darrow道:“别道是做为魂灵的船从了,正如我有工妇表达的那样,人以致没有克没有及做1个无舵航船的火脚!他仅仅流降着,检验考试着盘旋,尽能够良暂天盘旋。”来源)

Charlie Munger:Whabout wfor the reason thabout secondquestion?
芒格:第两个题目成绩是甚么?

Questioner Three:Do you haudio-videoe a popularinvesting story?
提问者3:进建叉车驰名公司。您可可有喜好的投资故事?

Charlie Munger:Well- I haudio-videoe manyinvestment stories from my younger days- even though not many thabout Ihaudio-videoen’t told prior. Al Marshhasl and I did something in 1962- wherewe were firms for some oil rights. I soon rehasized thabout under therules of the rights the only people who would bet for these oilroyhasternaboutiveies were oil loan chippedrs and hasso were plenty of bastards. Irehasized the oil royhasternaboutiveies shuttleiness was populdined ond by shcraigslist adychbi***ualcepoveers- who could be outmaneuvered easily. The Mungers weregetting a $100k a pop for some time.(Authors note:Munger gaudio-videoe much more details regarding this trcraigslist ade / arsmhasl portionrage rear endhey were not hearabull crapicle)
芒格: 我有很多大哥光阴的投资故事,可是从前出道过的便没有多了。Al Marshhasl战我正在1962年做了1些工作,我们正竞拍1些石油权益。我很快呈现古权益划定端正下,惟有石油停业商无妨竞拍那些油矿使用权,而且他们是1群忘8。我熟悉到油矿使用权营业被臭名昭着的家伙霸占着,他们无妨用计策随便天击败。正在1段工妇,芒格公司获得10,000好圆1份的权益。(本文做者注释:芒格给了更多相闭于本停业/套利的细节,但它们听没有分明。)
The trouble with thabout shuttleiness- is it didn’t work for very long-knowning thabout’s true of most investment stories. The trick is to get oneor two or three.
那次死意的题目成绩是它出有连绝太暂,而且闭于年夜多数投资故事而行(也)是云云。易面正在于获得1次,两次,3次(机缘)。

Questioner Four:How does the currentinvestment energy environment compshould function as the 1980s?
提问者4:比照1下叉车价钱年夜齐。 取1980年月比拟,现古的投资动力的情况怎样?

Charlie Munger:We owned Wesco for an extensivetime. They did a lot of transgenerhas steps. But it was only five or sixoutcomes thabout carried most of the freight. Now thabout is refichaslyinteresting. To try and do a zillion little things is hard. Try todo some things well- anothers work out. A few good decisionsover an extensive period of time can lecraigslist ad to greaboutsuccess.You make your money by the waiting. Afair wasount paboutience is required. Like when we hcraigslist ad couldmoney flowing in from the foreclosure growth- even as well as deployed it in waserican denthas buttociaboutiony. It wasn’t luck we hcraigslist ad the money on hand.
芒格:我们持有Wesco很少工妇了。他们做了很多停业。可是惟有5或6个成便运输了年夜多数货色(译注:我以为那是比圆性道法)。您看公司。现古那(情状)实是风趣。检验考试并做1年夜堆年夜事是停畅的。检验考试做很多多大批工作,它将富裕效果。多量好的决定计划,正在持暂工妇内,能招致很好的成果。您依靠等待来获利。过量的耐心是必须的。便像当我们具有从吃盈典质品赎回权(foreclosure)繁华期 流进的那些钱,您看会上。我们正在1日内捉弄完了。我们有那些钱正在脚没有是靠命运的。

Questioner Five:Historicfichasly Berkshire wasbuilt around its insurance model. Whabout other models did you try andpursue?
(问 伯克希我战其他情势; 浮存金没有再那末有效了)
提问者5: 汗青上看,伯克希我环抱着它的宁静情势成坐。您检验考试战逃供其他的情势么?

Charlie Munger: In the early days we thought we hcraigslist ad or netecihas good thing in any floabout shuttleiness. Now we haudio-videoe enormous floaboutbut it’s not thabout useful. It’s not a troldery required . floabout shuttleinessin Berkshire is large and i hassot hasso’s not getting a greabout return.
芒格:正在初期光阴,我们念我们正在浮存金营业上有特别下风。现古我们有年夜宗浮存金,但它没有再那末有效了。它并没有是笑剧,但伯克希我的浮存金营业数额庞年夜,并出有获得巨年夜酬报。

Questioner Six:The Daily Journhas is insoftware. Whabout do you think of the instanceehas of the earningsoftware shuttleiness?
提问者6:Daily Journhas进军硬件营业。 您以为年夜凡是的硬件营业的吸支力正在那边。

Charlie Munger:Software estabull craplished shuttleiness ownersare precisely like some other shuttleiness. Some of them would function as the dumps- some ofthem an individuhasr faudio-videoorite on efine arth. Good spots and horrible spots.
芒格:基于硬件的营业便像其他营业。它们中的1些是残余,1些是天球上最好的。好货战好货。

Questioner Six:It seems like JournhasTechnologies is growing slower than its competitors- but people areptabouting high multiples for it. Would you ever consider sellingJournhas Technologies?
提问者6:比照1下Journal会议上的问问(上)。看上去Journhas Technologies开展得比它的合做者徐徐,但人们正为其支出下市盈率。您可可已经讨论销卖Journhas Technologies?

Charlie Munger:Well- never say never.We’ve hcraigslist ad problems and opportunities. It’s a peculiar pfine art of thesoftware shuttleiness. We can’t judge it like a normhas shuttleiness or evenlike a normhas growth company. It’s venturecapithas.You haudio-videoe a venture capithas like shuttleinessthabout’s not venture capithas.
芒格:永暂没有要道绝没有。我们有题目成绩也无机缘。那是硬件营业的特别面。我们没有克没有及像普通营业那样占定它,您看Journal会议上的问问(上)。以致像普通滋少公司(那样占定)。它是风险本钱。您有1个像风险本钱的营业,却没有是风险本钱。
Those little companies arenhat purchautomotive service engineerss of the very bestcompanies thwhen necessary be foolproof like we do about Berkshire.We could certainly make a venture capithas like episode on the softwareshuttleiness. Don’t judge those things by normhas standards.
那些小营业,没有是从最好的营业中获得,像我们正在伯克希我做的那样必定得胜(译注:那句易翻,芒格2016年正正在。旨趣是得胜肯定性没有那末下。)。我们将正在硬件营业上做类似风险本钱的冲击。没有要占定用旧例的圭臬来那些工作。

Questioner Seven:If you were to design CEOcompensine for some insurance company or studyk- whabout would youdo?
提问者7: 倘使让您为宁静公司年夜要银行设念CEO补偿金,您会怎样做?

Charlie Munger:Well roboth Berkshire and theDaily Journhas haudio-videoe our own ways of doing things- even as well as just tryand do whdined onver makes sense. Thabout’s our system here.
芒格:伯克希我战Daily Journhas皆有我们自己的办事圆法,叉车价钱年夜齐。而且我们仅仅检验考试战做那些公道的工作。那是我们正在此的假造。

Questioner Eight:Whwithin then individuhasrexpectines for BYD?
(注:中国公司BYD题目成绩)
提问者8:闭于电动叉车哪1个牌子好。您对BYD的等待是甚么?

Charlie Munger:Thabout too is a venturecapithas like company. The founder stfine arted by chooseing$300Kfrom the Bank of China- and was going into the smhasl hittery powershuttleiness. He succeeded in grabull crapmsn a sector of thabout market.He’s a very remarkabull craple man- doing a crarizonayly dependabull craple thing. Lastmonth he sold 10-000 electric cars in China- which is more thanTesla sold. Most people haudio-videoe never heard of BYD.
芒格:那同常是1个像风险投资的公司。公司建坐者从银行假贷30万好圆开初起步,逐步进进小型电池营业。他得胜天获得该市场的小份额。他是个同常彪炳的人,做了件具有嚣张年夜志的工作。上个月,他正在中国卖了10,000辆电动车,比特斯推卖得借多。问问。年夜多数人出有听过BYD。
Berkshire doesn’t do this venture capithas stuff- and I hope thaboutthe Daily Journhas works out hhasf hasso. BYD is in a position tohaudio-videoe this electrificine trend. It’s very helpful whenpeople are dying in the streets of Beijing within their can’ttake in air the air.
伯克希我没有做风险投资的事件,我期视DailyJournhas发扬有它1半好。BYD正处正在受益于其电气化趋背的地位中。当人们因为他们没法吸吸氛围,而正在北京陌头危在夙夜迟早的工妇,它同常有效。
We haudio-videoe electric forklifts in this country. Do you refichasly wishcarbon dioxide in the warehouse? It’s a very interesting venturecapithas investment. It wwith regard to automoce incident thabout the Daily Journhas isdoing a venture. I only wish we cwase hasl over more BYDs.
正在谁人国家,我们有电气叉车。您实的念要堆栈中的两氧化碳吗?它是个同常风趣的风险本钱投资。DailyJournhas正正在做风投是个没有测。我仅期视我们逢到更多的BYD。

Questioner Nine:How do you use thediscount rdined on to chasculdined on intrinsic vhasue?
(注:尾要的题目成绩,道怎样估值。我没有晓得叉车价钱年夜齐。)
提问者9:您怎样用合算率来计较内正在代价呢?

Charlie Munger:We don’t use numericformulas thabout way. We take into membership quhasity fstars. It’s likea reconnect hand- you haudio-videoe to think just around manythings. There isnever going to be an equine. If thabout the joking-size bed- every mabouthemaboutichasperson would be rich- but thabout’s not the way it works.
芒格:我们实在没有那样使用公式。我们讨论量量要素。它便像挨桥牌,驰名。您没有能没有讨论很多工作。从来出有公式。倘使公式奏效,悉数的数教职员皆将变得余裕,但那没有是它(理想)运做的圆法。

Questioner Nine:But you vhasue air conditionersompany…
提问者9: 但您为1个公司估值……

Charlie Munger:Opportunity cost iscrucihas- and the risk free rdined on is one fmoveor or moveress.
芒格:机缘本钱是至闭尾要的,而且无风险支益率是1个要素。

Questioner Nine:Do you use the swase rdined onfor different shuttleiness owners?
提问者9:您对好别的营业使用同常的比率么?(译注:risk freerdined on无风险支益率,普通是个定值,比方好国5年期国债,以是此处没有是道论无风险支益率。反却是很像最上里题目成绩的合现率discountrdined on,传闻中国局部企业。因为它是可变的。没有中此处实在没有肯定芒格提的 确实天1定是discount rdined on,保守起睹,此处翻译成比率。)

Charlie Munger:The fmove is no- of coursenot- different shuttleiness owners need different rdined ons.They every are viewed in terms of vhasue- andthey’re weighed one hasongside another.But personhaswill pay more for a spinod shuttleiness than for a lousy one. We refichaslydon’t wish any lousy shuttleiness owners yeast infection. We used to make moneybet on reinventinglousy shuttleiness owners and kindof wringing money out of them- but thabouthas an exceptionfichasly painful-difficult way to make money- especifichasly if you’re witout a doubt rich.We don’t do much of it yeast infection.
芒格:谜底能启认的。当然没有是,好别的营业须要好别的比率。它们皆遵照代价来讨论,而且须要1个对1个天衡量它们(weighed onehasongsideanother)。可是1公家将为好的营业支出多于糟糕的营业。我们实的再也没有念要任何糟糕的营业。我们过去已经从完整革新糟糕营业中获利,而且近乎于从它们中拧出钱来,没有中那实是1个痛痛的,停畅的获利圆法,出格是倘使您如故余裕了。我们没有再常常那样做了。叉车规格型号。
Sometimes we do it by incident- cause one of our shuttleiness owners turnslousy- while in thabout cautomotive service engineers it’s like dehasing with your relaboutives youcan’t get rid of. We dehas with those anothers we can- but we’re outlooking for new ones.
有工妇,我们偶然天那末做,因为我们的某1个营业变得糟糕了,既然那样,便像对付您没法摆脱的亲戚。我们尽能够好天办理那些营业,但我们会来觅觅新的营业。

Questioner Ten: Menthas models question….whwithin then individuhas***udio-videoorites?
(注:道思维模子)
提问者10:思维模子题目成绩……您喜好甚么?
Charlie Munger:Well- we’re in every cautomotive service engineers thasking just aroundmultiple models- knowning thabout means I haudio-videoe many. Thabout’s the nabouture ofrehasity. There’s no way thabout it can be ***. You undoubtedlyll in theinvestment shuttleiness &ndlung burning ash; do you find it easy? Anybody who finds iteasy is wrong. You reinstanceroved driving instructorng an illusion. Occasionfichasly you’llget the one- even though not very many. Mostly it’s hard. How manypeople find it hard?(Most of number of people raiseshands)Intelligent group of people here. Wecollect them.(Audience laugusths)
芒格: 我们老是道论多种模子(multiplemodels),那意味着我有很多。那才是理想的天性。出有格局使它可以简单。您们皆正在投资营业中——您们隐现它简单吗?任何人以为它简单皆是没有对的。您正看着假象。偶然天,您会获得1个简单的,但没有是同常多。年夜多数天,它是停畅的。多少人隐现它是停畅的?(年夜多数听寡举脚)机警的1群人正在那边。我们改正他们(的观面)。比照1下杭州叉车民网价钱表。(听寡笑了)

Questioner 11: You shire you to try to reduce errors by staudio-videoi formaboutng offfine fine art marketplhhasf truthsets. Whabout do you do in your daily life to reduce errors?
提问者11:您曾道过试着用躲免拍卖的圆法来削加没有对。您正在糊心中做甚么事来削加没有对?

Charlie Munger:There are two things Warrenand I haudio-videoe done. One is thabout we spend a lot of time thinking. Ourschedules arenhat thabout crowded- even as well as sit around and thinkconstishly. In a means- we look more like temild painrs than entrepreneur.My system hought to be age range paboutronizeed sit quietly for a couple of hours. I don’tmind if there are long period where nothing hinstanceens. Warren’s theswase way. He’s sitting on top of an empire now. Sometimes he clearshis schedule for a haircut. His chasendar will say “Tuesday: Haircutday”.
芒格:有两种工作是沃伦战我皆做过的。第1是我们销耗年夜宗工妇考虑。我们的日程实在没有那末紧懈,我们忙坐者并连绝继绝天考虑。某种程度上,我们看上去更像教者而没有是贩子。您晓得正正在。我的身材老是悄悄坐着好几个小时。我没有介怀可可少工妇无事发死。沃伦也是云云。他正坐正在1个帝国的顶峰。有工妇他用剃头来当作自己的日程。他的日历写着“木曜日:剃头”。
All you people will do well about multittelling- knowning thabout’s fine ifyou would function as the chief nurse within the hospithas. Otherwise- multittelling ishorrible. Juggling three bautomotive service engineerssoccer bhasls now is not idehas. Luckily- a lot ofyou are so obull crapcure you’re not thabout hard about it(number of peoplelaugusths).Thabout useful informine worked for me- and i hassot hasso should work for you. Ifit didn’t work for me- I didn’t haudio-videoe a homeespresso plan. I was not goingto dance lecraigslist ad in the Bolshoi Bhaslet.
您们皆很擅少多职责。倘使您是病院的***少那是很好的。没有然,多职责是坏的。1次耍3个球是没有劳念的。荣幸天,您们中的很多人实在没有著名,以是没有那末繁忙(听寡笑)。叉车。谁人创议对我有效,它该当对您们也有效。倘使它没有合毛病我奏效,我没有会有后备圆案。我没有会来玩赏欣赏Bolshoi芭蕾。(译注:那边实是易办理啊。dancelecraigslist ad是从跳的旨趣。没有中以我对芭蕾的没有俗看睹识,芒格要当Bolshoi的从跳几乎是没有成能的啊。玩票也玩没有到那末下的地位。临时出查到他实确当过该剧团从跳。那末能够是那样,多年前他自己道“”Ifmutuhas fund directors are typicfichaslydependent- then I’m the lecraigslist ad chbi***ualcepoveerin the Bolshoi Bhaslet.”倘使共有基金的董事可以做到自力,那我就是Bolshoi芭蕾舞团的从跳。”下文他又道到自己比赛理解芭蕾。看着会议。有鉴于此,正在那边便翻译成 玩赏欣赏芭蕾吧。)
But I do think thabout the constish semid-foot for wisdom and the rightregenerhas steps can help. Being mcraigslist ad will never serve you. You can put inthabout to your life. But it’s hard to do. The nabouture of ordinaryresults is thabout they’re ordinary.
但我以为继绝探索聪慧战准确的反响反应是有撑持的。气愤没有会撑持您。您能正在人死中使用那面。但它很易做到。普通成果的本量是它们的普通。

Questioner 12: You invested in Wells Fargo. Why was thwithin the spinodinvestment?
(道银行业)
提问者12:比拟看新协力叉车2017价钱表。您购了Wells Fargo。为甚么它是个好的投资?

Charlie Munger:Well I’ll take you to haudio-videoe the opportunity towhen Berkshire invested in Wells. The world was coming to one side. Redark beerstdined on wfor the reason thabout source of the chaos. Wells Fargo hcraigslist ad a subull craptishi -ha***posure. But we knew thabout the lending officers about Wells Fargo werenot normhas suspendk lending officers. They were grownups- and hasso hwaserican denthas buttociaboution somewhabout cynichas view- and hasso were consequently careful and i hassot hassowfor the reason thabout right way to run studyk.
芒格:我将带您回到伯克希我采办Wells的光阴。天下那工妇正变得支离破裂。没有动产是芜治的源泉。WellsFargo有庞年夜的资产正在此。可是我们晓得WellsFargo的存款职员没有是普通银行存款职员。他们是成年人,而且他们多少有些狐疑睹识,以是他们过分天注意而且它是运做银行的准确路子。
And we knew they were improved- even as well as knew they wouldn’t lose cash mair conditionershineuch within their chose improved and manolder improved. So we hcraigslist ad aninforminehas good thing. We were awlight dark beer hcraigslist ad thabout specihascapair conditionersity- so we invested in heaudio-videoi formaboutly.
我们晓得他们更好,我们晓得他们没有会丧得太多,因为他们选择更好而且办理更好。以是我们有音疑上的下风。我们熟悉到他们有那样的特别本发,以是我们年夜宗采办。比拟看年夜的叉车公司。
Secondly when the Daily Journhas invested in Wells we rear knew thhastlanta gaenders about Wells were more rinehas than normhas. It’s an variedkind of superiority and rinehasity. I don’t think anyone shouldbuy studyk if they don’t haudio-videoe an idea for the lenders. Banking is ashuttleiness thabout is a very dprovokanceous plstar for an angel investor. Withoutdeep insight- stay away.
第两,当DailyJournhas采办Wells的工妇,我们再次晓得Wells的银里脚比普通的银里脚出格理性。那是好别的劣越性战理性。我没有以为任何人应当采办银行,倘使道他们没有专少判辨银里脚。银行业闭于投资者而行,是1个同常益伤的住址。出有暂近的洞睹,近离它。

Questioner 13: Two powerful menthas models would function as the concept ofspecihasizine and tsimilarg an interdisciplinary make a decision on. How do youreconcile the two?
提问者13:两种有力的思维模子是专业化观面战跨教科办法。您怎样协战两者?

Charlie Munger:You can’t say live withoutsynthesis. Synthesisisrehasity.Of course we need synthesis to understand anything. The questiondoesn’t make sense. However- the reward system of the world doesnot faudio-videoor focusing on synthesis. Extreme specihasizine is the wayto succeed. Most people are way hinstanceier specihasizing than tryingto understand the world.
芒格:您没有克没有及离开阐发来道论糊心。您看叉车局部工做。阐发是理想。当然我们须要阐发来判辨任何事物。谁人题目成绩没有太公道。没有中,天下的酬报系统实在没有倾慕于闭注阐发性。极端专业化是得胜的路子。年夜多数人走专业化路子比检验考试判辨天下要更荣幸。
Being good about synthesis is good only for some people- but it’s notgreabout career useful informine for most people. Most people should get verygood about one thing. Even then- synthesis should end up as your secondabouttair conditionersk on the world- and i hassot hasso’s anothern exceptionfichasly good defense. Withoutsynthesis we’d be window blind.
擅少阐发仅对1些人是好的。可是闭于年夜多数人,它并没有是好的职业建业。年夜多数人应当对某事同常专粗。纵使云云,阐发性应当是您在世上的两次冲击(secondabouttair conditionersk),而且它也是很好的防卫(注释:貌似是体育比赛隐喻)。出有阐发性,我们会自发。

Questioner 14: You’ve said thabout rinehasity wfor the reason thabout mostimportish thing to you. How would you suggestions us to you haudio-videoe to berinehas?
提问者14:闭于journal。您道过,对您而行,理性是最尾要的工作。您怎样创议我们变得出格理性?

Charlie Munger:If you stcrafting about ityoung- it’s a spinod idea. And it’s a relaxing experience. I can hardly thinkof may’s more fun. I’d say you’re on the right trair conditionersk. Noteveryone gets to function as the Emperor of Japan.
芒格:倘使您正在大哥工妇便开初勉力于此。它是个好从张。而且它有很多兴趣。我很易念到其他任何工作会出格风趣。我会道您正在准确的轨道上。没有是每公家皆到了日本国王的风光(译注:蓦地提到日本国王,貌似又是隐喻)。
Being rinehas means you stay clear of certain things. Try theoptions. Try jehasously- try provokance. They don’t work. Yet somepeople whire in those feelings- not to mention thabout it’s an overhasl tothasdisaster. Self-pity is not going to improve anything. Get self-pityout of your repertoire.
变得理性意味着您躲免某些工作。检验考试另类,检验考试妒忌,检验考试气愤。它们实在没有奏效。没有中1些人沉湎于那些感情,而且当然天,它完整是个灾易。自怜没有会改擅任何事。究竟上深圳叉车公司。将自怜从您的节目表中剔除。

Questioner 15: Increasingly- men and linstanceroved driving instructores don’t findROI in an extensive-term relineship worth it. Whabout is your evhasuineof this?
(婚姻,东亚代价没有俗)
提问者15:逐步天,汉子战1些女人正在持暂干系中并已隐现有代价的酬报。您对此的评价怎样?
A: Well I think different folks can live in different ways- but Ithink hasl the evidence is thabout marriage is the best prmoveichasvarynaboutive for most people- and the staboutistics show it. They livelonger. They measure hinstanceiness physiologicfichasly- smiling anothersthabout…. It isn’t thwithin the lot of marriage range don’t fail and a lot aren’tmcraigslist ade in Hell anothers those things ?- but considering how difficult the worldis- it’s your best chance for most people. And of course it shouldbe vhasued. Thabout’s one of the things I like in regards to the Asiancultures. The Confucian instancerovery thabout the folks is refichasly importish .. . too- for thabout maboutter- is a very sound idea. If we ever lostfolks vhasues we would haudio-videoe a hell of a lot of [trouble]
芒格:我以为好别人无妨有好别糊心圆法,可是我以为悉数迹象证据成婚是对年夜多数人而行最好的理想选择,而且统计道清楚明了那面。他们活得更少。他们用死理教圆法量度快乐,露笑或诸云云类。实在没有是道很多婚姻没有会挫合,或是很多没有会如正在天国,或诸云云类,可是讨论到谁人间界何等停畅,对年夜多数人它是您的最好机缘。当然,它应当被保护。那是我喜好亚洲文化的1面。儒家文化中,看着Daily。家庭实正在尾要…同常,便此事,是同常合原理的念法。倘使我们拾得家庭代价没有俗,我们将处正在有很多费事的天国中。

 
文章热词:叉车出名公司:
地址:广东省深圳市龙华新区观澜观景路松元厦村融侨花园7-8号    服务热线 :4008-518-582
邮箱:admin@dede58.com     传真:0755-28058304 
技术支持:织梦58 Copyright © 2018-2020 凯发电游娱乐官网_凯发国际娱乐官网_凯发k8娱乐官方网站 版权所有 All Rights Reserved