2015年伯克希尔股东会问答:
CAROL LOOMIS: This question, which is a little bit offbeat, comes from Jordan Shopof (PH) of Melbourne, Australia.
CAROL LOOMIS:这个问题有点另类,来自澳大利亚墨尔本的Jordan Shopof (PH)。
“Mr. Buffett, in the forward to the sixth edition of Benjamin Graham’s ‘Security Analysis,’ you identified four books that you particularly cherish.“巴菲特先生,在本杰明·格雷厄姆的《证券分析》第六版的前言中,您提到了自己特别珍视的四本书。
“Three of these books were authored by Graham himself, and their influence on you is well-known.其中三本书是格雷厄姆自己写的,它们对你的影响是众所周知的。
“The contributions of the fourth book to your thinking, however — that book was Adam Smith’s ‘The Wealth of Nations,’ published in 1776 — what that book meant to you is seldom discussed.“然而,第四本书对你思想的贡献——那本书是亚当·斯密1776年出版的《国富论》——这本书对你的意义却很少被讨论。
“So my question is, what did you learn from “The Wealth of Nations” and how did it shape your investment and business philosophy?”“所以我的问题是,你从《国富论》中学到了什么?它是如何影响你的投资和经营理念的?”
WARREN BUFFETT: Well, it doesn’t shape my investment philosophy, but I certainly learned economics from it. And my friend Bill Gates gave me an original copy of it. I was able to study this.沃伦·巴菲特:嗯,它并没有塑造我的投资哲学,但我确实从中学到了经济学。我的朋友比尔·盖茨给了我一本原版。我能够研究这个。
Adam Smith wrote it in 1776. It’s — you know, there’s just — if you read Adam Smith and if you read Keynes, Ricardo, and then — and if you also read that little book we’ve got out there called “Where Are the Customers’ Yachts?” you will have a lot of wisdom.亚当·斯密写于1776年。如果你读过亚当·斯密,凯恩斯,李嘉图,如果你也读过我们的小书《客户的游艇在哪里?》,你会有很多智慧。
I forgot to mention, I was supposed to mention, too: we didn’t want to put it on sale earlier because it would have given away the movie, but we do have “Berkshire Bomber” underwear out there, or sweatshirts, or whatever it may be, so Fruit of the Loom has those.我忘了说,我也应该说:我们不想提前发售,因为那样会泄露电影内容,但我们确实有“伯克希尔轰炸机”内衣,或者运动衫,或者其他什么,所以鲜果布衣有这些。
And we have Fred Schwed’s “Where Are the Customers’ Yachts?” book, which contains an incredible amount of wisdom and very few pages and very entertaining.我们有Fred Schwed的书《客户的游艇在哪里?》,这本书包含了令人难以置信的智慧,而且页数很少,非常有趣。
But if you want to go for — if you want to not only get a lot more wisdom but appear more erudite, you should read “The Wealth of Nations,” also.但如果你想,如果你不仅想获得更多的智慧,而且想显得更博学,你也应该读《国富论》。
查理?
CHARLIE MUNGER: Adam Smith is one of those guys that has really worn well. I mean, he is rightly recognized as one of the wisest people that ever came along.查理·芒格:亚当·斯密是那种穿得很好的人。我的意思是,他被公认为有史以来最聪明的人之一。
And, of course, the lessons that he taught way back then were taught again when communism failed so terribly, and places like Singapore and Taiwan and China, and so forth, came up so fast.当然,他很久以前教授的课程在共产主义如此惨败时再次被教授,像新加坡、台湾和中国等地发展得如此迅速。
The productive power of the capitalist system is simply unbelievable, and he understood that fully and early, and he’s done a lot of good.资本主义制度的生产力简直令人难以置信,他很早就充分理解了这一点,他做了很多好事。
WARREN BUFFETT: I took an idea of his on the specialization of labor, you know, and he talked about people making pins or something, but I applied that, actually, to philanthropy.沃伦·巴菲特:我借鉴了他关于劳动专业化的观点,你知道,他谈到了人们制作别针之类的东西,但我实际上把它应用到了慈善事业上。
You know, I mean, the idea that you let other people do what they’re best at and stick with what you’re best at, I’ve carried from mowing my lawn to philanthropy, and it’s a wonderful thing to just shove off everything and say somebody else is better than I am at that, and then work in the field that’s most productive for you.你知道,我的意思是,你让别人去做他们最擅长的事情,而你坚持做你最擅长的事情,我把这个理念从割草坪一直带到慈善事业中,这是一种很棒的事情,就是抛开一切,说别人在这方面比我做得更好,然后去从事对你来说最有生产力的领域。
CHARLIE MUNGER: Yeah. You didn’t do your own bowel surgery, either.查理·芒格:是的。你自己也没做过肠道手术。
WARREN BUFFETT: No. (Laughter)沃伦•巴菲特:不。(笑声)
I’m not sure I have any reply to that. (Laughter)
比起亚当·斯密,其实巴菲特对凯恩斯谈论的更多,他们二人分别代表了两种不同的经济学流派。亚当·斯密主张自由市场经济,强调分工、生产效率和财富之间的联系,他的思想对美国的开国元勋们产生了重要影响,也影响了美国的经济制度设计。
凯恩斯则创立了西方宏观经济学,他主张政府应通过财政和货币政策干预经济,以应对经济衰退和失业问题,这一理念在大萧条时期对罗斯福新政有着重要影响。
这两种经济学派都有其时代背景,并非绝对的真理,其本质也不冲突。
《国富论》这本书很厚,其中核心的道理却很简单,就是市场化的分工可以提高效率。巴菲特的总结非常精炼,《国富论》并没有塑造他的投资哲学,他从斯密那里学到的是,让别人做他们最擅长的事情,坚持做你最擅长的事情。
让专业的人做专业的事,这不仅可以最大程度提高效率,也能让不同的人都能享有成就感。或许可以说,人生的价值就在于找到自己喜欢且专业的事,然后不断精进。
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