比尔·盖茨曾说,查理·芒格是他遇到的最博学的思想家。巴菲特说过,芒格有世界上最厉害的30秒思维。他一下子就能从 A 蹦到 Z。甚至你的话还没有讲完,他就看清了所有的本质。
传奇虽落幕,但智慧永存。
本篇为查理·芒格箴言录。将老人的智慧传播出去,造福更多的人,我认为这是对老人最好的致敬方式。
《查理·芒格的投资思想》箴言
我这辈子遇到的聪明人(来自各行各业的聪明人)没有不每天阅读的——没有,一个都没有。沃伦读书之多,我读书之多,可能会让你感到吃惊。我的孩子们都笑话我。他们觉得我是一本长了两条腿的书。In my whole life, I have known no wise people who didn't read all the time-none, zero. You'd be amazed at how much Warren reads-and how much I read.My children laugh at me. They think I'm a book with a couple of legs sticking out.
要得到你想要的某样东西,最可靠的办法是让自己配得上。The best way to get a good spouse is to deserve a good spouse.
每天结束时,努力使自己比早上起床时更加睿智一些。忠诚且出色地履行自己的职责,每天进步一点点。最终,如果足够长寿,大多数人都会获取应得的回报。Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day--if you live long enough-—-most people get what they deserve.
在生活中,我见识过很多取得很大成就的人。虽然他们既不是最聪明的人,甚至也不是最勤奋的人,但是他们都是很善于学习的人。他们每天晚上入睡时都比起床时变得更智慧,孩子,这一点很重要,尤其在你面临着人生的长跑时。I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up, and boy, does that help, particularly when you have a long run ahead of you.
预测从来不是我的强项,而且我也不依靠准确的预测来赚钱。我们往往只是买入好的公司,并一直持有。I've never been able to predict accurately. I don't make money predicting accurately. We just tend to get into good businesses and stay there.
随大流只会让你更靠近平均值。Mimicking the herd invites regression to the mean.
知道你不知道什么事情比成为聪明人更有用。Knowing what you don't know is more useful than being brilliant.
承认无知是智慧的开始。Acknowledging what you don't know is the dawning of wisdom.
我喜欢能够坦然承认自己很愚蠢的人。我知道,如果正面承认自己的错误,我会表现得更好。这是一个非常棒的学习窍门。 I like people admitting they were complete stupid horses'asses. I know I'll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
人们都试图变得精明,而我只想证明自己并不是在做傻事,但这比许多人想象的要困难得多。People are trying to be smart-—-all I am trying to do is not to be idiotic, but it's harder than most people think.
我的成功源自我的长期专注。I succeeded because I have a long attention span.
将股票视为企业的所有权,并判断这家企业的竞争优势是否具有可持续性。View a stock as an ownership of the business and judge the staying quality of the business in terms of its competitive advantage.
股票类似债券,其估值是建立在对未来现金流折现的大致合理的预测之上的。They are valued partly like bonds, based on roughly rational projections of use value in producing future cash.
你要做的是寻找错误定价的赌局,这是投资的本质;你必须拥有足够多的知识,才能知道一场赌局是否定错了价格,这就是价值投资。You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.
买入并长期持有。这样,你将付出更少的经纪费用,听到更少的废话。另外,这种方法一旦发挥效用,税收制度每年还会赠送给你额外的1%、2%,甚至3%的回报率。Sit on your ass investing. You're paying less to brokers, you're listening to less nonsense, and if it works, the tax system gives you an extra one, two, or three percentage points per annum.
你应该记住,好的投资机会是罕见的。当你的赢面比较大的时候,那就下重注。You should remember that good ideas are rare-when the odds are greatly in your favor, bet heavily.
如果别人不经常犯错,我们就不会这么富有。If people weren't wrong so often, we wouldn't be so rich.
就算把葡萄干掺到狗屎里,你得到的还是一坨狗屎。When you mix raisins with turd, you still have turd.
以划算的价格投资一家优秀企业,比以便宜的价格投资一家普通企业,其结果要好得多。A great business at a fair price is superior to a fair business at a great price.
一般来说,投资是对一家企业的品质的认可,与其管理层的素质无关。然而,在少数情况下,你也可以押注于优秀的管理者身上,即使他身处一个非常普通的行业。Averaged out, betting on the quality of a business is better than betting on the quality of management...but, very rarely, you find a manager who's so good that you're wise to follow him into what looks like a mediocre business.
一家好企业和一家坏企业的区别在于,好企业总会产生一个又一个很容易作出的决策,而坏企业却总要作出痛苦的决策。The difference between a good business and a bad businessis that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.
这是我生活中的经验,如果能保持思考和阅读的习惯,你就不需要去工作了。It's been my experience in life, if you just keep thinking and reading, you don't have to work.
在过去的任何一年,如果你一次都没有推翻过自己最中意的想法,那么这一年就算浪费了。Any year that passes in which you don't destroy one of your best loved ideas is a wasted year.
嗯,羡慕和妒忌是十诫中的两诫吗?对于抚养过孩子、办过学校、经营过一家律师事务所或投资银行的人来说,你们知道羡慕意味着什么吗?我曾听巴菲特说起过很多次:“推动世界前进的不是贪婪,而是羡慕。”Well, envy and jealousy made, what, two out of the Ten Commandments? Those of you who have raised children 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.”
跨学科应用:在重要的学科领域掌握有价值的想法,并经常加以使用。记住要综合起来使用,而不是仅仅利用其中的某一部分。Know the big ideas in the big disciplines and use them routinely-all of them, not just a few.
以经济学为例,大多数人都接受了单一模式的培训,试图采用一种方法来解决所有问题。有一句话说:“对拿锤子的人来说,看什么都像是钉子。”这种解决问题的方式是愚蠢的。Most people are trained in one model—economics, for example—and try to solve all problems in one way. You know the sazing," To the man with a hammer, the world looks like a nail." This is a dumb way of handling problems.
如果你不能够比你的对手更清晰地阐述对方的观点,那你就不能说你有一个值得骄傲的观点。这是一项重要的思维训练。It's bad to have an opinion you're proud of if you can't state the arguments for the other side better than your opponents. This is a great mental discipline.
职业生涯的三条规则:1、不要销售你自己都不愿意买的东西;2、不要为你不尊重和不欣赏的人工作;3、只和你喜欢的人一起工作。Three rules for a career: 1. Don't sell anything you wouldn't buy yourself; 2. Don't work for anyone you don't respect and admire; 3. Work only with people you enjoy.
长远来看,股票的回报率很难比发行该股票的企业的年均利润高很多。如果某家企业40年来的资本回报率是6%,你在这40年间持有它的股票,那么你得到的回报率不会跟6%有太大的差别——即使你最早购买时该股票的价格比其账面价值低很多。相反地,如果一家企业在过去二三十年间的资本回报率是18%,那么即使你当时花了很大的价钱去买它的股票,你最终得到的回报也将会非常可观。 END