巴菲特在佛罗里达州立大学的演讲

巴菲特语录如果你不能马上足够了解所作的生意,即使你花上一二个月,情况也不见得会有多少改观.你必须对你可能了解的和不能了解的有个切身体会,你必须对你的能力范围有个准确的认知.范围的大小无关大局,重要的是那个范围里的东西.哪怕在那个范围里只有成千上万家上市公司里的30个公司,只要有那30家,你就没问题.你所做的就应当是深入了解这30家公司的业务,你根本不需要去了解和学习其他的东西.不要做低回报率的生意.时间是好生意的朋友,却是坏生意的敌人.如果你陷在糟糕的生意里太久的话,你的结果也一定会糟糕,即使你的买入价很便宜.如果你在一桩好生意里,即使你开始多付了一点额外的成本,如果你做的足够久的话,你的回报一定是可观的.我现在从日本没发现什么好生意.也可能日本的文化会作某些改变,比如他们的管理层可能会对公司股票的责任多一些,这样回报率会高些.但目前来看,我看到的都是一些低回报率的公司,即使是在日本经济高速发展的时候.说来也令人惊奇,因为日本这样一个完善巨大的市场却不能产生一些优秀的高回报的公司.日本的优秀只体现在经济总量上,而不是涌现一些优质的公司.我们在某些关键之处存在着盲点,因为我们懂得太多的其他地方.正象Henry Gutman所说的,破产的多是两类人：一是一窍不通者；一是学富五车者.这其实是令人悲哀的.我只喜欢我看得懂的生意,这个标准排除了90％的企业.你看,我有太多的东西搞不懂.幸运的是,还是有那么一些东西我还看得懂.所以,我要找的生意就是简单,容易理解,经济上行得通,诚实,能干的管理层.这样,我就能看清这个企业10年的大方向.如果我做不到这一点,我是不会买的.基本上来讲,我只会买那些,即使纽约证交所从明天起关门五年,我也很乐于拥有的股票.如果我买个农场,即使五年内我不知道它的价格,但只要农场运转正常,我就高兴.如果我买个公寓群,只要它们能租出去,带来预计的回报,我也一样高兴.人们买股票,根据第二天早上股票价格的涨跌,决定他们的投资是否正确,这简直是扯淡.正如格拉姆所说的,你要买的是企业的一部分生意.这是格拉姆教给我的最基本最核心的策略.你买的不是股票,你买的是一部分企业生意.企业好,你的投资就好,只要你的买入价格不是太离谱.这就是投资的精髓所在.你要买你看得懂的生意,你买了农场,是因为你懂农场的经营.就是这么简单.你买的不是那整日里上下起伏的股票标记,你买的是公司的一部分生意.自从我开始这么来考虑问题后,所以一切都豁然开朗.就这么简单.在某种程度上,有些东西和价格是没关系的,或者说,不是以价格为导向的.这就像迪斯尼.迪斯尼在全世界卖的是或美元的家庭影像制品.人们,更具体的说,那些当妈妈的对迪斯尼有着特殊的感情.在座的每个人在心中对迪斯尼都有着一些情愫.如果我说环球影视,它不会唤起你心中的那种特殊情愫；我说20世纪福克斯公司,你也不会有什么反应.但是迪斯尼就不同.这一点在全世界都如此.当你的年纪变老的时候,那些迪斯尼的影像制品,你可以放心让小孩子每天在一边看几个小时.你知道,一个这样的影片,小孩子会看上20遍.当你去音像店时,你会坐在那儿,把十几种片子都看上一遍,然后决定你的孩子会喜欢哪一部这种可能性很小.别的牌子卖,而迪斯尼的卖,你知道买迪斯尼的不会错,所以你就买了.在某些你没有时间的事情上,你不一定非要做高质量的决定.而作为迪斯尼而言,就可以因此以更高的价格,卖出多得多的影片.在我早年的时候,我做了大量功课来熟悉生意上的事情.我们走出去,采取所谓‘抹黄油’的方式,去与企业的用户谈,与企业以前的雇员谈,与企业的供应商谈,我们能找到的每一个人.每次我看到业界的专业人员,举例来说,我对采煤业有兴趣,我会遍访每一家采煤公司,问每一位CEO,“如果要在业界买一家公司,你认为我该买哪一家为什么”如果你把这些片段的信息串起来,你会学到很多业界的信息.当你问到竞争对手的时候,你会得到非常相似的答案.比如说,如果你有一个解决一切问题的良方,那么你首先要解决的竞争对手是谁为什么通过这种手段,你很快会发现谁是业界最好的企业.做投资的好处是你不用学习日新月异的知识和技能.当然你愿意那么去做,就另当别论了.四十年前你了解的口香糖的生意,现如今依旧适用,没有什么变化.如果你看对了生意模式,你就会赚很多钱.切入点的时机是很难把握的.所以,如果我拥有的是一个绝佳的生意,我丝毫不会为某一个事件的发生,或者它对未来一年的影响等等而担忧.当然,在过去的某些个时间段,政府施加了价格管制政策.企业因而不能涨价,即使最好的企业有时也会受影响,我们的See’s Candy糖果不能在12月26日涨价.但是,管制该发生的时候就会发生,它绝不会把一个杰出的企业蜕变成一个平庸的企业.政府是不可能永远实施管制政策的.一个杰出的企业可以预计到将来可能会发生什么,但不一定会准确到何时会发生.重心需要放在“什么”上面,而不是“何时”上.如果对“什么”的判断是正确的,那么对“何时”大可不必过虑.假设我们都被仍在了一个荒岛上,谁都走不出来,那么在那个岛上,最有价值的人一定是稻谷收获最多的人.如果我说,我能分配资金,估计不会获得格外尊敬.我是在合适的时间来到了合适的地方.盖茨说如果我出生在几百万年前,权当了那些野兽的鱼肉耳.我跑不快,又不会爬树,我什么事也干不了.他说,出生在当代是你的幸运.我确实是幸运的.我真的非常幸运,所以,我盼着我还能继续幸运下去.如果我幸运的话,那个小球游戏给我带来的只有珍惜,做一些我一生都喜欢做的事情,并和那些我欣赏的人交朋友.我只同那些我欣赏的人做生意.如果同一个令我反胃的人合作能让我赚一个亿,那么我宁愿不做.这就如同为了金钱而结成的婚姻一般,无论在何种条件下,都很荒唐,更何况我已经富有了.我是不会为了金钱而成婚的.所以,如果我有机会重新来过的话我可能还会去做我做过的每一件事情,当然,购买USAir除外.在我最看好的生意中,我只拥有一半左右.我自己就没有去做所谓的投资多元化.许多我所知晓的、做的不错的人都没有多元化他们的投资.保持持续增长是我们努力的目标.那也是唯一衡量我们公司价值的标尺.公司总部的大小等等都不能用来衡量公司的价值.Berkshire有4万5千名雇员,但在总部只有12人和3千5百平方英尺即:300多平米的办公室.这一点我们不打算改变.基本上我们寻找那些打算永久持有的生意.那样的企业并不多.在一开始,我的主意比资金多得多,所以我不断地卖出那些我认为吸引力差些的股票以便来购买那些新近发现的好生意.但这已经不是我们现在的问题了.我们在购买企业时从来不预先定下一个目标价.比如,如果我们的买入价是30,当股价到达40,50,60,或100时,我们就卖,诸如此类.我们不再如此的行事.当我们花2500万买私有公司See’s Candy时,我们没有“如果有人出5000万我们就卖”的计划.那不是一个考量生意的正确方式.我们考量生意的方式是,随着时间的推移,是否买下的企业会带来越来越多的利润如果对这个问题的回答是肯定的,任何其他问题都是多余的.失误的有趣的一点是,在投资上,至少对我和我的合伙人而言,最大的失误不是做了什么,而是没有做什么.对于我们所知甚多的生意,当机会来到时,我们却犹豫了,而不是去做些什么.我们错过了赚取数以十亿元计的大钱的好机会.不谈那些我们不懂的生意,只专注于那些我们懂的.我们确实错过了从微软身上赚大钱的机会,但那并没有什么特殊意义,因为我们从一开始就不懂微软的生意.你们所看到的错误,比如我买下了几年前我买的US Air巴菲特在这笔交易中几乎损失了全部的投资,个亿.当我手里有很多现金的时候,我就很容易犯错误.查理巴菲特的合伙人让我去酒吧转转,不要总滞留在办公室里.但是我一有闲钱,又总在办公室里,我想我是够愚昧的,这种事时有发生.当你聊到从失败中汲取经验时,我笃信你最好还是从他人的失败中来学习吧,越多越好.在Berkshire公司里,我们绝不花一点时间来缅怀过去.我和我的合伙人是40年的哥们了,从没有任何的争吵.我们有很多事情上会有不同的见解,但从没有过争吵,我们也从不回顾过去.我们总是对未来充满希冀,都认为牵绊于‘如果我们那样做了...’的假设是不可理喻的,那样做不可能改变既成的事实.你只能活在现在时.你也许可以从你过去的错误中汲取教训,但最关键的还是坚持做你懂的生意.如果是一个本质上的错误,比如涉足自己能力范围之外的东西,因为其他人建议的影响等等,所以在一无所知的领域做了一些交易,那倒是你应该好好学习的.你应该坚守在凭自身能力看得透的领域.当你做出决策时,你应该看着镜子里的自己,扪心自问,“我以一股55元的价格买入100股通用汽车的股票是因为...”.你对自己所有的购买行为负责,必须时刻充满理性.如果理由不充分,你的决定只能是不买.如果仅仅是有人在鸡尾酒会上提起过,那么这个理由远未充分.也不可能是因为一些成交量或技术指标看上去不错,或盈利等等.必须确实是你想拥有那一部分生意的原因,这一直是我们尽量坚持做到的,也是格拉姆教给我的.我不关心宏观的经济形式.在投资领域,你最希望做到的应该是搞清楚那些重要的,并且是可以搞懂的东西.对那些既不重要,又难以搞懂的东西,你忘了它们就对了.你所讲的,可能是重要的,但是难以明白.了解可口可乐,Wrigley美国一家营销口香糖的公司,或柯达,他们的生意是可以搞清楚的.当然你的研究最后是否重要还取决于公司的评估,当前的股价等因素.但是我们从未因对宏观经济的感觉来买或者不买任何一家公司.我们根本就不读那些预估利率,企业利润的文章,因为那些预估真的是无关痛痒.我们不愿因为自身本就不精通的一些预估而错过买到好生意的机会.我们根本就不听或不读那些涉及宏观经济因素的预估.在通常的投资咨询会上,经济学家们会做出对宏观经济的描述,然后以那为基础展开咨询活动.在我们看来,那样做是毫无道理的.假想Alan Greenspan在我一边,Robert Rubin克林顿时期美财长在我另一边,即使他们都悄悄告诉我未来12个月他们的每一步举措,我是无动于衷的,而且这也不会对我购买Executive Jets飞机公司或General Re 再保险公司,或我做的任何事情有一丝一毫的影响.身处华尔街的缺点就是,在任何一个市场环境下,华尔街的情况都太极端了,你会被过度刺激,好像被逼着每天都要去做点什么.钱德勒家族花两千块钱买了可口可乐公司,除此之外,就不要再做其他的事情了.事情的关键是无为而治,即使在1919年也不要卖钱德勒家族在这一年卖掉了可乐公司.所以,你所找寻的出路就是,想出一个好方法,然后持之以恒,尽最大可能,直到把梦想变成现实.在每五分钟就互相叫价一个来回,人们甚至在你的鼻子底下报价的环境里,想做到不为所动是很难的.华尔街靠的是不断的买进卖出来赚钱,你靠的是不去做买进卖出而赚钱.这间屋子里的每个人之间每天互相交易你们所拥有的股票,到最后所有人都会破产,而所有钱财都进了经纪公司的腰包.相反地,如果你们象一般企业那样,50年岿然不动,到最后你赚得不亦乐乎,而你的经纪只好破产.就像一个医生,依赖于你变更所用药品的频率而赚钱.如果一种用药就能包治百病,那么他只能开一次处方,做一次交易,他的赚头也就到此为止了.但是,如果他能说服你每天更新处方是一条接往健康的通途,他会很乐于开出处方,你也会烧光你的钱,不但不会更健康,反而处境会更差.你应该做的是远离那些促使你做出仓促决定的环境.。

慢慢变富的罗宾逊：巴菲特1998年佛罗里达大学商学院经典演讲Question: The Asian Crisis and how it affects a company like Coke that recently announced their earnings would be lower in the fourth quarter.Buffett: Well, basically I love it, but because the market for Coca-Cola products will grow far faster over the next twenty years internationally than it will in the United States. It will grow in the U.S. on a per capita basis. The fact that it will be a tough period for who knows—three months or three years—but it wont be tough for twenty years. People will still be going to be working productively around the world and they are going to find this is a bargain product in terms of a portion of their working day that they have to give up in order to have one of these, better yet, five of them a day like I do.This is a product that in 1936 when I first bought 6 of those for a quarter and sold them for a nickel each. It was in a 6.5 oz bottle and you paid a two cents deposit on the bottle. That was a 6.5 oz. bottle for a nickel at that time; it is now a 12 oz. can which if you buy it on Weekends or if you buy it in bigger quantities, so much money doesnt go to packaging—you essentially can buy the 12 ozs. for not much more than 20 cents. So you are paying not much more than twice the per oz. price of 1936. This is a product that has gotten cheaper and cheaper relative to peoples earning power over the years. And which people love. And in 200 countries, you have the per capita consumption use going up every year for a product that is over 100 years old that dominates the market. That is unbelievable.One thing that people dont understand is one thing thatmakes this product worth 10s and 10s of billions of dollars is one simple fact about really all colas, but we will call it Coca-Cola for the moment. It happens to be a name that I like. Cola has no taste memory. You can drink one of these at 9 Oclock, 10 Oclock, 1 Oclock and 5 Oclock. The one at 5 oclock will taste as good to you as the one you drank early in the morning, you cant do that with Cream Soda, Root Beer, Orange, Grape. All of those things accumulate on you. Most foods and beverages accumulate; you get sick of them after a while. And if you eat Sees Candy—we get these people who go to work for us at Sees Candy and the first day they go crazy, but after a week they are eating the same amount as if they were buying it, because chocolate accumulates on you. There is no taste memory to Cola and that means you get people around the world who will be heavy users—who will drink five a day, or for Diet Coke, 7 or even 8 a day. They will never do that with other products. So you get this incredible per capita consumption. The average person in this part of the world or maybe a little north of here drinks 64 ozs. of liquid a day. You can have 64 ozs. of that be Coke and you will not get fed up with Coke if you like it to start with in the least. But if you do that with anything else; if you eat just one product all day, you will get a little sick of it after a while.It is a huge factor. So today over 1 billion of Coca-Cola product servings will be sold in the world and that will grow year by year. It will grow in every country virtually, and it will grow on a per capita basis. And twenty years from now it will grow a lot faster internationally than in the U.S., so I really like that market better, because there is more growth there over time. But it will hurt them in the short term right now, but that doesnt mean anything. Coca-Cola went public in 1919; the stock sold for $40per share. The Chandler family bought the whole business for $2,000 back in the late 1880s. So now he goes public in 1919, $40 per share. One year later it is selling for $19 per share. It has gone down 50% in one year. You might think it is some kind of disaster and you might think sugar prices increased and the bottlers were rebellious. And a whole bunch of things. You can always find reasons that weren't the ideal moment to buy it. Years later you would have seen the Great Depression, WW II and sugar rationing and thermonuclear weapons and the whole thing—there is always a reason.But in the end if you had bought one share at $40 per share and reinvested the dividends, it would be worth $5 million now ($40 compounding at 14.63% for 86 years!). That factor so overrides anything else. If you are right about the business you will make a lot of money. The timing part of it is very tricky thing so I dont worry about any given event if I got a wonderful business what it does next year or something of the sort. Price controls have been in this country at various times and that has fouled up even the best of businesses. I wouldnt be able to raise prices Dec31st on Sees Candy. But that doesnt make it a lousy business if that happens to happen, because you are not going to have price controls forever. We had price controls in the early 70s.The wonderful business—you can figure what will happen, you cant figure out when it will happen. You dont want to focus too much on when but you want to focus on what. If you are right about what, you dont have to worry about when very much.Question: What about your business mistakes?Buffett: How much time do you have? The interesting thing about investments for me and my partner, Charlie Munger, thebiggest mistakes have not been mistakes of commission, but of omission. They are where we knew enough about the business to do something and where, for one reason or another, sat they're sucking out thumbs instead of doing something. And so we have passed up things where we could have made billions and billions of dollars from things we understood, forget about things we dont understand. The fact I could have made billions of dollars from Microsoft doesnt mean anything because I never could understand Microsoft. But if I can make billions out of healthcare stocks, then I should make it. And I didnt when the Clinton health care program was proposed and they all went in the tank. We should have made a ton of money out of that because I could understand it. And didnt make it.I should have made a ton of money out of Fannie Mae back the mid-1980s, but I didnt do it. Those are billion dollar mistakes or multi-billion dollar mistakes that generally accepted accounting principles dont pick up.The mistakes you see. I made a mistake when I bought US Air Preferred some years ago. I had a lot of money around. I make mistakes when I get cash. Charlie tells me to go to a bar instead. Dont hang around the office. But I hang around the office and I have money in my pocket, I do something dumb. It happens every time. So I bought this thing. Nobody made me buy it. I now have an 800 number I call every time I think about buying a stock in an airline. I say,I am Warren and I am an air-aholic.They try to talk me down,Keep talking dont do anything rash.Finally I got over it. But I bought it. And it looked like we would lose all our money in it. And we came very close to losing all our money in it. You can say we deserved to lose our money it.We bought it because it was an attractive security. But it was not in an attractive industry. I did the same thing in Salomon. Ibought an attractive security in a business I wouldnt have bought the equity in. So you could say that is one form of mistake. Buying something because you like the terms, but you dont like the business that well. I have done that in the past and will probably do that again.The bigger mistakes are the ones of omission. Back when I had $10,000 I put $2,000 of it into a Sinclair Service Station which I lost, so the opportunity cost on that money is about $6 billion right now--fairly big mistakes. It makes me feel good when my Berkshire goes down, because the cost of my Sinclair Station goes down too. My 20% opportunity cost. I will say this, it is better to learn from other peoples mistakes as much as possible. But we dont spend any time looking back at Berkshire. I have a partner, Charlie Munger; we have been pals for forty years—never had an argument. We disagree on things a lot but we dont have arguments about it.We never look back. We just figure there is so much to look forward to that there is no sense thinking of what we might have done. It just doesnt make any difference. You can only live life forward. You can learn something perhaps from the mistakes, but the big thing to do is to stick with the businesses you understand. So if there is a generic mistake outside your circle of competence like buying something that somebody tips you on or something of the sort. In an area you know nothing about, you should learn something from that which is to stay with what you can figure out yourself. You really want your decision making to be by looking in the mirror. Saying to yourself,I am buying 100 shares of General Motors at $55 because........It is your responsibility if you are buying it. Theres gotta be a reason and if you cant state the reason, you shouldnt buy it. If it is because someone told youabout it at a cocktail party, not good enough. It cant be because of the volume or a reason like the chart looks good. It has to be a reason to buy the business. That we stick to pretty carefully. That is one of the things Ben Graham taught me.Question: The current tenuous economic situation and interest rates? Where are we going?Buffett: I dont think about the macro stuff. What you really want to in investments is figure out what is important and knowable. If it is unimportant and unknowable, you forget about it. What you talk about is important but, in my view, it is not knowable. Understanding Coca-Cola is knowable or Wrigleys or Eastman Kodak. You can understand those businesses that are knowable. Whether it turns out to be important depends where your valuation leads you and the firms price and all that. But we have never not bought or bought a business because of any Macro feeling of any kind because it doesnt make any difference. Lets say in 1972 when we bought Sees Candy, I think Nixon put on the price controls a little bit later, but so what! We would have missed a chance to buy something for $25 million that is producing $60 million pre-tax now. We dont want to pass up the chance to do something intelligent because of some prediction about something we are no good on anyway. So we dont read or listen to in relation to macro factors at all. The typical investment counselor organization goes out and they bring out their economist and they trot him out and he gives you this big macro picture. And they start working from there on down. In our view that is nonsense.If Alan Greenspan was on the one side of me and Robert Rubin on the other side and they both were whispering in my ear exactly what they were going to do the next twelve months, itwouldnt make any difference to me what I would pay for Executive Jet or General Re or anything else I do.Question: What is the benefit of being an out-of-towner as opposed to being on Wall Street?Buffett: I worked on Wall Street for a couple of years and I have my best friends on both coasts. I like seeing them. I get ideas when I go there. But the best way to think about investments is to be in a room with no one else and just think. And if that doesnt work, nothing else is going to work. The disadvantage of being in any type of market environment like Wall Street in the extreme is that you get over-stimulated. You think you have to do something every day. The Chandler family paid $2,000 for this company (Coke). You dont have to do much else if you pick one of those. And the trick then is not to do anything else. Even not to sell at 1919, which the family did later on. So what you are looking for is some way to get one good idea a year.And then ride it to its full potential and that is very hard to do in an environment where people are shouting prices back and forth every five minutes and shoving reports in front of your nose and all that. Wall Street makes its money on activity. You make your money on inactivity.If everyone in this room trades their portfolio around every day with every other person, you will all end up broke. And the intermediary will end up with all the money. If you all own stock in a group of average businesses and just sit here for the next 50 years, you will end up with a fair amount of money and your broker will be broke. He is like the Doctor who gets paid on how often to get you to change pills. If he gave you one pill that cures you the rest of your life, he would make one sale, one transaction and that is it. But if he can convince you that changing pills everyday is the way to great health, it will be great for him and the prescriptionists. You wont be any healthier and you will be a lot worse off financially. You want to stay away from any environment that stimulates activity. And Wall Street would have the effective of doing that.When I went back to Omaha, I would go back with a whole list of companies I wanted to check out and I would get my moneys worth out of those trips, but then I would go back to Omaha and think about it.Question: How to evaluate Berkshire or MSFT if it does not pay dividends?Buffett: It wont pay any dividends either. That is a promise I can keep. All you get with Berkshire, you stick it in your safe deposit box and then every year you go down and fondle it. You take it out and then you put it back. There is enormous psychic reward in that. Dont underestimate it.The real question is if we can retain dollar bills and turn them into more than a dollar at a decent rate. That is what we try to do. And Charlie Munger and I have all our money in it to do that. That is all we will get paid for doing. We wont take any options or we wont take any salaries to speak of. But that is what we are trying to do. It gets harder all the time. The more money we manage the harder it is to do that. We would do way better percentage wise with Berkshire if it was 1/100th the present size. It is run for its owners, but it isnt run to give them dividends because so far every dollar that we earned or could have paid out, we have turned into more than a dollar. It is worth more than a dollar to keep it. Therefore, it would be silly to pay it out. Even if everyone was tax-free that owned it. It would have been a mistake to pay dividends at Berkshire. Because so far the dollarbills retained have turned into more than a dollar. But there is no guarantee that happens in the future. At some point the game runs out on that. That is what the business is about. Nothing else about the business do we judge ourselves by. We dont judge it by the size of its home office building or anything the like the number of people working there. We have 12 people working at headquarters and 45,000 employees at Berkshire, 12 people at HQ and 3,500 sq ft. and we wont change it.But we will judge ourselves by the performance of the company and that is the only way we will get paid. But believe me, it is a lot harder than it used to be.。

巴菲特一生最经典的演讲：过去的就让他过去，人生只能向前看1998年，巴菲特在佛罗里达大学商学院做了一个超有内涵的演讲。

有读者说，这是巴菲特最经典的演讲，没有之一~“请各位提问时一定要刁钻。

你们问的问题越难，才越好玩。

”巴菲特在演讲之前是这样要求的，但他自己提的问题就有够刁钻，“假如可以从认识的人中选一个，买入他今后一生10% 的收入，你会选谁？”以下是演讲原文，经典值得珍藏，欢迎转发分享。

巴菲特在佛罗里达大学商学院的演讲1998年10月15日巴菲特：(手持麦克风)测试，1百万、2百万、3百万。

我先简单说几句，把大部分时间留下来回答大家的问题。

我想聊聊大家关心的话题。

请各位提问的时候一定要刁钻。

你们问的问题越难，才越好玩。

什么都可以问，就是不能问上个月我交了多少税，这个问题我无可奉告。

各位同学，你们毕业之后未来会怎样？我简单说说我的想法。

各位在这所大学能学到大量关于投资的知识，你们将拥有成功所需的知识。

既然各位能坐在这里，你们也拥有成功所需的智商，你们还有成功所需的拼劲。

你们大多数人都会成功地实现自己的理想。

但是最后你到底能否成功，不只取决于你的头脑和勤奋。

我简单讲一下这个道理。

奥马哈有个叫彼得·基威特的人，他说他招人的时候看三点：品行、头脑和勤奋。

他说一个人要是头脑聪明、勤奋努力，但品行不好，肯定是个祸害。

品行不端的人，最好又懒又蠢。

我知道各位都头脑聪明、勤奋努力，所以我今天只讲品行。

为了更好地思考这个问题，我们不妨一起做个游戏。

各位都是MBA二年级的学生，应该很了解自己周围的同学了。

假设现在你可以选一个同学，买入他今后一生之内10% 的收入。

你不能选富二代，只能选靠自己奋斗的人。

请各位仔细想一下，你会选班里的哪位同学，买入他今后一生之内10% 的收入。

你会给所有同学做个智商测试，选智商最高的吗？未必。

你会选考试成绩最高的吗？未必。

你会选最有拼劲的吗？不一定。

因为大家都很聪明，也都很努力，我觉得你会主要考虑定性方面的因素。

巴菲特1998年佛罗里达大学MBA讲座及英语演讲视频（中英文本）这个视频是1998年巴菲特在佛罗里达大学给MBA学生做的一个讲座，不知为何在网上又被转载起来，视频因为录制得比较早，视频效果不好，但希望中英文对照的文稿能弥补这一缺点。

巴菲特其实口才非常不错，并不是说他能讲出多少“硬货”，而是他能够把最重要的投资哲理用非常通俗易懂的比喻来告诉大家，让即使对财务分析、市盈率等黑话一窍不通的人，所以读巴菲特写的东西一点都不累。

半瓶子才能晃出声响，真正大师的话是非常简单却富有哲理的。

在这片篇超级长的演讲稿里，不但讲了投资理念，还包括了面对工作机做人的态度，耐心读完的朋友，相信一定收获颇丰。

中英对照文本：Buffett: (holds mike) Testing: One million $, two million $….three million $. I would like to say a few words primarily and then the highlight for me will be getting your questions. I want to talk about what is on your mind.巴菲特：话筒测试，100万美元，200万美元.....300万美元。

我想先讲几分钟的套话，然后我就主要来接受你们的提问。

我想谈的是你们的所思所想。

我鼓励你们给我出难题，畅所欲言，言无不尽。

I urge you to throw hard balls, it’s more fun for me if you follow speed and speeches come in end. You can ask anything about except footbal l game last week in A&M, that’s out of limits. We have come here for some from Sun Trust, I have just attend the top meeting and I sat next to Jim·Williams who runs Sun Trust for many years and he wanted to be sure that I wear this Sun Trust shirt down here.我希望你们扔些高难度的球，如果你们的投球带些速度的话，我回答起来会更有兴致.你们几乎可以问任何问题，除了上个礼拜的Texas A & M的大学橄榄球赛，那超出我所能接受的极限了。

我想先讲几分钟的套话，然后我就主要来接受你们的提问。

我想谈的是你们的所思所想。

我鼓励你们给我出难题，畅所欲言，言无不尽。

我在这里只想对学生们讲一分钟关于你们走出校门后的未来。

你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。

你们中的许多人都将最终实现你们的理想。

但是在智能和能量之外，还有更多的东西来决定你是否成功，我想谈谈那些东西。

实际上，在我们奥马哈有一位先生说，当他雇人时，他会看三个方面：诚信，智能，和精力。

雇一个只有智能和精力，却没有诚信的人会毁了雇者。

一个没有诚信的人，你只能希望他愚蠢和懒惰，而不是聪明和精力充沛。

我想谈的是第一点，因为我知道你们都具备后两点。

在考虑这个问题时，请你们和我一起玩玩这个游戏。

你们现在都是在MBA的第二年，所以你们对自己的同学也应该都了解了。

现在我给你们一个来买进10％的你的一个同学的权利，一直到他的生命结束。

你不能选那些有着富有老爸的同学，每个人的成果都要靠他自己的努力。

我给你一个小时来想这个问题，你愿意买进哪一个同学余生的10％。

你会给他们做一个IQ测试吗，选那个IQ值最高的？我很怀疑。

你会挑那个学习成绩最好的吗，我也怀疑。

你也不一定会选那个最精力充沛的，因为你自己本身就已经动力十足了。

你可能会去寻找那些质化的因素，因为这里的每个人都是很有脑筋的。

你想了一个小时之后，当你下赌注时，可能会选择那个你最有认同感的人，那个最有领导才能的人，那个能实现他人利益的人，那个慷慨，诚实，即使是他自己的主意，也会把功劳分予他人的人。

所有这些素质，你可以把这些你所钦佩的素质都写下来。

（你会选择）那个你最钦佩的人。

然后，我这里再给你们下个跘儿。

在你买进10％你的同学时，你还要卖出10％的另外一个人。

这不是很有趣吗？你会想我到底卖谁呢？你可能还是不会找IQ最低的。

你可能会选那个让你厌恶的同学，以及那些令你讨厌的品质。

演讲稿巴菲特尊敬的评委、亲爱的观众们：大家好！我将演讲的主题是关于投资界的传奇人物——沃伦·巴菲特。

沃伦·巴菲特，被誉为世界上最伟大的投资者之一，是伯克希尔·哈撒韦公司的创始人和首席执行官。

他以其独特的投资理念和卓越的投资能力在金融界取得了巨大的成功。

巴菲特的投资策略有着深远的影响力，让我们从中汲取智慧，以指导我们的投资决策。

首先，巴菲特强调价值投资。

他认为投资者应该关注企业的价值，而非短期的股价波动。

他建议投资者购买被低估的优质股票，并长期持有它们。

他认为，股票市场的短期波动是不可避免的，但只要你选择的企业具有稳定的盈利能力和良好的经营模式，最终你将会获得回报。

其次，巴菲特注重风险管理。

他认为投资者应该做到洞察风险，以防止损失。

他建议避免盲目追逐所谓的“热门股”，而是通过深入研究企业的财务状况、管理层能力和行业前景来做出决策。

巴菲特还强调投资者应该有耐心，以寻找真正具有投资价值的机会。

他的一句名言是：“当别人贪婪时，我恐惧；当别人恐惧时，我贪婪。

”此外，巴菲特主张慈善事业。

虽然他以投资创造了巨额财富，但他也始终将一部分财富用于慈善事业。

他表示，每个人都应该回报社会，尤其是那些拥有较多财富的人。

他将大部分财富捐赠给慈善机构，帮助那些需要帮助的人。

他的慈善行为让我们认识到，成功并不仅仅是追求个人财富，更是为社会做出积极的贡献。

在沃伦·巴菲特的故事中，我们可以看到一个投资界的传奇人物，他用他独特的投资哲学和坚定的慈善心灵影响着世界。

他的故事不仅告诉我们如何在投资中取得成功，更重要的是教育我们如何正确看待财富和成功，如何对社会负起责任。

最后，我希望通过巴菲特的故事，能给我们带来一些启示和思考。

无论我们从事何种职业，无论我们追求什么样的成功，我们都应该保持谦逊和坚持自己的原则。

同时，我们也要关注社会责任，尽自己的绵薄之力为社会做贡献。

只有这样，我们才能在这个竞争激烈的世界获得真正的成功和快乐。

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巴菲特的演讲（Buffett's speech）Buffett's speech at the University of Florida Business SchoolAuthor: Warren Buffet | translator: easy Xiaolan translator:The translation here is not an article, but a Video. To be exact, Warrent Buffet (Buffett) at University ofA speech at the Florida business school. In his speech, Buffett talked about investing and talking about life, which made translators benefit a lot. Turn it out here to attract readers.It was a 1.5 hour speech and it really took a lot of work to turn it out. It is hard to do it overnight, but I'm afraid I'll have to serialize it here. Forgive me.(I)I want to talk about a few minutes and then I mainly to cliches, take your questions. What I want to talk about is what you think.I encourage you to give me a problem, you can speak freely. I want you to throw up some difficult balls, and if you give me a bit of speed, I'll be more interested. You can ask almost any questions, except for last week's TexasA&M's college football game, that's beyond my limit. We've got a few SunTrust here. I just finished CocaCola's stockholders' meeting: Warren Buffet's investment firm is CocaOne of Cola's long-term major shareholders, I sat on Jimmy Williams Ben. Jimmy led SunTrust for many years. Jimmy must let me put on this SunTrust T shirt and come here. I always try to make the old Golf Federation to my sponsors, but failed. I didn't think I was in SunTrust, but I did a good job. Jimmy said, "based on the growth of SunTrust deposits, I will get a certain percentage of the reward.". So I was up SunTrust. (Buffett is joking.)I just want to talk to the students for a minute about your future after you leave school. You have learned a lot of knowledge of the investment here, you learn how to do things, you have enough IQ to do, you have the power and energy to do, otherwise you wouldn't be here. Many of you will finally realize your ideals. But beyond intelligence and energy, there's more to decide if you're successful, and I want to talk about those things. Actually, in our Omaha, BerkshireHathaway company headquarters) a gentleman said that when he hired people, he would look at three aspects: integrity, intelligence, and energy. Hiring a man with intelligence and energy without integrity will ruin the hired man. A man without integrity, you can only hope that he is stupid and lazy, not smart and energetic. I want to talk about the first point, because I know you both have the last two points.In considering this question, please join me in this game. You are now in MBA for second years, so you should know all about your classmates. Now I give you one to buy 10% of one of your classmates right until the end of his life. You can't choose those who have rich fathers. Everyone's efforts depend on hisown efforts. I'll give you an hour to think about this question, which student would you like to buy for 10% of the rest of your life?. Would you give them an IQ test and pick the one with the highest IQ value? I suspect it! Will you pick the best one? I doubt it, too. You don't necessarily choose the most energetic one, because you're already motivated. You might be looking for quality factors, because everyone here has a lot of brainsAfter an hour of thinking, when you bet, you may choose the person you most identify with, the person with the most leadership ability, the one who realizes the benefit of others, the generosity, the honesty,Even his own ideas will give credit to others. All these qualities, you can write down the qualities you admire. (whom would you choose) the person you admire most?.Then, I am here to give you a Ban. When you buy 10% of your classmates, you have to sell another 10%. Isn't that interesting? Who do you think I'm selling? You might still not find IQLowest. You may choose the classmate that annoys you, and the qualities that make you dislike it. The one you don't want to deal with, and someone else who doesn't want to deal with it. What qualities have led to that? You can think of a bunch of things, such as dishonesty, love, petty, and so on. You can write them down in the right column of the paper. When you look at the left and right columns of the paper, you'll find something interesting.Whether the football thrown 60 yards is not important, whether it can run 100 yards in 9 seconds in 3 days is not important, it is the best looking person in the class. What really matters is the quality of those on the left column of the paper. You can have all those qualities if you want. The qualities of action, temper, and character are all possible. They are not beyond the reach of each of us present. Look at all those qualities you hate in the right column. None of them is what you have to ask for.You can get rid of it if you have one. At your age, it's much easier to change than at my age, because most of these behaviors are gradually fixed. It is said that the chains of habit are so light that they cannot be felt. Once you feel it, it is too heavy to be removed. I think it's quite right. I've seen a lot of my age, or 10 younger than mePeople 20 years of age have self destructive habits and are unable to extricate themselves. They hate people wherever they go. They don't need that, but they're hopeless.However, at your age, any habit and mode of conduct can be, and as long as you wish, it is only a matter of choice. Like Benjamin Gram (a famous financier mid last century), when he was a teenager, he looks at those respectable, he wanted me to be a respected person, why I don't like those people do? He found it impossible to do that. He rejected the unpleasant qualities in the opposite way. So I said, if you put those qualities all down, ponder, follow, you will be the one you want to buy 10% people! Better yet, you own 100% of yourself. That's what I'm going to talk about today.Now let's start by talking about what you're interested in. We can start with hands raised from here or there.(two)Question: what do you think of Japan?Buffett: I'm not too macro. Now, 10 years of interest on loans in Japan is only 1%. I said to myself, 45 years ago, I went to Benjamin. Gram's course, then I have been diligent, hard work, maybe I should earn more than 1%? It doesn't seem impossible.I don't want to be involved in any risk of currency fluctuations, so I would choose assets based on yen, such as real estate or business, that must be domestic. The only thing I need to do is to make more than 1%, because that's the cost of my money. But until now, I haven't found a business that I can invest in.It's really interesting. Japanese companies have very low asset returns. They have a few businesses that will have 4%, 5%, or 6% returns. If Japanese companies do not make much money themselves, then their asset investors can hardly get good returns. Of course, some people make money, too.I have a friend who worked for Benjamin Gram for the same period. That was the first time I bought stocks, looking for companies that had a lower stock price than liquid capital, a very cheap but a little quality company.I call it the "cigar butt" approach to investing. You areeverywhere to seek the cigar, finally you find a wet, a hate cigarette smoke pot can look. That one is free. You pick it up, take the last bite, then throw it, and then find the next one. It doesn't sound elegant at all, but if you're looking for a free cigar, it's worth it.Don't make the low rate of return business. Time is a friend in business, but enemy in bad business. If you get stuck in a bad business for too long, your results will be bad, even if your buying price is very cheap.If you're in a good business, even if you start paying a little extra cost, if you do it long enough, your returns will be considerable. I don't find any good business from Japan now. It is also possible that Japanese culture will make some changes, for example, their management may be more responsible for the company's stock, so that the return rate will be higher. But now, all I see is some of the low rate of return, even when the high-speed development of the Japanese economy. It's also surprising, because a big, perfect market in Japan doesn't produce good, high returns. Japan's excellence is only in the aggregate economy, not in the quality of the company. This problem has caused trouble for japan. We haven't had much interest in Japan so far. As long as the interest rate is 1%, we will continue to take a wait-and-see attitude.Question: rumor has it that you have become a buyer of the long term fund management fund? What did you do there? What opportunities did you see?Buffett: in a recent article on Fortune magazine (cover ReubenMurdoch), it tells the whole story. I little interesting。

巴菲特三大经典演讲稿原文
尊敬的各位领导、各位来宾，大家好：
我很高兴能够在这里和大家分享一些我的投资心得和经验。

我相信，这些经验
不仅仅适用于投资领域，也可以在生活中发挥重要作用。

首先，我想谈谈关于投资的第一点，那就是要有长远的眼光。

在投资的过程中，我们不能只看眼前的利益，而是要考虑到长期的收益。

这就好比是种树，虽然种下去可能需要很长时间才能看到成果，但只有坚持不懈地投入，才能最终收获硕果。

其次，我认为投资需要有足够的耐心。

市场波动时常存在，但我们不能因为短
期的波动而盲目行动。

耐心等待，耐心观察，才能找到真正的投资机会。

正如我曾经说过的一句话，“当别人贪婪时，我恐惧；当别人恐惧时，我贪婪。

”这就是要求我们在市场波动时保持冷静，不要被情绪左右。

最后，我要强调的是要对自己有足够的信心。

在投资的过程中，我们需要不断
学习，不断提升自己的能力。

只有不断地积累知识和经验，才能更好地应对市场的变化。

同时，我们也要相信自己的判断和决策，不要被外界的声音左右，坚定自己的投资理念。

总的来说，投资是一门需要长期积累和不断学习的艺术。

我们需要有长远的眼光，耐心等待，同时对自己有足够的信心。

只有这样，我们才能在投资的道路上走得更远，取得更大的成功。

谢谢大家！。

巴菲特1998年在佛罗里达大学的MBA讲座（节选）巴菲特是世界著名的投资商，2008年以净资产620亿美元成为世界首富。

2019年3月5日（纽约时间），巴菲特以825亿美元在2019年福布斯全球亿万富豪榜中排名第3。

这篇演讲稿是1998年巴菲特在佛罗里达大学给MBA学生做的一个讲座，巴菲特口才非常不错，并不是说他能讲出多少“硬货”，而是他能够把最重要的投资哲理用非常通俗易懂的比喻来告诉大家，让即使对财务分析、市盈率等黑话一窍不通的人也能听懂，所以读巴菲特写的东西一点都不累。

在演讲中，巴菲特不但讲了投资理念，还包括了面对工作及做人的态度。

因为演讲稿太长，此处节选一部分巴菲特关于未来和人生态度的观点给大家。

大家也可以网上找到原文耐心读完，相信一定收获颇丰。

I would like to talk for just one minute to the students about your future when you leave here. Because you will learn a tremendous amount about investments, you all have the ability to do well; you all have the IQ to do well. You all have the energyand initiative to do well or you wouldn't be here.关于你们走出校门后的前程，我在这里只想讲一分钟。

你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。

Most of you will succeed in meeting your aspirations. But in determining whether you succeed there is more to it than intellect and energy. I would like to talk just a second about that. In fact, there was a guy, Pete Kiewit in Omaha, who used to say, he looked for three things in hiring people: integrity, intelligence and energy. And he said if the person did not have the first two, the later two would kill him, because if they don't have integrity, you want them dumb and lazy.你们中的许多人都将最终实现你们的理想。

巴菲特经典的演讲破产有两种人一种什么都不知道一种什么都知道巴菲特：破产的往往只有2种人，一种是什么都不知道的，一种是什么都知道的。

什么都不知道的人在市场不知道干什么。

什么都知道的人在市场会乱搞一通。

假如给我一把手枪，里面有一千个弹夹，一颗子弹，给脑袋开一枪，赢了给我一千万，我不会干，给再多我都不会干。

股票市场上玩这个俄罗斯轮盘游戏的太多了。

这个游戏很刺激，也很迷人。

长期下来，他们甚至忘记手枪里的子弹了，最后当成没子弹来玩。

他们的命运一开始就注定了。

会计算西格玛，不代表你就知道破产的风险。

我是这么想的，不知道现在他们是不是也这么想了。

说真的，我都不愿意以长期资本为例。

我们都有一定的概率会摊上类似的事，我们都有盲点，或许是因为我们了解了太多的细枝末节，把最关键的地方忽略了。

亨利考夫曼说过一句话：“破产的有两种人，一种是什么都不知道的，一种是什么都知道的。

”说起来，真是令人扼腕叹息。

同学们，引以为戒。

我们基本上没借过钱，当然我们的保险公司里有浮存金。

但是我压根没借过钱。

我只有 1 万块钱的时候都不借钱，不借钱不一样吗？我钱少的时候做投资也很开心。

我根本不在乎我到底是有 1 万、10 万，还是 100 万。

除非遇上了急事，比如生了大病急需用钱。

当年我钱很少，但我也没盼着以后钱多了要过不一样的生活。

从衣食住行来看，你我之间有什么差别吗？我们穿一样的衣服，我们都能喝天赐的可口可乐，我们都能吃上麦当劳，还有更美味的 DQ 冰淇淋，我们都住在冬暖夏凉的房子里，我们都在大屏幕上看橄榄球赛。

你在大电视上看，我也在大电视上看。

我们的生活完全一样，没多大差别。

要是你生了大病，会得到良好的治疗。

如果我得了大病，也会得到良好的治疗。

我们唯一不一样的地方是我们出行的方式不同。

我有一架小飞机，可以飞来飞去，我特别喜欢这架飞机，这是要花钱的。

除了我们出行的方式不同，你说有什么是我能做，但你做不了的吗？我有一份我热爱的工作，但我一直都在做我喜欢的工作。

Warrent Buffet 先⽣的投资经营思想－16条Warrent Buffet（巴菲特）在University of Florida商学院（佛罗⾥达⼤学）演讲闪烁着慈祥和智慧的光芒。

下⾯的16段原话，读起来真的是妙趣横⽣，受益匪浅。

1、当你下赌注时，可能会选择那个你最有认同感的⼈，那个最有领导才能的⼈，那个能实现他⼈利益的⼈，那个慷慨，诚实，即使是他⾃⼰的主意，也会把功劳分予他⼈的⼈。

2、不要做低回报率的⽣意。

时间是好⽣意的朋友，却是坏⽣意的敌⼈。

如果你陷在糟糕的⽣意⾥太久的话，你的结果也⼀定会糟糕，即使你的买⼊价很便宜。

如果你在⼀桩好⽣意⾥，即使你开始多付了⼀点额外的成本，如果你做的⾜够久的话，你的回报⼀定是可观的。

3、⽤对你重要的东西去冒险赢得对你并不重要的东西，简直⽆可理喻，即使你成功的概率是100⽐1，或1000⽐1。

4、抛开其他因素，如果你单纯的⾼兴做⼀项⼯作，那么那就是你应该做的⼯作。

你会学到很多东西，⼯作起来也会觉得有⽆穷的乐趣。

5、我给那些公司经理⼈的要求就是，让城墙更厚些，保护好它，拒竞争者于墙外。

你可以通过服务，产品质量，价钱，成本，专利，地理位置来达到⽬的。

6、我要找的⽣意就是简单，容易理解，经济上⾏得通，诚实，能⼲的管理层。

这样，我就能看清这个企业10年的⼤⽅向。

如果我做不到这⼀点，我是不会买的。

基本上来讲，我只会买那些，即使纽约证交所从明天起关门五年，我也很乐于拥有的股票。

如果我买个农场，即使五年内我不知道它的价格，但只要农场运转正常，我就⾼兴。

如果我买个公寓群，只要它们能租出去，带来预计的回报，我也⼀样⾼兴。

7、⼈们买股票，根据第⼆天早上股票价格的涨跌，决定他们的投资是否正确，这简直是扯淡。

正如格雷厄姆所说的，你要买的是企业的⼀部分⽣意。

这是格雷厄姆教给我的最基本最核⼼的策略。

你买的不是股票，你买的是⼀部分企业⽣意。

企业好，你的投资就好，只要你的买⼊价格不是太离谱。

初中班级管理心得体会8篇初中班级管理心得体会1（1612字）管理是技术，仅仅是管人的技术性的低级的管理，管理是艺术，则是育人攻心的高级的管理。

班主任是社会角色中重要的管理者，既要注重技术的学习，也要注重艺术的修养，狠练内功，提高个人管理水平，形成自己的管理风格，体现独特的管理艺术，增强管理的效果。

班主任在学校教育中，承担学生管理的主要责任，是班级管理的主要的组织者和实施者，任务细琐而繁重，充满挑战与幸苦，欢乐与智慧。

而且作为毕业班的班主任，将面临更加复杂化班级管理和自己所教学科及班级学生总体升学成绩的升学压力，那么我们如何能使自己在在繁重的工作中轻松，让班级在平稳、奋发中走完九年义务教育的最后时光。

使全体学生行动一致，目标明确，心往一处想，劲往一处用，形成强大的合力和班集体凝聚力和战斗力，让学生给自己的'人生第一次选择在学业和思想上交一份自己认为满意而且不后悔的答卷呢？了解学生，把握学生心理生理特征，深刻分析班情和学情，明确班级教育管理的重点和难点有助于增强班级管理的有效性。

初三的学生面临毕业，特别是日益迫近的中考，使他们在思想、心理、行为等具有一定的复杂性和特殊性，认真研究分析这一时期学生的特点，有利于全面掌控班级，明确管理的方向，增强管理效果。

（一）思维方式深刻性和批判性增强随着年龄的增长，初三是学生世界观和价值观初步形成的关键时期，他们思维的广度和深度都有了明显提高，思维的对象大为扩展。

思考问题的方式由原来的纯感性逐步向初步的理性过度，已经把人生的目标和走向与自己目前的努力和选择联系起来，认识问题有了自己的观点和主见，学会从想象去分析本质，智力日趋成熟化。

为此，我在班内，引导学生，学会看社会，审视和思考自己的人生，而且提出了现在的努力是为了更好的把自己的命运掌握在自己手中，初三是自己人生的第一次选择，现在的努力就是为将来的人生发展不可或缺的基础，激发他们的斗志和学习的热情，用自己负责的态度和真诚的关怀去点燃他们火热的心，让他们学会了坚持和奋斗与竞争，提升了他们的生命的质量，增加了他们生命的厚度与宽度。

远行地产精神总结我们一生无非就两件事，一是做人，二是做事。

“不要责怪年轻人，他们会立刻辞职的。

”这句话，相信大家都曾在网络上各种吐槽90和00后的声音中听过。

许多企业管理者认为，这一代人太有个性，自尊心又强，不懂得牺牲与奉献，十分不好管理，所以在和他们打交道时，都不自觉的戴上了“有色眼镜”。

可在远行遍布全国的创业团队中，这群“不靠谱的”90后、95后、00后，可能和你之前听过的版本，大相径庭。

他们不在意眼前的得失，反而看重长远的发展；他们不喜约束热爱自由，乐于接受挑战；他们扛得住压力，担得了责任，也比谁都懂得团结和感恩。

他们是远行新生代，也是远行事业蓬勃发展的希望，来自北京远行建外店的王一坤，就是这群新生代中的一位。

王一坤01德为先真正能让我们处身立命的资本，不是年轻貌美，也不是金钱权势，而是品德。

巴菲特曾在佛罗里达大学商学院演讲时，向台下MBA二年级的学生们提问“假如可以从认识的人中选一个，买入他今后一生10%的收入，你会选谁？”结果有些令人意外，他们选择的人，不是最富有的、不是最聪明的、不是最努力的，而是那些具有正直、善良、诚信、奉献品德的人。

品德看不见，也摸不着，但却比金贵，而利益的冲突就像一块试金石，往往能映射出品德的真实形态。

想辨别一个人的品性时，只需看其在利益面前的选择。

来自黑龙江的95后年轻小伙，也是远行季度团结互助标兵—王一坤，就经住了考验，在冲刺个人业绩和成全伙伴、团队所得的两难中，他爽快的向求助的伙伴伸出援手，跑前跑后也毫无怨言。

他说，帮助其他伙伴们签单时，我一门心思都扑在单子上了，一个一个的看，有哪个项目，哪套房能帮助伙伴们满足客户的需求，让客户尽快与我们签约。

在帮助其他人的时候，真正收获的并不止是被帮助的伙伴，更多的反而是自己，伙伴们的认可和公司的鼓励，使我更加坚定了践行团结互助的信念，增加了我成长的机会。

从他的话中能看出，在他心里，有一个为他人留出的温暖角落，让他不在意自己眼前利益的得失，像这样能把别人的事放在心上、眼中、行动里的人，肯定错不了。

原创合集——20200211-0215作者：价值投资金镝20200212企业的现金流≈人的免疫力新冠对企业和人的冲击差不多，现金流（免疫力）好的，极大概率能扛过去，反之则麻烦。

20200213学习——巴菲特1998年佛罗里达大学商学院演讲：一生只需富一次There was a lousy book with a great title written by Walter Gutman—You Only Have to Get Rich Once.有一本很好的书，不是书好，是书名好。

这是一本烂书，但是书名起得很好，是沃尔特•古特曼写的，书名是《一生只需富一次》。

Now that seems pretty fundamental.If you have$100million at the beginning of the year and you will make10%if you are unleveraged and20%if you are leveraged99times out of a100, what difference if at the end of the year,you have$110million or$120million?It makes no difference.If you die at the end of the year,the guy who makes up the story may make a typo, he may have said110even though you had a120.You have gained nothing at all.It makes absolutely no difference.It makes no difference to your family,make no difference to anything.这个道理难道不是很简单吗？假设年初你有1亿美元，如果不上杠杆，能赚10%，上杠杆的成功率是99%，能赚20%，年末时你有1.1亿美元，还是1.2亿美元，有区别吗？没一点区别。