巴菲特 佛罗里达大学 演讲稿

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.。

巴菲特演讲【哈佛大学毕业典礼】巴菲特的一次演讲（一）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。

（原文：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。

我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。

我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。

吉米领导了SunTrust多年。

吉米一定让我穿上这件SunTrust的T恤到这来。

我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。

没想到我在SunTrust这，却做的不错。

吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。

所以我为SunTrust鼓劲。

（译者注：巴菲特在开玩笑）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。

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Omaha（译者注：Berkshire Hathaway 公司的总部所在地）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。

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。

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1998年在佛罗里达的演讲稿
巴菲特在1998年在佛罗里达的演讲稿
尊敬的听众们，
感谢大家出席今天的演讲。

我很荣幸能够与你们分享我的一些投资见解和经验。

首先，我想谈谈投资的哲学和原则。

在我看来，投资不是一种赌博，而是一种长期的财务规划。

我推崇的是价值投资，也就是寻找被低估的股票，并且长期持有它们。

这样的投资策略需要耐心和长远的眼光，但它能够带来稳定的回报。

其次，我要强调的是投资者应该遵循巴菲特的三大原则。

第一，只投资自己理解的企业。

我们不应该去投资那些我们无法理解的行业或公司。

第二，我们应该寻找有竞争优势的企业。

这些企业能够在激烈的市场竞争中脱颖而出，并保持长期的盈利能力。

第三，我们应该关注企业的价值而不是价格。

只有当股票的价值高于其价格时，我们才应该考虑购买。

另外，我希望强调的是投资者应该学会控制自己的情绪。

市场的波动是不可避免的，但我们不能为短期的价格波动所左右。

我们应该相信自己的分析和决策，并且在市场情绪过度悲观时买入，过度乐观时卖出。

最后，我要推荐给大家一些我个人认为有潜力的投资机会。

我认为科技行业的发展会持续推动市场的增长。

特别是互联网和
计算机软件领域，还有新兴市场的消费品和金融服务领域。

这些行业拥有巨大的增长潜力，并且能够提供长期的回报。

谢谢大家的聆听。

我希望这些见解能够对你们在投资中起到一些帮助。

祝你们投资顺利！
未来的成功在于现在的决策！。

巴菲特⼀⽣最经典的演讲（收藏版）巴菲特⼀⽣最经典的演讲⽂：巴菲特编：kuang你们毕业之后未来会怎样？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。

▌品⾏决定命运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。

也许你会选你最有认同感的那个⼈，那个拥有领导能⼒，能把别⼈组织起来的⼈。

这样的⼈应该是慷慨⼤⽅的、诚实正直的，他们⾃⼰做了贡献，却说是别⼈的功劳。

我觉得让你做出决定的应该是这样的品质。

找到了你最钦佩的这位同学之后，想⼀想他⾝上有哪些优秀品质，拿⼀张纸，把这些品质写在纸的左边。

为了拥有这位同学今后⼀⽣ 10% 的收⼊，你还要同时做空另⼀位同学今后⼀⽣ 10% 的收⼊，想想你会做空谁？你会想到那些招⼈烦的⼈，不但你烦他们，别⼈也烦他们。

为什么有⼈会招⼈烦？原因很多，这样的⼈可能⾃私⾃利、贪得⽆厌、投机取巧或者弄虚作假。

类似这样的品质，请把它们写在刚才那张纸的右边。

左边的品质不是把橄榄球扔出 60 ⽶，不是 10 秒钟跑完 100 ⽶，不是相貌在全班最出众。

左边的这些品质，你真想拥有的话，你可以有。

这些是关于⾏为、脾⽓和性格的品质，是能培养出来的。

再看⼀下右边的那些品质，那些令⼈⽣厌的品质，你⾝上要是有，想改的话，可以改掉。

常⾔道，习惯的枷锁，开始的时候轻的难以察觉，到后来却重的⽆法摆脱。

⼤多数⾏为都是习惯成⾃然，想摆脱恶习，你们年轻⼈做起来更容易。

巴菲特的一次演讲（一）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。

（原文：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。

我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。

我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。

吉米领导了SunTrust多年。

吉米一定让我穿上这件SunTrust的T恤到这来。

我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。

没想到我在SunTrust这，却做的不错。

吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。

所以我为SunTrust鼓劲。

（译者注：巴菲特在开玩笑）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。

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Omaha（译者注：Berkshire Hathaway公司的总部所在地）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。

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！。

一次演讲。

在演讲里，巴菲特谈投资，谈做人，使译者受益匪浅。

在这里翻出来以嗜读者。

这是一次一个半小时的演讲，翻出来着实要费些功夫。

一蹴而就比较难做到，这里恐怕只好做连载了。

见谅。

（一）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。

（原文：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。

我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。

我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。

吉米领导了SunTrust多年。

吉米一定让我穿上这件SunTrust的T恤到这来。

我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。

没想到我在SunTrust这，却做的不错。

吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。

所以我为SunTrust鼓劲。

（译者注：巴菲特在开玩笑）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。

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Omaha（译者注：Berkshire Hathaway公司的总部所在地）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。

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。

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。

泡沫：1999年网络投资热的最顶峰背景：自1980年代以来，美国知名投资银行家赫伯特·艾伦在爱达荷州的太阳谷（Sun valley）举行的媒体顶峰会，就已成为媒体、科技和投资大亨界的一大盛事。

巴菲特把为期一周的太阳谷峰会当作自己真正放松和家庭聚会的一个好契机。

除偶然打一下高尔夫和桥牌，和少数的社交活动，峰会的大多数时刻他都会把自己关在房间里看商业新闻。

但在1999年的太阳谷峰会，巴菲特却决定受邀为峰会做闭幕演讲。

在峰会之前4个月，随着科技股正在取代“老经济”，道琼斯工业指数冲破了一度看起来遥不可及的1万点，在近3年半的时刻内翻了一倍。

在很多人看来，宣称不碰科技股的巴菲特在那个热潮中落伍了。

事实上，为了这场闭幕演讲巴菲特已经准备了数周。

他以为人们在股票市场里的交易并不是像在赌场那样简单拿筹码下注，股市里的筹码代表着商业。

他想到了全数筹码到底价值几何。

接下来他开始翻检历史。

这已经不是第一次一种新科技来把股票市场弄得翻天覆地了——铁路、电报、、汽车、飞机、电视：所有把事物更快联接在一路的革命性方式——可是有多少让投资者赚得盆满钵满呢？这是巴菲特在演讲里要讲述的。

这是他30年来第一次对股票市场做出公开预测。

“我现在要讲股票价值分析，我不准备谈论如何预测下个月或明年的股市走势，价值分析并不等同于预测。

”巴菲特如此开头，“短时间来看，股票市场是投票机，但长期看来它更像是称重机。

最终，称重机会胜出，但短时间内会是由投票的筹码左右。

不过，其投票机制却超级不民主。

不幸的是，正如你们所知，它并没有对投票资格进行认证。

”“在1964年到1981年的17年间，我们的经济体扩张了5倍，财富500强企业的销售额也增长了5倍，可是股票市场却几乎没有增长。

”“当你在投资时，是在推迟消费，把钱拿出来以期在以后收回。

关于此只有两个问题：一是能够取得多少回报；二是何时取得。

”巴菲特继续。

“寓言作者伊索看起来是不精通财务，因为他说‘二鸟在林，不如一鸟在手’，可是他并没有说在‘何时’情况应如此。

巴菲特的一次演讲（一）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。

（原文：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。

我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。

我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。

吉米领导了SunTrust多年。

吉米一定让我穿上这件SunTrust的T恤到这来。

我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。

没想到我在SunTrust这，却做的不错。

吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。

所以我为SunTrust鼓劲。

（译者注：巴菲特在开玩笑）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。

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Omaha（译者注：Berkshire Hathaway公司的总部所在地）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。

经管学院工商管理083104 钟瑶前言有这样一个人他从5岁开始就会摆地摊兜售口香糖聚揽财富11岁买入生平第一只股票13岁开始他的实业投资16岁时他已经积聚了6000美元的财富，这个年轻人赚的钱比他的老师的薪水还要多高中毕业前就已经拥有多达40英亩的农场1956年，年仅25岁的他只出资100美元便伙同他人创办了自己生平的第一个公司，时隔6年，公司资产达到720万美元1964年他个人就拥有了400万美元的财富，3年后，他个人拥有的财富已高达2500万美元1994年，他已经拥有了一个价值230亿的财富王国2002年，他的资产已达到360亿美元......他的名字就叫沃伦·巴菲特他被人们称为“股神”“奥马哈圣贤”“投资奇才”最近巴菲特的午餐被炒得沸沸扬扬。

巴菲特午餐，是和股神巴菲特在纽约知名的牛排馆共进午餐的活动。

2000年起每年拍卖一次，所得善款全部捐给美国慈善机构。

2010年度巴菲特午餐价最终落槌在262万零6311美元。

2011年6月初，巴菲特午餐再破纪录，午餐价格提高到了2626411美元。

我们的生活总会与经济息息相关。

所以今天我们就通过《听巴菲特讲投资之道》这本书来走进巴菲特和他的投资世界内容简介巴菲特是一名极具传奇色彩的股市投资奇才。

他曾创造了39年投资盈利2595倍，100美元起家获利440亿美元财富的投资神话，才30几年就变成了一家封闭式基金公司，接着又成为了一家股权公司。

1965至2006年的42年间，伯克希尔公司净资产的年均增长率达21.4％，累计增长361156％。

他曾投资伯克希尔、可口可乐、索罗门、通用再保险公司、内布拉斯加家具城、《华盛顿邮报》、美国运通、市政府雇员保险公司等多家美国龙头企业，取得卓越的成就。

这本书主要讲的是巴菲特在其辉煌的投资生涯中人生经历，思想感悟，市场原则以及平常生活中的巴菲特。

这本书除了告诉你有关巴菲特正确的投资方法，还将告诉你他是如何正确地坚持自己的方法的。

这是巴菲特史上最经典的有关投资的演讲，很多经典语录都出于此。

视频地址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。

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。

巴菲特：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？未必。

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。

好好想想，你会把赌注压在谁的身上？也许你会选你最有认同感的那个人，那个拥有领导能力，能把别人组织起来的人。

大家好！今天，我很荣幸能够在这里参加这次读书交流会，与大家共同探讨巴菲特的投资哲学和人生智慧。

首先，请允许我表达我对巴菲特的崇敬之情。

作为全球最成功的投资者之一，巴菲特不仅拥有丰富的投资经验，更有着深厚的人生智慧。

他的投资理念和生活哲学为我们树立了榜样，值得我们深入学习和借鉴。

一、巴菲特的投资哲学1. 坚持价值投资巴菲特的投资哲学的核心是价值投资。

他认为，投资成功的关键在于寻找那些被市场低估的优质股票。

他坚信，长期投资是取得成功的唯一途径。

在面对市场波动时，他始终保持冷静，坚定地持有优质股票。

2. 研究企业基本面巴菲特认为，投资股票就是投资企业。

因此，他非常注重研究企业的基本面，包括企业的盈利能力、成长性、行业地位、管理层素质等。

只有深入了解企业，才能做出正确的投资决策。

3. 长期持有巴菲特认为，长期持有是投资成功的关键。

他曾经说：“如果你不打算持有一个企业十年，那么就别考虑持有它一分钟。

”这句话充分体现了他的投资理念。

4. 风险控制巴菲特强调，投资过程中必须注重风险控制。

他从不追求高风险、高收益的投资方式，而是追求稳健的投资收益。

他认为，投资风险控制比追求高收益更为重要。

二、巴菲特的人生智慧1. 专注与坚持巴菲特的成功离不开他的专注与坚持。

他专注于投资领域，不断学习、研究，形成了自己独特的投资理念。

同时，他坚持自己的投资原则，不为市场波动所动摇。

2. 谦逊与勤奋巴菲特一生保持着谦逊的态度，他认为自己只是时代的产物。

他勤奋学习，不断提升自己的投资水平。

这种谦逊与勤奋的精神值得我们学习。

3. 家庭与生活巴菲特在事业成功的同时，也注重家庭与生活的平衡。

他关心家人，享受生活中的点滴美好。

这种平衡的生活态度为我们树立了榜样。

4. 传承与责任巴菲特关注社会公益事业，致力于传承自己的投资理念。

他希望通过自己的努力，让更多的人受益。

这种传承与责任感值得我们学习。

三、学习巴菲特的意义1. 提升投资能力学习巴菲特的投资哲学，有助于我们提升投资能力，把握投资机会，实现财富增值。