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The makings of the world’s greatest investorWarren Edward Buffett was conceived approximately one month after the Wall Street crash in 1929, to be born in Omaha, Nebraska in the United States on 30 August, 1930. His early childhood was deeply affected by the crash and the great depression that follo wed. Buffett’s father, Howard, was a securities broker in Omaha, but he lost his job and his savings when the bank he worked for went bankrupt in 1931 –shortly before Warren’s first birthday. Howard responded by establishing his own stockbroking firm, but it was a tough way to earn a living in the early thirties. For a long while, as investors shunned the market, Buffett’s business was little more than a sign on a door. Buffett’s mother, Leila Stahl, had been brought up in West Point, Nebraska, with a family that owned and operated a local newspaper: the Cuming County Democrat. She moved to Omaha with Howard after they married in 1925.Buffett’s tough early years probably helped to forge his parsimonious nature and his desire to make certain that he would never have to struggle for money. Combined with his early exposure to the stockmarket and investing, through his father’s work, Buffett was light years ahead of most children at money management by the time he began school at the age of six.Around this time, Buffett is said to have embarked on the first ofmany money making schemes, buying six-packs of Coca-Colafor 25 cents and then selling the individual bottles for 5 centseach. According to his mother, during a severe illness at ageseven, Buffett lay in a hospital bed calculating his future richeson a sheet of paper, exclaiming to a nurse ‘I don’t have muchmoney now, but someday I will and I’ll have my picture in the paper’.Howard Buffett was a man of high principles and this led him into politics. Politics, in turn, led to the family being relocated to Washington DC in 1942, when Buffett was twelve, after his father won a seat in congress. Warren was very unhappy about being away from Omaha, but his time in the capital was significant in terms of his fledgling business career. A paper round began a very profitable lifelong association with The Washington Post. When his paper round was at its peak, Buffett was making US$40 a week from it. To this could be added US$20 a week earnings from his share of a partnership with his friend Don Danly, owning, operating and servicing pinball machines in barbershops. He filed a tax return in respect of his earnings and refused to let his father pay the taxes.In 1947, the seventeen-year-old Buffett went, somewhat reluctantly, to the Wharton School of Finance and Commerce at the University of Pennsylvania. He didn’t feel that he was learning very much from his university studies, however, and in 1949 he returned to Omaha, after his father lost an election, and he transferred to the University of Nebraska. In Omaha, he was rushing through his studies and at the same time adding to his funds with various jobs on the side, including one where he managed 50 paper boys for the Lincoln Journal.For all his business acumen and earning power, though, Buffett was still unsure about what to do with the money. Buffett’s stockmarket epiphany came in 1949 when he first read Benjamin Graham’s legendary book on investing, The Intelligent Investor, which had been published that year. This encouraged him to enrol at the University of Columbia to study under Graham.What Buffett learnt from Graham laid the foundations for his investing career, by ramming home the crucial distinction between price and value. After scoring the only A+ that Graham had awarded in 22 years of teaching, Buffett had hoped to be employed by Graham’s investment firm, Graham Newman, but he was rejected because the firm only employed Jews (since they were shunned by the traditional Wall Street investment houses). Buffett even offered his services for free, for the honour of working with the Master, but his approach was rebuffed.So Buffett returned to Omaha, where he took employment with his father’s firm of Buffett Falk. Asked whether the firm would be renamed Buffett & Son, he is said to have retorted: ‘No, Buffett & Father.’ At this time, Buffett courted Susan Thompson, whose parents were family friends, and the two were married in 1952. They raised three children, Howard, Susan and Peter.In 1954, Ben Graham relented and Buffett completed his education by working for two years, for US$12,000 a year, at Graham’s firm in New York, until Graham retired in 1956. The firm was wound up because, as one investor said at the tim e, ‘Graham Newman can’t continue because the only guy they have to run it is this kid named Warren Buffett. And who’d want to ride with him?’It turned out that plenty of people did want to ride with Buffett. When he returned to Omaha, his own investing partnership began with friends andfamily, but several notable clients of Graham Newman were directed his way, and word of mouth spread. Soon Buffett was managing many millions of dollars. His rule was that his partners were not to know anything about how their money was invested, but they would be given a simple annual statement of returns. In addition to this, and so that he wouldn’t be at the whim of fickle investors, he would allow partners to withdraw or add money on only one day each year.The results of the Buffett Partnership were spectacular. Over the 14 years from 1957 to 1970, he never lost money and always beat the stockmarket index, compounding his investments at an average of 28% and multiplying each original dollar 32 times (for more detail, see here). A notable investment success was American Express, whose stock price was hammered by a fraud in New Jersey but whose business franchise and intrinsic value, Buffett famously surmised by watching the tills at his favourite steakhouse, was largely undamaged.But by the end of the sixties, the markets were flying upwards to ever greater heights and Buffett was finding it increasingly hard to find suitable investment opportunities. In the end, he decided to liquidate the partnership in 1970 and, instead, he focused his investments on a small Massachusetts textile company named Berkshire Hathaway.Buffett had first invested in Berkshire in 1962 when its stock price was justUS$8, compared with net working capital per share of US$16.50. As further stock came on the market, he just kept buying more, and soon the Buffett Partnership was the company’s largest shareholder. Berkshire Hathaway was, however, in an absolute mess, with huge mills that cost more to maintain than they generated in cash. Buffett either needed to get out for a small profit, or he needed to engineer a change in management. In the end, he opted for the latter course and, in 1965, with the stock price at US$18, Buffett took control of the company.Buffett’s first step was to put a new man, Ken Chace, in charge of the textile operations. He explained that he needn’t bend over backwards to chase unprofitable sales, but that he would be judged according to cash return on invested capital. Buffett was about thirty years ahead of his time in using this measure, which achieved buzzword status in the 1990s (and was consequently badly abused), but it set the scene for his long tenure at the company: the Berkshire subsidiaries should only utilize cash at attractive rates of return, otherwise Buffett himself would take it and find other opportunities.And there were plenty of other opportunities. The Washington Post Company, Gillette and Coca-Cola are among the more famous listed companies in which Berkshire has made huge profits. But equally successful have been the company’s purchases of entire businesses, such as the Government Employees’ Insurance Company (GEICO) (a former favorite of Ben Graham’s), See’s Candies, the Buffalo News, Nebr aska Furniture Mart and Borsheim’s Jewelry. Whether purchased in full or in part, all of these businesses benefit from having a strong, defensible business franchise, enabling them to churn out increasing quantities of cash for investment in new opportunities. There is more about Buffett’s investing approach in this section, and on The Intelligent Investor website.In April 2005, the Berkshire Hathaway share price was edging towardsUS$100,000, giving an average annual return of about 26% per year since Buffett first took control. The market value of the company is now well over US$100 billion and its main challenge is finding big enough investment opportunities to make a difference to such a huge company—a fact that Buffett frequently moans about in his annual letters to shareholders. Having too much money, though, is a problem that few people get to complain about.Warren Buffett is one of the world's richest men, with an estimated personal wealth of approximately US$40 billion. He began his journey by cobbling together a few thousand dollars during his childhood: collecting golf balls, operating a pinball-machine business (with a mechanically minded friend), running paper rounds and doing any other odd jobs that came his way.By the time he took Ben Graham’s investing course at the University of Columbia at the age of 20, Buffett had accumulated $9,800 (see Note 1). Working with Ben Graham in New York, Buffett analysed stocks all day and he achieved the best returns of his career, compounding his money at 56% per year to reach a total of $140,000 when he returned to Omaha, Nebraska in 1956.Buffett then placed this money into his investing partnership, with various friends, family members and acquaintances. Between 1957 and 1970, he compounded his investments at an average rate of 28% per year. However,through this period, his own personal wealth benefited from a kicker effect thanks to performance bonuses from the partnership.When he liquidated the Buffett Partnership in 1970, he was able to convert his share into a stake of approximately one third in Berkshire Hathaway. Since then, Berkshire Hathaway’s net assets have compounded at an average rate of 23% per year (though the intrinsic value of Berkshire Hathaway, and its shares, have compounded at a slightly higher rate).Over the full 54 years, therefore, Buffet t’s investments have grown at an average rate of 27.6%. The graph below charts the progress of one of Buffett’s 1950 investment dollars up until 2004, compared to how one might have fared being invested in the overall US stockmarket (see Note 2).$1 travelling with Warren Buffett compared to $1 travellingwith the US StockmarketYou’ll see that we’ve done the chart on a logarithmic basis. It sounds a bit scary, but it’s the best way to do charts of things that compound over time, because it gives equal weight to the same proportional increases. But there’s another very good reason for doing it this way, and that is that if we didn’t, then the US stockmarket would not even register on the same chart as Buffett –quite literally, because the dollar invested with the US stockmarket dollar endsup at just less than a thousandth as much as the dollar invested with Warren Buffett. Don’t believe us? Well here’s the normal chart then.$1 travelling with Warren Buffett compared to $1 travellingwith the US StockmarketSee – we told you. Anyway, going back to the logarithmic chart, there are three main points to note.Firstly, notice how much higher up Warren Buffett’s line is. This reflect s the awesome power of compound interest – a little extra return each year (well quite a lot, in fact, in Buffett’s case) adds up to a colossal amount over the long term.Secondly, notice how much smoother Buffett’s line is. While the US stockmarket has bo unced about over the years, Buffett’s investing approach has produced more consistent returns.Finally, notice how Buffett’s line doesn’t go down at all. While the US stockmarket takes two steps forward and one step back, Buffett just keeps taking steps fo rward. Well, OK, that’s not entirely true. Buffett did blot his copy book, after 50 years of investing, with a loss of 6% in 2001 (compared to a loss of 12% by the S&P 500 index that year). But we figure that one small annual loss in 54 years is pretty reasonable going.One way or another then, Buffett’s approach beats the overall stockmarket by a country mile and it does it with less risk and many fewer setbacks.You can learn more about the approach by subscribing to The Intelligent Investor.Note 1.Buffett’s returns: The returns for Warren Buffett are comprised of three main sections. Firstly, there are Buffett’s own personal returns between 1950 and 1956, when he turned $9,800 into $140,000 [data taken from Davis, Buffett Takes Stock via Lowenstein, Buffett – The Making of An American Capitalist]. Secondly, there are the returns of the Buffett Partnership, between 1957 and 1969. Finally, there are the returns of Berkshire Hathaway since 1970.Note 2. US stockmarket returns: From 1965 to 2004, the returns of the US stockmarket are taken as the return of the S&P 500 Index, with dividends reinvested. From 1950 to 1964, they are taken as the return of the Dow Jones Industrial Average, with 5% added each year as an approximate adjustment for dividends.。
小学生英语小故事10则带翻译1、小学生英语小故事Everybody Knows： You can't be all things to all people. You can't do all things at once. You can't do all things equally well. You can't do all things better than everyone else. Your humanity is showing just like everyone else's.每个人都知道：你无法为每个人办到每件事。
你无法立刻完成所有的事。
你无法把所有的事都做的尽善尽美。
你无法把每件事都做的比别人好，你仅仅和其他人一样。
2、小学生英语小故事My father My father is a tall and handsome man.He is a policeman. Everyday he comes back home very late,because he must help the others.He doesn't have time to examine my homework and take me to the park.But I like my father,because he is a good policeman.我的爸爸是一个高大帅气的男人。
他是一个警察。
他每天都很晚才回家，因为他要协助其他的人。
他没有时间给我检查作业和带我去公园。
但是我仍然很喜欢我的爸爸，因为他是一个好警察。
3、小学生英语小故事Park There is a park near my home.There are a lot of beautiful trees,flowers and birds in the park.So many people go to the park to enjoy their weekends.They like walking or having a picnic in the park.But I like flying a kite with my sisiter there.我家附近有一个公园。
Teen EntrepreneursLike a lot of college freshmen, Sean Belnick has a job. He works for a company that brings in more than $20 million dollars a year. But Belnick is not just another employee; he is also the company’s owner.“We started off with a couple of orders a day and it just mushroomed迅速成长from there,” Belnick says.Belnick’s company sells office chairs online, and maintains a huge warehouse 仓库，货栈of inventory存货，详细目录. But it all started in his bedroom, when he was 15 years old.“I always had an entrepreneurial企业家的，创业者的spirit,” says Belnick. In fact, more teens than ever are tapping into their entrepreneurial spirit. According to a new Junior Achievement survey of more than 1,400 teenagers, 71 percent said they would like to be self-employed one day.What’s more, experts say, kids have a huge advantage as entrepreneurs because they know the web, and understand the workings of network sites such as Facebook and Myspace.“[Teenagers] intuitively直观地，直觉地understand the power and potential of using web-based services for distribution, for marketing, for outreach延伸，拓广-- for connections,” says Andrea Hershatter, Emory University. “They are incredible networkers who have a very large number of human resources in terms of 依据，按照their peers at their disposal.”“That’s the whole thing with the Internet really,” says Belnick. “Anyone can put a web site up, and it looks professional. But there’s nothing saying that there’s a 20-year-old kid behind it. Which is the biggest thing about the Internet … you can create your own credibility.”Experts say parents should encourage entrepreneurship in their kids, whether it’s mowing lawns or running an online business. They may not make millions, but they will learn a lot about managing a business and what it takes to turn a profit. “I think they learn, they grow, they mature,” says Hershatter. “If they are not enriched financially, then at least they [will be] enriched in terms of life experiences that will serve them forever,” says Hershatter.。
幽默故事：There wa s a guy who w ent into a sh op to buy a p arrot. Therewerethree par rots in the s hop. One was$5,000; anoth er one, $10,000; and the t hird one, $30,000. The cus tomer asked t he owner, “Ho w come this g uy is $5,000?That‟s so ex pensive for t his kindof pa rrot.” The ow ner said, “Be cause I havetrained him a nd he can tal k.” So the cu stomer askedhim, “How abo ut this guy?What can he d o that makeshim so expens ive?” The own er said, “Wel l, apart from talking, hecan also do s ome amusing a ctions,like d ancing and so on. That‟s w hy he‟s so ex pensive.” The n the custome r said, “Howabout the thi rd one? Whatcanhe do that makes him so expensive?”The owner ofthe shopsaid,“I don‟t kno w. Normally,I have neverheard him tal k, nor dance, nor whistle, nor sing, no thing at all! But the othe r two call hi m …The Boss.‟”【译文】老板最大有个人到一间商店买鹦鹉。
名⼈故事英⽂版 从古⾄今，⼀直都有许多励志的名⼈成功故事，⽆论是哪⼀个，都是值得我们去努⼒学习的，下⾯是店铺为您整理的名⼈故事英⽂版，希望对你有所帮助! 名⼈故事英⽂版篇⼀：Xu xiake aim at the world One day, the river a strange thing happened, a lot of people in the salvage of shishi drowning, but how also can not find. At this time, a man named xu xiake child said, as long as the river and go up, can find the stone lion. Shishi indeed found, everyone praised the intelligent child. He is grow up to be the great geographer and traveller xu xiake. 名⼈故事英⽂版篇⼆：Complete nirvana painting a tiger Five dynasties painting tiger famous through the company since the childhood like painting, especially like painting a tiger, but not having seen the tiger really, always painted sick cats, the tiger so he decided to enter the mountains, visit the tiger, really experienced untold hardships, with the help of Orion's uncle, finally met the tiger really, through a lot of sketch copy, the painting techniques by leaps and bounds, tiger's tiger lifelike, a few can be spurious. Since then, and spent most of his time visited many famous mountains and great rivers, see more birds beast, finally become a generation of masters. 名⼈故事英⽂版篇三：Huang-fu mi prodigal son Huang-fu mi, wei, jin and people, is a famous western scholars and scientists. Huang-fu mi play bad exceptions as a kid, people in the village called little overlord, once, his old home doormat will shovel off the bark of Chinese jujube, makes the jujube tree wither, the whole village to see him, all ignore him, under the education of the aunt, huang-fu mi prodigal son finally, become a useful person. 名⼈故事英⽂版篇四：Sima guang p pillow self-help Sleep-ins sima guang is a naughty child, so he didn't punish and fellow mocked by Mr, less under the inculcation of Mr., he is determined to get rid of the bad habit of sleep, in order to get up early, he drank the lucozade water before going to bed, the results were not suppress wake in the morning, but the urine out of bed, so clever with garden wood made a police pillow sima guang, a turn in the morning, head down on the bed board, woke up naturally, from then on, he gets up early every day to study, perseverance, finally became a knowledgeable, wrote "History As A Mirror" big literary giant. 名⼈故事英⽂版篇五：Zhang sanfeng chong tai chi Zhang sanfeng, name one, also known as real, sanfeng, yuanyuan son again, because the slovenly, also known as a sloppy, liaodong taken state (now liaoning ZhangWu southwest), the cases of the Ming dynasty were dubbed "micro manifest reality". About his legend was once widely spread in the folk, and even regard him as the gods. We all know that tai chi chuan? The greatest characteristic of tai chi chuan is soft with just! Do you know how to create zhang sanfeng of tai chi chuan? The film is to say, it is the story. 名⼈故事英⽂版篇六：Yue fei who National hero yue fei especially troubled times, have been GuPin, under the funding of citizen, thanks to shaanxi famous Zhou Tong kung fu, period, the witness was broken, displaced people, who had sprouted patriotic ambition, overcame the complacency emotions. Through summer and winter, hard not compose, under the guidance of teacher Zhou Tong, wife finally developed family to rob, and led the Wang Gui, show partners such as soup, add to the flow of gold of saving the nation and patriotism.。
名人小故事英文人生的每一笔经历，都在书写你的简历。
原本你以为微不足道的事情，回头看的时候，都有着无法细数的刻度。
自己拼出来的东西，和别人送到嘴边的东西，意义和珍惜的程度都大为不同。
下面是店铺为您整理的名人小故事英文，希望对你有所帮助!名人小故事英文篇一：Benjamin FranklinFranklin's life is full of charming stories which all young men should know -- how he sold books in Boston, and became the guest of kings in Europe; how he was made Major General Franklin, only to quit because, as he said, he was no soldier, and yet helped to organize the army that stood before the trained troops of England and Germany.This poor Boston boy, without a day's schooling1, became master of six languages and never stopped studying; this neglected apprentice2 conquered the lightning, made his name famous, received degrees and diplomas from many colleges, and became forever remembered as "Doctor Franklin", philosopher, scientist and political leader.Self-made, self-taught, the candle maker's son gave light to all the world; the street bookseller set all men singing of liberty; the apprentice became the most sought after man across the world, and brought his native land to praise and honor him.He built America, for what our nation is today is largely due to the management, the forethought, the wisdom, and the ability of Benjamin Franklin. He belongs to the world, but especially he belongs to America. The people around the world honored him while he was living; he is still regarded as the loftiest man by the common people today after his death. And he will live in people's hearts forever.名人小故事英文篇二：Demades and his fableDemades the orator1 was once speaking in the assembly at Athens; but the people were very inattentive to what he was saying, so he stopped and said, "Gentlemen, I should like to tell you one of Aesop's fables." This made every one listen intently. Then Demades began: "Demeter, a swallow, and an eel were once travelling together, and came to a river without a bridge: the swallow flew over it, and the eel swam across", and then he stopped. "What happened to Demeter?" cried several people in the audience. "Demeter," he replied, "is very angry with you for listening to fables when you ought to be minding public business."名人小故事英文篇三：He is the thiefWashington was the first president of the U.S. He was very clever even when he was still a 12-year-old-boy.Once a thief stole some money from Uncle Post, Washington's neighbor. The door of the house was not broken, and things in the room were in good order. Washington concluded that the thief must have been committed by one of the villagers.That evening at the villagers' meeting the said, "We don't know who stole the money but God does. God sends his wasp1 to tell good from evil. Every night the wasp flies among us but few people notice it…" Then, all of a sudden Washington waved his hand and cried out, "Look! The wasp has landed on the thief's hat. It is going to sting!"The crowd burst into an uproar3. Everybody turned to look for the thief. But soon the noise died down. All eyes were fixed4 on a man who was trying hard to drive the "Wasp" off his hat."Now we know who stole the money," Washington said witha smile.名人小故事英文篇四：Whose horseOnce a neighbor1 stole one of Washington4's horse. Washington horse back. But the neighbor refused to give the horse back. He said that it was3 his horse.Suddenly Washington had a good idea. He put both of his hands over the eyes of the horse and said to the neighbor, "If this is your horse, then you must tell us in which eye the horse is blind8.""In the left, "said the neighbor. Washington took9 his hand from the left eye of the horse and showed the policeman that the horse was not blind in the left eye."Oh , I have madea mistake," said the neighbor. "He is blind in the right eye." Washington then showed that the horse was not blind in the right eye, either"I have made another mistake," said the neighbor."Yes," said the policeman, " and you have also proved12 that the horse isn't yours. You must return13 it to Mr Washington. " 名人小故事英文篇五：I am illiterate tooOnce Albert Einstein, the world-famous scientist, was traveling by train. At dinner time he went to the dining car.Menu in hand, he suddenly readlized that he had forgotten his glasses in his compartment1. He shrugged. Unwilling to go back, he tried his best to indentify, the fine letters. However, his effort was in vain. He returned the menu to the waiter near him, "Would you please read this menu for me?" The waiter shrugged. Then murmured to Mr Einstein, "Sir, I'm terribly sorry. I am illiterate too."。
周二读书（10）聪明的投资者（TheIntelligentInvestor）我们看到的这些经典之作，无一不是作者倾尽全力写成。
他们中的大多数，根本没有必要为了一些版税或是名气将自己的成果和心得贡献出来，让我们这些后辈花十几块钱（京东正在200-100，速去），或是根本不花钱直接下载盗版就能看到这些数十年的努力结晶。
他们到底是为了什么？很简单，奉献和合作体现了他们人生的价值。
而这份奉献使越多人受益，他的价值就越会得到体现。
他们也会随之受益，名留青史——当然，这只是体现人生价值的副产品。
1949年，本杰明格雷厄姆出版了第一版《聪明的投资者》。
几年后，一个来自美国西部奥马哈小镇的年轻人——沃伦.巴菲特偶然间读到了这本书。
就像瞬间被打通了任督二脉，突然明白了什么是真正的投资。
之后，这个年轻人成为格雷厄姆的学生、朋友以及合伙人。
从此，走上了股神之路。
这个小故事正好印证了上面我说的，格雷厄姆将自己的心得奉献出来，成就了巴菲特。
而巴菲特反过来让格雷厄姆成为全世界价值投资者心中的价值投资祖师爷……奉献，让格雷厄姆实现了最大的人生价值。
这本书有何特殊之处，能在长达60多年的时间里经久不衰，历久弥新？像我之前介绍的大多数投资书籍一样，这是一本专门写给普通投资者的书。
同样像那几本一样，这本书很少讨论证券分析的技巧，而是将笔墨集中于投资原理和投资者的态度方面。
正如本人的体会，在股市赔钱的人，最关键的不是他没有经过专业的投资技术训练，而是他不明白投资真正的原理，同时他们的投资态度完全错误，导致他们沉浮股市多年，依然不得要领，无法赚钱。
格雷厄姆首先介绍了金融市场的历史演变模式。
当然，这部分我们不必太过精读。
因为，我们看过《漫步华尔街》和《投资者的未来》，我们知道了本书之前以及本书出版之后几十年金融市场发生过什么。
对于历史，这一成功投资必然要学习的一课，我们已经学习的不错了。
接下来，格雷厄姆说了什么？朋友们，注意，重点来了。
名人巴菲特的小故事他除了关注商业活动外，几乎对其他一切如艺术、文学、科学、旅行、建筑等全都充耳不闻——因此他能够专心致志追寻自己的激情。
在小时候，沃伦就随身携带着自己最珍贵的财产，自动换币器。
而10岁时，父亲提出带他旅行，他要求去纽约证券交易所。
不久之后，读到了一本名为《赚1000美元的1000招》的书，他对朋友说要在35岁前成为百万富翁。
“在1941年的世界大萧条中，一个孩子敢说出这样的话，可真是胆大包天，听上去有点傻得透顶了。
但是……他很肯定自己能够实现这一。
1991年美国独立日那个周末，巴菲特和盖茨见面了。
这次会面是在凯瑟琳·格雷厄姆和她拥有的《华盛顿邮报》的主编梅格·格林菲尔德的倡议下进行的。
对于盖茨，巴菲特还是非常欣赏的，尽管巴菲特比他年长25岁，他知道盖茨是一个非常聪明的人，但更重要的是，一直以来，两人就是《福布斯》财富榜上争相被人们比较的对象。
不过，以巴菲特对于IT人士并不感冒的性格，他自己是肯定不会加入凯瑟琳的周末之旅的，但是在格林菲尔德地劝说下，巴菲特动摇了。
格林菲尔德告诉他：“你肯定会喜欢上盖茨的父母的，而且还有很多有意思的人也会去。
”最终，巴菲特还是同意了。
对于两位巨人的第一次见面，很多人都在仔细观察。
至少在一点上，巴菲特和盖茨是相似的，如果遇到不热衷的话题，他们会尽量选择结束。
人们对于盖茨不善隐藏自己的耐心早有耳闻，而巴菲特，虽然在遇到感觉无聊的话题时他不会提前走开转而找本书看，但是他依然有自己的方法，他会在第一把自己从不感兴趣的话题中解脱出来。
在与盖茨的交流中，巴菲特还是和平常一样，没有过渡语言直奔正题，他问盖茨有关IBM公司未来走势的问题，他还向盖茨询问是否IBM已经成了微软公司不可小视的竞争对手，以及信息产业公司更迭如此之快的原因为何?盖茨一一做出了回答。
他告诉巴菲特去买两只科技类股票：英特尔公司和微软。
轮到盖茨提问了，他向对方提出了有关报业经济的问题，巴菲特直言不讳地表示报业经济正在一步一步走向毁灭的深渊，这和其他媒体的蓬勃发展有着直接的关系。
He’s just like you and me, except for the £31bn fortunePROFILE: Warren BuffettWhen F Scott Fitzgerald observed that “the very rich are different from you and me”, the novelist was clearly not thinking of people like Warren Buffett. Proclaimed the world’s richest man last week, the American investment strategist eats at his local grill and drives to work from the modest home that he bought in unfashionable Omaha, Nebraska, in 1958, which is today valued at about £350,000.Such is the frugality of the 77-year-old “sage of Omaha”, whose wealth increased by £5 billion last year to £31 b illion, that when he married in 2006 he bought a discount ring from his own jewellery company. He has vowed to pass on only a small chunk of his fortune to his children, Susie, Howard and Peter. He wants them to have “enough to do anything but not to do nothing”.His advice has enriched more investors than anyone else in history, but Buffett pays himself a mere £50,000 a year and prefers such ordinary fare as steaks and hamburgers, washed down with Cherry Coke. Not for him the bright lights of New York, ev en though he owns a private jet, his one extravagance: “I have everything I need and am very comfortable right here at home in Omaha. I feel sorry for people who are consumed by possessions.”Known for his wry homilies, Buffett has bet his house in jest against that of his friend and bridge partner Bill Gates, the Microsoft co-founder now relegated from first to third place in the zillionaire stakes, according to Forbes magazine. They used to meet for games at a Holiday Inn near Buffett’s home, but of late they play online - Buffett’s only concession to newfangled technology - under the user names“T-bone” (Buffett) and “Challenger X”.Buffett’s ranking may seem puzzling, given that in 2006 he announced he was donating his fortune to charity, with about £15 billion going to the Bill and Melinda Gates Foundation, dedicated to combating Aids, tuberculosis and malaria. The donations are in instalments - the latest for £880m - but Buffett just gets richer.This act of philanthropy was an indirect consequence o f Buffett’s unorthodox role as a husband and lover. In 1952 he married Susan Thompson, a former cabaret singer who, after raising their children, announced in 1977 that she was leaving Omaha to pursue her singing career in San Francisco. They remained married and on good terms, holidaying together and helping charitable groups.Buffett had always expected that Susan would inherit his wealth and pass it to charitable causes, he explained later: “When we got married, I told Susie I was going to be rich . . . [not] because of any special virtues of mine, but simply because I was wired at birth to allocate capital.” Susie was less than thrilled by this prospect: “But we were totally in sync about what to do with it - and that was to give it back to society.”In 1978 Susan introduced her husband to Astrid Menks, a Latvian working as a waitress in a restaurant, who soon moved in with him. Buffett sent out Christmas cards signed “Warren, Susie and Astrid”.Two years after Susan died from a stroke in 2004, Buffett married Astrid, then 60. “Astrid loves him and takes care of him,” his daughter Susie said. “If Warren didn’t have a cent she’d still be with him.”Just before their wedding, he revealed his plan to release his ever-growing riches to charitable causes for decades to come.Buffett likes to make wealth-generation sound simple. He once summed it up thus: “Rule No 1: never lose money. Rule No 2: never forget rule No 1.” His prescience is world-renowned: he refused to buy stocks in the booming 1960s, only to strike gold in the plummeting 1970s. He walked away from the dotcom boom in the 1990s, sticking with boring blue-chips such as Gillette, Coca-Cola and American Express. He always came up smelling of greenbacks.He is one of the most respected voices in financial America, embodying Midwest virtues of probity, modesty and common sense, so his recent warning that America was in recession stirred panic. His utterances attract 20,000 acolytes to the annual meeting of his business empire, dubbed the “Woodstock o f capitalism”.A journalist who attended recalled: “He was amiable, chatty, and spoke for four hours off the top of his head. He is what he seems: a modest and ferociously bright man to whom money is an intellectual pursuit, not something to spend.”Buffett is a Democrat who has funded the pro-choice group Planned Parenthood and has raised money for both Hillary Clinton and Barack Obama, rivals for the party’s presidential nomination, without endorsing either. He would be happy whichever won, he said. Yet he remains a close friend of Arnold Schwarzenegger, California’s Republican governor, whom he served as an economic adviser in 2003.If anything gives him sleepless nights, it is the certainty that a nuclear holocaust will wipe out the planet. “It is the ultimate depressing thing. It will happen, it’s inevitable,” he said, reasoning that as the number of “bad guys” increases, so do the odds of one obtaining an atom bomb.He was born in 1930 in a house in Omaha on the banks of the Missouri River, the son of Leila and Howard, a Republican stockbroker elected to Congress on a platform described as “to the right of God”. His grandfather ran the family’s grocery store dating from 1869, where Buffett’s fortune began.“My grandfather would sell me Wrigley’s che wing gum and I would go door to door around my neighbourhood selling it,” he recalled. “He also sold me a six-pack of Coca-Cola for a quarter [25c] and I would sell it for a nickel [5c] each, so I made a small profit.” He supplemented his earnings by selli ng lost golf balls. When the family moved to Washington, the 12-year-old Warren took on five paper rounds, using his access to customers to sell them magazine subscriptions.By the following year he was making £80 a month, an incredible sum in the 1940s. Through shrewd investment, at the age of 14 he saved the £400 needed to buy 40 acres of local farmland, which he rented out. His first dabble in the stock market earned him a $2 profit before the shares shot up, teaching him that patience pays off.After a first degree at the University of Nebraska Lincoln, he went to Columbia Business School in New York, where he fell under the spell of Benjamin Graham, an investment guru who awarded Buffett the only A+ grade he ever bestowed.Buffett worked for his mentor after graduation but outgrew him, according to Roger Lowenstein, Buffett’s biographer: “Graham would amaze the staff with his ability to scan a page with columns of figures and pick out an error. But Buffett was faster at it.”His strategy was to search for “cigar butt” companies, no longer of interest to the market and thus undervalued, but which still had “a few puffs” left in them.In 1962 he spotted a run-down Massachusetts textile firm, Berkshire Hathaway, which he bought and transformed into an insurance company. His empire now extends to sweet shops and Fruit of the Loom clothing. He has shares in The Washington Post, Tesco and a controlling stake in CE Electric, which supplies energy to English homes.He denounced th e “outright crookedness” of Enron, the collapsed American conglomerate, and the dubious methods used by corporations to calculate pension charges and stock option costs: “CEOs will be respected and believed . . . only when they deserve to be. They should quit talking about some bad apples and reflect instead on their own behaviour.”This rigour extends to his family dealings, notably his past stinginess with his children. On one occasion his daughter Susie needed $20 to get her car out of an airport car park, but Buffett made her write a cheque to him first. He doesn’t spare himself either: “Only my clothes are more expensive now, but they look cheap when I put them on.”Buffett has critics, drawing flak over his profits from PetroChina, the oil company with links to Sudan’s government. His recent offer to stand behind America’s municipal bond payments, issued by local councils, was seen as a self-serving gesture – only one such bond on average has gone into default over the past 40 years.To most American s, however, Buffett is a national treasure. But as he put it: “You only learn who has been swimming naked when the tide goes out.”。
巴菲特英语简介沃伦巴菲特人物成就Personal wealthWarren Buffett in 20XX年to net assets of 50 billion US dollars ranked Forbes list third.20XX年Warren Buffett with net assets of $ 53.5 billion, ranked fourth in the Forbes list.March 1, 20XX年, Forbes announced the global richest list, Warren Buffett personal wealth of 60.8 billion US dollars ranked third.Into ChinaJanuary 24, 1996, Shanghai Securities News published in Chinas earliest introduction of Buffetts investment ideas of the article securities investment giant - Warren Bu Fei, Warren Bu Fei is stock Warren Buffett was The translation of the name. The author of the article is Professor Sun Di.Financial forumUS debt defaultUS debt default has become a global market to talk about the discoloration of the topic, but in the rating of Moodys, this is still a small probability event.The Treasury Department is unlikely to pay due Treasury bonds, said Moodys chief executive Raymond McDaniel. I hope the debt ceiling will increase on the 17th, but if not, I think the Treasury will continue to honor its commitments.Today, the United States democracy, the Republican Party war has been burned to the US debt, October 17, 20XX年, the United States will usher in the debt ceiling test.This (if the US debt default) is like a nuclear bomb explosion, the consequences are simply unimaginable. Buffett last week in the Fortune magazine interview said.EconomyBuffett said there is no doubt that the global economy is slowing, but the United States is slightly better than Europe.At the same time, Buffett also said the US housing market has been rotated, with the housing market recovery, housing-related companies will benefit, such as furniture and carpet industry. Buffett revealed that he took advantage of Wells Fargo shares fell, in the past week to buy more of the stock. In the past month, Wells Fargo shares fell more than 3%.As of June 30, 20XX年, Berkshire Hathaway reported that it held more than 411 million shares worth nearly $ 14 billion. Buffett said it was not enough and would keep buying.Buffett believes that the bank is still a very good industry, but thebank crisis before the credit crisis is not profitable. Buffett said he was interested in buying some of the companys prospects in 20XX年, when two potential $ 20 billion acquisitions were blown by price issues.Berkshire Hathaway has $ 40 billion in cash, but the price is unreasonable, and Berkshire Hathaway will not join the bid. He plans to target a $ 6 billion financial company, but he does not mention that it is a potential acquisition.Buffett reiterated his long-held view that the stock market is the best funding for investment, and expressed confidence in IBMs long-term prospects.In 20XX年, Berkshire Hathaway bought about $ 11 billion in IBM shares, and Buffett said it would also jiacang to that level. As for Berkshire Hathaway holding another big stock Procter Gamble, Buffett admitted that in recent years the profitability is really poor.But Buffett praised the chairman and chief executive officer Bob McDonald is an outstanding figure. MacDonalds leadership is popular today. Buffett said Berkshire Hathaway had sold some Procter Gamble stock.Buffett also expressed strong support for Federal Reserve Chairman Ben Bernankes third term, saying that Bernankes job was excellent, and that no one was better qualified for the Feds position. Buffett believes that if the president made an invitation, Bernanke will agree to re-election.However, Buffett said he was worried about the Feds expanding balance sheet. His intuition should be against the Feds QE3 economic stimulus plan. At the same time, Buffett believes that the United States is very likely in the short term out of the financial cliff risk.Taxation point of viewAugust 20XX年, the famous US investor Warren Buffett local time on the 15th that the richest Americans should pay more income tax, to improve the countrys financial situation to contribute.Buffett said in the New York Times entitled stop pet super rich article said that the poor and middle-class Americans in Afghanistan for the country to fight, and such a rich but still enjoy Special tax concessions. One of the main manifestations of the distribution of injustice is that the capital is too much in the distribution, and that the labor is too much in the distribution.Buffetts 15th in the New York Times article is thoughtful. The title of the article is stop spoiled the rich, the signs directly to the rich. Some people will say that Buffett is not deliberately to please President Obama, non-also, whether it is wealth or age, he does not need to please anyone and any power. This is Buffetts consistent style and thought. This passage is equally worthy of the richness of the Chinese people.沃伦巴菲特荣誉In the 20XX年Forbes list of wealth over Bill Gates, become theworlds richest man. In the eleventh charity fund-raising, Buffetts lunch auction to 2.63 million US dollars.In July 20XX年, Warren Buffett once again donated shares to five charities, according to the current market value equivalent to 1.93 billion US dollars. This is the third highest contribution since Buffett began to donate 99% of its assets in 20XX年.February 15, 20XX年, access to the symbol of the highest honor of the United States of America Medal of Freedom.March 10, 20XX年, 20XX年Forbes Global Regal list released in New York, Buffett to worth 50 billion ranked third.March 26, 20XX年, Barron Weekly online version of the 20XX年global 30 best CEO, ranked third.In December 20XX年, Buffett announced that his son Howard would play the role of heir in Berkshire Hathaway.April 20XX年, suffering from prostate disease, has not yet threatened life.20XX年Forbes wealth list to $ 53 billion ranked fourth.February 28, 20XX年, Hurun Global Rich List, Buffett ranked second.March 2, 20XX年, Forbes released 20XX年global richest list.Among them, the top three were Bill Gates, Carlos Slim, Warren Buffett, wealth were $ 79.2 billion, $ 77.1 billion and $ 72.7 billion.In mid-July 20XX年to the end of August, Buffetts BerkshireHathaway company in the investment stock market has at least a loss of $ 11.2 billion book. The equivalent of Berkshire Hathaway has shrunk by 10.3%.In 20XX年, the worlds richest ten couples ranked third, third: Warren Buffett and Astrid Mundes (Warren Buffett and Astrid Menks) net assets sum: $ 65 billion.20XX年, the United States local time on September 29, Forbes released the US tycoon 400 list shows that by virtue of $ 62 billion in wealth ranked second in the US Regal, which is Warren Buffett since 20XX 年has been ranked.October 20XX年, the US financial magazine Bloomberg Market announced the fifth global financial 50 most influential figures, Buffett ranked fifth.September 22, 20XX年, Bloomberg Global 50 most influential people list, Warren Buffett ranked ninth.In October 20XX年, Forbes magazine released the annual US 400 Rich List, Warren Buffett ranked third.March 20XX年, Forbes magazine released 20XX年global rich list, Warren Buffett ranked second.。
个人经历学习1941年，刚刚跨入11周岁，他便跃身股海，并购买了平生第一张股票。
1947年，沃伦·巴菲特进入宾夕法尼亚大学攻读财务和商业管理。
但他觉得教授们的空头理论不过瘾，两年后转学到内布拉斯加大学林肯分校，一年内获得了经济学学士学位。
1950年巴菲特申请哈佛大学被拒之门外，考入哥伦比亚大学商学院，拜师于著名投资学理论学家本杰明·格雷厄姆。
在格雷厄姆门下，巴菲特如鱼得水。
格雷厄姆反对投机，主张通过分析企业的赢利情况、资产情况及未来前景等因素来评价股票，他传授给巴菲特丰富的知识和诀窍。
1951年，21周岁的巴菲特获得了哥伦比亚大学经济学硕士学位。
学成毕业的时候，他获得最高A+。
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.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 football 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 SunTrust shirt down here.I tried to get the sponsorship from the Senior Gulf and I was sluggish and now on the back of the store I am doing much better .He said I get 1% of increase in deposit ,profits ,so all I gets for Sun Trust, yell for Sun Trust.Your FutureI 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 energy and initiative to do well or you wouldn't be here. 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. We want to talk about the first two because we know you have the last two. You are all second-year MBA students, so you have gotten to know your classmates. Think for a moment that I granted you the right--you can buy 10% of one of your classmate’s earnings for the rest of their lifetime. You can't pick someone with a rich father; you have to pick someone who is going to do it on his or her own merit. And I gave you an hour to think about it.Will you give them an IQ test and pick the one with the highest IQ? I doubt it. Will you pick the one with the best grades? The most energetic? You will start looking for qualitative factors, in addition to (the quantitative) because everyone has enough brains and energy. You would probably pick the one you responded the best to, the one who has the leadership qualities, the one who is able to get other people to carry out their interests. That would be the person who is generous, honest and who gave credit to other people for their own ideas. All types of qualities. Whomever you admire the most in the class. Then I would throw in a hooker. In addition to this person you had to go short one of your classmates.That is more fun. Who do I want to go short? You wouldn't pick the person with the lowest IQ, you would think about the person who turned you off, the person who is egotistical, who is greedy, who cuts corners, who is slightly dishonest. As you look at those qualities on the left and right hand side, there is one interesting thing about them, it is not the ability to throw a football 60 yards, it is not the ability the run the 100 yard dash in 9.3 seconds, it is not being the best looking person in the class, they are all qualities that if you really want to have the ones on the left hand side, you can have them.They are qualities of behavior, temperament, character that are achievable, they are not forbidden to anybody in this group. And if you look at the qualities on the right hand side the ones that turn you off in other people, there is not a quality there that you have to have. You can get rid of it. You can get rid of it a lot easier at your age than at my age, because most behaviors are habitual. The chains of habit are too light to be felt until they are too heavy to be broken. There is no question about it. I see people with these self- destructive behavior patterns at my age or even twenty years younger and they really are entrapped by them.They go around and do things that turn off other people right and left. They don't need to be that way but by a certain point they get so they can hardly change it. But at your age you can have any habits, any patterns of behavior that you wish. It is simply a question of which you decide.If you did this… Ben Graham looked around at the people he admired and Ben Franklin did thisbefore him. Ben Graham did this in his low teens and he looked around at the people he admired and he said, "I want to be admired, so why don't I behave like them?" And he found out that there was nothing impossible about behaving like them. Similarly he did the same thing on the reverse side in terms of getting rid of those qualities. I would suggest is that if you write those qualities down and think about them a while and make them habitual, you will be the one you want to buy 10% of when you are all through. And the beauty of it is that you already own 100% of yourself and you are stuck with it. So you might as well be that person, that somebody else. Well that is a short little sermon. So let's get on with what you are interested in. Let's start with questions………..Question: What about Japan? Your thoughts about Japan?Buffett: My thoughts about Japan? I am not a macro guy. Now I say to myself Berkshire Hathaway can borrow money in Japan for 10 years at one percent. One percent! I say gee, I took Graham's class 45 years ago and I have been working hard at this all my life maybe I can earn more than 1% annually, it doesn't seem impossible. I wouldn't want to get involved in currency risk, so it would have to be Yen-denominated. I would have to be in Japanese Real Estate or Japanese companies or something of the sort and all I have to do is beat one percent. That is all the money is going to cost me and I can get it for 10 years. So far I haven't found anything. It is kind of interesting. The Japanese businesses earn very low returns on equity - 4% to 5% - 6% on equity and it is very hard to earn a lot as an investor when the business you are in doesn't earn very much money.Now some people do it. In fact, I have a friend, Walter Schloss, who worked at Graham at the same time I did. And it was the first way I went at stocks to buy stocks selling way below working capital. A very cheap, quantitative approach to stocks. I call it the cigar butt approach to investing. You walk down the street and you look around for a cigar butt someplace. Finally you see one and it is soggy and kind of repulsive, but there is one puff left in it. So you pick it up and the puff is free--it is a cigar butt stock. You get one free puff on it and then you throw it away and try another one. It is not elegant. But it works. Those are low return businesses.But time is the friend of the wonderful business; it is the enemy of the lousy business. If you are in a lousy business for a long time, you will get a lousy result even if you buy it cheap. If you are in a wonderful business for a long time, even if you pay a little bit too much going in you will get a wonderful result if you stay in a long time. I find very few wonderful businesses in Japan at present. They may change the culture in some way so that management gets more share holder responsive over there and stock returns are higher. At the present time you will find a lot of low return businesses and that was true even when the Japanese economy was booming. It is amazing; they had an incredible market without incredible companies. They were incredible in terms of doing a lot of business, but they were not incredible in terms of the return on equity that they achieved and that has finally caught up with them. So we have so far done nothing there. But as long as money is 1% there, we will keep looking.Question: You were rumored to be one of the rescue buyers of Long Term Capital, what was the play there, what did you see?Buffett: The Fortune Magazine that has Rupert Murdoch on the cover. It tells the whole story of our involvement; it is kind of an interesting story.t’s a long story so I wouldn’t go through all background. But I got the really serious call about LTCM about four weeks ago ,my granddaughter, I got it at the mid afternoon ,my granddaughter was having her birthday party at evening and I was flying to Seatle go on the 12day trip with Gates on Alaska on our private planeand I was really out of communication. But I got this call on a Friday afternoon that things were getting serious. I got the other calls before the article go published. I know those people most of them pretty well--most of them at Salomon when I was there. And the place was imploding and the FED was sending people up that weekend. Between that Friday and the following Wed. when the NY Fed, in effect, orchestrated a rescue effort but without any Federal money involved.I was quite active but I was having a terrible time because we were sailing up through these canyons which I have no interest in even though we were in Alaska. And the captain was saying we just stay over here and we might see some bears. I would say stay where we could get satellite signals.We put in a bid on Wednesday morning. By then I was in Montana. I talked to Bill McDonough at the NY Fed. But they have a meeting with bankers at 10 o’clock that mor ning at NY time. I called them, actually, deliberate measures, he called me before 10 NY time. We made a bid ,because I was in Canada, long distance things were really an outline for the bid, but in the end, the bid was for 250 million for the net assets but we would have put in 3 and 3/4 billion on top of that. $3 billion from Berkshire, $700 mil.from AIG and $300 million. from Goldman Sachs. And we submitted that but we put a very short time limit on that because when you are bidding on 100 billion worth of securities that are moving around, you don't want to leave a fixed price bid out there for very long. Because we going to be shopped. In the end the bankers made the deal, but it was an interesting period.The whole LTCM ,I hope you are get familiar with it but the whole story is really fascinating because if you take Larry Hillenbrand, Eric Rosenfeld, John Meriwether and the two Nobel prize winners. If you take the 16 of them, they have about as high an IQ as any 16 people working together in one business in the country, including Microsoft. An incredible amount of intellect in that room. Now you combine that with the fact that the 16 had extensive experience in the field they were operating in. These were not a bunch of guys who had made their money selling men’s clothing and all of a sudden went into the securities business. They had in aggregate, the 16, had 300 or 400 years of experience doing exactly what they were doing and then you throw in the third factor that most of them had most of their ve ry substantial net worth’s in the businesses. So they have their own money up. Hundreds and hundreds of millions of their own money up (at risk), super high intellect and working in a field that they knew. Essentially they went broke.That to me is absolutely fascinating. If I ever write a book it will be called, Why Smart People Do Dumb Things. My partner says it should be autobiographical. But this might be an interesting illustration. They are perfectly decent guys. I respect them and they helped me out when I had problems at Salomon. They are not bad people at all. But to make money they didn’t have and didn’t need, they risked what they did have and what they did need. That is just plain foolish; it doesn’t matter what your IQ is.If you risk something that is important to you for something that is unimportant to you it just doesn’t make sense. I don’t care if the odds you succeed are 99 to 1 or 1000 to 1 that you succeed. If you hand me a gun with a million chambers with one bullet in a chamber and put it up to your temple and I am paid to pull the trigger, it doesn’t matter how much I would be paid.I would not pull the trigger. You can name any sum you want, but it doesn’t do anything for me on the upside and I think the downside is fairly clear. I am not interest in this kind of game. Yet people do it financially very much without thinking about it very much.There was a lousy bookwith a great title written by Walter Gutman—You Only Have to Get Rich Once. Now that seems pretty fundamental. If you have $100 million at the beginning of the year and you will make 10% if you are unleveraged and 20% if you are leveraged 99 times out of a 100, what difference if at the end of the year, you have $110 million or $120 million? 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 said 110 even though you had a 120. You have gained nothing at all. It makes absolutely no difference. It makes no difference to your family ,make no difference to anything.The downside, especially if you are managing other people’s money, is not only losing all your money, but it is disgrace, humiliation and facing friends whose money you have lost. I just can’t imagine and acquision that makesenseful.Yet 16 guys with very high IQs and energetic people entered into that game. I think it is madness. It is produced by an over reliance to some extent on things. Those guys would tell me back at Salomon; a six Sigma event wouldn’t touch us. But they were wrong. History does not tell you of future things happening. They had a great reliance on mathematics. They thought that the Beta of the stock told you something about the risk of the stock. It doesn’t tell you a damn thing about the risk of the st ock in my view.Sigma’s do not tell you about the risk of going broke in my view and maybe now in their view too.But I don’t like to use them as an example. The same thing in a different way could happen to any of us, where we really have a blind spot about something that is crucial, because we know a whole lot of something else. It is like Henry Kauffman said, “The ones who are going broke in this situation are of two types, the ones who know nothing and the ones who know everything.” It is sad in a way. I urge you. We basically never borrow money. I never borrowed money even when I had $10,000 basically, what difference did it make. I was having fun as I went along it didn’t matter whether I had $10,000 or $100,000 or $1,000,000 except that I had a medical emergency come along.I was going to do the same things when I had a little bit of money as when I had a lot of money.If you think of the difference between me and you in terms of how we live, we wear the same clothes basically (SunTrust gives me mine), we eat similar food—we all go toMcDonald’s or better yet,Dairy Queen, and we live in a house that is warm in winter and cool in summer. We watch theNebraska(football) game on big screen TV. You see it the same way I see it. We do everything the same—our lives are not that different. The only thing we do is we travel differently. I travel on my private plane and I love it. But it takes money. But if you leave the other side, if you leave this, our life is the same other than trouble. Think about it. Think that what can I do that you can’t do? I get to work in a job that I love, but I have always worked at a job that I loved. I loved it just as much when I thought it was a big deal to make $1,000. I urge you to work in jobs that you love. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume.I was with a fellow at Harvard the other day who was taking me over to talk. He was 28 and he was telling me all that he had done in life, which was terrific. And then I said, “What will you do next?” “Well,”he said, “Maybe after I get my MBA I will go to work for a consulting firm because it will look good on my resume.” I said, “Look, you are 28 and you have been doing all these thi ngs, you have a resume 10 times than anybody I have ever seen. Isn’t that a little like saving up sex for your old age? There comes a time when you ought to start doing what you want. Take a job that you love. You may change on it, just like you will jump out of bed in the morning.When I first got out of Columbia Business School, I wanted to go to work for Graham immediately for nothing. He thought I was over-priced. But I kept pestering him. I sold securities for three years and I kept writing him and finally I went to work for him for a couple of years. It was a great experience. But I always worked in a job that I loved doing. You really should take a job that if you were independently wealthy that would be the job you would take. You will learn something, you will be excited about, and you will jump out of bed. You can’t miss. You may try something else later on, but you will get way more out of it and I don’t care what the starting salary is. When you get out of here take a job you love, not a job you think will look good on your resume. You ought to find something you like. If you think you will be happier getting 2x instead of 1x, you are probably making a mistake.You ought to find sth that you like and it works. You will get in trouble if you think making 10x or 20x will make you happier because then you will borrow money when you shouldn’t or cut corners on things. It just doesn’t make sense and you won’t like it when you look back.Question: What makes a company something that you like?B uffett: I like businesses that I can understand. Let’s start with that. That narrows it down by 90%. There are all types of things I don’t understand, but fortunately, there is enough I do understand. You have this big wide world out there and almost every company is publicly owned. So you have all American business practically available to you. So it makes sense to go with things you can understand. I can understand this, anyone can understand this (Buffett holds up a bottle of CocaCola). Since 1886, it is a simple business, but it is not an easy business.I don’t want an easy business for competitors. I want a business with a moat around it. I want a very valuable castle in the middle and then I want the Duke who is in charge of that castle to be very honest and hard working and able. Then I want a moat around that castle. The moat can be various things: The moat around our auto insurance business, Geico, is low cost.People have to buy auto insurance so everyone is going to have one auto insurance policy per car basically. I can’t sell them 20, but they have to buy one. I can sell them 1. What are they going to buy it on? (based on what criteria?) They (customers) will buy based on service and cost. Most people will assume the service is identical among companies or close enough. So they will do it on cost. So I have to be a low cost producer--that is my moat. To the extent that my costs are further below the other guy, I have thrown a couple of sharks into the moat. All the time you have this wonderful castle, there are people out there who are going to attack it and try to take it away from you. I want a castle I can understand, but I want a castle with a moat around it. Kodak柯达30 years ago, Eastman Kodak’s moat was just as wide as Coca-Cola’s moat. I me an if you were going to take a picture of your six-month old baby and you want to look at that picture 20 years from now or 50 years from now. And you are never going to get a chance—you are not a professional photographer—so you can evaluate what is going to look good 20 or 50 years ago. What is in your mind about that photography company (Share of Mind) is what counts. Because they are promising you that the picture you take today is going to be terrific 20 to 50 years from now about something that is very important to you. Well, Kodak had that in spades 30 years ago, they owned that. They had what I call share of mind. Forget about share of market, share of mind. They had something—that little yellow box—that said Kodak is the best. That is priceless. They have lost some of that. They haven’t lost it all.It is not due to George Fisher. George is doing a great job, but they let that moat narrow. They letFuji come and start narrowing the moat in various ways. They let them get into the Olympics and take away that special aspect that only Kodak was fit to photograph the Olympics. So Fuji gets there and immediately in people’s minds, Fuji becomes more into parity with Kodak.You haven’t seen that with Coke; Coke’s moat is wider now than it was 30 years ago.You can’t see the moat day by day but every time the infrastructure that gets built in some country that isn’t yet profitable for Coke that will be 20 years from now. The moat is widening a little bit. Things are, all the time, changing a little in one direction or the other. Ten years from now, you will see the difference. Our managers of the businesses we run, I have one message to them, and we want to widen the moat. We want to throw crocs, sharks and gators—I guess—into the moat to keep away competitors. That comes about through service, through quality of product, it comes about through cost, some times through patents, and/or real estate location. So that is the business I am looking for.Now what kind of businesses am I going to find like that? Well, I am going to find them in simple products because I am not going to be able to figure what the moat is going to look like for Oracle, Lotus or Microsoft, ten years from now. Gates is the best businessman I have ever run into and they have a hell of a po sition, but I really don’t know what that business is going to look like ten years from now. I certainly don’t know what his competitors will look like ten years from now. I know what the chewing business will look like ten years from now. The Internet is not going to change how we chew gum and nothing much else is going to change how we chew gum. There will lots of new products. Is Spearmint or Juicy Fruit going to evaporate? It isn’t going to happen. You give me a billion dollars and tell me to go into the chewing gum business and try to make a real dent in Wrigley’s. I can’t do it. That is how I think about businesses. I say to myself, give me a billion dollars and how much can I hurt the guy? Give me $10 billion dollars and how much can I hurt Coca-Cola around the world? I can’t do it. Those are good businesses. Now give me some money and tell me to hurt somebody in some other fields, and I can figure out how to do it.So I want a simple business, easy to understand, great economics now, honest and able management, and then I can see about in a general way where they will be ten (10) years from now. If I can’t see where they will be ten years from now, I don’t want to buy it. Basically, I don’t want to buy any stock where if they close the NYSE tomorrow for five years, I won’t be happy owning it. I buy a farm and I don’t get a quote on it for five years and I am happy if the farm does OK. I buy an apartment house and don’t get a quote on it for five years, I am happy if the apartment house produces the returns that I expect. People buy a stock and they look at the price next morning and they decide to see if they are doing well or not doing well. It is crazy. They are buying a piece of the business. That is what Graham—the most fundamental part of what he taught me. You are not buying a stock, you are buying part ownership in a business. You will do well if the business does well, if you didn’t pay a totally silly price.That is what it is all about. You ought to buy businesses you understand. Just like if you buy farms, you ought to buy farms you understand. It is not complicated.Incidentally, by the way, in calling this Graham-Buffett, this is pure Graham. I was very fortunate. I picked up his book (The Intelligent Investor) when I was nineteen; I got interested in stocks when I was 6 or 7. I bought my first stock when I was eleven. But I was playing around with all this stuff—I had charts and volume and I was making all types of technical calculations and everything. Then I picked up a little book that said you are not just buying some little ticker symbol, that bounces around every day, you are buying part of a business. Soon as I started thinking about itthat way, everything else followed. It is very simple.So we buy businesses we think we can understand. There is no one here who can’t understand Coke………….. (end of first side.) If I was teaching a class at business school, on the final exam I would pass out the information on an Internet company and ask each student to value it. Anybody that ga ve me an answer, I’d flunk (Laughter). I don’t know how to do it. But people do it all the time; it is more exciting.If you look at it like you are going to the races--that is a different thing--but if you are investing…. Investing is putting out money to be sure of getting more back later at an appropriate rate. And to do that you have to understand what you are doing at any time. You have to understand the business. You can understand some businesses but not all businesses.Question: You covered half of it which is trying to understand a business and buying a business. You also alluded to getting a return on the amount of capital invested in the business. How do you determine what is the proper price to pay for the business?Buffett: It is a tough thing to decide but I don’t want to buy into any business I am not terribly sure of. So if I am terribly sure of it, it probably won’t offer incredible returns. Why should something that is essentially a cinch to do well, offer you 40% a year? We don’t have huge returns in mind, but we do have in mind not losing anything.We bought See’s Candy in 1972, See’s Candy was then selling 16 m. pounds of candy at a $1.95 a pound and it was making 2 bits a pound or $4 million pre-tax. We paid $25 million for it—6.25 x pretax or about 10x after tax. It took no capital to speak of. When we looked at that business—basically, my partner, Charlie, and I—we needed to decide if there was some untapped pricing power there. Where that $1.95 box of candy could sell for $2 to $2.25.If it could sell for $2.25 or another $0.30 per pound that was $4.8 on 16 million pounds.Which on a $25 million purchase price was fine.We never hired a consultant in our lives; our idea of consulting was to go out and buy a box of candy and eat it. What we did know was that they had share of mind in California. There was something special. Every person in Ca. has something in mind about See’s Candy and overwhelmingly it was favorable. They had taken a box on Valentine’s Day to some girl and she had kissed him. If she slapped him, we would have no business. As long as she kisses him, that is what we want in their minds. See’s Candy means getting kissed. If we can get that in the minds of people, we can raise prices.I bought it in 1972, and every year I have raised prices on Dec. 26th, the day after Christmas, because we sell a lot on Christmas. In fact, we will make $60 million this year. We will make $2 per pound on 30 million pounds. Same business, same formulas, same everything--$60 million bucks and it still doesn’t take any capital. And we make more money 10 year s from now. But of that $60 million, we make $55 million in the three weeks before Christmas. And our company song is: “What a friend we have in Jesus.” (Laughter). It is a good business.Think about it a little. Most people do not buy boxed chocolate to consume themselves, they buy them as gifts—somebody’s birthday or more likely it is a holiday. Valentine’s Day is the single biggest day of the year. Christmas is the biggest season by far. Women buy for Christmas and they plan ahead and buy over a two o r three week period. Men buy on Valentine’s Day. They are driving home; we run ads on the Radio. Guilt, guilt, guilt—guys are veering off the highway right and left. They won’t dare go home without a box of Chocolates by the time we get through with them o n our radio ads. So that Valentine’s Day is the biggest day. Can you imagine going home on。
名人故事英语作文小学范文名人的故事可以带给我们启示，你能用英语表述出名人的故事吗?下面小编精心整理了名人故事的英语范文，供大家参考，希望你们喜欢!名人故事的小学英语：Bill GatesWhen Bill Gates made his decision to drop out from Harvard, he did not care too much of the result. Gates entered Harvard in 1973, and dropped out two years later when he and Allen started the engine of Microsoft. Many people did not understand why Gates gave up such a good opportunity to study in the world’s No.1 University. However, with size comes power, Microsoft dominates the PC market with its operating systems, such as MS-DOS and Windows. Now, Microsoft becomes the biggest software company in the world and Bill Gates becomes the richest man in the world.名人故事的小学英语作文：Thomas EdisonIn 1879, after more than 1,000 trials and $40,000, Thomas Edison introduced an inexpensive alternative to candles and gaslight: the incandescent lamp. Using carbonized filaments from cotton thread, his light bulb burned for two days. These bulbs were first installed on the steamship Columbia and have been lighting up the world ever since.名人故事的小学英语作文：Mother TeresaMother Teresa, winner of the Nobel Peace Prize, dedicated the majority of her life to helping the poorest of the poor in India, thus gaining her the name "Saint of the Gutters." The devotion towards the poor won her respect throughout the world and the Nobel Peace Prize in 1979. She founded an order of nuns called the Missionaries of Charity in Calcutta, India dedicated to servingthe poor. Almost 50 years later, the Missionaries of Charity have grown from 12 sisters in India to over 3,000 in 517 missions throughout 100 countries worldwide.名人故事的小学英语作文：BeethovenBeethoven, the German Composer, began to lose his hearing in 1801 and was entirely deaf by 1819. However, this obstacle could not keep him from becoming one of the most famous and prolific composers in art history. His music, including 9 symphonies, 5 piano concertos, several senates and so on, formes a transition from classical to romantic composition.。
Alfred Nobel — A man of contrastsAlfred Nobel, the great Swedish inventor and industrialist, was a man of many contrasts. He was the son of a bankrupt, but became a millionaire; a scientist with a love of literature, an industrialist who managed to remain an idealist. He made a fortune but lived a simple life, and although cheerful in company he was often sad in private. A lover of mankind, he never had a wife or family to love him; a patriotic son of his native land, he died alone on foreign soil.He invented a new explosive, dynamite, to improve the peacetime industries of mining and road building, but saw it used as a weapon of war to kill and injure his fellow men. During his useful life he often felt he was useless: "Alfred Nobel," he once wrote of himself, "ought to have been put to death by a kind doctor as soon as, with a cry, he entered life."World-famous for his works he was never personally well known, for throughout his life he avoided publicity. "I do not see," he once said, "that I have deserved any fame and I have no taste for it," but since his death, his name has brought fame and glory to others.He was born in Stockholm on October 21, 1833 but moved to Russia with his parents in 1842, where his father, Immanuel, made a strong position for himself in the engineering industry. Immanuel Nobel invented the landmine and made a lot of money from government orders for it during the Crimean War, but went bankrupt soon after. Most of the family returned to Sweden in 1859, where Alfred rejoined them in 1863, beginning his own study of explosives in his father's laboratory. He had never been to school or university but had studied privately and by the time he was twenty was a skilful chemist and excellent linguist, speaking Swedish, Russian, German, French and English.Like his father, Alfred Nobel was imaginative and inventive, but he had better luck in business and showed more financial sense. He was quick to see industrial openings for his scientific inventions and built up over 80 companies in 20 different countries. Indeed his greatness lay in his outstanding ability to combine the qualities of an original scientist with those of a forward-looking industrialist. But Nobel's main concern was never with making money or even with making scientific discoveries.Seldom happy, he was always searching for a meaning to life, and from his youth had taken a serious interest in literature and philosophy. Perhaps because he could not find ordinary human love -- he never married -- he came to care deeply about the whole of mankind. He was always generous to the poor: "I'd rather take care of the stomachs of the living than the glory of the dead in the form of stone memorials," he once said.His greatest wish, however, was to see an end to wars, and thus peace between nations, and he spent much time and money working for this cause until his death in Italy in 1896. His famous will, in which he left money to provide prizes for outstanding work in Physics, Chemistry, Physiology, Medicine, Literature and Peace, is amemorial to his interests and ideals. And so, the man who felt he should have died at birth is remembered and respected long after his death.。
世界投资大师：沃伦·巴菲特The Master of Investment: Warren BuffettFor someone who is such an extraordinarily successful investor, Warren Buffett comes off as a pretty ordinary guy. Born and bred in Omaha, Nebraska, for more than 40 years Buffett has lived in the same gray stucco house on Farnam Street that he bought for $31,500. He wears rumpled, nondescript suits, drives his own car, drinks Cherry Coke, and is more likely to be found in a Dairy Queen than a four－star restaurant.世界投资大师：沃伦·巴菲特作为一个如此卓越的成功投资家，沃伦·巴菲特却又是一个非常平凡、普通的人。
巴菲特在美国内布拉斯加州的奥马哈出生、长大，40多年来他一直居住的是法钠姆大街那栋自己以31500美元购置的灰色水泥墙的房子。
他穿皱巴巴的普通西装，亲自开车，常喝"樱桃可乐"，多数情况下是光顾"戴瑞王后"这样的小饭馆，而不是四星级的豪华酒店。
But the 68－year－old Omaha native has led an extraordinary life. Looking back on his childhood, one can see the budding of a savvy businessman. Warren Edward Buffett was born on August 30, 1930, the middle child of three. His father, Howard Buffett, came from a family of grocers but himself became a stockbroker and later a U. S. congressman.但这位68岁、土生土长的奥马哈人却有着不平凡的生活经历。
回顾他的童年时代，就可以很好地了解这个机敏的生意人的成长过程。
沃伦·爱德华·巴菲特生于1930年8月30日，在家里３个孩子中排行老二。
他父亲霍华德·巴菲特成长于一个杂货商的家庭中，但后来却成了一名股票经纪人，之后又成为美国国会的议员。
Even as a young child, Buffett was pretty serious about making money. He used to go door－to－door and sell soda pop. He and a friend used math to develop a system for picking winners in horseracing and started selling their"Stable－Boy Selections"tip sheets until they were shut down for not having a license. Later, he also worked at his grandfather's grocery store. At the ripe age of 11, Buffett bought his first stock.甚至在很小的时候，巴菲特就对赚钱很用心。
那时他常常挨家挨户地推销苏打汽水。
他和一个朋友利用数学知识开发了一个在赛马比赛中选拔冠军的识别系统，然后开始推销他们的"马童筛选器"的内部消息传单，但因为无许可证被迫关停。
后来他还在祖父的杂货店干过一段时间。
在１１岁的时候，已近成熟的巴菲特买进了自己的第一支股票。
When his family moved to Washington, D. C. , Buffett became a paperboy for The Washington Post and its rival the Times－Herald. Buffett ran his five paper routes like an assembly line and even added magazines to round out his product offerings. While still in school, he was making $175 a month, a full－time wage for many young men.在巴菲特全家搬至华盛顿特区后, 他开始为《华盛顿邮报》和该报的对手《时代先驱报》送报纸。
巴菲特把自己送报的５条线路安排得就像生产线一样有条不紊, 后来他甚至还添加了杂志的递送, 这样他提供的订阅品种就更丰富了。
在校读书期间, 他每月的收入就已经有175美元了, 相当于当时年轻人全职工作的月收入。
When he was 14, Buffett spent $1,200 on 40 acres of farmland in Nebraska and soon began collecting rent from a tenant farmer. He and a friend also made $50 a weekby placing pinball machines in barber shops. They called their venture Wilson Coin Operated Machine Co.14岁那年, 巴菲特花了1200美元在内布拉斯加州购置了一片40公顷的农田, 然后开始从佃户那里收取租金。
他还和一个朋友为理发店安装弹球游戏机从而每周赚得50美元。
他们把自己的"企业"称作"威尔森钱币运作机器公司"。
Already a successful albeit small－time businessman, Buffett wasn't keen on going to college but ended up at Wharton at the University of Pennsylvania－－his father encouraged him to go. After two years at Wharton, Buffett transferred to his parents'alma mater, the University of Nebraska in Lincoln, for his final year of college. There Buffett took a job with the Lincoln Journal supervising 50 paper boys in six rural counties.这时巴菲特尽管并不起眼, 但已是一个小获成功的商人。
他对上大学并不感兴趣, 不过后来还是在父亲的敦促下去了宾西法尼亚大学的沃顿学院。
在沃顿学习了两年后, 巴菲特转学到其父母的母校--林肯的内布拉斯加大学, 在那儿修完了大学最后一年的课程。
这期间巴菲特还在《林肯日报》谋得了一份工作, 负责管理６个乡村地区的５０个报童。
Buffett applied to Harvard Business School but was turned down in what had to be one of the worst admissions decisions in Harvard history. The outcome ended up profoundly affecting Buffett's life, for he ended up attending Columbia Business School, where he studied under revered mentor Benjamin Graham, the father of securities analysis who provided the foundation for Buffett's investment strategy.巴菲特曾申请哈佛商学院被拒, 这后来成为哈佛历史上最糟糕的录取决定之一。
这个结果对巴菲特的一生产生了深远的影响, 他因此进入哥伦比亚商学院, 并从师著名的证券分析之父本杰明·格雷厄姆, 巴菲特从导师身上学到的东西为日后形成自己的投资策略奠定了基础。
From the beginning, Buffett made his fortune from investing. He started with all the money he had made from selling pop, delivering papers, and operating pinball machines. Between 1950 and 1956, he grew his $9,800 kitty to $14,000. From there, he organized investment partnerships with his family and friends, and then gradually drew in other investors through word of mouth and very attractive terms.一开始, 巴菲特凭借投资来赚钱。
他最初的资本来自卖苏打汽水、送报纸、安装弹球游戏机而攒下的积蓄。
在1950到1956年期间, 他的原始资本积累由9800美元升至14万美元。
此后, 巴菲特开始与家人和朋友结成伙伴投资关系, 后来又凭借口头游说和一些优惠条件拉拢其他投资者。
Buffett's goal was to top the Dow Jones Industrial Average by an average of 10% a year. Over the length of the Buffett partnership between 1957 and 1969, Buffett's investments grew at a compound annual rate of 29.5%, crushing the Dow's return of 7.4% over the same period.Buffett's investment strategy mirrors his lifestyle and overall philosophy. He doesn't collect houses or cars or works of art, and he disdains companies that waste money on such extravagances as limousines, private dining rooms, and high－priced real estate. He is a creature of habit－－same house, same office, same city, same soda－－and dislikes change. In his investments, that means holding on to "core holdings"such as American Express, Coca－Cola, and The Washington Post Co. "forever. "巴菲特的目的是以每年平均10％的比率超出道琼斯工业指数。
