we asked munger and buffett their thoughts on some 我们请芒格和巴菲特谈谈他们对一些问题的看法
of the latest headlines in the business world 关于商业世界最新的一些重大新闻
those that could have a lasting impact on how markets operate 以及这些事件如何长期影响市场运作
beginning with credit suisse's five and a half billion dollar 首先是瑞士信贷约55亿美元的
loss stemming from its business with arcados capital management 损失，来自与Archegos资本管理公司的业务
think of how massively stupid that was 想想看这有多愚蠢
and of course 当然
it was the lure of the really easy 那是因为太容易赚到钱的诱惑
money that the idiot was paying you 那个家伙给你送钱
being the mid bram broker for a jerk 只是替一个蠢人做中间经纪
but he was a convicted insider trader that came out of 但他曾因内幕交易被定罪
the craziest part of the hedge fund industry and they 来自对冲基金行业最疯狂的一部分
were getting unusual profits by extending unusual credit 他们通过提供异常信贷赚取异常利润
it was just the world was shouting at them crook 当时全世界都在对他们大喊：骗子
fool 傻瓜
and they didn't listen （中文意译）and they didn't listen
they thought this is where the easy money is （中文意译）they thought this is where the easy money is
crooks and fools （中文意译）crooks and fools
there's one rule （中文意译）there's one rule
we've learned a long time ago （中文意译）we've learned a long time ago
is that you can't make a good deal with a bad person （中文意译）is that you can't make a good deal with a bad person
just forget it （中文意译）just forget it
now （中文意译）now
if you think you can draw up a contract that （中文意译）if you think you can draw up a contract that
is going to work against a bad person （中文意译）is going to work against a bad person
they're going to win （中文意译）they're going to win
for one thing （中文意译）for one thing
they probably enjoy litigation （中文意译）they probably enjoy litigation
but （中文意译）but
bertram hadaway as an entity or me personally or anything （中文意译）bertram hadaway as an entity or me personally or anything
we don't want to spend our life doing that sort of thing （中文意译）we don't want to spend our life doing that sort of thing
and besides （中文意译）and besides
the bad guys win that they know more games （中文意译）the bad guys win that they know more games
they may lose eventually in the way （中文意译）they may lose eventually in the way
but it's no way to spend your life （中文意译）but it's no way to spend your life
Charlie （中文意译）Charlie
it wasn't just credit suisse that got pulled in by that （中文意译）it wasn't just credit suisse that got pulled in by that
there were a lot of firms that were （中文意译）there were a lot of firms that were
doing business with arcados （中文意译）doing business with arcados
and （中文意译）and
yes （中文意译）yes
they were all foolish （中文意译）they were all foolish
but （中文意译）but
but credit Swisse has managed to be the biggest fool of all （中文意译）but credit Swisse has managed to be the biggest fool of all
well （中文意译）well
Becky （中文意译）Becky
if you look back （中文意译）if you look back
a lot of competition for that order （中文意译）a lot of competition for that order
in nineteen （中文意译）in nineteen
honor （中文意译）honor
in nineteen thirty four （中文意译）in nineteen thirty four
after the great crash （中文意译）after the great crash
well （中文意译）well
nineteen thirty two and three （中文意译）nineteen thirty two and three
they held these hearings （中文意译）they held these hearings
and they decided that unusual amounts of leverage （中文意译）and they decided that unusual amounts of leverage
were one cause of the problem in the nineteen twenty nine （中文意译）were one cause of the problem in the nineteen twenty nine
and that it opposed （中文意译）and that it opposed
it could pose dangers even to the economy （中文意译）it could pose dangers even to the economy
so they gave the federal reserve board （中文意译）so they gave the federal reserve board
the right to establish how much people could （中文意译）the right to establish how much people could
borrow against stocks margin requirements （中文意译）borrow against stocks margin requirements
which is a very good idea （中文意译）which is a very good idea
it was a terrific idea （中文意译）it was a terrific idea
and they used （中文意译）and they used
totally sound （中文意译）totally sound
the federal reserve between nineteen （中文意译）the federal reserve between nineteen
thirty four and nineteen seventy three （中文意译）thirty four and nineteen seventy three
use that power i think twenty three or twenty four times （中文意译）use that power i think twenty three or twenty four times
they even raised margins to a hundred percent （中文意译）they even raised margins to a hundred percent
but they were the regulators of determining whether excess （中文意译）but they were the regulators of determining whether excess
leverage might have systemic problems associated with （中文意译）leverage might have systemic problems associated with
and then and and （中文意译）and then and and
the rule in nineteen seventy three or four was fifty percent （中文意译）the rule in nineteen seventy three or four was fifty percent
the rule today is fifty percent （中文意译）the rule today is fifty percent
it has in the last （中文意译）it has in the last
40 plus years （中文意译）40 plus years
first forty seven years （中文意译）first forty seven years
at twenty three changes （中文意译）at twenty three changes
they went to one hundred percent （中文意译）they went to one hundred percent
they went down to twenty （中文意译）they went down to twenty
all kind （中文意译）all kind
then it was a signal to the economy and all kinds of things （中文意译）then it was a signal to the economy and all kinds of things
and essentially （中文意译）and essentially
Wall Street figured out how to get around that （中文意译）Wall Street figured out how to get around that
they lobbied through changes in the law （中文意译）they lobbied through changes in the law
yeah （中文意译）yeah
so they could have unlimited leverage and keep （中文意译）so they could have unlimited leverage and keep
the transactions off the books and subject to （中文意译）the transactions off the books and subject to
merky accounting （中文意译）merky accounting
the banks would say we made it through this （中文意译）the banks would say we made it through this
we absorbed all the problems ourselves （中文意译）we absorbed all the problems ourselves
and many of us you know won't even take a （中文意译）and many of us you know won't even take a
substantial hit on the balance sheet for it （中文意译）substantial hit on the balance sheet for it
what do you do （中文意译）what do you do
there's an old story about the （中文意译）there's an old story about the
all these banks that think they've done so well （中文意译）all these banks that think they've done so well
these two guys are fighting with razors （中文意译）these two guys are fighting with razors
one takes a big swipe （中文意译）one takes a big swipe
and the other guy says you missed me （中文意译）and the other guy says you missed me
and the guy says wait until you shake your head （中文意译）and the guy says wait until you shake your head
so what would you tell regulators today （中文意译）so what would you tell regulators today
what would you do （中文意译）what would you do
well （中文意译）well
the regulators aren't （中文意译）the regulators aren't
but they need to change laws now （中文意译）but they need to change laws now
but （中文意译）but
of course if you're running a gambling parlor （中文意译）of course if you're running a gambling parlor
you want the big players to gamble more furiously （中文意译）you want the big players to gamble more furiously
and that's what the securities business allowed people to do （中文意译）and that's what the securities business allowed people to do
it was a big mistake （中文意译）it was a big mistake
it created a lot of misery （中文意译）it created a lot of misery
always （中文意译）always
we don't want to suck people into （中文意译）we don't want to suck people into
gambling way more than they can afford and you （中文意译）gambling way more than they can afford and you
get in the clearance there were clearance risks （中文意译）get in the clearance there were clearance risks
in the thing the whole market was in chaos （中文意译）in the thing the whole market was in chaos
the people who are making money out of （中文意译）the people who are making money out of
this unreasonable extension of credit （中文意译）this unreasonable extension of credit
argue for it and nobody's speaking against it （中文意译）argue for it and nobody's speaking against it
the last time around we got the correct regulation （中文意译）the last time around we got the correct regulation
that came and stayed for a long time on margin debt （中文意译）that came and stayed for a long time on margin debt
only because we had the worst depression in （中文意译）only because we had the worst depression in
the history of the English speaking world （中文意译）the history of the English speaking world
that's what it took to get a little sense into the politicians （中文意译）that's what it took to get a little sense into the politicians
this time around （中文意译）this time around
it just the total return swap （中文意译）it just the total return swap
so what fixes it though （中文意译）so what fixes it though
i mean （中文意译）i mean
there have been suggestions that （中文意译）there have been suggestions that
there needs to be more transparency （中文意译）there needs to be more transparency
there needs to be really a crackdown on （中文意译）there needs to be really a crackdown on
allowing people to lever up like this （中文意译）allowing people to lever up like this
what's the correct answer （中文意译）what's the correct answer
was never to have allowed most of this stuff to start （中文意译）was never to have allowed most of this stuff to start
you allow the wrong kind of stuff to start and it runs on you （中文意译）you allow the wrong kind of stuff to start and it runs on you
it is tough to be very very very tough to be a regulator （中文意译）it is tough to be very very very tough to be a regulator
to really go after the big stuff （中文意译）to really go after the big stuff
you're attacking （中文意译）you're attacking
the profit center of institution after （中文意译）the profit center of institution after
institution after institution （中文意译）institution after institution
the prime brokerage thing by its very nature means you're you're （中文意译）the prime brokerage thing by its very nature means you're you're
specializing in lending lending to the big swingers （中文意译）specializing in lending lending to the big swingers
and of course it's dangerous （中文意译）and of course it's dangerous
and the rules they violated （中文意译）and the rules they violated
the same guy was doing four or five brokers at once （中文意译）the same guy was doing four or five brokers at once
and of course he was buying stocks to （中文意译）and of course he was buying stocks to
keep them up to bear margin calls （中文意译）keep them up to bear margin calls
once you start doing that （中文意译）once you start doing that
you're headed for （中文意译）you're headed for
ugly ending and of course it happened （中文意译）ugly ending and of course it happened
but do you think that it would take a systemic （中文意译）but do you think that it would take a systemic
breakdown before changes would actually get implemented （中文意译）breakdown before changes would actually get implemented
again like you reference with the great depression （中文意译）again like you reference with the great depression
the last time it took the worst depression in （中文意译）the last time it took the worst depression in
the English speaking world in all history （中文意译）the English speaking world in all history
that's what it took to get the last correction （中文意译）that's what it took to get the last correction
i certainly don't want that （中文意译）i certainly don't want that
a wise regulator （中文意译）a wise regulator
but a wise regulator stops this stuff before it starts （中文意译）but a wise regulator stops this stuff before it starts
it's very hard to stop （中文意译）it's very hard to stop
what interests me in this is that the communist （中文意译）what interests me in this is that the communist
Chinese behave the way i am talking in favor of （中文意译）Chinese behave the way i am talking in favor of
and our own wonderful free enterprise economy is （中文意译）and our own wonderful free enterprise economy is
letting all these crazy people go to this gross excess （中文意译）letting all these crazy people go to this gross excess
the people who are not avoiding it are the communist Chinese （中文意译）the people who are not avoiding it are the communist Chinese
they step in preemptively to stop speculation （中文意译）they step in preemptively to stop speculation
Charlie you said communist China is doing all the （中文意译）Charlie you said communist China is doing all the
things that we should be doing right now and i can't （中文意译）things that we should be doing right now and i can't
help but think of what they've done to Jack ma （中文意译）help but think of what they've done to Jack ma
what about what they've done to Jack ma （中文意译）what about what they've done to Jack ma
he's kind of disappeared as （中文意译）he's kind of disappeared as
well yes but Jack ma is one of the swingers （中文意译）well yes but Jack ma is one of the swingers
so he just cut his （中文意译）so he just cut his
they said to hell with you （中文意译）they said to hell with you
he basically got gave a speech （中文意译）he basically got gave a speech
when he said to a to a one party state （中文意译）when he said to a to a one party state
well you guys are bunch of jerks don't know what you're doing （中文意译）well you guys are bunch of jerks don't know what you're doing
and i know what i'm doing and i want to do it better （中文意译）and i know what i'm doing and i want to do it better
and he was gonna wade into banking and no （中文意译）and he was gonna wade into banking and no
rules and just do whatever he pleased （中文意译）rules and just do whatever he pleased
he also brought Chinese （中文意译）he also brought Chinese
a lot of money （中文意译）a lot of money
the Chinese communists did the right thing （中文意译）the Chinese communists did the right thing
they just called in Jack Mao and （中文意译）they just called in Jack Mao and
said you are gonna do it Sonny （中文意译）said you are gonna do it Sonny
and and i wish we had a （中文意译）and and i wish we had a
i don't want all of the Chinese system （中文意译）i don't want all of the Chinese system
but i certainly would like to have （中文意译）but i certainly would like to have
the financial part of it in my own country （中文意译）the financial part of it in my own country
although （中文意译）although
ant financial was bringing banking to a （中文意译）ant financial was bringing banking to a
huge unbanked population before （中文意译）huge unbanked population before
i mean （中文意译）i mean
there were things that they were doing that （中文意译）there were things that they were doing that
i know （中文意译）i know
but you don't want a swing her to run （中文意译）but you don't want a swing her to run
the banks have the implicit guarantee of the government and （中文意译）the banks have the implicit guarantee of the government and
you don't you don't want to let any swinger run a bank （中文意译）you don't you don't want to let any swinger run a bank
let the swingers do something else （中文意译）let the swingers do something else
who are the swingers here in this country （中文意译）who are the swingers here in this country
well （中文意译）well
i don't want to start naming swingers （中文意译）i don't want to start naming swingers
they'll they'll appear （中文意译）they'll they'll appear
the way the story has kind of been painted is that it's the （中文意译）the way the story has kind of been painted is that it's the
Chinese communists who don't want to lose power and some of the （中文意译）Chinese communists who don't want to lose power and some of the
capitalists who have maybe gained too much power under （中文意译）capitalists who have maybe gained too much power under
under at least what the communists might like to see （中文意译）under at least what the communists might like to see
both groups want more power not less （中文意译）both groups want more power not less
but （中文意译）but
oh （中文意译）oh
politicians in this country want more power （中文意译）politicians in this country want more power
the rich want more power （中文意译）the rich want more power
yes （中文意译）yes
no what's so （中文意译）no what's so
it's the same in China （中文意译）it's the same in China
yeah （中文意译）yeah
but the banking system （中文意译）but the banking system
take shadow banking which we have in this country （中文意译）take shadow banking which we have in this country
people say well it's the unbanked （中文意译）people say well it's the unbanked
well a whole leverage buyout lending operation （中文意译）well a whole leverage buyout lending operation
frankly （中文意译）frankly
left the banks and went to shadow banks in our own country （中文意译）left the banks and went to shadow banks in our own country
it hasn't caused any big trouble yet （中文意译）it hasn't caused any big trouble yet
but i'll be amazed if it doesn't （中文意译）but i'll be amazed if it doesn't
well （中文意译）well
Jamie dimon has said that （中文意译）Jamie dimon has said that
and like look out for the some of the （中文意译）and like look out for the some of the
fintech areas that they're not （中文意译）fintech areas that they're not
yes （中文意译）yes
i agree with Jamie dimon on that （中文意译）i agree with Jamie dimon on that
i don't think allowing all these lenders in the world （中文意译）i don't think allowing all these lenders in the world
to act as though they're banks is a good idea （中文意译）to act as though they're banks is a good idea
which maybe we should talk about Robin hood （中文意译）which maybe we should talk about Robin hood
and some of the areas that have come up （中文意译）and some of the areas that have come up
Robin hood is beneath contempt （中文意译）Robin hood is beneath contempt
why （中文意译）why
what's a gambling parlor （中文意译）what's a gambling parlor
masquerading as a respectable business （中文意译）masquerading as a respectable business
and the pushback on that is always this is a way of getting （中文意译）and the pushback on that is always this is a way of getting
average people into the market who did not have access （中文意译）average people into the market who did not have access
well （中文意译）well
you don't want to say you're a gambling parlor （中文意译）you don't want to say you're a gambling parlor
but it is a gambling parlor （中文意译）but it is a gambling parlor
it's not incurring people （中文意译）it's not incurring people
encouraging people to buy （中文意译）encouraging people to buy
a very very very low cost index fund （中文意译）a very very very low cost index fund
and hold it for fifty years （中文意译）and hold it for fifty years
i will guarantee you that you will （中文意译）i will guarantee you that you will
not walk in there get that advice （中文意译）not walk in there get that advice
instead you'll get advice on how you can trade （中文意译）instead you'll get advice on how you can trade
options and and and and and they'll tell you that （中文意译）options and and and and and they'll tell you that
it's telling people they aren't paying commissions when （中文意译）it's telling people they aren't paying commissions when
the commissions are simply disguised in the trading （中文意译）the commissions are simply disguised in the trading
it's basically a sleazy （中文意译）it's basically a sleazy
disreputable operation （中文意译）disreputable operation
and the interesting thing about it is that some good people you （中文意译）and the interesting thing about it is that some good people you
would be glad to have marry into your family have backed it （中文意译）would be glad to have marry into your family have backed it
when we return （中文意译）when we return
it's one of the biggest companies in the world （中文意译）it's one of the biggest companies in the world
but its headquarters is home to just two dozen people （中文意译）but its headquarters is home to just two dozen people
and it has almost none of the conventional （中文意译）and it has almost none of the conventional
corporate structure found at most public companies （中文意译）corporate structure found at most public companies
but first Warren Buffett and Charlie Munger （中文意译）but first Warren Buffett and Charlie Munger
grew up just miles from each other in Omaha （中文意译）grew up just miles from each other in Omaha
how they met next （中文意译）how they met next
both of our wives thought my god another one （中文意译）both of our wives thought my god another one
before Ben and Jerry Oprah and Gail （中文意译）before Ben and Jerry Oprah and Gail
or Sergey Brin and Larry page （中文意译）or Sergey Brin and Larry page
there was Warren Buffett and Charlie Munger （中文意译）there was Warren Buffett and Charlie Munger
born and raised in Omaha Nebraska （中文意译）born and raised in Omaha Nebraska
both worked at Buffett's grandfather's grocery store （中文意译）both worked at Buffett's grandfather's grocery store
but their paths didn't cross until Buffett was （中文意译）but their paths didn't cross until Buffett was
twenty nine years old and munger was thirty five （中文意译）twenty nine years old and munger was thirty five
to understand the most successful couple in business （中文意译）to understand the most successful couple in business
it's best to start at the beginning and how they first met （中文意译）it's best to start at the beginning and how they first met
well （中文意译）well
want to tell us about it （中文意译）want to tell us about it
go ahead （中文意译）go ahead
there was a a doctor couple very prominent in Miami （中文意译）there was a a doctor couple very prominent in Miami
and his name was Eddie Davis （中文意译）and his name was Eddie Davis
her name was Dorothy Davis （中文意译）her name was Dorothy Davis
and it was Mrs Davis that called me naturally （中文意译）and it was Mrs Davis that called me naturally
she did everything （中文意译）she did everything
she said we've heard that you manage money （中文意译）she said we've heard that you manage money
and we'd be kind of interested in listening to your story （中文意译）and we'd be kind of interested in listening to your story
about how you how you do it and what we might do with you （中文意译）about how you how you do it and what we might do with you
so i went over and （中文意译）so i went over and
i talked to him and i was all for myself and i yeah i was all （中文意译）i talked to him and i was all for myself and i yeah i was all
now （中文意译）now
i couldn't talk fast enough about stocks in those days （中文意译）i couldn't talk fast enough about stocks in those days
and and Dorothy Davis （中文意译）and and Dorothy Davis
very smart and she would listen every word （中文意译）very smart and she would listen every word
and the doctor was kind of over in the corner （中文意译）and the doctor was kind of over in the corner
smoking a yo yo or something （中文意译）smoking a yo yo or something
and i went out and paid much attention （中文意译）and i went out and paid much attention
and the wife looked over the doctor and he said i'm （中文意译）and the wife looked over the doctor and he said i'm
gonna give him a hundred thousand dollars （中文意译）gonna give him a hundred thousand dollars
and i was managing about five hundred thousand at the time （中文意译）and i was managing about five hundred thousand at the time
so it was a big deal （中文意译）so it was a big deal
and in a very nice way （中文意译）and in a very nice way
i said Dr Davis （中文意译）i said Dr Davis
i said （中文意译）i said
you know you really haven't paid much （中文意译）you know you really haven't paid much
attention to what i've been saying everything （中文意译）attention to what i've been saying everything
i kind of like to know why you're （中文意译）i kind of like to know why you're
giving me this hundred thousand （中文意译）giving me this hundred thousand
i'm much more modest than that （中文意译）i'm much more modest than that
way i edged into it （中文意译）way i edged into it
and Dr Davis looked at me and he said well （中文意译）and Dr Davis looked at me and he said well
he says you remind me of Charlie Munger （中文意译）he says you remind me of Charlie Munger
i said well i don't know who Charlie munger is but i （中文意译）i said well i don't know who Charlie munger is but i
like him and he gave me a hundred thousand dollars （中文意译）like him and he gave me a hundred thousand dollars
and and then they told me about Charlie and （中文意译）and and then they told me about Charlie and
what what that young kid i would be over there asking him （中文意译）what what that young kid i would be over there asking him
questions on medicine and giving him lectures at all （中文意译）questions on medicine and giving him lectures at all
i mean （中文意译）i mean
they clearly loved him （中文意译）they clearly loved him
and it sort of became their mission that that （中文意译）and it sort of became their mission that that
sometimes they wanted to get me and Charlie together （中文意译）sometimes they wanted to get me and Charlie together
so Charlie in nineteen fifty nine his dad died （中文意译）so Charlie in nineteen fifty nine his dad died
and he came back to Omaha his mother lived there （中文意译）and he came back to Omaha his mother lived there
and the davises really got us together （中文意译）and the davises really got us together
and so they arranged a dinner （中文意译）and so they arranged a dinner
about five minutes into it （中文意译）about five minutes into it
Charlie was sort of rolling on the floor laughing at his own （中文意译）Charlie was sort of rolling on the floor laughing at his own
jokes which is exactly the same thing i did so i'm not （中文意译）jokes which is exactly the same thing i did so i'm not
going to find anybody like this and we just hit it off （中文意译）going to find anybody like this and we just hit it off
Charlie what did they first tell you about warren （中文意译）Charlie what did they first tell you about warren
how did they describe him to you （中文意译）how did they describe him to you
well （中文意译）well
the davises were like a second set of parents to me （中文意译）the davises were like a second set of parents to me
there were two sets of three children （中文意译）there were two sets of three children
my father's best friend was Eddie Davis （中文意译）my father's best friend was Eddie Davis
my mother's best friend was Mrs Davis （中文意译）my mother's best friend was Mrs Davis
i lived in that house back and forth as though （中文意译）i lived in that house back and forth as though
were an alternate house of the mongers （中文意译）were an alternate house of the mongers
and Mrs Davis gave me the honor of switching my legs （中文意译）and Mrs Davis gave me the honor of switching my legs
when i misbehaved just as if i were one of her own （中文意译）when i misbehaved just as if i were one of her own
you probably gave her plenty of cause too （中文意译）you probably gave her plenty of cause too
so anything the davises asked me to do i was gonna do （中文意译）so anything the davises asked me to do i was gonna do
what did you think of warren when you first met him （中文意译）what did you think of warren when you first met him
we got along fine （中文意译）we got along fine
both of our wives thought my god another one （中文意译）both of our wives thought my god another one
what i like about warren is the irreverence （中文意译）what i like about warren is the irreverence
we don't have automatic reverence for the （中文意译）we don't have automatic reverence for the
pompous heads of all civilization （中文意译）pompous heads of all civilization
is that something that came with age （中文意译）is that something that came with age
or you you were born that way （中文意译）or you you were born that way
we were kind of always the way （中文意译）we were kind of always the way
we were a little more extreme （中文意译）we were a little more extreme
i've learned to behave a little bit better （中文意译）i've learned to behave a little bit better
Charlie we had learned much better （中文意译）Charlie we had learned much better
but you know i just know instantly （中文意译）but you know i just know instantly
Charlie was the kind of guy that i was gonna （中文意译）Charlie was the kind of guy that i was gonna
like him and i was gonna learn from （中文意译）like him and i was gonna learn from
but you know it wasn't anything （中文意译）but you know it wasn't anything
calculated decision or anything like that （中文意译）calculated decision or anything like that
that it was a natural （中文意译）that it was a natural
and and （中文意译）and and
we have had nothing but fun （中文意译）we have had nothing but fun
fun both as friends and business partners （中文意译）fun both as friends and business partners
a few years after meeting munger （中文意译）a few years after meeting munger
buffett （中文意译）buffett
who had grown his investment partnership （中文意译）who had grown his investment partnership
into more than a quarter million dollars （中文意译）into more than a quarter million dollars
found Berkshire Hathaway （中文意译）found Berkshire Hathaway
he started buying stock in the textile mill in nineteen （中文意译）he started buying stock in the textile mill in nineteen
sixty two and took ownership of it in nineteen sixty five （中文意译）sixty two and took ownership of it in nineteen sixty five
around the same time （中文意译）around the same time
munger had given up his career as a lawyer and （中文意译）munger had given up his career as a lawyer and
had been running his own investment firm （中文意译）had been running his own investment firm
that is （中文意译）that is
until buffett convinced him to （中文意译）until buffett convinced him to
shutter it and join him at Berkshire （中文意译）shutter it and join him at Berkshire
so how did the business relationship start （中文意译）so how did the business relationship start
well （中文意译）well
warren had scorned for my way of making a living （中文意译）warren had scorned for my way of making a living
and he was correct in that （中文意译）and he was correct in that
it took me a long time to wise up that he had had （中文意译）it took me a long time to wise up that he had had
a better way of making a living than i did （中文意译）a better way of making a living than i did
but he finally convinced me that （中文意译）but he finally convinced me that
i was wasting my time （中文意译）i was wasting my time
as a lawyer （中文意译）as a lawyer
yeah （中文意译）yeah
i thought it was OK as a hobby （中文意译）i thought it was OK as a hobby
but not the real way to spend this time （中文意译）but not the real way to spend this time
he more or less decided to duplicate in Los Angeles what i was （中文意译）he more or less decided to duplicate in Los Angeles what i was
doing in Omaha which is great （中文意译）doing in Omaha which is great
we just connected （中文意译）we just connected
and we talked a long time on the phone when （中文意译）and we talked a long time on the phone when
it was expensive to talk on the phone （中文意译）it was expensive to talk on the phone
i didn't sit there with an hour glass （中文意译）i didn't sit there with an hour glass
but with Charlie （中文意译）but with Charlie
i mean （中文意译）i mean
my family could tell when Charlie was calling （中文意译）my family could tell when Charlie was calling
we'd go on for a long long time （中文意译）we'd go on for a long long time
and we had fun in the early days （中文意译）and we had fun in the early days
cause it was like hunting expeditions （中文意译）cause it was like hunting expeditions
and we had a lot of fun （中文意译）and we had a lot of fun
all right （中文意译）all right
one of the world's biggest companies started as a textile mill （中文意译）one of the world's biggest companies started as a textile mill
building an empire from gowns and gloves to stamps （中文意译）building an empire from gowns and gloves to stamps
we bought burt's stock and we bought blue chip （中文意译）we bought burt's stock and we bought blue chip
stamp stock and eventually put it all together （中文意译）stamp stock and eventually put it all together
it looked like a plate of Spaghetti at one time （中文意译）it looked like a plate of Spaghetti at one time
which was not good （中文意译）which was not good
over the sixty six years Warren （中文意译）over the sixty six years Warren
Buffett has run Berkshire Hathaway （中文意译）Buffett has run Berkshire Hathaway
he's made hundreds of deals （中文意译）he's made hundreds of deals
but believe it or not （中文意译）but believe it or not
he says acquiring Berkshire Hathaway （中文意译）he says acquiring Berkshire Hathaway
itself was his worst trade ever （中文意译）itself was his worst trade ever
the truth is i had now committed a major （中文意译）the truth is i had now committed a major
amount of money to a terrible business （中文意译）amount of money to a terrible business
Berkshire Hathaway became the base for （中文意译）Berkshire Hathaway became the base for
everything pretty much that i've done since （中文意译）everything pretty much that i've done since
so in nineteen sixty seven （中文意译）so in nineteen sixty seven
when a good insurance company came along （中文意译）when a good insurance company came along
i bought it for Berkshire Hathaway （中文意译）i bought it for Berkshire Hathaway
i really should should have bought bought it for a new entity （中文意译）i really should should have bought bought it for a new entity
because birchler Hathaway was carrying （中文意译）because birchler Hathaway was carrying
this anchor all these textile assets （中文意译）this anchor all these textile assets
so initially it was all textile assets that weren't any good （中文意译）so initially it was all textile assets that weren't any good
and then gradually we built more things onto it （中文意译）and then gradually we built more things onto it
but always we were carrying this anchor （中文意译）but always we were carrying this anchor
and for twenty years i fought the （中文意译）and for twenty years i fought the
textile business before i gave up （中文意译）textile business before i gave up
if instead of putting that money into the textile business （中文意译）if instead of putting that money into the textile business
originally we just started out with the insurance company （中文意译）originally we just started out with the insurance company
Berkshire would be worth twice as much as it is now （中文意译）Berkshire would be worth twice as much as it is now
from that first deal （中文意译）from that first deal
buffett soon joined by Charlie munger （中文意译）buffett soon joined by Charlie munger
continued to buy stock in undervalued companies （中文意译）continued to buy stock in undervalued companies
the two say they often learned more from their （中文意译）the two say they often learned more from their
mistakes as was the case from one of buffett and （中文意译）mistakes as was the case from one of buffett and
munger's first deals together blue chip stamps （中文意译）munger's first deals together blue chip stamps
well （中文意译）well
we bought into blue chip stamps together with the third （中文意译）we bought into blue chip stamps together with the third
we had a third friend there （中文意译）we had a third friend there
reg garrand （中文意译）reg garrand
and pretty soon the three of us together had most of the stock （中文意译）and pretty soon the three of us together had most of the stock
and one thing i do another （中文意译）and one thing i do another
blue chip stamps is not part of Berkshire （中文意译）blue chip stamps is not part of Berkshire
and of course the trading stamp business has disappeared （中文意译）and of course the trading stamp business has disappeared
all the early businesses that we （中文意译）all the early businesses that we
owned together have disappeared （中文意译）owned together have disappeared
they didn't disappear they failed （中文意译）they didn't disappear they failed
they failed （中文意译）they failed
yeah （中文意译）yeah
but we took so much out of them before they （中文意译）but we took so much out of them before they
failed that we it still worked out fine for us （中文意译）failed that we it still worked out fine for us
we evolved them （中文意译）we evolved them
i mean that （中文意译）i mean that
but but but literally the the three base businesses （中文意译）but but but literally the the three base businesses
one by one all ended up disappearing （中文意译）one by one all ended up disappearing
they went out of business （中文意译）they went out of business
they didn't （中文意译）they didn't
they no longer fitted the society in a sense （中文意译）they no longer fitted the society in a sense
and actually the very first deal that （中文意译）and actually the very first deal that
that we joined in on was something called （中文意译）that we joined in on was something called
diversified retailing which was in Baltimore （中文意译）diversified retailing which was in Baltimore
we bought an apartment store there （中文意译）we bought an apartment store there
and we had Sandy god斯曼had ten percent （中文意译）and we had Sandy god斯曼had ten percent
Charlie had ten percent （中文意译）Charlie had ten percent
and in his partnership he had ten percent （中文意译）and in his partnership he had ten percent
and i had eighty percent in our partnership （中文意译）and i had eighty percent in our partnership
and the three of us （中文意译）and the three of us
and we always treated it as （中文意译）and we always treated it as
you know （中文意译）you know
we may have had eighty （中文意译）we may have had eighty
but we were equal partners （中文意译）but we were equal partners
we put six million dollars into that （中文意译）we put six million dollars into that
we called it diversified retailing （中文意译）we called it diversified retailing
but we only had one department store chain （中文意译）but we only had one department store chain
but we had built （中文意译）but we had built
and （中文意译）and
we had a lot of fun with that （中文意译）we had a lot of fun with that
but we also saw after we were in a little while （中文意译）but we also saw after we were in a little while
department （中文意译）department
this department store （中文意译）this department store
as the ink dried we realized we'd made a big mistake （中文意译）as the ink dried we realized we'd made a big mistake
didn't take very long （中文意译）didn't take very long
yeah （中文意译）yeah
why （中文意译）why
what happened （中文意译）what happened
well （中文意译）well
you heard the old story （中文意译）you heard the old story
let me out of this trap （中文意译）let me out of this trap
i've decided i don't like the cheese （中文意译）i've decided i don't like the cheese
we just wise up the fact that it was （中文意译）we just wise up the fact that it was
one tough business we'd bought into （中文意译）one tough business we'd bought into
and the sellers had made the good decision （中文意译）and the sellers had made the good decision
we've made a bad one （中文意译）we've made a bad one
we had some terrific people who were running it for us （中文意译）we had some terrific people who were running it for us
that were actually related to sandy's wife （中文意译）that were actually related to sandy's wife
and exceptionally honorable people （中文意译）and exceptionally honorable people
really honorable people and smart （中文意译）really honorable people and smart
if you're losing money in a business with a smart decent person （中文意译）if you're losing money in a business with a smart decent person
you know （中文意译）you know
we got a problem （中文意译）we got a problem
i mean （中文意译）i mean
that's the business （中文意译）that's the business
use the smart decent person to move them over some （中文意译）use the smart decent person to move them over some
other place and move the capital some other place （中文意译）other place and move the capital some other place
the company was not yet losing money （中文意译）the company was not yet losing money
but we could see （中文意译）but we could see
we soon realized it was about to lose money （中文意译）we soon realized it was about to lose money
yeah （中文意译）yeah
and so we we we sold the department store （中文意译）and so we we we sold the department store
it went out of business in nineteen eighty three （中文意译）it went out of business in nineteen eighty three
but huster's which was the silk stocking department store （中文意译）but huster's which was the silk stocking department store
they went out of business in i don't know （中文意译）they went out of business in i don't know
nineteen eighty five or something （中文意译）nineteen eighty five or something
they're they're gone （中文意译）they're they're gone
and the people there （中文意译）and the people there
quite understandably （中文意译）quite understandably
wanted to build more branch stores （中文意译）wanted to build more branch stores
but you don't want to put more money into （中文意译）but you don't want to put more money into
a business that's destined to fail （中文意译）a business that's destined to fail
now we put six million dollars of capital in that （中文意译）now we put six million dollars of capital in that
and it was a dumb decision everything （中文意译）and it was a dumb decision everything
but （中文意译）but
that's six million （中文意译）that's six million
what would it be worth now （中文意译）what would it be worth now
Charlie （中文意译）Charlie
they got four tenths of a share （中文意译）they got four tenths of a share
great many billions （中文意译）great many billions
oh （中文意译）oh
it's tens of billions （中文意译）it's tens of billions
yeah （中文意译）yeah
now the department store had succeeded （中文意译）now the department store had succeeded
we'd have a nice little business then （中文意译）we'd have a nice little business then
send us a little check （中文意译）send us a little check
but because it failed （中文意译）but because it failed
we made twenty five （中文意译）we made twenty five
oh （中文意译）oh
we made more than twenty five billion in that （中文意译）we made more than twenty five billion in that
it didn't look like a tie though （中文意译）it didn't look like a tie though
so when you realized it was a mistake （中文意译）so when you realized it was a mistake
what did you do （中文意译）what did you do
how did you address it （中文意译）how did you address it
we asked sandy （中文意译）we asked sandy
who was the best salesman among us （中文意译）who was the best salesman among us
to go sell it （中文意译）to go sell it
and we sold it （中文意译）and we sold it
and we put the money into Berkshire （中文意译）and we put the money into Berkshire
we got about ninety five percent of our money back （中文意译）we got about ninety five percent of our money back
yeah （中文意译）yeah
and we'd borrowed six million dollars in there （中文意译）and we'd borrowed six million dollars in there
so now we had that （中文意译）so now we had that
we bought Berkshire stock and we bought blue chip stamp stock （中文意译）we bought Berkshire stock and we bought blue chip stamp stock
and eventually put it all together （中文意译）and eventually put it all together
look like a plate of Spaghetti at one time （中文意译）look like a plate of Spaghetti at one time
which was not good （中文意译）which was not good
as it's complicated （中文意译）as it's complicated
and so we put them all together （中文意译）and so we put them all together
and （中文意译）and
you know i've still got stock and Charlie still got （中文意译）you know i've still got stock and Charlie still got
stock that came out of diverse retailing as do a （中文意译）stock that came out of diverse retailing as do a
number of my partners at from the old days （中文意译）number of my partners at from the old days
best thing that happened to us was that this place failed （中文意译）best thing that happened to us was that this place failed
obviously was a failure （中文意译）obviously was a failure
why （中文意译）why
what did you learn （中文意译）what did you learn
leave quickly （中文意译）leave quickly
yeah （中文意译）yeah
and and use the capital someplace （中文意译）and and use the capital someplace
Elsa （中文意译）Elsa
one thing we've learned is if it's clear that （中文意译）one thing we've learned is if it's clear that
something is a mistake is to fix it quickly （中文意译）something is a mistake is to fix it quickly
doesn't get better while you wait （中文意译）doesn't get better while you wait
when they built Berkshire （中文意译）when they built Berkshire
they created a new model （中文意译）they created a new model
we have created the decentralization （中文意译）we have created the decentralization
because it suited our nature （中文意译）because it suited our nature
absolutely （中文意译）absolutely
but first （中文意译）but first
everything buffett and munger need to know about life （中文意译）everything buffett and munger need to know about life
they learned from two men （中文意译）they learned from two men
you want to have certain people in life （中文意译）you want to have certain people in life
that you don't want to disappoint （中文意译）that you don't want to disappoint
i learned how hard it is to work for ten hours for two dollars （中文意译）i learned how hard it is to work for ten hours for two dollars
we shoveled wet concrete （中文意译）we shoveled wet concrete
deep heavy snow all around we had these （中文意译）deep heavy snow all around we had these
driveways and everything at the store （中文意译）driveways and everything at the store
i went to my grandfather and he's well （中文意译）i went to my grandfather and he's well
how much should i pay you boys （中文意译）how much should i pay you boys
is the dimes too little and dollars too much （中文意译）is the dimes too little and dollars too much
the main thing we learned from the grocery store （中文意译）the main thing we learned from the grocery store
was we didn't want to work in a grocery store （中文意译）was we didn't want to work in a grocery store
Hahaha （中文意译）Hahaha
Warren Buffett and Charlie Munger agree a lot of their （中文意译）Warren Buffett and Charlie Munger agree a lot of their
outlook on life comes from their Midwestern upbringing （中文意译）outlook on life comes from their Midwestern upbringing
they credit their success to a deep sense of values （中文意译）they credit their success to a deep sense of values
which have kept them grounded throughout their careers （中文意译）which have kept them grounded throughout their careers
associating with good people in business and in life （中文意译）associating with good people in business and in life
and to taking the high road in business transactions （中文意译）and to taking the high road in business transactions
if the high road is way more profitable （中文意译）if the high road is way more profitable
do you deserve a lot of credit for choosing it （中文意译）do you deserve a lot of credit for choosing it
people get the credit of the people （中文意译）people get the credit of the people
take it even when it's painful （中文意译）take it even when it's painful
both say these values were instilled at a young age （中文意译）both say these values were instilled at a young age
thanks to a key figure in each of their lives （中文意译）thanks to a key figure in each of their lives
long long ago （中文意译）long long ago
people don't even know about this （中文意译）people don't even know about this
but we own two small insurance companies in Berlin that both （中文意译）but we own two small insurance companies in Berlin that both
what broke （中文意译）what broke
except we didn't let them go broke （中文意译）except we didn't let them go broke
i mean （中文意译）i mean
in other words （中文意译）in other words
we could have walked away from them and left （中文意译）we could have walked away from them and left
money because they were separate companies （中文意译）money because they were separate companies
and we didn't walk away （中文意译）and we didn't walk away
we have spent our lifetime （中文意译）we have spent our lifetime
working at things to try and figure out ways to walk away from （中文意译）working at things to try and figure out ways to walk away from
debts or have things in indentures then play games like they （中文意译）debts or have things in indentures then play games like they
have you know with credit default swaps to figure out ways to （中文意译）have you know with credit default swaps to figure out ways to
take advantage of the lenders （中文意译）take advantage of the lenders
it's just not our game （中文意译）it's just not our game
if we owe money （中文意译）if we owe money
we're going to pay it back （中文意译）we're going to pay it back
you said that it's （中文意译）you said that it's
it would occur to you both that it was the more profitable way （中文意译）it would occur to you both that it was the more profitable way
but that's certainly not necessarily how the （中文意译）but that's certainly not necessarily how the
majority of people in business think （中文意译）majority of people in business think
it's the way our dads thought （中文意译）it's the way our dads thought
in both cases （中文意译）in both cases
who the hell knows where you get your values from exactly （中文意译）who the hell knows where you get your values from exactly
but basically （中文意译）but basically
you have a few people that are teachers to you in life （中文意译）you have a few people that are teachers to you in life
and are not formal teachers （中文意译）and are not formal teachers
the most important people are generally your parents （中文意译）the most important people are generally your parents
i never heard my dad say to me in my life （中文意译）i never heard my dad say to me in my life
be sure you pay all your debts （中文意译）be sure you pay all your debts
but i just watched how he lived （中文意译）but i just watched how he lived
and you want to have certain people in （中文意译）and you want to have certain people in
life that you don't want to disappoint （中文意译）life that you don't want to disappoint
you don't want to have people that （中文意译）you don't want to have people that
that make you a better person than you otherwise would be （中文意译）that make you a better person than you otherwise would be
and Charlie does that for me now but my dad did it for me （中文意译）and Charlie does that for me now but my dad did it for me
early on i didn't know his dad but from everything i've （中文意译）early on i didn't know his dad but from everything i've
heard about his dad he had the same experience （中文意译）heard about his dad he had the same experience
Charlie tell me more about your dad （中文意译）Charlie tell me more about your dad
well （中文意译）well
my father was a lawyer （中文意译）my father was a lawyer
and he was the son of another lawyer who became （中文意译）and he was the son of another lawyer who became
the only federal judge in Lincoln Nebraska （中文意译）the only federal judge in Lincoln Nebraska
which is Nebraska's capital city （中文意译）which is Nebraska's capital city
and grandfather munger was a marvelous guy （中文意译）and grandfather munger was a marvelous guy
great family man too （中文意译）great family man too
i was surrounded by high grade people （中文意译）i was surrounded by high grade people
and my parents had good friends who are high grade people （中文意译）and my parents had good friends who are high grade people
so i had a very privileged life in terms of my associations （中文意译）so i had a very privileged life in terms of my associations
in fact i had terrible trouble by coming out （中文意译）in fact i had terrible trouble by coming out
to Los Angeles and succeeding in life （中文意译）to Los Angeles and succeeding in life
i frequently thought （中文意译）i frequently thought
i couldn't ever get a group of friends over （中文意译）i couldn't ever get a group of friends over
as good as my father （中文意译）as good as my father
i finally realized that they had a very （中文意译）i finally realized that they had a very
unusual bunch of friends in Omaha （中文意译）unusual bunch of friends in Omaha
and it was just a peculiar accident of history （中文意译）and it was just a peculiar accident of history
so i was surrounded by a bunch of high grade people （中文意译）so i was surrounded by a bunch of high grade people
i deserve no credit at all for （中文意译）i deserve no credit at all for
i was just forced to imitate the right people （中文意译）i was just forced to imitate the right people
is it both Charlie and i we like （中文意译）is it both Charlie and i we like
talking to older people all our lives （中文意译）talking to older people all our lives
i mean i like when i was seven or eight （中文意译）i mean i like when i was seven or eight
years old talking to older people （中文意译）years old talking to older people
and （中文意译）and
now of course the problem is there aren't any older people （中文意译）now of course the problem is there aren't any older people
so i've run out of a constituency （中文意译）so i've run out of a constituency
but if i would go over to the Presbyterian church （中文意译）but if i would go over to the Presbyterian church
singing the kids choir or something walking home i'd drop （中文意译）singing the kids choir or something walking home i'd drop
in four or five houses where i talked to housewives so i'd （中文意译）in four or five houses where i talked to housewives so i'd
sit and talk to them i've always enjoyed talking to older （中文意译）sit and talk to them i've always enjoyed talking to older
people i think Charlie was the same way （中文意译）people i think Charlie was the same way
of course （中文意译）of course
when i （中文意译）when i
married the woman that helped me build this house （中文意译）married the woman that helped me build this house
one of her relatives said after meeting me （中文意译）one of her relatives said after meeting me
she said （中文意译）she said
that is the oldest young man i've ever met i've ever known （中文意译）that is the oldest young man i've ever met i've ever known
but i think the （中文意译）but i think the
i always behaved like i was a hundred （中文意译）i always behaved like i was a hundred
years old even when i was young （中文意译）years old even when i was young
but now we're the youngest old men （中文意译）but now we're the youngest old men
that you'll make a lot of money （中文意译）that you'll make a lot of money
Charlie just the relationship that you had with your dad too （中文意译）Charlie just the relationship that you had with your dad too
oh （中文意译）oh
a marvelous relationship （中文意译）a marvelous relationship
and it's a great blessing （中文意译）and it's a great blessing
they have a wonderful mother and a wonderful father （中文意译）they have a wonderful mother and a wonderful father
and they have a bunch of wonderful friends （中文意译）and they have a bunch of wonderful friends
it was just i was very lucky （中文意译）it was just i was very lucky
we've been able to associate with people that we really like （中文意译）we've been able to associate with people that we really like
that's one of the luxuries of life （中文意译）that's one of the luxuries of life
and we're still doing it （中文意译）and we're still doing it
we've made a lot of money （中文意译）we've made a lot of money
but what we really wanted was independence （中文意译）but what we really wanted was independence
and we have had the ability since （中文意译）and we have had the ability since
pretty much little after we met financially （中文意译）pretty much little after we met financially
we could associate with people that we want to associate with （中文意译）we could associate with people that we want to associate with
and if we just （中文意译）and if we just
if we associate with jerks （中文意译）if we associate with jerks
that was our problem （中文意译）that was our problem
but we didn't have to （中文意译）but we didn't have to
we've had that luxury now for my （中文意译）we've had that luxury now for my
you know （中文意译）you know
six sixty years or close to it （中文意译）six sixty years or close to it
that beats twenty five room houses （中文意译）that beats twenty five room houses
and six cars or that stuff is （中文意译）and six cars or that stuff is
what really is great is if you can do what you （中文意译）what really is great is if you can do what you
want to do in life and associate with the （中文意译）want to do in life and associate with the
people you want to associate with in life （中文意译）people you want to associate with in life
and it it it's a （中文意译）and it it it's a
and we both had that spirit all the way through （中文意译）and we both had that spirit all the way through
how quickly can you figure out if somebody （中文意译）how quickly can you figure out if somebody
is someone you want to associate with （中文意译）is someone you want to associate with
it's amazing how quickly we do it and （中文意译）it's amazing how quickly we do it and
how few bad mistakes we've made （中文意译）how few bad mistakes we've made
so what do you look for （中文意译）so what do you look for
what do you know （中文意译）what do you know
i don't know exactly （中文意译）i don't know exactly
yeah （中文意译）yeah
how did i know Charlie （中文意译）how did i know Charlie
you know （中文意译）you know
i knew when i met Charlie （中文意译）i knew when i met Charlie
you know （中文意译）you know
after a few minutes in the restaurant that that you know （中文意译）after a few minutes in the restaurant that that you know
this guy was gonna be my life forever （中文意译）this guy was gonna be my life forever
you know （中文意译）you know
i mean （中文意译）i mean
we were gonna have fun together （中文意译）we were gonna have fun together
we were gonna make money together （中文意译）we were gonna make money together
we were gonna get ideas from each other （中文意译）we were gonna get ideas from each other
we were gonna both behave better （中文意译）we were gonna both behave better
than if we didn't know each other （中文意译）than if we didn't know each other
up next working from home and lessons from the pandemic （中文意译）up next working from home and lessons from the pandemic
people don't know as much as they think they know （中文意译）people don't know as much as they think they know
but the biggest thing you learn is （中文意译）but the biggest thing you learn is
that a pandemic was bound to occur （中文意译）that a pandemic was bound to occur
and this isn't the worst （中文意译）and this isn't the worst
on the first Saturday in may from the nineteen seventies （中文意译）on the first Saturday in may from the nineteen seventies
to twenty nineteen Warren Buffett and Charlie Munger （中文意译）to twenty nineteen Warren Buffett and Charlie Munger
could be found here on stage in Omaha Nebraska （中文意译）could be found here on stage in Omaha Nebraska
good morning and （中文意译）good morning and
welcome to Berks half away （中文意译）welcome to Berks half away
Woodstock is known as a capitalist （中文意译）Woodstock is known as a capitalist
The size of Berkshire Hathaway's annual meeting ranges from （中文意译）The size of Berkshire Hathaway's annual meeting ranges from
About 20 people in the country's indemnity lunchroom （中文意译）About 20 people in the country's indemnity lunchroom
To more than 400,000 people crowded in （中文意译）To more than 400,000 people crowded in
The largest convention center in Omaha （中文意译）The largest convention center in Omaha
until the Covid-19 pandemic forced the meeting like （中文意译）until the Covid-19 pandemic forced the meeting like
everything else to go virtual in twenty twenty that （中文意译）everything else to go virtual in twenty twenty that
meant buffett ran the meeting without munger （中文意译）meant buffett ran the meeting without munger
this is the annual meeting of Berkshire Hathaway at （中文意译）this is the annual meeting of Berkshire Hathaway at
it doesn't look like an annual meeting （中文意译）it doesn't look like an annual meeting
it doesn't feel exactly like an annual meeting （中文意译）it doesn't feel exactly like an annual meeting
but this year （中文意译）but this year
the two were back together on stage at a virtual （中文意译）the two were back together on stage at a virtual
meeting held in Munger's hometown of Los Angeles （中文意译）meeting held in Munger's hometown of Los Angeles
we sat down with them after the meeting in Munger's backyard （中文意译）we sat down with them after the meeting in Munger's backyard
they reflected on the pandemic's impact on business （中文意译）they reflected on the pandemic's impact on business
and on their own experiences working remotely （中文意译）and on their own experiences working remotely
the last year you both had your lives change （中文意译）the last year you both had your lives change
pretty dramatically from the pandemic （中文意译）pretty dramatically from the pandemic
Charlie i hear you're you're pretty adept at Zoom （中文意译）Charlie i hear you're you're pretty adept at Zoom
oh （中文意译）oh
i've fallen in love with Zoom （中文意译）i've fallen in love with Zoom
how often do you talk to people on Zoom （中文意译）how often do you talk to people on Zoom
at least three times a day （中文意译）at least three times a day
i made a deal in Australia （中文意译）i made a deal in Australia
i think Zoom is here to stay （中文意译）i think Zoom is here to stay
it's just （中文意译）it's just
adds so much convenience （中文意译）adds so much convenience
well （中文意译）well
particularly in ninety seven （中文意译）particularly in ninety seven
getting around （中文意译）getting around
but charlie and i have talked a lot （中文意译）but charlie and i have talked a lot
obviously （中文意译）obviously
this is the pandemic we're in （中文意译）this is the pandemic we're in
we haven't talked on zoom yet （中文意译）we haven't talked on zoom yet
i mean （中文意译）i mean
he's a non-zoom guy （中文意译）he's a non-zoom guy
why don't you like zoom （中文意译）why don't you like zoom
today i'm going to invert famous immediately （中文意译）today i'm going to invert famous immediately
which is terribly sad and extremely dangerous （中文意译）which is terribly sad and extremely dangerous
the most dangerous thing that a young actor or （中文意译）the most dangerous thing that a young actor or
actress can do is to believe their own publicity （中文意译）actress can do is to believe their own publicity
hmm （中文意译）hmm
because shelf life （中文意译）because shelf life
Odds changed to probabilities （中文意译）Odds changed to probabilities
Iuestisetat changed to ideas displaced （中文意译）Iuestisetat changed to ideas displaced
Ark changed to arcade （中文意译）Ark changed to arcade
And changed to and ceo （中文意译）And changed to and ceo
opitdoesnttakemuchthat changed to screenthattheyarelookinginamirrorabsolutelyinamirrorandit sabeginningofalifelongromanceandthehandisoutunderthemirroroutofshotbecause （中文意译）opitdoesnttakemuchthat changed to screenthattheyarelookinginamirrorabsolutelyinamirrorandit sabeginningofalifelongromanceandthehandisoutunderthemirroroutofshotbecause
that （中文意译）that
Yeah that changed to money yeah that （中文意译）Yeah that changed to money yeah that
Edea ipatiywea ideaIpatmyself （中文意译）Edea ipatiywea ideaIpatmyself
Hat changed to bad （中文意译）Hat changed to bad
Hea changed to therapy （中文意译）Hea changed to therapy
beat on the desk and i find the telephone a （中文意译）beat on the desk and i find the telephone a
very satisfactory instrument i mean （中文意译）very satisfactory instrument i mean
so how does life change post pandemic （中文意译）so how does life change post pandemic
how does work change （中文意译）how does work change
and how does it's go back to normal （中文意译）and how does it's go back to normal
i guess what do you think happens （中文意译）i guess what do you think happens
well i think a lot of business travel will never come back （中文意译）well i think a lot of business travel will never come back
is corporation after corporation deciding one meeting a year （中文意译）is corporation after corporation deciding one meeting a year
two meetings a year （中文意译）two meetings a year
in person and the rest zoom （中文意译）in person and the rest zoom
and i think that's here to stay （中文意译）and i think that's here to stay
and of course what's happened to office demand is just （中文意译）and of course what's happened to office demand is just
think of the agonies in that field now and a lot of people have （中文意译）think of the agonies in that field now and a lot of people have
found they don't need to be there i think all kinds of things （中文意译）found they don't need to be there i think all kinds of things
are going to happen that we don't go back to what we did before （中文意译）are going to happen that we don't go back to what we did before
some of our businesses will change a lot and （中文意译）some of our businesses will change a lot and
some of them won't change hardly at all （中文意译）some of them won't change hardly at all
it'll be interesting （中文意译）it'll be interesting
i would say this in terms of the whole pandemic （中文意译）i would say this in terms of the whole pandemic
in terms of predicting both the （中文意译）in terms of predicting both the
economic and how the virus would behave （中文意译）economic and how the virus would behave
you know （中文意译）you know
it's surprised us in a lot of ways （中文意译）it's surprised us in a lot of ways
it's surprised you know at the （中文意译）it's surprised you know at the
and we still don't know （中文意译）and we still don't know
we know a lot about this fire （中文意译）we know a lot about this fire
there's a lot of things we don't know yet （中文意译）there's a lot of things we don't know yet
and if you look at the graphs of how it's （中文意译）and if you look at the graphs of how it's
hit different countries and everything （中文意译）hit different countries and everything
it just shows you how a very advanced economically world （中文意译）it just shows you how a very advanced economically world
can get disrupted by something that in ways that even when （中文意译）can get disrupted by something that in ways that even when
you're in it you can't predict and the economic （中文意译）you're in it you can't predict and the economic
impact has been this extremely uneven thing where i don't know （中文意译）impact has been this extremely uneven thing where i don't know
how many but many hundreds of thousands or millions of （中文意译）how many but many hundreds of thousands or millions of
small businesses have been hurt in a terrible way （中文意译）small businesses have been hurt in a terrible way
but most of the big companies have （中文意译）but most of the big companies have
overwhelmingly have done fine （中文意译）overwhelmingly have done fine
unless they happen to be in cruise lines or hotels （中文意译）unless they happen to be in cruise lines or hotels
but some people did better than we did （中文意译）but some people did better than we did
again the Chinese （中文意译）again the Chinese
simply （中文意译）simply
totalitarian state （中文意译）totalitarian state
they simply shut down the country for six weeks （中文意译）they simply shut down the country for six weeks
and that turned out to be exactly the right thing to do （中文意译）and that turned out to be exactly the right thing to do
and they didn't like any contact （中文意译）and they didn't like any contact
you picked up your groceries in a box in the apartment （中文意译）you picked up your groceries in a box in the apartment
and that's all the contact you had with anybody for six weeks （中文意译）and that's all the contact you had with anybody for six weeks
and it was all over （中文意译）and it was all over
they kind of went back to work （中文意译）they kind of went back to work
it happened （中文意译）it happened
they did it exactly right （中文意译）they did it exactly right
but there are other cases of shutdowns （中文意译）but there are other cases of shutdowns
and the shutdowns really （中文意译）and the shutdowns really
they thought they were model examples （中文意译）they thought they were model examples
and then now they're they're they're （中文意译）and then now they're they're they're
they're experiencing problems （中文意译）they're experiencing problems
and then you had other countries （中文意译）and then you had other countries
you know （中文意译）you know
yeah （中文意译）yeah
like Sweden Sweden says we're not gonna do it （中文意译）like Sweden Sweden says we're not gonna do it
and it seemed to be working fine for a while （中文意译）and it seemed to be working fine for a while
and then this has been very very very （中文意译）and then this has been very very very
unpredictable （中文意译）unpredictable
very difficult （中文意译）very difficult
yeah （中文意译）yeah
and it's not over （中文意译）and it's not over
i mean （中文意译）i mean
in terms of the unpredictability （中文意译）in terms of the unpredictability
and in terms of the economic （中文意译）and in terms of the economic
it's been very unpredictable （中文意译）it's been very unpredictable
but it's worked out better than people anticipated （中文意译）but it's worked out better than people anticipated
for most people and most businesses （中文意译）for most people and most businesses
and it's just （中文意译）and it's just
for no fault of their own it's just decimated all kinds （中文意译）for no fault of their own it's just decimated all kinds
of people and their hopes and that and that was we want （中文意译）of people and their hopes and that and that was we want
to you know the government should be helping （中文意译）to you know the government should be helping
we're prosperous （中文意译）we're prosperous
it didn't create just （中文意译）it didn't create just
a return to normal （中文意译）a return to normal
it created fabulous success they didn't anticipate （中文意译）it created fabulous success they didn't anticipate
the auto dealers are coining money （中文意译）the auto dealers are coining money
they wouldn't have had except for the pandemic （中文意译）they wouldn't have had except for the pandemic
and all of the dealers we have partners in each dealership （中文意译）and all of the dealers we have partners in each dealership
they very sincerely felt that they were going to have one （中文意译）they very sincerely felt that they were going to have one
hell of a problem in March and April some might have （中文意译）hell of a problem in March and April some might have
wanted to go in for the assistance from the government （中文意译）wanted to go in for the assistance from the government
that wouldn't let them because they had a rich parent （中文意译）that wouldn't let them because they had a rich parent
but but （中文意译）but but
they honestly believe it （中文意译）they honestly believe it
we honestly believed it （中文意译）we honestly believed it
we we didn't know what was gonna happen （中文意译）we we didn't know what was gonna happen
with that jets in terms of the demand （中文意译）with that jets in terms of the demand
and it's been just been different than a lot of （中文意译）and it's been just been different than a lot of
people thought the banks were scared （中文意译）people thought the banks were scared
stiff in the middle of March （中文意译）stiff in the middle of March
i mean （中文意译）i mean
they saw everybody taking down their lines of credit （中文意译）they saw everybody taking down their lines of credit
why do people take down their lines of （中文意译）why do people take down their lines of
credit when they don't need it （中文意译）credit when they don't need it
because they're afraid it won't be there next week （中文意译）because they're afraid it won't be there next week
and if you get enough people believing （中文意译）and if you get enough people believing
something won't be there next week in banking （中文意译）something won't be there next week in banking
it won't be there next week （中文意译）it won't be there next week
absent the federal reserve （中文意译）absent the federal reserve
one thing that maybe surprised you most （中文意译）one thing that maybe surprised you most
something you learned the last year （中文意译）something you learned the last year
well （中文意译）well
i learned that people don't know as （中文意译）i learned that people don't know as
much as they think they know （中文意译）much as they think they know
but the biggest thing you learn is that （中文意译）but the biggest thing you learn is that
a pandemic was bound to occur and this isn't （中文意译）a pandemic was bound to occur and this isn't
the worst one that's imaginable at all （中文意译）the worst one that's imaginable at all
society has a terrible time preparing for things that are （中文意译）society has a terrible time preparing for things that are
remote but are possible and will occur sooner or later （中文意译）remote but are possible and will occur sooner or later
there'll be another pandemic （中文意译）there'll be another pandemic
we know that （中文意译）we know that
we know there's a nuclear chemical （中文意译）we know there's a nuclear chemical
biological and now cyber threat （中文意译）biological and now cyber threat
and we know that each one of those has terrible possibilities （中文意译）and we know that each one of those has terrible possibilities
and we do some things about it （中文意译）and we do some things about it
but it's just not something that society seems （中文意译）but it's just not something that society seems
particularly capable when fully coming to grips （中文意译）particularly capable when fully coming to grips
with the cyber threat that we've just started and （中文意译）with the cyber threat that we've just started and
look at the damage that's already been done （中文意译）look at the damage that's already been done
Charlie and i have been ungodly lucky （中文意译）Charlie and i have been ungodly lucky
many ways （中文意译）many ways
but the luckiest thing was actually （中文意译）but the luckiest thing was actually
being around at this time and place （中文意译）being around at this time and place
and we also had these problems on how to （中文意译）and we also had these problems on how to
two hundred countries with over seven and a half billion （中文意译）two hundred countries with over seven and a half billion
people and a lot of tensions between them and all sorts of （中文意译）people and a lot of tensions between them and all sorts of
things and different systems of selected governments and all （中文意译）things and different systems of selected governments and all
that and how do we actually do this so that mankind （中文意译）that and how do we actually do this so that mankind
fifty and a hundred and two hundred years from （中文意译）fifty and a hundred and two hundred years from
now should enjoy the incredibly better life that （中文意译）now should enjoy the incredibly better life that
could be enjoyed while not screwing it up （中文意译）could be enjoyed while not screwing it up
Warren Buffett and Charlie Munger have spent half a （中文意译）Warren Buffett and Charlie Munger have spent half a
century buying companies and then leaving them alone （中文意译）century buying companies and then leaving them alone
the do nothing secret to their success （中文意译）the do nothing secret to their success
we have accidentally created a very interesting experiment （中文意译）we have accidentally created a very interesting experiment
in how well a really big place can be run on a very non （中文意译）in how well a really big place can be run on a very non
bureaucratic basis with extreme decentralization （中文意译）bureaucratic basis with extreme decentralization
it's one of the ten biggest companies in （中文意译）it's one of the ten biggest companies in
the world by market capitalization （中文意译）the world by market capitalization
its three hundred and sixty thousand （中文意译）its three hundred and sixty thousand
employees work in offices around the globe （中文意译）employees work in offices around the globe
but Berkshire Hathaway's sprawling operations are （中文意译）but Berkshire Hathaway's sprawling operations are
headquartered here from two floors leased in a building （中文意译）headquartered here from two floors leased in a building
in Omaha managed by a staff of just two dozen people it's （中文意译）in Omaha managed by a staff of just two dozen people it's
different because of the two men at the top Warren Buffett （中文意译）different because of the two men at the top Warren Buffett
and Charlie Munger we have accidentally （中文意译）and Charlie Munger we have accidentally
created a very interesting experiment in how well a （中文意译）created a very interesting experiment in how well a
really big place can be run on a very non （中文意译）really big place can be run on a very non
bureaucratic basis with extreme decentralization （中文意译）bureaucratic basis with extreme decentralization
we're like a test case for how extreme you can make it （中文意译）we're like a test case for how extreme you can make it
and i would say so far （中文意译）and i would say so far
that's worked better （中文意译）that's worked better
we get more advantages than （中文意译）we get more advantages than
disadvantages out of our hands off management （中文意译）disadvantages out of our hands off management
that's true （中文意译）that's true
we get very few people who want to copy us （中文意译）we get very few people who want to copy us
no no no nobody wants to copy us （中文意译）no no no nobody wants to copy us
and if people study us （中文意译）and if people study us
they'd find a way we're doing it （中文意译）they'd find a way we're doing it
it works way better （中文意译）it works way better
yeah （中文意译）yeah
it had certain disadvantages （中文意译）it had certain disadvantages
yes （中文意译）yes
when you did trust people （中文意译）when you did trust people
occasionally trust is is is is misused but net it's worked （中文意译）occasionally trust is is is is misused but net it's worked
it's a useful experiment that we've done （中文意译）it's a useful experiment that we've done
and i confidently predict that someday somebody will find out （中文意译）and i confidently predict that someday somebody will find out
that some of this dumb bureaucracy could （中文意译）that some of this dumb bureaucracy could
be eliminated we'd be better off （中文意译）be eliminated we'd be better off
just as we found we can eliminate some business travel （中文意译）just as we found we can eliminate some business travel
we're going to find we can get rid of some dumb bureaucracy （中文意译）we're going to find we can get rid of some dumb bureaucracy
American corporations （中文意译）American corporations
it works at large scale （中文意译）it works at large scale
but it doesn't work to produce the kind of returns that me （中文意译）but it doesn't work to produce the kind of returns that me
it is like we've got something that （中文意译）it is like we've got something that
produces extraordinary returns （中文意译）produces extraordinary returns
but it can be a very decent business at scale （中文意译）but it can be a very decent business at scale
operating in a way （中文意译）operating in a way
do you think we've done better than we would have been （中文意译）do you think we've done better than we would have been
if we'd copied the centralized management system （中文意译）if we'd copied the centralized management system
i wouldn't have wanted to work there （中文意译）i wouldn't have wanted to work there
no （中文意译）no
i'd resign or have been fired （中文意译）i'd resign or have been fired
no i would i'd rather be in a jail cell than a few people （中文意译）no i would i'd rather be in a jail cell than a few people
that were interesting and plenty of reading material than （中文意译）that were interesting and plenty of reading material than
than what you're saying is we may have done it we may have （中文意译）than what you're saying is we may have done it we may have
created the decentralization because it suited our nature （中文意译）created the decentralization because it suited our nature
absolutely but we've accidentally created an experiment we've （中文意译）absolutely but we've accidentally created an experiment we've
demonstrated that can can work on a big scale （中文意译）demonstrated that can can work on a big scale
that will eventually prove useful i think （中文意译）that will eventually prove useful i think
you two have been friends for over sixty years （中文意译）you two have been friends for over sixty years
what's one thing that you really admire about the other （中文意译）what's one thing that you really admire about the other
well （中文意译）well
i like the humor and all that （中文意译）i like the humor and all that
but dependable is really important （中文意译）but dependable is really important
Warren what do you admire about Charlie （中文意译）Warren what do you admire about Charlie
really just the kind of person he has been （中文意译）really just the kind of person he has been
i mean （中文意译）i mean
he has contributed to given individuals and also to society （中文意译）he has contributed to given individuals and also to society
he goes （中文意译）he goes
well beyond buying a stock and selling it higher （中文意译）well beyond buying a stock and selling it higher
he's designed dormitories and helped build them （中文意译）he's designed dormitories and helped build them
he's worked at hospitals and （中文意译）he's worked at hospitals and
to understand how they can be made better and （中文意译）to understand how they can be made better and
serve more people and do it at less cost （中文意译）serve more people and do it at less cost
that's an uphill fight all the time （中文意译）that's an uphill fight all the time
but Charlie has worked on big （中文意译）but Charlie has worked on big
problems and he's and doesn't need to （中文意译）problems and he's and doesn't need to
and Charlie has never shaded anything he's told me （中文意译）and Charlie has never shaded anything he's told me
since we met in terms of presenting it to me in a （中文意译）since we met in terms of presenting it to me in a
different way than reality or he's never done （中文意译）different way than reality or he's never done
anything i've seen that's self serving in terms of （中文意译）anything i've seen that's self serving in terms of
being a partner any kind of way （中文意译）being a partner any kind of way
he makes me better than i would otherwise be （中文意译）he makes me better than i would otherwise be
i don't want to （中文意译）i don't want to
you had the same thing in reverse （中文意译）you had the same thing in reverse
well （中文意译）well
it works （中文意译）it works
it does work that way （中文意译）it does work that way
i mean （中文意译）i mean
it's better to associate with people （中文意译）it's better to associate with people
who are better than you are （中文意译）who are better than you are
i mean it really is （中文意译）i mean it really is
it really helps （中文意译）it really helps
business partners for more than half a century （中文意译）business partners for more than half a century
Warren Buffett and Charlie Munger are lifelong teachers （中文意译）Warren Buffett and Charlie Munger are lifelong teachers
corporate executives who lead in an unconventional manner and （中文意译）corporate executives who lead in an unconventional manner and
who will certainly be studied for generations to come （中文意译）who will certainly be studied for generations to come
but with almost one hundred and ninety （中文意译）but with almost one hundred and ninety
years of experience between them （中文意译）years of experience between them
it is the lessons in life that they've shared （中文意译）it is the lessons in life that they've shared
through their friendship that may be more lasting （中文意译）through their friendship that may be more lasting