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史上最全巴菲特语录

Carol J. Loomis 2012年11月22日

《财富》杂志带你回顾近半个世纪以来,沃伦•巴菲特逐步走上投资大师神坛的过程中说过的那些价值连城的金玉良言。

1988年,沃伦•巴菲特正在与本文作者卡罗尔•卢米斯打桥牌,展示他称之为“手中最大的牌”。

    《财富》(Fortune)杂志最早于1966年开始和沃伦•巴菲特打交道。当时笔者正在写一篇关于阿尔弗雷德•温斯洛•琼斯的投资文章。那时琼斯还没什么名气,但即将由于这篇文章而名满天下。琼斯正在经营被称为“对冲基金”的业务,《财富》杂志对这一业务以及琼斯如何经营这项业务的描述揭开了对冲基金业的一个小繁荣期。这篇文章中有一句话提到了巴菲特的公司Buffett Partnership Ltd.,差不多是琼斯基金的竞争对手。让我惭愧至今的是,我把巴菲特(Buffett)的名字拼错了,少了一个“t”。

    随后不久,我的丈夫约翰•卢米斯见到了巴菲特,回到家里说:“我觉得,我遇到了全美国最聪明的投资人。”我肯定,当时我是不屑一顾的。 后来,我自己也认识了巴菲特(以及他已逝的第一任妻子苏茜,一个极好的人),意识到这个当时基本上默默无闻的家伙是多么了不起。卢米斯家族买了巴菲特那家小公司伯克希尔-哈撒韦公司(Berkshire Hathaway )的股票;我们也成为了巴菲特一家的好友;后来,我还成为了他名声大噪的年度致股东公开信的无偿编辑。

    与此同时,《财富》杂志也开始长期报道巴菲特。1970年,《财富》杂志一篇《对冲基金遭遇艰难岁月》(Hard Times Come to the Hedge Funds)的报道中,巴菲特有了两段话和一张照片——他的基金是个特例,连续13年盈利——到了1977年,我们刊登了巴菲特撰写的一篇7,000字的文章《通胀如何骗取股票投资者钱财》(How Inflation Swindles the Equity Investor)。

    如今,在《财富》杂志首次邂逅巴菲特46年后,我们搜罗了这些年来撰写的所有有关巴菲特的重要文章(以及一些不那么重要的文章),加上我的点评,出了一本书《跳着踢踏舞去上班》(Tap Dancing to Work)。上面提到的所有文章,从写阿尔弗雷德•温斯洛•琼斯的那篇投资文章开始,全部都收录在内——而这仅仅是个开始。总而言之,这本书是一场巴菲特报道盛宴。

    书后附上了在巴菲特逐步成长为一位伟大的投资人/管理者/慈善家的过程中,这些报道的一些精彩摘录和记录下那些时刻的精选照片。可以确定的一件事是:我们非常高兴能够参与其中。

    尾声:1966年,当《财富》杂志首次邂逅沃伦•巴菲特时,伯克希尔(如今的A类股)股价为22美元。今年11月初,该股股价约为130,000美元。

    Fortune met Warren Buffett by accident in 1966. I was writing an investing article about another man, Alfred Winslow Jones, who wasn't famous at that moment, but was about to be because of the article. Jones was running something called a hedge fund, and Fortune's description of what that was and how Jones operated started a miniboom in the hedge fund business. Buffett Partnership Ltd. -- a sort of competitor of Jones's fund -- got a single line in the article. To my everlasting dismay, I misspelled Buffett, giving it only one "t."

    A bit later, my husband, John Loomis, met Buffett and came home saying, "I think I have just met the smartest investor in the country." I'm sure my eyes rolled. But then I, too, got to know Warren (and his wonderful late first wife, Susie) and realized how impressive this largely unknown fellow was. The Loomises bought stock in his small company, Berkshire Hathaway (BRKA); we became good friends of the Buffetts; and ultimately I became the pro bono editor of his increasingly famous annual letter to shareholders.

    Meanwhile, Fortune set off on a long-term course of covering Buffett. He got two paragraphs and a picture in a 1970 Fortune story called "Hard Times Come to the Hedge Funds" -- his fund was a rarity, having 13 straight years of profits -- and by 1977 we were running a 7,000-word piece by Buffett on "How Inflation Swindles the Equity Investor."

    Now, 46 years after Fortune first met the man, we have a book, Tap Dancing to Work, that collects everything important we've done about him (and some lighter stuff too), with commentary written by me. All the articles mentioned above, from the A.W. Jones story on, are in it -- and that's just the start. In total, the book is a Buffett banquet.

    What follows are some choice quotes from its pages and a selection of photographs that mark the passing of time, as Buffett grew into an investor/manager/philanthropist whose place in history is assured. One thing is certain: We are awfully glad to have been there as it happened.

    A coda: In 1966, when Fortune first met Warren Buffett, Berkshire's stock (today's Class A) was $22. In early November, it was about $130,000.

《跳着踢踏舞去上班》

20世纪70年代

    这一年他正在着手关闭他的对冲基金。

    1970年1月:《对冲基金遭遇艰难岁月》

    “巴菲特的投资记录极其出色。在投资经营的13年里……他给投资者带来了24%的复合年均回报率……(如今)巴菲特正在退出对冲基金业。”

    1977年5月:《通胀如何骗取股票投资者钱财》

    “大多数政府官员都坚决反对通胀,同时却又坚定支持产生通胀的政策,这一点完全可以理解,”巴菲特写道。

1970s

    January 1970: Hard times come to the hedge funds

    "Buffett's record has been extraordinarily good. In his thirteen years of operation … he compounded his investors' money at a 24% annual rate … [Now] Buffett is quitting the hedge fund game."

    May 1977: How inflation swindles the equity investor

    "Most of those in public office, quite understandably, are firmly against inflation and firmly in favor of policies producing it," wrote Buffett.

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