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查理·芒格的两句话,影响巴菲特数十年

查理·芒格的两句话,影响巴菲特数十年

ALICIA ADAMCZYK 2023-11-29
芒格在过去数年中为投资者提供了大量的智慧箴言

伯克希尔-哈撒韦董事会副主席查理·芒格去世,享年99岁。图片来源:JOHANNES EISELE/GETTY

亿万富翁沃伦·巴菲特的得力干将查理·芒格于当地时间11月28日去世,享年99岁。

芒格是一位名副其实、具有传奇色彩的投资家,因其机智、幽默以及在事业方面的果决而著称。他是控股公司伯克希尔-哈撒韦董事会副主席,自1975年以来一直与巴菲特共事,并在这一过程中成为了亿万富翁。

尽管芒格不像巴菲特那样为公众所熟知,但他备受投资界和金融媒体的尊敬。Business Insider网站称,多年来,他捐献了自己的大部分财产,包括将超过75%伯克希尔公司的股票捐赠给Planned Parenthood和斯坦福大学(Stanford University)这些机构(最近,又向加州圣马力诺亨廷顿图书馆进行了捐赠)。不过,根据《福布斯》(Forbes)的数据,他当前的净资产约为26亿美元。

芒格在2013年对《奥马哈世界先驱报》(Omaha World-Herald)说:“我在刻意地减少自己的净资产。我觉得,自己总有一天要离开人世……届时我要去的地方也用不了这些。”

他给巴菲特提供的最知名建议就是,别再总盯着去抄底了。毕竟,与其买十几只业绩平平公司的股票,不如购买三只有着不错业绩的公司的股票。巴菲特称赞芒格改变了其投资理念,并塑造了伯克希尔-哈撒韦当前的经营方式。巴菲特称芒格曾经告诉他:“别再想着以便宜的价格买入那些平庸的企业,而是要以合理的价格买入优秀的企业。”

芒格在过去数年中为普通投资者提供了大量的智慧箴言。

他在伯克希尔-哈撒韦5月召开的股东年会上表示:“道理很简单,要量入为出,要精明地投资,不要接触那些有害的人和活动,并在一生中尽力保持学习。如果上述事情都能做到,那么人们获得成功基本上就是十拿九稳的事情。如果做不到,要成功的话就得靠大量运气了。”

芒格非常鄙视投机性投资,称其是一种瘾症,对国家有害。对于投资而言,他热衷于在购买后长期持有,并提倡要耐心对待任何投资。

巴菲特还称赞了芒格所说的另一句话:“我唯一想知道的就是自己会在哪里去世,这样我永远都不会去那个地方。”实际上,这句话鼓励人们要始终思考长远影响,并分析行动,以避免隐形陷阱。芒格也曾说过一句很有意思的话:“要发现那些聪明人主要会在哪些地方出现愚蠢行为,然后以此来规划自己的思考和发展模式,这样就不会重蹈覆辙。”这条建议不仅适用于投资,也适用于生活。

在其最近写给股东的年度信件中,巴菲特宣扬了芒格信奉的信条,其中包括一些至理名言,例如“世界充满了愚蠢的赌徒,他们的成就赶不上耐心的投资者”,“可以早早地写下你最喜欢的讣告,然后按此行事。”

芒格还批评了其他一些金融现象,例如风投资本金和加密货币。他对加密货币尤为不满:今年早些时候,他在《华尔街日报》(Wall Street Journal)上发表了一篇评论文章,敦促监管方禁止对加密货币的投资。文章写道:“加密货币并非是货币,也不是商品,更不是证券,它是一种赌博合约,庄家的胜率基本上是100%。”

芒格今年早些时候在接受美国消费者新闻与商业频道(CNBC)采访时说:“有时候我称其为‘加密垃圾’,有时候我称其为‘加密狗屎’。买这种东西的人都是十分可笑的。这是一种彻头彻尾的疯狂和愚蠢的赌博行为。”

芒格因其智慧和商业敏锐度而备受尊敬,尤其是巴菲特,后者称,他们成功的关键就是随着世界的变化而继续学习和成长。

在2022年致股东的信中,巴菲特写道,芒格说过的两句话一直都是其“数十年来的决策准绳”。

巴菲特回忆说:“‘沃伦,你再多想想。’‘你很聪明,但我是对的。’”(财富中文网)

译者:冯丰

亿万富翁沃伦·巴菲特的得力干将查理·芒格于当地时间11月28日去世,享年99岁。

芒格是一位名副其实、具有传奇色彩的投资家,因其机智、幽默以及在事业方面的果决而著称。他是控股公司伯克希尔-哈撒韦董事会副主席,自1975年以来一直与巴菲特共事,并在这一过程中成为了亿万富翁。

尽管芒格不像巴菲特那样为公众所熟知,但他备受投资界和金融媒体的尊敬。Business Insider网站称,多年来,他捐献了自己的大部分财产,包括将超过75%伯克希尔公司的股票捐赠给Planned Parenthood和斯坦福大学(Stanford University)这些机构(最近,又向加州圣马力诺亨廷顿图书馆进行了捐赠)。不过,根据《福布斯》(Forbes)的数据,他当前的净资产约为26亿美元。

芒格在2013年对《奥马哈世界先驱报》(Omaha World-Herald)说:“我在刻意地减少自己的净资产。我觉得,自己总有一天要离开人世……届时我要去的地方也用不了这些。”

他给巴菲特提供的最知名建议就是,别再总盯着去抄底了。毕竟,与其买十几只业绩平平公司的股票,不如购买三只有着不错业绩的公司的股票。巴菲特称赞芒格改变了其投资理念,并塑造了伯克希尔-哈撒韦当前的经营方式。巴菲特称芒格曾经告诉他:“别再想着以便宜的价格买入那些平庸的企业,而是要以合理的价格买入优秀的企业。”

芒格在过去数年中为普通投资者提供了大量的智慧箴言。

他在伯克希尔-哈撒韦5月召开的股东年会上表示:“道理很简单,要量入为出,要精明地投资,不要接触那些有害的人和活动,并在一生中尽力保持学习。如果上述事情都能做到,那么人们获得成功基本上就是十拿九稳的事情。如果做不到,要成功的话就得靠大量运气了。”

芒格非常鄙视投机性投资,称其是一种瘾症,对国家有害。对于投资而言,他热衷于在购买后长期持有,并提倡要耐心对待任何投资。

巴菲特还称赞了芒格所说的另一句话:“我唯一想知道的就是自己会在哪里去世,这样我永远都不会去那个地方。”实际上,这句话鼓励人们要始终思考长远影响,并分析行动,以避免隐形陷阱。芒格也曾说过一句很有意思的话:“要发现那些聪明人主要会在哪些地方出现愚蠢行为,然后以此来规划自己的思考和发展模式,这样就不会重蹈覆辙。”这条建议不仅适用于投资,也适用于生活。

在其最近写给股东的年度信件中,巴菲特宣扬了芒格信奉的信条,其中包括一些至理名言,例如“世界充满了愚蠢的赌徒,他们的成就赶不上耐心的投资者”,“可以早早地写下你最喜欢的讣告,然后按此行事。”

芒格还批评了其他一些金融现象,例如风投资本金和加密货币。他对加密货币尤为不满:今年早些时候,他在《华尔街日报》(Wall Street Journal)上发表了一篇评论文章,敦促监管方禁止对加密货币的投资。文章写道:“加密货币并非是货币,也不是商品,更不是证券,它是一种赌博合约,庄家的胜率基本上是100%。”

芒格今年早些时候在接受美国消费者新闻与商业频道(CNBC)采访时说:“有时候我称其为‘加密垃圾’,有时候我称其为‘加密狗屎’。买这种东西的人都是十分可笑的。这是一种彻头彻尾的疯狂和愚蠢的赌博行为。”

芒格因其智慧和商业敏锐度而备受尊敬,尤其是巴菲特,后者称,他们成功的关键就是随着世界的变化而继续学习和成长。

在2022年致股东的信中,巴菲特写道,芒格说过的两句话一直都是其“数十年来的决策准绳”。

巴菲特回忆说:“‘沃伦,你再多想想。’‘你很聪明,但我是对的。’”(财富中文网)

译者:冯丰

Charlie Munger, the right-hand man of billionaire Warren Buffett, died Tuesday at the age of 99.

Munger, a legendary investor in his own right, was known for his quick wit, humor, and no nonsense approach to business. He was the vice chairman of holding company Berkshire Hathaway, working with Buffett since 1975 and becoming a billionaire in the process.

Though not as well known by the public as Buffett, Munger was revered by the investing community and financial press. Over the years, he gave away much of his wealth, donating more than 75% of his Berkshire stock, according to Business Insider, to organizations including Planned Parenthood and Stanford University (most recently, to the Henry E. Huntington Library and Art Museum in San Marino, California). Still, his current net worth is around $2.6 billion, according to Forbes.

“I’m deliberately taking my net worth down,” Munger told The Omaha World-Herald in 2013. “My thinking is, I’m not immortal…I won’t need it where I’m going.”

Among his most famous advice to Buffett was to stop searching for only bargain basement prices. It’s better to buy three wonderful businesses, after all, than dozens of average ones. Buffett credits Munger with changing his investing outlook and the way Berkshire Hathaway operates today. “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” Buffett says Munger told him.

Munger dropped plenty of wisdom over the years for the average investor.

“It’s so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification,” he said at Berkshire Hathaway’s annual shareholder meeting in May. “If you do all those things, you are almost certain to succeed. If you don’t, you’re going to need a lot of luck.”

Munger was highly critical of speculative investing, calling it a kind of addiction that causes harm to the country. He was a fan of the buy and hold approach to investing and advocated having patience in all things.

Buffett also credited Munger with saying, “all I want to know is where I’m going to die so I’ll never go there.” Essentially, that encourages people to always consider long-term consequences and analyze actions to avoid potential pitfalls. Or as Munger more colorfully put it, “to identify the main stupidities that do bright people in and then organize your patterns for thinking and developments, so you don’t stumble into those stupidities.” That’s advice not just for investing, but for life.

In his most recent annual letter to shareholders, Buffett touted the rules Munger lives by, which includes gems like, “the world is full of foolish gamblers, and they will not do as well as the patient investor,” and “early on, write your desired obituary—and then behave accordingly.”

Munger was critical of venture capitalists and cryptocurrency, among other financial realities. His disdain for crypto was especially strong: Earlier this year, he published an op-ed in the Wall Street Journal, urging regulators to ban investments in the asset, writing, “a cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house.”

“Sometimes I call it crypto ‘crappo,’ sometimes I call it ‘crypto s—.’ It’s just ridiculous that anybody would buy this stuff,” Munger said on CNBC earlier this year. “It’s totally absolutely crazy, stupid gambling.”

The investor was revered for his intelligence and business acumen, particularly by Buffett, who said the key to their success was continuing to learn and grow as the world changed.

In the 2022 letter to shareholders, Buffett wrote that two sentences from Munger have been his “decision-clinchers for decades.”

“‘Warren, think more about it,'” Buffett recalled. “‘You’re smart and I’m right.'”

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