巴菲特 佛罗里达大学 演讲稿
慢慢变富的罗宾逊：巴菲特1998年佛罗里达大学商学院经典演讲
慢慢变富的罗宾逊：巴菲特1998年佛罗里达大学商学院经典演讲Question: The Asian Crisis and how it affects a company like Coke that recently announced their earnings would be lower in the fourth quarter.Buffett: Well, basically I love it, but because the market for Coca-Cola products will grow far faster over the next twenty years internationally than it will in the United States. It will grow in the U.S. on a per capita basis. The fact that it will be a tough period for who knows—three months or three years—but it wont be tough for twenty years. People will still be going to be working productively around the world and they are going to find this is a bargain product in terms of a portion of their working day that they have to give up in order to have one of these, better yet, five of them a day like I do.This is a product that in 1936 when I first bought 6 of those for a quarter and sold them for a nickel each. It was in a 6.5 oz bottle and you paid a two cents deposit on the bottle. That was a 6.5 oz. bottle for a nickel at that time; it is now a 12 oz. can which if you buy it on Weekends or if you buy it in bigger quantities, so much money doesnt go to packaging—you essentially can buy the 12 ozs. for not much more than 20 cents. So you are paying not much more than twice the per oz. price of 1936. This is a product that has gotten cheaper and cheaper relative to peoples earning power over the years. And which people love. And in 200 countries, you have the per capita consumption use going up every year for a product that is over 100 years old that dominates the market. That is unbelievable.One thing that people dont understand is one thing thatmakes this product worth 10s and 10s of billions of dollars is one simple fact about really all colas, but we will call it Coca-Cola for the moment. It happens to be a name that I like. Cola has no taste memory. You can drink one of these at 9 Oclock, 10 Oclock, 1 Oclock and 5 Oclock. The one at 5 oclock will taste as good to you as the one you drank early in the morning, you cant do that with Cream Soda, Root Beer, Orange, Grape. All of those things accumulate on you. Most foods and beverages accumulate; you get sick of them after a while. And if you eat Sees Candy—we get these people who go to work for us at Sees Candy and the first day they go crazy, but after a week they are eating the same amount as if they were buying it, because chocolate accumulates on you. There is no taste memory to Cola and that means you get people around the world who will be heavy users—who will drink five a day, or for Diet Coke, 7 or even 8 a day. They will never do that with other products. So you get this incredible per capita consumption. The average person in this part of the world or maybe a little north of here drinks 64 ozs. of liquid a day. You can have 64 ozs. of that be Coke and you will not get fed up with Coke if you like it to start with in the least. But if you do that with anything else; if you eat just one product all day, you will get a little sick of it after a while.It is a huge factor. So today over 1 billion of Coca-Cola product servings will be sold in the world and that will grow year by year. It will grow in every country virtually, and it will grow on a per capita basis. And twenty years from now it will grow a lot faster internationally than in the U.S., so I really like that market better, because there is more growth there over time. But it will hurt them in the short term right now, but that doesnt mean anything. Coca-Cola went public in 1919; the stock sold for $40per share. The Chandler family bought the whole business for $2,000 back in the late 1880s. So now he goes public in 1919, $40 per share. One year later it is selling for $19 per share. It has gone down 50% in one year. You might think it is some kind of disaster and you might think sugar prices increased and the bottlers were rebellious. And a whole bunch of things. You can always find reasons that weren't the ideal moment to buy it. Years later you would have seen the Great Depression, WW II and sugar rationing and thermonuclear weapons and the whole thing—there is always a reason.But in the end if you had bought one share at $40 per share and reinvested the dividends, it would be worth $5 million now ($40 compounding at 14.63% for 86 years!). That factor so overrides anything else. If you are right about the business you will make a lot of money. The timing part of it is very tricky thing so I dont worry about any given event if I got a wonderful business what it does next year or something of the sort. Price controls have been in this country at various times and that has fouled up even the best of businesses. I wouldnt be able to raise prices Dec31st on Sees Candy. But that doesnt make it a lousy business if that happens to happen, because you are not going to have price controls forever. We had price controls in the early 70s.The wonderful business—you can figure what will happen, you cant figure out when it will happen. You dont want to focus too much on when but you want to focus on what. If you are right about what, you dont have to worry about when very much.Question: What about your business mistakes?Buffett: How much time do you have? The interesting thing about investments for me and my partner, Charlie Munger, thebiggest mistakes have not been mistakes of commission, but of omission. They are where we knew enough about the business to do something and where, for one reason or another, sat they're sucking out thumbs instead of doing something. And so we have passed up things where we could have made billions and billions of dollars from things we understood, forget about things we dont understand. The fact I could have made billions of dollars from Microsoft doesnt mean anything because I never could understand Microsoft. But if I can make billions out of healthcare stocks, then I should make it. And I didnt when the Clinton health care program was proposed and they all went in the tank. We should have made a ton of money out of that because I could understand it. And didnt make it.I should have made a ton of money out of Fannie Mae back the mid-1980s, but I didnt do it. Those are billion dollar mistakes or multi-billion dollar mistakes that generally accepted accounting principles dont pick up.The mistakes you see. I made a mistake when I bought US Air Preferred some years ago. I had a lot of money around. I make mistakes when I get cash. Charlie tells me to go to a bar instead. Dont hang around the office. But I hang around the office and I have money in my pocket, I do something dumb. It happens every time. So I bought this thing. Nobody made me buy it. I now have an 800 number I call every time I think about buying a stock in an airline. I say,I am Warren and I am an air-aholic.They try to talk me down,Keep talking dont do anything rash.Finally I got over it. But I bought it. And it looked like we would lose all our money in it. And we came very close to losing all our money in it. You can say we deserved to lose our money it.We bought it because it was an attractive security. But it was not in an attractive industry. I did the same thing in Salomon. Ibought an attractive security in a business I wouldnt have bought the equity in. So you could say that is one form of mistake. Buying something because you like the terms, but you dont like the business that well. I have done that in the past and will probably do that again.The bigger mistakes are the ones of omission. Back when I had $10,000 I put $2,000 of it into a Sinclair Service Station which I lost, so the opportunity cost on that money is about $6 billion right now--fairly big mistakes. It makes me feel good when my Berkshire goes down, because the cost of my Sinclair Station goes down too. My 20% opportunity cost. I will say this, it is better to learn from other peoples mistakes as much as possible. But we dont spend any time looking back at Berkshire. I have a partner, Charlie Munger; we have been pals for forty years—never had an argument. We disagree on things a lot but we dont have arguments about it.We never look back. We just figure there is so much to look forward to that there is no sense thinking of what we might have done. It just doesnt make any difference. You can only live life forward. You can learn something perhaps from the mistakes, but the big thing to do is to stick with the businesses you understand. So if there is a generic mistake outside your circle of competence like buying something that somebody tips you on or something of the sort. In an area you know nothing about, you should learn something from that which is to stay with what you can figure out yourself. You really want your decision making to be by looking in the mirror. Saying to yourself,I am buying 100 shares of General Motors at $55 because........It is your responsibility if you are buying it. Theres gotta be a reason and if you cant state the reason, you shouldnt buy it. If it is because someone told youabout it at a cocktail party, not good enough. It cant be because of the volume or a reason like the chart looks good. It has to be a reason to buy the business. That we stick to pretty carefully. That is one of the things Ben Graham taught me.Question: The current tenuous economic situation and interest rates? Where are we going?Buffett: I dont think about the macro stuff. What you really want to in investments is figure out what is important and knowable. If it is unimportant and unknowable, you forget about it. What you talk about is important but, in my view, it is not knowable. Understanding Coca-Cola is knowable or Wrigleys or Eastman Kodak. You can understand those businesses that are knowable. Whether it turns out to be important depends where your valuation leads you and the firms price and all that. But we have never not bought or bought a business because of any Macro feeling of any kind because it doesnt make any difference. Lets say in 1972 when we bought Sees Candy, I think Nixon put on the price controls a little bit later, but so what! We would have missed a chance to buy something for $25 million that is producing $60 million pre-tax now. We dont want to pass up the chance to do something intelligent because of some prediction about something we are no good on anyway. So we dont read or listen to in relation to macro factors at all. The typical investment counselor organization goes out and they bring out their economist and they trot him out and he gives you this big macro picture. And they start working from there on down. In our view that is nonsense.If Alan Greenspan was on the one side of me and Robert Rubin on the other side and they both were whispering in my ear exactly what they were going to do the next twelve months, itwouldnt make any difference to me what I would pay for Executive Jet or General Re or anything else I do.Question: What is the benefit of being an out-of-towner as opposed to being on Wall Street?Buffett: I worked on Wall Street for a couple of years and I have my best friends on both coasts. I like seeing them. I get ideas when I go there. But the best way to think about investments is to be in a room with no one else and just think. And if that doesnt work, nothing else is going to work. The disadvantage of being in any type of market environment like Wall Street in the extreme is that you get over-stimulated. You think you have to do something every day. The Chandler family paid $2,000 for this company (Coke). You dont have to do much else if you pick one of those. And the trick then is not to do anything else. Even not to sell at 1919, which the family did later on. So what you are looking for is some way to get one good idea a year.And then ride it to its full potential and that is very hard to do in an environment where people are shouting prices back and forth every five minutes and shoving reports in front of your nose and all that. Wall Street makes its money on activity. You make your money on inactivity.If everyone in this room trades their portfolio around every day with every other person, you will all end up broke. And the intermediary will end up with all the money. If you all own stock in a group of average businesses and just sit here for the next 50 years, you will end up with a fair amount of money and your broker will be broke. He is like the Doctor who gets paid on how often to get you to change pills. If he gave you one pill that cures you the rest of your life, he would make one sale, one transaction and that is it. But if he can convince you that changing pills everyday is the way to great health, it will be great for him and the prescriptionists. You wont be any healthier and you will be a lot worse off financially. You want to stay away from any environment that stimulates activity. And Wall Street would have the effective of doing that.When I went back to Omaha, I would go back with a whole list of companies I wanted to check out and I would get my moneys worth out of those trips, but then I would go back to Omaha and think about it.Question: How to evaluate Berkshire or MSFT if it does not pay dividends?Buffett: It wont pay any dividends either. That is a promise I can keep. All you get with Berkshire, you stick it in your safe deposit box and then every year you go down and fondle it. You take it out and then you put it back. There is enormous psychic reward in that. Dont underestimate it.The real question is if we can retain dollar bills and turn them into more than a dollar at a decent rate. That is what we try to do. And Charlie Munger and I have all our money in it to do that. That is all we will get paid for doing. We wont take any options or we wont take any salaries to speak of. But that is what we are trying to do. It gets harder all the time. The more money we manage the harder it is to do that. We would do way better percentage wise with Berkshire if it was 1/100th the present size. It is run for its owners, but it isnt run to give them dividends because so far every dollar that we earned or could have paid out, we have turned into more than a dollar. It is worth more than a dollar to keep it. Therefore, it would be silly to pay it out. Even if everyone was tax-free that owned it. It would have been a mistake to pay dividends at Berkshire. Because so far the dollarbills retained have turned into more than a dollar. But there is no guarantee that happens in the future. At some point the game runs out on that. That is what the business is about. Nothing else about the business do we judge ourselves by. We dont judge it by the size of its home office building or anything the like the number of people working there. We have 12 people working at headquarters and 45,000 employees at Berkshire, 12 people at HQ and 3,500 sq ft. and we wont change it.But we will judge ourselves by the performance of the company and that is the only way we will get paid. But believe me, it is a lot harder than it used to be.。
巴菲特演讲【哈佛大学毕业典礼】
巴菲特演讲【哈佛大学毕业典礼】巴菲特的一次演讲（一）我想先讲几分钟的套话，然后我就主要来接受你们的提问。
我想谈的是你们的所思所想。
我鼓励你们给我出难题，畅所欲言，言无不尽。
（原文：我希望你们扔些高难度的球，如果你们的投球带些速度的话，我回答起来会更有兴致）你们几乎可以问任何问题，除了上个礼拜的Texas A&M的大学橄榄球赛，那超出我所能接受的极限了。
我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。
我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。
吉米领导了SunTrust多年。
吉米一定让我穿上这件SunTrust的T恤到这来。
我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。
没想到我在SunTrust这，却做的不错。
吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。
所以我为SunTrust鼓劲。
（译者注：巴菲特在开玩笑）关于你们走出校门后的前程，我在这里只想讲一分钟。
你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。
你们中的许多人都将最终实现你们的理想。
但是在智能和能量之外，还有更多的东西来决定你是否成功，我想谈谈那些东西。
实际上，在我们Omaha（译者注：Berkshire Hathaway 公司的总部所在地）有一位先生说，当他雇人时，他会看三个方面：诚信，智能，和精力。
雇一个只有智能和精力，却没有诚信的人会毁了雇者。
一个没有诚信的人，你只能希望他愚蠢和懒惰，而不是聪明和精力充沛。
我想谈的是第一点，因为我知道你们都具备后两点。
在考虑这个问题时，请你们和我一起玩玩这个游戏。
你们现在都是在MBA的第二年，所以你们对自己的同学也应该都了解了。
现在我给你们一个来买进10％的你的一个同学的权利，一直到他的生命结束。
巴菲特三大经典演讲之二——1998年佛罗里达大学商学院演讲
巴菲特1998年佛罗里达大学MBA讲座及英语演讲视频（中英文本）这个视频是1998年巴菲特在佛罗里达大学给MBA学生做的一个讲座，不知为何在网上又被转载起来，视频因为录制得比较早，视频效果不好，但希望中英文对照的文稿能弥补这一缺点。
巴菲特其实口才非常不错，并不是说他能讲出多少“硬货”，而是他能够把最重要的投资哲理用非常通俗易懂的比喻来告诉大家，让即使对财务分析、市盈率等黑话一窍不通的人，所以读巴菲特写的东西一点都不累。
半瓶子才能晃出声响，真正大师的话是非常简单却富有哲理的。
在这片篇超级长的演讲稿里，不但讲了投资理念，还包括了面对工作机做人的态度，耐心读完的朋友，相信一定收获颇丰。
中英对照文本：Buffett: (holds mike) Testing: One million $, two million $….three million $. I would like to say a few words primarily and then the highlight for me will be getting your questions. I want to talk about what is on your mind.巴菲特：话筒测试，100万美元，200万美元.....300万美元。
我想先讲几分钟的套话，然后我就主要来接受你们的提问。
我想谈的是你们的所思所想。
我鼓励你们给我出难题，畅所欲言，言无不尽。
I urge you to throw hard balls, it’s more fun for me if you follow speed and speeches come in end. You can ask anything about except footbal l game last week in A&M, that’s out of limits. We have come here for some from Sun Trust, I have just attend the top meeting and I sat next to Jim·Williams who runs Sun Trust for many years and he wanted to be sure that I wear this Sun Trust shirt down here.我希望你们扔些高难度的球，如果你们的投球带些速度的话，我回答起来会更有兴致.你们几乎可以问任何问题，除了上个礼拜的Texas A & M的大学橄榄球赛，那超出我所能接受的极限了。
巴菲特的演讲(Buffett's speech)
巴菲特的演讲（Buffett's speech）Buffett's speech at the University of Florida Business SchoolAuthor: Warren Buffet | translator: easy Xiaolan translator:The translation here is not an article, but a Video. To be exact, Warrent Buffet (Buffett) at University ofA speech at the Florida business school. In his speech, Buffett talked about investing and talking about life, which made translators benefit a lot. Turn it out here to attract readers.It was a 1.5 hour speech and it really took a lot of work to turn it out. It is hard to do it overnight, but I'm afraid I'll have to serialize it here. Forgive me.(I)I want to talk about a few minutes and then I mainly to cliches, take your questions. What I want to talk about is what you think.I encourage you to give me a problem, you can speak freely. I want you to throw up some difficult balls, and if you give me a bit of speed, I'll be more interested. You can ask almost any questions, except for last week's TexasA&M's college football game, that's beyond my limit. We've got a few SunTrust here. I just finished CocaCola's stockholders' meeting: Warren Buffet's investment firm is CocaOne of Cola's long-term major shareholders, I sat on Jimmy Williams Ben. Jimmy led SunTrust for many years. Jimmy must let me put on this SunTrust T shirt and come here. I always try to make the old Golf Federation to my sponsors, but failed. I didn't think I was in SunTrust, but I did a good job. Jimmy said, "based on the growth of SunTrust deposits, I will get a certain percentage of the reward.". So I was up SunTrust. (Buffett is joking.)I just want to talk to the students for a minute about your future after you leave school. You have learned a lot of knowledge of the investment here, you learn how to do things, you have enough IQ to do, you have the power and energy to do, otherwise you wouldn't be here. Many of you will finally realize your ideals. But beyond intelligence and energy, there's more to decide if you're successful, and I want to talk about those things. Actually, in our Omaha, BerkshireHathaway company headquarters) a gentleman said that when he hired people, he would look at three aspects: integrity, intelligence, and energy. Hiring a man with intelligence and energy without integrity will ruin the hired man. A man without integrity, you can only hope that he is stupid and lazy, not smart and energetic. I want to talk about the first point, because I know you both have the last two points.In considering this question, please join me in this game. You are now in MBA for second years, so you should know all about your classmates. Now I give you one to buy 10% of one of your classmates right until the end of his life. You can't choose those who have rich fathers. Everyone's efforts depend on hisown efforts. I'll give you an hour to think about this question, which student would you like to buy for 10% of the rest of your life?. Would you give them an IQ test and pick the one with the highest IQ value? I suspect it! Will you pick the best one? I doubt it, too. You don't necessarily choose the most energetic one, because you're already motivated. You might be looking for quality factors, because everyone here has a lot of brainsAfter an hour of thinking, when you bet, you may choose the person you most identify with, the person with the most leadership ability, the one who realizes the benefit of others, the generosity, the honesty,Even his own ideas will give credit to others. All these qualities, you can write down the qualities you admire. (whom would you choose) the person you admire most?.Then, I am here to give you a Ban. When you buy 10% of your classmates, you have to sell another 10%. Isn't that interesting? Who do you think I'm selling? You might still not find IQLowest. You may choose the classmate that annoys you, and the qualities that make you dislike it. The one you don't want to deal with, and someone else who doesn't want to deal with it. What qualities have led to that? You can think of a bunch of things, such as dishonesty, love, petty, and so on. You can write them down in the right column of the paper. When you look at the left and right columns of the paper, you'll find something interesting.Whether the football thrown 60 yards is not important, whether it can run 100 yards in 9 seconds in 3 days is not important, it is the best looking person in the class. What really matters is the quality of those on the left column of the paper. You can have all those qualities if you want. The qualities of action, temper, and character are all possible. They are not beyond the reach of each of us present. Look at all those qualities you hate in the right column. None of them is what you have to ask for.You can get rid of it if you have one. At your age, it's much easier to change than at my age, because most of these behaviors are gradually fixed. It is said that the chains of habit are so light that they cannot be felt. Once you feel it, it is too heavy to be removed. I think it's quite right. I've seen a lot of my age, or 10 younger than mePeople 20 years of age have self destructive habits and are unable to extricate themselves. They hate people wherever they go. They don't need that, but they're hopeless.However, at your age, any habit and mode of conduct can be, and as long as you wish, it is only a matter of choice. Like Benjamin Gram (a famous financier mid last century), when he was a teenager, he looks at those respectable, he wanted me to be a respected person, why I don't like those people do? He found it impossible to do that. He rejected the unpleasant qualities in the opposite way. So I said, if you put those qualities all down, ponder, follow, you will be the one you want to buy 10% people! Better yet, you own 100% of yourself. That's what I'm going to talk about today.Now let's start by talking about what you're interested in. We can start with hands raised from here or there.(two)Question: what do you think of Japan?Buffett: I'm not too macro. Now, 10 years of interest on loans in Japan is only 1%. I said to myself, 45 years ago, I went to Benjamin. Gram's course, then I have been diligent, hard work, maybe I should earn more than 1%? It doesn't seem impossible.I don't want to be involved in any risk of currency fluctuations, so I would choose assets based on yen, such as real estate or business, that must be domestic. The only thing I need to do is to make more than 1%, because that's the cost of my money. But until now, I haven't found a business that I can invest in.It's really interesting. Japanese companies have very low asset returns. They have a few businesses that will have 4%, 5%, or 6% returns. If Japanese companies do not make much money themselves, then their asset investors can hardly get good returns. Of course, some people make money, too.I have a friend who worked for Benjamin Gram for the same period. That was the first time I bought stocks, looking for companies that had a lower stock price than liquid capital, a very cheap but a little quality company.I call it the "cigar butt" approach to investing. You areeverywhere to seek the cigar, finally you find a wet, a hate cigarette smoke pot can look. That one is free. You pick it up, take the last bite, then throw it, and then find the next one. It doesn't sound elegant at all, but if you're looking for a free cigar, it's worth it.Don't make the low rate of return business. Time is a friend in business, but enemy in bad business. If you get stuck in a bad business for too long, your results will be bad, even if your buying price is very cheap.If you're in a good business, even if you start paying a little extra cost, if you do it long enough, your returns will be considerable. I don't find any good business from Japan now. It is also possible that Japanese culture will make some changes, for example, their management may be more responsible for the company's stock, so that the return rate will be higher. But now, all I see is some of the low rate of return, even when the high-speed development of the Japanese economy. It's also surprising, because a big, perfect market in Japan doesn't produce good, high returns. Japan's excellence is only in the aggregate economy, not in the quality of the company. This problem has caused trouble for japan. We haven't had much interest in Japan so far. As long as the interest rate is 1%, we will continue to take a wait-and-see attitude.Question: rumor has it that you have become a buyer of the long term fund management fund? What did you do there? What opportunities did you see?Buffett: in a recent article on Fortune magazine (cover ReubenMurdoch), it tells the whole story. I little interesting。
巴菲特1998年在佛罗里达的演讲稿
巴菲特1998年在佛罗里达的演讲稿
巴菲特在1998年在佛罗里达的演讲稿
尊敬的听众们，
感谢大家出席今天的演讲。
我很荣幸能够与你们分享我的一些投资见解和经验。
首先，我想谈谈投资的哲学和原则。
在我看来，投资不是一种赌博，而是一种长期的财务规划。
我推崇的是价值投资，也就是寻找被低估的股票，并且长期持有它们。
这样的投资策略需要耐心和长远的眼光，但它能够带来稳定的回报。
其次，我要强调的是投资者应该遵循巴菲特的三大原则。
第一，只投资自己理解的企业。
我们不应该去投资那些我们无法理解的行业或公司。
第二，我们应该寻找有竞争优势的企业。
这些企业能够在激烈的市场竞争中脱颖而出，并保持长期的盈利能力。
第三，我们应该关注企业的价值而不是价格。
只有当股票的价值高于其价格时，我们才应该考虑购买。
另外，我希望强调的是投资者应该学会控制自己的情绪。
市场的波动是不可避免的，但我们不能为短期的价格波动所左右。
我们应该相信自己的分析和决策，并且在市场情绪过度悲观时买入，过度乐观时卖出。
最后，我要推荐给大家一些我个人认为有潜力的投资机会。
我认为科技行业的发展会持续推动市场的增长。
特别是互联网和
计算机软件领域，还有新兴市场的消费品和金融服务领域。
这些行业拥有巨大的增长潜力，并且能够提供长期的回报。
谢谢大家的聆听。
我希望这些见解能够对你们在投资中起到一些帮助。
祝你们投资顺利！
未来的成功在于现在的决策！。
巴菲特一生最经典的演讲（收藏版）
巴菲特⼀⽣最经典的演讲（收藏版）巴菲特⼀⽣最经典的演讲⽂：巴菲特编：kuang你们毕业之后未来会怎样？在这所⼤学能学到⼤量关于投资的知识，你们将拥有成功所需的知识。
既然各位能坐在这⾥，你们也拥有成功所需的智商，你们还有成功所需的拼劲。
你们⼤多数⼈都会成功地实现⾃⼰的理想。
但是最后你到底能否成功，不只取决于你的头脑和勤奋。
▌品⾏决定命运假设现在你可以选⼀个同学，买⼊他今后⼀⽣之内 10% 的收⼊。
你不能选富⼆代，只能选靠⾃⼰奋⽃的⼈。
请各位仔细想⼀下，你会选班⾥的哪位同学，买⼊他今后⼀⽣之内 10% 的收⼊。
你会给所有同学做个智商测试，选智商最⾼的吗？未必。
你会选考试成绩最⾼的吗？未必。
你会选最有拼劲的吗？不⼀定。
因为⼤家都很聪明，也都很努⼒。
我觉得你会主要考虑定性⽅⾯的因素。
也许你会选你最有认同感的那个⼈，那个拥有领导能⼒，能把别⼈组织起来的⼈。
这样的⼈应该是慷慨⼤⽅的、诚实正直的，他们⾃⼰做了贡献，却说是别⼈的功劳。
我觉得让你做出决定的应该是这样的品质。
找到了你最钦佩的这位同学之后，想⼀想他⾝上有哪些优秀品质，拿⼀张纸，把这些品质写在纸的左边。
为了拥有这位同学今后⼀⽣ 10% 的收⼊，你还要同时做空另⼀位同学今后⼀⽣ 10% 的收⼊，想想你会做空谁？你会想到那些招⼈烦的⼈，不但你烦他们，别⼈也烦他们。
为什么有⼈会招⼈烦？原因很多，这样的⼈可能⾃私⾃利、贪得⽆厌、投机取巧或者弄虚作假。
类似这样的品质，请把它们写在刚才那张纸的右边。
左边的品质不是把橄榄球扔出 60 ⽶，不是 10 秒钟跑完 100 ⽶，不是相貌在全班最出众。
左边的这些品质，你真想拥有的话，你可以有。
这些是关于⾏为、脾⽓和性格的品质，是能培养出来的。
再看⼀下右边的那些品质，那些令⼈⽣厌的品质，你⾝上要是有，想改的话，可以改掉。
常⾔道，习惯的枷锁，开始的时候轻的难以察觉，到后来却重的⽆法摆脱。
⼤多数⾏为都是习惯成⾃然，想摆脱恶习，你们年轻⼈做起来更容易。
巴菲特著名演讲
巴菲特的一次演讲（一）我想先讲几分钟的套话，然后我就主要来接受你们的提问。
我想谈的是你们的所思所想。
我鼓励你们给我出难题，畅所欲言，言无不尽。
（原文：我希望你们扔些高难度的球，如果你们的投球带些速度的话，我回答起来会更有兴致）你们几乎可以问任何问题，除了上个礼拜的Texas A&M的大学橄榄球赛，那超出我所能接受的极限了。
我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。
我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。
吉米领导了SunTrust多年。
吉米一定让我穿上这件SunTrust的T恤到这来。
我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。
没想到我在SunTrust这，却做的不错。
吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。
所以我为SunTrust鼓劲。
（译者注：巴菲特在开玩笑）关于你们走出校门后的前程，我在这里只想讲一分钟。
你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。
你们中的许多人都将最终实现你们的理想。
但是在智能和能量之外，还有更多的东西来决定你是否成功，我想谈谈那些东西。
实际上，在我们Omaha（译者注：Berkshire Hathaway公司的总部所在地）有一位先生说，当他雇人时，他会看三个方面：诚信，智能，和精力。
雇一个只有智能和精力，却没有诚信的人会毁了雇者。
一个没有诚信的人，你只能希望他愚蠢和懒惰，而不是聪明和精力充沛。
我想谈的是第一点，因为我知道你们都具备后两点。
在考虑这个问题时，请你们和我一起玩玩这个游戏。
你们现在都是在MBA的第二年，所以你们对自己的同学也应该都了解了。
现在我给你们一个来买进10％的你的一个同学的权利，一直到他的生命结束。
巴菲特三大经典演讲稿原文
巴菲特三大经典演讲稿原文
尊敬的各位领导、各位来宾，大家好：
我很高兴能够在这里和大家分享一些我的投资心得和经验。
我相信，这些经验
不仅仅适用于投资领域，也可以在生活中发挥重要作用。
首先，我想谈谈关于投资的第一点，那就是要有长远的眼光。
在投资的过程中，我们不能只看眼前的利益，而是要考虑到长期的收益。
这就好比是种树，虽然种下去可能需要很长时间才能看到成果，但只有坚持不懈地投入，才能最终收获硕果。
其次，我认为投资需要有足够的耐心。
市场波动时常存在，但我们不能因为短
期的波动而盲目行动。
耐心等待，耐心观察，才能找到真正的投资机会。
正如我曾经说过的一句话，“当别人贪婪时，我恐惧；当别人恐惧时，我贪婪。
”这就是要求我们在市场波动时保持冷静，不要被情绪左右。
最后，我要强调的是要对自己有足够的信心。
在投资的过程中，我们需要不断
学习，不断提升自己的能力。
只有不断地积累知识和经验，才能更好地应对市场的变化。
同时，我们也要相信自己的判断和决策，不要被外界的声音左右，坚定自己的投资理念。
总的来说，投资是一门需要长期积累和不断学习的艺术。
我们需要有长远的眼光，耐心等待，同时对自己有足够的信心。
只有这样，我们才能在投资的道路上走得更远，取得更大的成功。
谢谢大家！。
巴菲特的一次演讲
一次演讲。
在演讲里，巴菲特谈投资，谈做人，使译者受益匪浅。
在这里翻出来以嗜读者。
这是一次一个半小时的演讲，翻出来着实要费些功夫。
一蹴而就比较难做到，这里恐怕只好做连载了。
见谅。
（一）我想先讲几分钟的套话，然后我就主要来接受你们的提问。
我想谈的是你们的所思所想。
我鼓励你们给我出难题，畅所欲言，言无不尽。
（原文：我希望你们扔些高难度的球，如果你们的投球带些速度的话，我回答起来会更有兴致）你们几乎可以问任何问题，除了上个礼拜的Texas A&M的大学橄榄球赛，那超出我所能接受的极限了。
我们这里来了几个SunTrust（译者注：美国一家大型商业银行）的人。
我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米●威廉姆斯边上。
吉米领导了SunTrust多年。
吉米一定让我穿上这件SunTrust的T恤到这来。
我一直试着让老年高尔夫联盟给我赞助，但是都无功而返。
没想到我在SunTrust这，却做的不错。
吉米说，基于SunTrust存款的增长，我会得到一定比例的酬劳。
所以我为SunTrust鼓劲。
（译者注：巴菲特在开玩笑）关于你们走出校门后的前程，我在这里只想讲一分钟。
你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。
你们中的许多人都将最终实现你们的理想。
但是在智能和能量之外，还有更多的东西来决定你是否成功，我想谈谈那些东西。
实际上，在我们Omaha（译者注：Berkshire Hathaway公司的总部所在地）有一位先生说，当他雇人时，他会看三个方面：诚信，智能，和精力。
雇一个只有智能和精力，却没有诚信的人会毁了雇者。
一个没有诚信的人，你只能希望他愚蠢和懒惰，而不是聪明和精力充沛。
我想谈的是第一点，因为我知道你们都具备后两点。
在考虑这个问题时，请你们和我一起玩玩这个游戏。
【百度文库-3分钟经典英文演讲】巴菲特1998年在佛罗里达大学的MBA讲座
巴菲特1998年在佛罗里达大学的MBA讲座（节选）巴菲特是世界著名的投资商，2008年以净资产620亿美元成为世界首富。
2019年3月5日（纽约时间），巴菲特以825亿美元在2019年福布斯全球亿万富豪榜中排名第3。
这篇演讲稿是1998年巴菲特在佛罗里达大学给MBA学生做的一个讲座，巴菲特口才非常不错，并不是说他能讲出多少“硬货”，而是他能够把最重要的投资哲理用非常通俗易懂的比喻来告诉大家，让即使对财务分析、市盈率等黑话一窍不通的人也能听懂，所以读巴菲特写的东西一点都不累。
在演讲中，巴菲特不但讲了投资理念，还包括了面对工作及做人的态度。
因为演讲稿太长，此处节选一部分巴菲特关于未来和人生态度的观点给大家。
大家也可以网上找到原文耐心读完，相信一定收获颇丰。
I would like to talk for just one minute to the students about your future when you leave here. Because you will learn a tremendous amount about investments, you all have the ability to do well; you all have the IQ to do well. You all have the energyand initiative to do well or you wouldn't be here.关于你们走出校门后的前程，我在这里只想讲一分钟。
你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。
Most of you will succeed in meeting your aspirations. But in determining whether you succeed there is more to it than intellect and energy. I would like to talk just a second about that. In fact, there was a guy, Pete Kiewit in Omaha, who used to say, he looked for three things in hiring people: integrity, intelligence and energy. And he said if the person did not have the first two, the later two would kill him, because if they don't have integrity, you want them dumb and lazy.你们中的许多人都将最终实现你们的理想。
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我在这里只想对学生们讲一分钟关于你们走出校门后的未来。
你们在这里已经学了很多关于投资方面的知识，你们学会如何做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，否则你们就不会在这里了。
你们中的许多人都将最终实现你们的理想。
但是在智能和能量之外，还有更多的东西来决定你是否成功，我想谈谈那些东西。
实际上，在我们奥马哈有一位先生说，当他雇人时，他会看三个方面：诚信，智能，和精力。
雇一个只有智能和精力，却没有诚信的人会毁了雇者。
一个没有诚信的人，你只能希望他愚蠢和懒惰，而不是聪明和精力充沛。
我想谈的是第一点，因为我知道你们都具备后两点。
在考虑这个问题时，请你们和我一起玩玩这个游戏。
你们现在都是在MBA的第二年，所以你们对自己的同学也应该都了解了。
现在我给你们一个来买进10％的你的一个同学的权利，一直到他的生命结束。
你不能选那些有着富有老爸的同学，每个人的成果都要靠他自己的努力。
我给你一个小时来想这个问题，你愿意买进哪一个同学余生的10％。
你会给他们做一个IQ测试吗，选那个IQ值最高的？我很怀疑。
你会挑那个学习成绩最好的吗，我也怀疑。
你也不一定会选那个最精力充沛的，因为你自己本身就已经动力十足了。
你可能会去寻找那些质化的因素，因为这里的每个人都是很有脑筋的。
你想了一个小时之后，当你下赌注时，可能会选择那个你最有认同感的人，最有领导才能的人，能实现他人利益的人，慷慨，诚实，即使是他自己的主意，也会把功劳分予他人的人。
所有这些素质，你可以把这些你所钦佩的素质都写下来。
（你会选择）那个你最钦佩的人。
然后，我这里再给你们下个跘儿。
在你买进10％你的同学时，你还要卖出10％的另外一个人。
这不是很有趣吗？你会想我到底卖谁呢？
你可能还是不会找IQ最低的。
你可能会选那个让你厌恶的同学，以及那些令你讨厌的品质。
那个你不愿打交道的人，其他人也不愿意与之打交道的人。
是什么品质导致了那一点呢？你能想出一堆来，比如不够诚实，爱占小便宜等等这些，你可以把它们写在纸的右栏。
当你端详纸的左栏和右栏时，会发现有意思的一点。
能否将橄榄球扔出60码之外并不重要，是否能在9秒3之内跑100码也不重要，是否是班上最好看的也无关大局。
真正重要的是那些在纸上左栏里的品质。
如果你愿意的话，你可以拥有所有那些品质。
那些行动，脾气，和性格的品质，都是可以做到的。
它们不是我们在座的每一位力所不能及的。
再看看那些右栏里那些让你厌恶的品质，没有一项是你不得不要的。
如果你有的话，你也可以改掉。
在你们这个年纪，改起来比在我这个年纪容易得多，因为大多数这些行为都是逐渐固定下来的。
人们都说习惯的枷锁开始轻得让人感受不到，一旦你感觉到的时候，已经是沉重得无法去掉了。
我认为说得很对。
我见过很多我这个年纪或者比我还年轻10岁，20岁的人，有着自我破坏性习惯而又难以自拔，他们走到哪里都招人厌恶。
他们不需要那样，但是他们已经无可救药。
但是，在你们这个年纪，任何习惯和行为模式都可以有，只要你们愿意，就只是一个选择的问题。
就象本杰明格拉姆（上个世纪中叶著名的金融投资家）一样，在他还是十几岁的少年时，他四顾看看那些令人尊敬的人，他想我也要做一个被人尊敬的人，为什么我不象那些人一样行事呢？他发现那样去做并不是不可能的。
他对那些令人讨厌的品质采取了与此相反的方式而加以摒弃。
所以我说，如果你把那些品质都写下来，好好思量一下，择善而从，你自己可能就是那个你愿意买入10％的人！更好的是你自己本就100％的拥有你自己了。
这就是我今天要讲的。