财富精英励志演讲28:巴菲特:决定你成功的因素(4)(在线收听

   Well, that’s a short little sermon.

  上面我简单地我说了一下我的看法。
  So Let's get on with what you’re interested in.
  下面就让我们开始谈谈你们所感兴趣的。
  And like I say, in go all over.
  就像我之前说的那样。
  So, I don’t know exactly how we gotta have this, but let's start with a hand here someplace or other.
  我不知道接下来怎样进行,那我们从举手示意的同学开始提问题吧。
  There we go, for the first one...yeah, right here.
  第一个问题,那个同学。
  Q: Your thoughts about Japan?
  问题:您对日本的看法?
  W: My thoughts about Japan? I am not a macro guy.
  巴菲特:我对日本的看法?我不是一个太宏观的人。
  Now I said to myself Berkshire Hathaway can borrow money for 10 years at one percent.
  我所在的伯克希尔·哈撒韦公司在日本10年期的贷款利息只有1%。
  I say gee, I took Graham’s class 45 years ago and I have been working hard at this thing all my life.
  我对自己说,45年前,我上了本杰明.格拉姆的课程,然后我就一直勤勤恳恳,努力工作,
  Maybe I can earn more than 1% annually. I really work hard at it.
  也许我应该比1%挣的多点吧?
  One percent. It doesn’t seem impossible, doesn’t it?
  看上去那不是不可能的。
  So I wouldn’t want to get involved in currency risk, so it would have to be Yen-denominated.
  我不想卷入任何汇率波动的风险,所以我会选择以日元为基准的资产。
  I would have to be in Japanese Real Estate or Japanese companies or something of the sort and all I have to do is to beat 1%.
  如地产或企业,必须是日本国内的。我唯一需要做的就是挣得比1%多,
  That is all the money is going to cost me and I can get it for 10 years.
  因为那是我资金的成本,十年内我要收回来的。
  So far I haven’t found anything. It is kind of interesting.
  可直到现在,我还没有发现一家可以投资的生意。这真的很有趣。
  The Japanese companies earn very low returns on equity,
  日本企业的资产回报率都很低。
  and they have a bunch of businesses that earn 4%, 5%, 6% on equity
  他们有少数企业会有4%,5%,或6%的回报。
  and it is very hard to earn a lot as an investor when the business you are in doesn’t earn very much money.
  如果日本企业本身赚不了多少钱的话,那么其资产投资者是很难获得好的回报的。
  Now some people do it in fact.
  当然,有一些人也赚了钱。
  I've got a friend, Walter Schloss, who worked at Graham at the same time I did.
  我有一个和我同期为本杰明.格拉姆工作过的朋友,他叫沃尔特·施洛斯。
  And it was the first way I went to stocks to buy stocks selling way below working capital. A very cheap, quantitative stocks.
  那是我第一次运用买股票的方法,即寻找那些股票价格远低于流动资本的公司,非常便宜但股票数量有限的公司。
  I call it the “cigar butt” approach to investing.
  我管那方法叫雪茄烟蒂投资法。
  You walk down the street, you look around for a cigar butt someplace.
  你满地找雪茄烟蒂,
  And you finally see one and it is soggy and kind of repulsive, but there is one puff left in it .
  终于你找到一个湿透了的,令人讨厌的烟蒂,看上去还能抽上一口。
  So you pick it up and the puff is free.
  那一口可是免费的。
  I mean it is a cigar butt stock. I mean you get one free puff on it and then you throw it away and walk down the street and try another one.
  你把它捡起来,抽上最后一口,然后扔了,接着找下一个。
  I mean it is not elegant, but it works.
  这听上去一点都不优雅,但是很有效。
  If you are looking for a free puff,it works.
  如果你找的是一口免费的雪茄烟,这方法还值得做。
  Those are low return businesses.
  不要做低回报率的生意。
  原文地址:http://www.tingroom.com/lesson/cflzyj/244435.html