几问股神巴菲特 - 常春藤之路 ivytrack.org

11岁中国男孩：Good morning, Mr. Buffett, Mr. Munger, My name is JC, I am 11 years old and I come from China. This is my second year at the meeting, Mr. Munger, it's great to see you again after the daily journal meeting in February.

“您曾说过您年纪越大，对人性的了解就越深，能不能讲讲您学到了什么？对人性的不同理解是如何帮助您做更好的投资？”

Mr. Buffett, you mentioned that the older you get, the more you understood about human nature. Could you elaborate more about what you’ve learned, and how can the differences of human nature help you make a better investment? I would also like Mr. Munger to comment on that, please. Thank you very much.

巴菲特：确实，随着年纪越大，我的身体状也渐渐在走下坡路。如果我现在去考SAT（美国大学入学考试），可能没办法拿到我20岁时的成绩，这确实有些尴尬。

You should wait for Charlie’s answer, because he’s even older.He can tell you more about being old than I can even. It’s absolutely true that virtually any yardstick you use, I’m going downhill. And, you know, if I would take an SAT test now, and you could compare it to a score of what I was in my early 20s, I think it’d be quite embarrassing.

但我认为随着年龄的增长，你也能更好地理解人类的行为，你会有更多的经验去判断。这些都是无法靠读书来获得的。年轻的时候，芒格和我读了我们所感兴趣的科目中，几乎所有能得到的书籍。但我完全不认为，仅靠读书，就可以完全理解人性，无论你智商多少，无论谁做你的老师。

But I would say this. It’s absolutely true in my view that you can and should understand human behavior better as you do get older. You just have more experience with it. And I don’t think you can read — Charlie and I read every book we could on every subject we were interested in, you know, when we were very young. And we learned an enormous amount just from studying the lives of other people.

一些你必须要理解，也应该要理解的关于人类本性的洞察，是需要通过阅历和积累去学习的。才能获得很多关于人性的知识。我的确觉得我比25岁或30岁时，更能理解人类的行为。

And — but I don’t think you can get to be an expert on human behavior at all by reading books, no matter what your I.Q. is, no matter who the teacher is. And I think that you really do learn a lot about human behavior. Sometimes you have to learn it by having multiple experiences.

查理芒格：几年前去世的李光耀也许是有史以来最伟大的建国者之一。他一直重申一句话，找到行之有效的方法，然后去行动吧。他也一直在身体力行地践行着他的宗旨。

I’ll give you — do you want one mantra? It comes from a Chinese gentleman who just died, Lee Kuan Yew, who was the greatest nation builder probably that ever lived in the history of the world.

你会发现这句话真的很奏效。找到行之有效的方法，看看别人是怎么做事的，然后付诸实践。

And he said one thing over and over and over again all his life. “Figure out what works, and do it.” If you just go at life with that simple philosophy from your own national group, you will find it works wonderfully well. Figure out what works, and do it.

一位13岁来自旧金山的男孩提问：“我爸爸经常播放你们的讲话视频，我也从中学会很多东西。但是很多时候（理财）是需要延迟满足的能力，你们有没有经验跟孩子来分享呢？”

巴菲特：对不同的家庭和环境而言，省钱并不一定是生活中的第一要务。除了通过投资储蓄获得延迟满足之外，及时享乐也是另一种方式。

试想一下，如果我存钱买了30年的国债，算上税和通胀率，其实也赚不了多少，还不如去迪斯尼乐园。低利率环境还有固定的投资额，意味着你没办法马上获利和享受。

所以，如果现在能够让你和你的家庭享受到生活的快乐，而不是把这些钱一点点省下来，我觉得这种方式也不是不可取。

这种所谓的延迟满足并不是不提倡去做，我一直都相信储蓄还是有很大的力量，存一点是一点。

但你需要理解的是，如果你有了50万、100万美元还不开心，你有了500万或者1亿美元也不会开心。当你财务上有保障后，你会更有安全感。但是我也知道很多富人有非常多的钱，但并不因此而感到快乐。

财富和幸福并不成正比。所以不要过分延迟自己的满足感，现在有一些钱也可以拿出来让自己感到生活更快乐、更开心。

一位来自温哥华的青年提问：“你们能分享一下，在人生目前阶段，你们在生命中最珍视什么？”

我们有一份完美的工作，即使衰老，也能胜任。我们每天都在做自己喜欢的事。我每天的琐事基本都能通过财富代劳。所以才有闲暇去享受我喜欢做的事。查理还在做大学宿舍设计，他的生活很有意思。他花了很多心思去经营。他现在一星期读的书比我一个月读的还多，而且他居然还记得住。所以我们过得很好，尽管我们时间有限。

我们能做的就是突破时间束缚，去做自己喜欢的事，并在我们一生中，把这点做到极致。

查理芒格：一个人若能在一生中做真正喜欢的事情，那么这个人就是幸运的。