Warren Buffett is arguably the greatest investor of all time, and he currently has $82.5 to show for it.
沃倫·巴菲特可說是有史以來最偉大的投資者，而他目前擁有825億美元的資產來證明這一點。
00:08
Probably as a result of him focusing solely on finding great businesses to acquire through his company, Berkshire Hathaway, he has never had time to write a book about this investing approach.
Which is unlucky for all stock enthusiasts out there.
這對所有股票愛好者來說是不幸的。
00:23
But ... luckily, Warren Buffett has been sharing his thoughts on businesses and investing yearly in his shareholder letter to the owners of Berkshire Hathaway ...
Cunningham has structured these letters into a book, so that I could make this video, which is a ...
坎寧安將這些信件結構化成一本書，這樣我才能製作這個視頻，這是一個...
00:44
top 5 takeaways of The Essays of Warren Buffett.
沃倫·巴菲特文章的前五大收穫。
00:48
Written by Warren Buffett himself and Lawrence A Cunningham.
由沃倫·巴菲特本人和勞倫斯·A·坎寧安撰寫。
00:53
Let's dive into the mind of the man who turned $1,000 into a fortune that may last for centuries.
讓我們深入了解這位將1,000美元變成可能持續數世紀的財富的人的思維。
01:03
Takeaway number 1: Buy outstanding businesses at sensible prices When I was a little kid, I enjoyed the story about The Princess and the Frog.
收穫第一點：以合理的價格購買優秀的企業 當我還是個小孩子的時候，我喜歡《青蛙王子》的故事。
01:14
You know, whom, upon being kissed, turned into a prince?
你知道，誰在被親吻後變成了王子？
01:17
And they lived happily ever after, awwww.
然後他們從此過著幸福的生活，哇哦。
01:22
Warren Buffett, however, apparently didn't like this tale.
然而，沃倫·巴菲特顯然不喜歡這個故事。
01:25
Or, well, at least not as a lesson for stock market investing.
或者，至少不喜歡作為股票市場投資的教訓。
01:30
Sure, if you kiss enough frogs, some of them may turn into princes, but why not just go for a prince in the first place?
當然，如果你親吻足夠多的青蛙，其中一些可能會變成王子，但為什麼不直接去找一個王子呢？
01:39
Warren Buffett's primary goal in investing is: "To find an outstanding business at a sensible price, not a mediocre business at a bargain price." Frog-like businesses are cheap, but you'll have to buy a whole lot of them before one of them turns into a prince.
Instead, go look for prince-like businesses that you can find at a reasonable price.
相反，去尋找那些你能以合理價格找到的王子般的企業。
02:04
Many of Warren Buffett's investment principles he got from his teacher Benjamin Graham, but this is a point where they have different opinions.
沃倫·巴菲特的許多投資原則來自他的老師本傑明·格雷厄姆，但在這一點上他們有不同的意見。
02:13
Benjamin Graham went quiet for in his "value investing" approach, and even (to continue the analogies) thought about some of the companies he bought as "cigar butts".
They were really cheap, and probably good for one more "puff".
它們真的很便宜，可能還能再「吹」一次。
02:30
Benjamin Graham definitely preferred buying at bargain prices, and as a result, he mostly bought frogs.
本傑明·葛拉漢絕對偏好以低價買入，因此他大多買的是「青蛙」。
02:38
However, Buffett found that over time, buying great businesses that reinvested their profits, to compound the returns of shareholders, was a better strategy -
然而，巴菲特發現，隨著時間推移，買入那些能將利潤再投資、為股東複利回報的優質企業，是更好的策略——
02:50
even if the price tag was slightly higher.
即使價格稍高一些。
02:53
In fact, Warren Buffett has just three requirements for a stock market investment: Superior economic prospects A reasonable price/valuation, and
事實上，沃倫·巴菲特對股票投資只有三個要求：優越的經濟前景、合理的價格/估值，以及
03:05
Extraordinary people in charge.
卓越的管理團隊。
03:07
In the coming three takeaways, we will have a look at these three separately.
在接下來的三個要點中，我們將分別探討這三點。
03:15
Takeaway number 2: Look for a high return on capital Imagine that your own a lemonade stand.
要點二：尋找高資本回報率 想像你擁有一個檸檬水攤。
03:23
Would you rather be able to make $1,000 with a stand that you bought for $200, or $300 with a stand that you also bought for $200?
你寧願用200美元買的攤位賺1,000美元，還是用同樣200美元買的攤位只賺300美元？
03:34
Yep, Buffett would prefer the first option as well.
沒錯，巴菲特也會選第一個選項。
03:38
More specifically (just because both me and Buffett likes to use confusing accounting terminology), you want to own businesses with a high return on net tangible assets.
更具體地說（因為我和巴菲特都喜歡用複雜的會計術語），你想擁有的是那些「淨有形資產回報率」高的企業。
03:49
That's a fancy way of saying: "earning a lot of money on stuff that the company owns, minus stuff like goodwill and patents and minus the liabilities of the company.
And Buffett is not alone in using this approach to measure superior economic performance.
而巴菲特並不是唯一用這種方法衡量優越經濟表現的人。
04:05
Although who would care if he was?
雖然誰會在乎呢？
04:07
He is the greatest of all time, we'd listen to him anyways!
他是有史以來最偉大的投資者，我們無論如何都會聽他的！
04:10
But Joel Greenblatt is on to the same thing in his book "The Little Book That Beats the Market".
但喬爾·格林布拉特在他的書《擊敗市場的小書》中也提到了同樣的概念。
04:15
Check out my video on that one as well.
也可以看看我關於那本書的影片。
04:19
However ...
然而…
04:20
Buffett expands on this concept a little bit further.
巴菲特對這個概念進一步擴展。
04:23
You want a company that can keep adding more capital and keep earning an above average return.
你想要的是一家能持續增加資本並保持高於平均水平回報的公司。
04:31
So, going back to our example: We want to make sure that we can keep adding lemonade stands for $200 that can earn $1000 yearly in the future as well.
回到我們的例子：我們希望確保未來能繼續以200美元添置每年能賺取1000美元的檸檬水攤位。
04:42
There's just one problem ...
但有一個問題...
04:45
Everyone likes to own lemonade stands that makes $1000 on every $200 invested!
每個人都喜歡擁有投資200美元就能賺取1000美元的檸檬水攤位！
04:51
Or, well ...
或者，更廣泛地說...
04:52
speaking in more general terms: High returns on capital attracts competition.
高資本回報率會吸引競爭。
04:57
So .. there's a third thing that you must look for in your stock market investments and that is a moat.
因此，在股票投資中，你必須尋找的第三件事是護城河。
05:05
A moat is a characteristic of the business that makes it so that it's difficult (and in some cases nearly impossible), for competitors to steal parts of the market.
護城河是指企業的特質，使競爭對手難以（在某些情況下幾乎不可能）竊取市場份額。
05:15
For a lemonade stand, that could be: a superior secret recipe, really low operating costs, or perhaps some "special" ingredient that makes your customers addicted to the product.
Widening this moat and extending the competitive advantage is, according to Buffett, even more important than the current year's return on capital.
根據巴菲特的說法，擴大這個護城河並延長競爭優勢，比當前的資本回報率更重要。
05:39
More on this in my summary of the biography of Warren Buffett - The Snowball.
更多內容請見我對巴菲特傳記《雪球》的總結。
05:45
A business that possesses a high return on capital, where additional capital can be employed to produce cash at high rates in the future as well, and which is protected by a wide moat is what Warren Buffett wants to see.
If you're going to be a net saver for the next, say, decade or so, you should even HOPE for a market crash, because that means that you're going to be able to continue to buy more great businesses at sensible prices in the future as well.
然而，許多投資者在動盪時期感到不安，寧願看到他們的企業股價飆升。
07:31
Yet, many investors feel uneasy at times of turmoil, and would rather see their businesses soar.
即使這必然意味著以後的購買將以高價進行...
07:37
Even though that must necessarily mean that later purchases will happen at high prices ...
或者根本不會發生。
07:44
or not happen at all.
沃倫·巴菲特說，當別人貪婪時要恐懼，當別人恐懼時要貪婪。在整體市場層面上，恐懼和崩盤只會偶爾發生。
07:47
Warren Buffett says that one must be fearful when others are greedy and greedy when others are fearful On an aggregated market level, fear and crashes only happen occasionally.
但在個別公司中，機會經常出現。
08:00
But with individual companies, opportunities arise quite frequently.
你只需要在這些機會出現時採取行動。
08:05
You must only act when one of these opportunities present themselves.
其他時間——只要靜坐即可。
08:10
The rest of the time - just sit still.
“尋找股票就像尋找配偶。
08:14
"Looking for stocks is like looking for a spouse.
積極、感興趣和開放的心態會有回報，但急於求成卻不會。”
08:17
It pays to be active, interested and open-minded, but it does not pay to be in a hurry".
這說起來容易做起來難。
08:24
This is easier said than done.
但要達到正確的心態，一種方法是試著建立一個投資組合，使其在十年或更長時間內能夠獲得最高的總收益。
08:26
But one way to achieve the right mindset is to try to build a portfolio that will have the highest possible aggregated earnings in a decade or so.
這將使你考慮長期的商業方面，而不是短期的市場估值——這種視角幾乎肯定會增加你的股市回報。
08:36
This will make you think about long-term business aspects, rather than short-term market valuations - a perspective that is almost guaranteed to increase your stock market returns.
"Just as in baseball - to put runs on the scoreboard, one must monitor the playing field and not the scoreboard." Takeaway number 4: Identifying extraordinary management.
根據沃倫·巴菲特的說法，這其實很簡單。
09:04
According to Warren Buffett, it's quite simple really.
根據沃倫·巴菲特的說法，這其實很簡單。
09:07
You want extraordinary people to handle the businesses that you invest in.
你希望非凡的人來經營你投資的企業。
09:12
And hat characterizes an extraordinary manager?
什麼特質能定義一位非凡的經理人？
09:16
That he or she thinks like an owner in running the business.
就是他或她在經營企業時能像老闆一樣思考。
09:21
Buffett and Charlie Munger (his right-hand man) wants the CEOs of their companies to run them like: - They are its sole owner.
巴菲特和他的左右手查理·芒格希望他們公司的執行長能像以下這樣經營公司：
09:31
- It's the only asset they own - They cannot sell a merger for a century There's simply too much that a CEO can do to make the situation awful for you as an investor in the stock.
Beware the CEO who often expresses that he wants to maximize shareholder value, yet, he doesn't own any stock in the company personally, the company has never paid a dime in dividends,
在股價低廉時多次拒絕股票回購，並將他的獎金與公司的盈利規模掛鉤。
10:06
he has turned his back on share repurchases on multiple occasions when the stock has been cheap, and he has tied the size of his bonus to the size of the company's earnings.
財務報告顯示不良的會計處理。
10:17
- Financial reports display week accounting.
不良的會計處理通常意味著有東西要隱瞞。
10:21
Week accounting often means that there's something to hide.
「廚房裡很少只有一隻蟑螂」。
10:24
"They're seldom just one cockroach in the kitchen".
腳註難以解讀。
10:28
- Footnotes are impossible to decipher.
這裡也適用同樣的原則...
10:32
The same principle applies here ...
如果你不理解財務報告中的腳註，通常是因為有人不希望你理解它們。
10:34
If you don't understand what the footnotes say in the financial reports, it is often because someone doesn't want you to understand them.
盈利預測被大肆宣傳。
10:44
- Earnings projections are trumpeted.
這可能看起來像是經理人在幫你一個忙，因為這給人一種透明的印象。
10:46
It may seem like the manager is doing you a favor here, because it gives an impression of transparency.
但在許多情況下，這會帶來錯誤的誘因。
10:52
In many cases, it gives the wrong incentives though.
篡改數字相當容易，而總是承諾「達成目標」的經理人，遲早會被誘惑去「編造數字」。
10:56
Fudging numbers is quite easy, and managers that always promise to "make the numbers" will at some point be tempted to "make up the numbers".
相反地，尋找那些：
11:08
Instead, look for CEOs who are: - Independent - Business-savvy
盈利預測被大肆宣傳。
11:15
- Interested - Shareholder oriented.
有興趣 - 以股東為導向。
11:17
Make sure that they own stock in the company that they are operating.
確保他們擁有所經營公司的股票。
11:26
Takeaway number 5: Stay focused You are asked to place bets on some of the fastest runners in history, who are competing during their prime, in a 100 meters race.
You win if the runners that you bet on manage to sprint the distance in less than 9.9 seconds.
如果你下注的選手能在9.9秒內跑完，你就贏了。
11:45
You have Usain Bolt, Tyson Gay, Yohan Blake, Justin Gatlin and Carl Lewis competing.
參賽者有尤塞恩·博爾特、泰森·蓋伊、約翰·布雷克、賈斯汀·加特林和卡爾·劉易斯。
11:52
If Bolt manages to run in less than 9.9 seconds, you get 4x your money's worth.
如果博爾特能在9.9秒內跑完，你可以獲得4倍的投資回報。
12:00
3.5x for Gay, 3x for Blake, 2.5x for Gatlin and 2x for Lewis.
蓋伊是3.5倍，布雷克是3倍，加特林是2.5倍，劉易斯是2倍。
12:07
You have $10,000 at your disposal.
你有1萬美元可用。
12:09
How would you split your bets?
你會如何分配你的賭注？
12:15
Split them??
分散賭注？？
12:16
Are you crazy?!!
你瘋了嗎？！！
12:19
I guess that most of you would place either all your money on Bolt, or perhaps split them among the top three, with more money going towards Bolt than Gay and Blake.
If you understand the businesses that you're thinking about investing in, you often have both a higher chance of success in your top picks, COMBINED with a higher potential payout.
如果你了解你考慮投資的企業，你通常在最佳選擇中既有更高的成功機會，又有更高的潛在回報。
12:56
Moreover, a diversifying strategy simply can't be practiced, because you don't have enough time to analyze that many companies satisfactorily, and there simply aren't that many great deals to go around either.
"Charlie and I decided a long time ago that, in an investment lifetime, it's too hard to make hundreds of smart decisions." Diversification should only be practiced by individuals who do not intend to learn and understand the economics of specific businesses.
Once you've found outstanding businesses at sensible prices, the best holding period is forever.
一旦你以合理的價格找到了優秀的企業，最好的持有期就是永遠。
13:37
And with such a buy and hold strategy, about one good idea per year is enough.
而採用這種買入並持有的策略，每年有一個好主意就足夠了。
13:43
"Frequently, the best decision is to do nothing.
「通常，最好的決定就是什麼都不做。」
13:46
There are worse things in life than having a prosperous business that one understands well." That's it for The Essays of Warren Buffett!
「人生中有比擁有一個自己非常了解且繁榮的企業更糟糕的事情。」這就是《巴菲特的文章精選》的全部內容！
13:57
Here's the summary: Buy outstanding businesses at sensible prices.
以下是總結：以合理的價格購買優秀的企業。
14:03
Look for businesses with high return on capital (and with moats!).
尋找具有高資本回報率的企業（並且擁有護城河！）。
14:09
Short-term fluctuations in the market means more opportunities.
市場的短期波動意味著更多的機會。
14:14
The best managers run their businesses like an owner.
最好的管理者像所有者一樣經營他們的企業。
14:19
Focus your investments on a few great opportunities that you understand well.
將你的投資集中在幾個你非常了解的優秀機會上。
14:26
I expect to have a playlist of Warren Buffett books to show up here in the end, but if that doesn't pop up now, you know what you can expect for the next few summaries.
