巴菲特的partner查理·孟格的人生智慧

以下是某年某月某日蒙格接受媒體採訪的部分逐字稿,個人覺得充滿智慧,在這邊做個分享,中文的部分不太算翻譯,而是我用自己的理解隨意評註的。

the economy sometimes booms, and sometimes it doesn’t. And you have to live your life through both episodes. And our idea is we just keep swimming. And sometimes the tide is with us, and sometimes against. But we keep swimming either way.

經濟有時候好,有時候壞,但不論好壞你總是必須過生活。我們的想法就是持續的往前游,有時候浪潮推我們一把,有時候則是逆著,但不論順流還是逆流,我們就是持續游著。

ANDY SERWER: How did you help him make that decision?

媒體問:「你是如何幫助巴菲特改掉那個壞習慣的?」(巴菲特受到老師葛拉漢的影響,喜歡「抽雪茄屁股」,尋找便宜、但可能不是很好的企業投資。)

CHARLIE MUNGER: Well, it was probably obvious. And he’d made so much money in the other technique that it was hard for him to leave something that worked so well. But it was not going to scale. So when he started looking for investment values in great businesses that were temporarily under pressure, it changed everything for the better. Now we can scale up to the big time.

蒙格謙虛地說,很明顯的,因為巴菲特那樣做賺了很多錢,所以很難叫他放棄,但那樣的投資是無法規模化的,所以他開始投資那些因為短暫因素而影響價格的偉大企業,從此everything變得更好了,而我們現在的投資也可以規模化。

 

I knew nothing about it in advance. What happened there was very easy. The truth of the matter is that Heinz ketchup was a stronger brand than Kraft cheese. And they paid more for it. So one acquisition worked brilliantly, and the other worked poorly. Well, welcome to adult life. It happens to everybody.

上面是媒體問到亨氏番茄醬的投資,蒙格回答亨氏番茄醬雖然買卡夫起士買得漂亮,但其餘的部分就不太妙。Well,歡迎來到成人世界,這是發生在每個人身上的狀況。(所以不要傻傻以為周杰倫和昆凌的人生很完美零缺點,郭台銘、張宗謀每天都沒有不開心不煩心的事)

it’s a combination of luck and skill. That’s what all good records are.

上面是談到波克夏海瑟威高的驚人的股價,蒙格說是運氣和技巧的組合。(對,一定有運氣的成分,葉啟田不是唱三分天註定,七分靠打拼嗎?)

We do not want to have an island of prosperity and the rest of the world envious of us in a nuclear age. And China doesn’t. Russia doesn’t.

我們不希望在核子時代整個世界就只有我們自己(應該是指美國吧)繁榮興盛,而其他的國家都嫉妒我們(全家族只有少數幾人吃香喝辣,其他人作何感想?全台灣都只有少數人生活過得好,肯定會招來嫉妒、仇恨、甚至是恐怖暴力行為..)

If we buy a business, we’re going to hold it forever. So we’re going to have good years, bad years, in between years, maybe a disastrous year some year. And we care a lot about the price. We do not care about the next 12 months.

如果我們購買一間企業,我們是打算永久持有它。所以我們會有豐收的時候,也會有營運不佳的時候,甚至企業本身會有災難。而我們比較關注價格,而不是下一年會怎樣。

最後,2020 2月28美股已持續跳水一週了,我進場買了美股ETF VTI,146塊的價格我還是覺得貴,但比起高點 172元已經打了84折了,這是小試水溫,分批買,越往下探再加碼。

VTI前幾大持股均是偉大企業(微軟、Apple、Google、Facebook、Amazon..),還包含了巴菲特與蒙格的波克夏海瑟威。不選股了,只要選價格,這樣會不會比較容易些?因為新冠肺炎現在機會來了,買的價格越低,安全邊際就越大(葛拉漢很強調安全邊際,可以 protect your money),勝率就越高,Good luck to myself.

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