1
00:00:08,200 --> 00:00:10,680
Many people know Warren Buffett as the
2
00:00:10,680 --> 00:00:13,520
best investor in the world. But how does
3
00:00:13,520 --> 00:00:14,840
he think?
4
00:00:14,840 --> 00:00:18,080
Today, we will share his secrets. We
5
00:00:18,080 --> 00:00:20,440
will talk about his simple ideas for
6
00:00:20,440 --> 00:00:24,120
investing and his rules for a good life.
7
00:00:24,120 --> 00:00:27,240
His story is full of great wisdom.
8
00:00:27,240 --> 00:00:29,280
You can not only practice your English
9
00:00:29,280 --> 00:00:31,640
listening skills, but you can also
10
00:00:31,640 --> 00:00:34,680
absorb his smart ideas and learn how to
11
00:00:34,680 --> 00:00:36,520
make better choices.
12
00:00:36,520 --> 00:00:38,160
Let's begin.
13
00:00:38,160 --> 00:00:41,320
Warren Buffett was born in 1930. The
14
00:00:41,320 --> 00:00:43,720
United States was very poor at that
15
00:00:43,720 --> 00:00:46,920
time. It was the Great Depression. Many
depression[dɪˈprɛʃǝn]n.不景氣，蕭條
16
00:00:46,920 --> 00:00:49,400
people had no jobs.
17
00:00:49,400 --> 00:00:52,280
Warren's father lost his job, too. But
18
00:00:52,280 --> 00:00:54,880
his father did not give up. He opened a
19
00:00:54,880 --> 00:00:57,960
small office to buy and sell stocks.
20
00:00:57,960 --> 00:01:00,480
Because of this, little Warren grew up
21
00:01:00,480 --> 00:01:03,040
around numbers. Even in these hard
22
00:01:03,040 --> 00:01:06,240
times, he found something he loved. He
23
00:01:06,240 --> 00:01:08,080
loved looking at the numbers in his
24
00:01:08,080 --> 00:01:10,720
father's stock books. When he was 6
25
00:01:10,720 --> 00:01:13,400
years old, his weekly allowance was only
allowance[ǝˈlaʊǝns] n.零用錢[C]
26
00:01:13,400 --> 00:01:17,320
5 cents. He thought that was too little.
27
00:01:17,320 --> 00:01:19,760
So he started his own business.
28
00:01:19,760 --> 00:01:21,920
He bought bottles of Coca-Cola from his
29
00:01:21,920 --> 00:01:24,800
grandfather's store for a cheap price.
30
00:01:24,800 --> 00:01:27,480
Then he walked to the lake and sold them
31
00:01:27,480 --> 00:01:29,400
to people resting in the sun for a
32
00:01:29,400 --> 00:01:32,680
higher price. He also sold chewing gum
33
00:01:32,680 --> 00:01:35,080
and newspapers. He liked selling
34
00:01:35,080 --> 00:01:38,480
newspapers the most. Why? Because he
35
00:01:38,480 --> 00:01:41,200
could choose his own path. He could
36
00:01:41,200 --> 00:01:44,200
calculate which street to take first.
37
00:01:44,200 --> 00:01:46,400
He could deliver the most newspapers in
38
00:01:46,400 --> 00:01:48,120
the shortest time.
39
00:01:48,120 --> 00:01:51,000
He wanted to be his own boss. When
40
00:01:51,000 --> 00:01:53,760
Warren was 10, he asked his father for a
41
00:01:53,760 --> 00:01:56,640
special birthday trip. He did not want
42
00:01:56,640 --> 00:01:59,400
to go to an amusement park. He wanted to
amusement[ǝˈmjuzmǝnt]n.娛樂，消遣
43
00:01:59,400 --> 00:02:02,520
go to New York to see the stock market.
44
00:02:02,520 --> 00:02:04,479
His father took him there.
45
00:02:04,479 --> 00:02:06,720
They met a very important man on Wall
46
00:02:06,720 --> 00:02:09,880
Street named Sidney Weinberg. He was the
47
00:02:09,880 --> 00:02:12,360
top boss of a famous company called
48
00:02:12,360 --> 00:02:14,640
Goldman Sachs. He looked at the
Sachs/sæks/薩克斯
Goldman Sachs 高盛集團
49
00:02:14,640 --> 00:02:18,000
10-year-old boy and asked, "So, Warren,
50
00:02:18,000 --> 00:02:20,040
what stock do you like?"
51
00:02:20,040 --> 00:02:22,600
Warren never forgot that day.
52
00:02:22,600 --> 00:02:24,959
When he was 11, he bought his first
53
00:02:24,959 --> 00:02:26,040
stock.
54
00:02:26,040 --> 00:02:27,840
He asked his older sister to buy the
55
00:02:27,840 --> 00:02:30,200
stock with him. But right after they
56
00:02:30,200 --> 00:02:33,240
bought it, the price went down. His
57
00:02:33,240 --> 00:02:35,800
sister was worried. His sister asked
58
00:02:35,800 --> 00:02:37,640
Warren every day,
59
00:02:37,640 --> 00:02:39,480
"Warren, what is happening to our
60
00:02:39,480 --> 00:02:40,720
stock?"
61
00:02:40,720 --> 00:02:43,520
The pressure was too much for Warren.
62
00:02:43,520 --> 00:02:46,160
Every day he watched the numbers. He
63
00:02:46,160 --> 00:02:49,840
felt completely sick and very scared.
64
00:02:49,840 --> 00:02:52,080
Finally, the price went back up just a
65
00:02:52,080 --> 00:02:54,720
little bit. Warren quickly sold the
66
00:02:54,720 --> 00:02:57,160
stock. He was happy to get his money
67
00:02:57,160 --> 00:02:58,200
back.
68
00:02:58,200 --> 00:02:59,680
But guess what?
69
00:02:59,680 --> 00:03:01,880
A few days later, the price of that
70
00:03:01,880 --> 00:03:04,720
stock went up five times.
71
00:03:04,720 --> 00:03:07,880
Warren missed a huge chance. This was a
72
00:03:07,880 --> 00:03:11,640
painful lesson. The pain was very deep.
73
00:03:11,640 --> 00:03:13,880
But he learned two rules for life from
74
00:03:13,880 --> 00:03:14,720
it.
75
00:03:14,720 --> 00:03:16,160
Rule one,
76
00:03:16,160 --> 00:03:18,640
do not sell just because the price drops
77
00:03:18,640 --> 00:03:19,880
a little.
78
00:03:19,880 --> 00:03:21,320
Rule two,
79
00:03:21,320 --> 00:03:24,360
do not sell just to make a tiny profit.
80
00:03:24,360 --> 00:03:25,840
Have patience.
81
00:03:25,840 --> 00:03:27,880
When he was in school, he read a book
82
00:03:27,880 --> 00:03:32,000
called 1,000 Ways to Make $1,000.
83
00:03:32,000 --> 00:03:35,680
It opened his mind. He learned a secret.
84
00:03:35,680 --> 00:03:38,519
Do not use your time to make money.
85
00:03:38,519 --> 00:03:40,880
Let your money work for you.
86
00:03:40,880 --> 00:03:43,640
He decided to try this secret. He bought
87
00:03:43,640 --> 00:03:47,480
an old pinball machine for $25.
88
00:03:47,480 --> 00:03:50,160
He put the machine in a barbershop.
89
00:03:50,160 --> 00:03:52,640
People waited to get their hair cut.
90
00:03:52,640 --> 00:03:55,200
While waiting, they played the game. In
91
00:03:55,200 --> 00:03:59,880
just 2 weeks, Warren made his $25 back.
92
00:03:59,880 --> 00:04:01,920
He took that money and bought more
93
00:04:01,920 --> 00:04:05,160
machines. Someone asked Warren, "Aren't
94
00:04:05,160 --> 00:04:07,440
you afraid the barber will just buy his
95
00:04:07,440 --> 00:04:11,600
own machine?" Warren smiled. He said, "I
96
00:04:11,600 --> 00:04:13,480
told the barber that the machine was
97
00:04:13,480 --> 00:04:16,280
cheap, but the repair cost was very,
98
00:04:16,280 --> 00:04:17,959
very high."
99
00:04:17,959 --> 00:04:21,359
I told the barber it was a bad business.
100
00:04:21,359 --> 00:04:24,080
Warren scared the barber away.
101
00:04:24,080 --> 00:04:26,760
He understood what people were afraid
102
00:04:26,760 --> 00:04:27,840
of.
103
00:04:27,840 --> 00:04:31,400
By the time Warren was 14, he had saved
104
00:04:31,400 --> 00:04:35,280
$1,000 from selling newspapers.
105
00:04:35,280 --> 00:04:37,760
He bought a small piece of land and
106
00:04:37,760 --> 00:04:39,360
rented it out.
107
00:04:39,360 --> 00:04:42,720
He did the math. He realized something
108
00:04:42,720 --> 00:04:44,560
important.
109
00:04:44,560 --> 00:04:47,240
If he kept letting his money work like
110
00:04:47,240 --> 00:04:50,360
this, he would be a millionaire by age
111
00:04:50,360 --> 00:04:52,280
35.
112
00:04:52,280 --> 00:04:54,640
Over the years, his father's stock
113
00:04:54,640 --> 00:04:57,080
business did very well.
114
00:04:57,080 --> 00:05:00,520
People in their city trusted his father.
115
00:05:00,520 --> 00:05:04,560
However, Warren's life soon changed.
116
00:05:04,560 --> 00:05:08,040
His father was elected to Congress.
elect[ɪˈlɛkt]vt.選舉
congress[ˈkɑŋɡrǝs] 美國國會,立法機關
117
00:05:08,040 --> 00:05:09,919
So, the family had to move to
118
00:05:09,919 --> 00:05:12,200
Washington, D.C.
119
00:05:12,200 --> 00:05:16,120
Warren did not like his new high school.
120
00:05:16,120 --> 00:05:18,880
If a teacher bought a stock, Warren
121
00:05:18,880 --> 00:05:21,400
would talk to the teacher about it.
122
00:05:21,400 --> 00:05:23,760
He would say the stock was going to go
123
00:05:23,760 --> 00:05:25,360
down.
124
00:05:25,360 --> 00:05:27,919
The teachers knew Warren was very good
125
00:05:27,919 --> 00:05:30,919
at stocks, so this made them very
126
00:05:30,919 --> 00:05:32,520
nervous.
127
00:05:32,520 --> 00:05:35,640
He loved numbers, but he did not like
128
00:05:35,640 --> 00:05:37,680
the normal rules.
129
00:05:37,680 --> 00:05:40,160
Time flew by.
130
00:05:40,160 --> 00:05:43,960
A new chapter in his life was beginning.
131
00:05:43,960 --> 00:05:46,480
When he finished college, he wanted to
132
00:05:46,480 --> 00:05:49,240
work for a very smart investor named
133
00:05:49,240 --> 00:05:51,240
Benjamin Graham.
134
00:05:51,240 --> 00:05:53,840
Graham was the father of value
135
00:05:53,840 --> 00:05:55,520
investing.
136
00:05:55,520 --> 00:05:57,720
Warren wanted to work for Graham so
137
00:05:57,720 --> 00:06:01,120
badly that he told him, "I will work for
138
00:06:01,120 --> 00:06:02,480
free."
139
00:06:02,480 --> 00:06:04,600
But Graham said no.
140
00:06:04,600 --> 00:06:08,160
Graham said, "Even free is too expensive
141
00:06:08,160 --> 00:06:09,680
for you."
142
00:06:09,680 --> 00:06:12,800
At that time, Graham only hired Jewish
Jewish[ˈdʒuɪʃ]adj.猶太人的
143
00:06:12,800 --> 00:06:16,760
people, and Warren was not Jewish.
144
00:06:16,760 --> 00:06:19,320
Warren did not give up.
145
00:06:19,320 --> 00:06:23,440
He wrote letters to Graham for 3 years.
146
00:06:23,440 --> 00:06:27,240
Finally, Graham gave Warren a job.
147
00:06:27,240 --> 00:06:29,680
Graham taught Warren how to look for
148
00:06:29,680 --> 00:06:31,720
cheap stocks.
149
00:06:31,720 --> 00:06:34,880
In the 1950s, Warren called this the
150
00:06:34,880 --> 00:06:37,080
cigar butt method.
butt[bʌt]【美】【口】屁股
151
00:06:37,080 --> 00:06:39,520
What is a cigar butt?
152
00:06:39,520 --> 00:06:42,760
Imagine you are walking down the street.
153
00:06:42,760 --> 00:06:45,000
You see a dirty cigar butt on the
154
00:06:45,000 --> 00:06:46,440
ground.
155
00:06:46,440 --> 00:06:50,800
It looks gross. It is wet and ugly.
gross[ɡros]【俚】令人噁心的；令人討厭的
156
00:06:50,800 --> 00:06:53,760
But it still has one free puff left in
puff[pʌf]（抽）一口菸[C]
157
00:06:53,760 --> 00:06:55,000
it.
158
00:06:55,000 --> 00:06:57,760
You pick it up, take the free puff, and
159
00:06:57,760 --> 00:06:59,560
throw it away.
160
00:06:59,560 --> 00:07:02,880
It is not pretty, but it works.
161
00:07:02,880 --> 00:07:06,120
Warren learned this method well.
162
00:07:06,120 --> 00:07:08,400
He looked for companies that were doing
163
00:07:08,400 --> 00:07:09,960
badly,
164
00:07:09,960 --> 00:07:12,040
but their parts were still worth
165
00:07:12,040 --> 00:07:13,560
something.
166
00:07:13,560 --> 00:07:17,040
He would buy the stock very cheap.
167
00:07:17,040 --> 00:07:19,120
Then he would make a little money and
168
00:07:19,120 --> 00:07:20,640
sell it.
169
00:07:20,640 --> 00:07:23,840
To find these cigar butts, he had to
170
00:07:23,840 --> 00:07:26,680
read and read.
171
00:07:26,680 --> 00:07:29,480
He sat in his office and read financial
172
00:07:29,480 --> 00:07:33,400
reports for 5 or 6 hours every single
173
00:07:33,400 --> 00:07:34,760
day.
174
00:07:34,760 --> 00:07:38,080
He did this for 20 years.
175
00:07:38,080 --> 00:07:41,040
There were no computers back then.
back then = at that time = 在那個時候
176
00:07:41,040 --> 00:07:44,080
All the numbers were in his head.
177
00:07:44,080 --> 00:07:46,680
Today, most people get their information
178
00:07:46,680 --> 00:07:49,600
from news headlines or short videos on
179
00:07:49,600 --> 00:07:51,320
their phones.
180
00:07:51,320 --> 00:07:54,160
They listen to rumors and look for quick
rumor[ˈrumɚ]謠言
181
00:07:54,160 --> 00:07:55,800
answers.
182
00:07:55,800 --> 00:07:58,480
But how is Warren different?
這裡的 how 不是單純的「如何」。
How is A different?
可以理解成：
A 是在哪些方面不同？
A 有什麼不一樣？
183
00:07:58,480 --> 00:08:01,320
He is a reading machine.
184
00:08:01,320 --> 00:08:03,640
He says that knowledge builds up like
build up = 逐漸增加、累積、累加
185
00:08:03,640 --> 00:08:05,720
interest in a bank.
186
00:08:05,720 --> 00:08:09,520
He has read so much for 70 years.
187
00:08:09,520 --> 00:08:12,200
Because of this, he keeps many companies
188
00:08:12,200 --> 00:08:14,880
in his head all the time.
189
00:08:14,880 --> 00:08:17,800
He watches them every day.
190
00:08:17,800 --> 00:08:21,360
This is his huge database.
191
00:08:21,360 --> 00:08:24,040
He can see things that others miss
192
00:08:24,040 --> 00:08:26,960
simply because he has read more than
193
00:08:26,960 --> 00:08:29,040
anyone else.
194
00:08:29,040 --> 00:08:32,840
But reading is just the first step.
195
00:08:32,840 --> 00:08:36,479
You also need the patience to wait.
196
00:08:36,479 --> 00:08:39,360
Warren said investing is like standing
197
00:08:39,360 --> 00:08:41,640
at a baseball game.
198
00:08:41,640 --> 00:08:45,080
You do not have to swing at every ball.
199
00:08:45,080 --> 00:08:48,680
You can just stand there and wait.
200
00:08:48,680 --> 00:08:53,120
You only swing when the ball is perfect.
201
00:08:53,120 --> 00:08:56,320
For a stock, a perfect ball means the
202
00:08:56,320 --> 00:08:58,920
price is low enough.
203
00:08:58,920 --> 00:09:01,160
The problem with the stock market is
204
00:09:01,160 --> 00:09:04,360
that it is too easy to swing.
205
00:09:04,360 --> 00:09:07,200
People get bored and make too many
206
00:09:07,200 --> 00:09:08,839
choices.
207
00:09:08,839 --> 00:09:11,360
Warren does not like to buy many
208
00:09:11,360 --> 00:09:13,320
different stocks.
209
00:09:13,320 --> 00:09:16,240
He only buys a few that he really
210
00:09:16,240 --> 00:09:18,040
understands.
211
00:09:18,040 --> 00:09:21,000
He says buying 30 different stocks is
212
00:09:21,000 --> 00:09:23,200
not investing.
213
00:09:23,200 --> 00:09:26,760
He jokes, you are not an investor. You
214
00:09:26,760 --> 00:09:29,520
are just shopping in a supermarket and
215
00:09:29,520 --> 00:09:32,640
putting everything in your cart.
216
00:09:32,640 --> 00:09:35,680
Most investors try to follow every new
217
00:09:35,680 --> 00:09:36,880
trend.
218
00:09:36,880 --> 00:09:40,080
They buy AI or the latest hot
219
00:09:40,080 --> 00:09:41,680
technology.
220
00:09:41,680 --> 00:09:43,800
They are afraid of missing out on the
221
00:09:43,800 --> 00:09:46,200
next big thing.
222
00:09:46,200 --> 00:09:48,760
But Warren and his friend Bill Gates
223
00:09:48,760 --> 00:09:51,640
once wrote down one word that helped
224
00:09:51,640 --> 00:09:53,320
them the most.
225
00:09:53,320 --> 00:09:54,840
Focus.
226
00:09:54,840 --> 00:09:57,480
Warren stays inside his "circle of
227
00:09:57,480 --> 00:09:58,840
competence."
competence[ˈkɑmpǝtǝns]能力
228
00:09:58,840 --> 00:10:01,760
He only buys what he understands, like
229
00:10:01,760 --> 00:10:04,080
soda or razors.
razor[ˈrеzɚ]n.刮鬍刀；剃刀
230
00:10:04,080 --> 00:10:07,200
His greatest power is not finding new
231
00:10:07,200 --> 00:10:08,680
ideas.
232
00:10:08,680 --> 00:10:11,680
His greatest power is the power to say
233
00:10:11,680 --> 00:10:15,240
no to a thousand bad ones.
234
00:10:15,240 --> 00:10:19,400
By age 30, Warren was a millionaire.
235
00:10:19,400 --> 00:10:21,680
But if you looked at him, he did not
236
00:10:21,680 --> 00:10:24,440
look like a rich man at all.
237
00:10:24,440 --> 00:10:27,400
He was very strange about money.
238
00:10:27,400 --> 00:10:30,800
He loved to make money, but he hated to
239
00:10:30,800 --> 00:10:32,400
spend it.
240
00:10:32,400 --> 00:10:35,160
To him, money was like bullets for a
241
00:10:35,160 --> 00:10:36,560
gun.
242
00:10:36,560 --> 00:10:40,000
If you spend money on a house or a car,
243
00:10:40,000 --> 00:10:42,800
you have fewer bullets to hunt for more
244
00:10:42,800 --> 00:10:44,080
money.
245
00:10:44,080 --> 00:10:46,160
When Warren was married and had two
246
00:10:46,160 --> 00:10:49,240
children, he still refused to buy a
247
00:10:49,240 --> 00:10:50,520
house.
248
00:10:50,520 --> 00:10:53,520
They lived in a tiny apartment.
249
00:10:53,520 --> 00:10:57,360
His second baby did not even have a bed.
250
00:10:57,360 --> 00:11:00,040
The baby slept in a drawer pulled out
251
00:11:00,040 --> 00:11:02,120
from Warren's desk.
252
00:11:02,120 --> 00:11:05,080
Finally, his wife Susie could not take
253
00:11:05,080 --> 00:11:06,760
it anymore.
254
00:11:06,760 --> 00:11:09,320
When they had their third child, Susie
255
00:11:09,320 --> 00:11:12,680
took $31,500
256
00:11:12,680 --> 00:11:14,520
and bought a house.
257
00:11:14,520 --> 00:11:17,280
Warren was so sad about spending that
258
00:11:17,280 --> 00:11:18,560
money.
259
00:11:18,560 --> 00:11:22,440
Later, Susie spent $10,000 to paint and
260
00:11:22,440 --> 00:11:24,280
fix the house.
261
00:11:24,280 --> 00:11:27,560
Warren said his heart was bleeding.
262
00:11:27,560 --> 00:11:30,480
He named the house "Buffett's Folly",
folly[ˈfɑlɪ] 愚蠢；蠢事，愚行
263
00:11:30,480 --> 00:11:34,000
which means Buffett's stupid mistake.
264
00:11:34,000 --> 00:11:37,960
Today, Warren is over 90 years old.
265
00:11:37,960 --> 00:11:41,360
He still lives in that same house.
266
00:11:41,360 --> 00:11:44,160
He always wore the same simple gray
267
00:11:44,160 --> 00:11:45,640
suits.
suit[sut]西裝
268
00:11:45,640 --> 00:11:48,760
He drove an old cheap car.
269
00:11:48,760 --> 00:11:52,080
His license plate even said THRIFTY,
license 許可證；執照，牌照
plate[plеt]車牌
thrifty[ˈθrɪftɪ]adj.節儉的，節約的
270
00:11:52,080 --> 00:11:54,840
which means saving money.
271
00:11:54,840 --> 00:11:57,600
Every morning, he drives 5 minutes to
272
00:11:57,600 --> 00:11:59,960
work and stops at McDonald's for
273
00:11:59,960 --> 00:12:01,560
breakfast.
274
00:12:01,560 --> 00:12:04,120
When the stock market is doing well, he
275
00:12:04,120 --> 00:12:08,440
buys a breakfast for 3 dollars and 17 cents.
276
00:12:08,840 --> 00:12:11,400
When the market is bad, he buys the
277
00:12:11,400 --> 00:12:15,800
cheaper breakfast for $2.61.
278
00:12:16,040 --> 00:12:18,560
Warren did not just act like this when
279
00:12:18,560 --> 00:12:20,240
he was alone.
280
00:12:20,240 --> 00:12:22,680
Once, he took his best friend, Bill
281
00:12:22,680 --> 00:12:25,680
Gates, to eat at McDonald's.
282
00:12:25,680 --> 00:12:28,040
They were the two richest men in the
283
00:12:28,040 --> 00:12:29,440
world.
284
00:12:29,440 --> 00:12:31,920
But when it was time to pay, Warren
285
00:12:31,920 --> 00:12:34,760
pulled out paper coupons to save a few
coupon[ˈkupɑn]贈券；減價優待券
286
00:12:34,760 --> 00:12:36,080
cents.
287
00:12:36,080 --> 00:12:39,720
Bill Gates thought it was very funny.
288
00:12:39,720 --> 00:12:42,600
Warren also did not care about showing
289
00:12:42,600 --> 00:12:45,560
off with new technology.
290
00:12:45,560 --> 00:12:49,200
His company owned a huge part of Apple.
291
00:12:49,200 --> 00:12:52,720
But for many years, he used an old cheap
292
00:12:52,720 --> 00:12:56,560
flip phone that cost $20.
flip[flɪp]v.翻轉
flip phone = 翻蓋手機
293
00:12:56,560 --> 00:12:59,360
He only used the phone to make simple
294
00:12:59,360 --> 00:13:01,040
calls.
295
00:13:01,040 --> 00:13:04,520
He told people that having $10,000
296
00:13:04,520 --> 00:13:06,839
and having $1,000,000
297
00:13:06,839 --> 00:13:08,920
is the same.
298
00:13:08,920 --> 00:13:12,320
I wear the same clothes as you.
299
00:13:12,320 --> 00:13:15,600
I drink the same Coca-Cola.
300
00:13:15,600 --> 00:13:19,040
I eat the same McDonald's.
301
00:13:19,040 --> 00:13:23,040
I watch football on the same TV.
302
00:13:23,040 --> 00:13:25,920
If I get sick, we go to the same
303
00:13:25,920 --> 00:13:27,680
doctors.
304
00:13:27,680 --> 00:13:31,120
Warren did not want to show off.
305
00:13:31,120 --> 00:13:35,400
Making money was just a game to him.
306
00:13:35,400 --> 00:13:38,520
He played this game very well,
307
00:13:38,520 --> 00:13:41,720
but he always stayed humble.
humble[ˈhʌmbḷ]adj.謙遜的
308
00:13:41,720 --> 00:13:46,480
He always told people he was just lucky.
309
00:13:46,480 --> 00:13:49,320
He was born in America at the right
310
00:13:49,320 --> 00:13:50,840
time.
311
00:13:50,840 --> 00:13:54,600
He had a brain that loved numbers.
312
00:13:54,600 --> 00:13:57,360
He also lived in a system that rewarded
reward[rɪˈwɒrd]v. 獎勵
313
00:13:57,360 --> 00:14:00,720
people who understood numbers.
314
00:14:00,720 --> 00:14:04,280
He said, "If we were all stuck on a wild
315
00:14:04,280 --> 00:14:07,320
island, the person who can grow food
316
00:14:07,320 --> 00:14:09,640
would be the king.
317
00:14:09,640 --> 00:14:11,760
No one would care that I am good at
318
00:14:11,760 --> 00:14:13,960
picking stocks."
319
00:14:13,960 --> 00:14:17,040
Warren saw money as a game,
320
00:14:17,040 --> 00:14:19,760
so he did not want money to spoil his
spoil[spɒɪl]vt. 寵壞，溺愛
321
00:14:19,760 --> 00:14:21,320
children.
322
00:14:21,320 --> 00:14:24,360
For many years, his three children did
323
00:14:24,360 --> 00:14:27,880
not even know their father was rich.
324
00:14:27,880 --> 00:14:30,640
They went to normal schools and lived
325
00:14:30,640 --> 00:14:33,040
like everyone else.
326
00:14:33,040 --> 00:14:36,360
Once, his daughter asked him for $20 to
327
00:14:36,360 --> 00:14:38,320
pay for parking.
328
00:14:38,320 --> 00:14:40,480
Warren said, "Yes."
329
00:14:40,480 --> 00:14:43,040
But he made his daughter write a check
check【美】支票
330
00:14:43,040 --> 00:14:44,800
to pay him back.
331
00:14:44,800 --> 00:14:47,480
He was very strict.
strict[strɪkt]adj. 嚴格的
332
00:14:47,480 --> 00:14:50,200
He said, "I want to give my children
333
00:14:50,200 --> 00:14:53,040
enough money so they feel they can do
334
00:14:53,040 --> 00:14:54,720
anything,
335
00:14:54,720 --> 00:14:57,360
but I do not want to give them so much
336
00:14:57,360 --> 00:15:00,920
that they feel they can do nothing."
337
00:15:00,920 --> 00:15:03,720
He wanted his children to find their own
338
00:15:03,720 --> 00:15:05,320
success.
339
00:15:05,320 --> 00:15:08,560
Let's go back to his business journey.
340
00:15:08,560 --> 00:15:12,600
When Warren was 32, he saw a very bad
341
00:15:12,600 --> 00:15:15,200
company that made cloth.
342
00:15:15,200 --> 00:15:18,520
It was called Berkshire Hathaway.
343
00:15:18,520 --> 00:15:21,600
The company was losing a lot of money,
344
00:15:21,600 --> 00:15:24,800
and the stock was very cheap.
345
00:15:24,800 --> 00:15:27,880
It was a perfect cigar butt.
346
00:15:27,880 --> 00:15:29,120
Why?
347
00:15:29,120 --> 00:15:32,480
Because Warren knew a secret.
348
00:15:32,480 --> 00:15:35,320
The boss of the company had some extra
349
00:15:35,320 --> 00:15:36,760
cash.
350
00:15:36,760 --> 00:15:39,480
The boss wanted to use this cash to buy
351
00:15:39,480 --> 00:15:41,720
the stock back directly from the
352
00:15:41,720 --> 00:15:43,640
investors.
353
00:15:43,640 --> 00:15:46,400
Warren planned to buy the cheap stock on
354
00:15:46,400 --> 00:15:49,080
the market, sell it directly to the
355
00:15:49,080 --> 00:15:52,600
boss, and make a quick profit.
356
00:15:52,600 --> 00:15:55,800
That was his free puff.
357
00:15:55,800 --> 00:15:59,240
Soon, the boss contacted Warren.
358
00:15:59,240 --> 00:16:02,960
The boss wanted to buy Warren's shares.
359
00:16:02,960 --> 00:16:05,560
He asked the boss of the company, "What
360
00:16:05,560 --> 00:16:08,080
price will you pay to buy my shares
361
00:16:08,080 --> 00:16:09,480
back?"
362
00:16:09,480 --> 00:16:13,760
The boss said, "$11.50."
363
00:16:13,960 --> 00:16:16,080
Warren agreed.
364
00:16:16,080 --> 00:16:18,800
But a few days later, the boss sent a
365
00:16:18,800 --> 00:16:20,160
letter.
366
00:16:20,160 --> 00:16:24,960
The letter offered only $11.37.
367
00:16:25,800 --> 00:16:29,680
It was a difference of just 13 cents.
368
00:16:29,680 --> 00:16:32,640
But Warren was furious.
furious[ˈfjʊǝrɪǝs]狂怒的
369
00:16:32,640 --> 00:16:36,480
To Warren, a promise is everything.
370
00:16:36,480 --> 00:16:39,560
He knew the smart thing to do.
371
00:16:39,560 --> 00:16:42,440
He could just take the money, walk away,
372
00:16:42,440 --> 00:16:44,480
and forget it.
373
00:16:44,480 --> 00:16:47,360
That was the safe choice.
374
00:16:47,360 --> 00:16:50,680
But Warren's pride was hurt.
pride[praɪd]自尊心
375
00:16:50,680 --> 00:16:54,240
He felt the boss broke his promise just
376
00:16:54,240 --> 00:16:57,040
to save a few pennies.
penny[ˈpɛnɪ]【美】一分；一分硬幣
377
00:16:57,040 --> 00:16:59,360
He felt cheated.
378
00:16:59,360 --> 00:17:02,280
So, Warren let his anger drive his
379
00:17:02,280 --> 00:17:04,040
choices.
380
00:17:04,040 --> 00:17:06,839
He did not sell.
381
00:17:06,839 --> 00:17:10,880
Instead, he bought more and more stock
382
00:17:10,880 --> 00:17:14,480
until he owned the whole company.
383
00:17:14,480 --> 00:17:17,959
Then, Warren fired the boss.
384
00:17:17,959 --> 00:17:20,959
But, the cloth business was dead.
385
00:17:20,959 --> 00:17:23,560
Warren was stuck with a terrible
386
00:17:23,560 --> 00:17:25,000
company.
387
00:17:25,000 --> 00:17:28,520
It was his worst choice ever.
388
00:17:28,520 --> 00:17:31,960
He lost billions of dollars in time and
389
00:17:31,960 --> 00:17:33,400
money.
390
00:17:33,400 --> 00:17:37,040
The pain was very deep.
391
00:17:37,040 --> 00:17:39,280
What did he learn?
392
00:17:39,280 --> 00:17:42,160
He learned a hard lesson.
393
00:17:42,160 --> 00:17:45,040
"People have feelings for stocks,
394
00:17:45,040 --> 00:17:47,560
but stocks do not have feelings for
395
00:17:47,560 --> 00:17:49,120
people."
396
00:17:49,120 --> 00:17:52,840
Money does not care if you are angry.
397
00:17:52,840 --> 00:17:54,960
Never let your emotions make your
emotion[ɪˈmoʃǝn]n.感情，情感[C]
398
00:17:54,960 --> 00:17:56,760
choices.
399
00:17:56,760 --> 00:18:00,120
Warren knew he had weaknesses.
400
00:18:00,120 --> 00:18:03,520
For example, he was often tempted to buy
tempt[tɛmpt]v. 引誘，誘惑
401
00:18:03,520 --> 00:18:05,560
airline companies.
402
00:18:05,560 --> 00:18:07,000
Why?
403
00:18:07,000 --> 00:18:10,320
Because airlines look exciting.
404
00:18:10,320 --> 00:18:12,760
Planes are always full of people
405
00:18:12,760 --> 00:18:14,200
traveling.
406
00:18:14,200 --> 00:18:17,360
It looks like a winning business.
407
00:18:17,360 --> 00:18:20,640
But, Warren knew a hard truth.
408
00:18:20,640 --> 00:18:24,920
Running an airline costs too much money.
run 在這裡是「經營、管理」的意思
409
00:18:24,920 --> 00:18:28,560
Buying planes and fuel is so expensive
Buying planes and fuel
是一個動名詞片語，把「購買飛機和燃料」
視為一件事情。因此主詞是單數概念
410
00:18:28,560 --> 00:18:30,720
that the companies rarely keep their
411
00:18:30,720 --> 00:18:32,160
profits.
412
00:18:32,160 --> 00:18:34,840
It is a beautiful trap.
413
00:18:34,840 --> 00:18:38,320
Even though he knew it was a trap, he
414
00:18:38,320 --> 00:18:41,440
still felt tempted to buy them.
415
00:18:41,440 --> 00:18:44,360
It was like a bad habit.
416
00:18:44,360 --> 00:18:46,760
To stop himself, he would call his
417
00:18:46,760 --> 00:18:49,320
friend Charlie Munger.
418
00:18:49,320 --> 00:18:52,760
He would say, "Charlie, I am Warren and
419
00:18:52,760 --> 00:18:54,920
I have a problem.
420
00:18:54,920 --> 00:18:57,920
I want to buy an airline."
421
00:18:57,920 --> 00:19:00,320
And Charlie would always say,
422
00:19:00,320 --> 00:19:03,800
"Please do not do it. Hang up."
423
00:19:03,800 --> 00:19:06,720
This helped Warren stay away from his
424
00:19:06,720 --> 00:19:08,360
bad habits.
425
00:19:08,360 --> 00:19:12,240
He never gave up on his worst mistake.
426
00:19:12,240 --> 00:19:15,920
He kept the name Berkshire Hathaway.
427
00:19:15,920 --> 00:19:19,320
He slowly changed the bad cloth company
428
00:19:19,320 --> 00:19:21,760
into the biggest holding company in the
429
00:19:21,760 --> 00:19:23,280
world.
430
00:19:23,280 --> 00:19:27,280
Then his whole life changed again.
431
00:19:27,280 --> 00:19:30,120
Warren changed because of a man named
432
00:19:30,120 --> 00:19:32,080
Charlie Munger.
433
00:19:32,080 --> 00:19:35,120
Charlie was older than Warren.
434
00:19:35,120 --> 00:19:37,400
Charlie also worked in Warren's
435
00:19:37,400 --> 00:19:41,000
grandfather's store when he was a boy.
436
00:19:41,000 --> 00:19:43,760
But they met much later.
437
00:19:43,760 --> 00:19:46,840
Charlie told Warren to stop picking up
438
00:19:46,840 --> 00:19:49,120
dirty cigar butts.
439
00:19:49,120 --> 00:19:52,200
Charlie said, "It is much better to buy
440
00:19:52,200 --> 00:19:55,400
a great company at a fair price than a
fair/fɛr/公平的；合理的
441
00:19:55,400 --> 00:19:58,520
fair company at a cheap price."
442
00:19:58,520 --> 00:20:02,400
This was a very hard choice for Warren.
443
00:20:02,400 --> 00:20:06,160
His old cigar butt method was safe.
444
00:20:06,160 --> 00:20:08,000
It was comfortable.
445
00:20:08,000 --> 00:20:11,200
It had already made him a millionaire.
446
00:20:11,200 --> 00:20:14,200
Why change a winning game?
447
00:20:14,200 --> 00:20:16,840
To buy a great company, Warren had to
448
00:20:16,840 --> 00:20:19,760
pay a higher price.
449
00:20:19,760 --> 00:20:23,720
Paying a high price felt very dangerous.
450
00:20:23,720 --> 00:20:27,000
It broke all his old rules.
451
00:20:27,000 --> 00:20:29,560
But he trusted Charlie.
452
00:20:29,560 --> 00:20:32,480
Warren took a deep breath and left his
453
00:20:32,480 --> 00:20:35,560
safe zone. This was when he truly
454
00:20:35,560 --> 00:20:38,800
understood the idea of the snowball.
455
00:20:38,800 --> 00:20:40,920
He realized that wealth is like a
456
00:20:40,920 --> 00:20:42,360
snowball.
457
00:20:42,360 --> 00:20:44,760
If you find a great company and give it
458
00:20:44,760 --> 00:20:48,000
many years to roll, it will grow bigger
459
00:20:48,000 --> 00:20:49,720
and bigger.
460
00:20:49,720 --> 00:20:52,240
He stopped looking for cheap, bad
461
00:20:52,240 --> 00:20:53,720
companies.
462
00:20:53,720 --> 00:20:56,960
He started looking for castles with wide
463
00:20:56,960 --> 00:20:58,360
moats.
moat[mot]n.護城河，壕溝[C]
464
00:20:58,360 --> 00:21:00,240
What is a moat?
465
00:21:00,240 --> 00:21:03,320
A moat is the water around a castle that
466
00:21:03,320 --> 00:21:06,280
keeps enemies away.
467
00:21:06,280 --> 00:21:08,720
In business, a moat is something that
468
00:21:08,720 --> 00:21:12,840
makes a company impossible to replace.
469
00:21:12,840 --> 00:21:15,520
Why did he buy Coca-Cola?
470
00:21:15,520 --> 00:21:20,320
Because it has a huge moat in your mind.
471
00:21:20,320 --> 00:21:23,440
Warren drank five cans of cherry Coke
472
00:21:23,440 --> 00:21:24,960
every day.
473
00:21:24,960 --> 00:21:27,680
He knew a secret about Coke.
474
00:21:27,680 --> 00:21:30,760
It has no "taste memory".
475
00:21:30,760 --> 00:21:32,160
Think about it.
476
00:21:32,160 --> 00:21:35,160
If you eat chocolate every day, you get
477
00:21:35,160 --> 00:21:36,800
tired of it.
478
00:21:36,800 --> 00:21:39,000
If you drink orange juice three times a
479
00:21:39,000 --> 00:21:41,640
day, you feel sick.
480
00:21:41,640 --> 00:21:43,360
But water?
481
00:21:43,360 --> 00:21:46,400
You never get tired of water.
482
00:21:46,400 --> 00:21:49,440
Coca-Cola is like water.
483
00:21:49,440 --> 00:21:52,560
You can drink Coke at 9:00 a.m., 11:00
484
00:21:52,560 --> 00:21:55,320
a.m., and 5:00 p.m.
485
00:21:55,320 --> 00:21:58,200
It always tastes good.
486
00:21:58,200 --> 00:22:00,640
People can drink it every day of their
487
00:22:00,640 --> 00:22:02,040
lives.
488
00:22:02,040 --> 00:22:04,080
That is a moat.
489
00:22:04,080 --> 00:22:06,520
He also bought Disney.
490
00:22:06,520 --> 00:22:07,840
Why?
491
00:22:07,840 --> 00:22:09,960
Because of mothers.
492
00:22:09,960 --> 00:22:12,240
A mother might want to keep her child
493
00:22:12,240 --> 00:22:14,880
quiet for 2 hours.
494
00:22:14,880 --> 00:22:17,880
So, she will buy a Disney movie.
495
00:22:17,880 --> 00:22:21,520
She trusts the name. She will not waste
496
00:22:21,520 --> 00:22:24,080
time trying a movie from a company she
497
00:22:24,080 --> 00:22:25,920
does not know.
498
00:22:25,920 --> 00:22:28,640
That trust is a moat.
499
00:22:28,640 --> 00:22:31,080
Warren also bought a chocolate company
500
00:22:31,080 --> 00:22:33,840
called See's Candies.
501
00:22:33,840 --> 00:22:37,840
He said their moat is love and trust.
502
00:22:37,840 --> 00:22:41,360
He explained, "If a young man buys See's
503
00:22:41,360 --> 00:22:43,080
Candies for his girlfriend on
504
00:22:43,080 --> 00:22:46,360
Valentine's Day and she kisses him,
505
00:22:46,360 --> 00:22:50,000
that box of candy is priceless.
506
00:22:50,000 --> 00:22:53,080
Even if the price goes up next year, he
507
00:22:53,080 --> 00:22:56,840
will not buy cheap unknown chocolate.
508
00:22:56,840 --> 00:22:59,920
Once love becomes a habit, that is a
509
00:22:59,920 --> 00:23:01,160
moat."
510
00:23:01,160 --> 00:23:03,920
He also bought Gillette, the company
511
00:23:03,920 --> 00:23:05,960
that makes razors.
512
00:23:05,960 --> 00:23:08,960
He knew that billions of men's beards
beard[bɪrd]n.[C]（下巴上的）鬍鬚，山羊鬍
513
00:23:08,960 --> 00:23:11,080
grow every night.
514
00:23:11,080 --> 00:23:14,560
But the real moat is in their minds.
515
00:23:14,560 --> 00:23:16,840
When these men wake up and go to the
516
00:23:16,840 --> 00:23:19,920
supermarket, their brains are already
517
00:23:19,920 --> 00:23:22,320
occupied by Gillette.
518
00:23:22,320 --> 00:23:25,240
They will grab a Gillette razor just out
519
00:23:25,240 --> 00:23:26,720
of habit.
520
00:23:26,720 --> 00:23:29,760
They will not even look at other unknown
521
00:23:29,760 --> 00:23:31,160
brands.
522
00:23:31,160 --> 00:23:34,200
With ideas like this, Warren and Charlie
523
00:23:34,200 --> 00:23:36,840
built a huge empire.
524
00:23:36,840 --> 00:23:39,360
They were best friends for over 40
525
00:23:39,360 --> 00:23:40,760
years.
526
00:23:40,760 --> 00:23:43,320
They were very different, but they never
527
00:23:43,320 --> 00:23:44,600
fought.
528
00:23:44,600 --> 00:23:46,680
Their rule was simple.
529
00:23:46,680 --> 00:23:48,800
Let the past go.
530
00:23:48,800 --> 00:23:52,440
Life only moves forward.
531
00:23:52,440 --> 00:23:57,000
In the late 1990s, a new game started.
532
00:23:57,000 --> 00:24:00,440
Everyone was buying internet stocks.
533
00:24:00,440 --> 00:24:04,320
People were getting rich overnight.
534
00:24:04,320 --> 00:24:07,280
But Warren bought nothing.
535
00:24:07,280 --> 00:24:10,640
He felt a deep struggle.
536
00:24:10,640 --> 00:24:12,760
His friends and neighbors were making
537
00:24:12,760 --> 00:24:14,200
millions.
538
00:24:14,200 --> 00:24:16,400
He could easily buy those internet
539
00:24:16,400 --> 00:24:18,000
stocks.
540
00:24:18,000 --> 00:24:21,720
Then people would stop laughing at him.
541
00:24:21,720 --> 00:24:23,960
He wanted to be part of the winning
542
00:24:23,960 --> 00:24:25,840
team.
543
00:24:25,840 --> 00:24:28,280
But there was a problem.
544
00:24:28,280 --> 00:24:30,320
He knew the internet would change the
545
00:24:30,320 --> 00:24:31,440
world.
546
00:24:31,440 --> 00:24:35,160
But the market was changing too fast.
547
00:24:35,160 --> 00:24:37,480
He explained his choice with a famous
548
00:24:37,480 --> 00:24:39,320
example.
549
00:24:39,320 --> 00:24:42,200
Cars and airplanes changed the world,
550
00:24:42,200 --> 00:24:43,400
right?
551
00:24:43,400 --> 00:24:45,320
But in the early days, there were
552
00:24:45,320 --> 00:24:49,240
thousands of car and airplane companies.
553
00:24:49,240 --> 00:24:54,880
In the end, 99% of them went bankrupt.
554
00:24:54,880 --> 00:24:57,400
I know the internet will change the
555
00:24:57,400 --> 00:24:59,040
world,
556
00:24:59,040 --> 00:25:01,560
but I cannot pick the three winners that
557
00:25:01,560 --> 00:25:04,360
will survive out of hundreds of internet
558
00:25:04,360 --> 00:25:06,360
companies."
559
00:25:06,360 --> 00:25:08,560
He believed that in a fast-changing
560
00:25:08,560 --> 00:25:11,800
industry, it is impossible to build a
561
00:25:11,800 --> 00:25:15,480
long-term, predictable moat.
predictable[prɪˈdɪktǝbḷ]
adj.可預言的，可預料的
562
00:25:15,480 --> 00:25:18,520
Warren had to choose.
563
00:25:18,520 --> 00:25:22,600
He could look like an old fool today,
564
00:25:22,600 --> 00:25:26,240
or he could risk everything on a game
565
00:25:26,240 --> 00:25:30,160
where he could not see the true winners.
566
00:25:30,160 --> 00:25:32,920
He swallowed his pride.
567
00:25:32,920 --> 00:25:36,840
He chose to look like a fool.
568
00:25:36,840 --> 00:25:39,440
People laughed and called Warren a
569
00:25:39,440 --> 00:25:41,440
dinosaur.
570
00:25:41,440 --> 00:25:43,920
He felt very lonely,
571
00:25:43,920 --> 00:25:46,840
but he stayed strong.
572
00:25:46,840 --> 00:25:49,480
He treats the stock market like a friend
573
00:25:49,480 --> 00:25:52,800
who is sometimes crazy.
574
00:25:52,800 --> 00:25:55,360
He does not let the crazy friend tell
575
00:25:55,360 --> 00:25:57,560
him what to do.
576
00:25:57,560 --> 00:26:01,200
Then the internet bubble burst.
burst[/bɝst/]v.爆裂
577
00:26:01,200 --> 00:26:04,920
Stocks lost half their value.
578
00:26:04,920 --> 00:26:07,400
Most people feel sick when they see
579
00:26:07,400 --> 00:26:11,080
stock prices drop 50%.
580
00:26:11,080 --> 00:26:13,600
Everyone was crying,
581
00:26:13,600 --> 00:26:16,160
but Warren was safe.
582
00:26:16,160 --> 00:26:19,600
He says, "You do not need a high IQ to
583
00:26:19,600 --> 00:26:21,960
be a great investor.
584
00:26:21,960 --> 00:26:25,600
You only need a stable heart."
585
00:26:25,600 --> 00:26:28,440
He was actually happy.
586
00:26:28,440 --> 00:26:31,840
He said, "Looking at these cheap stocks
587
00:26:31,840 --> 00:26:34,640
is like a man falling into a room full
588
00:26:34,640 --> 00:26:36,840
of beautiful women.
589
00:26:36,840 --> 00:26:40,520
Warren loved when prices went down."
590
00:26:40,520 --> 00:26:43,800
He explained it with a hamburger.
591
00:26:43,800 --> 00:26:45,840
"If you are going to eat hamburgers for
592
00:26:45,840 --> 00:26:47,680
the rest of your life,
593
00:26:47,680 --> 00:26:49,720
do you want the price of hamburgers to
594
00:26:49,720 --> 00:26:52,400
go up or down?
595
00:26:52,400 --> 00:26:56,160
Of course, you want them to go down.
596
00:26:56,160 --> 00:26:58,280
Are you buying stocks for the next 10
597
00:26:58,280 --> 00:26:59,680
years?
598
00:26:59,680 --> 00:27:03,240
Then you should want the market to drop.
599
00:27:03,240 --> 00:27:06,240
The market is just a supermarket.
600
00:27:06,240 --> 00:27:09,360
You want things to be on sale.
601
00:27:09,360 --> 00:27:12,040
You only want the price to go up on the
602
00:27:12,040 --> 00:27:14,800
day you finally sell.
603
00:27:14,800 --> 00:27:18,120
He always said, "Be fearful when others
604
00:27:18,120 --> 00:27:19,600
are greedy.
605
00:27:19,600 --> 00:27:23,280
Be greedy when others are fearful."
606
00:27:23,280 --> 00:27:25,480
He was never afraid of the market
607
00:27:25,480 --> 00:27:27,120
dropping.
608
00:27:27,120 --> 00:27:30,120
But he always remembered that bad things
609
00:27:30,120 --> 00:27:31,760
can happen.
610
00:27:31,760 --> 00:27:34,440
On his office wall, he kept an old
611
00:27:34,440 --> 00:27:38,400
newspaper from the year 1929.
612
00:27:38,400 --> 00:27:41,040
That was the year the stock market
613
00:27:41,040 --> 00:27:42,560
crashed.
614
00:27:42,560 --> 00:27:45,560
Everyone lost their money.
615
00:27:45,560 --> 00:27:48,200
He kept the newspaper there to remind
616
00:27:48,200 --> 00:27:51,240
himself to stay careful.
617
00:27:51,240 --> 00:27:55,360
He never wanted to get too proud.
618
00:27:55,360 --> 00:27:58,680
Warren understands history.
619
00:27:58,680 --> 00:28:01,320
So, people often ask him about new
620
00:28:01,320 --> 00:28:04,080
fast-growing markets around the world,
621
00:28:04,080 --> 00:28:06,040
like China.
622
00:28:06,040 --> 00:28:08,800
Warren says, "The people in China are
623
00:28:08,800 --> 00:28:13,040
very smart and work very hard.
624
00:28:13,040 --> 00:28:16,800
They have built an amazing economy.
625
00:28:16,800 --> 00:28:20,240
But he also sees a problem."
626
00:28:20,240 --> 00:28:23,040
He says, "Their stock market is very
627
00:28:23,040 --> 00:28:24,560
young.
628
00:28:24,560 --> 00:28:27,200
The investors there have not lived
629
00:28:27,200 --> 00:28:32,240
through dark times like the year 1929.
630
00:28:32,240 --> 00:28:35,000
Because of this, many people treat the
631
00:28:35,000 --> 00:28:38,600
stock market like a giant casino.
632
00:28:38,600 --> 00:28:41,520
They jump in and out.
633
00:28:41,520 --> 00:28:44,520
They want to buy a stock today and be
634
00:28:44,520 --> 00:28:47,520
rich by tomorrow.
635
00:28:47,520 --> 00:28:50,840
Is a casino market dangerous?
636
00:28:50,840 --> 00:28:53,080
Most people think so.
637
00:28:53,080 --> 00:28:56,600
But Warren sees a huge chance.
638
00:28:56,600 --> 00:28:59,840
He explains a simple rule.
639
00:28:59,840 --> 00:29:02,920
When people act like crazy gamblers,
gambler[ˈɡæmbḷɚ]n.賭徒
640
00:29:02,920 --> 00:29:06,720
prices jump up too high and fall down
641
00:29:06,720 --> 00:29:08,120
too low.
642
00:29:08,120 --> 00:29:11,520
If you are the only patient person in a
643
00:29:11,520 --> 00:29:13,600
giant casino,
644
00:29:13,600 --> 00:29:16,400
you will find the best deals in the
645
00:29:16,400 --> 00:29:18,080
world.
646
00:29:18,080 --> 00:29:21,600
He knows that true value investing works
647
00:29:21,600 --> 00:29:23,080
everywhere.
648
00:29:23,080 --> 00:29:26,120
It works especially well where people
649
00:29:26,120 --> 00:29:28,400
are not patient.
650
00:29:28,400 --> 00:29:30,960
He proved this rule with a Chinese
651
00:29:30,960 --> 00:29:34,800
battery company called BYD.
652
00:29:34,800 --> 00:29:38,760
In 2008, his friend Charlie recommended
653
00:29:38,760 --> 00:29:42,680
this company. Warren bought the stock.
654
00:29:42,680 --> 00:29:45,000
While other people in the casino wanted
655
00:29:45,000 --> 00:29:48,360
to get rich by tomorrow, Warren sat
656
00:29:48,360 --> 00:29:50,200
quietly.
657
00:29:50,200 --> 00:29:54,440
He held the stock for 14 years.
658
00:29:54,440 --> 00:29:56,840
His patience paid off.
pay off 得到回報
659
00:29:56,840 --> 00:30:01,120
He made more than 30 times his money.
660
00:30:01,120 --> 00:30:04,480
Only when the price became very high, he
661
00:30:04,480 --> 00:30:08,120
finally sold some to lock in his huge
662
00:30:08,120 --> 00:30:09,640
profits.
663
00:30:09,640 --> 00:30:13,600
Warren won because he was patient.
664
00:30:13,600 --> 00:30:16,960
But what happens if you are very smart
665
00:30:16,960 --> 00:30:19,160
but not patient?
666
00:30:19,160 --> 00:30:24,240
He watched a real story happen in 1998.
watch + 人／事物 + 原形動詞
= 看著／見證某人或某事做某事。
667
00:30:24,240 --> 00:30:27,320
A group of the smartest men in America
668
00:30:27,320 --> 00:30:30,240
started a company called Long-Term
669
00:30:30,240 --> 00:30:32,480
Capital Management.
670
00:30:32,480 --> 00:30:36,320
Warren saw that these men had PhDs and
671
00:30:36,320 --> 00:30:38,840
even Nobel Prizes.
672
00:30:38,840 --> 00:30:41,720
They used very hard math to trade
673
00:30:41,720 --> 00:30:43,320
stocks.
674
00:30:43,320 --> 00:30:46,360
Warren stood by and watched them play a
675
00:30:46,360 --> 00:30:48,720
dangerous game.
676
00:30:48,720 --> 00:30:51,920
These smart men wanted to make money too
677
00:30:51,920 --> 00:30:53,360
fast.
678
00:30:53,360 --> 00:30:56,440
They borrowed too much money.
679
00:30:56,440 --> 00:31:00,360
One day, their hard math was wrong.
680
00:31:00,360 --> 00:31:03,840
The company crashed and almost destroyed
681
00:31:03,840 --> 00:31:06,800
the whole US stock market.
682
00:31:06,800 --> 00:31:09,680
Warren looked at these fallen geniuses
683
00:31:09,680 --> 00:31:12,880
and learned a huge lesson.
684
00:31:12,880 --> 00:31:15,640
He said, "They wanted to make money they
685
00:31:15,640 --> 00:31:18,920
did not need, so they risked the money
686
00:31:18,920 --> 00:31:20,720
they did need
687
00:31:20,720 --> 00:31:23,760
and they lost it all."
688
00:31:23,760 --> 00:31:25,800
What does this mean?
689
00:31:25,800 --> 00:31:29,680
It means these men were already rich.
690
00:31:29,680 --> 00:31:32,280
They had a good life,
691
00:31:32,280 --> 00:31:35,320
but they wanted to be super rich.
692
00:31:35,320 --> 00:31:37,920
So, they borrowed billions of dollars to
693
00:31:37,920 --> 00:31:39,800
buy stocks.
694
00:31:39,800 --> 00:31:42,280
When the market crashed, they could not
695
00:31:42,280 --> 00:31:44,400
pay the money back.
696
00:31:44,400 --> 00:31:47,440
They lost their own money, too.
697
00:31:47,440 --> 00:31:50,160
Warren tells people it is like playing a
698
00:31:50,160 --> 00:31:53,880
gun game with a million empty holes and
699
00:31:53,880 --> 00:31:55,840
one bullet.
700
00:31:55,840 --> 00:31:59,040
"Even if you pay me a million dollars, I
701
00:31:59,040 --> 00:32:02,640
will not pull the trigger," he says.
702
00:32:02,640 --> 00:32:05,120
There is no reason to risk what is
703
00:32:05,120 --> 00:32:09,120
important for something you do not need.
704
00:32:09,120 --> 00:32:12,120
Warren was a genius with money,
705
00:32:12,120 --> 00:32:15,280
but he was like a child in daily life.
706
00:32:15,280 --> 00:32:17,000
If he did not know where the light
707
00:32:17,000 --> 00:32:19,800
switch was, his wife Susie thought it
708
00:32:19,800 --> 00:32:21,400
was her fault.
709
00:32:21,400 --> 00:32:24,320
He did not know about art. He did not
710
00:32:24,320 --> 00:32:27,680
know how to cook. He spent all his time
711
00:32:27,680 --> 00:32:29,760
thinking about numbers and reading
712
00:32:29,760 --> 00:32:33,600
reports. His only real hobby was playing
713
00:32:33,600 --> 00:32:36,360
a card game called bridge.
714
00:32:36,360 --> 00:32:39,240
He played bridge on the computer.
715
00:32:39,240 --> 00:32:42,360
He was so focused that nothing could
716
00:32:42,360 --> 00:32:46,080
stop him. Once, a bat flew into his
717
00:32:46,080 --> 00:32:49,560
house. The bat was flying all around the
718
00:32:49,560 --> 00:32:50,720
room,
719
00:32:50,720 --> 00:32:54,240
but Warren did not look up. He just kept
720
00:32:54,240 --> 00:32:56,440
looking at his screen and playing his
721
00:32:56,440 --> 00:32:57,840
card game.
722
00:32:57,840 --> 00:33:00,160
He spent most of his time alone with
723
00:33:00,160 --> 00:33:04,080
numbers. In fact, when Warren was young,
724
00:33:04,080 --> 00:33:07,440
he was terrified of speaking to a crowd.
725
00:33:07,440 --> 00:33:10,000
Just thinking about speaking made him
726
00:33:10,000 --> 00:33:13,720
feel sick. He wanted to throw up.
727
00:33:13,720 --> 00:33:16,960
But he knew he had to change. He paid
728
00:33:16,960 --> 00:33:20,320
$100 to take a class on how to speak in
729
00:33:20,320 --> 00:33:23,400
public. He faced his fear.
730
00:33:23,400 --> 00:33:26,400
Today, if you go to his office, you will
731
00:33:26,400 --> 00:33:29,640
not see his college degree on the wall.
732
00:33:29,640 --> 00:33:33,520
The only thing on his wall is that $100
733
00:33:33,520 --> 00:33:36,720
class certificate. Warren conquered his
conquer[ˌkɑŋkɚ]戰勝；克服
734
00:33:36,720 --> 00:33:38,400
fear of speaking.
735
00:33:38,400 --> 00:33:41,080
In fact, teaching young people became
736
00:33:41,080 --> 00:33:43,360
his new favorite game.
737
00:33:43,360 --> 00:33:45,640
He loves sharing his wisdom with
738
00:33:45,640 --> 00:33:48,880
students. Once, he was teaching a master
739
00:33:48,880 --> 00:33:52,360
class. A student with a great resume
resume/rɛzəˋme/履歷、履歷表
740
00:33:52,360 --> 00:33:55,360
wanted to take a job he hated just to
741
00:33:55,360 --> 00:33:57,680
make his resume look better.
742
00:33:57,680 --> 00:34:01,440
Warren laughed loudly. He said, "You are
743
00:34:01,440 --> 00:34:03,760
taking a job you hate?
744
00:34:03,760 --> 00:34:06,040
That is like saving your sex life for
745
00:34:06,040 --> 00:34:07,920
when you are old.
746
00:34:07,920 --> 00:34:10,679
Do what you love now."
747
00:34:10,679 --> 00:34:13,200
In this same classroom, he gave the
748
00:34:13,200 --> 00:34:16,560
students his golden rules for life. He
749
00:34:16,560 --> 00:34:19,280
taught them how to choose partners. He
750
00:34:19,280 --> 00:34:22,040
said you must look for three things:
751
00:34:22,040 --> 00:34:26,000
honesty, smarts, and hard work. But he
752
00:34:26,000 --> 00:34:28,960
warned them with a serious face, "If
753
00:34:28,960 --> 00:34:31,879
they do not have honesty, the other two
754
00:34:31,879 --> 00:34:34,480
things will destroy you.
755
00:34:34,480 --> 00:34:36,800
You would rather work with someone lazy
756
00:34:36,800 --> 00:34:39,600
and stupid than someone smart but
757
00:34:39,600 --> 00:34:41,080
dishonest.
dishonest[dɪsˈɑnɪst]adj.不誠實的
758
00:34:41,080 --> 00:34:43,280
Finally, he asked the students to look
759
00:34:43,280 --> 00:34:44,800
at their friends.
760
00:34:44,800 --> 00:34:47,600
He played a mind game with them.
761
00:34:47,600 --> 00:34:50,360
If you could buy 10% of one friend's
762
00:34:50,360 --> 00:34:53,840
life income, who would you pick?
763
00:34:53,840 --> 00:34:56,520
You would pick the honest one, the kind
764
00:34:56,520 --> 00:34:59,120
one, the hard worker.
765
00:34:59,120 --> 00:35:01,680
If you had to bet against one friend,
766
00:35:01,680 --> 00:35:03,240
who would it be?
767
00:35:03,240 --> 00:35:06,280
The selfish one, the liar.
768
00:35:06,280 --> 00:35:08,920
He wanted them to understand that habits
769
00:35:08,920 --> 00:35:10,960
are like chains.
770
00:35:10,960 --> 00:35:13,240
They are too light to feel until they
771
00:35:13,240 --> 00:35:15,600
are too heavy to break.
772
00:35:15,600 --> 00:35:18,880
"Build good habits now," he told them.
773
00:35:18,880 --> 00:35:21,760
Warren's wisdom was so valuable that
774
00:35:21,760 --> 00:35:23,960
people were willing to pay millions of
775
00:35:23,960 --> 00:35:26,720
dollars just to eat with him.
776
00:35:26,720 --> 00:35:29,240
This became the famous Warren Buffett
777
00:35:29,240 --> 00:35:30,480
lunch.
778
00:35:30,480 --> 00:35:32,840
Every year, he auctioned a private
auction[ˈɒkʃǝn] vt.拍賣
779
00:35:32,840 --> 00:35:34,000
lunch.
780
00:35:34,000 --> 00:35:36,520
Rich business people paid huge amounts
781
00:35:36,520 --> 00:35:39,160
of money just to sit with him, eat a
782
00:35:39,160 --> 00:35:42,400
steak, and ask for his advice.
783
00:35:42,400 --> 00:35:45,240
Warren did not keep this money.
784
00:35:45,240 --> 00:35:47,960
He gave it all to a charity to help poor
785
00:35:47,960 --> 00:35:49,200
people.
786
00:35:49,200 --> 00:35:51,960
Warren was a great teacher and a hero to
787
00:35:51,960 --> 00:35:53,200
the world.
788
00:35:53,200 --> 00:35:56,840
But sadly, his extreme focus on numbers
789
00:35:56,840 --> 00:36:00,040
made him a stranger in his own home.
790
00:36:00,040 --> 00:36:02,880
He loved his family deeply.
791
00:36:02,880 --> 00:36:06,520
He wanted to be a normal, warm husband.
792
00:36:06,520 --> 00:36:09,120
But his brain could not stop playing the
793
00:36:09,120 --> 00:36:10,960
game of numbers.
794
00:36:10,960 --> 00:36:14,440
Every day, he came home at 5:00 p.m.
795
00:36:14,440 --> 00:36:17,280
He sat on the sofa, but his mind was
796
00:36:17,280 --> 00:36:19,520
still at his office.
797
00:36:19,520 --> 00:36:22,280
His wife, Susie, would talk to him.
798
00:36:22,280 --> 00:36:25,600
But Warren did not hear Susie.
799
00:36:25,600 --> 00:36:28,600
He was like a lonely island in his own
800
00:36:28,600 --> 00:36:30,200
house.
801
00:36:30,200 --> 00:36:33,000
Warren was physically there, but his
802
00:36:33,000 --> 00:36:37,080
soul was lost in his books and reports.
803
00:36:37,080 --> 00:36:39,960
He won the world of numbers, but he was
804
00:36:39,960 --> 00:36:42,920
slowly losing the people he loved the
805
00:36:42,920 --> 00:36:44,480
most.
806
00:36:44,480 --> 00:36:47,240
Susie wanted to do charity and help
807
00:36:47,240 --> 00:36:48,480
people.
808
00:36:48,480 --> 00:36:51,800
Soon, Warren and Susie realized they
809
00:36:51,800 --> 00:36:54,840
lived in two different worlds.
810
00:36:54,840 --> 00:36:57,440
He had all the money in the world, but
811
00:36:57,440 --> 00:37:01,760
he felt a huge empty space inside.
812
00:37:01,760 --> 00:37:05,080
When Warren was in his 40s, Susie left
813
00:37:05,080 --> 00:37:08,480
Omaha and moved to California to find
814
00:37:08,480 --> 00:37:10,720
her own life.
815
00:37:10,720 --> 00:37:13,560
Before Susie left, she called her best
816
00:37:13,560 --> 00:37:14,720
friend.
817
00:37:14,720 --> 00:37:16,920
Susie asked her friend to check on
Check on 意思是「查看」、「關心」
或「確認某人或某事的狀況是否正常、安全」。
818
00:37:16,920 --> 00:37:20,960
Warren and make sure he had food to eat.
819
00:37:20,960 --> 00:37:24,080
Susie's friend was named Astrid.
820
00:37:24,080 --> 00:37:27,200
Eventually, Astrid moved in to cook and
eventually[ɪˈvɛntʃʊǝlɪ]adv.最終
821
00:37:27,200 --> 00:37:28,760
care for him.
822
00:37:28,760 --> 00:37:32,680
Yes, Astrid became Warren's new romantic
823
00:37:32,680 --> 00:37:33,920
partner.
824
00:37:33,920 --> 00:37:36,800
But this was not a dark secret or a
825
00:37:36,800 --> 00:37:38,320
betrayal.
betrayal[bɪˈtrеǝl]n.背叛
826
00:37:38,320 --> 00:37:42,120
Surprisingly, Susie planned this.
827
00:37:42,120 --> 00:37:45,920
She knew Warren could not survive alone.
828
00:37:45,920 --> 00:37:48,760
The three of them built a very unusual
829
00:37:48,760 --> 00:37:50,040
family.
830
00:37:50,040 --> 00:37:53,480
They did not care about normal rules.
831
00:37:53,480 --> 00:37:56,280
Every year, they even sent out Christmas
832
00:37:56,280 --> 00:37:59,560
cards signed by all three of them.
833
00:37:59,560 --> 00:38:03,040
Warren, Susie, and Astrid.
834
00:38:03,040 --> 00:38:06,400
Warren and Susie never divorced.
divorce[dǝˈvors]離婚
835
00:38:06,400 --> 00:38:09,720
Warren still loved Susie's soul, but he
836
00:38:09,720 --> 00:38:12,560
lived with Astrid's care.
837
00:38:12,560 --> 00:38:15,360
He was a master of the market, but a
838
00:38:15,360 --> 00:38:18,600
child who needed a lot of help in real
839
00:38:18,600 --> 00:38:20,000
life.
840
00:38:20,000 --> 00:38:21,840
In 2004,
841
00:38:21,840 --> 00:38:23,640
Susie died.
842
00:38:23,640 --> 00:38:26,920
It completely broke Warren's heart.
843
00:38:26,920 --> 00:38:30,040
His world went totally dark.
844
00:38:30,040 --> 00:38:32,760
He was so sad that people thought he
845
00:38:32,760 --> 00:38:35,240
would never recover.
846
00:38:35,240 --> 00:38:37,960
The next year, he found out he had
847
00:38:37,960 --> 00:38:39,360
cancer.
848
00:38:39,360 --> 00:38:41,920
He survived it, but these moments
849
00:38:41,920 --> 00:38:44,240
changed him forever.
850
00:38:44,240 --> 00:38:47,120
He realized a sad truth.
851
00:38:47,120 --> 00:38:49,760
The giant snowball of money he had
852
00:38:49,760 --> 00:38:53,000
rolled for 70 years could not stop
853
00:38:53,000 --> 00:38:54,480
death.
854
00:38:54,480 --> 00:38:57,920
Most rich men do the normal thing. They
855
00:38:57,920 --> 00:39:01,320
build a giant wall around their gold.
856
00:39:01,320 --> 00:39:04,160
They leave it all to their children.
857
00:39:04,160 --> 00:39:06,760
They want their family name to be famous
858
00:39:06,760 --> 00:39:08,360
forever.
859
00:39:08,360 --> 00:39:11,280
Warren loved his children, and he could
860
00:39:11,280 --> 00:39:13,200
already do that.
861
00:39:13,200 --> 00:39:15,520
But he made a choice that shocked the
862
00:39:15,520 --> 00:39:16,840
world.
863
00:39:16,840 --> 00:39:19,720
He decided to give 99%
864
00:39:19,720 --> 00:39:22,320
of all his money away.
865
00:39:22,320 --> 00:39:25,000
He wanted to help poor and sick people
866
00:39:25,000 --> 00:39:26,800
around the world.
867
00:39:26,800 --> 00:39:29,400
He stopped playing the game just for
868
00:39:29,400 --> 00:39:30,920
himself.
869
00:39:30,920 --> 00:39:33,880
He became a man who wanted to heal the
870
00:39:33,880 --> 00:39:35,400
world.
871
00:39:35,400 --> 00:39:37,680
Think about time.
872
00:39:37,680 --> 00:39:42,560
When Warren was 50 years old, he had 850
873
00:39:42,560 --> 00:39:44,520
million dollars.
874
00:39:44,520 --> 00:39:48,280
But today, he has over 100 billion
875
00:39:48,280 --> 00:39:49,760
dollars.
876
00:39:49,760 --> 00:39:54,320
He made 99% of his money after his 50th
877
00:39:54,320 --> 00:39:55,760
birthday.
878
00:39:55,760 --> 00:39:59,320
That is the magic of the snowball.
879
00:39:59,320 --> 00:40:01,760
You need wet snow.
880
00:40:01,760 --> 00:40:05,520
But most importantly, you need a very
881
00:40:05,520 --> 00:40:08,000
very long hill.
882
00:40:08,000 --> 00:40:10,840
You need time.
883
00:40:10,840 --> 00:40:14,560
Once a famous billionaire asked Warren,
884
00:40:14,560 --> 00:40:18,000
"Your idea is so simple. Why doesn't
885
00:40:18,000 --> 00:40:20,640
everyone just copy you?
886
00:40:20,640 --> 00:40:22,440
Warren answered,
887
00:40:22,440 --> 00:40:24,800
"Because nobody wants to get rich
888
00:40:24,800 --> 00:40:26,440
slowly."
889
00:40:26,440 --> 00:40:28,680
Most people want to double their money
890
00:40:28,680 --> 00:40:30,240
next month.
891
00:40:30,240 --> 00:40:32,840
They take big risks because they are in
892
00:40:32,840 --> 00:40:34,480
a hurry.
893
00:40:34,480 --> 00:40:38,240
But Warren is happy to wait for years.
894
00:40:38,240 --> 00:40:41,480
He respects time, and time has made him
895
00:40:41,480 --> 00:40:44,640
one of the richest men in the world.
896
00:40:44,640 --> 00:40:47,680
In a movie about his life, he told young
897
00:40:47,680 --> 00:40:49,720
people a story.
898
00:40:49,720 --> 00:40:52,840
"Imagine you are given one car for your
899
00:40:52,840 --> 00:40:54,560
whole life.
900
00:40:54,560 --> 00:40:56,640
You would read the manual.
901
00:40:56,640 --> 00:40:58,920
You would keep it in the garage.
902
00:40:58,920 --> 00:41:02,240
You would fix every little scratch.
903
00:41:02,240 --> 00:41:05,840
Well, you only get one mind and one
904
00:41:05,840 --> 00:41:07,160
body.
905
00:41:07,160 --> 00:41:11,600
Take care of them now. Do not wait."
906
00:41:11,600 --> 00:41:14,400
When Warren grew old, his memory for
907
00:41:14,400 --> 00:41:17,120
numbers got a little worse.
908
00:41:17,120 --> 00:41:19,640
But his understanding of the human heart
909
00:41:19,640 --> 00:41:21,240
got better.
910
00:41:21,240 --> 00:41:24,600
He said, "Sometimes human problems have
911
00:41:24,600 --> 00:41:26,760
no good answers.
912
00:41:26,760 --> 00:41:29,800
But with money, there is always a good
913
00:41:29,800 --> 00:41:31,280
answer."
914
00:41:31,280 --> 00:41:33,560
He learned his final lesson from his
915
00:41:33,560 --> 00:41:35,320
wife, Susie.
916
00:41:35,320 --> 00:41:38,040
He learned that money is not the most
917
00:41:38,040 --> 00:41:40,600
powerful force in the world.
918
00:41:40,600 --> 00:41:43,760
"Love is a very strange thing," Warren
919
00:41:43,760 --> 00:41:44,880
said.
920
00:41:44,880 --> 00:41:47,280
"If you try to give it away, you get
921
00:41:47,280 --> 00:41:48,800
more of it.
922
00:41:48,800 --> 00:41:51,400
But if you hold on to it tightly, you
923
00:41:51,400 --> 00:41:53,480
lose it."
924
00:41:53,480 --> 00:41:55,280
In 2025,
925
00:41:55,280 --> 00:41:57,720
at the age of 94,
926
00:41:57,720 --> 00:42:00,320
Warren told his investors that he was
927
00:42:00,320 --> 00:42:02,200
retiring.
928
00:42:02,200 --> 00:42:04,840
His long journey of investing was coming
929
00:42:04,840 --> 00:42:06,520
to an end.
930
00:42:06,520 --> 00:42:08,520
Someone asked him how he wanted to be
931
00:42:08,520 --> 00:42:09,920
remembered.
932
00:42:09,920 --> 00:42:12,280
He just smiled and joked,
933
00:42:12,280 --> 00:42:15,000
"Living for a long time."
934
00:42:15,000 --> 00:42:17,720
That is the true secret of Warren
935
00:42:17,720 --> 00:42:19,080
Buffett.
936
00:42:19,080 --> 00:42:22,320
Yes, he knows how to roll a snowball of
937
00:42:22,320 --> 00:42:23,600
money.
938
00:42:23,600 --> 00:42:26,360
But in the end, he learned that love and
939
00:42:26,360 --> 00:42:29,320
kindness are the only things that truly
940
00:42:29,320 --> 00:42:34,000
grow and stay with us forever.
941
00:42:35,839 --> 00:42:37,859
>> [music]
942
00:42:44,354 --> 00:42:46,374
[music]
943
00:42:48,939 --> 00:42:50,959
[music]
沒有留言:
張貼留言