35 The Master of Investment—Warren Buffett
For someone who is such an extraordinarily successful investor, Warren Buffett comes off as a pretty ordinary guy.
Born and bred in Omaha, Nebraska, for more than 40 years Buffett has lived in the same gray stucco house on Farnam Street that he bought for $31,500.
巴菲特在美国内布拉斯加州的奥马哈出生、长大，40 多年来他一直居住的是法钠姆大街那栋自己以31500 美元购置的灰色水泥墙的房子。
He wears rumpled, nondescript suits, drives his own car, drinks Cherry Coke, and is more likely to be found in a Dairy Queen than a four－star restaurant.
But the 68－year－old Omaha native has led an extraordinary life. Looking back on his childhood, one can see the budding of a savvy businessman.
但这位 68 岁、土生土长的奥马哈人却有着不平凡的生活经历。回顾他的童年时代，就可以很好地了解这个机敏的生意人的成长过程。
Warren Edward Buffett was born on August 30, 1930, the middle child of three. His father, Howard Buffett, came from a family of grocers but himself became a stockbroker and later a U. S. congressman.
沃伦·爱德华·巴菲特生于 1930 年 8 月 30 日，在家里３个孩子中排行老二。他父亲霍华德·巴菲特成长于一个杂货商的家庭中，但后来却成了一名股票经纪人，之后又成为美国国会的议员。
Even as a young child, Buffett was pretty serious about making money. He used to go door－to－door and sell soda pop.
He and a friend used math to develop a system for picking winners in horseracing and started selling their"Stable－Boy Selections"tip sheets until they were shut down for not having a license.
Later, he also worked at his grandfather's grocery store. At the ripe age of 11, Buffett bought his first stock.
When his family moved to Washington, D. C. , Buffett became a paperboy for The Washington Post and its rival the Times－Herald.
Buffett ran his five paper routes like an assembly line and even added magazines to round out his product offerings. While still in school, he was making $175 a month, a full－time wage for many young men.
巴菲特把自己送报的５条线路安排得就像生产线一样有条不紊, 后来他甚至还添加了杂志的递送, 这样他提供的订阅品种就更丰富了。在校读书期间, 他每月的收入就已经有 175 美元了, 相当于当时年轻人全职工作的月收入。
When he was 14, Buffett spent $1,200 on 40 acres of farmland in Nebraska and soon began collecting rent from a tenant farmer. He and a friend also made $50 a week by placing pinball machines in barber shops. They called their venture Wilson Coin Operated Machine Co.
14 岁那年, 巴菲特花了 1200美元在内布拉斯加州购置了一片 40 公顷的农田, 然后开始从佃户那里收取租金。他还和一个朋友为理发店安装弹球游戏机从而每周赚得 50 美元。他们把自己的"企业"称作"威尔森钱币运作机器公司"。
Already a successful albeit small－time businessman, Buffett wasn't keen on going to college but ended up at Wharton at the University of Pennsylvania－－his father encouraged him to go. After two years at Wharton, Buffett transferred to his parents'alma mater, the University of Nebraska in Lincoln, for his final year of college. There Buffett took a job with the Lincoln Journal supervising 50 paper boys in six rural counties.
这时巴菲特尽管并不起眼, 但已是一个小获成功的商人。他对上大学并不感兴趣, 不过后来还是在父亲的敦促下去了宾西法尼亚大学的沃顿学院。在沃顿学习了两年后, 巴菲特转学到其父母的母校--林肯的内布拉斯加大学, 在那儿修完了大学最后一年的课程。这期间巴菲特还在《林肯日报》谋得了一份工作, 负责管理６个乡村地区的５０个报童。
Buffett applied to Harvard Business School but was turned down in what had to be one of the worst admissions decisions in Harvard history.
The outcome ended up profoundly affecting Buffett's life, for he ended up attending Columbia Business School, where he studied under revered mentor Benjamin Graham, the father of securities analysis who provided the foundation for Buffett's investment strategy.
这个结果对巴菲特的一生产生了深远的影响, 他因此进入哥伦比亚商学院, 并从师著名的证券分析之父本杰明·格雷厄姆, 巴菲特从导师身上学到的东西为日后形成自己的投资策略奠定了基础。
From the beginning, Buffett made his fortune from investing. He started with all the money he had made from selling pop, delivering papers, and operating pinball machines.
Between 1950 and 1956, he grew his $9,800 kitty to $14,000. From there, he organized investment partnerships with his family and friends, and then gradually drew in other investors through word of mouth and very attractive terms.
在 1950 到 1956 年期间, 他的原始资本积累由 9800 美元升至 14 万美元。此后, 巴菲特开始与家人和朋友结成伙伴投资关系, 后来又凭借口头游说和一些优惠条件拉拢其他投资者。
Buffett's goal was to top the Dow Jones Industrial Average by an average of 10% a year. Over the length of the Buffett partnership between 1957 and 1969, Buffett's investments grew at a compound annual rate of 29.5%, crushing the Dow's return of 7.4% over the same period.
巴菲特的目的是以每年平均 10％的比率超出道琼斯工业指数。在巴菲特倡导的"合伙投资"模式下, 从 1957 到 1969 年间, 巴菲特的投资以每年 29.5％的综合速度增长, 大大挫败了道琼斯在同一时期 7.4％的回报率。
Buffett's investment strategy mirrors his lifestyle and overall philosophy. He doesn't collect houses or cars or works of art, and he disdains companies that waste money on such extravagances as limousines, private dining rooms, and high－priced real estate.
He is a creature of habit－－same house, same office, same city, same soda－－and dislikes change.
他是个善于遵循习惯的人--住同一栋房屋, 在同一间办公室办公, 在同一个城市生活, 喝同一牌子的可乐--他不喜欢变化。
In his investments, that means holding on to "core holdings"such as American Express, Coca－Cola, and The Washington Post Co. "forever. "
用在他的投资理念上, 就是紧抓住投资"核心"不变, 如美国捷运公司、可口可乐、华盛顿邮报公司, 而且是"永远不变"。
Buffett's view of inherited money also departs from the norm. Critical of the self－indulgence of the super－rich, Buffett thinks of inheritances as"privately funded food stamps"that keep children of the rich from leading normal, independent lives.
巴菲特对待遗产的态度也与众不同。他对"超级富人"自我放纵的生活方式非常反感, 他把遗产看作是"私人资助的饭票", 这让有钱人家的孩子们无法过上正常而独立的生活。
With his own three kids, he gave them each $10,000 a year－－the tax－deductible limit－－at Christmas.
When he gave them a loan, they had to sign a written agreement. When his daughter, also named Susie like her mother, needed $20 to park at the airport, he made her write him a check for it.
若是给他们贷款, 则需签订书面协议。有一次他的女儿苏茜--与母亲同名--在机场需要２０美元的停车费, 巴菲特虽然把钱借给了她, 但却要求女儿给自己写一张支票当作偿还。
As for charity, Buffett's strict standards have made it difficult for him to give much away.
He evaluates charities the same way he looks for stocks：value for money, return on invested capital.
He has established the Buffett Foundation, designed to accumulate money and give it away after his and his wife's deaths－－though the foundation has given millions to organizations involved with population control, family planning, abortion, and birth control.
他建立了巴菲特基金会, 意在积累资金, 在自己和妻子死后发放。不过巴菲特基金会至今已为许多组织捐资数百万美元, 资助的项目包括人口控制、计划生育、堕胎和避孕等。
The argument goes that Buffett can actually give away a greater sum in the end by growing his money while he's still alive.
One thing's for sure about Buffett：He 's happy doing what he's doing. "I get to do what I like to do every single day of the year, "he says. "I get to do it with people I like, and I don't have to associate with anybody who causes my stomach to churn.
对于巴菲特来说, 有一点可以肯定：他非常热爱自己的工作。"一年中的每一天我都在做自己喜欢做的事, 我与自己喜欢的人一起工作。
I tap dance to work, and when I get there I think I'm supposed to lie on my back and paint the ceiling. It's tremendous fun." It's fun to watch the master at work, too.
我用不着与自己讨厌的人打交道。我欣欣然扑向工作, 到了公司我会觉得工作就好像是让自己仰面躺下, 用手中的笔绘制天花板一般轻松。工作让我乐趣无穷。"巴菲特说。当然看一位大师级人物工作也同样是乐趣无穷。