《Snowball Effect》

钱可以让我独立。然后，我就可以用我的一生去做我想做的事情。而我最想做的事情就是为自己工作，我不想让别人主导我。每天做自己想做的事，这对我来说非常重要。

一股股票是拥有一家企业一小部分的权利，是你愿意为整个企业所支付价格的某一部分。

使用安全边际。投资是建立在孤寂和不确定性的基础之上的。大范围的安全边际保证了不会因为误差而导致失败。最重要的是，前进的方法首先是不要后退。

市场先生是你的仆人，而不是你的主人。格雷厄姆假设了一个喜怒无常的角色叫“市场先生”，他每天都会提供股票买卖的机会，而这些价格经常都是不合理的。市场先生的情绪不应该影响你对价格的看法。不过，他真的会一次有一次地提供低买高卖的机会。

拜访管理层是沃伦做生意的一种方式，他利用这些会面尽可能地去了解公司。和管理层的私人接触中，他会用自己的知识和智慧迷住那些有影响力的人，给他们留下深刻印象。而且，他感觉通过和公司的管理层变得友好，他也许能够影响这家公司去做正确的事情。

I had strong and diversified tastes, much zeal for whatever interested me, and a keen pleasure in understanding any complex subject or thing.

“You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don’t have the cast of mind, you’re destined for failure even if you have a high I.Q.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“I have a habit in life. I observe what works and what doesn’t and why.”1429

“I do it automatically…If you have that temperament, you will gradually learn. If you don’t, then I can’t help you.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“Too soon old and too late smart.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“I always ask myself how much it would cost to compete effectively with a business.”1372

“You give me a billion dollars and tell me to go into the chewing gum business and try to make a real dent in Wrigley’s. I can’t do it. That is how I think about businesses. I say to myself, give me a billion dollars and how much can I hurt the guy?”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“I’ve heard Warren say since very early in his life that the difference between a good business and a bad one is that a good business throws up one easy decision after another, whereas a bad one gives you horrible choices — decisions that are extremely hard to make: ‘Can it work?’ ‘Is it worth the money?”’

“One way to determine which is the good business and which is the bad one is to see which one is throwing management bloopers — pleasant, no-brainer decisions — time after time after time. For example, it’s not hard for us to decide whether or not we want to open a See’s store in a new shopping center in California. It’s going to succeed. That’s a blooper.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“The margin of safety in a great business is that it will stand a fair amount of mismanagement if that unfortunate circumstance happens to come along.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“The test of a franchise is what a smart guy with a lot of money could do to it if he tried.. .The real test of a business is how much damage a competitor can do, even if he is stupid about returns.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“Understanding the economic characteristics of a business is different than predicting the fact that an industry is going to do wonderfully.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“The trick is to have no competitors. That means having a product that truly differentiates itself307…advantages that other people can’t copy1308…You can develop a good restaurant and somebody can come along and copy it the next day and figure out something new to add to the menu or add a little more parking. People are always looking at successful models and going after them. That’s terrific for the consumer. It can be very brutal to be in those kinds of businesses”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“Ben Graham taught me 45 years ago that in investing it is not necessary to do extraordinary things to get extraordinary results. In later life, I have been surprised to find that this statement holds true in business management as well. What a manager must do is handle the basics well and not get diverted.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

“Any time you can charge more for a product and maintain or increase market share against well entrenched, well known competitors, you know that you have something very special in people’s minds.”1284

“You can almost measure the strength of a business over time by the agony its managers go through in determining whether a price increase can be sustained. You can learn a lot about the durability of the economics of a business by observing the price behaviour.”

摘录来自
"All I Want to Know Is Where I'm Going to Die So I'll Never Go There": Buffett and Munger a Study in Simplicity and Uncommon, Common Sense
Peter Bevelin
此材料受版权保护。

I think the one thing that we did that worked best of all.. we were always dissatisfied with what we already knew- we wanted to know more. If Warren and I had stayed frozen in time, Berkshire would have been a terrible place. It's only that we kept learning that made it work. and I don't think that'll ever stop.

There's so much to learn. Learning what works and what dones't work, where value resides and where value doesn't reside.

And I don't see how you can wise up all the time if you aren't working at it.

I constantly see people rise in life who were not the smartest, sometime not even the most diligent. But they are learning machines.. They go to bed every night a little wiser than they were that morning. And boy, does that habit help, particularly when you have a long run ahead of you.

There's nothing remarkable about it. I don't have any wonderful insights that other people don't have. Just slightly more consitently than others, I've avoided idiocy.. And I'm trying to be is be non-idiotic. I find that that's all you have to do to get ahead in life is to be non-idoitic and live a long time.

It really is simple - just avoid doing the dumb things. Avoiding the dumb things is the most important.

It is a huge error to try and measure every deal against the best deal you've every made. Market conditions and opportunity costs are different in every case. We each have to do what is available at any given time. The goal is not to make the greatest deal you've ever made - it's to make the best deal you can make at that time.

The more attarctive things are, the higher the bar is. Berkshire has raised the opportunity cost bar by looking at stocks, bonds, private companies, public companies, etc. We have more opportunities by operating in a wider range.

The danger is that you have more risk of operating outside of your circle of competence. I don't think we're ever gone outside our circle of competence. We find things across a fairly wide range that we think is within our circle of competency.

For an ordinary individual, the best thing you already have should be your measuring stick. If the new things isn't better than what you already know is available, then it hasn't met your threshld. And that screens out 99% of what you see. If the new opportunity is not better, why should you seize it?

The correct persuasive technique in situations like that was given by Ben franklin. He said, If you would persuade, appeal to interest, not to reaosn.

The self-serving bias of man is extreme, and should have been used in attaining the correct outcomes. So the general counsel should have said, “Look, this is likely to erupt into something that will destroy you, take away your money, take away your status, grossly impair your reputation. My recommendation will prevent a likely disaster from which you can’t recover.”
That approach would have worked. You should often appeal to interest, not to reason, even when your motives are lotfy.

I coped in my time by identifying people I admired and by maneuvering, mostly without criticizing anybody, so that I was usually working under the right sort of people. A lot of law firms will permit that if you're shrewd enough to work it out with some tact. Generally, your outcome in life will be satisfactory if you work under people you correctly admire.

《All I Want to Know Is Where I'm Going to Die So I'll Never Go There》

完成10%的阅读

The major lesson is "ignorance removal" and the notion that decision-making is not about making briliant decision, but avoiding terrible ones.

Like Einstein, both have a remarkable ability to eliminate folly and superficaliality and get directly to the heart of things.

必须更相信理性主义，相信人类思维的合理运作。

应该致力于为每个问题找到正确的答案。

每过完一天，要努力比早上醒来时更聪明一点点。

我把一天中最好的时间用于获取智慧、提升自己。

我遇到的聪明人，没有不每天阅读的，一个都没有。

反过来想，总是反过来想。

怨天尤人、牢骚不断，只能越来越苦、越来越难。

文明所能达到的最高形式应该是无缝的信任之网。

身处逆境的时候，要有一股咬紧牙关、埋头苦干的拚劲。

如果你知道你会死在哪里，那你就永远不去那个地方。

有一贤妻相伴，三两知己同行，一生足矣。

我的剑传给能挥舞它的人。