Enough: True Measures of Money, Business, and Life
Jack这本书里正如题目总结了他对金钱，商业和生活的很多体悟。 Virtue!
序言（Diamond is already there)
讲了一个农夫为了更大的财富离开家，四处寻找黄金，结果一生也没找到，而且自己在大海里郁闷孤独的死去。同时，农场的新主人在无意中在发现在农场田中的钻石。
The moral of the story: “ Your diamonds
are not in far distant mountains or in yonder seas; they are
in your own backyard, if you but dig for them. ”
《无门关》禅偈一首：
佛在灵山莫远求,灵山只在汝心头
人人有个灵山塔,好向灵山塔下修
最后面引用苏格拉底对雅典公民的challenge:
I honor and love you: but why do you who are citizens
of this great and mighty nation care so much
about laying up the greatest amount of money and
honor and reputation, and so little about wisdom and
truth and the greatest improvement of the soul? Are
you not ashamed of this? . . . I do nothing but go
about persuading you all, not to take thought for your
persons and your properties, but first and chiefly to
care about the greatest improvement of the soul. I tell
you that virtue is not given by money, but that from
virtue comes money and every other good of man.
往内看，重新审视自己的世界观。
金钱（Money)
跳过前头关于fiancial system中cost和value的断代，too much Cost, not enough Value. 更多的wall street和hege found不断的引入成本，比如高工资。但是他们大部分不会在市场下滑或者基金亏本的时候，降低自己的工资，而他们的工资正是独立的投资者负担的。
Too much Speculation, Not enough Investment.
In the short run the stock
market is a voting machine . . . [but] in the long run it is
a weighing machine. ”
这个相信了解Benjamin Graham格雷厄姆等等的他们对长期投资的推崇。Speculation是预测，而Investment是一种enterprise。
So, fully 70 years ago, he warned
us: “ When enterprise becomes a mere bubble on a whirlpool
of speculation [and] the capital development of a
country becomes a by - product of the activities of a casino,
the job of capitalism is likely to be ill - done. ”
A gaint distraction:
It is economics that controls long -
term equity returns; the impact of emotions , so dominant
in the short term, dissolves. Therefore, as I wrote in my
Little Book of Common Sense Investing ( John Wiley & Sons,
2007), “ the stock market is a giant distraction from the
business of investing. ”
But Taleb only confirms what we already know: In the fi nancial markets, the
improbable is, in fact, highly probable (or, as Taleb also notes,
the highly probable is utterly improbable). Yet far too many
of us, amateurs and professionals alike, investors and advisers
and managers, continue to look ahead with apparent confi
dence that the past is prologue in the fi nancial markets,
based on our assumptions that the probabilities established
by history will endure. Please, please, please: Don ’ t count on it .
Stability leads to instability. 天下大势，合久必分，分久必合。
So every one of us must be concerned
about the momentary triumph of short - term speculation
in our fi nancial markets, of which we have far too much,
at the direct expense of long - term investment, of which
we have not nearly enough.
Too much complexity, not enough simplicity
For me, simplicity has always been the key to successful
investing, and the time - honored wisdom of Occam ’ s
razor, set forth by the fourteenth - century philosopher and
friar William of Occam, has stood me in good stead: When
confronted with multiple solutions to a problem, choose the simplest
one .∗ My career has been a monument, not to brilliance
or complexity, but to common sense and simplicity,
“ the uncanny ability, ” as one observer has said of me, “ to
recognize the obvious. ” (I ’ m not sure it was meant as a
compliment!)
他觉得最大的因素在于运用common sense和简单原则来达到longevity.
Amidst this wave of complexity, have we forgotten
the fact that the most productive investing is the simplest
investing, the most peaceable investing, the lowest -
cost investing, the most tax - effi cient investing — investing
with the most consistent strategies and over the longest
time horizon?
简单简洁是长久之道的关键。 回归本质，摒弃各种看似捷径的superficial的复杂诱惑，就可以达到长久的成功。短期的欲望euphoria等等来来去去，长久来看它们就像海洋的浪花，无论它有多么猛烈，都无法撼动它的基石，它也无法定义海洋。
所以说，我觉得还是得有一些greater than someone的东西或者信念，支撑你过好看似mundane的日常，也更好在起起伏伏的日常中不迷失自己，得到长久的成功。 这些东西应该是简单朴素，却要轻易被人轻视，在John Bogle看来是应该古希腊提倡的内在的Virtue.
Money永远不是目的，something greater than money, 才是最重要的，money是spinoff. 你追求自己的完善，virtue/compassion等等，invest not on money, but invest on life.
Buisness
on Trust instead of Count:
Our strategy arose from a conviction that the best
corporate growth comes from putting the horse of doing
things for clients ahead of the cart of earnings targets.
Growth must be organic, rather than forced .
Sprite of Trust:
It is true that Nelson was a consummate professional
and a hard - working manager . . . but at times of decision,
leaders need to make contact with foundational
convictions and with a sense of calling which comes
from going deep within oneself. This is the source of
healthy self - confidence and the ability to master fear
and to encourage people in the most extreme circumstances.
High standards and values:
"skill in what we do;imagination in what we create; integrity in what we produce;
judgment in the goals we set for ourselves; courage in
times of peril and good humor in adversity; and humility in
accomplishment. ” If I were starting over today, I would not
hesitate to set those same standards.
有时候短期的困难时， 人需要看远点：
The key to the difference, I believe, lies in doing everything possible
to focus on long - term opportunities, doing your best
to ignore the inevitable short - term diffi culties. Scores of
times I ’ ve reminded our crew: “ Once you decide whether
you expect to be in business for a short time or a long
time, most of the right decisions are easy. ”
关于构建企业的character:
So a great workforce must be managed as a long - term
asset, and anyone who aspires to be a great leader or a
great manager must ever keep in mind that long - term
perspective. Some guidelines: Avoid layoffs in temporary
downturns; beware of excessive stringency in compensation;
don ’ t slash benefi ts to meet short - term budgetary constraints; and never demand that some arbitrary percentage
of the workforce must unilaterally be rated unsatisfactory.
Never! (In the trade, this is called “ rank and
yank. ” ) If you focus on the long term, you can create
the right environment for building a great organization.
Character is the bedrock of the firm that lasts.
也是长期之道。
Press on：
Nothing in the world can take the place of persistence.
Talent will not; nothing is more common than unsuccessful
men with talent. Genius will not; unrewarded genius is
almost a proverb. Education will not; the world is full
of educated derelicts. Persistence and determination alone
are omnipotent. The slogan “ Press on ” has solved, and
always will solve, the problems of the human race.
Strive on, diligently。
Jim Collins,
the author of Good to Great , agrees: “ When you ’ ve built
an institution with values and a purpose beyond just
making money — when you ’ ve built a culture that makes
a distinctive contribution while delivering exceptional
results — why would you surrender to the forces of mediocrity
and succumb to irrelevance? And why would you
give up on the idea that you can create something that
not only lasts but also deserves to last? . . . No law of
nature dictates that a great institution must inevitably fail,
at least not within a human lifetime. ”
这块老实说我没公司还不能体会，但是我很早之前看过一本书rework。 如果lean startup和这个相结合，我觉得有点意思。
Life
讲到一个问题就是好莱坞让人们觉得: material posessions we may come to acculatte - become the measure of our lives. 我们积累的物质变成了衡量我们生命的标准。
拒绝走捷径，生活长久来看没有捷径。
We thrive as human
beings and as families not by what faith we happen to
hold, but by having faith , faith in something far greater
than ourselves.
家庭是一个。
In his Theory
of Economic Development , written nearly a century ago,
Schumpeter dismissed material and monetary gain as the
prime mover of the entrepreneur, fi nding motivations like
these to be far more powerful:
(1) The joy of creating, of getting things done, of
simply exercising one ’ s energy and ingenuity, and
(2) The will to conquer: the impulse to fight, . . . to
succeed for the sake, not of the fruits of success, but of
success itself.
关于富兰克林的介绍到是让我对这个人相当感兴趣了。
Benjamin Franklin
believed that “ Knowledge is not the personal property of
its discoverer, but the common property of all. As we enjoy
great advantages from the inventions of others, we should
be glad of an opportunity to serve others by any invention
of ours, and this we should do freely and generously. ”
没有专利，服务大众。
富兰克林22岁对于virtue的看法：
“ conceived the bold and arduous project of arriving at
moral perfection. . . . I knew, or thought I knew, what was
right and wrong, and I did not see why I might not always
do the one or avoid the other. ”
每日三省吾身：
He began each day with “ The
Morning Question: What Good shall I do this day? ” and
ended with “ The Evening Question: What Good have
I done today? ” It is hard to imagine a philosophy of self -
improvement cast in a more ethical fashion.
平衡pride和humility:
In reality, there is, perhaps, no one of our natural
passions so hard to subdue as pride. Disguise
it, struggle with it, beat it down, stifle it, mortify it
as much as one pleases, it is still alive, and will
every now and then peep out and show itself; you
will see it perhaps often in this history; for even if
I could conceive that I had completely overcome it, I
should probably be proud of my humility.
Too much "Success", not enough "Character"
How many times have we gone around and around the track, chasing
the false rabbit of success, only to discover that the
real rabbit was under our nose, waiting to be discovered
all along?
追逐虚幻的兔子，却不知道真正的兔子就在自己鼻尖下，等待自己发掘。
Curiously, I don’t ever recall thinking much about becoming a
success in life, any more than I ever worried much about failure.
I just never focused on those abstract ideas. Rather, I believed that
if I did my best, every day, more than I was asked to do, better than
I was expected to do it, my future would take care of itself.
做好现在，未来会顺其自然。
Fame名望，看起来是我们这个时代最大的ego builder. 追名逐利
Just this: Success cannot be measured solely —
or even primarily — in monetary terms, nor in terms of
the amount of power one may exercise over others, nor
in the illusory fame of inevitably transitory public notice.
But it can be measured in our contributions to building
a better world, in helping our fellow man, and in raising
children who themselves become loving human beings
and good citizens. Success, in short, can be measured not
in what we attain for ourselves, but in what we contribute
to our society.
关于career:
No career is the right career if it is undertaken solely
to get rich, or to gain public fame, or to throw one ’ s
weight around. Nor is it the right career if it is undertaken
to meet the expectations of others. And no success
is the right success if it is achieved at society ’ s expense.
The proper measure? Your own expectations, and making
the most of your talents.
关于阻碍，过度关注赚钱的负担：
It ’ s my conviction that those of us who do engage in business
and fi nancial careers carry a special burden, for it is
in business and fi nance where most of the people in our
society make the most money. Yet money itself can easily
deceive us about what we do and why we do it
关于构建character和应对逆境：
Often character requires failure; it requires
adversity; it requires contemplation; it requires determination
and steadfastness; it requires fi nding one ’ s own space
as an individual. And it surely requires honor. Yet we rarely
seem to emphasize character, even though in our society
today there are priceless sources of inspiration right
at hand. In fact, the challenge isn ’ t fi nding useful sources
of inspiration, but sorting out the very good from the
best.
需要失败，逆境，沉思，反思reflection， 需要决心。。。
St. Paul ’ s warning, “ They that will be rich fall
into temptation and a snare and into many foolish and hurtful
lusts, which drown men in destruction and perdition.
For the love of money is the root of all evil. ”
诱惑，欲望。
So rather than running after a
rabbit and fi nally fi nding that it ’ s fake, and, like that greyhound
we met earlier, quitting in dismay, let ’ s just make
sure that we are chasing the real rabbit of life, doing our
best — in a complicated, risky, and uncertain world — to
serve our fellowman.
Once we do that, let ’ s keep running — and running,
and running, and running! — the long race of a life well
lived. We have quite enough lionizing of the notion of
success as popularly defi ned by a certain kind of material
wealth, fame, and power. But we do not have nearly
enough of a more elevated notion of success, defi ned by
a more spiritual kind of wealth, fame, and power, simply
summed up in one word: character.
总结
If you carry nothing else away from your reading of this book,remember this: The great game of life is not about money;it is about doing your best to join the battle to build anewourselves, our communities, our nation, and our world.
