芒格语录
巴菲特认为芒格让他从猩猩进化到人类，他跨学科的知识体系和跨周期的深度思 考能力都是他取得长期投资成就的重要原因。以下是芒格语录的总结，他用词的朴实， 道理之通俗易懂，反复提醒我们大道至简，回归常识。让我们虽不能至(圣人)，心 向往之(思想)。
Mimicking the herd invites regression to the mean. (随大流只会让你更靠近平均值)
论预测 I’ve never been able to predict accurately. I don’t make money predictingaccurately. We just tend to get into good business and stay there. (预测从来不是我的 强项，而且我也不依靠准确的预测来赚钱。我们往往只是买入好公司，并一直持有)
论恐慌 Thanks to the early 1930s and the behavior of the capitalists in the robber baron days...stocks yielded dividends that were twice as much as the interest rates on bonds. Itwas a wonderful period to be buying stocks. We profited from others’ demoralizationfrom the previous generation. (多亏了20世纪30年代早期以及强盗男爵时代资本家的 所作所为，股票产生的股息是债券利率的2倍。那是买入股票最美好的岁月，我们 在上一代人陷入意志消沉时获利)
论快钱:The desire to get rich fast is pretty dangerous. (渴望一夜暴富是相当危险的)
论自知之明:It is remarkable how much long-term advantage people like us (Birkshire Hathaway) have gotten by trying to be consistently NOT Stupid, instead of trying to bevery intelligent. There must be some wisdom in the folk saying: It’s the strong swimmerwho drown.
论分散化投资: The worshipping at the alter of diversification, I think that is really crazy.(崇拜分散化投资，我觉得这种观念太疯狂了)
论能力圈:Knowing what you don’t know is more useful than being brilliant. (知道你 不知道的事情比成为聪明人更有用)
论别做傻事 People are trying to be smart - all I am trying to do is not to be idiotic, butit’s harder than most people think. (人们都试图变得聪明，而我只想确保自己并不是 在做傻事，但这比许多人想象的要困难的多)
论耐心:I succeeded because I have a long attention span. 我的成功源于我的长期专注。
论静心:It’s waiting that helps you as an investor, and a lot of people just cannot stand to wait. (静心等待将帮助你成为一名投资者，然而大多数人都处于迫不及待的状态)
You have to be very patient, you have to wait until something comes along, which at theprice you are paying, is easy. That’s contrary to human nature, just to sit there all day long doing nothing, waiting. It’s easy for us, we have a lot of other things to do. But for an ordinary person, can you imagine just sitting for five years doing nothing? You don’t feel active, you don’t feel useful, so you do something stupid.
论正视现实:I think that one should recognize reality even when one does not like it ; indeed, especially when one does not like it. (我认为投资者必须面对公司实际情况， 即使你并不情愿。事实上，特别是当你不情愿的时候，更要这样做)
论进化:We don’t know when we were young which things to stretch for, but by thetime we reached Iscar (伊斯卡总部在以色列，是BRH美国境外收购的第一家公司)，which we never would have bought when we were young, we knew to stretch for theright people. It’s a hell of a business. Everything is right there. Isn’t it good that we keeplearning? Better late than never.
论定价机制:It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also valued partly like Rembrandt paintings, purchased mostly because their prices have gone up, so far.(点评:其实二级市场的定价包含的理性与非理性溢价已经完全传导到一级市场， 独角兽的估值有时候也就像伦勃朗的画一样)
论水落“鱼”出 My idea of shooting a fish in a barrel is draining the barrel first. 我认为， 要想在木桶里抓到鱼，就得先把木桶里的水排掉.(点评:要拿到好的估值先要把泡 沫挤掉)
论离场:Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much loved hand-you must learn to handle mistakes and new facts that change the odds. (生活，从某种程度上，就像一场纸牌游戏. 即使有时你有非常喜 欢的牌，你任然不得不学着放弃。你必须学会处理自己的错误及影响投资胜率的新 变化)
论重仓:You should remember that good ideas are rare-when the odds are greatly in your favor, bet heavily. 你应该记住，好的投资机会是罕见的. (当你赢面比较大的时 候，那就下重注)
论安全边际:Favorable surprise are easy to handle. It’s the unfavorable surprise thatcause the trouble. (出人意料的好事容易接受，而让人陷入困境的却总是出人意料 的坏事)
论逆向思考:If people weren’t wrong so often, we wouldn’t be so rich. (如果人们不 经常犯错，我们就不会那么富有)
论投资组合:When I came out to California, there was this playboy and he spent all his time drinking heavily and chasing movie stars. His banker called him in and said he wasvery nervous about his behavior. He told the banker, ‘let me tell you something, my municipal bonds don’t drink’ . (即使巴菲特或者芒格离开BRH，他们的投资组合也会 为投资人赚钱，最好的投资一般不需要太多的投后管理)
论溢价:A great business at a fair price is superior to a fair business at a great price.(以划算的价格投资一家优秀的企业，比以便宜的价格投资一家普通企业，其结果 要好的)
论商业模式:In business, we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables - like the discount warehouses of Costco.(商业领域中，少就是多，多就是少)
论品牌:When we bought See’s Candy, we did not know the power of a good brand.Over time, we just discovered that we could raise prices 10% a year and no one cared. Learning that changed BRH. It was really important. (在投资See‘s Candy时候， 我们没 有意识到一个好品牌的力量。后来，我们发现这家公司每年10%，而没有顾客会在 意。这个发现也改变了BRH，这真的非常重要)
论扯谈利润:I think that, every time you see the word EBITDA, you should substitutewith word ‘ Bullshit Earnings’. (我想每次你看到EBITDA这个词，你都应该用‘扯谈利 润‘这个词来代替)
论败给趋势:Over the very long term, history shows that the chances of any businesssurviving in a manner agreeable to a company’s owners are slim at best. (从较长期时期 来看， 历史早已证明，就某种程度而言，任何企业要想依照股东的意愿活下来，其 概率都是很低的)
论决策的难易程度:The difference between a good business and a bad business that good business throw up one easy decision after another. The bad business throw up painful decisions time after time. (一家好企业和一家坏企业的区别在于，好企业总 会产生一个又一个容易做出的决策，而坏企业总要做出痛苦的决策)
论总体规划:At BRH, there has never been a master plan. Anyone who wanted to do it,we fired because it takes on a life of its own and doesn’t cover new reality. We wantpeople taking into account new information. (在BRH，我们从来不会有总体规划。任 何想要做总体规划的人都会被解雇，因为总体规划考虑的只是制定过去的情况，而 不会考虑新的现实情况。我们希望员工能关注新的信息)
论去中心化 How is BRH organized? I don’t think in the history of the world has anything BRH’s size organized in so decentradczed a fashion. (BRH的组织结构是怎样的?纵观 世界历史，我认为没有哪家公司组织结构像BRH这样去中心化)
论不降低标准:The whole world is better when you don’t reduce engineering standards in Finance. We skipped a total disaster by a hair’s breath...I’m a big fan of people whotook us through the crisis. I am not a big fan of the people who caused the crisis. Some of them deserve to be in the lowest circle of hell. (其实是在讲次贷危机原因是过度使用 财务工具/杠杠那批人)
论金融健忘症:There is more dementia about finance than there is about sex.
论银行监管:Banks will not rein themselves in voluntarily. They need adult supervision. (银行不会自愿约束自己，他们需要成熟的监管体系)
论大而不倒:Capitalism without failure is like religion without hell. (没有倒闭的资本 主义就像没有地狱的宗教)
论过度自信:Smart people aren’t exempt from professional disasters from.overconfidence. (聪明的人毫无例外都因为过度自信而在职业领域遭遇过重创)
论资产升值:I remember the 0.05$ hamburger and a 0.4 per hour minimum wage, so I’ve been a tremendous amount of inflation in my lifetime. Did it ruin the investmentclimate? I think not. (芒格和巴菲特买了很多保险和银行股票，不仅是因为他们可以 对抗通胀，实际也能从通胀中受益。对于保险和银行来说，通胀是持续创收的大礼)
论自由贸易:I don’t see how we bring back that age where an uneducated man canmarch ahead rapidly. As long as we have free trade and worldwide competition, and Idon’t want to stop having free trade with a big nuclear power like China. China and theUSA have to get along. Each country would be out of its mind not to get along with the other. I think trade helps us to get along. (这条应该转发给特朗普)
论通货膨胀:I think democracies are prone to inflation because politicians will naturally spend - they have the power to print money and will use money to get votes. (但印钞和 通胀过了头都有麻烦了)
论企业税 If I were running the world I would have low corporate taxes, and get at the yearning for equality some other way, like consumption taxes. (如果我去管理这个世界， 我会征很少的企业税，而且像消费税那样，努力实现某种程度上的平等)
论保持思考和阅读习惯:It’s been my experience in life, if you just keep thinking and reading, you don’t have to work. (芒格还说过:广博能是你更优秀，而专业则让你无法替代)
论投资原则:There isn’t a single formula. You need to know a lot about business andhuman nature and the numbers...It is unreasonable to expect that there is a magic system that will do it for you. (芒格还建议读商业传记要比读投资/成功学要好)
论打扑克:Look around the poker table, if you cannot see the sucker, you’re it. (如果在玩纸牌的时候，你弄不清楚谁是笨蛋，那么你就是那个笨蛋)
论最薄弱的环节:This is a nice college, but the really great educator is McDonald’s...Ithink a lot of what goes on there is better than at Harvard. (芒格强调培养良好工作习惯的重要性)
论推翻自己:Any year that passes in which you don’t destroy one of your best lovedideas is a wasted year.
论每天进步一点点:Spend each day trying to be a litter wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day, if you live long enough, most people get what they deserve.(每天进步一点点和复利的力量有异曲同工之妙)
论跨科学应用:Know the big ideas in the big disciplines and use them routinely - all of them, not just a few. (芒格毕业于哈佛的法学院，又在加州理工读过气象学，博览心 理学，自然科学，经济学等多学科书籍，并综合运用到投资领域)
论承认愚蠢:I like people admitting they were complete stupid horses’asses. I knowI’will perform better if I rub my nose in my mistakes. This is a wonderful trick to learn. (芒 格认为只有勇于承担失败的责任，并认真反思，我们才能从失败中吸取教训)
论学会处理错误:There is no way that you can live an adequate life without many mistakes. If fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
论长着两条腿的书:In my whole life, I have known no wise people who did not read all the time - none, zero. You’d be amazed at how much Warren reads - and how much I read. My children laugh at me. They think I am a book with a couple of legs sticking out. (芒格总是如饥似渴的阅读，正是阅读让他持续领先。在讯息泛滥的年代，如何主动并且 有效的阅读，是每一个需要成长的人的必修课)
论学习机器:Warren is one of the best learning machines on earth... Warren’s investingskills have markedly increased since he turned 64. Having watched the whole process with Warren, I can report if he had stopped with what he knew at earlier points, the record would be a pale shadow of what it is. (65岁之后的Warren更出色，我们还有什么可抱怨的)
论多领域学习:If you have enough sense to become a mental adult yourself, you can run rings around people smarter than you. Just pick up key ideas from all the disciplines,not just a few, and you’re immensely wiser than they are. (如果你已经具备心智成熟的 人所需的智慧水平，那么你就有能力超过那些比你聪明的人。只要从所有不同学科领域，而不只是少数几个学科领域汲取养分，你就会比他们聪明的多)
论学习的复利:I constantly see people rise in life who are not the smartest, sometimes not even most diligent, but they are learning machines. They go to bed every night a litter wiser than they when they got up, and boy, does that help, particularly when you have a long run ahead of you.
论专业化:Extreme specialization is the way to succeed. Most people are way better off specializing than trying to understand the world. (极度专业化是成功之道。比起理解整个世界来说，大多数人更加擅长专攻一个方面)
论专注的智慧:Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused onREADING. If you want wisdom, you’ll get it sitting on your ass. That’s the way it comes.(静心阅读是获取智慧和成功的正确途径)
论换位思考 We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side. (这里指的是需要不断修正和挑战自己的既定的理念)
论思维训练 It’s bad to have an opinion you are proud of if you cannot state thearguments for the other side better than your opponents. This is a great mental discipline. (如果你不能够比你的对手更清晰阐述对方的观点，那你就不能说你有一个值得骄傲的观点。这是一项重要的思维训练)
论专家的意见:You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert. (那些资历比你丰富的人可能会因为动机导致的偏见，或其他类似的心理因素影响他们的认知能力，在这种情况下，你需要有勇气去推翻他们的决定。当然，有些情况下，你不得不承认自己对某些事情缺乏认知，此时最好的方法就是相信专业人士)
论远离狂妄:I try to get rid of people who always confidently answer questions aboutwhich they don’t have any real knowledge. (我总是试图远离某些人，他们对问题并不真正理解，但回答问题时却信心满满)
论多任务的代价:I think people who multitask pay a huge price. (我其实觉得芒格并不是想说不能multitasking，而是需要能够深入思考)
论克服单一模式:Most people are trained in one model - economics, for example, andtry to solve all problems in one way. You know the saying, “to the man with a hammer, the world looks like a nail’ this is a dumb way of handling problems. (仔细思考我们手上的工具是什么，我们要解决的问题又是什么)
论避免走极端:Another thing I think should be avoided is extremely intense ideologybecause it cabbages up one’s mind. (芒格鼓励巴菲特打破原有非格雷厄姆莫属的思维定式)
论配得上:The best way to get a good spouse is to deserve a good spouse. (要得到你想 要的东西，最可靠的方法是让自己配的上)
论理性:Being rational is a moral imperative. You should never be stupider than you need to be. (保持理性是一种道德律令，在不该犯傻的时候千万别犯傻)
论兴趣: I have never succeeded very much in anything in which I am not veryinterested. If you cannot somehow find yourself very interested in something, I don’tthink you will succeed very much, even if you are fairly smart. (充满激情是成功之母)
论抗衰老:The best armor of old age is a well-spent life preceding it. (抵抗衰老的最佳措施就是在老之前好好生活)
论完美的婚姻:In marriage, you shouldn’t look for someone with good looks andcharacters. You look for someone with low expectations. (在婚姻中，不应该去寻找颜值和个性，你需要放低自己的期望去寻找伴侣)
论人生的幸福:They once asked me what one person accounted for most of mypersonal felicity in life, and I said, ‘ that’s easy, that would be my wife’s first husband’ (有人曾问我，在生活中谁对我的个人幸福贡献最大，我说很简单，那就是我妻子的第一任丈夫)
论健康:I eat whatever I want to eat. I have never paid attention to my health. I’ve neverdone any exercise I did not want to. If any success has come to me, it came because I insisted on thinking things through...all these people who think they are going to get ahead by jogging or something, more power to them. (每个人都有保持身心健康的独特方式)
论职业选择:Three rules for a career: 1. Don’t sell anything you would not buy yourself 2. Don’t work for anyone you don’t respect and admire 3. Work only with people youenjoy.
论人际关系:The highest form that civilization can reach is a seamless web of deserved trust - not much procedures, just totally reliable people correctly trusting one another...In your own life what you want is a seamless web of deserved trust. And if your proposed marriage contract has 67 pages, I suggest you not enter. (文明最高形式是一种充满强烈信任感的无缝网络 - 不需要什么流程，只是可靠的人彼此互相信任)
论与信任的人打交道:oh, its just so useful dealing with people you can trust and getting all the others the hell out of your life. It ought to be taught as a catechism...but wise people want to avoid other people who are just total rai points on, and there are a lot of them. (与信任的人为伍，远离‘老鼠药’之流)
论映像:I like you all because you remind me of myself. Who doesn’t like his own imagesstaring back at him? (我喜欢你，皆因你让我想起了我自己，谁会不喜欢被他自己的 形象凝视呢?)
论正直:Remember Louis Vincenti’s rule: Tell the truth, and you wont have to remember your lies. 讲实话，你就无需时刻想着自己说过的那些谎言 (Vincenti是BHR被投企业的一个CEO)
论赞扬的力量:All human beings work better when they get what psychologists call reinforcement. If you get constant rewards, even if you are Warren Buffett, you will respond...Learn from this and find out how to prosper by reinforcing people who are close to you. (在得到心理学家称之为强化的力量时，所有人都会工作的更好。如果能持续得到回报，即使巴菲特也会动容。请牢记这一点，通过对你身边人进行正面强化来寻找成功之路)
论坚强的意志:You should never, when faced with one unbelievable tragedy, let one tragedy increase into 2 or 3 because of a failure of will. 当你面对一场难以置信的灾难的时候，永远不要因为意志崩溃让一场灾难演变成两场甚至三场灾难。
论无意义的虚名:Over the long term, the eclipse rate of great civilizations beingovertaken is 100%. So you know how it’s going to end. 长期而言，伟大文明被超越并最终黯然失色的概率是100%。因此你应该明白文明是如何走向衰弱的。(即使口号是make XXX great again，口号终究敌不过历史的宿命)
论抱怨:Life is always going to hurt some people in some ways and help others. Thereshould be more willingness to take the blows of life as they fall. That’s what manhood is,taking life at it falls. Not whining all the time and trying to fix it by whining. (简单来讲就 是Be a man，don’t cry)
论乐观:I’m getting more experienced at aging. I’m like the man who jumped off the skyscraper and at the 5th floor on the way down says: “so far, this is not a bad ride” (这个比喻有点不妥，因为我认为芒格压根就不会去跳楼:)
论财富的诅咒:If you get Warren Buffett for 40 years and the bastardized finally dies onyou, you don’t really have a right to complain. (不能越富有，对生活越不满)
论克制荒唐的欲望:One of the great defenses, if you are worried about inflations - is not to have a lot of silly needs in your life- if you don’t need a lot of material goods. (如果你担心通胀，又不需要太多物品，那么最有效的保护措施之一就是在生活中不能由太多荒唐的需求)
论做一个愚蠢的乐观主义者:I don’t think it’s terribly constructive to spend your timeworrying about hints you cannot fix. As long as when you are managing your money you recognize that a terrible thing is going to happen, in the rest of your life you can be a foolish optimist. (乐观对待未来的不确定性，把握可以把握的确定性)
别自欺欺人: Dean Kendall of the University of Michigan music school once told me a story: when I was a little boy, I was put in charge of a little retail operation that includedcandy. My father saw me take a piece of candy and eat it. I said, don’t worry. I intend toreplace it. My father said, that sort of thinking will ruin your mind. It will be much better for you if you take all you want and call yourself a thief every time you do it. (对大人和小 孩都适用)
