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世界投资大师：沃伦·巴菲特
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
$$31,500.
He
wears
rumpled,
nondescript
suits,
drives
his
own
car,
drinks
Cherry Coke, and is more likely to be found in a Dairy Queen than a four
－
star
restaurant.
世界投资大师：沃伦·巴菲特
作为一个如此卓越的成功投资家，沃伦·巴菲特却又是一个非常平凡、 普通的人。
巴菲特在美国内布拉斯加州的奥马哈出生、长大，
40
多年来他一直居住的 是法钠姆大街那
栋自己以
31500
美元购置的灰色水泥墙的房子。他穿皱巴巴的普通 西装，亲自开车，常喝
樱桃可乐
，多数情况下是光顾
戴瑞王 后
这样的小饭馆，而不是四星级的豪华酒店。
But the 68
－
year
－
old Omaha native has led an extraordinary life. Looking back
on his childhood, one can see the budding of a savvy businessman. Warren Edward
Buffett was born on August 30, 1930, the middle child of three. His father, Howard
Buffett, came from a family of grocers but himself became a stockbroker and later
a U. S. congressman.
但 这位
68
岁、土生土长的奥马哈人却有着不平凡的生活经历。回顾他的童年时代，
就可 以很好地了解这个机敏的生意人的成长过程。沃伦·爱德华·巴菲特生于
1930
年
8
月
30
日，在家里３个孩子中排行老二。他父亲霍华德·巴菲特成长于一个杂货商的家 庭中，
但后来却成了一名股票经纪人，之后又成为美国国会的议员。
Even as a young child, Buffett was pretty serious about making money. He used to
go door
－
to
－
door and sell soda pop. He and a friend used math to develop a system
for picking winners in horseracing and started selling their
－
Boy
Selections
he also worked at his grandfather's grocery store. At the ripe age of 11, Buffett
bought his first stock.
甚至在很小的时候，巴菲特就对赚钱很用心。那时他常常挨家挨户地推 销苏打汽水。
他和一个朋友利用数学知识开发了一个在赛马比赛中选拔冠军的识别系统，
然后开 始推销他
们的
马童筛选器
的内部消息传单，
但因为无许可证 被迫关停。
后来他还在祖父的杂货店干
过一段时间。在１１岁的时候，已近成熟的巴菲特买进了 自己的第一支股票。
When his family moved to Washington, D. C. , Buffett became a paperboy for The
Washington
Post
and
its
rival
the
Times
－
Herald.
Buffett
ran
his
five
paper
routes
like an
assembly
line
and even added
magazines to round
out his product
offerings.
While
still
in
school,
he
was
making
$$175
a
month,
a
full
－
time
wage
for
many
young
men.
在巴菲特全家搬至华盛顿特区后
,
他开始为《华盛顿邮报》和该报的对手《时代先< br>驱报》
送报纸。
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.
巴菲特曾申请哈佛商学院被拒
,
这后来成为哈佛历 史上最糟糕的录取决定之一。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.
一开始
,
巴菲特凭借投资来赚钱 。
他最初的资本来自卖苏打汽水、
送报纸、
安装弹球游戏
机而攒下的积蓄。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.
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. In his investments, that means holding on to
holdings
as
American
Express,
Coca
－
Cola,
and
The
Washington
Post
Co.
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