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Notes from meeting with Warren Buffett



一个朋友刚刚发给我的,大家共享。这个没有中文,不好意思Notes from meeting with Warren Buffett - 段永平 - 段永平的博客

Last Friday, Stanford MBAs met with Warren Buffett in Omaha and below is the notes taken. Hope you will like it:

Emotional Discipline

· Keeping control of your emotions will allow you to do at least 30% better in investing

· Being in Omaha has its advantages in terms of keeping emotions under control; being removed from the crowd

· The most important skill in investing = keeping the same attitude (frame of mind) towards numbers and figures everyday you come to the office

· Look in the mirror to make decisions. You shouldn’t need to be reassured by others

Value Investing

· Value principles have not changed

· The two vital writings for Berkshire Hathaway continue to be the chapters on Margin of Safety and Attitude in Benjamin Graham’s “The Intelligent Investor” (Chapters 8 & 20)

· Be prepared to survive when the oxygen gets cut off from everyone else

· W.E.B. never wants to be in the position where he might have to post a lot of money tomorrow morning

· I never did anything risky in investing after I read “The Intelligent Investor”

· Value a company independently of any knowledge of current market pricing

· The only way to go wrong is leverage. 99% of the time you get richer and its great, 1% of the time you go broke

Picking Companies

· If a company can get share of mind, it will get share of market

· Search for vital brand associations. Coca Cola = happiness. Hence Coke advertises at places that make you happy like the Olympics. Per capita Coke drinkers have increased every year except one that Buffett has owned Coke. Gillette = transition to manhood. They advertised during the World Series b/w Yankees and Reds and caught young men early so that when they became men they wanted to use Gillette products.

· Look at chewing gum. Will technology change the way people chew gum or their preferences for chewing gum? Bill Gates agrees that it will not

· You don’t see generics in beer and razor blades. It is fascinating. Find a company where generics are not able to build a niche

· Find a company that after you give them a $4 billion check (e.g., Iscar), they will continue to operate the business as if nothing has changed

· I keep three files: good, bad and too hard. There are thousands of companies out there. Focus on the good ones that aren’t too hard for you to get your arms around

· I have eight filters. Some companies bump up against the first one, others make it through all eight in a matter of hours

· Know sectors. Important figures and relative figures change by industry

· Key question: Can you figure out how much a company is worth? Example: His own analysis came up with a conservative $100 billion valuation for PetroChina but the market was valuing it at $35 billion. Thus, he bought as much as the Chinese govt would allow.

Circle of Competence and Pricing Power

· I do not know anything about operations. I get lost in factories and couldn’t even find the men’s room. Only two things that I need to know: How big is the moat? Is there untapped pricing power?

· I can beat Bobby Fisher in a lot of things, but chess is not one of them. You need to pick a game where you have an edge.

· I’m not a genius, but I’m smart in spots. Stay around those spots.

· Mirror mirror on the wall, how much should I raise the price of See’s candy this Fall?

Politics and Philanthropy

· Democracy does not solve long-term problems well. Unfortunately the policy cycle is longer than the election cycle

· We will not be able to get rid of too big to fail

· Imbalances in trade eventually create serious political tensions and problems

· Berkshire Hathaway is not responsible for determining the philanthropic goals of its shareholders

· We all live better today than Rockefeller did in his time. Economic growth brings prosperity for all. There is no reason not to pursue what you love to do. Don’t do something because you think it is what you think others expect you to do. Do what you love. The difference between how the wealthiest live and the rest of us is not really the great. We all have enough food and sleep on comfortable mattress’ and can fly around to wherever we want to be.

· We want China to be prosperous. Inequality breeds discontent. There will be a fair amount of China bashing in the coming years as politicians need a scapegoat, but I encourage you to develop your own perspective. China bashers are nuts. Ask those who are angry with China if they would rather have a China with nuclear arms that resents America’s prosperity and is mired in discontent.

· Biggest risk that we all face is nuclear war and chemical warfare. Prior to 1945, if you were a nut, your ability to inflict harm was limited. Now this has changed. Nut cases are increasing as a proportion of the population.

· If he could do it effectively, it [the prevention of proliferation of WMD] is where he would focus all his philanthropic activity but he couldn’t find an effective way to give money to that cause


· There were remarkable dislocations during the crisis. For example, auction rate securities with dramatically different yields. Harley-Davidson corporate bond yield going from 15% to ~5%

· In a crisis, it doesn’t matter how sound you are in terms of credit quality; it matters how sound people think you are

· If it were up to him, he would have a much more progressive tax rate in the U.S.; office survey showed that Buffett’s employees who made b/w $60K and $800K paid on average 34% in taxes while Buffett only paid a little over 16%, Buffett does no tax planning

· We all have the horsepower – it’s a matter of utilizing that horsepower

· Improving your skills in oral and written communication is the most important thing that you can do for yourself. It will increase the value you create by more than 50%. Buffett hangs his diploma from Carnegie public speaking course on his office wall but not his degree from Nebraska or Columbia. Without the public speaking degree he would not have had the courage to ask his wife to marry him.

· Things work out for the best. It wasn’t until Warren Buffett got rejected from HBS that he realized that Benjamin Graham and Dodd were still alive and teaching at Columbia. He wrote them a letter saying that he thought that they were dead but now that he knew they were alive he’d like to study under them. Have faith that things will work out. Think of the girls that turned you down – I once dated Miss Nebraska, who ended up going through three divorces and would have completely changed my life’s trajectory

· Don’t worry about mistakes. The one mistake that you never want to make is to pick the wrong spouse. It is expensive and not just materially so.

· The best investment bankers put themselves in your shoes. That is what Byron Trott did for Buffett and why he did about 5 deals with him. If you do things that are good for Warren, you’re going to do well.

· Own 100% of a company, so that when you look in the mirror, you can say, “My shareholders love me.”

· As a general observation, Warren Buffett was one of the nicest, warmest and most generous people that I have met. He treated all of us to Piccolo Pete’s for Chicken Parm and NY strip and Root Beer floats for desert. Afterwards he spent 1+ hours taking photos with students from Stanford, Minnesota, Indiana, Emory, Smart Women in Securities and MIT.

Tags: 巴菲特 Buffett

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法语:Je t’aime,Je t’adore
德语:Ich liebe Dich
芳思·小语种 Forsoca.com
犹太语:Ani ohev otach
爱尔兰:taim i’ngra leat
爱沙尼亚:Mina armastan sind
芬兰:Min rakastan sinua
比利时佛兰芒语:IK zie u graag
意大利语:ti amo,ti vogliobene
拉丁语:Te amo,Vos amo
拉托维亚:Es tevi Milu
里斯本:lingo gramo-te bue’,chavalinha

立陶宛:Tave Myliu
马其顿:Te sakam
波兰:Kocham Cie,Ja cie kocham
葡萄牙:Eu amo-te
芳思·小语种 Forsoca.com
罗马尼亚:Te iu besc,Te Ador
荷兰:IK hou van jou
英语:I love you
捷克:Miluji te
丹麦:Jeg elsker dig
阿尔萨斯:Ich hoan dich gear
亚美尼亚:Yes Kezi Seeroom yem
巴伐利亚:I mog di narrisch gern
保加利亚:ahs te obicham
克罗地亚:Volim te

阿塞疆语:Men seni serivem
孟加拉:Ami tomay bhalobashi
缅甸:chit pa de
柬埔寨:Bong salang oun
菲律宾:Mahal Kita,Iniibig Kita
印度古吉拉特语:Hoon tane prem karun chuun
北印度语:main tumse pyar karta hoon
印度尼西亚:Saja kasih saudari
日本:Kimi o aishooteru Sukiyo
朝鲜:Tangshin-i cho-a-yo
爪哇语:aku tresno marang sliromu
老挝:Khoi huk chau
马来语:saya Cinta Mu
芳思·小语种 Forsoca.com
马来西亚:Saya Cintamu
蒙古语:bi chamd hairtai
尼泊尔:Ma timilai man parauchu
波斯语:Tora dost daram
他加禄语:Mahal kita
南非语:Ek het jou lief Ek is lief vir jou
加纳:Me do wo

埃塞俄比亚阿姆哈雷地区:Ene ewedechalu
阿拉伯语:Arabic Ana ahebek
瑞士德语:Ich li b Dich
克里奥尔语:Mon kontan ou
豪萨语:Ina sonki
马达加斯加语:tiako ianao
印度阿萨姆邦语:Moi tomak bhal pau
南亚泰米尔语:Tamil n’an unnaik kathalikkinren
印度泰卢固语:Neenu ninnu pra’mistu’nnanu
泰国:Ch’an Rak Khun
芳思·小语种 Forsoca.com
越南:Anh ye’u em
新西兰毛里语:kia hoahai
冰岛:e’g elska tig

阿尔巴尼亚:T Dua Shume
俄罗斯:Ya vas Iyublyu,Ya Tibia Lyublyu
塞尔维亚:Volim Te
斯洛文尼亚语:Ljubim te
西班牙:Te amo,Te quiero
瑞典:Jag lskar dig
土尔其:Seni seviyorum
乌克兰:ja vas kokhaju
威尔士:Rwy’n dy garu di

亚述语:ana bayinakh
高加索切尔克斯语:wise cas

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芳思小语种 网站原创 Forsoca.com 作者:老袁 



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1. It's not like that.不是那样的。

这句话是用来辟谣的。当别人误会了一件事的来龙去脉,你就可以跟他说It's not
like that.「不是那样的。」当然随着语气及情境的不同,It's not like that.这句

2. There is nothing good playing. 没好电影可看

这里的There's nothing good playing.是接着问句而来的,指的是「没有好电影可
看。」同样的,若是电视上没有好节目可看,你就可以说There's nothing good on

3. I've gotten carried away. 我扯太远了。

get carried away字面上的意思是「被带走了」,那么被带走的是什么呢?就是心思。
当你或是他人说话的时候离了题,偏离主旨扯远了。你就可以用上这个表达法I've /
You've gotten carried away.

4. Good thing... 还好,幸好…

在美语当中若要表达中文里「还好,幸好…」的语气,你就可以用Good thing...做开
头。这个句型非常简单又好用,你只要在Good thing后面加上完整的句子就可以。


Tags: 妙语连珠 94句 英语 English

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放样 Lofting

打样 Proofing
大比例尺测图 large scale topographical mapping
大潮升 spring rise
大地测量边值问题 geodetic boundary value problem
大地测量参考系 geodetic reference system
大地测量数据库 geodetic database
大地测量学 geodesy
大地测量仪器 geodetic instrument
大地方位角 geodetic azimuth
大地高 ellipsoidal height
大地高 geodetic height
大地基准 geodetic datum
大地经度 geodetic longitude
大地水准面 geoid
大地水准面高 geoidal height
大地水准面高 geoidal undulation
大地天顶延迟 atmosphere zenith delay
大地天文学 geodetic astronomy
大地网 geodetic network
大地纬度 geodetic latitude
大地线 geodesic
大地原点 geodetic origin
大地主题反解 inverse solution of geodetic problem
大地坐标 geodetic coordinate
大地坐标系 geodetic coordinate system
大陆架地形测量 continental shelf topographic survey
大陆架地形测量 continental shelf topographic survey
大气传输特性 characteristics of atmospheric transmission
大气传输特性 characteristics of atmospheric transmission
大气窗 atmospheric window
大气改正,*气象改正 atmospheric correction
大气透过率 atmospheric transmissivity
大气噪声 atmospheric noise
大气阻力摄动 atmospheric drag perturbation
大像幅摄影机 large format camera
大像幅摄影机 LFC
大洋地势图 GEBCO
大洋地势图 general bathymetric chart of the oceans
大圆航线图 great circle sailing chart
带谐系数 coefficient of zonal harmonics
带谐系数 coefficient of zonal harmonics
带状平面图 zone plan
单差相位观测 single difference phase observation
单点定位 point positioning
单片坐标量测仪 monocomparator
单位权 unit weight
单位权方差,*方差因子 variance of unit weight
弹道摄影测量 ballistic photogrammetry
弹道摄影机 ballistic camera
当地平均海面 local mean sea level
挡差改正 correction of scale difference
挡差改正 correction of scale difference
导标 leading beacon
导弹定向测量 missile orientation survey
导弹试验场工程测量 engineering survey of missile test site
导航台定位测量 navigation station location survey
导航台定位测量 navigation station location survey
导航图 navigation chart
导航图 navigation chart
导航线,*叠标线 leading line
导入高程测量 induction height survey
导线边 traverse leg
导线测量 traverse survey
导线点 traverse point
导线横向误差 lateral error of traverse
导线角度闭合差 angle closing error of traverse
导线结点 junction point of traverses
导线曲折系数 meandering coefficient of traverse
导线全长闭合差 total length closing error of traverse
导线网 traverse network
导线相对闭合差 relative length closing error of traverse
导线折角 traverse angle
导线纵向误差 longitudinal error of traverse
岛屿测量 island survey
岛屿联测 island-mainland connection survey
岛屿图 island chart
倒锤[线]观测,倒锤法 inverse plummet observation
灯[光性]质 characteristic of light
灯[光性]质 characteristic of light
灯标 light beacon
灯船 light ship
灯船 light vessel
灯浮标 light buoy
灯高 height of light
灯光节奏 flashing rhythm of light
灯光射程 light range
灯光遮蔽 Eclipse
灯光周期 light period
灯色 light color
灯塔 light house
等比线 isometric parallel
等高距 contour interval

等高棱镜 contour prism
等高线 Contour
等高线 Contour
等高仪 astrolabe
等积投影 equivalent projection
等级结构 hierarchical organization
等角定位格网 equiangular positioning grid
等角条件,*正形投影 conformal projection
等角条件,*正形投影 conformal projection
等精度[曲线]图 equiaccuracy chart
等距量表 interval scaling
等距投影 equidistant projection
等距圆弧格网 equilong circle arc grid
等量纬度 isometric latitude
等偏摄影 parallel-averted photography
等倾摄影 equally tilted photography
等权代替法 method of equalweight substitution
等值灰度尺 equal value gray scale
等值区域图,*分区量值地图 choroplethic map
等值区域图,*分区量值地图 choroplethic map
等值线地图 isoline map
等值线法 isoline method
低潮线 low water line
底板测点 floor station
底点纬度 latitude of pedal
底色去除 under color removal
底色增益 under color addition
底质 bottom characteristics
底质 quality of the bottom
底质采样 bottom characteristics sampling
底质调查 bottom characteristics exploration
底质分布图 bottom sediment chart
地产界测量 property boundary survey
地磁经纬仪 magnetism theodolite
地磁仪 magnetometer
地底点 ground nadir point
地固坐标系 body-fixed coordinate system
地固坐标系 earth-fixed coordinate system
地基系统 ground-based system
地极坐标系 coordinate system of the pole
地极坐标系 coordinate system of the pole
地籍 cadastre
地籍 cadastre
地籍簿 land register
地籍册 cadastral lists
地籍册 cadastral lists
地籍测量 cadastral survey
地籍测量 cadastral survey
地籍调查 cadastral inventory
地籍调查 cadastral inventory
地籍更新 renewal of the cadastre
地籍管理 cadastral survey manual
地籍管理 cadastral survey manual
地籍图 cadastral map
地籍图 cadastral map
地籍修测 cadastral revision
地籍修测 cadastral revision
地籍制图 cadastral mapping
地籍制图 cadastral mapping
地界测量 land boundary survey
地壳均衡 isostasy
地壳均衡改正 isostatic correction
地壳形变观测 crust deformation measurement
地壳形变观测 crust deformation measurement
地块测量 parcel survey
地类界图 land boundary map
地理格网 geographic grid
地理视距 geographical viewing distance
地理信息传输 geographic information communication
地理信息系统 geographic information system
地理信息系统 GIS
地理坐标 geographic graticule
地理坐标参考系 geographical reference system
地貌图 geomorphological map
地貌形态示量图 morphometric map
地面接收站 ground receiving station
地面立体测图仪 terrestrial stereoplotter
地面摄谱仪 terrestrial spectrograph
地面摄影测量 terrestrial photogrammetry
地面摄影机 terrestrial camera
地面实况 ground truth
地面照度 illuminance of ground
地名 geographical name
地名 place name

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