巴菲特：持續(xù)學(xué)習(xí)，不斷思考，一直總結(jié)！

We feel no pressure from Wall Street. You know, we don’t have investor calls. We don’t have to make promises. We get a chance to make our own mistakes, and occasionally find something that works well. So, we have a freedom that we get to use.

我們感受不到來自華爾街的壓力。你知道，我們沒有投資者電話。我們不必做出承諾。我們有機(jī)會(huì)犯自己的錯(cuò)誤，偶爾也會(huì)發(fā)現(xiàn)一些行之有效的東西。因此，我們擁有自己的自由。

And we’re interested in owning a wonderful business forever. We learned from many wonderful businesses. Charlie and I have often mentioned how we learned so much when we bought See’s Candies, which we did. We learned when we tried getting into the department store business back in 1966. And as the ink was drying on our purchase price, we realized we’d done something dumb.

我們有興趣永遠(yuǎn)擁有一家出色的企業(yè)。我們從很多優(yōu)秀的企業(yè)中學(xué)到了很多。查理和我經(jīng)常提到，我們?cè)谑召徬苍娞枪麜r(shí)學(xué)到了很多東西。我們?cè)?966年嘗試進(jìn)入百貨公司業(yè)務(wù)時(shí)學(xué)到了很多。當(dāng)我們的收購價(jià)墨跡未干時(shí)，我們意識(shí)到自己做了一件蠢事。

We’re learning all the time how consumers behave. We’re learning all the time from all of our businesses how people react to Garanimals versus selling them something else. And so, See’s was a sort of breakthrough. But we just keep learning as to more about how people behave and how a good business can turn into a bad business, and how some good businesses can maintain their competitive advantage over time. And so, we can also tell in ten seconds whether it’s something of interest.

我們一直在學(xué)習(xí)消費(fèi)者的行為方式。我們一直在我們所有的業(yè)務(wù)中了解人們對(duì) "加拉米爾 "的反應(yīng)，以及他們對(duì)銷售其他產(chǎn)品的反應(yīng)。因此，喜詩糖果是一種突破。但我們?nèi)栽诓粩鄬W(xué)習(xí)，了解人們的行為方式，了解好企業(yè)如何變成壞企業(yè)，以及一些好企業(yè)如何長期保持競爭優(yōu)勢(shì)。因此，我們也能在十秒鐘內(nèi)判斷出這是否是我們感興趣的東西。

We don’t know the future, but we do know certain kinds of businesses. We know what the right price is, and we know what we think we can project out in terms of consumer behavior and threats to a business. And that’s what we’ve been about and that’s what we’ll continue to be about. We don’t get smarter over time, we get a little wiser, though, following it over time. 

我們不知道未來，但我們知道某些類型的企業(yè)。我們知道什么是合適的價(jià)格，我們知道我們認(rèn)為可以預(yù)測出的消費(fèi)者行為和對(duì)企業(yè)的威脅。這就是我們一直在做的，也是我們將繼續(xù)做的。我們不會(huì)隨著時(shí)間的推移而變得更聰明，但隨著時(shí)間的推移，我們會(huì)變得更有智慧。

以上內(nèi)容節(jié)選自伯克希爾2022年股東會(huì)

由數(shù)字人巴菲特播報(bào)

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