1998年格林童话，巴菲特应邀在佛罗里达大学商学院发饰演讲，面向的听众主若是MBA专科的学生，一群朝气蕃昌的年青东谈主，像早上八九点钟的太阳一样逐步发光，对改日满怀好意思好的憧憬。

巴菲特的演讲为后生东谈主提供了故意的、可行的成长指引。他用节略的开场白谈了同学们最怜惜的事情，即同学们的改日会怎么、齐备东谈主生见效靠什么，三言两语，话语朴实，流连忘反，启东谈主深想。

巴菲专指出，东谈主品决定见效，东谈主品是头等迫切的。

巴菲特所说的东谈主品，指行动、性格、特性等方面的民俗，即品行和性情。巴神在遴荐公司惩处层时，领先看中的即是东谈主品，惩处层必须憨厚和感性，必须具有鼓舞利益导向。

最重要的是，巴菲专指出，好东谈主品是不错通过修习获取的、达到的，坏民俗是不错松手的、改正的。

你宝贵谁，你尊敬谁，你向谁学习，你坚握向其看都，你就会成为谁。

优秀是一种民俗。向优秀的东谈主学习，学习他们身上的好品性，把好品性养成民俗，你就会成为优秀的东谈主。

通篇演讲执行是学习价值投资的最好初学材料和必读材料，相配精彩，相配迫切，阳春白雪，轰动东谈主心，广为传播，很有影响。

巴菲特的雄壮信徒，宽绰价值投资者，泛泛传看演讲视频，反复咀嚼翰墨执行。驰名投资东谈主段永平先生直言，听了不下十遍。

开场执行撮要如下（汉文译文主要参考雪球RanRan）：

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

Buffett: Testing， one million， two million， three million. Seems to be working.

测试，1百万、2百万、3百万。（麦）是好的，不错用。

I’d like to just say a few words primarily and then the highlight for me will be getting your questions in a few minutes. I want to talk about what is on your mind.

我先花几分钟简要说几句，然后大部分技艺用来复兴大众的问题。我想谈谈大众怜惜的话题。

I urge you to throw hard balls. It’s more fun for me if you put a little speed on your pitches as they come in. You can ask about anything except last week’s taxes I gave. That’s off limits.

请诸君投出有难度的球（意指提倡有难度的问题）。向我飞来的球带点速率，会更好玩。什么都不错问，即是不行问上个月我交了若干税，这个问题恕我无可求教。

I would like to talk for just one minute up to the students about your future when you leave here. You’re gonna learn a tremendous amount about investments and you will learn enough to do well， you’ve all got the IQ to do well， you’ve all got the initiative and energy to do well， or you wouldn’t be here， and most of you will succeed in meeting your aspirations， but in determining whether you succeed there is more to it than intellect and energy. I would like to talk for just a second about that.

诸君同学，你们毕业之后改日会怎么？我随机说说我的目标。诸君在这所大学能学到大宗对于投资的学问，你们将领有见效所需的学问，既然诸君能坐在这里，你们也领有见效所需的才调，你们还有见效所需的拼劲。你们大多数东谈主都会见效地齐备我方的抱负。

但临了你到底能否见效，不单取决于你的头脑和勤勉，不单取决于你的机灵才智和肯干颖悟。我随机讲一下这个意旨。

In fact， there was a fellow， Pete Kiewit， in Omaha， who used to say that he looked for three things in hiring people. 

He looks for integrity， intelligence and energy， and he said if that person did not have the first two， the later two would kill him. Because if they don’t have integrity， you want them to be dumb and lazy， you don’t want them to be smart and energetic. 

I really like to talk about that first one， because we know you have got the second two.

奥马哈有个叫彼得·基威特的东谈主，他说他招东谈主的时候看三点：品行（憨厚梗直）、头脑（机灵才智）和勤勉（沉稳肯干）。他说一个东谈主若是头脑机灵、勤勉悉力，但品行不好，坚信是个灾难。品行怪异的东谈主，最好又懒又蠢，你坚信不会期待他又机灵又勤勉。（诚，聪，实，勤）

我知谈诸君都头脑机灵、勤勉悉力，是以我今天只讲品行。

Play along with me in a little game for just a second in terms of thinking about that question. You’ve all been here， I guess， almost all of your second year MBAs and you’ve gotten to know your classmates. Think for a moment that I granted you the right to buy 10% of one of your classmates for the rest of his or her lifetime. You can’t pick one with a rich father， that doesn’t count; you’ve got to pick somebody who is going to do it on their own merit. I’ll give you an hour to think about it.

为了更好地想考这个问题，咱们不妨一齐作念个小游戏。我估量，诸君都是MBA二年级的学生，应该很了解我方周围的同学了。假定当前你不错选一个同学，买入他今后一世之内10%的收入。你不行选富二代，只可选靠我方奋发的东谈主。

Which one are you gonna pick among all your classmates as the one you want to own 10% for the rest of his or her lifetime? Are you gonna give them an IQ test and pick the one with the highest IQ? I doubt it. Are you gonna pick the one with the best grades? Er…I doubt it. You are not gonna pick the most energetic one necessarily， you are the one who display the most initiative.

请诸君仔细想一下，你会选班里的哪位同学，买入他今后一世之内10%的收入。你会给通盘同学作念个才调测试，选才调最高的吗？我看未必。你会选学习获利最好的吗？我看未必。你一定不会选最有拼劲的，因为你和大众都很机灵，也都很悉力。

You are going to start looking for qualitative factors in addition to (quantitive factors)， because everybody has enough brains and energy.

I would say if you have thought about it for an hour and decided who you are gonna place that bet on， you’d probably pick the one who you responded the best to， the one who is going to have the leadership qualities， the one who is going to be able to get other people to carry out their interests， and that would be the person who was generous， honest， and gave credit to other people even for their own ideas. All kinds of qualities like that， and you could write down those qualities that you admire in this other person， whoever you admire the most in the class.

我以为你会主要磋议定性方面的要素。好好想想，你会把赌注压在谁的身上？也许你会选你最有招供感的阿谁东谈主，阿谁领有交流才调，能把别东谈主组织起来齐备共同利益的东谈主。这样的东谈主应该是委宛大方的、憨厚梗直的，他们我方作念了孝敬，却说是别东谈主的功劳。我以为让你作念出决定的应该是这样的品性。找到了你最钦佩的这位同学之后，想一想他身上有哪些优秀品性，拿一张纸，把这些品性写在纸的左边。

And then， I would throw in a hooker， I would say as part of owning 10% of this person， you have to agree to go short 10% of somebody else in this class. That’s more fun， isn’t it? Then you will think who do I want to go short of? Again you wouldn’t pick the person with the lowest IQ， you would start thinking about the person， really， who turned you off for one reason or another. They have various qualities quite apart from their academic achievement. But they have various qualities， in the end， you really don’t want to be around with them， and other people don’t want to be around with them. What were the qualities that lead to that? That would be a whole bunch of things. You know it’s the person who is egotistical， or it’s the person who is greedy， or it’s the person who is slightly dishonest and cuts corners. All of these qualities. You can write those down on the right-hand side of the page.

底下我要加浩劫度了。为了领有这位同学今后一世10%的收入，你要同期作念空另一位同学今后一世10%的收入，这个更好玩。想想你会作念空谁？你不会选才调最低的。你会猜想那些招东谈主烦的东谈主，他们可能学习获利优秀，但你即是不想和他们打交谈，不但你烦他们，别东谈主也烦他们。为什么有东谈主会招东谈主烦？原因好多，这样的东谈主可能自暗里利、茫无涯际、见机而作或者弄虚乌有。雷同这样的品性，你想想还有什么，请把它们写在刚才那张纸的右边。

As you look at those qualities on the right and left hand side， there is one interesting thing about them. It’s not the ability to throw football 60 yards. It’s not the quality to run a 100-yard dash in 9'3'. It’s not being the best-looking person in the class. 

They are all qualities that if you really want to have the ones on the left-hand side， you can have them.

望望把握双方划分列出来的品性，你发现了吗？这些品性不是把橄榄球扔出60米，不是10秒钟跑完100米，不是面容在全班最出众。

左边的这些品性，你真想领有的话，你不错有。

I mean， they are qualities of behavior， temperament， character that are achievable. They are not forbidden to anybody in this group.

If you look at the qualities on the right-hand side， the ones that you find turn you off in other people， there is not a quality there that you have to have. If you have it you can…you can get rid of it. You can get rid of it a lot easier in your age than you can in my age.

Because most behavior is habitual， and they say the chains of habit are too light to be felt until they are too heavy to be broken. There is no question about that. 

I see people with these self-destructive behavior patterns at my age or even 10 or 20 years younger. They really are entrapped by them. They go around and they do things that turn off other people right and left. They don’t need to be that way but by a certain point they get so they can hardly change it. But at your age you can have any habits， any patterns of behavior that you wish. It’s simply a question of which you decide and want to decide the ones that…I mean…if you like.

这些是对于行动、特性和性格的品性，是能培养出来的。在座诸君，独一你想要获取这些品性，没一个是你得不到的。

再看一下右边的那些品性，那些令东谈主生厌的品性，没一个是你非有不可的，你身上若是有，想改的话，不错改掉。大多数行动都是民俗成当然。我依然老了，但你们还年青，想开脱恶习，你们年青东谈主作念起来更容易。

常言谈，民俗的镣铐，开动的时候轻微得难以察觉，到自后却千里重得无法开脱。

这话很是在理。我在活命中见过一些东谈主，他们有的和我年龄差未几，有的比我年青十几二十几岁，可是他们染上了一些坏习性，把我方毁了，改也改不掉，走到哪都招东谈主烦。他们本来不是这样的，可是民俗成当然，积存到一定进度，根底改不澄澈。你们还年青，想养成什么民俗、想酿成什么品格，都不错，就看你我方如何想、如何选、如何作念了。

Ben Graham did this…Ben Franklin did this before him. Ben Graham in his low teens…looked around…he looked at the people he admired and he said that you know， “I want to be admired， so why don’t I just behave like them?” He found there was nothing impossible about behaving like them. Similarly he did the same thing on the reverse side in terms of getting rid of those qualities. So I would suggest that if you write those qualities down and think about them a little while and make them habitual. You will be the one that you want to buy 10 percent when you get all of them. The beauty of it is you have already own 100% of yourself and you are stuck with it. So you might as well be that person， that somebody else.

本·格雷厄姆，还有他之前的本·富兰克林，他们都这样作念过。本·格雷厄姆十几岁的时候就不雅察我方周围那些令东谈主敬佩的东谈主，他对我方说：“我也想成为一个被别东谈主敬佩的东谈主，我要向他们学习。”格雷厄姆发现学习他敬佩的东谈主，像他们一样为东谈主处世，是系数作念得到的。他相通不雅察周围遭东谈主厌恶的东谈主，开脱他们身上的裂缝。我建议大众把这些品性写下来，好好想想，把好品性养成民俗，临了你想买谁10%的收入，就会变成他。你会成为你欢叫买入其一世10%收入的阿谁东谈主。你依然详情领有我方100%的收入，再有别东谈主的10%，这多好。你遴荐了谁，你都不错变成像他一样。

Well that is a short little sermon. So let’s get on to what you are interested in and like I said you can go all over the lot. I don’t know exactly how we’re going to handle this. But let’s start with the hand in somewhere or the other. Where should we go with the first one? You， right here!

我要讲的意旨讲完毕，底下聊聊大众感趣味趣味的，请诸君发问吧。

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

图片

好品性：憨厚梗直 委宛大方 不愧不怍 有遭殃感 融合友善

坏品性：见机而作 自暗里利 茫无涯际 撒谎成性 弄虚乌有 死爱好意思瞻念 怨天尤东谈主 知错不改格林童话