财富精英励志演讲29：巴菲特:决定你成功的因素(5)

 　　But time is the friend of the wonderful business; it is the enemy of the lousy business.

　　时间是好生意的朋友，却是坏生意的敌人。

　　If you are in a lousy business for a long time, you are going to get a lousy result even if you buy it cheap.

　　如果你陷在糟糕的生意里太久的话，你的结果也一定会糟糕，即使你的买入价很便宜。

　　If you are in a wonderful business for a long time, even if you pay a little bit too much going in, you will get a wonderful result if you stay in a long time.

　　如果你在一桩好生意里，即使你开始多付了一点额外的成本，如果你做的足够久的话，你的回报一定是可观的。

　　I find very few wonderful businesses in Japan at present now.

　　我现在从日本没发现什么好生意。

　　They may change the culture in some way, so that management gets more stockholder responsive over there and stock¹ returns are higher.

　　也可能日本的文化会作某些改变，比如他们的管理层可能会对公司股票的责任多一些，这样回报率会高些。

　　But at the present time you will find a lot of low return businesses and that was true even when the Japanese economy was booming².

　　但目前来看，我看到的都是一些低回报率的公司，即使是在日本经济高速发展的时候。

　　It is amazing. They had an incredible³ market without incredible companies.

　　说来也令人惊奇，因为日本这样一个完善巨大的市场却不能产生一些优秀的高回报的公司。

　　They were incredible in terms of doing a lot of businesses, but they weren’t incredible in terms of the return on equity⁴ that they achieved and that has finally caught up with them.

　　日本的优秀只体现在经济总量上，但是这些生意从资产回报率来看都不乐观。这个问题已经给日本带来麻烦了。

　　So we have so far done nothing there.

　　我们到现在为止对日本还是没什么兴趣。

　　But as long as money is 1% there, we will keep looking.

　　但只要还能挣到1％的钱，我们会继续持观望态度。

　　Q： You were rumored⁵ to be one of the rescue buyers of Long Term Capital. What was the play there? What did you see?

　　问题：有传闻说，你成为长期资金管理基金的救场买家？你在那里做了什么？你看到了什么机会？

　　W: Well, there is a story in the current Fortune Magazine which has Rupert Murdoch on the cover.

　　巴菲特：在最近以鲁本·默多克为封面的财富杂志上有一篇文章。

　　It tells the whole story of our involvement. It is a kind of an interesting story because it’s a long story, so I won’t go to all of the background.

　　文章讲了这个事情的始末，有点意思。这是一个冗长的故事，我这里就不介绍来龙去脉了。

　　But I got the really serious call about Long Term Capital (LTCM).

　　我接了一个非常慎重的关于长期资金管理基金的电话。

　　So we’d go with a Friday,whatever it was. My granddaughter, I got a mid⁶ afternoon, my granddaughter was having her birthday party that evening

　　那是一个星期五的下午吧，我孙女的生日Party在那个傍晚。

　　and I was flying at night to Seattle to go on a 12-day trip with Gates on a Alaska private plane, all kind of things.

　　在那晚之后，我将乘飞机到西雅图，参加比尔·盖茨的一个12天的阿拉斯加的私人旅程。

　　I was really out of communication.

　　所以我那时是一点准备都没有的。

　　But I get this call on a Friday afternoon since things were getting serious.

　　于是星期五我接了这个电话，整个事情变得严重起来。

　　That I have some other calls before that the article get in a few certain where.

　　在财富的文章发表之前，我还通了其他一些相关电话。

　　I know those people, most of them pretty well, a lot of them at Salomon when I was there.

　　我认识他们，他们中的一些人我还很熟。很多人和我都在所罗门兄弟公司工作过。

　　And the place was imploding⁷ and the Federal⁸ was sending people up that weekend.

　　事情突然变得很重要，美联储周末派了人过去。

　　And so between that Friday and the following Wednesday when the New York Federal, in effect, orchestrated a rescue effort but without any Federal money involved.

　　在星期五到接下来的周三这段时间里，纽约储备局导演了没有联邦政府资金卷入的长期资金管理基金的救赎行动。

　　I was quite active but I was having a terrible time because we were sailing up through these canyons⁹ which I have no interests when I was in Alaska.

　　我很活跃但是我那时的身体状况很不好，因为我们那时正在阿拉斯加的一些峡谷里航行，而我对那些峡谷毫无兴趣。

　　And the captain was saying: You know, we just sail over there we might see some bears.

　　船长说我们朝着可以看到北极熊的方向航行。

　　While often I said: Straight away, you get good satellite.

　　我告诉船长朝着可以稳定接收到卫星信号的方向航行。

　　So it was exactly the picture.

　　事情就是这个样子。

　　Both of us got by all faces were going behind me, and I got my back, I am on the phone which was the people talking the way working on the phone.

　　其他人投支持我的提议。因此，我得以和电话那头正在工作中的人进行了沟通。

1 stock   

n.存货，储备；树干；血统；股份；家畜；adj.存货的；平凡的，惯用的；股票的；畜牧的；vt.进货，采购；储存；供给；vi.出新芽；进货

参考例句：

• The shop takes stock every week on Friday mornings.这家商店每星期五早晨盘点存货。
• Experts have forecast an upturn in the stock market.专家已预测股票市场价格有上升趋势。

2 booming   

adj.急速发展的v.激增( boom的现在分词 )；猛涨；发出隆隆声；以低沉有力的声音说话

参考例句：

• The opera singer has a deep, booming, masculine voice. 这位歌剧演唱家有一副深沉而又浑厚有力的嗓音。 来自《现代英汉综合大词典》
• He is booming as a teacher. 作为一位教师，他日趋成功。 来自《简明英汉词典》

3 incredible   

adj.难以置信的，不可信的，极好的，大量的

参考例句：

• Some planets run at incredible speed.某些星球以难以置信的速度运行着。
• Her answer showed the most incredible stupidity.她的回答显示出不可思议的愚蠢。

4 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

5 rumored   

adj.传说的，谣传的v.传闻( rumor的过去式和过去分词 )；[古]名誉；咕哝；[古]喧嚷

参考例句：

• It is rumored that he cheats on his wife. 据传他对他老婆不忠。 来自《简明英汉词典》
• It was rumored that the white officer had been a Swede. 传说那个白人军官是个瑞典人。 来自辞典例句

6 mid   

adj.中央的，中间的

参考例句：

• Our mid-term exam is pending.我们就要期中考试了。
• He switched over to teaching in mid-career.他在而立之年转入教学工作。

7 imploding   

v.（使）向心聚爆( implode的现在分词 )

参考例句：

• He has nightmares about the tanks imploding. 他老是做油箱爆炸的噩梦。 来自辞典例句
• Just like silver stars imploding we absorb the light of day. 身披白昼之圣光光没银星俱裂亡。 来自互联网

8 federal   

adj.联盟的；联邦的；(美国)联邦政府的

参考例句：

• Switzerland is a federal republic.瑞士是一个联邦共和国。
• The schools are screaming for federal aid.那些学校强烈要求联邦政府的援助。

9 canyons   

n.峡谷( canyon的名词复数 )

参考例句：

• This mountain range has many high peaks and deep canyons. 这条山脉有许多高峰和深谷。 来自辞典例句
• Do you use canyons or do we preserve them all? 是使用峡谷呢还是全封闭保存？ 来自互联网