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[转载]Buffett/Jayhawk  Q&A

2012-01-10 21:49阅读：

http://blog.sina.cn/dpool/blog/u/1809551322

终于有博友帮忙翻译了，感激中......

原文地址：Buffett/Jayhawk  Q&A
原文作者：股民老K

(在管我财博客上看到此文，偶尔得空，就把前面的一小部分翻译了下。我的英文水平很烂，真不好意思贴出来，呵呵，指正的可以，拍砖的不要哈）
Buffett/Jayhawk Q&A
By mhirschey
July 13, 2005
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I took a bunch of students to Omaha for a Q&A with Warren recently, and I thought you might be interested in the back and forth.
Berkshire Hathaway
Warren Buffett Q&A
May 6, 2005
Question: According to a business week report published in 1999, you were quoted as saying 'it's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that.' First, would you say the same thing today? Second, since that statement infers that you would invest in smaller companies, other than investing in small-caps, what else would you do differently?
问：你在1999年商业周报上提及：“钱不多是一个巨大的结构优势，我认为我能用1百万给你一年赚50%。是的，我知道我可以，我保证。”首先，你今天还会这样说吗？第二，由于你提到除了投资小型股意外，你还会投资于更小的公司，这两者有何区别？”
Yes, I would still say the same thing today. In fact, we are still earning those types of returns on some of our smaller investments. The best decade was the 1950s; I was earning 50% plus returns with small amounts of capital. I could do the same thing today with smaller amounts. It would perhaps even be easier to make that much money in today's environment because information is easier to access.
答：是的，我今天还会这样说。实际上，我们现在还在我们的一些很小的投资上获得了这样的回报。最好的时期是50年代，我用很小的资本获得了50%的收益率，今天用很小的资本，我可以同样做到。而且今天可能更容易赚到那么多钱，因为信息发达。
You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map. You may find local companies that have nothing wrong with them at all. A company that I found, Western Insurance Securities, was trading for $3/share when it was earning $20/share!! I tried to buy up as much of it as possible. No one will tell you about these businesses. You have to find them.
你必须翻开一块又一块岩石，去找出那些小的反常案例，你必须寻找到那些不在地图上标注的公司。你可以找到并没有犯错误的地区小公司，比如我找到的一个，西部保险证券，每股价格$3，每股收益高达$20！我拼命地买。没人告诉你这些，你得自己去寻找他们。
Other examples: Genesee Valley Gas, public utility trading at a P/E of 2, GEICO, Union Street Railway of New Bedford selling at $30 when $100/share is sitting in cash, high yield position in 2002. No one will tell you about these ideas, you have to find them.
再比如：Genesee山谷天然气公司，公开交易价格为2倍PE。还有GEICO。还有新贝德福德的联合街道铁路，2002年，每股$100的现金，收益率高，却以$30的价格出售。没人告诉你这些，你得自己去寻找他们。
The answer is still yes today that you can still earn extraordinary returns on smaller amounts of capital. For example, I wouldn't have had to buy issue after issue of different high yield bonds. Having a lot of money to invest forced Berkshire to buy those that were less attractive. With less capital, I could have put all my money into the most attractive issues and really creamed it.
答案就是，今天你仍旧可以用很小的资本获得超额回报。比如，我不会再购买问题众多的高收益率债券，但现在由于资金量太庞大，伯克希尔被迫购买这些没有什么吸引力的债券。如果只有很小的资本，我会将我所有的钱都投入到最最有吸引力的机会中。
I know more about business and investing today, but my returns have continued to decline since the 50's. Money gets to be an anchor on performance. At Berkshire's size, there would be no more than 200 common stocks in the world that we could invest in if we were running a mutual fund or some other kind of investment business.
今天，对于商业和投资，我知道得更多，但是我的投资回报从50年代以来持续下降。钱多影响了投资绩效。如果我们运营一支基金或别的投资业务，规模大小类似现在的伯克希尔，那么，世界上不会有超过200支普通股票值得我们投资。
Q: Since Ben Graham isn't around anymore, what money managers do you respect today? Is there a Ben Graham today?
问：由于本格雷厄姆不在了，今天你还尊敬那些资产管理者？今天还有格雷厄姆吗？
You don't need another Ben Graham. You don't need another Moses. There were only Ten Commandments; we're still waiting for the eleventh (j/k). His investing philosophy is still alive and well. There are disciples of him around, but all we are doing is parroting. I did read Phil Fisher later on,

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