芒格：这些智慧实际上是常识

2023年9月，《华尔街日报》的资深专栏记者格雷戈里·祖克曼与芒格先生在家中长谈了将近四个小时。

谈话中，芒格先生传授了他在关键投资中所取得的经验教训，也谈到了他对比亚迪、苹果、亚马逊和特斯拉的看法。他并不执着于投资成功的所得，真正令他感到自豪的是，他的普世智慧箴言，已经为人们所熟识。

格雷戈里的记叙文章追念了芒格先生的谆谆教诲，也让我们看到了他度过晚年的方式——还在读书，还在翻看《价值线》，还在为新的商业计划所振奋。

1

芒格给我的第一印象

I arrived at Charlie Munger’s Los Angeles home early one morning in September, hoping for some thoughts and opinions. For nearly four hours, Charlie wouldn’t stop.

九月的一个清晨，我来到查理·芒格位于洛杉矶的家，希望得到一些想法和建议。将近四个小时，查理滔滔不绝。

Successes and mistakes. Artificial intelligence and venture capital. Elon Musk and Donald Trump. Munger’s legacy and a secret to success in life. Even his painful hemorrhoids.

关于成功与失误、人工智能和风险投资、埃隆·马斯克和唐纳德·特朗普，还有他的遗产和人生成功的秘诀，甚至谈起了曾令他痛苦的创伤回忆。

We had never met and I wasn’t sure he’d be open or loquacious. Munger usually let longtime partner Warren Buffett steal the spotlight at Berkshire Hathaway’s annual meetings. Munger was content offering a witty quip or “I have nothing to add.”

我们从未见过面，我不确定他会不会开诚布公、侃侃而谈。在每年一度的伯克希尔·哈撒韦股东会上，芒格通常会被他的长期合作伙伴沃伦·巴菲特“抢去风头”。芒格满足于说几句诙谐的俏皮话或 “我没什么可补充的”。

I brought fresh croissants and muffins, hoping to sweeten his mood. I needn’t have bothered. His aide ushered me into the den, pointed me to a couch, and Munger jumped right in, employing acharacteristic and refreshing bluntness. “Could I tape the interview? Ask questions for a book as well as a Wall Street Journal article?” “Do whatever you want,” he said, all but rolling his eyes.

我带来了新鲜的羊角面包和松饼，希望能让他心情愉快。其实，我本不必如此费心。他的助手把我领进书房，指给我一张沙发。芒格以他特有的、令人耳目一新的直率，马上切入正题。“我能把采访录下来吗？代表一本书和《华尔街日报》向您提问？”“你想做什么就做什么吧，”他转了转眼睛说。

格雷戈里·祖克曼（左）和查理·芒格（右）

Munger dressed as one might expect of an aging and accomplished financier. Light blue shirt, dark blue sports jacket, gray pants pulled up high, black dress shoes. He sat in a tan recliner, hardly budging. Munger’s voice was a bit weak and he didn’t appear very mobile. But he was sharp, witty and full of humor.

芒格的穿着打扮一如人们对一位年老而有建树的投资家的想象。浅蓝色衬衫，深蓝色休闲西装，灰色裤子高高挽起，露出黑色皮鞋。他坐在一张棕褐色的躺椅上，几乎一动不动。声音有点虚弱，看起来行动也不是很方便。但他出言很是犀利，机智又幽默。

2

芒格给我的第一印象

I asked about lessons from his key investments, both at Berkshire Hathaway, where he was the longtime vice chairman, and on his own. He said Berkshire’s 1972 purchase of See’s Candies was a crucial deal. When See’s raised prices without affecting the volume of sales, it changed Munger’s approach to investing. He learned that paying full price for a beloved brand could be a bargain.

我问及他在伯克希尔·哈撒韦公司（他曾长期担任该公司副董事长）和他自己的关键投资中所取得的经验教训。他说，伯克希尔于1972年收购了喜诗糖果公司，这是一笔至关重要的交易。在不影响销售量的情况下，喜诗糖果提高了价格，这改变了他的投资想法。他意识到，为一个深受喜爱的品牌支付全价可能是一笔划算的交易。

He and Buffett began looking for other companies with loyal customers, leading to their big purchases of shares of Coca-Cola and other stocks and to paying a premium for Israeli toolmaker Iscar, he said, deals that paid off.

他和巴菲特开始寻找其他拥有忠实客户的公司，从而大举购买了可口可乐股票和其他股票，并溢价收购了以色列工具制造商伊斯卡。他说，这些交易都获得了回报。

直到去世，查理·芒格都依赖于从《价值线》活页夹中找信息。照片为格雷戈里所摄。

Costco taught Munger the value of treating customers well. Munger never sold his personal stake in the company, which amounts to 187,760 shares worth about $111 million. The stock has returned 31% this year, including dividends, and 475% over the past 10 years. As a longtime outside director, Munger encouraged Costco to pay up for choosing real estate, he said, and to enter China, a nation he long admired for the work ethic of its citizens. But he kept most of his opinions to himself: Few executives want to hear critiques from outside directors, he said.

开市客教会了芒格如何善待顾客。芒格从未出售过他个人在该公司的股份，共计 187,760 股，价值约 1.11 亿美元。今年，包括股息在内，开市客股票的回报率为 31%，过去 10 年的回报率为 475%。他说，作为一名长期的外部董事，他鼓励开市客进军房地产，并鼓励开市客进入中国，因为中国公民的职业道德令他钦佩已久。但他对自己的大部分意见守口如瓶，因为很少有高管愿意听到外部董事的批评。

“I’ve had to pick my spots and be gentler than my inclination,” Munger said.

芒格说：“我必须坚守自己的观点，处事风格更为温和。”

Berkshire owned Costco for a while but exited its position in 2020. Buffett sometimes teased Munger for his passion for the company, an example of how they didn’t always agree on investment strategies.

伯克希尔曾持有开市客一段时间，但在2020年退出了该公司。巴菲特有时会取笑芒格对该公司过于热情，这也是他们在投资策略上意见并不总是一致的一个例子。

“Warren has a prejudice against retailing,” Munger said.

“沃伦对零售业有偏见，”芒格说。

3

关于投资和生活的信条

BYD was a bet on Wang Chuanfu, someone Munger viewed as an especially capable leader. But it also demonstrated the importance of good fortune. Munger urged Wang not to enter the challenging automobile business. Wang ignored the warning, shifting BYD into electric vehicles. Today, the company is Tesla's biggest threat. “It teaches you to be humble,” Munger said.

比亚迪是芒格在王传福身上下的赌注，他认为王传福是一位特别能干的领导者。但这笔投资也证明了好运气的重要性。芒格曾劝王传福不要涉足充满挑战的汽车行业，但王传福没有听取这个建议，带领比亚迪转向进入电动汽车领域。如今，比亚迪已成为特斯拉的最大威胁。“这件事教会我们要谦虚”，芒格说。

Munger missed out on Amazon, even though he was a fan of founder Jeff Bezos. He also passed on automaker Tesla, whose shares have soared, but he had fewer second thoughts on that one. Munger called Musk “an extreme talent” but said “I would go crazy if I took the risks he did.”

芒格错过了亚马逊，尽管他是创始人杰夫·贝佐斯的粉丝。他还错过了汽车制造商特斯拉，虽然特斯拉的股价狂飙，但他对此并没有太多想法。芒格称马斯克是 “一个极端的天才”，但他说：“如果我像他那样冒险，我会疯掉的。”

Berkshire’s purchase of Apple was one of its biggest home runs, but Munger wished the company had bought even more of the stock. Both he and Buffett were slow to appreciate the company’s strengths, he said, and had to overcome their long-held caution about tech stocks.

伯克希尔持仓苹果公司是其最大的全垒打之一，但芒格希望公司能购入更多的苹果股票。他说，他和巴菲特迟迟没有意识到这家公司的优势，而且不得不克服他们长期以来对科技股的谨慎态度。

Expressing a tenet he often shared about both investing and life, Munger said: “You have to let ideas die” and regularly challenge one’s own beliefs. Munger said the rush to embrace artificial intelligence was likely overdone—“I don’t want something that behaves like a human”—and worried that too much money is chasing venture-capital deals.

芒格提及他经常分享的关于投资和生活的信条：“你必须扼杀掉想法”，并经常挑战自己的信念。芒格说，急于拥抱人工智能的做法可能有些过头了——“我不想要行为像人类一样的东西。”他担心太多的资金用于风险投资交易。

A lifelong Republican, Munger said he agreed with some of Trump’s policies while in office but said could never vote for him, citing character flaws and his business practices before making it to the White House. “Biden is a typical Democratic politician,” he said. “I’ m used to that type of defect.” Munger expressed optimism about the U.S., despite its abundant challenges. “A great nation has a lot of collapse in it,” he said.

作为一名终身的共和党人，芒格说，他同意特朗普在任时的一些政策，但表示永远不会投票给他，理由是特朗普的性格有缺陷，以及他在入主白宫之前做了某些商业行为。“拜登是典型的民主党政客，”他说。“我已经习惯了这种缺陷。”尽管美国面临诸多挑战，但芒格对美国保持乐观态度。他说：“一个伟大的国家仍有很多不足之处。”

Munger didn’t dwell on his investment legacy. He seemed prouder that his many aphorisms, which some have termed “uncommon sense” have become so popular. “When someone says uncommon sense they really mean common sense,” he said.

芒格并没有执着于他的投资所得。他似乎更自豪的是，他的许多箴言——有人称之为 “不寻常的常识”——已经深入人心。他说：“有人道出寻乎异常的智慧，而这些智慧实际上是常识。”

As he spoke, I soaked up the surroundings, realizing I’d likely never have another chance. Volumes about Benjamin Franklin, Albert Einstein and Costco. A table stacked with financial books sent by various publishers. To Munger’s left sat a small wooden table with two oversize and worn Value Line binders featuring details of various companies. Munger said he relied on these relics of a bygone era to evaluate new investments. “They’re easy to navigate and you get a good overview of companies,” he explained.

他说话时，我沉浸在周围的环境里，意识到我可能再也没有这样的机会了。书架上有许多关于本杰明·富兰克林、阿尔伯特·爱因斯坦和开市客的书籍，桌子上也堆满了各家出版社寄来的金融类书籍。芒格的左手边放着一张小木桌，桌上摆着两个超大的、破旧的《价值线》活页夹，上面记录着各家公司的详细情况。芒格说他依靠这些过去时代的遗物来评估新的投资项目。他解释说：“它们易于浏览，由此你可以很好地了解公司的概况。”

查理·芒格身边堆满了关于本杰明·富兰克林和阿尔伯特·爱因斯坦等名人以及开市客的书籍。照片为格雷戈里所摄。

Munger seemed to enjoy himself during our interview. He volunteered a healthy respect for the press and the role it plays scrutinizing companies, executives and others. But he really lit up toward the end of the morning when a 35-year-old neighbor, Avi Mayer, came by, clutching a handful of documents for Munger to review and sign. It turned out that the unlikely duo had launched a real-estate partnership that owned thousands of garden apartments around the country, an enterprise Munger detailed with excitement. Munger shared their plans for growth, expressing deep pride in his partner.

整个采访过程，芒格似乎乐在其中。他主动表示尊重媒体，尊重媒体在监督公司、高管及其他人方面所发挥的作用。但在上午快结束时，他的情绪才真正高涨起来。当时，他 35 岁的邻居阿维·梅耶走了过来，手里拿着一沓文件，让芒格审阅并签字。原来，这对奇妙的搭档成立了一家房地产合伙公司，在全国各地有着数千套花园公寓。芒格兴奋地介绍了这家公司的详细情况，分享了发展计划。他对他的合作伙伴深感自豪。

It was a lesson in the value of learning fresh skills and exploring new pursuits throughout one’s life, and the need to meet new people. It also was a testament to how newfound passions, even those discovered late in life, can inspire and invigorate. “If anything, my fun has increased with time,” Munger said.

这又是芒格教给我们的一堂课，关于终身学习新技能和探索新追求的价值，也关于结识新朋友的必要。这也证明了新发现的激情，即使发生在晚年，也能给人带来灵感和活力。“如果说有什么变化的话，那就是我的乐趣随着时间的推移而增加了”，芒格说。

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