What determines your success
Make them habitual, you will be the one you want to buy 10% of when you are allthrough. And the beauty of it is that you already own 100% of yourself and you are stuckwith it.
Warren Buffett
择善而从，你一个人可能就是那个你想买入10％的人！更好的是你一个人本就100％的拥有你一个人了。
沃伦巴菲特
背景资料
沃伦巴菲特（Warren Buffett，1930年8月30日），全球著名的投资商，生于美国内布拉斯加州的奥马哈市。在2008年的《福布斯》排名推荐上财富超越比尔盖茨，成为世界首富。2013年福布斯财富榜以530亿USD排名第四位。2010年7月，沃伦巴菲特第三向5家慈善机构捐赠股票，依目前市值计算等于19.3亿USD。这是巴菲特2006年开始捐出99％资产以来，金额第三高的捐款。
该文节选自1998年巴菲特在佛罗里达大学给MBA学生做的一次演讲，巴菲特其实口才很好，并非说他能讲出多少硬货，而是他可以把非常重要的投资哲理用很通俗易懂的比喻来告诉大伙，即便是对财务剖析、市盈率等行话一窍不通的人。所以读巴菲特写的东西一点都不累。半瓶子才能晃出声响，真的大师的话是很简单却富有哲理的。在这篇演讲稿里，不但讲了投资理念，还包含怎么样面对工作及做人的态度，耐心读完的朋友，相信肯定收成颇丰。
What determines your success
Warren Buffett
Buffett: Testing: One million $, two million $three million $. I would like tosay a few words primarily and then the highlight for me will be getting your questions. I want totalk about what is on your mind.
I urge you to throw hard balls, its more fun for me if you follow speed and speeches come inend. You can ask about anything except football game last week in AM, thats out of limits . Wehave come here for some from Sun Trust, I have just attended the TOP meeting and I sat next to JimWilliams who runs Sun Trust for many years and he wanted to be sure that I wear this Sun Trustshirt down here.
I tried to get the sponsorship from the Senior Golf and I was sluggish and now on the backof the store I am doing much better. He said I get 1% of increase in deposit, profits, so all I gets forSun Trust, yell for Sun Trust.
Your Future
I would like to talk for just one minute to the students about your future when you leave here.
Because you will learn a tremendous amount about investments , you all have the ability to dowell; you all have the IQ to do well. You all have the energy and initiative to do well or youwouldnt be here. Most of you will succeed in meeting your aspirations . But in determiningwhether you succeed there is more to it than intellect and energy. I would like to talk just a secondabout that. In fact, there was a guy, Pete Kiewit in Omaha, who used to say, he looked for threethings in hiring people: integrity , intelligence and energy. And he said if the person did not havethe first one, the later two would kill him, because if they dont have integrity, you want themdumb and lazy. We want to talk about the first one because we know you have the last two. Youare all second-year MBA students, so you have gotten to know your classmates. Think for amoment that I granted you the right-you can buy 10% of one of your classmates earnings for therest of their lifetime. You cant pick someone with a rich father; you have to pick someone who isgoing to do it on his or her own merit . And I gave you an hour to think about it.
Will you give them an IQ test and pick the one with the highest IQ? I doubt it. Will you pickthe one with the best grades? The most energetic? You will start looking for qualitative factors, inaddition to because everyone has enough brains and energy. You wouldprobably pick the one you responded the best to, the one who has the leadership qualities, the onewho is able to get other people to carry out their interests. That would be the person who isgenerous , honest and who gives credit to other people for their own ideas. All types of qualities. Whomever you admire the most in the class. Then I would throw in a hooker. In addition to thisperson you had to go short one of your classmates.
That is more fun. Who do I want to go short? You wouldnt pick the person with the lowestIQ, you would think about the person who turned you off, the person who is egotistical, who isgreedy, who cuts corners, who is slightly dishonest. As you look at those qualities on the left andright hand side, there is one interesting thing about them, it is not the ability to throw a football 60yards, it is not the ability to run the 100 yard dash in 9.3 seconds, it is not being the best lookingperson in the class, they are all qualities that if you really want to have the ones on the left handside, you can have them.
They are qualities of behavior , temperament , character that are achievable , they are notforbidden to anybody in this group. And if you look at the qualities on the right hand side, the onesthat turn you off in other people, there is not a quality there that you have to have. You can get ridof it. You can get rid of it a lot easier at your age than at my age, because most behaviors arehabitual . The chains of habit are too light to be felt until they are too heavy to be broken. There isno question about it. I see people with these self-destructive behavior patterns at my age or eventwenty years younger and they really are entrapped by them.
They go around and do things that turn off other people right and left. They dont need to bethat way but by a certain point they get so, they can hardly change it. But at your age you can haveany habits, any patterns of behavior that you wish. It is simply a question of which you decide.
If you did this Ben Graham looked around at the people he admired and Ben Franklin didthis before him. Ben Graham did this in his low teens and he looked around at the people headmired and he said, I want to be admired, so why dont I behave like them? And he found outthat there was nothing impossible about behaving like them. Similarly he did the same thing on thereverse side in terms of getting rid of those qualities. I would suggest that if you write thosequalities down and think about them a while and make them habitual, you will be the one youwant to buy 10% of when you are all through. And the beauty of it is that you already own 100%of yourself and you are stuck with it. So you might as well be that person, that somebody else.
参考译文
决定你成功的原因
沃伦巴菲特
巴菲特：话筒测试，100万USD，200万USD300万USD。我想先讲几分钟的套话，然后我就主要来同意你们的提问。我想谈的是你们的所思所想。
我期望你们扔些高困难程度的球，假如你们的投球带些速度的话，我回答起来会更有兴致。你们几乎可以问任何问题，除去上个礼拜的Texas A M的大学橄榄球赛，那超出我所能同意的极限了。大家这里来了几个Sun Trust（译者注：美国一家大型商业银行）的人。
我刚刚参加完Coca Cola的股东大会（译者注：Warren Buffet的投资公司是Coca Cola的长期大股东之一），我坐在吉米威廉姆斯边上。吉米领导了Sun Trust多年。吉米肯定让我穿上这件Sun Trust的T恤到这来。
我一直试着让老年高尔夫网盟给我赞助，但都无功而返。没想到我在Sun Trust这却做得很好。吉米说，基于Sun Trust存款的增长，我会得到1％的酬劳。所以我为Sun Trust鼓劲。（译者注：巴菲特在开玩笑）
你的将来
关于你们走出校门后的前程，我在这里只想讲一分钟。你们在这里已经学了不少关于投资方面的常识，你们掌握怎么样做好事情，你们有足够的IQ能做好，你们也有动力和精力来做好，不然你们就不会在这里了。你们中的很多人都将最后达成你们的理想。但在智商和精力以外，还有更多的东西来决定你是不是成功，我想谈谈那些东西。事实上，在大家Omaha（译者注：Berkshire Hathaway企业的总部所在地）有一位先生说，当他雇人时，他会看三个方面：诚信，智商和精力。雇一个只有智商和精力，却没诚信的人会毁了雇者。一个没诚信的人，你只能期望他愚蠢和懒惰，而不是聪明和精力充沛。我想谈的是第一点，由于我了解你们都拥有后两点。在考虑这个问题时，请你们和我一块玩玩这个游戏。你们目前都是在MBA的第二年，所以你们对我们的同学也应该都知道了。目前我给你们一个权利，来买进你的一个同学的10％的收益，一直到他的生命结束。你不可以选那些有着富有父亲的同学，每一个人的成就都要靠他一个人的努力。我给你一个小时来想这个问题，你想买进哪一个同学余生的10％。
你会给他们做一个IQ测试吗，选那个IQ值最高的？我非常怀疑。你会挑那个学习成绩最好的吗？你会挑选那个最精力充沛的吗？你或许会去探寻那些质化的原因，由于这里的每一个人都是非常有头脑和动力的。你想了一个小时之后，当你下赌注时，或许会选择那个你最有认可感的人，那个最有领导才能的人，那个能达成别人利益的人，那个慷慨、诚实，即便是他一个人的主意，也会把功劳分予别人的人。所有这类素质，你可以把这类你所钦佩的素质都写下来，（你会选择）那个你最钦佩的人。然后，我这里再给你们下个跘儿。在你买进10％你的同学时，你还要卖出另外一个人。
这更有趣。你会想我到底卖哪个呢？你可能还是不会找IQ最低的。你或许会选那个叫你厌恶的同学，与那些令你讨厌的品质。那个你不愿交际的人，别的人也不想与之交际的人。是什么品质致使了那一点呢？你能想出一堆来，譬如不够诚实，爱占小实惠等等这类，当你左右打量他们的品质时，会发现有意思的一点。能否将橄榄球扔出60码以外并无关紧要，是不是能在9秒3之内跑100码也无关紧要，是不是是班上最美的也无关大局。真的要紧的是之前的那些积极的品质。假如你想的话，你可以拥有所有那些品质。
那些行为、脾气和性格的品质，都是可以做到的。它们不是大家在座的每一位力所不可以及的。再看看那些守旧的叫你厌恶的品质，没一项是你不能不要的。假如你有些话，你也可以改掉。在你们这个年龄，改起来比在我这个年龄容易得多，由于大部分这类行为都是渐渐固定下来的。大家都说习惯的枷锁开始轻得叫人感受不到，一旦你感觉到的时候，已经是沉重得没办法去掉了。我觉得说得非常对。我见过不少我这个年龄或者比我还年轻10岁、20岁的人，有着自我破坏性习惯而又很难自拔。
他们走到哪儿都招人厌恶。他们无需那样，但他们已经无可救药。但，在你们这个年龄，任何习惯和行为模式都可以有，只须你们想，就只不过一个选择的问题。
就像本杰明格拉姆（上个世纪中叶著名的金融投资家）一样，在他还是十多大岁数的少年时，他四顾看看那些让人尊敬的人，他想我也要做一个让人尊敬的人，为何我不像那些人一样行事呢？他发现那样做并非不可能的。他对那些让人讨厌的品质采取了与此相反的方法而加以摒弃。所以我说，假如你把那些品质都写下来，好好思量一下，择善而从，你一个人可能就是那个你想买入10％的人！更好的是你一个人本来就100％的拥有你一个人了。
你也可以成为那样的人，或是其他的人。
