Famous people ：Warren Buffett 名人故事系列：沃伦·巴菲特

Hi Josh, do you know when Warren Buffett first got into investing?

嗨，Josh，你知道沃伦·巴菲特什么时候第一次涉足投资的吗?

At 11, actually. His father ran a brokerage company, so he learned the ins and outs of trading early on.

实际上是11岁吧。他父亲经营着一家经纪公司，所以他很早就了解了交易的来龙去脉。

Oh, is that what inspired him?

哦，就是这个启发了他吗?

In part, but he was also an avid reader and had a strong predilection for numbers. He read "A Thousand Ways to Make $1000" at age 7 and sold gum at 6.

部分原因吧，但他也是个热衷于读书的人，对数字有强烈的偏好。他7岁时读了《赚1000美元的1000种方法》，6岁时就卖口香糖赚钱了。

Wow! Sounds like he always had a knack for business. But, how did he amass his fortune and become a business magnate?

哇！听起来他一直很有经商才能。不过，他是如何积累财富并成为商业巨头的呢?

Well, at Columbia he met Benjamin Graham and was influenced by value investing...

是这样的，他在哥伦比亚大学遇到了本杰明·格雷厄姆，并受到了价值投资的影响……

Wait... that's a long-term investment strategy where you buy stocks for less than their intrinsic value, right?

等等，这是一种长期投资策略，让你以低于其本来价值的价格购买股票，对吧?

Yes, and it formed the basis of Buffett's investments. He ran several successful investment partnerships and eventually bought out Berkshire Hathaway.

是的，这也形成了巴菲特的各种投资的基础。他经营过几家成功的投资合伙企业，并最终收购了伯克希尔·哈撒韦公司。

 Expansion | 知识拓展 

How Warren Buffett's investment process evolved

沃伦•巴菲特投资历程的演变

Through the ages, Buffett's investment process has undergone a substantial evolution, which allowed him to generate more than other successful value investors.

多年来，巴菲特的投资历程历经重大演变，让他比其他成功的价值投资者创造了更多财富。

When he started the Buffett Partnership in the late 1950s, Warren Buffett's investment approach was very similar to that of his teacher, Benjamin Graham. The focus was on the value of the business right now, either based on assets on the balance sheet or the earnings power of an established business.

20世纪50年代末，沃伦•巴菲特创立巴菲特合伙公司，彼时他的投资策略与恩师本杰明•格雷厄姆如出一辙。主要关注企业当下的价值，通过企业资产负债表上的资产总额，或者是盈利能力来观察。

The next phase in Buffett's evolution was to place a far greater emphasis on the intangible assets of a business. Intangibles include things such as brands, entrenched competitive position and intellectual property. This is in contrast with tangible assets such as inventories or property and equipment that underpinned Buffett's earlier investments.

而在下一个阶段，巴菲特更看重的是企业的无形资产。无形资产包括品牌、不可撼动的竞争地位和知识产权等。这与巴菲特早期投资时关注的有形资产形成了鲜明对比，有形资产主要包括库存、房产和设备。

As his understanding of businesses deepened, he was able to move beyond buying cheap securities and on to buying exceptional businesses at a large discount to their intrinsic value. This strategy is to take into account the future prospects of businesses that were expected to be substantially better than the past.

随着巴菲特对商业运作的理解加深，他不再购买廉价证券，转而以低于其本来价值的折扣价购买优秀企业。这种策略就是要考虑到这些企业未来的前景，预计企业前景将会远超以往。