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Well, that’s a short little sermon.
上面我簡單地我說了一下我的看法。
So Let's get on with what you’re interested in.
下面就讓我們開始談談你們所感興趣的。
And like I say, in go all over.
就像我之前說的那樣。
So, I don’t know exactly how we gotta have this, but let's start with a hand here someplace or other.
我不知道接下來怎樣進行，那我們從舉手示意的同學開始提問題吧。
There we go, for the first one...yeah, right here.
第一個問題，那個同學。
Q： Your thoughts about Japan?
問題：您對日本的看法？
W: My thoughts about Japan? I am not a macro guy.
巴菲特：我對日本的看法？我不是一個太宏觀的人。
Now I said to myself Berkshire Hathaway can borrow money for 10 years at one percent.
我所在的伯克希爾·哈撒韋公司在日本10年期的貸款利息只有1％。
I say gee, I took Graham’s class 45 years ago and I have been working hard at this thing all my life.
我對自己說，45年前，我上了本杰明.格拉姆的課程，然后我就一直勤勤懇懇，努力工作，
Maybe I can earn more than 1% annually. I really work hard at it.
也許我應該比1％掙的多點吧？
One percent. It doesn’t seem impossible, doesn’t it?
看上去那不是不可能的。
So I wouldn’t want to get involved in currency risk, so it would have to be Yen-denominated.
我不想卷入任何匯率波動的風險，所以我會選擇以日元為基準的資產。
I would have to be in Japanese Real Estate or Japanese companies or something of the sort and all I have to do is to beat 1%.
如地產或企業，必須是日本國內的。我唯一需要做的就是掙得比1％多，
That is all the money is going to cost me and I can get it for 10 years.
因為那是我資金的成本，十年內我要收回來的。
So far I haven’t found anything. It is kind of interesting.
可直到現在，我還沒有發現一家可以投資的生意。這真的很有趣。
The Japanese companies earn very low returns on equity,
日本企業的資產回報率都很低。
and they have a bunch of businesses that earn 4%, 5%, 6% on equity
他們有少數企業會有4％，5％，或6％的回報。
and it is very hard to earn a lot as an investor when the business you are in doesn’t earn very much money.
如果日本企業本身賺不了多少錢的話，那么其資產投資者是很難獲得好的回報的。
Now some people do it in fact.
當然，有一些人也賺了錢。
I've got a friend, Walter Schloss, who worked at Graham at the same time I did.
我有一個和我同期為本杰明.格拉姆工作過的朋友，他叫沃爾特·施洛斯。
And it was the first way I went to stocks to buy stocks selling way below working capital. A very cheap, quantitative stocks.
那是我第一次運用買股票的方法，即尋找那些股票價格遠低于流動資本的公司，非常便宜但股票數量有限的公司。
I call it the “cigar butt” approach to investing.
我管那方法叫雪茄煙蒂投資法。
You walk down the street, you look around for a cigar butt someplace.
你滿地找雪茄煙蒂，
And you finally see one and it is soggy and kind of repulsive, but there is one puff left in it .
終于你找到一個濕透了的，令人討厭的煙蒂，看上去還能抽上一口。
So you pick it up and the puff is free.
那一口可是免費的。
I mean it is a cigar butt stock. I mean you get one free puff on it and then you throw it away and walk down the street and try another one.
你把它撿起來，抽上最后一口，然后扔了，接著找下一個。
I mean it is not elegant, but it works.
這聽上去一點都不優雅，但是很有效。
If you are looking for a free puff,it works.
如果你找的是一口免費的雪茄煙，這方法還值得做。
Those are low return businesses.
不要做低回報率的生意。
