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But time is the friend of the wonderful business; it is the enemy of the lousy business.
時間是好生意的朋友，卻是壞生意的敵人。
If you are in a lousy business for a long time, you are going to get a lousy result even if you buy it cheap.
如果你陷在糟糕的生意里太久的話，你的結果也一定會糟糕，即使你的買入價很便宜。
If you are in a wonderful business for a long time, even if you pay a little bit too much going in, you will get a wonderful result if you stay in a long time.
如果你在一樁好生意里，即使你開始多付了一點額外的成本，如果你做的足夠久的話，你的回報一定是可觀的。
I find very few wonderful businesses in Japan at present now.
我現在從日本沒發現什么好生意。
They may change the culture in some way, so that management gets more stockholder responsive over there and stock returns are higher.
也可能日本的文化會作某些改變，比如他們的管理層可能會對公司股票的責任多一些，這樣回報率會高些。
But at the present time you will find a lot of low return businesses and that was true even when the Japanese economy was booming.
但目前來看，我看到的都是一些低回報率的公司，即使是在日本經濟高速發展的時候。
It is amazing. They had an incredible market without incredible companies.
說來也令人驚奇，因為日本這樣一個完善巨大的市場卻不能產生一些優秀的高回報的公司。
They were incredible in terms of doing a lot of businesses, but they weren’t incredible in terms of the return on equity that they achieved and that has finally caught up with them.
日本的優秀只體現在經濟總量上，但是這些生意從資產回報率來看都不樂觀。這個問題已經給日本帶來麻煩了。
So we have so far done nothing there.
我們到現在為止對日本還是沒什么興趣。
But as long as money is 1% there, we will keep looking.
但只要還能掙到1％的錢，我們會繼續持觀望態度。
Q： You were rumored to be one of the rescue buyers of Long Term Capital. What was the play there? What did you see?
問題：有傳聞說，你成為長期資金管理基金的救場買家？你在那里做了什么？你看到了什么機會？
W: Well, there is a story in the current Fortune Magazine which has Rupert Murdoch on the cover.
巴菲特：在最近以魯本·默多克為封面的財富雜志上有一篇文章。
It tells the whole story of our involvement. It is a kind of an interesting story because it’s a long story, so I won’t go to all of the background.
文章講了這個事情的始末，有點意思。這是一個冗長的故事，我這里就不介紹來龍去脈了。
But I got the really serious call about Long Term Capital (LTCM).
我接了一個非常慎重的關于長期資金管理基金的電話。
So we’d go with a Friday,whatever it was. My granddaughter, I got a mid afternoon, my granddaughter was having her birthday party that evening
那是一個星期五的下午吧，我孫女的生日Party在那個傍晚。
and I was flying at night to Seattle to go on a 12-day trip with Gates on a Alaska private plane, all kind of things.
在那晚之后，我將乘飛機到西雅圖，參加比爾·蓋茨的一個12天的阿拉斯加的私人旅程。
I was really out of communication.
所以我那時是一點準備都沒有的。
But I get this call on a Friday afternoon since things were getting serious.
于是星期五我接了這個電話，整個事情變得嚴重起來。
That I have some other calls before that the article get in a few certain where.
在財富的文章發表之前，我還通了其他一些相關電話。
I know those people, most of them pretty well, a lot of them at Salomon when I was there.
我認識他們，他們中的一些人我還很熟。很多人和我都在所羅門兄弟公司工作過。
And the place was imploding and the Federal was sending people up that weekend.
事情突然變得很重要，美聯儲周末派了人過去。
And so between that Friday and the following Wednesday when the New York Federal, in effect, orchestrated a rescue effort but without any Federal money involved.
在星期五到接下來的周三這段時間里，紐約儲備局導演了沒有聯邦政府資金卷入的長期資金管理基金的救贖行動。
I was quite active but I was having a terrible time because we were sailing up through these canyons which I have no interests when I was in Alaska.
我很活躍但是我那時的身體狀況很不好，因為我們那時正在阿拉斯加的一些峽谷里航行，而我對那些峽谷毫無興趣。
And the captain was saying: You know, we just sail over there we might see some bears.
船長說我們朝著可以看到北極熊的方向航行。
While often I said: Straight away, you get good satellite.
我告訴船長朝著可以穩定接收到衛星信號的方向航行。
So it was exactly the picture.
事情就是這個樣子。
Both of us got by all faces were going behind me, and I got my back, I am on the phone which was the people talking the way working on the phone.
其他人投支持我的提議。因此，我得以和電話那頭正在工作中的人進行了溝通。
