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I bought the first shares of Berkshire in 1962,
我在1962年第一次購買了伯克希爾的股份
and it was a northern textile business destined to become extinct eventually,
它做北方的紡織生意 最后注定要消失
and it was a statistically cheap stock in a terrible business.
在數據上這是做著差勁生意的便宜股票
Berkshire Hathaway was closing mills and as they closed mills, it would free up some capital,
伯克希爾哈撒韋當時正關閉工廠 由于他們關閉了工廠 就會解放出一些資產
and then they would repurchase shares,
接著他們會重新回購股份
so I bought some stock with the idea that there would be another tender offer at some point,
我在購買一些股票時就想著在某些時間會有其他的報價
and we would sell the stock at a modest profit.
我們會在股票獲得適當收益時賣出
And at one point,the management asked me at what price we would tender our stock, and I said, "11.50 dollar."
有一次 管理層問我多少價格會對我們的股票提出要約 我說11.5美元
And the tender offer came out a few months later,
幾個月后報價來了
and it was at 11 dollar and 3/8ths, which was an eighth of a point cheaper.
11美元又3/8 便宜了八分之一
And that made me very mad,so I just started buying more stock.
那讓我怒了 所以我開始買入更多股票
I just felt that I'd been double-crossed by the management.
我感覺我被管理層欺騙了
And in May of 1965,I bought enough so we controlled the company,and we changed the management.
1965年5月時 我購買了足夠多的股票 所以我們控制了公司 我們換掉了管理層
