warren buffett

Hes just like you and me,except for the 31bn fortunePROFILE:Warren BuffettQuotations from Warren BuffettIttakes20yearstobuildareputationandfiveminutestoruinit.Ifyouthinkaboutthat,youlldothingsdifferently.Priceiswhatyoupay.Valueiswhatyouget.Wesimplyattempttobefearfulwhenothersaregreedyandtobegreedyonlywhenothersarefearful.Onlywhenthetidegoesoutdoyoudiscoverwhosbeenswimmingnaked.Thefirstruleisnottolose.Thesecondruleisnottoforgetthefirstrule.Forbes Magazines Rich List of 2010 Forbes Magazines Rich List is an annual celebration of the super-wealthy.Microsoft Chairman Bill Gates is always at or very near the top,and this years list sees him only making second place behind Carlos Slim.Other tech personalities also place highly in the list.Bill Gates is worth an estimated$53 billion.Which is a lot of money.However,Carlos Slim,the 70-year-old Mexican telecommunications mogul is worth more,with an estimated fortune of$53.5 billion.While half a billion dollars is a fortune to the vast majority of us,its small beer to these guys.Mogul：mugl has great power and influence in a particular industry or activity巨子，显要，大亨 Forbes Magazines Rich List of 2010 Slim tops the Forbes list for the first time,knocking Gates off in the process.But Gates should now be used to playing second fiddle to guys with more money than him as Warren Buffett stole the top spot off him in 2008 before he retook it last year.When F Scott Fitzgerald observed that“the very rich are different from you and me”,the novelist was clearly not thinking of people like Warren Buffett.Proclaimed the worlds richest man last week,the American investment strategist eats at his local grill and drives to work from the modest home that he bought in unfashionable Omaha,Nebraska,in 1958,which is today valued at about 350,000.Grill n 烤架 a place where you can buy and eat grilled food 烧烤店 e.g beans Bar and Grill 比恩酒吧烧烤店Modest adj not very big or expensive less than you would expect不太贵的 不太大的 适中的His modest ambitions 他的小小的抱负 Suchisthefrugalityofthe77-year-old“sageofOmaha”,whosewealthincreasedby5billionlastyearto31billion,thatwhenhemarriedin2006heboughtadiscountringfromhisownjewellerycompany.Hehasvowedtopassononlyasmallchunkofhisfortunetohischildren,Susie,HowardandPeter.Hewantsthemtohave“enoughtodoanythingbutnottodonothing”.Frugal节约的,俭朴的(+of)Sheisafrugalhousekeeper.她勤俭持家。花钱少的,廉价的Wehadafrugallunch.我们中午吃了一顿便饭。Vow发誓要(做)+to-v+(that)Ivowednevertorevealthesecret.我发誓决不泄漏这一秘密。众所周知，巴菲特是个质朴无华的家伙，而他的子女也继承了这点：他的大女儿苏茜是奥马哈一家针织品商店的老板；大儿子豪伊是伊利诺伊州的一名普通农场主；小儿子彼得是纽约的一名音乐家。“这三个孩都很聪明，有很好的判断力，他们都是正派的好人。”巴菲特评价说。彼得的哥哥豪伊是个农场主兼摄影师，姐姐苏茜是家庭主妇，在奥马哈养育了两个了不起的孩子，而彼得则投身音乐创作，自己的一双孪生女儿是超市的营业员，两代人过着平凡的生活，看上去与“股神”开创的“天下”实在是极不相称。很多人也曾问彼得为什么不去华尔街，继承父亲的事业？生活中，巴菲特对孩子们似乎吝啬得很。巴菲特曾给豪伊买下了他现在经营的农场，而豪伊必须按期缴纳租金，否则立即收回，这对于退学不久的豪伊来说，艰难可想而知。艰难的处境往往更能锻炼人，巴菲特对小儿子彼得音乐事业的支持绝对限于金钱之外。当年，彼得搬到密尔沃基市前，开口向父亲借钱，这是皮特唯一一次向父亲借钱，却被拒绝了，巴菲特的理由是“钱会让我们纯洁的父子关系变得复杂”。后来彼得气愤地去银行贷了款。他说：“在还贷的过程中，我学到的远比从父亲那里接受无息贷款多得多，现在想来，父亲的观点对极了。”在子女眼里，父亲巴菲特不是名人，他们也不是和世界上第二富有的人一起长大的。幸运的是，父亲身上那种诚实、正直、友爱、宽容的品质都传给了他们，使他们意识到：人生的意义在于用慈善来帮助世界，而不是对父亲的亿万财产展开尔虞我诈的争夺。Hisadvicehasenrichedmoreinvestorsthananyoneelseinhistory,butBuffettpayshimselfamere50,000ayearandpreferssuchordinaryfareassteaksandhamburgers,washeddownwithCherryCoke.NotforhimthebrightlightsofNewYork,eventhoughheownsaprivatejet,hisoneextravagance:“IhaveeverythingIneedandamverycomfortablerighthereathomeinOmaha.Ifeelsorryforpeoplewhoareconsumedbypossessions.”Extravagance 铺张浪费之举;放肆的言行;奢侈品CFood is a necessity,but wine is an extravagance.食物是必需品,而酒则是奢侈品。luxury Consumed with 被某种情感所折磨He was consumed with guilt after the accident 那次事故后他深感内疚。Knownforhiswryhomilies,BuffetthasbethishouseinjestagainstthatofhisfriendandbridgepartnerBillGates,theMicrosoftco-foundernowrelegatedfromfirsttothirdplaceinthezillionairestakes,accordingtoForbesmagazine.TheyusedtomeetforgamesataHolidayInnnearBuffettshome,butoflatetheyplayonline-Buffettsonlyconcessiontonewfangledtechnology-undertheusernames“T-bone”(Buffett)and“ChallengerX”.1.Homily n advice how to behave说教 布道2.Jest in jest not serious 开玩笑e.g I only said it in jest.我不过是开玩笑说说的。Never jest about serious matters.千万不要就严肃的事开玩笑。Buffettsrankingmayseempuzzling,giventhatin2006heannouncedhewasdonatinghisfortunetocharity,withabout15billiongoingtotheBillandMelindaGatesFoundation,dedicatedtocombatingAids,tuberculosisandmalaria.Thedonationsareininstalments-thelatestfor880m-butBuffettjustgetsricher.1.与.战斗,反对 Drastic measures were taken to combat inflation.采取强烈措施对付通货膨胀 ThisactofphilanthropywasanindirectconsequenceofBuffettsunorthodoxroleasahusbandandlover.In1952hemarriedSusanThompson,aformercabaretsingerwho,afterraisingtheirchildren,announcedin1977thatshewasleavingOmahatopursuehersingingcareerinSanFrancisco.Theyremainedmarriedandongoodterms,holidayingtogetherandhelpingcharitablegroups.1.Unorthodox different from what is usual or accepted by most people 非正统的 非传统的A tennis player with an unorthodox style 打法非正统的网球选手2.Cabaret 餐馆等处的)歌舞表演UCThe city has two nightclubs with cabaret.这个城市有两家有歌舞表演的夜总会。BuffetthadalwaysexpectedthatSusanwouldinherithiswealthandpassittocharitablecauses,heexplainedlater:“Whenwegotmarried,ItoldSusieIwasgoingtoberich.notbecauseofanyspecialvirtuesofmine,butsimplybecauseIwaswiredatbirthtoallocatecapital.”Susiewaslessthanthrilledbythisprospect:“Butweweretotallyinsyncaboutwhattodowithit-andthatwastogiveitbacktosociety.”1.Inheritvtoreceivemoneypropertyfromsb继承e.g.sheinheritedthelandfromhergrandfather.In1978SusanintroducedherhusbandtoAstridMenks,aLatvianworkingasawaitressinarestaurant,whosoonmovedinwithhim.BuffettsentoutChristmascardssigned“Warren,SusieandAstrid”.巴菲特的女儿苏珊在奥马哈的家里主持了婚礼。“这是Astrid Menks一生中唯一的一次婚礼，也是巴菲特这一辈子最后一次婚礼。”苏珊表示她父亲这样说过。巴菲特的第一个妻子苏珊在2004年7月29日去世，享年72岁。苏珊在1977年就搬去了旧金山，但是和巴菲特仍然保持着婚姻关系和频繁的联络。Astrid Menks已经与巴菲特一起生活了20年，而她之前只是一名普通的服务生TwoyearsafterSusandiedfromastrokein2004,BuffettmarriedAstrid,then60.“Astridloveshimandtakescareofhim,”hisdaughterSusiesaid.“IfWarrendidnthaveacentshedstillbewithhim.”Justbeforetheirwedding,herevealedhisplantoreleasehisever-growingrichestocharitablecausesfordecadestocome.Buffettlikestomakewealth-generationsoundsimple.Heoncesummeditupthus:“RuleNo1:neverlosemoney.RuleNo2:neverforgetruleNo1.”Hisprescienceisworld-renowned:herefusedtobuystocksinthebooming1960s,onlytostrikegoldintheplummeting1970s.Hewalkedawayfromthedotcomboominthe1990s,stickingwithboringblue-chipssuchasGillette,Coca-ColaandAmericanExpress.Healwayscameupsmellingofgreenbacks.Plummetn坠子;测铅vsuddenlyandquicklygodown骤然跌落暴跌housepriceshaveplummeted房价已经暴跌HeisoneofthemostrespectedvoicesinfinancialAmerica,embodyingMidwestvirtuesofprobity,modestyandcommonsense,sohisrecentwarningthatAmericawasinrecessionstirredpanic.Hewasbornin1930inahouseinOmahaonthebanksoftheMissouriRiver,thesonofLeilaandHoward,aRepublicanstockbrokerelectedtoCongressonaplatformdescribedas“totherightofGod”.Hisgrandfatherranthefamilysgrocerystoredatingfrom1869,whereBuffettsfortunebegan.“MygrandfatherwouldsellmeWrigleyschewinggumandIwouldgodoortodooraroundmyneighbourhoodsellingit,”herecalled.“Healsosoldmeasix-packofCoca-Colaforaquarter25candIwouldsellitforanickel5ceach,soImadeasmallprofit.”Hesupplementedhisearningsbysellinglostgolfballs.WhenthefamilymovedtoWashington,the12-year-oldWarrentookonfivepaperrounds,usinghisaccesstocustomerstosellthemmagazinesubscriptions.Mysubscriptiontothemagazinewillsoonexpire,Iwillrenewit.我订阅的杂志快到期了,我将续订。Bythefollowingyearhewasmaking80amonth,anincrediblesuminthe1940s.Throughshrewdinvestment,attheageof14hesavedthe400neededtobuy40acresoflocalfarmland,whichherentedout.Hisfirstdabbleinthestockmarketearnedhima$2profitbeforethesharesshotup,teachinghimthatpatiencepaysoff.DabblevbeinvolvedinsthtryJamesdabblesinpolitics.涉猎政治。AfterafirstdegreeattheUniversityofNebraskaLincoln,hewenttoColumbiaBusinessSchoolinNewYork,wherehefellunderthespellofBenjaminGraham,aninvestmentguruwhoawardedBuffetttheonlyA+gradeheeverbestowed.Buffettworkedforhismentoraftergraduationbutoutgrewhim,accordingtoRogerLowenstein,Buffettsbiographer:“Grahamwouldamazethestaffwithhisabilitytoscanapagewithcolumnsoffiguresandpickoutanerror.ButBuffettwasfasteratit.”Scantoglanceat;tobrowsetoskimover粗略地看;浏览Hescannedtheheadlinesoftheeveningpaper.他浏览晚报的大标题。Hisstrategywastosearchfor“cigarbutt”companies,nolongerofinteresttothemarketandthusundervalued,butwhichstillhad“afewpuffs”leftinthem.In1962hespottedarun-downMassachusettstextilefirm,BerkshireHathaway,whichheboughtandtransformedintoaninsurancecompany.HisempirenowextendstosweetshopsandFruitoftheLoomclothing.HehassharesinTheWashingtonPost,TescoandacontrollingstakeinCEElectric,whichsuppliesenergyto3.7mEnglishhomes.Hedenouncedthe“outrightcrookedness”ofEnron,thecollapsedAmericanconglomerate,andthedubiousmethodsusedbycorporationstocalculatepensionchargesandstockoptioncosts:“CEOswillberespectedandbelieved.onlywhentheydeservetobe.Theyshouldquittalkingaboutsomebadapplesandreflectinsteadontheirownbehaviour.”Thisrigourextendstohisfamilydealings,notablyhispaststinginesswithhischildren.OnoneoccasionhisdaughterSusieneeded$20togethercaroutofanairportcarpark,butBuffettmadeherwriteachequetohimfirst.Hedoesntsparehimselfeither:“Onlymyclothesaremoreexpensivenow,buttheylookcheapwhenIputthemon.”TomostAmericans,however,Buffettisanationaltreasure.Butasheputit:“Youonlylearnwhohasbeenswimmingnakedwhenthetidegoesout.”Thanks for your attention!Key to Lesson Twenty:Hes just like you and me,except for the 31bn fortune 1.DoesWarrenBuffettliveanextravagantlife?No,helivesaverysimplelife.Hepayshimselfamere50,000poundayearandpreferssuchordinaryfareassteaksandhamburgers,washeddownwithCherryCoke.Whenhemarriedin2006,heboughtadiscountringfromhisownjewellerycompany.2.HowdoesBuffetteducatehischildren?Hehasvowedtopassononlyasmallchunckofhisfortunetohischildren;hewantsthemtohave“enoughtodoanythingbutnottodonothing.”3.HowdidBuffettdealwithhisbigfortune?Hewillpassononlyasmallchunkofhisfortunetohischildrenandhasdecidedtoreleasetherestofhisever-growingrichestocharitablecausesfordecadestocome.4.WhatareBuffettsrulesofmakingmoney?RuleNo1,neverlosemoney.RuleNo.2:neverforgetRuleNo.1.5.WhatismostvaluablequalityinBuffett?Buffettknowsnotonlyhowtoearnmoneybutalsohowtousethemoneytoservethesociety.6.Howdoyouunderstandthelastsentenceinthearticle?Thelastsentenceisoftenquotedinbadeconomictimeslikethepresentworld-widerecession,sothetideheremightrefertoeconomictide.“Whenitgoesout”meanswhentheeconomicsituationbecomesverybad.Thenthefinancialscoundrelwillbeexposedasthepersonwhohasbeenswimmingnaked.