財富精英勵志演講第36期:巴菲特:決定你成功的因素(6)

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[00:00.01]But we put in a bid on Wednesday morning. By that, I was in Boston Montana. 星期三的早上，我們出了一個報價。那時，我已經在蒙塔那了。 [00:06.47]And I talked to Bill McDonough at the New York Federal. 我和紐約儲備局的比爾·麥克唐納通了話。 [00:11.08]At 10 o'clock we were having a meet with bankers at 10 o’clock that morning in New York. 他們在10點會和一批銀行家碰頭。 [00:17.03]And I called them, we actually..., then he called me in Wyoming before ten, New York time. 我把意向傳達過去了。比爾·麥克唐納在10點前給在懷俄明給我打了電話。 [00:24.21]And we made a bid, because they were being done in a long distance, put the outline in the bid. 我們做了一個報價。因為是打長途電話，所以只給出了報價的大概數。 [00:32.04]But in the end, we bid for 250 million essentially for the net assets but we would have put in 3 and 3/4 billion on top of that. 最終，我們對2.5億美元的凈資產做了報價,但我們會在追加到37.5億左右。 [00:38.40]We’d been 3 billion from Berkshire Hathway,700 million from AIG and 300 million from Goldman Sachs. 伯克希爾·哈撒韋公司分到30個億, AIG出7個億, Goldman Sachs出3個億。 [00:47.44]And we submitted that but we put a very short time limit on that because when you are bidding on 100 million worth of securities that are moving around, 我們把投標交了上去，但是我們的投標時限很短，因為你不可能對價值以億元計的證券 [00:55.58]you don't want to leave a fixed price bid out there for very long,because you are going to getting a shot. 在一段長時間內固定價格，我也擔心我們的報價會被用來作待價而沽的籌碼。 [01:00.48]In the end the bankers made the deal, but it was an interesting period. 最后，銀行家們把合同搞定了，過程很有意思。 [01:06.32]The whole (LTCM) Long Term Capital management that I hope most of you are familiar with it. 整個長期資金管理基金的歷史，我不知道在座的各位對它有多熟悉， [01:09.57]But whole story is really fascinating 其實是波瀾壯闊的。 [01:13.15]because if you take John Meriwether, Eric Rosenfeld, Larry Hillenbrand, Greg Hawkins, Victor Haghani, the two Nobel prize winners: Myron Scholes and Robert Merton. 如果你把那16個人,像約翰·梅里韋瑟,埃里克·羅森菲爾德,拉里·希任布蘭德,格雷格·霍金斯,維克多·漢格漢尼,還有兩個諾貝爾經濟學獎的獲得者,邁倫·斯科爾斯和羅伯特·默頓 [01:25.38]If you take the 16 of them, that they have about as highest average IQ as any 16 people working together in one business in the country, including Microsoft or what you want to name. 把他們在一起，他們的IQ水平應該比像微軟這樣公司里的任何16人加起來的IQ都高。 [01:35.40]So that an incredible amount of intellect in one room. Now you combine that with the fact with those 16 and had extensive experience in the field they were operating in. 那真的是一個有著|難以置信的智商的團隊，而且他們所有人在業(yè)界都有著大量的實踐經驗。 [01:47.35]These were not a bunch of guys (who) made their money you know selling men's clothing and all of a sudden went into the securities business. 他們可不是一幫在男裝領域賺了錢，然后突然轉向證券的人。 [01:56.07]They had in aggregate, the 16, probably had 350 or 400 years of experience doing exactly what they were doing, 這 16個人加起來的經驗可能有350年到400年，而且是一直專精于他們目前所從事的領域。 [02:02.48]and then you throw in the third factor that most of them had virtually all of their very substantial networking with their business. 還有一點，他們所有人在金融界都有著極強大極堅實的關系網， [02:09.41]So they had their own money up. Hundreds and hundreds of millions of dollars is their own money up. 數以億計的資金也來自于這個關系網，其實就是他們自己的資金。 [02:14.30]Super high intellect and working in a field that they know. On essential they went broke. 擁有超級智商，在他們內行的領域，結果他們卻破產了。

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But we put in a bid on Wednesday morning. By that,I was in Boston Montana.

星期三的早上，我們出了一個報價。那時，我已經在蒙塔那了。

And I talked to Bill McDonough at the New YorkFederal.

我和紐約儲備局的比爾·麥克唐納通了話。

At 10 o'clock we were having a meet with bankers at10 o’clock that morning in New York.

他們在10點會和一批銀行家碰頭。

And I called them, we actually..., then he called me inWyoming before ten, New York time.

我把意向傳達過去了。比爾·麥克唐納在10點前給在懷俄明給我打了電話。

And we made a bid, because they were being done in a long distance, put the outline in thebid.

我們做了一個報價。因為是打長途電話，所以只給出了報價的大概數。

But in the end, we bid for 250 million essentially for the net assets but we would have put in 3and 3/4 billion on top of that.

最終，我們對2.5億美元的凈資產做了報價,但我們會在追加到37.5億左右。

We’d been 3 billion from Berkshire Hathway,700 million from AIG and 300 million from GoldmanSachs.

伯克希爾·哈撒韋公司分到30個億, AIG出7個億, Goldman Sachs出3個億。

And we submitted that but we put a very short time limit on that because when you are biddingon 100 million worth of securities that are moving around,

我們把投標交了上去，但是我們的投標時限很短，因為你不可能對價值以億元計的證券

you don't want to leave a fixed price bid out there for very long,because you are going togetting a shot.

在一段長時間內固定價格，我也擔心我們的報價會被用來作待價而沽的籌碼。

In the end the bankers made the deal, but it was an interesting period.

最后，銀行家們把合同搞定了，過程很有意思。

The whole (LTCM) Long Term Capital management that I hope most of you are familiar with it.

整個長期資金管理基金的歷史，我不知道在座的各位對它有多熟悉，

But whole story is really fascinating

其實是波瀾壯闊的。

because if you take John Meriwether, Eric Rosenfeld, Larry Hillenbrand, Greg Hawkins, VictorHaghani, the two Nobel prize winners: Myron Scholes and Robert Merton.

如果你把那16個人,像約翰·梅里韋瑟,埃里克·羅森菲爾德,拉里·希任布蘭德,格雷格·霍金斯,維克多·漢格漢尼,還有兩個諾貝爾經濟學獎的獲得者,邁倫·斯科爾斯和羅伯特·默頓

If you take the 16 of them, that they have about as highest average IQ as any 16 peopleworking together in one business in the country, including Microsoft or what you want to name.

把他們在一起，他們的IQ水平應該比像微軟這樣公司里的任何16人加起來的IQ都高。

So that an incredible amount of intellect in one room. Now you combine that with the factwith those 16 and had extensive experience in the field they were operating in.

那真的是一個有著|難以置信的智商的團隊，而且他們所有人在業(yè)界都有著大量的實踐經驗。

These were not a bunch of guys (who) made their money you know selling men's clothing andall of a sudden went into the securities business.

他們可不是一幫在男裝領域賺了錢，然后突然轉向證券的人。

They had in aggregate, the 16, probably had 350 or 400 years of experience doing exactlywhat they were doing,

這 16個人加起來的經驗可能有350年到400年，而且是一直專精于他們目前所從事的領域。

and then you throw in the third factor that most of them had virtually all of their verysubstantial networking with their business.

還有一點，他們所有人在金融界都有著極強大極堅實的關系網，

So they had their own money up. Hundreds and hundreds of millions of dollars is their ownmoney up.

數以億計的資金也來自于這個關系網，其實就是他們自己的資金。

Super high intellect and working in a field that they know. On essential they went broke.

擁有超級智商，在他們內行的領域，結果他們卻破產了。

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