财富精英励志演讲第36期:巴菲特:决定你成功的因素(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，我们出了一个报价。那时，我已经在蒙塔那了。 [00:06.47]And I talked to Bill McDonough at the New York Federal. 我和纽约储备局的比尔·麦克唐纳通了话。 [00:11.08]At 10 o'clock we were having a meet with bankers at 10 o’clock that morning in New York. 他们在10点会和一批银行家碰头。 [00:17.03]And I called them, we actually..., then he called me in Wyoming before ten, New York time. 我把意向传达过去了。比尔·麦克唐纳在10点前给在怀俄明给我打了电话。 [00:24.21]And we made a bid, because they were being done in a long distance, put the outline in the bid. 我们做了一个报价。因为是打长途电话，所以只给出了报价的大概数。 [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. 最终，我们对2.5亿美元的净资产做了报价,但我们会在追加到37.5亿左右。 [00:38.40]We’d been 3 billion from Berkshire Hathway,700 million from AIG and 300 million from Goldman Sachs. 伯克希尔·哈撒韦公司分到30个亿, AIG出7个亿, Goldman Sachs出3个亿。 [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, 我们把投标交了上去，但是我们的投标时限很短，因为你不可能对价值以亿元计的证券 [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. 在一段长时间内固定价格，我也担心我们的报价会被用来作待价而沽的筹码。 [01:00.48]In the end the bankers made the deal, but it was an interesting period. 最后，银行家们把合同搞定了，过程很有意思。 [01:06.32]The whole (LTCM) Long Term Capital management that I hope most of you are familiar with it. 整个长期资金管理基金的历史，我不知道在座的各位对它有多熟悉， [01:09.57]But whole story is really fascinating 其实是波澜壮阔的。 [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个人,像约翰·梅里韦瑟,埃里克·罗森菲尔德,拉里·希任布兰德,格雷格·霍金斯,维克多·汉格汉尼,还有两个诺贝尔经济学奖的获得者,迈伦·斯科尔斯和罗伯特·默顿 [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. 把他们在一起，他们的IQ水平应该比像微软这样公司里的任何16人加起来的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. 那真的是一个有着|难以置信的智商的团队，而且他们所有人在业界都有着大量的实践经验。 [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. 他们可不是一帮在男装领域赚了钱，然后突然转向证券的人。 [01:56.07]They had in aggregate, the 16, probably had 350 or 400 years of experience doing exactly what they were doing, 这 16个人加起来的经验可能有350年到400年，而且是一直专精于他们目前所从事的领域。 [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. 还有一点，他们所有人在金融界都有着极强大极坚实的关系网， [02:09.41]So they had their own money up. Hundreds and hundreds of millions of dollars is their own money up. 数以亿计的资金也来自于这个关系网，其实就是他们自己的资金。 [02:14.30]Super high intellect and working in a field that they know. On essential they went broke. 拥有超级智商，在他们内行的领域，结果他们却破产了。

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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，我们出了一个报价。那时，我已经在蒙塔那了。

And I talked to Bill McDonough at the New YorkFederal.

我和纽约储备局的比尔·麦克唐纳通了话。

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

他们在10点会和一批银行家碰头。

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

我把意向传达过去了。比尔·麦克唐纳在10点前给在怀俄明给我打了电话。

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

我们做了一个报价。因为是打长途电话，所以只给出了报价的大概数。

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.

最终，我们对2.5亿美元的净资产做了报价,但我们会在追加到37.5亿左右。

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

伯克希尔·哈撒韦公司分到30个亿, AIG出7个亿, Goldman Sachs出3个亿。

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,

我们把投标交了上去，但是我们的投标时限很短，因为你不可能对价值以亿元计的证券

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

在一段长时间内固定价格，我也担心我们的报价会被用来作待价而沽的筹码。

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

最后，银行家们把合同搞定了，过程很有意思。

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

整个长期资金管理基金的历史，我不知道在座的各位对它有多熟悉，

But whole story is really fascinating

其实是波澜壮阔的。

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个人,像约翰·梅里韦瑟,埃里克·罗森菲尔德,拉里·希任布兰德,格雷格·霍金斯,维克多·汉格汉尼,还有两个诺贝尔经济学奖的获得者,迈伦·斯科尔斯和罗伯特·默顿

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.

把他们在一起，他们的IQ水平应该比像微软这样公司里的任何16人加起来的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.

那真的是一个有着|难以置信的智商的团队，而且他们所有人在业界都有着大量的实践经验。

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.

他们可不是一帮在男装领域赚了钱，然后突然转向证券的人。

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

这 16个人加起来的经验可能有350年到400年，而且是一直专精于他们目前所从事的领域。

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

还有一点，他们所有人在金融界都有着极强大极坚实的关系网，

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

数以亿计的资金也来自于这个关系网，其实就是他们自己的资金。

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

拥有超级智商，在他们内行的领域，结果他们却破产了。

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