《Poor Charlie’s Almanack》是芒格向他的偶像美国开国元勋富兰克林所著《Poor Richard’s Almanack》的致敬。
摘录
lifelong learning, intellectual curiosity, sobriety, avoidance of envy and resentment, reliability, learning from the mistakes of others, perseverance, objectivity, willingness to test one’s own beliefs, and many more.
活到老学到老，对知识抱有好奇心，遇事冷静镇定，不心生妒忌和仇恨，言出必行，能从别人的错误中吸取教训，有毅力恒心，拥有客观的态度，愿意检验自己的信念等等。
Charlie’s grandfather was a respected federal judge, and his father followed in his footsteps to become a prosperous lawyer.
查理的爷爷是一位受尊敬的联邦法官，他的父亲也踏上法律的道路，成了一名成功的律师。
Charlie learned that, by supporting each other, the Mungers weathered the worst economic collapse in the nation’s history.
查理的爷爷是一位受尊敬的联邦法官，他的父亲也踏上法律的道路，成了一名成功的律师。
Next he was shuffled to the prestigious California Institute of Technology in Pasadena, California. He was schooled in thermodynamics and the science of meteorology-then essential to fliers-and trained to become a meteorologist. After completing his studies at Caltech, Charlie was dispatched to a permanent duty station in Nome, Alaska.
后来又被送到加利福尼亚州帕萨迪纳市，入读了声誉很高的加州理工学院。他专攻热力学和气象学——这是两门对当时的飞行员来说很重要的学科——被培养成一名气象学家。完成加州理工的学业之后，查理被分配到位于阿拉斯加州诺姆市的永久军事基地。
Nevertheless, using the GI Bill, he applied to Harvard Law School where his father had preceded him. His lack of an undergraduate degree threatened to derail him, but a family friend, former Harvard Law School Dean Roscoe Pound, interceded on Charlie’s behalf.
尽管如此，他借“复员军人安置法案”，申请了哈佛法学院，他父亲也是该校毕业的。他没有本科学位，申请时处于劣势，但哈佛法学院的前院长罗斯克·庞德是他家的世交，他亲自为查理说情。
I mean, there is honesty and integrity, and always doing more than his share and not complaining about what the other person does.
The most celebrated passage in de Sertare is probably the following grand summary: “The best Armour of Old Age is a well spent life preceding it; a Life employed in the Pursuit of useful Knowledge, in honorable Actions and the Practice of Virtue; in which he who labors to improve himself from his Youth, will in Age reap the happiest Fruits of them; not only because these never leave a Man, nor even in the extremist [sic] Old Age; but because a Conscience bearing Witness that our Life was well-spent, together with the Remembrance of past good Actions, yields an unspeakable Comfort to the Soul.”
《论老年》最著名的段落当属下面这段了不起的总结：“晚年的最佳保护铠甲是一段在它之前被悉心度过的生活，一段被用于追求有益的知识、光荣的功绩和高尚的举止的生活；过着这种生活的人从青年时代就致力于提升他自己，而且将会在晚年收获它们产生的最幸福的果实；这不仅是因为有益的知识、光荣的功绩和高尚的举止将会陪伴他终生，甚至直到他生命的最后一刻，也会因为见证了正直的人生的良心和对过往美好功绩的回忆将会给灵魂带来无上的安慰。”
Franklin was noted for his curiosity, ingenuity and diversity of interests. He continued his career of inventing, writing, and statesmanship and more into old age, developing a phonetic alphabet at age 62. Five years later, he published two of his most celebrated pro-American satirical essays: “Rules by Which a Great Empire May Be Reduced to a Small One,” and “An Edict by the King of Prussia.” In 1776 at age 70, Franklin assisted in writing the Declaration of Independence, radically editing Jefferson draft. later that year, he was dispatched to France as commissioner for the United States and remained there until 1785. After his return, Franklin became an abolitionist, freeing both of his slaves and eventually becoming president of The Society for the Relief of Free Negroes Unlawfully Held in Bondage. At age 81, Franklin served as delegate to the 1787 meetings that would produce the United States Constitution to replace the Articles of Confederation. He is the only Founding Father who is a signatory of all three of the major documents of the founding of the United States: the Declaration of Independence, the Treaty of Paris and the United States Constitution. On April 17,1790, he died in his Philadelphia home at age 92,leaving his famous autobiography unfinished. Carried only up to the year 1757 , it omitted many of the achievements for which he is best remembered.
富兰克林以求知欲强、心灵手巧和兴趣广泛而闻名。他在发明、写作和从政方面均有所建树。而且晚年的他涉足的范围更广：62岁时，他发明了一套音标字母系统；5年之后，他出版了他最著名的两篇支持美国独立的讽刺文章——“使泱泱大国沦为蕞尔小国的方法”和“普鲁士国王之诏书”；1776年，70岁的富兰克林参与《独立宣言》的定稿，大刀阔斧地编辑了杰弗逊的草稿；同年稍后，他以合众国大使的身份前往法国，并担任该职位到1785年；回国之后，富兰克林成了废奴主义者，解放了他的两个奴隶，并最终成为“释放遭到非法禁锢的自由黑人协会”的会长；1787年，81岁的富兰克林作为代表参加了制宪会议，参与制定了取代《联邦条例》的《美利坚合众国宪法》。他是惟一同时参与制定三份为美国奠定基础的重要文件——《独立宣言》《巴黎和约》和《美利坚合众国宪法》——的开国元勋。1790年4月17日，84岁高龄的富兰克林于费城家中与世长辞，留下了那部尚未完稿的著名自传。由于只写到1757年，富兰克林许多为后世铭记的功勋并没有出现在他的自传中。
1. Do the job right the first time.
2. Be responsible.
To Charlie, successful investing is simply a byproduct of his carefully organized and focused approach to life.
对查理来说，成功的投资只是他小心谋划、专注行事的生活方式的副产品。
You must know the big ideas in the big disciplines and use them routinely-all of them, not just a few. Most people are trained in one model-economics, for example-and try to solve all problems in one way. You know the old saying: ‘To the man with a hammer, the world looks like a nail.’ This is a dumb way of handling problems.
Charlie calls it “sit on your ass investing” and cites its benefits: “You’re paying less to brokers, you’re listening to less nonsense, and if it works, the tax system gives you an extra one, two, or three percentage points per annum.” In his view, a portfolio of three companies is plenty of diversification.
查理称之为“坐等投资法”，并点明这种方法的好处：“你付给交易员的费用更少，听到的废话也更少，如果这种方法生效，税务系统每年会给你1%——3%的额外回报。”在他看来，只要购买三家公司的股票就足够了。
Accordingly, Charlie is willing to commit uncommonly high percentages of his investment capital to individual “focused” opportunities.
因此，查理愿意将大比例的资金投给个别“受关注”的机会。
As a securities investor, you can watch all sorts of business propositions in the form of security prices thrown at you all the time. For the most part, you don’t have to do a thing other than be amused. Once in a while, you will find a ‘fat pitch that is slow, straight, and right in the middle of your sweet spot. Then you swing hard. This way, no matter what natural ability you start with, you will substantially increase your hitting average. One common problem for investors is that they tend to swing too often.
作为一个证券投资者，你可以一直观察各种企业的证券价格，把它们当成一些格子。在大多数时候，你什么也不用做，只要看着就好了。每隔一段时间，你将会发现一个速度很慢、线路又直，而且正好落在你最爱的格子中间的“好球”，那时你就全力出击。这样呢，不管你的天分如何，你都能极大地提高你的上垒率。许多投资者的共同问题是他们挥棒太过频繁。
“‘When Warren lectures at business school, be says, ‘I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches representing all the investments that you get to make in a lifetime and once you had punched through the card you could not make any more investments at all under those rules you would really think carefully about what you did and you would be forced to load up on what you would really thought about. So you’d do so much better”
当沃伦在商学院上课时，他说：‘我用一张考勤卡就能改善你最终的财务状况；这张卡片上有20格，所以你只能有20次打卡的机会——这代表你一生中所能拥有的投资次数。当你把卡打完之后，你就再也不能进行投资了。在这样的规则之下，你将会真正地慎重考虑你做的事情，你将不得不花大笔资金在你真正想投资的项目上。这样你的表现将会好得多。
Graham cautioned the investor to carefully use his own, unemotional judgment of value instead of relying on the often manic-depressive behavior of the financial markets.
“personally I had gotten so that I now use a kind of to track analysis first what are the factors that really govern the interest involved rationally considers? And second, what are the subconscious influences where the brain at subconscious level is automatically forming conclusions in various ways which, by and large comma are useful but which open malfunction? When approaches rationality the way you would work out a bridge problem by evaluating the real interest the real probabilities and so forth and the other is to evaluate the psychological factors that cause subconscious conclusions many of which are wrong.”
“从个人的角度来讲，我已经养成了使用双轨分析的习惯。首先，理性地看，哪些因素真正控制了涉及的利益；其次，当大脑处于潜意识状态时，有哪些潜意识因素会使大脑自动以各种方式形成虽然有用但往往失灵的结论？前一种做法是理性分析法——就是你在打桥牌时所用的方法，认准真正的利益，找对真正的机会，等等。后一种做法是评估那些造成潜意识结论——大多数是错误的——的心理因素。”
“The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage. its very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor. ‘We just keep our heads down and handle the headwinds and tailwinds as best we can, and take the result after a period of years”
“最重要的观念是把股票当成企业的所有权，并根据它的竞争优势来判断该企业的持有价值。如果该企业未来的贴现现金流比你现在购买的股票价格要高，那么这个企业就具有投资价值。当你占据优势的时候才采取行动，这是非常基本的。你必须了解赔率，要训练你自己，在赔率有利于你时才下赌注。我们只是低下头，尽最大努力去对付顺风和逆风，每隔几年就摘取结果而已。”
Identifying Your Circle of Competence
That a great business at a fair price is superior to affair business at a great price
护城河理论
Charlie refers to a company’s competitive advantage as its “moat”: the virtual physical barrier it presents against incursions. Superior companies have deep moats that are continuously widened to provide enduring protection.
This habit of committing far more time to learning and thinking than to doing is no accident. It is the blend of discipline and patience exhibited by true masters of a craft: an uncompromising commitment to “properly playing the hand.”
他们花在学习和思考上的时间，比花在行动上的时间要多，这种习惯绝对不是偶然的。这是每个行业真正的大师身上所体现出来的纪律和耐心的混合物：一种绝不妥协的“把手上的牌打好”的决心。
Price is What You Pay, Value is What You Get
价格是你付出的，价值是你得到的
‘All intelligent investing is a value investing acquiring more than you are paying for You must value the business in order to value the stock.”
“所有聪明的投资都是价值投资——获得比你的付出更多的东西。你必须先评估一个企业的价值，然后才能评估它股票的价值。”
“People always want a formula-but it doesn’t work that way. You have to estimate total cash generated from now to eternity, and discount it back to today. Yardsticks such as P/Es are not enough by themselves.” -Buffett
人们总是想要一道公式——但那样是行不通的。你必须估算公司从现在到无限的将来能挣到的所有现金，再把它们折回到现值。像市盈率这样的标尺本身是不够的。
## An Investing Principles Checklist
风险-Risk-All investment evaluations should begin by measuring risk, especially reputational
1. Incorporate an appropriate margin of safety安全边际
2. Avoid dealing with people of questionable character
3. Insist upon proper compensation for risk assumed
4. Always beware of inflation and interest rate exposures.
5. Avoid big mistakes; shun permanent capital loss
独立-Independence-“Only in fairy tales are emperors told they are naked”
1. Objectivity and rationality require independence of thought
2. Remember that just because other people agree or disagree with you doesn’t make you right or wrong the only thing that matters is the correctness of your analysis and judgment
3. Mimicking the herd invites regression to the mean (merely average performance)
准备-Preparation – the only way to win is to work, work, work, work, and hope to have a few insights
1. Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day
2. More important than the will to win is the will to prepare .
3. Develop fluency in mental models from the major academic disciplines .
4. If you want to get smart, the question you have to keep asking is “why, why, why?”
谦虚-Intellectual humility-Acknowledging what you don’t know is the dawning of wisdom
1. Stay within a well-defined circle of competence能力圈.
2. Identify and reconcile disconfirming evidence
3. Resist the craving for false precision, false certainties, etc’
4. Above all, never fool yourself, and remember that you are the easiest person to fool
分析-Analytic rigor-Use of the scientific method and effective checklists minimizes errors and omissions.
1. Determine value apart from price; progress apart from activity; wealth apart from size.
2. It is better to remember the obvious than to grasp the esoteric Be a business analyst, not a market, macroeconomic, or security analyst
3. Consider totality of risk and effect; look always at potential second order and higher level impacts.
4. Think forwards and backwards-Invert, always invert
配置-Allocation-Proper allocation of capital is an investor’s number one job
1. Remember that highest and best use is always measured by the next best use (opportunity cost) 机会成本
2. Good ideas are rare-when the odds are greatly in your favor, bet (allocate) heavily
3. Don’t “fall in love” with an investment-be situation-dependent and opportunity-driven
耐心-Patience-Resist the natural human bias to act
1. “Compound interest is the eighth wonder of the world” 复利(Einstein); never interrupt it unnecessarily
2. Avoid unnecessary transactional taxes and frictional costs; never take action for its own sake
3. Be alert for the arrival of luck
4. Enjoy the process along with the proceeds, because the process is where you live
决断力-Decisiveness-When proper circumstances present themselves, act with decisiveness and conviction
1. Be fearful when others are greedy, and greedy when others are fearful
2. Opportunity doesn’t come often, so seize it when it does
3. Opportunity meeting the prepared mind: that’s the game
应变-Change-Live with change and accept unremovable complexity
1. Recognize and adapt to the true nature of the world around you; don’t expect it to adapt to you
2. Continually challenge and willingly amend your “best-loved ideas”
3. Recognize reality even when you don’t like it-especially when you don’t like it
聚焦-Focus-Keep things simple and remember what you set out to do o
1. Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat
2. Guard against the effects of hubris and boredom
3. Don’t overlook the obvious by drowning in minutiae
4. Be careful to exclude unneeded information or slop: “A small leak can sink a great ship”
5. Face your big troubles; don’t sweep them under the rug
Preparation. Discipline. Patience. Decisiveness.
” we are partial to putting out large amounts of money where we won’t have to make another decision if you buy something because it’s undervalued then you have to think about selling it when it approaches your calculation of intrinsic value that’s hard but if you can buy a few great companies then you can sit on your ass that’s a good thing.”
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