1.(2:07~2:38) Communication is enormously important for a president. Going back to Roosevelt in
the 1930s. Every family in the country was sort of huddled around his radio. You had the big
networks, you were talking to everybody. And now it’s much more diffused and obviously
President Trump feels that he does not like it filtered through the traditional news media. So he’s
gonna do it directly. I believe communication is important for a CEO.
(與民眾間)順暢的溝通管道對總統很重要。1930年代羅斯福總統那時，每個家庭都圍著收音機聽著
他的「爐邊談話」。當你有了管道，你就能和所有人溝通。現在資訊太分散，且川普總統顯然不喜歡
經由傳統媒體溝通，所以他選擇直接(透過Twitter)和民眾對話。我覺得順暢的溝通管道對CEO也很
重要，我也很喜歡直接和我的股東談話。
我也很喜歡直接和我的股東談話
2.(4:18-4:43)There’s two kinds of items that people buy and think they're investing. One is really investing and
the other isn't. If you buy something, a farm, an apartment house or business. And look to the
asset itself to determine what you've done something, what a farm produces, what the business
earns and so on. You don't really care whether the stock market is open. You can do that on the
private basis.
3.(4:53-)
Now if you buy something like Bitcoin or some cryptocurrency, you don't really, you don't have
anything producing. You're just hoping the next guy pays more. And you only feel you'll find the
next guy to pay more if he thinks he's going to find somebody that's going to pay them more. And
if you ban trading in farms you can still buy and have a perfectly decent investment. if you ban
trading in apartment houses or even in equities. If you ban trading at Berkshire Hathaway for the
next five years our investors would do fine.
4.(6:39-6:52)I really don’t know that answer, but I do know is they have found the secret sauce for themselves
just like we found the secret sauce a couple centries ago. So they have had an economy in the
last 60 years or thereabouts. They have unleashed the potential of their citizenry and where for
really centuries they did not progress that economically for an overwhelming portion of the
population. What they’ve done in the last 50 or 60 years is a total economic miracle. I never
would’ve thought it could’ve happened. But the truth is, they’re smart as we are, they work as
hard as we are and they can have a growth in economy from a lower base that will exceed ours
percentage-wise for a long time. They’re destined for a fine economic future just like we are. 我不
知道這題的答案，但我確知，他們找到了自己的成功方程式，就像幾世紀前美國也找到自己的成
功法則。約近60年來，他們有經濟方程式，爆發出國民的發展潛力。好幾世紀來，雖然挾帶龐大
的人口數，他們在經濟上的確沒有進展。但最近的50或60年，他們製造出經濟奇蹟，這也出乎我
的預期。但事實上，他們跟我們一樣聰明，一樣努力工作。而他們從較低層的經濟開始發展，未
來，按照百分比率計算，將有一段時日會超越我們。他們注定會有好的經濟前景，跟我們一樣。
他們注定會有好的經濟前景，跟我們一樣。
5. (9:49-9:53)(How do you tell the difference between reasonable and unreasonable fear?) So there’s the
stocks down, maybe it should be down; or the stocks down maybe it shouldn’t be down. Well you
just keep looking at the facts. I mean you’re looking at a business. That’s the important thing.
You know you don’t look at a stock chart. I looked at stock charts for years. I used to have a lot of
fun doing that. I was kind of groping around philosophy. You look at the business. I mean how
you decide, whether it’s a successful investment. If it slows and there’s no business today. Well
you say, I made a terrible deal. No, you look at how it’s performing as a business over time. How
it’s doing versus the competition. (您如何分辨理智與不理智的恐慌?)股票下跌，或許它本該下跌，
抑或不是。你只要看著事實就好。我是指你看的是一個企業。這才是重點。你的重點不是看趨勢
圖。我看股票趨勢很多年了，我從前很愛做這件事，是一種嘗試的心態。你看一個企業本身來決
定這是否是一個良好投資。如果這支股票今天表現不佳你會說「我犯了個錯誤」，不，你要看這個企
業的長期表現，看它在市場上競爭的表現。
