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Can Warren Buffett take on a smart question from an 8-year old? In this
case, that 8-year old is named Daphne and from New York.
一位来自纽约，年龄仅8岁的孩子达芙妮向沃伦巴菲特提了一个睿智的问题，巴菲特能回答出来么?
Daphne first notes that Berkshire’s best investments historically have been
in very capital efficient business like Coke, See’s Candies and Geico. But
recently, the firm has invested in companies with huge capital needs and low
rates of return, such as Burlington Northern.
达芙妮首先指出，从历史上看，伯克希尔最好的投资是在资本非常高效的业务中，比如可口可乐、See’s
Candies和Geico。但近期，伯克希尔开始投资需要大量资本和低回报的公司，比如Burlington Northern。
She asks: Could you please explain why Berkshire’s largest recent
investments have departed from that old capital efficient philosophy?
她问：你能解释伯克希尔近期的大投资为何背离了原先资本效率的哲学?
Mr. Buffett’s response: "You’re killing me Daphne."
巴菲特的回答是：“你快让我笑死了。”
He adds: "Im glad she’s not 9." And the crowd gives both a loud round of
applause.
他补充道：“我很高兴你还未满9岁。”人群发出热烈的掌声。
There simply isn’t a scenario on Earth that will get a bigger applause at
Woodstock for Capitalists than an eight-year old asking a capital efficiency
question.
在这些资本家的“伍德斯托克音乐节”上，在座的谁也没有想到一个八岁的孩子居然问了一个关于资本效率的问题，相比其他(发言)人们投以更大的掌声。
Mr. Buffett elaborates to note that Berkshire always prefers the businesses
that earn terrific returns on capital, like See’s but that the purchase of
Burlington means that Berkshire can’t currently deploy money into capital-light
businesses at a price that make sense to the firm.
巴菲特指出，伯克希尔一直青睐能带来亮眼资本回报的公司，比如糖果公司See’s
Candies。但买入Burlington意味着，伯克希尔目前无法以对其合理的价格投资轻资产的公司。 | 
发表于 2018-5-16 22:58:24