Howard Marks: 78 Years of Investing Wisdom in 60 Minutes (MUST WATCH)

章节 1：投资成功的秘诀与哲学的形成

📝 本节摘要：

霍华德·马克斯开篇直击投资的核心——成功的秘诀并非仅仅是买入好资产，而是以低于其价值的价格买入。他回顾了自己撰写备忘录以及出版《投资最重要的事》一书的初衷，并指出投资是一项反直觉且极具挑战的任务，世上并不存在万能公式。通过分享自己早年在沃顿商学院、芝加哥大学的求学经历，以及因“觉得好玩”而误打误撞进入花旗银行开启投资生涯的趣事，马克斯强调：真正的投资哲学并非与生俱来，也不能仅靠书本或前人那里照搬，而是必须将个人经历与现实生活深度融合，经过不断反思与修正后演进的产物。

[原文] [Howard Marks]: how do you make money as an investor the people who don't know think the way you do it is by buying good assets a good building stock in a good company or something like that that is not the secret for Success the secret for success in investing is buying things for less than they're worth

[译文] [Howard Marks]: 作为一名投资者，你如何赚钱？那些不懂行的人认为，赚钱的方法就是买入好的资产——一栋好楼、一家优秀公司的股票之类的。但这并不是成功的秘诀。投资成功的秘诀是以低于其价值的价格买入资产（buying things for less than they're worth）。

[原文] [Howard Marks]: as you know I wrote a book in uh 2011 called the most important thing and the reason it's has that title is because I would find myself in my client's office and I would say you know the most important thing in investing is controlling risk and then five minutes later I would say the most important thing is to buy at a low price and five minutes later I would say the most important thing is to act as a contrarian

[译文] [Howard Marks]: 如你们所知，我在2011年写了一本书，名叫《投资最重要的事》（The Most Important Thing）。之所以取这个书名，是因为我常在客户的办公室里对他们说：“你们知道，投资中最重要的事情是控制风险（controlling risk）。”然后五分钟后我可能又会说：“最重要的事情是以低价买入。”接着过了五分钟我可能还会说：“最重要的事情是做一个逆向投资者（contrarian）”。

[原文] [Howard Marks]: and so back in 203 I believe I wrote a memo called the most important thing I listed 19 things Each of which was the most important thing and then I used that I couldn't think of a better format for my book so I used the same format in uh 2011

[译文] [Howard Marks]: 因此，我想大概是在2003年，我写了一篇名为《最重要的事》的备忘录，我列出了19件事，每一件都是“最重要的事”。后来我发现我想不出比这更好的书籍排版格式了，所以我在2011年出书时也采用了相同的格式。

[原文] [Howard Marks]: interestingly some of the things are different and that you supposed to show you that that one's thinking should still be alive and should still evolve

[译文] [Howard Marks]: 有趣的是，其中一些内容发生了变化，这本应该向你们展示，一个人的思想应该保持活力，并且应该不断演进发展。

[原文] [Howard Marks]: and I know that s Rob and some of the other fellow went to see Charlie Munger speak in Los Angeles this week at age 91 and uh I'm sure he's still evolving and uh and getting younger so I'm going to try to do the same now

[译文] [Howard Marks]: 我知道索拉布（Saurabh）和其他几位朋友这周去洛杉矶听了查理·芒格（Charlie Munger）的演讲，他都91岁了。我确信他依然在不断进化，并且变得越来越年轻，所以我现在也要努力做到这一点。

[原文] [Howard Marks]: I should tell you and I don't know if you know this but uh I ow I write memos to the clients and I'll refer to a lot of memos in in this session probably and they're all available on oakry capital.com website and the price is right they're all free

[译文] [Howard Marks]: 我应该告诉你们——我不知道你们是否了解——我也会给客户写备忘录（memos），在今天的分享中我可能也会提到很多备忘录里的内容。它们都可以在橡树资本（Oaktree Capital）的官网上找到，而且价格很公道，全都是免费的。

[原文] [Howard Marks]: and so uh you know I've been sending them out now 25 years I started in 1990 and I got a letter from a a guy in named Warren Buffett in 2009 or 10 and he said if you'll write a book I'll give you quote for the jacket

[译文] [Howard Marks]: 所以，你们知道，我已经发送这些备忘录长达25年了，我是从1990年开始写的。然后在2009年或2010年，我收到了一个名叫沃伦·巴菲特（Warren Buffett）的人的来信，他说：“如果你愿意写一本书，我愿意为你的书封提供推荐语。”

[原文] [Howard Marks]: and so I had been planning on writing a book when I retired from work but Buffett's promise uh caused me to accelerate uh my time frame and what the book is is who who here has read it okay about half

[译文] [Howard Marks]: 我原本计划在退休后才写书，但巴菲特的承诺促使我加快了进度。至于这本书究竟写了什么……在座的各位有多少人读过？好的，大概一半。

[原文] [Howard Marks]: so what the book is it's a recitation of my investment philosophy and as it says in the forward to the philosophy which I took the forward you know I never I don't know about you I never read the forwards of books but I took the forwards of Mind very seriously

[译文] [Howard Marks]: 所以这本书实际上是我投资哲学（investment philosophy）的详细陈述。正如在关于哲学的序言中所说的那样——我对待这篇序言非常认真。你们懂的，我从不……我不知道你们怎样，反正我从来不读别人书里的序言，但我对待自己书的序言非常当回事。

[原文] [Howard Marks]: and what it says in there it's not the designed to to tell you how to make money and it's not designed to tell you how easy investment is or to try to make it easy and in fact my highest goal is probably to make it clear how hard it is

[译文] [Howard Marks]: 序言里写道，这本书并不是为了告诉你如何赚钱，也不是为了告诉你投资有多么容易，或者试图把投资变得容易。事实上，我的最高目标可能恰恰是向你们澄清：投资有多么艰难。

[原文] [Howard Marks]: investing is very difficult because it's it it's kind of counterintuitive and it it kind of turns back on itself all the time and there are no formulas that work

[译文] [Howard Marks]: 投资是非常困难的，因为它有点反直觉（counterintuitive），而且它总是不断发生自我反转，世上根本没有行之有效的公式（formulas）。

[原文] [Howard Marks]: so what I tried to do in the book book is teach people how to think and uh now the thoughts they should hold change from time to time but how to think I think is uh valid in the long term

[译文] [Howard Marks]: 所以我在书里试图做的是教人们“如何思考”。人们应当持有的具体想法会随着时间时常改变，但我认为“如何思考”的方式在长期来看始终是有效的。

[原文] [Howard Marks]: um so and I it's my investment philosophy and I wasn't born with an investment philosophy

[译文] [Howard Marks]: 所以，这就是我的投资哲学。而且我并不是生来就拥有一套投资哲学的。

[原文] [Howard Marks]: I was you you'll hear from a lot of people if you're interested in investing who'll say well I started reading perspectives at age eight and I didn't uh or I you know at 13 I invested my bar mitzvah money which I didn't do

[译文] [Howard Marks]: 如果你对投资感兴趣，你会听到很多人这么说：“哎呀，我八岁就开始读招股说明书（prospectuses）了。”——我可没有。或者说：“你知道，我13岁的时候就拿我的受戒礼礼金（Bar Mitzvah money）去投资了。”——我也没这么做过。

[原文] [Howard Marks]: but and in fact when I was getting out of graduate school age 23 in 1969 so I know you can all do the math I didn't know what I wanted to do

[译文] [Howard Marks]: 事实上，在1969年，我23岁从研究生院毕业时——我知道你们心里都能算出我多大年纪了——我根本不知道自己想干什么。

[原文] [Howard Marks]: I had studied uh Finance at Wharton and accounting at uh Chicago and I knew I wanted to do something in finance but I had I wasn't very specific

[译文] [Howard Marks]: 我在沃顿商学院（Wharton）学过金融，在芝加哥大学（Chicago）学过会计，我知道我想做一些与金融相关的工作，但我的目标并不是非常明确。

[原文] [Howard Marks]: so I interviewed in five or six different fields uh large consulting firm small consulting firm accounting firm corporate treasury Investment Management Investment Banking six

[译文] [Howard Marks]: 所以我去面试了五六个不同的领域：大型咨询公司、小型咨询公司、会计师事务所、企业财务、投资管理、投资银行，一共六个。

[原文] [Howard Marks]: so uh you know I ended up in the investment business why because I had had a summer job in ' 68 at city in the investment research Department I liked it had fun right that's a good reason so I went there

[译文] [Howard Marks]: 最后，你们知道的，我最终进入了投资行业。为什么呢？因为我在1968年夏天在花旗银行（Citibank）的投资研究部做过一份暑期工作。我喜欢那份工作，觉得很好玩，对吧？这确实是个好理由，所以我就去了。

[原文] [Howard Marks]: and by the way interestingly there was nothing magical about working in the investment business at that time it paid the same as all the rest all six jobs that I was offered had the same pay between 125 and 14 a year not a month

[译文] [Howard Marks]: 顺便说一句，有趣的是，当时在投资行业工作并没有什么神奇的光环，它的薪水和其他工作一样。我拿到的所有六份工作邀约薪水都一样，大概在一年 12,500 到 14,000 美元之间——是一年，不是一个月。

[原文] [Howard Marks]: and and uh and uh you know and there were no famous investors at the time investing was not a household word there were no investment TV shows uh and uh so I just did it because I liked it I liked the people and I thought that the that the investing was intellectually interesting

[译文] [Howard Marks]: 而且，你们知道，当时并没有什么著名的投资者，“投资”也不是一个家喻户晓的词，更没有关于投资的电视节目。所以我做这一行只是因为我喜欢它，我喜欢那里的同事，而且我认为投资在智力层面上非常有趣。

[原文] [Howard Marks]: um so I wasn't I didn't have a philosophy then when I started and that I had some things I had learned in school but I think that your philosophy your philosophy as opposed to somebody you know if you if studi decart or lock or somebody like that you learn his philosophy if you might learn a philosophy by studying a religion but that's not your philosophy

[译文] [Howard Marks]: 所以，在我刚起步的时候，我并没有一套投资哲学。我确实有一些在学校里学到的东西，但我认为“你的”哲学——属于你自己的哲学，不同于其他人。你们知道，如果你研究笛卡尔（Descartes）或洛克（Locke）或类似的人，你学到的是他的哲学。你也许可以通过研究宗教来学习一种哲学，但这并非“你的”哲学。

[原文] [Howard Marks]: your philosophy will come from the combination of what you have been taught by your teachers and parents and your experiences and what your experiences tell you about the things you were taught and how they have to be modified

[译文] [Howard Marks]: 你的哲学将来源于一种结合：你的老师和父母教给你的东西，以及你的个人经历，再加上你的经历如何告诉你，你曾学过的东西需要如何被修正。

[原文] [Howard Marks]: so I developed uh My Philosophy over you know I it might seem like I started writing the mamals a long time ago 25 years but I had been working already over two decades at that time so I think that the integration of real life into philosophy is essential

[译文] [Howard Marks]: 所以我逐渐发展出了我的哲学，你们知道，可能看起来我很早以前就开始写备忘录了，25年前，但其实那时候我已经工作了超过二十年了。所以我认为，将现实生活融入哲学之中是必不可少的。

[原文] [Howard Marks]: now my I prepared a few slides for today and basically the slides are here to illustrate where the philosophy came from talk to you about some of the foundations and Roots so I call it Origins and Inspirations and I hope you'll find it interesting

[译文] [Howard Marks]: 现在，我为今天准备了几张幻灯片，这些幻灯片基本上是为了阐述这套哲学是从何而来的，和你们聊聊它的一些基础和根源。所以我将其称之为“起源与灵感”（Origins and Inspirations），希望你们会觉得有趣。