Charlie Munger: 99 Years of Investing Wisdom in 60 Minutes

章节 1：开场与投资雷德兰兹（Redlands）的缘起

📝 本节摘要：

本章作为访谈的开场（含一小段剪辑倒叙），查理·芒格首先谦虚地将自己的非凡成就归功于从祖父等长辈那里学到的“思维诀窍”。随后，面对主持人关于为何偏爱在雷德兰兹（Redlands）进行投资的提问，芒格回顾了他早年在该地区的生活轨迹所建立的“天生好感”。他生动讲述了自己如何结识一位患有轻微注意力缺陷但智商极高的年轻哈西迪犹太人阿维（Avi），并由此开启了购买与改造旧公寓的投资契机。芒格还借此分享了他在房地产投资上的长期主义哲学：用心照料资产、为租客改善居住环境（例如重金种树）才是真正符合长期财务利益的明智之举。

[原文] [Charlie Munger]: but what caused the financial success was not extreme ability you know I have a good mind but I'm way short of prodigy and I've had results in life that are predigious and that came from tricks i just learned a few basic tricks from people like my grandfather

[译文] [查理·芒格]: 但带来财务成功的并非极高的天赋，你知道，我头脑不错，但绝非神童，而我在生活中却取得了惊人（prodigious）的成就，这源于一些诀窍，我只是从我祖父那样的人身上学到了一些基本的诀窍。

[原文] [Interviewer]: what were those kind of Charlie welcome to our Redlands family

[译文] [主持人]: 那是什么样的……查理，欢迎加入我们雷德兰兹（Redlands）的大家庭。

[原文] [Charlie Munger]: well I'm glad to be here i always like these awkward moments i know i want You're supposed to start oh I'm I'm supposed to start

[译文] [查理·芒格]: 嗯，我很高兴来到这里，我总是喜欢这些尴尬的时刻，我知道我想……你应该先开始的，哦，我……我应该先开始。

[原文] [Interviewer]: well listen ladies and gentlemen this is an amazing evening i've had the pleasure to spend I think three times with Charlie four times once at his house in Hancock Park and and then from time to time he comes to Revance isn't that amazing so I I'll simply start with an interesting question i think it's an interesting question charlie you have investments in a lot of places like Mel Mill Valley and and Santa Barbara and you live in Hancock Park and sometimes you say that Pasadena is your second home and then you have various investments around Claremont and now investing here in Redlands why are you investing in Redlands what do you what do you think about Redlands i mean what is it that attracts you here i mean I can see a kind of pattern there santa Barbara Mil Valley Pasadena Claremont and Redlands so what what is it Charlie

[译文] [主持人]: 好吧，听着，女士们先生们，这是一个美妙的夜晚，我有幸与查理共度了大概三次、四次时光，有一次是在他汉考克公园（Hancock Park）的家里，然后他不时地来到雷德兰兹，这不是很神奇吗？所以我将直接以一个有趣的问题开始，我认为这是一个有趣的问题：查理，你在很多地方都有投资，比如米尔谷（Mill Valley）和圣巴巴拉（Santa Barbara），你住在汉考克公园，有时你说帕萨迪纳（Pasadena）是你的第二故乡，然后你在克莱蒙特（Claremont）周围也有各种投资，现在又在这里——雷德兰兹投资。你为什么在雷德兰兹投资？你对雷德兰兹有什么看法？我的意思是，是什么吸引你来到这里？我的意思是，我能看到一种规律：圣巴巴拉、米尔谷、帕萨迪纳、克莱蒙特和雷德兰兹，所以，到底是什么原因，查理？

[原文] [Charlie Munger]: well I have a natural prejudice for this area because when I was at Caltech in 1943 I used to hang around here my first wife went to Scripps College and my sister went to Scripps College and so I'm very familiar with this area and of course I've interfaced with a lot of the people who love these universities out here yes and so I I started with a very I always like the orange trees against the mountains and the snow cap whatever so I started with a deep prejudice yes

[译文] [查理·芒格]: 嗯，我对这个地区有一种天生的偏爱（natural prejudice），因为在1943年我在加州理工学院（Caltech）时，我经常在这里闲逛，我的第一任妻子在斯克里普斯学院（Scripps College）上学，我的妹妹也在斯克里普斯学院上学，所以我对这个地区非常熟悉，当然，我也和很多热爱这里大学的人打过交道，是的，所以我一开始就非常……我总是喜欢橘子树映衬着群山和积雪的景色之类的，所以我一开始就带有很深的偏爱，是的。

[原文] [Charlie Munger]: and but my investments here happened by accident what happened was I live in a neighborhood which the acetic Jews sort of came into a few decades ago a very successful group of people and one day into my house a very young 17-year-old aetic Jew came by and gave me the Hebrew Bible in Hebrew and you know munger sounds like it could be a German Jewish name and it means peddler in both German and English so it wasn't totally crazy for an acidic Jew to think that Munger could read the Hebrew Bible in Hebrew but of course I couldn't

[译文] [查理·芒格]: 但是我在这里的投资纯粹是偶然发生的。事情是这样的，我住在一个几十年前哈西迪犹太人（Hasidic Jews，注：原文音误记为acetic/aetic/acidic）开始迁入的社区，他们是一群非常成功的人，有一天，一个非常年轻的17岁的哈西迪犹太人来到我家，给了我一本希伯来语的希伯来圣经，你知道，“芒格”（Munger）听起来可能像是一个德国犹太人的名字，在德语和英语中都有“小贩”（peddler）的意思，所以一个哈西迪犹太人认为芒格能读懂希伯来语的希伯来圣经，这并不完全荒谬，但我当然读不懂。

[原文] [Charlie Munger]: and I got to talking with him and one thing led to another and I sort of befriended Avi and watched him grow up and Avi never went to college he has a mild attention deficit disorder but a ferociously high IQ and he was worried about it and I said "Avi," I said ' Don't worry about it you don't need any college you're going to succeed mightily well Abby is now 32 and has four children and a hugely successful business and I was right he didn't need college and Abby sitting right over there stand up Obby stand wave

[译文] [查理·芒格]: 然后我和他交谈起来，一件事接着一件事，我算是和阿维（Avi）交了朋友，看着他长大。阿维没上过大学，他有轻微的注意力缺陷障碍（attention deficit disorder），但智商高得惊人，他曾经对此很担心，我说：“阿维，”我说，“别担心，你不需要上任何大学，你会取得巨大成功的。”嗯，阿维现在32岁了，有四个孩子，还有一份非常成功的生意，我是对的，他不需要上大学，阿维就坐在那边，站起来，阿维，站起来挥挥手。

[原文] [Charlie Munger]: and Abby had a client his main client in his apartment management business and he was unhappy and I think rightly so and so I said to him one day cuz I'd gotten to like and trust Obby I said "Why don't you just get rid of that client you got and buy a bunch of apartments for me?"

[译文] [查理·芒格]: 阿维在他的公寓管理业务中有一个客户，那是他的主要客户，他很不开心，我认为这是有道理的，所以有一天我对他说，因为我已经开始喜欢并信任阿维了，我说：“你为什么不直接甩掉那个客户，来替我买一堆公寓呢？”

[原文] [Charlie Munger]: And the first ones we saw were the ones I bought out here and that's how it happened and by the way they're at the end of Alabama you know those beautiful apartments yeah they're really amazing yeah park View park View park View derek great i think half of the occupants of those apartments work at AS3

[译文] [查理·芒格]: 而我们最先看到的，就是我在这里买的那些公寓，事情就是这样发生的。顺便说一句，它们在阿拉巴马街（Alabama）的尽头，你知道那些漂亮的公寓吗，是的，它们真的令人惊叹，是的，公园景观（Park View），公园景观，公园景观，德里克，太棒了，我想那些公寓里一半的住户都在AS3（注：应为ESRI公司）工作。

[原文] [Charlie Munger]: so so one day I'm sitting there and he calls me and he says "Uh could I come out and talk to you?"

[译文] [查理·芒格]: 所以有一天我坐在那里，他打电话给我说：“呃，我能出来和你谈谈吗？”

[原文] [Interviewer]: Of course I didn't exactly know who Charlie was so sure yeah okay and that's what began this friendship actually it's amazing

[译文] [主持人]: 当然，我当时并不完全知道查理是谁，所以，当然，好的，这就是这段友谊的开始，实际上这很神奇。

[原文] [Charlie Munger]: but we've had a fair amount of fun AI and his partner Ruben and I and it's kind of creative to buy old apartments and fix them up and of course we have a philosophy that there is no income unless the place is properly cared for and the apartment management field is full of people who just milk the properties and do the very minimum and that's a stupid mistake if you're a long-term investor

[译文] [查理·芒格]: 但我们享受了相当多的乐趣，阿维（注：原文AI为音误）和他的合伙人鲁本（Ruben）还有我。买旧公寓并把它们修缮好是一件很有创造力的事情。当然，我们有一种哲学，那就是除非这个地方得到妥善的照顾，否则就不会有收入；而公寓管理领域里到处都是那些只想榨取房产价值、只做最底限维护的人，如果你是一个长期投资者，这是一个愚蠢的错误。

[原文] [Charlie Munger]: and Abby and I share a belief that all these things should be immediately improved and I think in the first what year or something like that we spent $600,000 on trees on just four projects

[译文] [查理·芒格]: 阿维和我有着共同的信念，即所有这些东西都应该立即得到改善，我想在第一年左右的时间里，我们仅仅在四个项目上就花了60万美元种树。

[原文] [Interviewer]: he's got my heart right there i've got to say was that a planted question no it was not a plant it was not and but Oh Larry but but Jack you're probably doing it out of love

[译文] [主持人]: 他就在那里俘获了我的心，我得说，那是一个安排好的问题（planted question）吗？不，那不是安排好的，不是。但是，哦，拉里，但是，但是杰克，你这么做可能是出于爱。

[原文] [Charlie Munger]: and I know how much better it's going to work for me so I don't deserve much credit because it's very much in my interest financially to plant all those trees now I would probably plant them anyway but I can't prove that at any rate that's how that's how we came out here and of course I like I like the mountains and I like the trees and I like the people and I like these good colleges i didn't start out with the idea I picked Redlands out of the world it's just where this apartment project that caught my attention was and but once I was here I did not know there was an EZRI company

[译文] [查理·芒格]: 而且我知道这对我会有多大的好处，所以我其实不配得到太多赞誉，因为现在种下所有这些树在财务上非常符合我的利益，我可能本来也会种它们，但我无法证明这一点。无论如何，这就是我们来到这里的原因，当然我喜欢……我喜欢这里的山，我喜欢这里的树，我喜欢这里的人，我也喜欢这些好大学。我一开始并没有想要从全世界挑中雷德兰兹这个想法，只是吸引我注意力的这个公寓项目恰好在这里。但是一旦我来到了这里，我之前甚至不知道这里有一家EZRI公司。