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查理・芒格最重要的贡献之一，是让沃伦・巴菲特改变早期的 “烟蒂投资” 方法。
One of Charlie Munger’s most important contributions was getting Warren Buffett to abandon his early “cigar butt” approach to investing.
所谓烟蒂投资，就像走在街上，看见排水沟里有一截别人丢掉的雪茄。
The so-called cigar butt investing is like walking down the street and spotting a discarded cigar in the gutter.
你觉得它还剩三口，于是捡起来，免费抽完最后三口。
You figure it still has three puffs left, so you pick it up and get those last three puffs for free.
这个比喻很恶心，但意思很清楚。
The metaphor is gross, but the meaning is clear.
沃伦・巴菲特早期会因为价格极其便宜，买入很多质量很差、五花八门的公司。
In his early years, Warren Buffett would buy all kinds of poor-quality companies simply because they were extremely cheap.
查理・芒格说服他离开这种做法。
Charlie Munger persuaded him to move away from this practice.
不是以绝佳价格买随便什么公司，而是以不错的价格买伟大的公司。
Instead of buying any company at an amazing price, buy great companies at a fair price.
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多数人都把这视为查理・芒格对沃伦・巴菲特最大的贡献。
Most people regard this as Charlie Munger’s greatest contribution to Warren Buffett.
他们的关系里有协同、相互尊重、爱和能力互补。
Their relationship was built on synergy, mutual respect, affection and complementary strengths.
他们两人的合计智商也许是历史上所有伙伴组合里最高的，但属于不同类型的智力。
Their combined intelligence may be the highest among all partner pairs in history, yet they possessed different types of intellect.
查理・芒格更像古典学者、人文主义者和 “文人”；沃伦・巴菲特则像一台惊人的计算机器。
Charlie Munger was more like a classical scholar, humanist and man of letters; Warren Buffett was like an extraordinary calculating machine.
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我和查理・芒格见面时，他通常不太谈投资、金钱或具体公司。
When I met with Charlie Munger, he usually didn’t talk much about investing, money or specific companies.
他更愿意谈思想。
He preferred to talk about ideas.
以上内容为霍华德·马克思公开采访整理
由数字人霍华德·马克思播报
本视频由七华软件用人工智能技术生成