1998年，巴菲特應邀在佛羅里達大學商學院發(fā)表演講，面向的聽眾主要是MBA專業(yè)的學生，一群朝氣蓬勃的年輕人，像早上八九點鐘的太陽一樣冉冉發(fā)光，對未來滿懷美好的憧憬。

巴菲特的演講為青年人提供了有益的、可行的成長指引。他用簡短的開場白談了同學們最關(guān)心的事情，即同學們的未來會怎樣、實現(xiàn)人生成功靠什么，簡明扼要，語言樸實，引人入勝，啟人深思。

巴菲特指出，人品決定成功，人品是頭等重要的。

巴菲特所說的人品，指行為、性格、脾氣等方面的習慣，即品行和性情。巴神在選擇公司管理層時，首先看中的就是人品，管理層必須誠實和理性，必須具有股東利益導向。

最關(guān)鍵的是，巴菲特指出，好人品是可以通過修習獲得的、達到的，壞習慣是可以甩掉的、改正的。

你崇拜誰，你尊敬誰，你向誰學習，你堅持向其看齊，你就會成為誰。

優(yōu)秀是一種習慣。向優(yōu)秀的人學習，學習他們身上的好品質(zhì)，把好品質(zhì)養(yǎng)成習慣，你就會成為優(yōu)秀的人。

通篇演講內(nèi)容是學習價值投資的最佳入門材料和必讀材料，非常精彩，相當重要，通俗易懂，震撼人心，廣為傳播，很有影響。

巴菲特的廣大信徒，眾多價值投資者，廣泛傳看演講視頻，反復咀嚼文字內(nèi)容。著名投資人段永平先生直言，聽了不下十遍。

開場內(nèi)容摘錄如下（中文譯文主要參考雪球RanRan）：

Buffett: Testing, one million, two million, three million. Seems to be working.

測試，1百萬、2百萬、3百萬。（麥）是好的，可以用。

I’d like to just say a few words primarily and then the highlight for me will be getting your questions in a few minutes. I want to talk about what is on your mind.

我先花幾分鐘簡要說幾句，然后大部分時間用來回答大家的問題。我想談談大家關(guān)心的話題。

I urge you to throw hard balls. It’s more fun for me if you put a little speed on your pitches as they come in. You can ask about anything except last week’s taxes I gave. That’s off limits.

請各位投出有難度的球（意指提出有難度的問題）。向我飛來的球帶點速度，會更好玩。什么都可以問，就是不能問上個月我交了多少稅，這個問題恕我無可奉告。

I would like to talk for just one minute up to the students about your future when you leave here. You’re gonna learn a tremendous amount about investments and you will learn enough to do well, you’ve all got the IQ to do well, you’ve all got the initiative and energy to do well, or you wouldn’t be here, and most of you will succeed in meeting your aspirations, but in determining whether you succeed there is more to it than intellect and energy. I would like to talk for just a second about that.

各位同學，你們畢業(yè)之后未來會怎樣？我簡單說說我的想法。各位在這所大學能學到大量關(guān)于投資的知識，你們將擁有成功所需的知識，既然各位能坐在這里，你們也擁有成功所需的智商，你們還有成功所需的拼勁。你們大多數(shù)人都會成功地實現(xiàn)自己的抱負。

但最后你到底能否成功，不只取決于你的頭腦和勤奮，不只取決于你的聰明智慧和肯干能干。我簡單講一下這個道理。

In fact, there was a fellow, Pete Kiewit, in Omaha, who used to say that he looked for three things in hiring people. 

He looks for integrity, intelligence and energy, and he said if that person did not have the first two, the later two would kill him. Because if they don’t have integrity, you want them to be dumb and lazy, you don’t want them to be smart and energetic. 

I really like to talk about that first one, because we know you have got the second two.

奧馬哈有個叫彼得·基威特的人，他說他招人的時候看三點：品行（誠實正直）、頭腦（聰明智慧）和勤奮（踏實肯干）。他說一個人要是頭腦聰明、勤奮努力，但品行不好，肯定是個禍害。品行不端的人，最好又懶又蠢，你肯定不會期待他又聰明又勤奮。（誠，聰，實，勤）

我知道各位都頭腦聰明、勤奮努力，所以我今天只講品行。

Play along with me in a little game for just a second in terms of thinking about that question. You’ve all been here, I guess, almost all of your second year MBAs and you’ve gotten to know your classmates. Think for a moment that I granted you the right to buy 10% of one of your classmates for the rest of his or her lifetime. You can’t pick one with a rich father, that doesn’t count; you’ve got to pick somebody who is going to do it on their own merit. I’ll give you an hour to think about it.

為了更好地思考這個問題，我們不妨一起做個小游戲。我估計，各位都是MBA二年級的學生，應該很了解自己周圍的同學了。假設(shè)現(xiàn)在你可以選一個同學，買入他今后一生之內(nèi)10%的收入。你不能選富二代，只能選靠自己奮斗的人。

Which one are you gonna pick among all your classmates as the one you want to own 10% for the rest of his or her lifetime? Are you gonna give them an IQ test and pick the one with the highest IQ? I doubt it. Are you gonna pick the one with the best grades? Er…I doubt it. You are not gonna pick the most energetic one necessarily, you are the one who display the most initiative.

請各位仔細想一下，你會選班里的哪位同學，買入他今后一生之內(nèi)10%的收入。你會給所有同學做個智商測試，選智商最高的嗎？我看未必。你會選學習成績最好的嗎？我看未必。你一定不會選最有拼勁的，因為你和大家都很聰明，也都很努力。

You are going to start looking for qualitative factors in addition to (quantitive factors), because everybody has enough brains and energy.

I would say if you have thought about it for an hour and decided who you are gonna place that bet on, you’d probably pick the one who you responded the best to, the one who is going to have the leadership qualities, the one who is going to be able to get other people to carry out their interests, and that would be the person who was generous, honest, and gave credit to other people even for their own ideas. All kinds of qualities like that, and you could write down those qualities that you admire in this other person, whoever you admire the most in the class.

我覺得你會主要考慮定性方面的因素。好好想想，你會把賭注壓在誰的身上？也許你會選你最有認同感的那個人，那個擁有領(lǐng)導能力，能把別人組織起來實現(xiàn)共同利益的人。這樣的人應該是慷慨大方的、誠實正直的，他們自己做了貢獻，卻說是別人的功勞。我覺得讓你做出決定的應該是這樣的品質(zhì)。找到了你最欽佩的這位同學之后，想一想他身上有哪些優(yōu)秀品質(zhì)，拿一張紙，把這些品質(zhì)寫在紙的左邊。

And then, I would throw in a hooker, I would say as part of owning 10% of this person, you have to agree to go short 10% of somebody else in this class. That’s more fun, isn’t it? Then you will think who do I want to go short of? Again you wouldn’t pick the person with the lowest IQ, you would start thinking about the person, really, who turned you off for one reason or another. They have various qualities quite apart from their academic achievement. But they have various qualities, in the end, you really don’t want to be around with them, and other people don’t want to be around with them. What were the qualities that lead to that? That would be a whole bunch of things. You know it’s the person who is egotistical, or it’s the person who is greedy, or it’s the person who is slightly dishonest and cuts corners. All of these qualities. You can write those down on the right-hand side of the page.

下面我要加大難度了。為了擁有這位同學今后一生10%的收入，你要同時做空另一位同學今后一生10%的收入，這個更好玩。想想你會做空誰？你不會選智商最低的。你會想到那些招人煩的人，他們可能學習成績優(yōu)秀，但你就是不想和他們打交道，不但你煩他們，別人也煩他們。為什么有人會招人煩？原因很多，這樣的人可能自私自利、貪得無厭、投機取巧或者弄虛作假。類似這樣的品質(zhì)，你想想還有什么，請把它們寫在剛才那張紙的右邊。

As you look at those qualities on the right and left hand side, there is one interesting thing about them. It’s not the ability to throw football 60 yards. It’s not the quality to run a 100-yard dash in 9'3'. It’s not being the best-looking person in the class. 

They are all qualities that if you really want to have the ones on the left-hand side, you can have them.

看看左右兩邊分別列出來的品質(zhì)，你發(fā)現(xiàn)了嗎？這些品質(zhì)不是把橄欖球扔出60米，不是10秒鐘跑完100米，不是相貌在全班最出眾。

左邊的這些品質(zhì)，你真想擁有的話，你可以有。

I mean, they are qualities of behavior, temperament, character that are achievable. They are not forbidden to anybody in this group.

If you look at the qualities on the right-hand side, the ones that you find turn you off in other people, there is not a quality there that you have to have. If you have it you can…you can get rid of it. You can get rid of it a lot easier in your age than you can in my age.

Because most behavior is habitual, and they say the chains of habit are too light to be felt until they are too heavy to be broken. There is no question about that. 

I see people with these self-destructive behavior patterns at my age or even 10 or 20 years younger. They really are entrapped by them. They go around and they do things that turn off other people right and left. They don’t need to be that way but by a certain point they get so they can hardly change it. But at your age you can have any habits, any patterns of behavior that you wish. It’s simply a question of which you decide and want to decide the ones that…I mean…if you like.

這些是關(guān)于行為、脾氣和性格的品質(zhì)，是能培養(yǎng)出來的。在座各位，只要你想要獲得這些品質(zhì)，沒一個是你得不到的。

再看一下右邊的那些品質(zhì)，那些令人生厭的品質(zhì)，沒一個是你非有不可的，你身上要是有，想改的話，可以改掉。大多數(shù)行為都是習慣成自然。我已經(jīng)老了，但你們還年輕，想擺脫惡習，你們年輕人做起來更容易。

常言道，習慣的枷鎖，開始的時候輕微得難以察覺，到后來卻沉重得無法擺脫。

這話特別在理。我在生活中見過一些人，他們有的和我年紀差不多，有的比我年輕十幾二十幾歲，但是他們?nèi)旧狭艘恍牧曅?，把自己毀了，改也改不掉，走到哪都招人煩。他們原來不是這樣的，但是習慣成自然，積累到一定程度，根本改不了了。你們還年輕，想養(yǎng)成什么習慣、想形成什么品格，都可以，就看你自己怎么想、怎么選、怎么做了。

Ben Graham did this…Ben Franklin did this before him. Ben Graham in his low teens…looked around…h(huán)e looked at the people he admired and he said that you know, “I want to be admired, so why don’t I just behave like them?” He found there was nothing impossible about behaving like them. Similarly he did the same thing on the reverse side in terms of getting rid of those qualities. So I would suggest that if you write those qualities down and think about them a little while and make them habitual. You will be the one that you want to buy 10 percent when you get all of them. The beauty of it is you have already own 100% of yourself and you are stuck with it. So you might as well be that person, that somebody else.

本·格雷厄姆，還有他之前的本·富蘭克林，他們都這么做過。本·格雷厄姆十幾歲的時候就觀察自己周圍那些令人敬佩的人，他對自己說：“我也想成為一個被別人敬佩的人，我要向他們學習。”格雷厄姆發(fā)現(xiàn)學習他敬佩的人，像他們一樣為人處世，是完全做得到的。他同樣觀察周圍遭人厭惡的人，擺脫他們身上的缺點。我建議大家把這些品質(zhì)寫下來，好好想想，把好品質(zhì)養(yǎng)成習慣，最后你想買誰10%的收入，就會變成他。你會成為你愿意買入其一生10%收入的那個人。你已經(jīng)確定擁有自己100%的收入，再有別人的10%，這多好。你選擇了誰，你都可以變成像他一樣。

Well that is a short little sermon. So let’s get on to what you are interested in and like I said you can go all over the lot. I don’t know exactly how we’re going to handle this. But let’s start with the hand in somewhere or the other. Where should we go with the first one? You, right here!

我要講的道理講完了，下面聊聊大家感興趣的，請各位提問吧。

好品質(zhì)：誠實正直 慷慨大方 光明磊落 有責任感 團結(jié)友善

壞品質(zhì)：投機取巧 自私自利 貪得無厭 撒謊成性 弄虛作假 死愛面子 怨天尤人 知錯不改