1/407 0.21-1.11 <font color=red>bg</font> 巴菲特疯神了，09-07 22:35:12-09-07 22:35:41<font color=blue>Buffett is crazy,</font><br>2/407 1.17-3.69 <font color=red>hp</font> 一辈子肯定绝对想不到有一个坑，09-07 22:35:13-09-07 22:35:18<font color=blue>I definitely never thought there would be a pit in my lifetime.</font><br>3/407 3.93-5.73 <font color=red>aaa</font> 他开开心心跳进去两次。09-07 22:35:14-09-07 22:35:15<font color=blue>He happily jumped in twice.</font><br>4/407 6.39-8.97 <font color=red>n</font> 还有一个人是他亲手选定的接班人，09-07 22:35:14-09-07 22:35:18<font color=blue>There was also one who had been chosen by him as his successor.</font><br>5/407 9.21-10.17 <font color=red>n</font> 最信任的爱将，09-07 22:35:15-09-07 22:35:18<font color=blue>Most trusted allies,</font><br>6/407 10.59-12.63 <font color=red>aaa</font> 最后却在背后狠狠捅了他一刀。09-07 22:35:16-09-07 22:35:18<font color=blue>In the end, he stabbed him in the back.</font><br>7/407 13.23-14.49 <font color=red>n</font> 欢迎来到小 a 读书圈，09-07 22:35:18-09-07 22:35:20<font color=blue>Welcome to Little A Reading Circle,</font><br>8/407 14.73-17.37 <font color=red>hp</font> 一个希望你越来越有钱的财经成长频道。09-07 22:35:19-09-07 22:35:23<font color=blue>A financial growth channel that wishes you all the best.</font><br>9/407 21.53-28.01 <font color=red>n</font> 今天我们继续聊聊巴菲特在滚雪球这本书完结之后的故事上集说到老八种仓，09-07 22:35:20-09-07 22:35:27<font color=blue>Today, we continue to talk about the stories after Buffett's "The Snowball" book. In the last chapter of the book, he talked about Old Eight Kinds of Trading.</font><br>10/407 28.19-30.29 <font color=red>aaa</font> 苹果一笔就赚了一千多亿，09-07 22:35:20-09-07 22:35:23<font color=blue>Apple made over a trillion dollars in one go.</font><br>11/407 30.53-31.19 <font color=red>n</font> 封神惨了。09-07 22:35:21-09-07 22:35:23<font color=blue>He was utterly defeated.</font><br>12/407 31.73-33.47 <font color=red>aaa</font> 可神话总有他的另一面。09-07 22:35:23-09-07 22:35:25<font color=blue>Gods always have their other side.</font><br>13/407 34.01-35.03 <font color=red>n</font> 同样是这段晚年，09-07 22:35:24-09-07 22:35:26<font color=blue>The same late years,</font><br>14/407 35.27-37.01 <font color=red>hp</font> 他也实实在在的摔过跟头，09-07 22:35:25-09-07 22:35:27<font color=blue>He has actually fallen,</font><br>15/407 37.25-38.15 <font color=red>de</font> 而且摔的不轻。09-07 22:35:25-09-07 22:36:14<font color=blue>And it didn't fall too hard.</font><br>16/407 40.97-42.77 <font color=red>aaa</font> 老八其实有个特别可爱的习惯，09-07 22:35:26-09-07 22:35:27<font color=blue>Old Eight has a particularly cute habit,</font><br>17/407 43.01-44.03 <font color=red>n</font> 他很爱认错。09-07 22:35:27-09-07 22:35:29<font color=blue>He is very good at making mistakes.</font><br>18/407 44.63-45.89 <font color=red>n</font> 每年的制股东信里，09-07 22:35:27-09-07 22:35:29<font color=blue>In the annual shareholder letter,</font><br>19/407 46.13-47.93 <font color=red>hp</font> 他都会专门留出一块地方，09-07 22:35:28-09-07 22:35:32<font color=blue>He would always set aside a space for it.</font><br>20/407 48.29-49.73 <font color=red>aaa</font> 把自己干过的蠢事儿。09-07 22:35:29-09-07 22:35:30<font color=blue>My stupid mistakes.</font><br>21/407 49.91-51.05 <font color=red>n</font> 一件件摊开来讲，09-07 22:35:29-09-07 22:35:32<font color=blue>Let's go through them one by one.</font><br>22/407 51.53-52.55 <font color=red>aaa</font> 我们先来看生意，09-07 22:35:31-09-07 22:35:32<font color=blue>Let's start with the business.</font><br>23/407 53.03-53.63 <font color=red>n</font> 有一个坑，09-07 22:35:33-09-07 22:35:34<font color=blue>There is a pit.</font><br>24/407 53.869-55.25 <font color=red>hp</font> 他自己栽进去两回，09-07 22:35:34-09-07 22:35:36<font color=blue>He fell into it twice himself.</font><br>25/407 55.61-56.51 <font color=red>n</font> 就是航空股。09-07 22:35:34-09-07 22:35:35<font color=blue>It's the aviation stocks.</font><br>26/407 57.11-58.19 <font color=red>aaa</font> 早在一九八九年，09-07 22:35:35-09-07 22:35:37<font color=blue>As early as 1989,</font><br>27/407 58.37-60.77 <font color=red>n</font> 老八就买过一次全美航空的优先股，09-07 22:35:36-09-07 22:35:40<font color=blue>I once bought a share of United Airlines' preferred stock.</font><br>28/407 61.29-63.63 <font color=red>n</font> 一口气砸进去三亿五千多万美元。09-07 22:35:36-09-07 22:35:40<font color=blue>Invested over 350 million US dollars in one go.</font><br>29/407 64.17-66.33 <font color=red>hp</font> 结果呢这家公司很快就巨亏，09-07 22:35:37-09-07 22:35:41<font color=blue>The result is that the company quickly became unprofitable.</font><br>30/407 66.69-68.49 <font color=red>aaa</font> 连该分给他的股息都停了。09-07 22:35:38-09-07 22:35:40<font color=blue>He has even stopped receiving dividends.</font><br>31/407 69.13-70.69 <font color=red>n</font> 老八本来想割肉走人的。09-07 22:35:40-09-07 22:35:42<font color=blue>Old Eight originally wanted to cut losses and quit.</font><br>32/407 71.13-73.69 <font color=red>aaa</font> 结果打了对折都没人想接这一把，09-07 22:35:41-09-07 22:35:44<font color=blue>The result was halved, but no one wanted to take it.</font><br>33/407 73.81-75.19 <font color=red>n</font> 差点让他血本无归。09-07 22:35:42-09-07 22:35:43<font color=blue>Almost drove him to ruin.</font><br>34/407 75.77-76.85 <font color=red>hp</font> 好在他运气好哦，09-07 22:35:42-09-07 22:35:46<font color=blue>It's good that he has luck.</font><br>35/407 77.15-78.23 <font color=red>bg</font> 后来航空业回了，09-07 22:35:44-09-07 22:36:17<font color=blue>Later, the aviation industry rebounded.</font><br>36/407 78.35-78.41 <font color=red>n</font> 暖，09-07 22:35:44-09-07 22:35:45<font color=blue>Warm,</font><br>37/407 78.71-79.91 <font color=red>n</font> 公司也缓过劲儿来，09-07 22:35:45-09-07 22:35:46<font color=blue>The company is starting to recover.</font><br>38/407 80.15-82.43 <font color=red>aaa</font> 他总算熬到全身而退打。09-07 22:35:46-09-07 22:35:47<font color=blue>He finally survived the battle.</font><br>39/407 82.55-84.47 <font color=red>n</font> 那以后他就被航空伤透了，09-07 22:35:46-09-07 22:35:49<font color=blue>After that, he was injured in his wings.</font><br>40/407 84.59-84.65 <font color=red>hp</font> 心，09-07 22:35:47-09-07 22:35:48<font color=blue>Heart,</font><br>41/407 84.95-85.73 <font color=red>n</font> 逢人就劝退，09-07 22:35:48-09-07 22:35:49<font color=blue>Being constantly dissuaded,</font><br>42/407 86.28-87.69 <font color=red>aaa</font> 他还给这行起了个外号，09-07 22:35:48-09-07 22:35:50<font color=blue>He also gave this industry a nickname.</font><br>43/407 87.99-89.73 <font color=red>xss</font> 叫投资者的死亡陷阱。09-07 22:35:49-09-07 22:37:55<font color=blue>Called the investor's death trap.</font><br>44/407 90.24-92.34 <font color=red>hp</font> 这两子一绝就是快三十年，09-07 22:35:50-09-07 22:35:52<font color=blue>These two pieces are a masterpiece,</font><br>45/407 92.89-93.73 <font color=red>n</font> 可谁也没想到，09-07 22:35:50-09-07 22:35:52<font color=blue>Who would have thought,</font><br>46/407 94.15-94.81 <font color=red>n</font> 二零一六年，09-07 22:35:51-09-07 22:35:52<font color=blue>2016,</font><br>47/407 94.99-97.71 <font color=red>aaa</font> 他的引诱犯了从一六到一七年，09-07 22:35:52-09-07 22:35:54<font color=blue>His temptation was from 16 to 17 years old.</font><br>48/407 97.89-98.97 <font color=red>n</font> 他一口气重仓，09-07 22:35:52-09-07 22:35:54<font color=blue>He heavily invested all at once.</font><br>49/407 99.09-99.93 <font color=red>n</font> 美国四大航空、09-07 22:35:53-09-07 22:35:55<font color=blue>Four major airlines in the United States,</font><br>50/407 100.44-100.68 <font color=red>hp</font> 美航、09-07 22:35:54-09-07 22:35:56<font color=blue>US Air Force,</font><br>51/407 101.04-101.1 <font color=red>aaa</font> 达、09-07 22:35:55-09-07 22:35:55<font color=blue>Dad,</font><br>52/407 101.28-102.12 <font color=red>n</font> 美美联航，09-07 22:35:55-09-07 22:35:56<font color=blue>United Airlines,</font><br>53/407 102.3-105.27 <font color=red>n</font> 还有西南前后砸进去七八十亿美元，09-07 22:35:56-09-07 22:36:02<font color=blue>There are also about 70 to 80 billion dollars invested in the southwest.</font><br>54/407 105.51-107.43 <font color=red>aaa</font> 每家都吃下了约一成的股权，09-07 22:35:57-09-07 22:35:59<font color=blue>Each company received approximately 10% of the equity.</font><br>55/407 107.98-109.54 <font color=red>hp</font> 那他为啥又改主意了呢？09-07 22:35:57-09-07 22:36:00<font color=blue>Why did he change his mind again?</font><br>56/407 110.04-111.54 <font color=red>n</font> 因为这行的牌桌变了，09-07 22:35:58-09-07 22:36:02<font color=blue>Because the game has changed in this industry,</font><br>57/407 112.18-114.88 <font color=red>aaa</font> 以前航空公司多如牛毛杀红了眼，09-07 22:36:00-09-07 22:36:02<font color=blue>There were many airlines, all vying for dominance.</font><br>58/407 115.06-115.66 <font color=red>hp</font> 打价格战，09-07 22:36:02-09-07 22:36:06<font color=blue>Engage in price wars,</font><br>59/407 115.9-116.68 <font color=red>n</font> 谁也赚不到钱，09-07 22:36:03-09-07 22:36:06<font color=blue>No one can make money.</font><br>60/407 117.26-120.62 <font color=red>n</font> 可几十年厮杀并购下来就只剩四个巨头了，09-07 22:36:04-09-07 22:36:06<font color=blue>In a few decades of fighting and mergers, only four giants remain.</font><br>61/407 121.07-122.75 <font color=red>aaa</font> 不再没头没脑的打价格战，09-07 22:36:04-09-07 22:36:06<font color=blue>No more mindless price wars.</font><br>62/407 123.049-126.33 <font color=red>hp</font> 航班还班班坐满老八赌的就是这门生意，09-07 22:36:07-09-07 22:36:12<font color=blue>The flight was cancelled, but it was fully booked. Old Eight just relies on this business.</font><br>63/407 126.57-130.42 <font color=red>n</font> 终于学会了躺着赚钱听上去是不是还挺有道理的？09-07 22:36:07-09-07 22:36:12<font color=blue>Finally learned how to make money while lying down, doesn't that sound pretty reasonable?</font><br>64/407 131.04-133.44 <font color=red>aaa</font> 结果二零二零年新冠来了，09-07 22:36:08-09-07 22:36:11<font color=blue>Result: In 2020, the COVID-19 pandemic came.</font><br>65/407 134.01-137.31 <font color=red>n</font> 全世界的飞机几乎一夜之间全趴在了地上。09-07 22:36:09-09-07 22:36:11<font color=blue>Almost all airplanes in the world were grounded overnight.</font><br>66/407 137.89-138.25 <font color=red>aaa</font> 这一回，09-07 22:36:11-09-07 22:36:12<font color=blue>This time,</font><br>67/407 138.49-139.69 <font color=red>n</font> 老八没有半分犹豫，09-07 22:36:12-09-07 22:36:15<font color=blue>Old Eight didn't hesitate at all.</font><br>68/407 139.99-141.97 <font color=red>n</font> 就在那年四月一个月之内，09-07 22:36:13-09-07 22:36:15<font color=blue>Within that month of April,</font><br>69/407 142.21-143.95 <font color=red>hp</font> 就把四大航空全部清仓，09-07 22:36:13-09-07 22:36:16<font color=blue>Clear out all four airlines.</font><br>70/407 144.5-145.52 <font color=red>aaa</font> 七八十一砸进去，09-07 22:36:14-09-07 22:36:16<font color=blue>Seven or eight, and then hit it in.</font><br>71/407 145.82-147.44 <font color=red>de</font> 最后只收回约四十三亿。09-07 22:36:15-09-07 22:36:55<font color=blue>Finally, only about 43 billion was recovered.</font><br>72/407 147.93-148.74 <font color=red>n</font> 这一进一出，09-07 22:36:16-09-07 22:36:17<font color=blue>In and out,</font><br>73/407 148.92-149.82 <font color=red>n</font> 亏掉了将近一半。09-07 22:36:17-09-07 22:36:18<font color=blue>Lost almost half.</font><br>74/407 150.44-152.419 <font color=red>aaa</font> 那一年的股东大会是在线开的，09-07 22:36:17-09-07 22:36:19<font color=blue>The annual shareholders' meeting was held online.</font><br>75/407 152.91-154.89 <font color=red>hp</font> 老八坐在一个空荡荡的球馆里，09-07 22:36:18-09-07 22:36:21<font color=blue>Old Eight sat in an empty arena,</font><br>76/407 155.19-156.75 <font color=red>n</font> 对着摄像头乖乖认错。09-07 22:36:19-09-07 22:36:20<font color=blue>Look at the camera and admit your mistake.</font><br>77/407 157.32-158.57 <font color=red>bg</font> 他说我错了，09-07 22:36:19-09-07 22:36:48<font color=blue>He said I was wrong.</font><br>78/407 158.87-160.01 <font color=red>n</font> 这事儿一点都不怪。09-07 22:36:20-09-07 22:36:22<font color=blue>This is not their fault at all.</font><br>79/407 160.13-164.37 <font color=red>aaa</font> 那四位优秀的 c e o 是整个航空业被疫情彻底改变了。09-07 22:36:21-09-07 22:36:24<font color=blue>The four outstanding CEOs have completely changed the entire aviation industry due to the pandemic.</font><br>80/407 164.99-165.95 <font color=red>n</font> 不过很好笑的是，09-07 22:36:21-09-07 22:36:24<font color=blue>However, what's funny is that,</font><br>81/407 166.13-167.87 <font color=red>hp</font> 后来航空股又涨回去了的。09-07 22:36:22-09-07 22:36:25<font color=blue>Later, the airline stocks rebounded.</font><br>82/407 168.27-170.249 <font color=red>n</font> 所以很多人都说他卖在了地板上，09-07 22:36:23-09-07 22:36:25<font color=blue>So many people say he was sold for a floor price.</font><br>83/407 170.88-174.36 <font color=red>aaa</font> 但其实呢老八割肉并不是因为股价跌了多少，09-07 22:36:25-09-07 22:36:29<font color=blue>But actually, Old Eight didn't cut meat because the stock price dropped by a certain amount.</font><br>84/407 174.83-177.17 <font color=red>n</font> 而是因为他当初买航空的那个理由，09-07 22:36:25-09-07 22:36:29<font color=blue>Instead, it was because of the reason he had for buying air tickets in the first place.</font><br>85/407 177.71-180.05 <font color=red>hp</font> 也就是行业整合完就能稳稳赚钱。09-07 22:36:26-09-07 22:36:31<font color=blue>That is, when the industry consolidates and stabilizes, it can make money steadily.</font><br>86/407 180.47-182.09 <font color=red>n</font> 这个逻辑被疫情打没了。09-07 22:36:27-09-07 22:36:29<font color=blue>This logic has been disrupted by the pandemic.</font><br>87/407 184.69-184.93 <font color=red>de</font> 当然，09-07 22:36:27-09-07 22:36:44<font color=blue>Of course,</font><br>88/407 185.17-187.27 <font color=red>aaa</font> 老八看走眼的生意远不止这一笔，09-07 22:36:30-09-07 22:36:32<font color=blue>The old eight's business is not just this one,</font><br>89/407 187.7-189.08 <font color=red>n</font> 还有两笔也值得说道。09-07 22:36:30-09-07 22:36:32<font color=blue>There are two more things worth mentioning.</font><br>90/407 189.26-189.44 <font color=red>n</font> 说道，09-07 22:36:31-09-07 22:36:32<font color=blue>Said,</font><br>91/407 190.05-191.19 <font color=red>hp</font> 一个就是卡夫亨氏。09-07 22:36:32-09-07 22:36:35<font color=blue>It's Kaffeh.</font><br>92/407 191.72-192.38 <font color=red>n</font> 二零一五年，09-07 22:36:33-09-07 22:36:34<font color=blue>2015,</font><br>93/407 192.56-194.3 <font color=red>aaa</font> 他拉上巴西的三巨资本，09-07 22:36:33-09-07 22:36:35<font color=blue>He pulled up the three giants of Brazil.</font><br>94/407 194.48-195.92 <font color=red>n</font> 把卡夫和亨氏两家，09-07 22:36:35-09-07 22:36:38<font color=blue>The two companies, Kaff and Henst,</font><br>95/407 196.1-199.25 <font color=red>hp</font> 并到一起赞成了北美最大的食品公司之一，09-07 22:36:35-09-07 22:36:40<font color=blue>and together praised as one of the largest food companies in North America,</font><br>96/407 199.69-200.47 <font color=red>aaa</font> 就是卖番茄、09-07 22:36:36-09-07 22:36:38<font color=blue>It's about selling tomatoes,</font><br>97/407 200.59-201.07 <font color=red>n</font> 酱芝士，09-07 22:36:39-09-07 22:36:39<font color=blue>Cheese sauce,</font><br>98/407 201.25-205.69 <font color=red>aaa</font> 还有午餐肉那些东西可三 g 这帮人是出了名的成本杀手。09-07 22:36:39-09-07 22:36:41<font color=blue>And things like luncheon meat, those are notorious cost killers.</font><br>99/407 206.16-208.62 <font color=red>n</font> 他们信奉一套叫临近预算的狠轴，09-07 22:36:40-09-07 22:36:44<font color=blue>They adhere to a set of principles called "near-budget," which is quite aggressive.</font><br>100/407 209.16-210.18 <font color=red>n</font> 每一分钱的开销，09-07 22:36:41-09-07 22:36:44<font color=blue>Every penny spent,</font><br>101/407 210.54-212.4 <font color=red>hp</font> 每一年都得从零重新论证，09-07 22:36:41-09-07 22:36:45<font color=blue>Every year, you have to start from scratch and prove everything again.</font><br>102/407 212.58-214.16 <font color=red>aaa</font> 该不该花这种做法，09-07 22:36:42-09-07 22:36:44<font color=blue>Should this practice be adopted?</font><br>103/407 214.28-215.659 <font color=red>n</font> 省钱当然立竿见影，09-07 22:36:44-09-07 22:36:46<font color=blue>Saving money is definitely effective.</font><br>104/407 215.9-216.98 <font color=red>de</font> 利润蹭蹭往上走，09-07 22:36:45-09-07 22:37:18<font color=blue>Profit is going up and up,</font><br>105/407 217.54-218.86 <font color=red>aaa</font> 可他们刀子吓得太狠，09-07 22:36:46-09-07 22:36:47<font color=blue>But their knives were too scary.</font><br>106/407 219.22-220.66 <font color=red>n</font> 连打广告搞研发，09-07 22:36:46-09-07 22:36:49<font color=blue>Aggressive advertising for research and development,</font><br>107/407 220.84-223.24 <font color=red>hp</font> 还有维护工厂的钱全部都砍掉了，09-07 22:36:47-09-07 22:36:51<font color=blue>All the money for maintaining the factory has been cut.</font><br>108/407 223.84-224.92 <font color=red>n</font> 砍了几年窟窿，09-07 22:36:48-09-07 22:36:50<font color=blue>Cut the holes for a few years,</font><br>109/407 225.04-225.82 <font color=red>aaa</font> 终于瞒不住了。09-07 22:36:48-09-07 22:36:50<font color=blue>It's finally impossible to hide.</font><br>110/407 226.35-227.01 <font color=red>n</font> 二零一九年，09-07 22:41:50-09-07 22:41:51<font color=blue>2019,</font><br>111/407 227.31-229.47 <font color=red>bg</font> 卡佛亨是甩出一份吓死人的财宝。09-07 22:36:50-09-07 22:37:40<font color=blue>Kaufman is a real money-making machine.</font><br>112/407 230.04-236.62 <font color=red>n</font> 他们公开承认光卡夫奥斯卡煤叶这两个老品牌就比当年买的价格缩水了八十三亿，09-07 22:36:50-09-07 22:36:58<font color=blue>They openly admitted that the brands of Oskar and Coal Leaf, two old brands, had shrunk by 83 billion compared to their purchase price.</font><br>113/407 237.2-241.04 <font color=red>aaa</font> 算上其他的总比资产减值高达一百五十四亿美元，09-07 22:36:51-09-07 22:36:54<font color=blue>In addition, the total loss from other sources amounted to $154 billion.</font><br>114/407 241.48-244.73 <font color=red>n</font> 当即巨亏一百二十六亿股息砍掉三成多。09-07 22:36:52-09-07 22:36:58<font color=blue>The company immediately reported a huge loss of 126 billion shares, cutting its dividend by more than three-quarters.</font><br>115/407 245.03-248.39 <font color=red>hp</font> 当时他们还在为美国证监会查账消息一出，09-07 22:36:52-09-07 22:36:58<font color=blue>At that time, they were still dealing with the news of an investigation by the US Securities and Exchange Commission.</font><br>116/407 248.75-250.55 <font color=red>aaa</font> 股价当天就崩了百分之二十七，09-07 22:36:55-09-07 22:36:57<font color=blue>The stock price plummeted by 27% that day.</font><br>117/407 250.97-253.37 <font color=red>de</font> 而老八正是坎福亨氏最大的股东，09-07 22:36:56-09-07 22:37:49<font color=blue>And Lao Ba is the largest shareholder of the Canford family.</font><br>118/407 253.73-254.21 <font color=red>aaa</font> 这一砸，09-07 22:36:58-09-07 22:36:59<font color=blue>This is a hit.</font><br>119/407 254.45-256.49 <font color=red>n</font> 他自己账面就蒸发了几十亿。09-07 22:36:59-09-07 22:37:02<font color=blue>His own balance sheet has evaporated by several billion.</font><br>120/407 257.06-258.32 <font color=red>n</font> 于是他又开始反思了，09-07 22:36:59-09-07 22:37:02<font color=blue>Then he started to reflect.</font><br>121/407 258.84-260.88 <font color=red>hp</font> 他说这事还是我们看错了，09-07 22:37:00-09-07 22:37:03<font color=blue>He said that we had made a mistake.</font><br>122/407 261.34-262.12 <font color=red>aaa</font> 我们买贵了。09-07 22:37:01-09-07 22:37:02<font color=blue>We bought it at a high price.</font><br>123/407 262.7-265.87 <font color=red>n</font> 卡夫亨是本来是门好生意七十亿的家，09-07 22:37:03-09-07 22:37:07<font color=blue>Kaufman was originally a very good business, worth 7 billion.</font><br>124/407 265.93-267.43 <font color=red>n</font> 当一年能挣六十亿，09-07 22:37:03-09-07 22:37:07<font color=blue>When you can earn six billion a year,</font><br>125/407 267.78-270.48 <font color=red>aaa</font> 可当年他们是按一千亿的价格买下来的。09-07 22:37:04-09-07 22:37:07<font color=blue>Back then, they bought it for a billion dollars.</font><br>126/407 271.07-272.39 <font color=red>hp</font> 好生意配上烂价钱，09-07 22:37:05-09-07 22:37:08<font color=blue>Good business with bad prices,</font><br>127/407 272.75-273.71 <font color=red>aaa</font> 照样是比烂账。09-07 22:37:07-09-07 22:37:09<font color=blue>It's still worse than a bad debt.</font><br>128/407 274.43-281.14 <font color=red>n</font> 那另外一笔就是 i b m 二零一一年那个发誓不碰科技股的老头头一回为 i b m破了例，09-07 22:37:08-09-07 22:37:18<font color=blue>The other one is the CEO of IBM, who swore he wouldn't invest in tech stocks back in 2011, but made his first investment in IBM.</font><br>129/407 281.76-283.26 <font color=red>n</font> 砸进去约一百零七亿，09-07 22:37:09-09-07 22:37:12<font color=blue>Invested about 107 billion,</font><br>130/407 283.62-285.3 <font color=red>hp</font> 买了差不多六千四百万股，09-07 22:37:09-09-07 22:37:12<font color=blue>Bought approximately six million four hundred thousand shares,</font><br>131/407 285.72-287.16 <font color=red>aaa</font> 每股约一百七十块钱。09-07 22:37:10-09-07 22:37:12<font color=blue>Around 170 yuan per share.</font><br>132/407 287.7-291.54 <font color=red>n</font> 他赌的就是 i b m 那张年住全世界大公司的关系，09-07 22:37:12-09-07 22:37:18<font color=blue>He was betting on IBM's connections with major companies around the world.</font><br>133/407 291.72-293.11 <font color=red>aaa</font> 网大企业的系统，09-07 22:37:13-09-07 22:37:15<font color=blue>The system of large-scale enterprises,</font><br>134/407 293.35-295.13 <font color=red>hp</font> 一旦用上 i b 想换，09-07 22:37:14-09-07 22:37:18<font color=blue>Once you have used iB,</font><br>135/407 295.43-296.809 <font color=red>aaa</font> 那可得伤筋动骨了，09-07 22:37:16-09-07 22:37:18<font color=blue>That's a serious injury,</font><br>136/407 297.27-299.43 <font color=red>n</font> 他还特别欣赏 i b m 的疯狂回购，09-07 22:37:18-09-07 22:37:21<font color=blue>He was particularly impressed by IBM's aggressive buyback program.</font><br>137/407 299.73-301.23 <font color=red>n</font> 把自家股票当宝贝儿。09-07 22:37:19-09-07 22:37:21<font color=blue>Treat your own stocks like treasures.</font><br>138/407 301.59-304.59 <font color=red>de</font> 可这次呢好几个懂行的朋友都劝他别卖，09-07 22:37:20-09-07 22:38:20<font color=blue>However, several knowledgeable friends advised him not to sell it.</font><br>139/407 305.2-307.24 <font color=red>aaa</font> 连最懂科技的比尔盖茨都摇头，09-07 22:37:21-09-07 22:37:23<font color=blue>Even Bill Gates, who is most knowledgeable about technology, shakes his head.</font><br>140/407 307.6-308.56 <font color=red>n</font> 因为他们看的很透，09-07 22:37:22-09-07 22:37:23<font color=blue>Because they can see through,</font><br>141/407 309.23-313.4 <font color=red>hp</font> i b m 那点好看的利润越来越靠回购和砍成本应酬，09-07 22:37:22-09-07 22:37:30<font color=blue>I'm not sure what you mean, but it seems like I B M is making a lot of profit from buying back shares and cutting costs.</font><br>142/407 313.92-316.32 <font color=red>n</font> 根本没做出让客户离不开的新东西。09-07 22:37:23-09-07 22:37:26<font color=blue>Didn't create anything new that customers would want to keep using.</font><br>143/407 316.93-319.09 <font color=red>n</font> 这时候偏偏云计算又起来了，09-07 22:37:24-09-07 22:37:26<font color=blue>At this time, cloud computing suddenly emerged.</font><br>144/407 319.69-322.45 <font color=red>aaa</font> 亚马逊这些后生用更便宜的灵活服务，09-07 22:37:24-09-07 22:37:26<font color=blue>Amazon's young generation uses more affordable and flexible services,</font><br>145/407 322.79-324.41 <font color=red>n</font> 把他的老客户一个个撬走。09-07 22:37:27-09-07 22:37:29<font color=blue>To steal his old customers one by one.</font><br>146/407 324.98-326.36 <font color=red>aaa</font> 可老爸当时铁了心啊，09-07 22:37:28-09-07 22:37:29<font color=blue>Dad was determined,</font><br>147/407 326.78-327.56 <font color=red>n</font> 固执没有停，09-07 22:37:28-09-07 22:37:30<font color=blue>Stubbornness doesn't stop,</font><br>148/407 328.22-330.08 <font color=red>n</font> 结果还真让这帮朋友说中了。09-07 22:42:30-09-07 22:42:33<font color=blue>The results were indeed correct, and the friends were right.</font><br>149/407 330.51-331.65 <font color=red>aaa</font> i b m 掉头太慢，09-07 22:37:30-09-07 22:37:31<font color=blue>I'm turning too slowly.</font><br>150/407 332.07-332.85 <font color=red>n</font> 营收一个季度，09-07 22:37:30-09-07 22:37:32<font color=blue>Revenue for a quarter,</font><br>151/407 332.97-334.17 <font color=red>n</font> 接着一个季度往下掉，09-07 22:37:31-09-07 22:37:32<font color=blue>Keep going down,</font><br>152/407 334.53-336.03 <font color=red>hp</font> 足足跌了二十多个季度，09-07 22:37:32-09-07 22:37:35<font color=blue>It has fallen for over twenty quarters,</font><br>153/407 336.52-338.86 <font color=red>aaa</font> 扛到一七一八年老八终于认栽，09-07 22:37:32-09-07 22:37:36<font color=blue>It took a long time, but finally in 2017-2018, Old Eight gave up.</font><br>154/407 339.1-340.54 <font color=red>n</font> 把 i b m 割肉清掉，09-07 22:37:33-09-07 22:37:35<font color=blue>Cut off IBM,</font><br>155/407 341.15-342.26 <font color=red>n</font> 他一百七十多买的，09-07 22:37:34-09-07 22:37:35<font color=blue>He bought it for around 170.</font><br>156/407 342.62-344.84 <font color=red>n</font> 一百四十多卖的又是亏着走的。09-07 22:37:36-09-07 22:37:40<font color=blue>The 140 units sold are still losing money.</font><br>157/407 345.48-346.92 <font color=red>hp</font> 不过他也认得挺干脆。09-07 22:37:37-09-07 22:37:40<font color=blue>However, he recognized it very clearly.</font><br>158/407 347.57-347.81 <font color=red>n</font> 哎呦，09-07 22:37:37-09-07 22:37:40<font color=blue>Oh,</font><br>159/407 348.05-349.67 <font color=red>aaa</font> 我又把 i b m 看走眼了，09-07 22:37:38-09-07 22:37:40<font color=blue>I underestimated IBM again.</font><br>160/407 350.1-351.78 <font color=red>n</font> 他是家又大又强的公司，09-07 22:37:40-09-07 22:37:43<font color=blue>He is a large and powerful company.</font><br>161/407 352.2-354.6 <font color=red>n</font> 可惜他的对手也是又大又强啊。09-07 22:37:41-09-07 22:37:43<font color=blue>Unfortunately, his opponent is also very strong.</font><br>162/407 355.19-358.13 <font color=red>aaa</font> 你发现为这三笔栽的各有各的姿势，09-07 22:37:42-09-07 22:37:43<font color=blue>You notice that the three plantings have different postures.</font><br>163/407 358.86-359.82 <font color=red>hp</font> 航空是他赌。09-07 22:37:42-09-07 22:37:45<font color=blue>Air travel is his gamble.</font><br>164/407 360.0-360.659 <font color=red>bg</font> 这次不一样，09-07 22:37:43-09-07 22:38:06<font color=blue>This is different,</font><br>165/407 360.9-362.28 <font color=red>n</font> 被疫情打回了原形。09-07 22:37:44-09-07 22:37:47<font color=blue>The pandemic has brought things back to square one.</font><br>166/407 363.02-364.22 <font color=red>n</font> 卡夫是好公司，09-07 22:37:44-09-07 22:37:47<font color=blue>Kauf is a good company.</font><br>167/407 364.34-365.48 <font color=red>aaa</font> 他给了个烂价钱。09-07 22:37:45-09-07 22:37:47<font color=blue>He offered a bad price.</font><br>168/407 366.01-368.41 <font color=red>hp</font> i b m 是他把护城河看走了眼儿，09-07 22:37:46-09-07 22:37:49<font color=blue>I believe that IBM underestimated the importance of the moat.</font><br>169/407 368.76-369.72 <font color=red>aaa</font> 以为是铁打的，09-07 22:37:48-09-07 22:37:49<font color=blue>I thought it was iron,</font><br>170/407 369.96-370.98 <font color=red>n</font> 其实是纸糊的。09-07 22:37:48-09-07 22:37:50<font color=blue>It's actually made of paper.</font><br>171/407 371.59-374.41 <font color=red>aaa</font> 所以你看故事会变价格会骗人，09-07 22:37:50-09-07 22:37:52<font color=blue>So, you see, stories can be deceiving and prices can be misleading.</font><br>172/407 374.95-378.239 <font color=red>de</font> 护城河会塌连股神都会栽到这三件事儿上。09-07 22:37:50-09-07 22:38:50<font color=blue>If the protective wall collapses, even stock gods will fall into these three things.</font><br>173/407 378.77-379.97 <font color=red>hp</font> 咱们下回买股票前，09-07 22:37:51-09-07 22:37:54<font color=blue>Before we buy stocks next time,</font><br>174/407 380.27-382.49 <font color=red>n</font> 正好拿它当三面镜子照照自己，09-07 22:37:52-09-07 22:37:54<font color=blue>Just use it as a mirror to reflect on yourself.</font><br>175/407 385.05-386.55 <font color=red>n</font> 不过亏钱还不算什么用。09-07 22:37:52-09-07 22:37:56<font color=blue>But losing money is not the point.</font><br>176/407 387.03-390.33 <font color=red>aaa</font> 要说他最扎心的一次看走眼儿是在一个人身上。09-07 22:37:54-09-07 22:37:57<font color=blue>The most heartbreaking time he ever misjudged someone was when it happened to a particular person.</font><br>177/407 390.81-394.22 <font color=red>n</font> 大卫索科尔还记得我们讲老八买铁路的时候，09-07 22:37:55-09-07 22:37:59<font color=blue>David Sokhol remembers when we bought the old eight railway,</font><br>178/407 394.52-397.04 <font color=red>hp</font> 那位把中美能源一手做大的大将吗？09-07 22:37:56-09-07 22:38:00<font color=blue>Who is the one who made a big deal in US-China energy?</font><br>179/407 397.28-399.01 <font color=red>xss</font> 就是他在博克希尔，09-07 22:37:56-09-07 22:39:29<font color=blue>He was in Box Hill.</font><br>180/407 399.19-400.57 <font color=red>n</font> 索克尔是出了名的问题，09-07 22:37:57-09-07 22:37:59<font color=blue>Sokker is a well-known problem.</font><br>181/407 400.81-401.23 <font color=red>aaa</font> 终结者，09-07 22:38:00-09-07 22:38:00<font color=blue>Terminator,</font><br>182/407 401.71-402.97 <font color=red>n</font> 哪家公司出了乱子，09-07 22:38:00-09-07 22:38:02<font color=blue>Which company caused the trouble?</font><br>183/407 403.27-404.47 <font color=red>n</font> 老八就把他派过去。09-07 22:38:01-09-07 22:38:03<font color=blue>Old Eight sent him over.</font><br>184/407 405.12-408.35 <font color=red>aaa</font> 中美能源是他做大的连奈 jazz 那摊烂账，09-07 22:38:02-09-07 22:38:06<font color=blue>The US and China's energy policies are a major factor in the global oil market, but they have also contributed to some of the negative consequences.</font><br>185/407 408.59-411.1 <font color=red>hp</font> 也是他三两下收拾利索的老爸，09-07 22:38:02-09-07 22:38:07<font color=blue>He's a neat and tidy old man who can get things done quickly.</font><br>186/407 411.22-412.12 <font color=red>n</font> 对他非常欣赏，09-07 22:38:03-09-07 22:38:06<font color=blue>I admire him very much.</font><br>187/407 412.48-416.53 <font color=red>n</font> 几乎就是当众盖了章下一个掌舵伯克希尔的十有八九，09-07 22:38:04-09-07 22:38:10<font color=blue>Almost certainly, someone who has signed the official documents and taken over as CEO of Berkshire Hathaway.</font><br>188/407 416.65-420.5 <font color=red>bg</font> 就是他可偏偏就是这位最被看好的接班人干了件，09-07 22:38:06-09-07 22:39:26<font color=blue>He's the one who did it, and he's the most promising successor.</font><br>189/407 420.68-422.3 <font color=red>n</font> 让所有人大跌眼睛的事儿。09-07 22:38:07-09-07 22:38:10<font color=blue>Something that makes everyone's eyes widen.</font><br>190/407 422.8-424.0 <font color=red>aaa</font> 二零一一年一月初，09-07 22:38:08-09-07 22:38:10<font color=blue>Early January 2011,</font><br>191/407 424.54-426.94 <font color=red>hp</font> 索克尔自己先是悄悄买进了一家叫路。09-07 22:38:08-09-07 22:38:12<font color=blue>Sokler first quietly bought into a company called Road.</font><br>192/407 427.06-429.74 <font color=red>n</font> 博润的公司差不多买了九点六万股，09-07 22:38:11-09-07 22:38:15<font color=blue>Boren Company bought about 96,000 shares.</font><br>193/407 430.1-431.6 <font color=red>aaa</font> 每股约一百零四美元。09-07 22:38:11-09-07 22:38:13<font color=blue>Approximately $104 per share.</font><br>194/407 431.99-433.13 <font color=red>n</font> 转头到了一月中旬，09-07 22:38:12-09-07 22:38:15<font color=blue>Turning to mid-January,</font><br>195/407 433.37-436.33 <font color=red>hp</font> 他就跑去跟老爸疯狂推荐书涡轮啊，09-07 22:38:13-09-07 22:38:17<font color=blue>He rushed to his dad and enthusiastically recommended books about turbocharging.</font><br>196/407 436.68-437.34 <font color=red>aaa</font> 咱们博客姓，09-07 22:38:13-09-07 22:38:15<font color=blue>Our blog is named,</font><br>197/407 437.64-438.96 <font color=red>n</font> 该把陆伯润买下来。09-07 22:38:16-09-07 22:38:18<font color=blue>Buy that truck, Lu.</font><br>198/407 439.58-440.3 <font color=red>n</font> 老爸动心了。09-07 22:38:16-09-07 22:38:18<font color=blue>Dad is falling in love.</font><br>199/407 440.84-441.44 <font color=red>aaa</font> 当年三月，09-07 22:38:17-09-07 22:38:18<font color=blue>In March of that year,</font><br>200/407 441.68-442.7 <font color=red>hp</font> 董事会就拍板儿，09-07 22:38:18-09-07 22:38:22<font color=blue>The board of directors has made a decision.</font><br>201/407 442.94-445.16 <font color=red>n</font> 每股一百三十五美元收购路博润。09-07 22:38:18-09-07 22:38:22<font color=blue>Acquire Luberon for $135 per share.</font><br>202/407 445.71-446.61 <font color=red>aaa</font> 这一锤子下去，09-07 22:38:19-09-07 22:38:20<font color=blue>With this hammer,</font><br>203/407 446.91-451.29 <font color=red>n</font> 索克尔早就买好的那笔股票凭空多出来三百来万美元的利润。09-07 22:38:20-09-07 22:38:24<font color=blue>Socker had already bought the stock, and it unexpectedly made him an extra three million dollars.</font><br>204/407 451.47-452.19 <font color=red>aaa</font> 进了他兜里，09-07 22:38:21-09-07 22:38:22<font color=blue>He went into his pocket,</font><br>205/407 452.79-453.21 <font color=red>de</font> 说白了，09-07 22:38:23-09-07 22:38:50<font color=blue>In a nutshell,</font><br>206/407 453.45-454.29 <font color=red>hp</font> 他就是先用，09-07 22:38:24-09-07 22:38:27<font color=blue>He just used it.</font><br>207/407 454.47-456.27 <font color=red>n</font> 只有自己知道的消息不好局，09-07 22:38:24-09-07 22:38:27<font color=blue>Only the information I know is bad news,</font><br>208/407 456.88-459.79 <font color=red>aaa</font> 然后再回过头来推着老八去给他抬轿子，09-07 22:38:25-09-07 22:38:27<font color=blue>Then, I pushed Old Eight to help him carry the sedan.</font><br>209/407 460.36-461.08 <font color=red>n</font> 消息一传开，09-07 22:38:26-09-07 22:38:28<font color=blue>The news spread,</font><br>210/407 461.38-462.22 <font color=red>hp</font> 全网都炸了，09-07 22:38:28-09-07 22:38:31<font color=blue>The whole internet is going crazy,</font><br>211/407 462.65-464.93 <font color=red>n</font> 这味儿怎么闻都像坚守自道啊。09-07 22:38:29-09-07 22:38:31<font color=blue>This smell reminds me of someone who is steadfast in their beliefs.</font><br>212/407 465.6-465.84 <font color=red>n</font> 很快，09-07 22:38:29-09-07 22:38:30<font color=blue>Soon,</font><br>213/407 466.14-467.88 <font color=red>aaa</font> 三月底索克尔就辞职了，09-07 22:38:30-09-07 22:38:32<font color=blue>In late March, Sokker resigned.</font><br>214/407 468.35-469.58 <font color=red>n</font> 可最让人意外的是，09-07 22:43:32-09-07 22:43:33<font color=blue>The most surprising thing is,</font><br>215/407 469.76-470.84 <font color=red>n</font> 老巴的第一反应，09-07 22:38:31-09-07 22:38:33<font color=blue>Old Ba's first reaction,</font><br>216/407 471.26-472.7 <font color=red>hp</font> 他太信任索克尔了。09-07 22:38:32-09-07 22:38:36<font color=blue>He trusted Sokel too much.</font><br>217/407 473.03-474.38 <font color=red>n</font> 所以他发的头一份声明，09-07 22:38:33-09-07 22:38:36<font color=blue>Therefore, the first statement he released was...</font><br>218/407 474.62-475.52 <font color=red>aaa</font> 不光没有责备，09-07 22:38:33-09-07 22:38:36<font color=blue>Not only did they not scold,</font><br>219/407 476.03-478.58 <font color=red>n</font> 还大断细数索克尔的功劳维护。09-07 22:38:34-09-07 22:38:36<font color=blue>Maintenance of the large and small systems.</font><br>220/407 478.7-481.04 <font color=red>n</font> 他说他那些买卖并不违法，09-07 22:38:36-09-07 22:38:39<font color=blue>He said that his buying and selling was not illegal.</font><br>221/407 481.63-482.89 <font color=red>aaa</font> 这下舆论更炸了。09-07 22:38:37-09-07 22:38:39<font color=blue>Now the public opinion is even more intense.</font><br>222/407 483.3-483.36 <font color=red>hp</font> 好，09-07 22:38:38-09-07 22:38:39<font color=blue>Okay,</font><br>223/407 483.48-484.2 <font color=red>n</font> 你个股神哦，09-07 22:38:38-09-07 22:38:40<font color=blue>You're a stock god,</font><br>224/407 484.62-486.06 <font color=red>aaa</font> 平时把诚心挂在嘴边，09-07 22:38:39-09-07 22:38:41<font color=blue>Always put sincerity on your lips.</font><br>225/407 486.66-487.74 <font color=red>n</font> 轮到自己人的时候，09-07 22:38:40-09-07 22:38:42<font color=blue>When it's their turn,</font><br>226/407 487.92-488.76 <font color=red>hp</font> 就高高举起，09-07 22:38:41-09-07 22:38:42<font color=blue>Raise high,</font><br>227/407 489.0-489.78 <font color=red>n</font> 轻轻放下了，09-07 22:38:41-09-07 22:38:43<font color=blue>Gently placed,</font><br>228/407 490.24-493.06 <font color=red>aaa</font> 这才让老爸派审计委员会进去调查了一番。09-07 22:38:42-09-07 22:38:45<font color=blue>This is what prompted Dad to send an auditing committee in for investigation.</font><br>229/407 493.42-494.62 <font color=red>n</font> 最后得出的结论是，09-07 22:38:43-09-07 22:38:44<font color=blue>The final conclusion is that,</font><br>230/407 495.04-496.9 <font color=red>hp</font> 索克尔既然真的误导了公司，09-07 22:38:43-09-07 22:38:48<font color=blue>If Sokler truly misled the company,</font><br>231/407 497.08-498.16 <font color=red>n</font> 也违反了规定。09-07 22:38:44-09-07 22:38:45<font color=blue>Also violated the regulations.</font><br>232/407 498.75-501.45 <font color=red>n</font> 巴菲特这才在那年的股东大会上说了重话，09-07 22:38:45-09-07 22:38:48<font color=blue>Buffett only made the statement at that year's shareholder meeting,</font><br>233/407 502.05-504.33 <font color=red>aaa</font> 他说这件事儿无法解释，09-07 22:38:45-09-07 22:38:48<font color=blue>He said that this matter cannot be explained.</font><br>234/407 504.63-505.53 <font color=red>n</font> 也不可原谅，09-07 22:38:46-09-07 22:38:48<font color=blue>Unforgivable,</font><br>235/407 506.07-506.94 <font color=red>hp</font> 他太失望了。09-07 22:38:48-09-07 22:38:51<font color=blue>He was too disappointed.</font><br>236/407 507.51-509.01 <font color=red>aaa</font> 因为在他和芒哥的眼里，09-07 22:38:49-09-07 22:38:50<font color=blue>Because in their eyes,</font><br>237/407 509.31-512.03 <font color=red>n</font> 能力可以再找可人品上的窟窿，09-07 22:38:50-09-07 22:38:54<font color=blue>You can always find a loophole in someone's character.</font><br>238/407 512.15-515.89 <font color=red>n</font> 怎么都补不上一个最被看好的接班人就这么没了，09-07 22:38:50-09-07 22:38:54<font color=blue>How could the most promising successor just disappear like that?</font><br>239/407 516.48-518.52 <font color=red>de</font> 被自己最信任的爱将摆了一道。09-07 22:38:51-09-07 22:39:35<font color=blue>Betrayed by the one I trusted most.</font><br>240/407 518.94-521.7 <font color=red>aaa</font> 这道上是老八晚年最不愿提起的一个。09-07 22:38:52-09-07 22:38:54<font color=blue>This is the most difficult topic for Lao Ba to talk about.</font><br>241/407 522.29-526.13 <font color=red>de</font> 而索克尔这一倒博克希尔的接班人学了整整好几年，09-07 22:38:52-09-07 22:40:16<font color=blue>And Sokel, the successor of Dobekhyl, had been trained for a long time.</font><br>242/407 526.6-527.56 <font color=red>hp</font> 直到二零一八年，09-07 22:38:55-09-07 22:38:58<font color=blue>Until 2018,</font><br>243/407 527.86-531.13 <font color=red>n</font> 两个名字才浮出水面管保险的阿吉特、09-07 22:38:56-09-07 22:39:00<font color=blue>Two names have emerged in the field of insurance, namely Mr. Agit and...</font><br>244/407 531.25-531.55 <font color=red>aaa</font> 贾英，09-07 22:38:56-09-07 22:38:58<font color=blue>Jia Ying,</font><br>245/407 531.85-534.07 <font color=red>aaa</font> 还有管着其他所有生意的格雷格。09-07 22:38:59-09-07 22:39:01<font color=blue>There's also Greg, who manages all the other businesses.</font><br>246/407 534.19-535.57 <font color=red>hp</font> 阿贝尔听到这儿，09-07 22:39:00-09-07 22:39:02<font color=blue>Abraham heard this,</font><br>247/407 535.63-537.49 <font color=red>n</font> 你可能会问摔了那么多跟头，09-07 22:39:00-09-07 22:39:04<font color=blue>You might wonder how many times I've fallen,</font><br>248/407 537.79-538.99 <font color=red>n</font> 老爸也没那么神啊，09-07 22:39:01-09-07 22:39:04<font color=blue>My dad isn't that awesome either.</font><br>249/407 539.53-540.79 <font color=red>aaa</font> 他本来就不是神啊，09-07 22:39:02-09-07 22:39:04<font color=blue>He wasn't a god anyway.</font><br>250/407 541.25-544.79 <font color=red>hp</font> 他和咱们最大的区别就藏在他面对错误的方式里，09-07 22:39:02-09-07 22:39:07<font color=blue>The biggest difference between him and us lies in how he deals with mistakes.</font><br>251/407 545.32-546.04 <font color=red>aaa</font> 股神也是人，09-07 22:39:05-09-07 22:39:06<font color=blue>The Oracle is also a human.</font><br>252/407 546.4-547.96 <font color=red>n</font> 不可能从来不看走眼儿，09-07 22:39:05-09-07 22:39:08<font color=blue>It's impossible to never miss,</font><br>253/407 548.29-551.23 <font color=red>n</font> 可他敢把每一笔错白纸黑字写进年报，09-07 22:39:06-09-07 22:39:09<font color=blue>But he dared to write every mistake into the annual report,</font><br>254/407 551.79-552.63 <font color=red>aaa</font> 敢割肉离场，09-07 22:39:07-09-07 22:39:08<font color=blue>Dare to cut and leave,</font><br>255/407 552.93-555.27 <font color=red>hp</font> 敢当这全世界说自己不可原谅。09-07 22:39:07-09-07 22:39:12<font color=blue>I dare to say that I am unforgivable in the world.</font><br>256/407 555.92-558.69 <font color=red>aaa</font> 那你想想自己的账户里有没有套了很久，09-07 22:39:09-09-07 22:39:12<font color=blue>Now, think about whether you have been stuck in your own account for a long time.</font><br>257/407 558.87-560.13 <font color=red>n</font> 却舍不得割的股票，09-07 22:39:09-09-07 22:39:12<font color=blue>But I can't bring myself to sell the stocks.</font><br>258/407 560.76-562.02 <font color=red>n</font> 是不是不想跟别人说，09-07 22:39:10-09-07 22:39:12<font color=blue>Don't want to talk with others,</font><br>259/407 562.55-564.38 <font color=red>aaa</font> 或者说总找借口安慰自己，09-07 22:39:12-09-07 22:39:16<font color=blue>Or, to put it another way, always making excuses and comforting yourself.</font><br>260/407 564.62-565.1 <font color=red>hp</font> 再等等，09-07 22:39:13-09-07 22:39:16<font color=blue>Wait a while,</font><br>261/407 565.34-566.24 <font color=red>n</font> 他会回来的。09-07 22:39:14-09-07 22:39:16<font color=blue>He will come back.</font><br>262/407 566.82-570.0 <font color=red>n</font> 可投资这件事儿承认看错果断离场，09-07 22:39:14-09-07 22:39:17<font color=blue>To invest, you must admit when you're wrong and be willing to exit gracefully.</font><br>263/407 570.5-571.19 <font color=red>aaa</font> 远比死扛，09-07 22:39:17-09-07 22:39:18<font color=blue>Far better than brute force,</font><br>264/407 571.43-571.67 <font color=red>hp</font> 更难。09-07 22:39:17-09-07 22:39:19<font color=blue>More difficult.</font><br>265/407 572.19-572.49 <font color=red>n</font> 对了，09-07 22:39:18-09-07 22:39:19<font color=blue>Right,</font><br>266/407 572.67-574.59 <font color=red>n</font> 这件事还有个特别有意思的尾巴。09-07 22:39:19-09-07 22:39:22<font color=blue>There's also a particularly interesting twist to this story.</font><br>267/407 575.15-577.91 <font color=red>aaa</font> 那位索克尔直到今天都一口咬定，09-07 22:39:19-09-07 22:39:22<font color=blue>The man, Mr. Sokler, has maintained his innocence until today.</font><br>268/407 578.09-579.83 <font color=red>n</font> 我没做过任何不该做的事儿。09-07 22:39:20-09-07 22:39:22<font color=blue>I haven't done anything wrong.</font><br>269/407 580.37-581.99 <font color=red>hp</font> 事后还专门上电视辩论，09-07 22:39:21-09-07 22:39:26<font color=blue>He also appeared on television for a debate after the incident.</font><br>270/407 582.41-585.05 <font color=red>n</font> 说买股票和推荐收购是两码事儿，09-07 22:39:23-09-07 22:39:26<font color=blue>Buying stocks and recommending acquisitions are two different things.</font><br>271/407 585.44-587.0 <font color=red>aaa</font> 一个把认错刻进骨子里，09-07 22:39:23-09-07 22:39:26<font color=blue>A person who has internalized the feeling of being wrong,</font><br>272/407 587.24-588.86 <font color=red>n</font> 一个却连一个错都不肯认，09-07 22:39:24-09-07 22:39:26<font color=blue>One refuses to admit even a single mistake.</font><br>273/407 589.39-590.65 <font color=red>hp</font> 谁是真大佬差的，09-07 22:39:26-09-07 22:39:30<font color=blue>Who is the real big boss, it doesn't matter.</font><br>274/407 590.77-592.21 <font color=red>n</font> 或许就是这口勇气了。09-07 22:39:27-09-07 22:39:28<font color=blue>It might be this courage.</font><br>275/407 594.94-595.18 <font color=red>aaa</font> 好了，09-07 22:39:28-09-07 22:39:28<font color=blue>Okay,</font><br>276/407 595.36-596.68 <font color=red>n</font> 那摔完这几跤之后，09-07 22:39:28-09-07 22:39:30<font color=blue>After falling a few times,</font><br>277/407 596.92-598.24 <font color=red>bg</font> 老八转身又干了件，09-07 22:39:29-09-07 22:40:11<font color=blue>Old Eight turned around and did another one.</font><br>278/407 598.36-599.62 <font color=red>aaa</font> 更让人看不懂的事儿。09-07 22:39:30-09-07 22:39:31<font color=blue>More things that are hard to understand.</font><br>279/407 600.09-602.91 <font color=red>n</font> 二零二零年八月三十号是他九十岁的生日，09-07 22:39:30-09-07 22:39:35<font color=blue>August 30, 2020 was his 90th birthday.</font><br>280/407 603.48-604.68 <font color=red>xss</font> 别人过寿收蛋糕，09-07 22:39:31-09-07 22:41:23<font color=blue>When someone celebrates their birthday, they receive a cake.</font><br>281/407 604.92-606.42 <font color=red>n</font> 他却给自己包了份大礼。09-07 22:39:32-09-07 22:39:35<font color=blue>He, however, had prepared a lavish gift for himself.</font><br>282/407 606.78-607.38 <font color=red>hp</font> 对外宣布，09-07 22:39:32-09-07 22:39:35<font color=blue>Announce to the outside world,</font><br>283/407 607.89-610.68 <font color=red>aaa</font> 他早就悄悄把日本五大商社收进了口袋，09-07 22:39:33-09-07 22:39:35<font color=blue>He had already quietly put the five major Japanese trading companies into his pocket.</font><br>284/407 611.44-612.46 <font color=red>n</font> 具体是哪五家呢？09-07 22:44:35-09-07 22:44:37<font color=blue>Which five companies are we talking about specifically?</font><br>285/407 612.93-615.57 <font color=red>n</font> 伊藤中三林三景著友，09-07 22:39:36-09-07 22:39:41<font color=blue>Ito, a third-year student at the Middle School of Shinjuku Gyoen, is friends with...</font><br>286/407 615.75-620.71 <font color=red>de</font> 还有王宏每家约百分之五五家加起来砸进去约六十亿美元。09-07 22:39:37-09-07 22:40:49<font color=blue>In addition, Wang Hong invested approximately 5.5% of each company's capital, totaling around $6 billion.</font><br>287/407 621.18-623.88 <font color=red>n</font> 而且这份礼他已经偷偷筹备一年多了。09-07 22:39:37-09-07 22:39:41<font color=blue>And he has been secretly preparing this gift for more than a year.</font><br>288/407 624.41-625.43 <font color=red>hp</font> 早在二零一九年，09-07 22:39:38-09-07 22:39:41<font color=blue>As early as 2019,</font><br>289/407 625.61-628.01 <font color=red>aaa</font> 他就开始在东京交易所一点点扫货，09-07 22:39:39-09-07 22:39:40<font color=blue>He started to buy and sell stocks in Tokyo,</font><br>290/407 628.31-628.85 <font color=red>aaa</font> 不声不响，09-07 22:39:41-09-07 22:39:42<font color=blue>Silently,</font><br>291/407 629.21-631.92 <font color=red>n</font> 直到生日这天才公开消息一出，09-07 22:39:42-09-07 22:39:46<font color=blue>It wasn't until the news broke on her birthday that it became public knowledge.</font><br>292/407 632.16-635.43 <font color=red>n</font> 所有人都在问日本股神到底看上了啥？09-07 22:39:42-09-07 22:39:46<font color=blue>Everyone is wondering what the Japanese stock guru has invested in.</font><br>293/407 636.2-637.22 <font color=red>hp</font> 那有两点原因，09-07 22:39:43-09-07 22:39:46<font color=blue>There are two reasons,</font><br>294/407 637.7-640.94 <font color=red>aaa</font> 一是这五家公司简直就是日本版的博克希尔。09-07 22:39:44-09-07 22:39:46<font color=blue>One is that these five companies are simply the Japanese version of Berkshire Hathaway.</font><br>295/407 641.37-643.41 <font color=red>hp</font> 日本有个独特的物种叫商社，09-07 22:39:46-09-07 22:39:50<font color=blue>Japan has a unique species called "merchant companies".</font><br>296/407 643.96-645.46 <font color=red>n</font> 这帮巨头干的活儿特别杂，09-07 22:39:48-09-07 22:39:50<font color=blue>These big shots are really versatile,</font><br>297/407 646.04-649.7 <font color=red>aaa</font> 即当全球贸易的中间商又亲自下场干实业。09-07 22:39:48-09-07 22:39:50<font color=blue>When a global trade intermediary also enters the real industry.</font><br>298/407 650.39-652.55 <font color=red>hp</font> 就说这五家里的老大三林伤势，09-07 22:39:51-09-07 22:39:54<font color=blue>I said that the injuries of the five families' eldest son,</font><br>299/407 653.11-654.25 <font color=red>n</font> 你可能没听说过他，09-07 22:39:51-09-07 22:39:54<font color=blue>You might not have heard of him,</font><br>300/407 654.49-657.01 <font color=red>aaa</font> 可他的生意早就渗进了你我的日程。09-07 22:39:52-09-07 22:39:54<font color=blue>But his business has already seeped into our daily lives.</font><br>301/407 657.63-658.29 <font color=red>n</font> 王大乐说，09-07 22:39:53-09-07 22:39:54<font color=blue>Wang Dalek said,</font><br>302/407 658.53-660.51 <font color=red>n</font> 他在澳洲攥着天然气和铁矿，09-07 22:39:55-09-07 22:39:57<font color=blue>He held natural gas and iron ore in Australia.</font><br>303/407 660.93-661.83 <font color=red>n</font> 是全球能源，09-07 22:39:56-09-07 22:39:57<font color=blue>is global energy,</font><br>304/407 662.13-664.11 <font color=red>aaa</font> 金属生意里举足轻重的玩家。09-07 22:39:56-09-07 22:39:58<font color=blue>Key players in the metal business.</font><br>305/407 664.67-665.15 <font color=red>hp</font> 王小了，09-07 22:39:57-09-07 22:39:59<font color=blue>Wang Xiao,</font><br>306/407 665.33-665.39 <font color=red>n</font> 说，09-07 22:39:58-09-07 22:39:58<font color=blue>Say,</font><br>307/407 665.69-669.35 <font color=red>n</font> 你餐桌上的三文鱼可能就来自他海外买下的养殖场，09-07 22:39:58-09-07 22:40:02<font color=blue>The salmon on your table might come from a farm overseas that he bought.</font><br>308/407 669.86-671.24 <font color=red>aaa</font> 连随处可见的便利店。09-07 22:39:59-09-07 22:40:02<font color=blue>Everywhere you look, there are convenience stores.</font><br>309/407 671.42-674.42 <font color=red>n</font> 罗森还有各种农药啥的背后老板都是他，09-07 22:40:00-09-07 22:40:03<font color=blue>Rosen has various agricultural products, including pesticides, and the owner is him.</font><br>310/407 675.0-675.84 <font color=red>hp</font> 反正就是一句话，09-07 22:40:00-09-07 22:40:04<font color=blue>Basically, it's just one sentence.</font><br>311/407 676.26-677.4 <font color=red>aaa</font> 一家公司啥都干，09-07 22:40:02-09-07 22:40:03<font color=blue>A company does everything,</font><br>312/407 677.76-679.68 <font color=red>n</font> 里头装着几十上百种生意，09-07 22:40:03-09-07 22:40:05<font color=blue>There are dozens or hundreds of businesses inside.</font><br>313/407 680.18-680.72 <font color=red>n</font> 多元又稳，09-07 22:40:04-09-07 22:40:05<font color=blue>Diverse and stable,</font><br>314/407 680.84-682.4 <font color=red>aaa</font> 当现金流好的不得了。09-07 22:40:04-09-07 22:40:06<font color=blue>When the cash flow is really good.</font><br>315/407 682.91-684.83 <font color=red>hp</font> 这就是日本商社的独特之处。09-07 22:40:05-09-07 22:40:09<font color=blue>This is the unique characteristic of Japanese trading companies.</font><br>316/407 685.44-685.92 <font color=red>n</font> 李萍平，09-07 22:40:06-09-07 22:40:06<font color=blue>Li Ping,</font><br>317/407 686.1-688.56 <font color=red>n</font> 这不就是老八自己那套博克信尔打法吗？09-07 22:40:06-09-07 22:40:10<font color=blue>Isn't this just the old eight's usual trick?</font><br>318/407 689.06-692.3 <font color=red>aaa</font> 他买的其实就是个自己闭着眼睛都看得懂的模式。09-07 22:40:07-09-07 22:40:10<font color=blue>What he bought was actually a pattern that even someone who closes their eyes could understand.</font><br>319/407 692.77-695.23 <font color=red>n</font> 那第二点原因就是太太太便宜了。09-07 22:40:08-09-07 22:40:10<font color=blue>The second reason is that it's too cheap.</font><br>320/407 695.74-699.16 <font color=red>hp</font> 这些巨头当时的股价普遍比自家净资产还低，09-07 22:40:10-09-07 22:40:16<font color=blue>At that time, these giants had stock prices that were generally lower than their net assets.</font><br>321/407 699.46-700.72 <font color=red>n</font> 市盈率只有个位数，09-07 22:40:11-09-07 22:40:13<font color=blue>P/E ratio is a single digit,</font><br>322/407 701.3-703.82 <font color=red>aaa</font> 可一年的分红率却高达百分之五左右。09-07 22:40:11-09-07 22:40:13<font color=blue>The annual dividend rate can be as high as 5%.</font><br>323/407 704.39-706.85 <font color=red>n</font> 老爸自己都说他被这种机会看蒙了。09-07 22:40:12-09-07 22:40:16<font color=blue>Dad himself said he was completely fooled by this opportunity.</font><br>324/407 707.44-708.94 <font color=red>bg</font> 若这价钱荒唐的离谱，09-07 22:40:12-09-07 22:40:56<font color=blue>If the price is outrageous and absurd,</font><br>325/407 709.299-711.76 <font color=red>n</font> 特别是跟当时那种超级低的利率相比，09-07 22:40:13-09-07 22:40:16<font color=blue>In particular, compared to those extremely low interest rates at the time,</font><br>326/407 713.07-713.13 <font color=red>aaa</font> 嗯，09-07 22:40:14-09-07 22:40:16<font color=blue>Well,</font><br>327/407 713.37-716.17 <font color=red>aaa</font> 看可真正封神的还不是他买了啥，09-07 22:40:16-09-07 22:40:18<font color=blue>What truly makes him stand out is what he bought.</font><br>328/407 716.47-717.79 <font color=red>n</font> 而是用什么钱买的，09-07 22:40:17-09-07 22:40:18<font color=blue>What was the money used for?</font><br>329/407 718.25-719.75 <font color=red>hp</font> 老八几乎没有自己掏腰包，09-07 22:40:18-09-07 22:40:21<font color=blue>Old Eight almost never pulls out his wallet.</font><br>330/407 720.11-721.97 <font color=red>de</font> 而是直接跑到日本去发债，09-07 22:40:18-09-07 22:41:00<font color=blue>Instead, they went directly to Japan to issue bonds.</font><br>331/407 722.54-725.36 <font color=red>n</font> 借回来的钱年利息只有百分之零点五左右，09-07 22:40:19-09-07 22:40:23<font color=blue>The interest rate on the borrowed money is only about 0.5%.</font><br>332/407 725.66-726.56 <font color=red>aaa</font> 几乎等于白拿。09-07 22:40:20-09-07 22:40:20<font color=blue>Almost free.</font><br>333/407 727.09-729.55 <font color=red>n</font> 然后他就拿这些钱去买五大商社，09-07 22:40:20-09-07 22:40:24<font color=blue>Then he used these funds to buy five major trading companies.</font><br>334/407 730.14-732.54 <font color=red>aaa</font> 你算算借钱成本百分之零点五，09-07 22:40:21-09-07 22:40:23<font color=blue>Calculate the cost of borrowing at 0.5%,</font><br>335/407 732.9-737.23 <font color=red>hp</font> 收来的分红有百分之五光利息差就有百分之四点五是白来的，09-07 22:40:22-09-07 22:40:29<font color=blue>The dividends received are 5% and the interest rate is 4.5%, which means that it's basically a loss.<|Explanation|></font><br>336/407 737.61-739.11 <font color=red>aaa</font> 还没算股价本身涨的呢，09-07 22:40:24-09-07 22:40:25<font color=blue>Not including the rise in stock price itself,</font><br>337/407 739.63-742.03 <font color=red>n</font> 更觉得是他借的是日元买的，09-07 22:40:25-09-07 22:40:29<font color=blue>I think it's more likely that he borrowed in Japanese Yen.</font><br>338/407 742.15-743.23 <font color=red>n</font> 也是日元资产，09-07 22:40:25-09-07 22:40:28<font color=blue>Also, it is a Japanese asset.</font><br>339/407 743.85-744.99 <font color=red>aaa</font> 将来日元涨也好，09-07 22:40:28-09-07 22:40:30<font color=blue>In the future, whether the yen rises or falls...</font><br>340/407 745.23-745.709 <font color=red>hp</font> 跌也好，09-07 22:45:29-09-07 22:45:31<font color=blue>Down,</font><br>341/407 746.13-747.09 <font color=red>n</font> 两头自动抵消，09-07 22:40:29-09-07 22:40:30<font color=blue>Two automatic cancellations,</font><br>342/407 747.39-749.13 <font color=red>n</font> 他几乎一点汇率风险都不担。09-07 22:40:30-09-07 22:40:31<font color=blue>He hardly bears any exchange rate risk.</font><br>343/407 749.73-750.15 <font color=red>hp</font> 说白了，09-07 22:40:30-09-07 22:40:32<font color=blue>In simple terms,</font><br>344/407 750.39-752.55 <font color=red>n</font> 就是用日本人几乎不要钱的钱，09-07 22:40:32-09-07 22:40:35<font color=blue>Using Japanese money that is practically free,</font><br>345/407 752.85-757.17 <font color=red>n</font> 买下日本最好的公司赚日本人的分红风险还几乎为零，09-07 22:40:32-09-07 22:40:36<font color=blue>Buying the best companies in Japan with almost zero risk of losing money,</font><br>346/407 757.41-758.31 <font color=red>aaa</font> 那想惨了。09-07 22:40:33-09-07 22:40:35<font color=blue>He was so miserable.</font><br>347/407 758.96-760.7 <font color=red>hp</font> 而且这事儿他后来越玩越大，09-07 22:40:34-09-07 22:40:39<font color=blue>And the more he played, the bigger the thing became.</font><br>348/407 761.18-764.06 <font color=red>aaa</font> 前前后后在日本发了约一点三万亿日元的债，09-07 22:40:36-09-07 22:40:39<font color=blue>Over the years, we have accumulated approximately 1.3 trillion yen in debt.</font><br>349/407 764.36-766.88 <font color=red>n</font> 成了日本债是最大的外国借款人之一。09-07 22:40:36-09-07 22:40:39<font color=blue>Japan is one of the largest foreign borrowers.</font><br>350/407 767.32-769.6 <font color=red>n</font> 这等好事把芒哥都开心到不行，09-07 22:40:37-09-07 22:40:40<font color=blue>This good news has made Mong very happy.</font><br>351/407 770.12-770.93 <font color=red>hp</font> 他逢认就夸，09-07 22:40:39-09-07 22:40:42<font color=blue>He exaggerates everything he sees.</font><br>352/407 771.17-772.73 <font color=red>aaa</font> 这是闭着眼睛都该做的。09-07 22:40:40-09-07 22:40:42<font color=blue>This is something that should be done with your eyes closed.</font><br>353/407 772.79-773.27 <font color=red>n</font> 好买卖。09-07 22:40:41-09-07 22:40:41<font color=blue>Great deal.</font><br>354/407 773.88-776.46 <font color=red>n</font> 他说这就像上帝给了你一个箱子，09-07 22:40:41-09-07 22:40:45<font color=blue>He said it's like God gave you a box,</font><br>355/407 776.76-778.26 <font color=red>n</font> 然后花花往里面道歉，09-07 22:40:42-09-07 22:40:45<font color=blue>Then, Hua Hua apologized.</font><br>356/407 778.84-779.74 <font color=red>hp</font> 这么轻松的钱，09-07 22:40:43-09-07 22:40:45<font color=blue>Easy money,</font><br>357/407 780.04-781.3 <font color=red>aaa</font> 一辈子都碰不上几回。09-07 22:40:43-09-07 22:40:45<font color=blue>I've only had a few encounters in my lifetime.</font><br>358/407 781.93-784.87 <font color=red>n</font> 这下尝到甜头的老爸再也停不下来了。09-07 22:40:46-09-07 22:40:49<font color=blue>Now that he had tasted the sweetness, Dad couldn't stop.</font><br>359/407 785.53-786.25 <font color=red>n</font> 二零二三年，09-07 22:40:47-09-07 22:40:48<font color=blue>2023,</font><br>360/407 786.49-788.17 <font color=red>hp</font> 他甚至亲自飞了趟东京，09-07 22:40:47-09-07 22:40:50<font color=blue>He even flew to Tokyo himself.</font><br>361/407 788.76-792.06 <font color=red>aaa</font> 挨家挨户败会五大商社的掌门当面夸他们。09-07 22:40:48-09-07 22:40:50<font color=blue>Visiting and defeating five major trading companies, the chairman publicly praised them.</font><br>362/407 792.5-793.46 <font color=red>aaa</font> 我很看好你们哦，09-07 22:45:51-09-07 22:45:52<font color=blue>I'm very optimistic about you.</font><br>363/407 793.76-795.32 <font color=red>n</font> 我们要长期走下去哦，09-07 22:40:49-09-07 22:40:51<font color=blue>We need to keep going for the long term.</font><br>364/407 795.85-798.01 <font color=red>de</font> 这些股票我们打算拿上十年、09-07 22:40:50-09-07 22:41:26<font color=blue>These stocks we plan to hold for ten years.</font><br>365/407 798.31-798.67 <font color=red>n</font> 二十年，09-07 22:40:51-09-07 22:40:52<font color=blue>Twenty years,</font><br>366/407 799.34-802.58 <font color=red>hp</font> 还请求人家同意把持股上线往上松一松。09-07 22:40:51-09-07 22:40:56<font color=blue>Also, request them to agree on loosening the holding of shares.</font><br>367/407 803.25-804.69 <font color=red>aaa</font> 接着他就是一路加仓，09-07 22:40:52-09-07 22:40:53<font color=blue>Then he continued to increase his holdings.</font><br>368/407 805.109-807.27 <font color=red>n</font> 后来物价基本都加到了快百分之十。09-07 22:40:53-09-07 22:40:56<font color=blue>Later, the prices of most goods increased by about 10%.</font><br>369/407 808.05-808.83 <font color=red>n</font> 而事实证明，09-07 22:40:53-09-07 22:40:56<font color=blue>In fact, it has been proven that</font><br>370/407 809.01-809.849 <font color=red>aaa</font> 他又做对了。09-07 22:40:54-09-07 22:40:56<font color=blue>He did it right.</font><br>371/407 810.36-811.5 <font color=red>aaa</font> 到了二零二四年底，09-07 22:40:56-09-07 22:40:58<font color=blue>By the end of 2024,</font><br>372/407 811.74-814.2 <font color=red>bg</font> 他前后投进去约一百三十八亿美元，09-07 22:40:57-09-07 22:41:49<font color=blue>He invested approximately 138 billion dollars in the past.</font><br>373/407 814.44-816.42 <font color=red>hp</font> 市值已经涨到约二百三十五亿，09-07 22:40:58-09-07 22:41:02<font color=blue>The market capitalization has reached approximately two hundred and thirty-five billion.</font><br>374/407 816.9-818.16 <font color=red>n</font> 光福音就近百亿，09-07 22:40:58-09-07 22:41:02<font color=blue>The gospel is worth billions.</font><br>375/407 818.65-821.71 <font color=red>n</font> 成了他晚年最成功的一笔海外投资没有之一。09-07 22:40:59-09-07 22:41:02<font color=blue>It was undoubtedly one of his most successful overseas investments in later years.</font><br>376/407 822.29-824.76 <font color=red>aaa</font> 那我们回头看他搞的这些投资秘诀，09-07 22:41:00-09-07 22:41:02<font color=blue>Okay, let's review the investment secrets he has.</font><br>377/407 824.88-825.9 <font color=red>de</font> 真的一点都不玄乎，09-07 22:41:02-09-07 22:41:26<font color=blue>It's really not that mysterious.</font><br>378/407 826.2-826.98 <font color=red>n</font> 每次都差不多。09-07 22:41:03-09-07 22:41:05<font color=blue>It's always the same.</font><br>379/407 827.6-832.7 <font color=red>n</font> 就是当全世界都嫌日本没希望嫌这几家老商社又老又没故事的时候，09-07 22:41:04-09-07 22:41:09<font color=blue>When the whole world is tired of Japan and these old merchant houses, which are both outdated and lacking in stories,</font><br>380/407 833.12-834.08 <font color=red>aaa</font> 巴菲特弯下腰，09-07 22:41:04-09-07 22:41:05<font color=blue>Buffett bent down,</font><br>381/407 834.32-836.24 <font color=red>hp</font> 又把这天大的便宜捡走了。09-07 22:41:05-09-07 22:41:08<font color=blue>He took advantage of the situation again.</font><br>382/407 836.77-838.33 <font color=red>n</font> 这恰恰是他身体力行。09-07 22:41:06-09-07 22:41:08<font color=blue>This is exactly what he did.</font><br>383/407 838.51-839.35 <font color=red>aaa</font> 最想告诉咱们，09-07 22:41:07-09-07 22:41:08<font color=blue>What I want to tell you most is,</font><br>384/407 839.41-842.82 <font color=red>aaa</font> 普通人的最好的机会往往不在最热闹、09-07 22:41:09-09-07 22:41:13<font color=blue>The best opportunities for ordinary people often lie not in the most bustling places,</font><br>385/407 843.06-844.2 <font color=red>hp</font> 最性感的赛道上，09-07 22:41:10-09-07 22:41:13<font color=blue>On the most exciting track,</font><br>386/407 844.77-849.43 <font color=red>n</font> 而是藏在所有人都懒得多看一眼的角落里便宜好生意，09-07 22:41:10-09-07 22:41:14<font color=blue>Instead, it's a cheap and profitable business hidden in the corner that everyone ignores.</font><br>387/407 849.73-850.86 <font color=red>n</font> 拿得住这套。09-07 22:41:11-09-07 22:41:13<font color=blue>I can handle this.</font><br>388/407 850.98-852.659 <font color=red>aaa</font> 最土的办法永远都不过时，09-07 22:41:13-09-07 22:41:15<font color=blue>The most primitive methods never go out of style.</font><br>389/407 853.36-855.34 <font color=red>hp</font> 可惜时间对谁都不留情。09-07 22:41:14-09-07 22:41:18<font color=blue>Time is not kind to anyone.</font><br>390/407 856.07-856.91 <font color=red>n</font> 二零二三年底，09-07 22:41:15-09-07 22:41:18<font color=blue>End of 2023,</font><br>391/407 857.21-857.869 <font color=red>n</font> 芒哥走了，09-07 22:41:15-09-07 22:41:18<font color=blue>Mangko left.</font><br>392/407 858.41-859.25 <font color=red>aaa</font> 还差一个多月，09-07 22:41:16-09-07 22:41:18<font color=blue>It's just over a month away.</font><br>393/407 859.37-860.27 <font color=red>n</font> 他就满一百岁。09-07 22:41:18-09-07 22:41:22<font color=blue>He is over 100 years old.</font><br>394/407 860.87-863.66 <font color=red>n</font> 这场日本豪赌成了芒哥生前最后几桩，09-07 22:41:19-09-07 22:41:22<font color=blue>These Japanese gambles were the last of Mungo's life.</font><br>395/407 864.02-866.3 <font color=red>hp</font> 说起来眼睛还会发亮的得意事儿，09-07 22:41:20-09-07 22:41:24<font color=blue>A proud thing that makes my eyes shine when I say it,</font><br>396/407 866.66-870.56 <font color=red>aaa</font> 也是这对六十年的老搭档一起画上最漂亮的一个据点。09-07 22:41:20-09-07 22:41:24<font color=blue>This is also the most beautiful spot for a couple of sixty-year-old partners to enjoy together.</font><br>397/407 871.04-872.84 <font color=red>n</font> 而就在老伙计走后一年多，09-07 22:41:23-09-07 22:41:27<font color=blue>And just over a year after the old man left,</font><br>398/407 873.26-875.18 <font color=red>n</font> 二零二五年的那场股东大会上，09-07 22:41:23-09-07 22:41:27<font color=blue>At the 2025 shareholder meeting,</font><br>399/407 875.79-880.95 <font color=red>xss</font> 九十四岁的巴菲特对着台下四万名从全世界赶来的股东说出了一句话，09-07 22:41:24-09-07 22:45:55<font color=blue>At 94 years old, Buffett said to the four thousand shareholders who had come from all over the world,</font><br>400/407 881.67-886.05 <font color=red>hp</font> 我认为格雷格在年底接手担任公司 c e o 的时机已经成熟，09-07 22:41:25-09-07 22:41:32<font color=blue>I think the timing was right for Greg to take over as CEO at the end of the year.</font><br>401/407 886.55-887.48 <font color=red>aaa</font> 这就是我的建议。09-07 22:41:25-09-07 22:41:26<font color=blue>Here is my suggestion.</font><br>402/407 888.2-889.58 <font color=red>de</font> 全场先是一片死寂，09-07 22:41:26-09-07 22:42:09<font color=blue>The entire arena was silent,</font><br>403/407 890.09-891.47 <font color=red>de</font> 紧接着起立鼓掌，09-07 22:41:27-09-07 22:42:09<font color=blue>Then stand up and applaud.</font><br>404/407 891.83-892.37 <font color=red>aaa</font> 经久不息。09-07 22:41:28-09-07 22:41:28<font color=blue>Endless.</font><br>405/407 893.02-897.1 <font color=red>n</font> 这位执掌伯克希尔整整六十年的老人终于要谢幕了。09-07 22:41:28-09-07 22:41:32<font color=blue>The old man who has been in charge of Berkshire for a whole sixty years is finally retiring.</font><br>406/407 897.71-898.31 <font color=red>n</font> 那下一集，09-07 22:41:29-09-07 22:41:32<font color=blue>The next episode,</font><br>407/407 898.55-901.85 <font color=red>aaa</font> 咱们就来好好聊聊沃伦巴菲特的这一辈子。09-07 22:41:30-09-07 22:41:32<font color=blue>Let's talk about Warren Buffett's life.</font><br>