沃
伦•巴菲特(Warren Buffett)俨然是伯克希尔-哈撒威公司(Berkshire Hathaway Inc.)的代名词，他那些动辄数十亿美元的大手笔交易赢得了人们的交口称赞，也使他成为全球投资者心中的偶像。但巴菲特每年一次与伯克希尔-哈撒威公司的股东见面时，坐在他旁边的还有公司副董事长查尔斯•芒格(Charles Munger)。
Charlie Powell
芒格不但是位精明的商人，还是位爱读书的人，他一星期能看好几本书。
虽然现年85岁的芒格和现年78岁的巴菲特经常相互沟通想法并就公司的大部分交易彼此交换意见，但两人的行事风格还是有所不同。芒格说话简洁明了，巴菲特则显得��嗦嗦。芒格倾向于共和党，而巴菲特则倾向民主党。芒格愿意出高价收购企业，巴菲特则喜欢那些没有投资风险的超廉价股。
芒格的意见曾把伯克希尔推向了一些出人意料的投资方向。几年前，芒格听说了中国一家名不见经传的电池和汽车生产商比亚迪股份有限公司(BYD Inc.)，这家公司希望能开发出一种廉价、实用的电动轿车。
中国的科技企业可与那些伯克希尔投资过的中国制鞋和内衣企业截然不同。但芒格却对投资比亚迪很热心，他对比亚迪的老板王传福比对比亚迪的技术更感兴趣。芒格说，王传福有可能成为有史以来最重要的生意人之一。
虽然巴菲特一开始对投资比亚迪持怀疑态度，但芒格却坚持要投。伯克希尔旗下公用事业公司MidAmerican Energy Holdings Co.的董事长大卫•索科尔(David Sokol)专程去考察了比亚迪在中国的工厂，他也赞同芒格的判断。去年，MidAmerican斥资2.3亿美元购买了比亚迪10%的股份。
巴菲特说，投资比亚迪是芒格的主意。他说，当芒格遇到天才，并且看到此人把企业经营得不错时，他就由衷地感到高兴。
芒格还是伯克希尔2006年向以色列金属切削工具生产商Iscar Metalworking Cos.投资40亿美元的支持者。在当时，这可不是一笔小数目，特别是鉴于巴菲特对投资廉价企业的偏好。芒格却向自己的老搭档保证说，Iscar值这笔钱。
这项交易为伯克希尔在美国以外的其他一些大手笔投资铺平了道路。上述两项投资的效益如何伯克希尔未予公布。
巴菲特和芒格都认为美国的金融体系需要变革，都对这一体系以往的过分之举进行了指责。芒格说，一些人仅仅因为敢于大量举债就获得了高得惊人的报酬。这两人一直在反复提醒人们注意滥用杠杆和衍生品造成的系统性风险。
芒格认为，监管机构可以严格限制银行能够使用的杠杆（即借款）数额。这将压低华尔街公司的薪酬，因为交易员将不能再进行这么大的杠杆化投资。这可能对伯克希尔有利，该公司截至2008年年底共有243亿美元现金储备。他说，这样就会有新的游戏规则，对我们这样的人来说，这会很有意思。
周六的会议是在伯克希尔经历它历史上最糟糕的一年后召开的。去年该公司的每股账面价值缩水了9.6%。这是巴菲特1965年接手这家公司以来的最大跌幅。当时该公司是位于东海岸的一家纺织品企业，巴菲特把它转变成了一个投资王国。自去年9月份以来，伯克希尔的股价下跌了36%。
这两位投资者称，他们预计伯克希尔不久后将会恢复状态，他们还会继续合作。每周他们至少会在各自的办公室通一两次电话──巴菲特在奥马哈，芒格在加州帕萨迪纳。
巴菲特说，芒格可能比许多行业的业内人士更了解这些业务的本质，他比我看到的任何人都能更快抓住要点。
芒格在奥马哈长大，二战期间参加了美国陆军，在阿拉斯加任气象员。战争结束后，他获得哈佛大学法学院学位，成为加州一家公司的律师。
他也成为了一名认真的投资者。1959年，他在奥马哈一家餐馆首次见到巴菲特。经过多年来在众多投资上的合作，两人于1978年终于在伯克希尔成为全职搭档，芒格出任了这家公司的副董事长。
他们早期的一项交易是收购了伯克希尔旗下最知名的品牌之一。1972年，芒格说服巴菲特共同以2,500万美元收购了加州盒装巧克力生产商See's Candies。虽然按一些指标衡量收购价似乎太高，但这项交易却大获成功，共带来了10多亿美元的税前利润。
纽约基金管理公司T2 Partners LLC的经理蒂尔森(Whitney Tilson)说，如果没有这样的投资，伯克希尔不太可能发展成现在这么大。他说，芒格帮助巴菲特鉴别了一些高质量的投资，在几十年后带来了数十亿美元的收入。T2 Partners持有伯克希尔的股票。
在财务方面，巴菲特做得更好。根据福布斯杂志的世界富人排名榜，巴菲特2008年的净资产为370亿美元，排名世界第二，仅次于微软(Microsoft Corp.)创始人比尔•盖茨(Bill Gates)。芒格在这份名单上排名522位，净资产为14亿美元。
芒格赢得了伯克希尔公司董事比尔•盖茨(Bill Gates)的尊重。盖茨说，当美国司法部上世纪90年代末指控微软在Windows操作系统上滥用垄断权力时，他曾向芒格寻求法律建议。在创立比尔及梅林达•盖茨基金会(Bill & Melinda Gates Foundation)方面，他也曾征求过芒格的意见。
盖茨在接受采访时说，如果没有芒格的辅佐，巴菲特恐怕很难做得这么好。
Scott Patterson
Warren Buffett is synonymous with Berkshire Hathaway Inc., getting credit for billions of dollars in big deals that have made him an icon to investors around the world. But on the one day a year when he faces his shareholders, at his side will be his longtime partner, Vice Chairman Charles Munger.
On Saturday, the partners will take their decades-old act back to the stage in Omaha, Neb., telling thousands of loyal shareholders that they see huge opportunities amid the financial crisis that drove Berkshire to its worst performance since Mr. Buffett took it over 44 years ago.
The two men, Mr. Munger, 85 years old, and Mr. Buffett, 78, speak frequently and confer about most deals, but there are differences. Mr. Munger is laconic; Mr. Buffett loquacious. Mr. Munger leans Republican; Mr. Buffett tilts Democratic. Mr. Munger will pay hefty price tags for businesses; Mr. Buffett likes safe, dirt-cheap stocks.
Mr. Munger's views have pushed Berkshire into some surprising directions. Several years ago, Mr. Munger learned of an obscure Chinese maker of batteries and automobiles called BYD Inc., which hopes to create a cheap, functional electric car.
A Chinese tech company is nothing like the shoe and underwear makers Berkshire had been buying. But Mr. Munger was enthusiastic, less about the technology than about Wang Chuanfu, who runs BYD. Mr. Wang, Mr. Munger says, is 'likely to be one of the most important business people who ever lived.'
Mr. Buffett was skeptical at first. But Mr. Munger persisted. David Sokol, chairman of Berkshire utility MidAmerican Energy Holdings Co., paid a visit to BYD's factory in China and agreed with Mr. Munger's assessment. Last year, MidAmerican paid $230 million for a 10% stake in BYD.
'BYD was Charlie's idea,' Mr. Buffett said. 'When he encounters genius and sees it operating in a practical way, he gets blown away.'
Mr. Munger also was an advocate of Berkshire's $4 billion investment in Iscar Metalworking Cos., an Israeli maker of metal-cutting tools, in 2006. The investment was relatively pricey, especially given Mr. Buffett's preference for cheap companies. But Mr. Munger convinced his longtime partner that Iscar was worth the cost.
The deal helped pave the way for other large investments by Berkshire in companies outside the U.S. Results on the two investments haven't been reported.
The men share a view that the U.S. financial system will change, and criticize past excesses. 'People were horribly overpaid for just pouring on leverage,' Mr. Munger said. The two investors have repeatedly warned about the systemic risks posed by the abuse of leverage and derivatives.
Mr. Munger thinks regulators may significantly curb the amount of leverage, or borrowed money, that banks can use. That will drive down pay at Wall Street firms, since traders won't be able to make as many big, leveraged bets. This could benefit Berkshire, with its cash hoard of $24.3 billion at the end of 2008. 'There's going to be new rules in the game,' he said. 'For someone like us, that's going to be very interesting.'
Saturday's meeting comes after the worst year in Berkshire's history, when it lost 9.6% in book value per share, a common metric it uses to track its performance. It marked the biggest decline since Mr. Buffett took over the company in 1965, when it was an East Coast textile maker, and turned it into an investing powerhouse. Berkshire's shares have fallen 36% since September.
The two investors say they expect Berkshire to return to form in the near future, and they continue to collaborate. They speak on the phone at least once or twice a week from their respective offices -- Mr. Buffett in Omaha, Mr. Munger in Pasadena, Calif.
'Charlie understands the essence of a lot of businesses probably better than people in those industries do,' Mr. Buffett said. 'He gets right to the point of it quicker than anyone I've seen.
Mr. Munger grew up in Omaha and joined the U.S. Army during World War II, serving as a meteorologist in Alaska. After the war, he earned a degree from Harvard Law School and became an attorney at a California firm.
He also became a serious investor. He met Mr. Buffett in an Omaha restaurant in 1959. After working together on a number of investments for many years, the two joined forces full time at Berkshire in 1978, when Mr. Munger became vice chairman.
One of their early deals is one of Berkshire's best-known brands. In 1972, Mr. Munger helped persuade Mr. Buffett to participate in a joint purchase of See's Candies, a California boxed-chocolate maker, for $25 million. While the price seemed steep by some measures, the deal was wildly successful, producing more than $1 billion in pretax earnings.
Without such investments, it isn't likely that Berkshire could have grown as large as it has, says Whitney Tilson, manager of T2 Partners LLC, a New York money manager that owns Berkshire stock. He says: 'Munger helped Buffett appreciate some of the higher-quality investments that lead to multibillion-dollar outcomes several decades later.'
Financially, Mr. Buffett has done better. He boasts a net worth of $37 billion in 2008, according to Forbes magazine's list of the world's wealthiest people, putting him at No. 2 in the world behind Microsoft Corp. founder Bill Gates. Mr. Munger placed 522 on the list, with a net worth of $1.4 billion.
Mr. Munger has won the respect of Mr. Gates, who sits on the company's board. When the Justice Department accused Microsoft of abusing monopoly power with its Windows operating system in the late 1990s, Mr. Gates says he sought out Mr. Munger for legal advice. He also consulted Mr. Munger when considering how to set up his charity, the Bill & Melinda Gates Foundation.
'Warren wouldn't have done nearly as well without his help,' Mr. Gates said in an interview.
Scott Patterson
On Saturday, the partners will take their decades-old act back to the stage in Omaha, Neb., telling thousands of loyal shareholders that they see huge opportunities amid the financial crisis that drove Berkshire to its worst performance since Mr. Buffett took it over 44 years ago.
The two men, Mr. Munger, 85 years old, and Mr. Buffett, 78, speak frequently and confer about most deals, but there are differences. Mr. Munger is laconic; Mr. Buffett loquacious. Mr. Munger leans Republican; Mr. Buffett tilts Democratic. Mr. Munger will pay hefty price tags for businesses; Mr. Buffett likes safe, dirt-cheap stocks.
Mr. Munger's views have pushed Berkshire into some surprising directions. Several years ago, Mr. Munger learned of an obscure Chinese maker of batteries and automobiles called BYD Inc., which hopes to create a cheap, functional electric car.
A Chinese tech company is nothing like the shoe and underwear makers Berkshire had been buying. But Mr. Munger was enthusiastic, less about the technology than about Wang Chuanfu, who runs BYD. Mr. Wang, Mr. Munger says, is 'likely to be one of the most important business people who ever lived.'
Mr. Buffett was skeptical at first. But Mr. Munger persisted. David Sokol, chairman of Berkshire utility MidAmerican Energy Holdings Co., paid a visit to BYD's factory in China and agreed with Mr. Munger's assessment. Last year, MidAmerican paid $230 million for a 10% stake in BYD.
'BYD was Charlie's idea,' Mr. Buffett said. 'When he encounters genius and sees it operating in a practical way, he gets blown away.'
Mr. Munger also was an advocate of Berkshire's $4 billion investment in Iscar Metalworking Cos., an Israeli maker of metal-cutting tools, in 2006. The investment was relatively pricey, especially given Mr. Buffett's preference for cheap companies. But Mr. Munger convinced his longtime partner that Iscar was worth the cost.
The deal helped pave the way for other large investments by Berkshire in companies outside the U.S. Results on the two investments haven't been reported.
The men share a view that the U.S. financial system will change, and criticize past excesses. 'People were horribly overpaid for just pouring on leverage,' Mr. Munger said. The two investors have repeatedly warned about the systemic risks posed by the abuse of leverage and derivatives.
Mr. Munger thinks regulators may significantly curb the amount of leverage, or borrowed money, that banks can use. That will drive down pay at Wall Street firms, since traders won't be able to make as many big, leveraged bets. This could benefit Berkshire, with its cash hoard of $24.3 billion at the end of 2008. 'There's going to be new rules in the game,' he said. 'For someone like us, that's going to be very interesting.'
Saturday's meeting comes after the worst year in Berkshire's history, when it lost 9.6% in book value per share, a common metric it uses to track its performance. It marked the biggest decline since Mr. Buffett took over the company in 1965, when it was an East Coast textile maker, and turned it into an investing powerhouse. Berkshire's shares have fallen 36% since September.
The two investors say they expect Berkshire to return to form in the near future, and they continue to collaborate. They speak on the phone at least once or twice a week from their respective offices -- Mr. Buffett in Omaha, Mr. Munger in Pasadena, Calif.
'Charlie understands the essence of a lot of businesses probably better than people in those industries do,' Mr. Buffett said. 'He gets right to the point of it quicker than anyone I've seen.
Mr. Munger grew up in Omaha and joined the U.S. Army during World War II, serving as a meteorologist in Alaska. After the war, he earned a degree from Harvard Law School and became an attorney at a California firm.
He also became a serious investor. He met Mr. Buffett in an Omaha restaurant in 1959. After working together on a number of investments for many years, the two joined forces full time at Berkshire in 1978, when Mr. Munger became vice chairman.
One of their early deals is one of Berkshire's best-known brands. In 1972, Mr. Munger helped persuade Mr. Buffett to participate in a joint purchase of See's Candies, a California boxed-chocolate maker, for $25 million. While the price seemed steep by some measures, the deal was wildly successful, producing more than $1 billion in pretax earnings.
Without such investments, it isn't likely that Berkshire could have grown as large as it has, says Whitney Tilson, manager of T2 Partners LLC, a New York money manager that owns Berkshire stock. He says: 'Munger helped Buffett appreciate some of the higher-quality investments that lead to multibillion-dollar outcomes several decades later.'
Financially, Mr. Buffett has done better. He boasts a net worth of $37 billion in 2008, according to Forbes magazine's list of the world's wealthiest people, putting him at No. 2 in the world behind Microsoft Corp. founder Bill Gates. Mr. Munger placed 522 on the list, with a net worth of $1.4 billion.
Mr. Munger has won the respect of Mr. Gates, who sits on the company's board. When the Justice Department accused Microsoft of abusing monopoly power with its Windows operating system in the late 1990s, Mr. Gates says he sought out Mr. Munger for legal advice. He also consulted Mr. Munger when considering how to set up his charity, the Bill & Melinda Gates Foundation.
'Warren wouldn't have done nearly as well without his help,' Mr. Gates said in an interview.
Scott Patterson
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