最近看了一个关于巴菲特老爷爷的纪录片《Becoming Warren Buffett》，HBO电视台17年出品。片长88分钟，无论从内容、拍摄、对我的启发，都是一部精品。我已经刷到第3遍，而这也不是最后一遍，同时也希望将里面有趣的故事分享出来。
Munger: I'll tell you how you do it. Have you ever seen a juggler juggle 25 milk bottles? How did he ever get to do that? The answer is he started with one bottle, then two, then three and just kept doing it, and pretty soon he was at 25, and that's the way we did it. So, basically, we started out with cash and ended up buying a bunch of businesses, including insurance companies.
芒格：让我来告诉你应该怎么做吧。你有见过杂耍员一次耍25个牛奶瓶不？他是怎做到的？答案就是先开始练习第一个，等熟练后再加一个，再逐个增加，很快，就能熟练掌握25个牛奶瓶子的杂耍了。我们也是这么做的。我们以现金开始，然后就买入了一些公司，包括保险公司。
Loomis: Insurance is, in itself, a profitable business, but it has the additional advantage of creating something that's called "float." Float is the money that hangs around Berkshire while a claim is waiting to be paid. And Warren turned out to have an extraordinary ability to use the money thrown off by the float to buy companies that fed the growth of Berkshire.
卢米斯：保险本身是一个盈利行业，而它自身还有一个附加优势：浮存金。浮存金就是伯克希尔哈撒韦收取的保险金，但是这种资金是先收取，然后过一段时间才偿付的。沃伦在使用浮存金收购公司方面有着非凡的才能，这也促使伯克希尔哈撒韦公司迅速成长。
Loomis: Warren was quite an expert about newspapers. He got interested in the "Post," because he recognized it as a greatly undervalued company.
卢米斯：沃伦在报刊行业也是个专家。他对“华盛顿邮报”兴趣十足，因为他意识到这家公司的价值被严重低估。
Kay Graham: He had to write me a letter. "Dear Ms. Graham, I've just bought 5% of your company, "and I mean you no harm, "and I think it's a great company. "I know it's Graham owned and Graham run, and that's fine with me." And I thought, "Whoa, this guy's really terrific." He used to come to board meetings with about 20 annual reports and he would take me through these annual reports. It was like going to business school with Warren Buffett. Kay Graham did introduce Warren to the world of Washington, entirely different group than he had ever dealt with before.
凯.格雷厄姆：
沃伦曾给我写过一封信：格雷厄姆夫人，我刚刚购买了贵公司5%的股份，不是想做什么坏事，我只是觉得这家公司很棒。我知道这份邮报由格雷厄姆家族运营，这样挺好。
当时我就觉得这个人不赖。他有次带着20份年报来参加董事会，然后还带着我阅读这些年报，这就像和沃伦一起上商学院求学。格雷厄姆夫人还把沃伦介绍给了华盛顿圈子，一个沃伦从未打过交道的圈子。
Peter: It was clear that working with Kay gave him a different kind of confidence, and he was the star.
彼得：显而易见，和格雷厄姆夫人共事给了我父亲一种完全不同的自信，在那里，他就像一颗明星。
<笔者按：巴菲特老爷爷其实远远不止是一个股票买卖高手，他更是一个实业高手，他投资了纺织业、航空业、报刊业、电视台、铁路、可口可乐及喜诗糖果等快消品公司，可谓涉猎甚广。除了少量投资失败的公司，大部分公司被收购后经营得都很成功。这和中国大陆大片的跨界投资失败案例形成鲜明对比。老爷爷收购公司之后，一般不会干涉公司的运营，也不会更换管理层，当然前提是他认为原有的管理团队人品可靠，能力出众。否则他也不会收购这些公司。>