巴菲特致股东的信原文精读Day301：

原文：That leads right into a related lesson: Good jockeys will do well on good horses, but not on broken-down nags. Both Berkshire’s textile business and Hochschild, Kohn had able and honest people running them. The same managers employed in a business with good economic characteristics would have achieved fine records. But they were never going to make any progress while running in quicksand.

I’ve said many times that when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. I just wish I hadn’t been so energetic in creating examples. My behavior has matched that admitted by Mae West: “I was Snow White, but I drifted.”（1989）

释义：1.“jockeys”意为“赛马骑师”；“nags”意为“驽马”；

2.“quicksand”意为“流沙”、“难以摆脱的困境”；

3.“tackles”意为“应付”、“处理”；“intact”意为“完整的”；

4.“drifted”意为“漂流”。

精译：这就给我们好好上了一课：优秀的骑手，配上好马才会表现良好，配上驽马则表现不佳。伯克希尔的纺织业务和霍克希尔德-科恩公司都有能干和诚实的经营团队。同样是这批人，如果让他们管理具有良好经济特征的企业，本来可以取得不错的业绩。但他们“在流沙中奔跑”，永远不会取得任何进展。

我曾多次说过，当一个以卓越的经营著称的管理层，遇上一家以糟糕的业务著称的企业，得以保全的往往是企业的名声。我真心希望，自己没有折腾出这么多实例。我的行为恰如梅·韦斯特所说的：“我曾是白雪公主，但早已随波逐流。”（1989年）

心得：中国有句古话：良将辅明主，宝马配英雄。优秀的赛手，只有在高性能的赛车上才能尽情地施展自己的车技。所以，投资的第一要义，就是选择好企业。

手抄：

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