芒格：我的家族财产为什么交给李录管理

为什么李录如此成功？我觉得部分原因在于，他可以说是中国的沃伦·巴菲特。这点帮助很大。另一部分原因是他在中国市场“捕鱼”，而不是在竞争激烈的美国市场——这里已经被过度捕捞，渔民太多了。

中国市场上还存在一些无知和惰性认知的盲点，因此为他创造了不寻常的机会。捕鱼的第一条规则：“去有鱼的地方捕鱼。”捕鱼的第二条规则：“千万别忘了第一条规则。”李录恰好去了鱼很多的地方捕鱼。我们其他人就像那些鳕鱼渔民一样，试图去已经被过度捕捞的地方寻找鳕鱼。当竞争太激烈时，你再努力工作也无济于事。

问：您在李录身上看到了什么和其他中国投资人不同的地方？从他的传记来看，他更像是个局外人。他和托德·康姆斯、特德·韦施勒（这两位是伯克希尔·哈撒韦公司的投资官）有哪些相似和不同之处？去年您和李录一起接受中国媒体采访的原因是什么？

芒格：我接受采访是因为李录叫上了我。有时候我会做这样的事，在这方面我有些“愚蠢”。采访中我只是如实回答了那些问题，说出自己真实的想法。答案就是李录不是常人，他是中国的沃伦·巴菲特。他非常有天分。当然，我也喜欢批评他，但这是我们之间相处的乐趣所在。

我今年已经95岁了。95年里，我把芒格家族的财产交给外人管理仅此一例。结果如何呢？不用猜也知道，这就是李录，他已经本垒打直接得分了。这太了不起了，也是极其罕见的。从此以后，有了李录的先例，我还会挑选别人吗？顺便说一句，这是一种很好的决策方式，我们在工作中也是如此。如果我们找到一样东西，能让我们大有所为，那我们对那些比不上它的东西就不必再看了。这样可以大大简化生活，因为比李录更出色的人寥寥无几。所以我只需要静坐着等待。花些时间安静地坐着等待——这看似无为的做法却充满了智慧。相比之下，很多人都太过于活跃了。

问：很多人都会问您如何决定要做什么投资或交易，您的答案是这是一个比较快的过程。我的问题是，您如何判断一位基金经理或一家公司的管理层是否具有优秀的人格和诚信？您需要多长时间能做出判断？您会在他们身上寻找哪些特质？

芒格：现在我找到了李录，我不会再去找别人了。所以你向我提这个问题是找错人了。找到比李录更出色的人的概率有多少呢？所以对我来说，做这个决定非常容易。回到你的问题——你需要的是李录，但我不知道去哪里再给你找一个。

李录个人简介

著名投资人，1997年底创办喜马拉雅资本，任喜马拉雅资本管理公司创始人及董事长。近年来，李录致力于价值投资理论在中国的践行，2015年和2019年，他在北大光华管理学院分别作了《价值投资在中国的展望》与《价值投资的知行合一》著名演讲。

以下是英文原版：

Charlie Munger’s Words on Li Lu

Whydoes Li Lu succeed so mightily? Well partly he’s sort of a Chinese WarrenBuffet. That really helps. And partly he’s fishing in China! Not in thisover-searched, over-populated, highly competitive American market, and there’sstill pockets of ignorance and lassitude in China that gave him so unusualopportunities. The first rule in fishing has always been fish where the fishare. And the second rule of fishing has always been ‘Don’t forget rule numberone’. And Li Lu just went where the fishing was good and the rest of us arelike cod fishermen who are trying to catch cod where the fish have been fishedout. It doesn’t matter how much you work, when there’s that much competition.

What did you see in LiLu versus other investors in China? Because in his biography it looks like he’smore of an outsider. And how similar or different is he versus Todd Combs andTed Weschler? And Is there any reason why you gave that interview last yearwith Li Lu in China?

Idid it because he asked me and I sometimes do that, I am foolish that way. AndI said what I believed when they asked me the questions. The answer is Li Lu isnot a normal…He’s the Chinese Warren Buffet. He’s very talented. Of course I’veenjoyed bagging him, but it’s interesting that way…I’m ninety five years…I’vegiven Munger money to some outsider to run once in ninety five years. And it’sLi Lu, and of course he’s hit it out of the park. It’s very remarkable but it’salso pretty picky. And of course once I’ve got Li Lu if I’m comparing to him,who else am I going to pick? And by the way that’s a good way to make decisionsand that’s what we do. If we’ve got one thing we can do more of, we’re notinterested in anything that’s not better than that. That simplifies life agreat deal because there aren’t that many people better than Li Lu. So I justsit. It’s amazing how intelligent it is to spend some time just sitting. A lotof people are way too active.

A lot of people ask howyou determine what investment or deal to do, and you tell people that you cando this fairly quickly. My question is how do you tell if a money manager ormanagement of a company has the right character or the right integrity? Howlong does it take you to do that and what are some traits that you look for?

I found Li Lu I don’tlook for anybody else. So I’m the wrong person. What are my chances I’m goingto get somebody better than Li Lu. So it’s very easy for me. What you need is aLi Lu and I don’t know how to get you one.