EBS 파워잉글리쉬 2014년 10월 28일 화요일 Warren Buffett Speech - Part 4

Warren Buffett Speech - Part 4

Yeah when I started out— the sell situation has changed over the years because when I started out I had way more ideas than money. I mean I would go through Moody’s Manual, I went through it page by page, and then I went through it again page by page. And I found stocks in there that I could understand that were selling at like two times earnings, even one times earnings. Well, when you only have 10,000 bucks that can get a little frustrating, and if you don’t like to borrow money, which I never liked to borrow money. 

So, I was always coming up with more ideas than I had money, so I had to sell whatever I liked least to buy something new that just was compelling to me. And for a long time I was in that mode. And now our problem is we have more money than ideas. So, if you look at our annual report which is on the internet at our homepage berkshirehathaway.com. You’ll see something in the back called the economic principles of Berkshire, which I believe in setting out for my partners. They are my partners; I don’t look at them as shareholders I look at them as partners. They’re going to be my partners for life. So I want to tell them how I think. And if they disagree with the way I think that’s fine, but I don’t want them to be disappointed in me. 

So I lay out there and I say, in terms of our wholly-owned businesses, we’re not going to sell no matter how much anybody offers us for them. I mean if somebody offers us three times what something is worth— See’s Candy, The Buffalo News, Borsheims, whatever it may be, we’re not going to sell it. 

[Vocab Tips]

* buck - 달러

* annual - 연간

* frustrating - 짜증 나는

* wholly-owned - 전액 출자한

[Expression of the day]

The sell situation has changed over the years.

판매 상황은 시간이 지나면서 변화 하였다.

The sell situation has changed through the years.

The sell situation has changed over the time.

The sell situation has changed through all these years.