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1960年，亨利·西门子创立了Teledyne公司，旨在抓住即将到来的革命机遇——数字技术将取代我们所能触及和想象的一切领域中的模拟设备和系统。
In 1960, Henry Singleton formed a company named Teledyne to capitalize on the coming revolution in which digital technology would replace analog devices and systems in everything we could touch and imagine.
他们将把半导体和数字技术应用于众多商业领域。
They would apply semiconductors and digital technology to many fields of commerce.
这家公司的销售额从1962年的1000万美元增长到1984年的35亿美元。
That company grew from $10,000,000 in sales in 1962 to $3,500,000,000 in 1984.
亨利远不止是一位销售员、数学家、工程师、发明家和国际象棋冠军。
Henry was much more than a salesman, mathematician, engineer, inventor and chess champion.
他还是一个学习者，一个制造业历史的观察者，从亨利·福特时代起，他就关注企业的发展与壮大，研究成功企业的运作方式以及通过并购实现扩张的路径。
He was a student, an observer of the history of manufacturing, of the progress and growth of corporations from the days of Henry Ford, the growth of General Motors, the manner of successful corporations and growing by acquisition.
在20世纪40年代和50年代初，他曾花费数日时间待在纽约及其他地方的经纪公司办公室里，盯着行情打字机，思考如何更高效地推动资本运转，如何评估和交易股票，以及如何因稳定增长而获得持续上升的市盈率倍数。
In the 1940s and early 50s, he had spent days in the offices of brokerage houses in New York and elsewhere watching the ticker, thinking how to more efficiently get capital rolling, how shares are valued and traded, how companies with a steady growth rate are rewarded with an ever increasing price to earnings multiple.
途中，亨利向我重述了阿尔弗雷德·斯隆在1964年出版的书中所记载的通用汽车公司故事。
On the way, Henry retold me of the GM story, reported by none other than Alfred Sloan in a 1964 book.
1919年，通用汽车没有任何金融背景，并曾遭遇失败。
GM had no financial connections in 1919 and suffered a failure.
在杜邦家族的救助下，公司才免于崩溃。
Bailed out by the DuPonts, it was near disaster.
斯隆建议：建立强大的全国声誉，并获得一些金融机构的持股。
Get a strong national reputation with some financial institutional ownership, Sloan advised.
亨利照做了。
And Henry did.
亨利让我在每一种方式、每一天、每一次会议上都宣扬和教导道德行为。
Henry made me preach and teach ethical behavior in every way, in every day, in every meeting that we held.
协助Teledyne早期融资的亚瑟·洛克说：亨利让我想起了戴高乐。
Arthur Rock, who assisted in the early financing of Teledyne, had this to say: Henry reminds me of de Gaulle.
他目标单一，坚韧不拔，令人难以抗拒。
He had a singleness of purpose, a tenacity that is just overpowering.
他让你对他实现任何承诺的能力充满绝对信心。
He gives you absolute confidence in his ability to accomplish whatever he says he's going to do.
是的，他相当疏离，基本上独自工作，在自己的办公室里构思点子。
Yes, he is rather aloof operating more or less by himself and dreaming up ideas in his corner office.
让我告诉你一件事。
Let me tell you this.
那个角落办公室孕育了无数创意。
That corner office produced a cornucopia of ideas.
今天我们缅怀的这位人士，于1916年出生在德克萨斯州哈斯莱特的一个牧场，他父亲在那里饲养棉花和牛群。
The man we memorialize today was born in Haslet, Texas in 1916 on a ranch where his father raised cotton and cattle.
我们作为朋友和同事共度的四十九年，并未让他远离对牧场、牛群和西部大荒野的热爱。
The forty nine years together we spent as friends and associates have not removed this great man from his love of ranching, cattle, and the Great West.
作为美国第三大土地所有者，他仍偶尔会与牛群打交道。
As the third largest landowner in The United States, he still had an occasional brush and contact with a cow.
你听说过这句话吧：你可以把男孩带出德克萨斯，但永远无法把德克萨斯从男孩心中抹去。
You know the saying, You could take the boy out of Texas, but you never take Texas out of the boy.
我们失去了一位天才。
We have lost a genius.
天堂刚刚数字化了，我知道那里如今堆满了名为麦金塔的苹果。
Heaven has just gone digital, and I know is full of apples named Macintosh.
好吧，这实际上是今天这本书的作者乔治·罗伯茨为他的朋友兼长期合作伙伴亨利·西门顿所作的悼词。
Alright, so that is actually the eulogy that the author of today's book, George Roberts, gave for his friend and longtime associate, Henry Singleton.
所以这段摘录里有很多事情我想特别指出来。
So there's a bunch of things that were happening in that excerpt that I want to just point out.
让我翻回前面几页。
Let me just go back a couple pages.
首先，它提到他惊人的财务表现，从1962年的1000万美元销售额增长到1984年的35亿美元。
First it talks about, you know, his insane financial performance from 10,000,000 sales in 1962 to 3,500,000,000.0 in 1984.
但同时，就像我们所研究的大多数创始人一样，亨利也花了很多时间做和我们相同的事——向企业家、创始人以及历史上的伟人学习。
But also that is that Henry very much like most of the founders that we cover, spent time doing exactly what we're doing, is learning from entrepreneurs and founders and great people of the past.
他提到了亨利·福特，提到了通用汽车的创始人，但我想特别强调的是，罗伯茨在这里指出，亨利当时正在读这本书。
He talks about Henry Ford, talks about the people that started General Motors, but I want to point at that point, I want to specifically hone in on what Roberts is saying there that Henry's reading this book.
我认为这本书是由阿尔弗雷德·斯隆所写，而且明确提到它出版于1964年。
I think it was written by Alfred Sloan and specifically taught it was published in 1964.
我得回头查一下，1964年出版的到底是哪一本书。
I have to go back and actually find which book was covered, published in 1964.
因为如果我能找到那本书，我肯定会把它做成一期《未来创始人》的节目。
Cause if I could find that book, of course I'll turn it into a Future Founders episode.
但他提到，阿尔弗雷德根据建造通用电气的经验提出了非常具体的建议，而亨利则采纳了这些建议并付诸实践。
But where he talks about, you know, Alfred has very specific advice based on what he learned through experience of building GM and Henry took that advice and ran with it.
这可能是他打造Teledyne公司最重要的基石之一。
That was a huge, maybe cornerstone is the right word, for how he built Teledyne.
然后，我想指出的最后一件事是结尾处提到的‘天堂里满是名为麦金塔的苹果’。
And then the second, the last thing I just want to point out is the very end where it talks about heavens full of apples named Macintosh.
关于亨利·西门顿，一个有趣的事实是，他曾经在麻省理工学院编程了早期的计算机之一。
An interesting thing to know about Henry Singleton is first he programmed one of the first computers at MIT.
但不仅如此，他工作时主要使用的工具就是早期的苹果电脑。
But not only that, his main tool that he used to work were early apples.
事实上，我今天在书中会大量谈到这一点，他还是苹果公司的早期投资者之一。
In fact, I'm going to talk a lot about that in the book today, but he was an early investor in Apple as well.
好了，让我们开始进入这本书。
Alright, so let me jump into the book.
我将从致谢部分开始，因为我觉得这现在是乔治在谈论，你知道，这本书与其他传记非常不同。
I'm going to start in the acknowledgment section because I think this is now George talking about, you know, this is a very, this is very different than the other biographies.
它对公司的日常运作和流程描述得详尽得多。
It's way, way, way more detailed on like the day to day and processes of the company.
这在很大程度上是因为乔治是个一丝不苟的笔记记录者，他在这里描述了这一过程。
And it's in large part because George was a meticulous note taker and he describes this process here.
他说：我一直以来都是一个认真的笔记记录者和保存者。
He says, I have always been an invert note taker and keeper.
我至今仍保留着大部分用来记录管理会议、盈利计划汇报及其他业务细节的小黑皮笔记本。
I still have most of the small black notebooks in which I recorded the day to day details of manager meetings, profit plan presentation, and other business matters.
这些笔记对我整理这份文件起到了至关重要的作用。
And they have been invaluable to me in putting this document together.
我提起这一点，是因为我希望更多公司、更多公司内部的人能这样做。
And I just bring that up to you because I just wish more companies, more people within the companies did this.
最近让我想到的例子是罗尔斯·罗伊斯的创始人之一、工程天才亨利·罗伊斯，他记录的笔记如此详尽，以至于公司最终将他的笔记整理、印刷成了一本书，称之为《罗尔斯·罗伊斯圣经》。
The most recent example that comes to mind is the fact that Henry Royce, one of the founders of and the engineering genius behind Rolls Royce, took such meticulous notes that eventually the company took his notes, made, and actually printed a book, and they called it the Rolls Royce Bible.
我不只是出于私心才这么说，因为我希望更多公司能留下这样的记录，如果我能接触到更多这类资料，我一定会非常乐意阅读，因为我觉得通过观察一家公司跨越数十年的日复一日的活动、想法和策略，你能学到非常多东西。
Not only, like I'm saying this for selfish reasons because if I wish more companies or I could have access to more of this, because I would love to read them, because I just think you can learn so much by seeing like the day to day activities or thoughts or strategies in a company over multiple decades.
但在进入引言之前，我得提一件事。
Before I jump into the introduction though, I gotta bring up something.
我刚看了威廉·索恩代克的一段视频，他是《门外汉》这本书的作者，而这本书是我在第94期创始人节目中讨论过的。
I was watching a video with William Thorndyke, was the author of The Outsiders, which is the book that I covered on Founders ninety four.
如果你还没听过那期播客，我得先给你简单介绍一下亨利·西蒙森，自从知道他的存在以来，他对我思考方式的影响巨大——而我甚至才刚知道他几个月，却已经无法停止思考他对待商业和人生的方式。
And if you haven't listened to that podcast yet, I need to give you an overview of over about Henry Singleton and why he's made a huge impact on the way I think ever since and this has only been a few weeks that I even knew of his existence, and I just cannot stop thinking about the way this person approached business and life.
但这里威廉·索恩代克给我们提供了一个关于亨利职业生涯的基本概述。
But this is William Thorndyke giving us a basic summary, I would say, of Henry's career.
他说，在他管理泰利丹的头十年里，企业集团就像是当年的社交媒体公司。
He says, For the first ten years he ran Teledyne, conglomerates were the social media companies of their day.
意思是它们的市盈率高得离谱。
Meaning they traded at extremely high PEs.
西蒙森利用自己高市盈率股票这种廉价的‘货币’，收购了130家公司。
Singleton used the inexpensive currency of his high PE stock to buy 130 companies.
他在大约十年内完成了这一切。
He did that in about a decade.
到这一时期结束时，也就是1969年左右，几家规模较大的 conglomerates 未能达到盈利预期，整个行业遭受重创。
At the end of that period, this is around 1969, at the end of that period, a couple larger conglomerates missed earnings and the entire sector got pounded.
市盈率倍数下跌后，西蒙森再也没有收购过任何公司。
PE multiples came down and Singleton never bought another company.
他解雇了业务发展团队——这个团队原本负责为他寻找收购目标，然后西蒙森专注于优化他现有的业务。
He fired his business development team, this was the group that was finding acquisitions for him, and Singleton focused on optimizing his existing businesses.
接着，他启动了一项开创性的股票回购计划。
Then he began a pioneering program of repurchasing his shares.
在接下来的十几年里，他回购了90%的流通股份。
Over the next dozen years, he purchased 90% of the shares outstanding.
他展现出非凡的能力，能够根据机遇灵活调整策略。
He showed an amazing ability to pivot as opportunities presented himself.
好了，这就是威廉·索恩代克为我们提供的关于西蒙森职业生涯的基本概述。
Okay, so that's William Thorndyke giving us a basic overview of Singleton's career.
我之所以发现亨利·西蒙森，是因为我读了沃伦·巴菲特每一封致股东的信，而且我已经做了三期播客，分别讨论了查理·芒格推荐的几本书。
Now, how I discovered Henry Singleton is because I read every single one of Warren Buffett shareholder letters and I read I think I've done three podcasts now on different books that I've covered in Charlie Munger.
他们两人都对亨利·西蒙森评价极高。
Both of them hold Henry Singleton in high regard.
这什么意思，大卫？
What does that mean, David?
听听他们是怎么说的。
Well, listen to what they say.
根据巴菲特的说法，如果把顶尖的100名商学院毕业生的成就综合起来，他们的业绩也比不上西蒙森——而他本人接受的是科学训练，而不是MBA教育。
According to Buffett, if one took the top 100 business school graduates and made a composite of their triumphs, their record would not be as good as that of Singleton, who incidentally trained as a scientist and not an MBA.
以下是直接引述：‘商学院忽视像西蒙森这样的人物，是一种罪过。’
Here's a direct quote from The failure of business schools to study men like Singleton is a crime.
巴菲特还说，亨利·西蒙森，就是泰勒尼公司的那位，这话说得有点疯狂。
Buffet also says Henry Singleton of Teledyne this is a crazy statement.
因为想想我们对巴菲特的了解，对吧？
Because think about like what we know about Buffett, right?
世界上很少有人像巴菲特那样研究过这么多企业家、经理人或公司，对吧？
He like there's very few people on the planet that have studied more entrepreneurs, managers, or just companies in general than Buffett has, right?
他从十几岁，大概是15岁左右就开始了，我不记得确切年龄了，但直到今天89岁他还在继续。
Started doing this when he was a kid, let's say 15, I don't remember exactly, and he's still doing it today at 89.
这就是他会说的话。
And this is what he's gonna say.
Teledyne公司的亨利·西蒙森拥有美国商业史上最佳的运营和资本配置记录。
Henry Singleton of Teledyne has the single best operating and capital deployment record in American business.
查理·芒格说，西蒙森的财务回报远超其他人。
Charlie Munger said Singleton's financial returns were a mile higher than anyone else.
他称这些说法简直荒谬至极。
He calls them utterly ridiculous.
好的。
Okay.
所以如果你还没听过《创始人》第94期，这就给你一个概念。
So that gives you an idea in case you haven't listened to Founders 94 yet.
显然，听完这个播客后，我会回去再听那一期。
Obviously when you're done listening to this podcast, I'd go back and listen to that one.
让我来介绍一下。
Let me go to the introduction.
而且，我会说很多。
And again, I'm just gonna talk a lot.
我可能会一遍又一遍地重复同样的内容。
I'm probably gonna repeat myself over and over again.
到目前为止，为了这个播客，我已经读了大约一百本，可能是105本、108本，类似数量的关于企业家的书籍和传记。
This is I've read what, a 100 and for this podcast so far, what, a 105, a 108, something like that books, biographies on entrepreneurs.
这是最独特的一本。
This is the most unique one.
因为这本书是由一位与亨利共事长达二十七年、担任特莱德公司二把手的亲历者所写的。
Because it's just like when would you have a book written by somebody that worked literally he was he was this Henry's right hand person, the second in command of Telenheim for twenty seven years.
他们年轻时就认识了，我想是在海军学院。
They also met when they were young men, I think at the Naval Academy.
我稍后再谈这个。
I'll talk about that later.
但这本书的作者有着非常独特的视角，你把他与亨利相处的时间和获得的独家接触机会，再加上他那种强迫症般的笔记习惯结合起来，就成就了一本独一无二的书。
But this is a very he's just got a very unique perspective and you combine the time and the access he had with Henry and then his like his compulsive note taking and you get a book that's just unlike any other.
这真是太奇怪了。
And it's so weird.
所以我又回去了。
So So I went back.
我都还没说到书呢，因为我太兴奋了。
Can't even get to the book yet because I'm so excited.
好吧。
Okay.
于是我回去看了其他人对这本书的评论或看法。
So I went back and started reading other people's reviews or thoughts on this book.
很多评论都很有帮助，帮我填补了我不理解的地方。
And lot of them were very helpful to like fill in the things I didn't understand.
对吧？
Right?
但有很多人抱怨，我觉得，这本书最大的优势。
But there's a lot of people that complained about, I feel, the big the book's biggest asset.
他们说，你知道，他们管理着130家公司。
And they're like, you know, they go through they own a 130 companies.
他们不会逐一研究每一家，但他们确实会，比如，按年份顺序，逐一年地梳理，不仅如此，他还会带你深入了解每家公司做了什么、谁在管理、为什么收购它，以及它如何融入Teledyne的整体战略。
They don't go through every single one, but they do go through, like, little, like he goes through year by year, right, in chronological order, but not only that, he'll bring you into like what this company did, who was running it, why they bought it, how they thought it fit into all the other, like their overall strategy with Teledyne.
所以有些人觉得，哦，这太枯燥无聊了？
And so some people are like, Oh, it's like dry and boring?
但对我来说，恰恰相反。
That's like the opposite to me.
我觉得这非常有趣，因为我总是会想，你知道是什么吗？
I thought it was fascinating because I'm always You know what it is?
我们常常忘记，或者说，我忘了这个世界有多大，全球的经济活动有多么庞大，以及世界上存在多少机会。
We forget, or let me say we, I forget how large the world is in general and then how big, like, total global economic activity is and just how much, like, opportunity there is in the world.
对于任何单个个体来说，这要复杂得多。
It's way more complex for any single individual to understand.
所以，就像你读巴菲特的股东信时，你会想，天啊，有一家糖果公司每年赚9000万美元，而他们90%的销售额都集中在一个月内。
And so, like, just like when you read Buffett's shareholder letter, you're like, Oh my God, there's a candy company that makes $90,000,000 in profit every year and they do 90% of their sales in one month.
这真是件怪事。
Like that's a weird thing.
这本书里有这么多企业，我永远也搞不懂，对吧？
Like, there's all these, like there's businesses in this book that I will never understand, right?
但它们可能只生产一种设备，比如用于军用飞机的雷达探测设备。
But they'll produce like one piece of equipment for, say, like for the radar detection in military aircraft.
围绕这个产品，它们建立了一个非常盈利的业务。
And they built a wonderfully profitable business around that.
你不断意识到，机会是无限的。
Like, you're just constantly reminded opportunity is limitless.
如果你觉得自己找不到想创办的企业或想从事的领域，我建议你去读书。
And if you feel you're in a place where you can't identify, like, a business you want to start or an area you want to work in, like, I just recommend reading.
尤其是阅读这类内容。
Especially reading stuff like this.
你会不断被震撼，心想：哇。
And you'll just be constantly like smacked in the face of like wow.
你可以追求的机会数量是如此之多，显然你不可能同时做所有事，但可供我们选择的机会几乎是无限的——我刚才说得不够清楚，我们可选的机会确实是无限的。
Like the amount of opportunities you can pursue, like you can't obviously you can't work on all of them, but they're essentially limitless in like the opportunities we have to choose I'm not being clear at all here the opportunities in which we have to choose from are limitless.
你只需要去寻找它们。
You just have to look for them.
好吧，让我们回到引言部分，或者说是开始写引言。
All right, so let's go back to the introduction or I guess starting an introduction.
我还没说到那儿呢，对吧？
I haven't got there yet, right?
现在这是罗伯特在讲述辛格尔顿。
So now this is just Robert writing about Singleton.
他说：多年来，关于泰莱达因公司及其创始人和灵魂人物辛格尔顿博士，已经写了大量内容。
And he says, Over the years a great deal has been written about Teledyne and its founder and guiding genius, Doctor.
亨利·辛格尔顿。
Henry Singleton.
我很喜欢他一开始就这么说。
And this is, I love that he says this right up front.
他说：‘天才’这个词经常被误用。
He says, Genius is an oft misused word.
我同意。
I agree.
但不可否认的是，亨利·辛格尔顿在创立和发展他所涉足的企业时，展现了非凡的才华。
But it cannot be denied that Henry Singleton brought exceptional brilliance to the creation and development of the enterprises he undertook.
是的，当你阅读并研究辛格尔顿时，确实如此。
Yeah, for sure when you read about Singleton, study him.
他算不上天才，那我真不知道谁还能算得上了。
He's not a genius, I don't know who, then no one is.
很少有商业领袖能像亨利·辛格尔顿那样，将数学天赋与工程才能、金融分析师的洞察力，以及锦标赛级棋手般的管理创造力完美结合于他的创业事业中。
Few business leaders have possessed a combination of mathematical genius and engineering talent with the insights of a financial analyst and the management creativity of a tournament class chess player that Henry Singleton brought into his entrepreneurial ventures.
他谈到了一些他闻名于世的做法，比如灵活的策略。
Talks about some of the stuff that he's known for, flexible strategies.
这一点我在《创始人》第94期中讲过，这本书里也多次提到。
That's something I covered on Founders 94, it's also in this book a lot.
所以他运用了大量灵活的策略，这一点非常关键。
So he has, he used a lot of flexible strategies, that was huge.
我从《局外人》中学到的最喜爱的理念之一，就是他提出的‘每日掌舵’理念。
One of my favorite ideas that I learned from the outsiders is his idea about steering the boat daily.
我稍后会在这里详细谈谈这个观点。
And I'm gonna talk about that here in a minute.
他说，许多这些策略在当时都是全新的，如今却已成为商业界的普遍做法。
He says many of these strategies were new at the time, and they have now become commonplace in the business world.
他曾因没有商业计划而受到批评。
He was once criticized for not having a business plan.
亨利回应说，他知道他认识的许多公司管理者都有着非常明确的计划，并一丝不苟地遵循着。
Henry replied that he knew that a lot of people he knew a lot of people running companies that had very definitive plans they followed as suitously.
我总是念不准这个词。
I can never pronounce that word.
但我们的业务会受到大量外部因素的影响，而其中大多数都无法预测。
But we're but we're subject to a great number of outside influences on our businesses, and most of them can't be predicted.
所以我的计划是保持灵活性。
So my plan is to stay flexible.
所以这是亨利的原话。
So that's a direct quote from Henry there.
亨利本质上想说的是：世界非常复杂。
And what Henry is essentially saying is, hey, the world is very complex.
我认为他说得完全正确。
And I think he's 100% correct about what he's saying.
他说：听着，我们受到许多我们无法控制的外部因素影响。
He's like, listen, we're subject to a great number of outside influences that we have no control over.
所以我不会只坚持一个僵化的计划。
So I'm not just gonna have this rigid plan.
我会保持灵活，依靠自己的直觉和判断。
I'm gonna be flexible and just rely on my own intuition and judgment.
所以现在亨利在谈论这一点。
And so now we have Henry talking about that.
他说，我唯一的计划就是每天坚持来上班。
He says, My only plan is to keep coming to work every day.
我喜欢每天掌控方向，而不是提前很久就规划未来。
I like to steer the boat each day rather than plan ahead way into the future.
继续看下一页，辛格尔顿一直相信并经常说，他成功的秘诀在于人。
Continuing on the next page, Singleton has also believed and often said that the key to his success was people.
有才华、富有创造力、善于管理且执行力强的人。
Talented people who were creative, good managers, and doers.
从一开始，他就围绕着这样的人组建团队。
From the start, he surrounded himself with that kind of person.
所以他的联合创始人是这位名叫乔治·卡斯梅茨基的人。
So his co founder was this guy named George Kasmetzky.
他是一位初始投资者，也是管理科学领域的杰出教授。
He was an initial investor and a brilliant professor of management science.
他后来离开了公司，回到学术界。
He actually left the company to go back to academia.
辛格顿一直留用并依赖的另一个人是我们之前介绍过的，我想我关于他做过两期播客，那就是克劳德·香农。
Another person that Singleton kept around and relied on was somebody we covered, think I've done two podcasts on him, and that's Claude Shannon.
接着，乔治说：我也很自豪地提到，亨利选我担任他的二把手。
And then now George is saying, I'm also proud to say that Henry chose me to be his second in command.
亨利寻找人才的范围甚至延伸到了他最小公司的基层经理。
Henry's search for talented people went down even to the individual managers of his smallest companies.
现在，这件事让我大吃一惊。
Now this thing blew my mind here.
明白吗？
Okay?
因为我们正处在这样一个领域，我想说，那句引言更准确地反映了更多公司倒闭的原因。
Because we're in like an area of like like I would say that that quote that more companies die.
这句话据说是大卫·帕卡德说的，更多公司是因消化不良和饥饿而倒闭的。
It comes from I think David Packard that more companies die from indigestion and starvation.
所以现在有很多人，就像钱多得泛滥一样，对吧？
And so like we have a there's a lot of people, it's like an abundance of money right now, right?
资金大量涌入各种系统，我们看到当人们不再被迫保持财务纪律时会发生什么。
It's like sloshing into systems and we see some, what happens when you're not forced to maintain financial discipline.
创始人容易迷失自我，做出非常愚蠢的选择和决定。
Founders can confuse themselves and they make very silly choices, silly decisions.
我认为这不仅适用于企业，也适用于投资，甚至适用于你的个人生活。
And I think this applies not only to businesses, this applies to investing, this applies to your personal life.
关于辛格顿，人们常说，这本书和威廉·索恩代克用这个词来形容他，说他是资本配置的天才。
And one thing about Singleton is like he was they always say like the book uses the and William Thorndyke uses this to describe him, they say that he was a genius at capital allocation.
我想更进一步。
I would take that a step further.
我认为他是资源配置的天才。
I think he was a genius at resource allocation.
有时候是钱，有时候是人，有时候是想法。
And sometimes that's money, sometimes that's people, sometimes that's ideas.
但我想说的是，我们不仅要在工作中，也要在个人生活中更进一步。
But what I would say is like, we have to take that a step further, not only in like our work, but also in our personal lives.
我觉得，你不可能在工作中做到财务自律且擅长资源配置，却在其他方面做不到。
Like I don't think that you can be financially disciplined and really good at resource allocation in your work.
不，我不该这么说，因为我认识一些人确实能做到。
No, I shouldn't say you can't because I know people that do this.
让我感到奇怪的是，有些人工作上非常财务自律，擅长资源配置，但到了个人生活，却从不把这些经验应用到自己身上。
It's weird to me that you can have people that are very financially disciplined in their work, really good at allocating resources, and then when it comes to, like, their personal lives, they don't don't apply those lessons to their personal lives.
所以，当你听到‘资本配置’这个词时，要想成‘资源配置’，然后别就此止步。
So I just think, when you hear the word capital allocation, think of one resource allocation, and then don't don't, like, stop there.
想想看，我的个人资源怎么样了？
Think of, like, look at my personal resources.
我有没有充分利用这些资源，并获得最佳回报？
Like, am I doing am I maximizing and getting the best returns on those resources?
这就是为什么辛格尔顿·怀特·巴菲特说，辛格尔顿拥有美国商业史上最佳的单一业绩记录。
Because that's why Singleton White Buffett said Singleton has the best single record in American business.
听好了。
Listen to this.
在创立Teledyne后的八年里，他们将45万美元的初创投资，首先，他们用了‘自力更生’这个词，我觉得现在这个词的含义已经不同了——但他们的初始投资确实是45万美元，对吧？
Within eight years of founding Teledyne, they had bootstrapped their startup investment of $450,000 into well first of all, they're using the word bootstrap there I think today that has a different they got investment of $450,000 right?
这就是他们如何利用这笔投资的。
So this is what they did with that investment.
今天这已经非常非常罕见了。
That is very, very rare today.
在创立Teledyne后的八年里，他们将45万美元的初创投资，发展成一家年销售额超过4.5亿美元、年利润约2000万美元、股票市值达15亿美元的公司，这简直疯狂。
Within eight years of founding Teledyne, they bootstrapped their startup investment of $450,000 into a company with annual sales of over $450,000,000 and an annual profit of some $20,000,000 and a stock market value of $1,500,000,000 That is insane.
从45万美元的初始投资，到八年后的年销售额超4.5亿美元、利润2000万美元、市值15亿美元。
From $450,000 initial investment to sales over $450,000,000 profit of $20,000,000 and a market cap of $1,500,000,000 in eight years.
这太离谱了。
That is bananas.
那八年期间，也就是他们所谈论的，发生在20世纪60年代。
That's also that eight year period they're talking about happened in the 1960s.
他正是利用了当时企业集团相对于私募股权的估值优势，收购了130家公司。
That's where he buys, takes advantage of his, like, the fact that conglomerates had favorable valuation to PE and bought a 130 companies.
所以这把时间推到了1968年左右。
So that that puts us around 1968.
我认为1969年或1970年是他最后一次收购任何公司。
I think 1969 or 1970 is the last year he ever bought any company.
因此，这让我们回到他的悼词，他在其中提到，他不仅研究了福特如何建立公司、通用汽车如何建立公司、通用电气如何建立公司，还研究了企业如何通过收购取得成功。
And so that's why it goes back to the eulogy where he talks about he studied not only like how did Ford build his company, did General Motors build their company, how did General Electric build their company, but also how did companies succeed through acquisition.
巴菲特经常对股东们谈到，大多数人并不通过收购取得成功。
Buffett talks about this and his shareholders a lot that most people don't succeed through acquisition.
他形容这就像亲吻青蛙，希望它们变成公主。
He talks about like you're kissing toads and hoping they turn into princesses.
我不记得那个比喻了。
I don't know, I forgot the analogy there.
而通常你最后只剩下一片墓地般的蟾蜍。
And usually you're just left with like a graveyard toads.
所以他说，这实际上极其困难。
So he's saying this is actually extremely hard to do.
好吧。
Alright.
因此，作为辛格顿博士的亲密终身朋友，我多年来一直参与泰莱达因公司的开发与管理，从它最初是一家小型电子公司，发展成为一家年销售额高达35亿美元的多元化世界级企业。
So he says, as a close lifelong friend of doctor doctor Singleton, I was a participant for many years in the development and management of Teledyne, from its beginning as a small electronics firm into a diverse world class corporation with peak annual sales of 3 and a half billion dollars.
我想从我作为公司内部人士的视角，讲述泰莱达因的故事，回顾亨利·辛格顿在构思、创建和培育这家世界级企业过程中所取得的惊人成就与业绩。
I would like to present the Teledyne story from my perspective inside the company during many of those years of the amazing accomplishments and achievements of Henry Singleton made as he conceived, created and nurtured his world class corporation.
这些是我对那些充满趣味岁月的回忆。
These are my recollections of those interesting years.
好了，一旦你读完这段引言，就很难不对这本书产生兴奋之情。
All right, so that, that, once you read that introduction, it's very hard not to be excited about, you know, the book.
我从未听说过这样的故事。
Like that's, that's, that I've never even heard of a story like that.
这简直让我难以置信。
That just blows my mind.
所以我特别喜欢这一点，虽然我重复了，但这本书或说这本商业书籍的细节程度，我以前从未读过另一本类似的商业书籍。
So I just love the fact, again, I'm repeating myself, the level of detail in this business or excuse me, this book, I've just never found another book on a business yet.
好的，他说他们年轻时在海军学院相识。
Alright, so he says, they met when they were young adults at the Naval Academy.
所以第一章叫《Singleton这个人》，然后他接着讲述这家公司。
So the first chapter is called Singleton the Man, and then he goes through the company.
但实际上，这并不是一本关于Singleton的传记，对吧？
Now essentially this is really not a biography of Singleton, right?
这是一本关于他所创建的公司的传记。
This is a biography of the company he built.
但正如我们所知，你很难将创始人的个性与他所建立的公司割裂开来。
But as we know, you can't really separate the personality of the founder from the company they built.
因此，你会同时了解到他们两者的很多信息。
So you learn a lot about both of them simultaneously.
所以他谈到，我可以证实他对房地产的终身迷恋，以及对各类房地产重要性和价值的坚定信念。
So he talks about, I can attest his lifelong fascination with love of and belief in the importance and value of real estate of all types.
我在那篇悼词的开头就说过，你会发现，他去世时是美国第三大地主。
I said at the the very beginning, in that eulogy, he you find out that when at the time of his death, he's the third largest landowner in The United States.
罗文，我得在这里停一下。
Rowan, I need to I need to stop here.
另一件令人着迷的事情是。
Something that is another fascinating thing.
亨利·西蒙森并没有在年轻时就创办第一家公司的，他的第一家公司的泰勒海姆公司，那时他已经44岁了。
Henry Singleton didn't start his first company, Telenheim was his first company, he's 44 years old.
然后他接连创造了美国商业史上最佳的业绩记录。
And then he proceeds to rattle off the best record in American business.
这真的太令人着迷了。
Like it's just fascinating.
好吧。
Okay.
所以他常说，他热爱各种类型的房地产。
So he says he loves real estate of all types.
我相信，他确实从未出售过自己买下的任何一平方英尺的土地。
I believe it is true that he never sold a square foot of property he had bought.
这太令人着迷了。
That's fascinating.
他从未出售过自己住过的任何一栋房子。
He never sold a house in which he had lived.
他保留了这些房产，出租它们，并加以修缮。
He kept them, rented them, fixed them up.
他去世时，是美国第三大地主。
At his death, he was the third largest landlord in The United States.
他的家人、房地产，好吧，我们来看一下。
His family, and property, okay so here we go.
他的家人、Teledyne公司和房地产，显然是他一生中三大挚爱，因此他去世时已结婚50年。
His family, Teledyne and property were clearly the three major loves of his life, so he winds up being married for 50 at the time of his death.
他82岁时因脑癌去世，当时已结婚53年，育有五个孩子。
He dies at 82 years old of brain cancer, and he's married for fifty three years at that time and has five children.
好的，书中提到，他年轻时就表达过有朝一日要创立并经营一家像通用电气、美国钢铁或AT&T那样的伟大公司的愿望。
Okay, so it says, As a young man, he had expressed his desire someday to establish and run a great corporation, the likes of General Electric, US Steel, or AT and T.
他从未失去过这份专注。
And he certainly never lost that focus.
正如我所认为的那样，这一点显而易见，但我花了一些时间向你们介绍他早年的背景。
As I think this is obvious, but I'm spending some time giving you some background to his early life.
希望这能帮助你们理解他是如何形成一些独特想法的。
Hopefully that helps you understand how he arrived at some of the unique ideas.
再次强调，这本书反复提及。
Again, the book talks over and over again.
这些想法源于独自一人、远离喧嚣、全神贯注，并愿意依靠自己的分析能力，相信自己的判断。
These are ideas that came from sitting alone in isolation with intense focus and being willing to rely on your own analytical abilities and trust your own judgment.
自从我了解亨利·辛格尔以来，几乎每期播客我都会提到：我们应该真正去付诸行动。
I talked about ever since I've known about Henry Singles, and think almost on every single podcast, I talk about, hey, we should be really doing the work.
因为最终，任何你正在做的困难或复杂的事情，都没人能一步步告诉你该怎么做，对吧？
Because eventually, like, any anything that you're doing that's hard or complex, like, no one can tell you step by step how to do it, right?
这些都是复杂的适应性系统。
These are complex adaptive systems.
因此，我认为从亨利·西尔文的一生中学到的、并且我从未停止思考的一点是：我必须确保自己真正付出努力，才能信任自己的判断。
And so I think it's really important, what I'm learning from the life of Henry Singleton and something I've never stopped thinking about is like I need to make sure I'm doing the work so I can trust my own judgment.
因为如果我不能信任自己的判断，我就永远无法实现我想实现的目标，明白吗？
Because if I can't trust my own judgment, I'm never gonna be able to accomplish what I want to accomplish, okay?
所以他从未失去过这种专注。
So he never lost that focus.
为了实现这些抱负，他先在德克萨斯大学读了两年，然后进入了美国海军学院。
His groundwork for those ambitions, he started out with two years at the University of Texas, and then he joins the United States Naval Academy.
在那里，他遇到了乔治。
That's where he meets George.
这简直太疯狂了。
This is pretty crazy.
亨利在海军学院的820名学生中，数学成绩排名第一。
Henry ranked first in mathematics, as at the Naval Academy, in our class out of eight twenty students.
之后，他加入了美国海军军械实验室，开发用于军舰和商船消磁的方法——我甚至都不懂那是什么——在那里他专注于反潜战。
After that he joined the US Naval Ordnance Labs, developing methods for degaussing of naval and commercial ships, I don't even know what that is, where he concentrated on anti submarine warfare.
1948年，他回到麻省理工学院攻读博士学位。
He returned to MIT in 1948 to earn his doctorate.
麻省理工学院毕业后，他们为他提供了教职，但他拒绝了，转而前往加利福尼亚，从事航空业的电子控制系统应用工作。
After MIT, they offered him a faculty position there, but he declined and he moved to California to work on electronic control applications in the aircraft industry.
1950年，他在自己最钦佩的公司之一——通用电气公司——担任研究顾问。
He worked as a research advocate at one of his most admired companies, General Electric, that was 1950.
后来他离开那里，因为被招募去霍华德·休斯拥有的休斯飞机公司工作——我曾就这家公司做过一期播客。
Then he leaves there because he's recruited to go to work at Hughes Aircraft, the one that was owned by Howard Hughes, which I did a podcast on.
他说，这很有趣，他就是在那时遇见了霍华德，对吧？
And he says, this is interesting, where he meets Howard, right?
他说：‘有一天，我很荣幸向霍华德·休斯演示了一款飞行员训练用火控模拟器。'
He says, I had the pleasure of demonstrating a pilot training fire control simulator to Howard Hughes one day.
亨利后来给我讲过他与霍华德·休斯会面的故事。
Henry later told me stories of meetings he had with Howard Hughes.
有趣的是，休斯只在深夜工作，所以在他生命的这个阶段，你只能在那时见到他。
It's interesting, Hughes would only work late at night, so that's the only time you can meet him at this time in his life.
他说霍华德总是在晚上悄悄来访，从不提前通知。
He says Howard would only come to see us at night and always unannounced.
他会问我们在做什么，而当我们向他解释时，他总能完全理解。
He would ask what we were doing and he always understood everything when we explained it to him.
他是个非常优秀的人。
He was a very fine man.
这很有趣，因为我觉得有点沮丧，你知道吗？我读过两本关于霍华德·休斯的书，也做过关于他的播客，但我确实深受他个人生活中对他人恶劣对待的影响，以及他后来对止痛药的依赖，还有他晚年那种怪异的行为。
That's interesting because I had a very it's kind of frustrating because, you know, I read two books on Howard Hughes, I did podcasts on him, but I was definitely influenced by his poor treatment of individuals on a personal level and then becoming addicted to pain medication, just the weirdness of his later life.
我没想到会这样，因为《飞行家》——莱昂纳多·迪卡普里奥饰演休斯的那部电影——是我最爱的电影之一。
I wasn't expecting that because one of my favorite movies of all time is The Aviator with Leonardo DiCaprio where he plays Hughes.
当然，电影里也提到了他晚年精神失常，但当我读到的那本书里提到他亲笔写的备忘录时，真的非常有意思。
And obviously they talk about like, you know, him going crazy later on, but when the book I read goes into like his handwritten memos and it's just, it's very interesting.
但这里的辛格尔顿说，你知道，在这一切发生之前，他与他的互动中，他是个非常优秀的年轻人。
But Singleton here is saying, you know, my interactions with him before all this happened, he was a very fine young person.
所以他曾在休斯飞机公司工作，和一个叫德克·索顿的人共事。
So he worked at Hughes Aircraft, he's working with this guy named Tex Thornton.
德克离开休斯后，创办了莱顿工业公司。
Tex leaves Hughes and he starts Lytton Industries.
要理解休斯的故事，莱顿非常重要，不过我说错了，应该是辛格尔顿。
Lytton's a very important to understand them in the story of Hughes because he winds up owning or not Hughes, excuse me, Singleton.
因为最终辛格尔顿买下了莱顿公司大约25%的流通股，类似这样的比例。
Because eventually Singleton buys like 25% of the stock outstanding, something like that in Lyndon.
这是他做过的最成功的投资之一。
It's one of his best investments he ever makes.
所以德克离开休斯，创办了莱顿。
So Tex leaves Hughes and starts Lyndon.
德克招募辛格尔顿去莱顿公司工作。
Tex recruits Singleton to work at Lytton.
在这段时间里，他说辛格顿迅速晋升。
And so during this time, he says Singleton moved up rapidly.
他最终成为了Lytton工业公司的副总裁兼总经理。
He eventually made the vice president and general manager of Lytton Industries.
他说，在Lytton工作的这些年里，亨利接触到了——这一点非常重要，如果你听过我很多播客，你就知道，今天人们会骗你，让你觉得事情已经不同了。
He says during his years at Lytton, Henry was exposed to This is very important, something you're going to see if you've listened to bunch of my podcasts, you know this is people will lie to you today as if like things are different.
但商业是构建良好企业乃至美好生活的根本原则。
But business is a fundamental tenet of not only like building a good business, but building a good life.
明白吗？
Okay?
在Lytton工作的这些年里，亨利接触到了索恩顿的节俭与保守哲学，而这本身也是他自己的哲学的一部分。
It says during his years at Lytton, Henry was exposed to Thicke Thornton's philosophy of thrift and conservatism, which were part of his own philosophy as well.
本质上，他是在宣扬节俭的好处，这是一个非常非常古老的理念。
Essentially he's espousing the benefits of frugality, very, very, very old idea.
你看到历史上所有企业家都深受这一理念的影响。
You see all these entrepreneurs in history are influenced by this.
你可以将这一理念追溯到18世纪本杰明·富兰克林，他当时就论述了勤奋与节俭的价值。
You could trace this idea all the way back to Benjamin Franklin, writing in the 1700s about the values of industry combined with frugality.
它在过去有效，今天有效，未来也会有效。
It worked then, it worked today, and it worked in the future.
他是一位制造业历史的学生和观察者。
He was a student and an observer of the history of manufacturing.
他研究了从亨利·福特到通用汽车时期企业的进步与成长，以及企业如何通过并购实现成功。
He studied the progress and growth of corporations from the days of Henry Ford to General Motors and how successful corporations grew by acquisitions.
我提到这一点，是因为罗伯茨经常重复这一点。
I bring that up because Roberts repeats that a lot.
所以在我看来，如果一个人反复提及某事，他显然是通过行动告诉你什么对他最重要。
So in my belief, if somebody repeats it over and over again, they're clearly telling you through their actions what's important to them.
他研究了利滕、TRW，我们现在就列举一些公司吧，还有LTV、Citizen Investments、海湾与西方公司，以及当今最大的综合性企业——通用电气。
He studied the Littens, the TRWs, now we're just gonna name a bunch of companies here, the LTVs, the Citi Investings, the Gulf and Westerns, and today's largest of all conglomerates, General Electric.
有趣的是，他在创办自己的公司之前就已经在做这些研究了，对吧？
Now interesting he's doing this before he started his company, right?
当他准备前进时，他已经打下了坚实的知识基础。
He's got a good foundation of knowledge when he's gonna progress.
如果你在经营企业，我认为你应该这么做，这简直是不言而喻的。
I think you should do that if you're running a business, I mean it's a no brainer.
我觉得根本不需要别人告诉你这一点。
Like I don't think anybody has to tell you that.
但我经常听到一些听播客的人说，他们有创业的愿望，正在一步步实现，并以这些传记和这个播客作为基础。
But I hear from a lot of people listening to the podcast that have desires to run a business and are working their way to them and using these biographies and this podcast as a foundation for that.
我们看到亨利也在做完全相同的事，只不过那是六十年前了。
And we see Henry doing the exact same thing, but he's doing that, you know, what is this, sixty years ago.
不，比那更早，是七十年前。
No, longer than that, seventy years ago.
所以他说，亨利告诉我，他在20世纪40年代和50年代初，曾花整天时间待在纽约的经纪公司办公室里。
So he says, Henry told me how he had in the early 1940s and 50s spent days in the offices of brokerage houses in New York.
他一直在思考如何高效地筹集资本，股票如何估值和交易，以及那些稳定增长的公司如何因持续增长而获得不断上升的股价和盈利倍数。
He was thinking about how to get capital rolling efficiently, how shares are valued and traded, how companies with a steady growth rate are rewarded with an ever increasing price and earnings multiple.
所以我们看到，罗伯茨为辛格顿所作的悼词中也包含了这些内容。
So we see that was also contained in the eulogy that Roberts gave for Singleton.
好的，现在我们要进入这一章，这一章叫做《开端》。
Alright, so now we're gonna go, this chapter is called The Beginnings.
他说，亨利已经确信，数字技术将成为未来控制系统以及几乎所有其他电子领域中的主导力量。
He said, Henry had become convinced that digital technology would be dominant force in future developments in control systems in virtually every other electronic field.
他在20世纪50年代就有了这样的洞察。
He is having this insight in the 1950s.
今天我们生活在一个亨利坚信终将到来的世界里。
Today we live in that world that Henry was convinced would eventually appear.
结果证明，他的判断可能比他自己能想象的还要准确，对吧？
Wind up being probably more correct than he could ever imagine, right?
他认为，林登进入半导体领域非常重要。
He felt it was important that Lyndon should enter the semiconductor field.
我专门做过一期播客讲这个，因为这本书里有不少人是亨利将要接触的，也就是林登的创始人和管理层所互动的那些人。
There's a I did a whole podcast on this because there's a bunch of people in this book that Henry's gonna interact with, the people the founders and management at Linton are interacting with.
如果你想更多了解这段历史，它非常引人入胜，因为这段时期为当今的世界奠定了基础。
If you wanna learn more about this time in history, it's very fascinating because it's very much laying the groundwork for the the the world we live in.
早在第八期创始人节目中，我就做过一期关于《英特尔三巨头》的播客，这本精彩的书讲述了英特尔创始人的故事，他们也曾与仙童半导体和晶体管发明者威廉·肖克利合作。
All the way back on founders number eight, I did a podcast on the Intel Trinity, this fabulous book about the founders of Intel, but they also worked with at Fairchild Semiconductor and with William Shockley, is the inventor of the transistor.
总之，去听一听那期播客，读读这本书，里面内容非常详尽。
Anyways, listen to that, read that book, it goes into great detail.
但我在做那期播客时，只聚焦于罗伯特·诺伊斯。
But I focused when I did the podcast on just Bob Noyce.
对吧？
Right?
但书中也提到了安迪·格鲁夫，他是一位天才的管理者，还有戈登·摩尔，你可能听说过摩尔定律。
But it also talks about Andy Grove, is a genius manager, and Gordon Moore, who you might know from Moore's Law.
他们齐心协力，共同打造了英特尔这家极其成功的企业。
They all worked together and built Intel in a huge successful business.
不仅如此，你可能敬仰的那些人，比如罗伯特·诺伊斯，还曾是史蒂夫·乔布斯的导师。
But not only that, all the people that you probably admire learn, like Bob Noyce for example, was a mentor of Steve Jobs.
史蒂夫·乔布斯年轻时，也就是二十岁出头的时候，经常去他家吃晚饭。
Steve Jobs would go to his house and have dinner when he was young, you know, early days of, you're talking about early twenties, when Steve was in his early twenties.
所以鲍勃·诺伊斯在某种程度上，就像是后来几代企业家的祖父。
So Bob Noyes is like, you know, in some degree like a grandfather to a long line of entrepreneurs, you know, that came generations after him.
所以我提到这一点，是因为我在研究英特尔时，认出了这本书这一部分里的很多名字。
So anyways, I brought that up because I recognize a lot of the names that are in this section of the book from studying Intel.
他说：听着，我们必须进入半导体领域。
So he says, he's like, Listen, we gotta Lytton, we gotta jump into the semiconductor field.
你在做什么？
What are you doing?
Lytton公司的总裁持不同意见。
The president of Lytton disagreed.
但这非常重要。
But this is super, super important.
这是一句很短的话。
It's a very short sentence.
但亨利相信自己的信念。
But Henry had faith in his convictions.
回到我写的关于乔治·卢卡斯的传记吧。
Go back to the biography I did on George Lucas.
那本传记里有一句话让我毛骨悚然，我想我从未忘记过。
There's a line in that biography that gives me goosebumps, and I think I've never forgot.
它写道：乔治·卢卡斯毫不歉疚地投资于他最相信的东西——他自己。
And it said, George Lucas unapologetically invested in what he believed in most: himself.
我认为这才是生活的唯一方式。
I think that's the only way to live life.
没有人比你更在乎你自己。
No one cares about you as much as you care about yourself.
也许，你知道的，如果你妈妈还在的话，她可能会，但除此之外，除了你妈妈，没人会像你那样在乎你。
Maybe, you know, your mom probably does, if you still have a mom, you know, like, but other than that, outside of your mom, no one else is going care about you as much as you care about yourself.
我认为，投资自己是再明显不过的事。
And I think just investing yourself is a no brainer.
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所以他说道：‘好吧，对不起，各位，你们不同意这个观点，但这是我的坚定信念，’于是他毅然决定创办自己的公司。
So he says, you know what, sorry guys, you don't agree with this, this a strong conviction, this is when he jumps to start his own company, okay.
他说，他们最初以45万美元的资本启动了这项风险投资，这一点我已经提过了。
So he says, They started the venture with original capital of 450,000, I already covered that.
他们的第一次收购是一家小型电子公司。
Their first acquisition was a small electronics company.
这家小型电子公司为他们提供了工厂、一些制造设施以及一小批员工。
This small electronics company gave them a plant, some manufacturing facilities, and a small cadre of employees.
公司名称被更改为Teledyne。
The company name was changed to Teledyne.
这段内容出自1968年《福布斯》杂志的一篇文章。
This is from a Forbes Magazine article in 1968.
文章称：他早期就坚信半导体将成为未来电子系统的核心要素，尽管当时业内其他人仍在对此争论不休。
Says, His early faith that semiconductors would become the dominant factor in future electronic systems, even while this was still being debated by others in the industry.
有一些引述，我可以跳过。
Some quotes, I can jump over that.
但我读到这段时，用了‘奇怪’这个词，用错了。
But I read that, I emphasized weird, the wrong words here.
它想表达的是，真正成为他核心信念的是，他所持有的那种信心——他确实知道一些事，而且深信不疑。
What it's saying is that what became his dominant fact, excuse me, the faith that he had, So he knew something, right, and believed in it.
与此同时，这句话的关键在于，他早已得出这个结论，并愿意拿自己的人生和事业去赌，即使其他人还在争论不休。
And then while at the same time, and the important part of that sentence was he had already arrived at this conclusion and he was willing to bet his life, his career on that, right, even while other people were still debating it.
这正是辛格尔顿最了不起的地方。
That is super important about Singleton.
这就是我为什么一直强调他专注单一目标的原因。亚瑟·洛克，我不知道你是否知道他是谁。
Is why I keep talking about his singular focus, how Arthur Rock I don't know if you know who Arthur Rock is.
他是最早的风险投资人之一，不仅担任过Teledyne的董事，也担任过苹果公司的董事。
He was one of the first venture capitalists of not only did he sit on Teledyne's board, but Apple's as well.
所以，当他提到德高乐时，那种独一无二的特质——这让我印象深刻。某种程度上，我阅读这些书籍时，会从我研究的每个人身上汲取不同的东西，吸收那些我钦佩的特质。
And so, like, when he says he reminds me of De Gaulle, his single like, that's the biggest like, I'm in some degree, I'm using, like, when I read these books, right, I'm, like, taking different things from all the people I study and traits I admire.
我们暂且忽略其中一半内容，那些是我并不想效仿的东西，好吗？
Let's ignore half of this is learning things I don't want to do, right?
但我现在不会专注于这一点。
But I'm not going to focus on that right now.
当我思考从阅读这些书中所学到的东西时，我试图挑出一些我需要改进、并希望融入自己生活的个人特质。
When I think about the stuff I've learned from reading these books, I'm trying to pick out individual traits that I need to improve on and that I want part of my life.
我没有列个清单，也许我应该写下来，但凭直觉想想，为什么我做了这么多期关于史蒂夫·乔布斯的播客？
I don't have a list and maybe I should write it down, but like off the top of my head, like, okay, why have I done a million and one podcasts on Steve Jobs?
因为我从未遇到过另一个像史蒂夫·乔布斯那样思维如此清晰的人。
Because I've never run across another person that had the clarity of thought that Steve Jobs had.
我想要这种能力。
I want that.
詹姆斯·戴森，这是我为这个播客读过的最喜爱的书。
James Dyson, my favorite book that I've read since for this podcast.
我一遍又一遍地谈论他。
Talk about over and over again.
他那种坚持不懈的精神。
His dogged persistence.
他在成功设计出吸尘器之前，一共做了5127个原型。
He did 5,127 prototypes of his vacuum cleaner before he got it right.
他大概是从35岁开始做这个项目，直到44岁左右才拥有完全符合自己标准的吸尘器。
And he took I think he started working on that project when he was 35 and then didn't have a vacuum cleaner that met his standards that he owned completely till he was like 44.
我觉得实际数量可能更多，应该是十二年吧，我记不太清具体数字了。
Like how many are, I think it's actually more than that, I think it was twelve years, I can't remember exactly.
正是这种坚持不懈的精神，让他如今完全拥有戴森公司。
And that dogged persistence made him, you know today James Dyson owns 100% of Dyson.
他的净资产高达130亿美元，因为这是一家私营企业。
He has a net worth of $13,000,000,000 like it's a private company.
你要拥有乔布斯那样的清晰思维，以及戴森那样的执着坚持。
So you have the clarity thought of Steve Jobs, the dogged persistence of James Dyson.
还有像乔治·卢卡斯那样，敢于相信自己、投资自己的能力——你有没有研究过他当年说‘你们拍电影的方式不对’的故事？
The ability to, the conviction to invest in yourself like George Lucas, could you study his history of him saying, Hey, know that's how you guys make movies.
我可不会做这些事。
I'm not doing any of that.
我会掌控它，让他成为亿万富翁。
I'm going to control it and make him a billionaire.
而且我甚至不需要成为亿万富翁。
And I don't even have to be a billionaire.
我并不是想过分强调财务方面的问题。
That's not I'm not trying to emphasize too much the financial part.
它只是意味着在你实际生活的大部分时间里，能够掌控自己的事情。
It's just like being in control of what you do for half the time that you're actually living.
所以你拥有这一点。
So you have that.
你拥有从安德鲁·卡内基和亨利·弗里克那里学到的控制成本的能力。
You have the ability to maintain and control the cost that we learned from Andrew Carnegie and Henry Frick.
各位，注意你们的成本。
Gentlemen, watch your costs.
那些书里有一句我从未忘记的名言。
One of the quotes in those books that I never forgot.
莱特兄弟的机智与创造力。
The resourcefulness of the Wright brothers.
你看到我在这里做什么了吗？
See what I'm doing here?
我正试图把我从这些人身上学到的每一个想法都收集起来，然后你去整合、融合，形成一幅马赛克图景。
I'm trying to, like, take all these individual ideas that I learned from these people, and then you create, you combine them, you create this mosaic.
然后你再加入自己的个性，就创造出独一无二的东西。
And then you add your personality and you have something unique.
我认为这能给你的人生带来巨大的优势。
And I think that gives you a huge advantage in life.
关于亨利·辛格尔顿，自从我有了这个能力——我还没说完。
And so with Henry Singleton, ever since I the ability to I didn't finish.
我想我可能永远也说不完，但这种不断学习、并将所学教给别人的能力，来自查理·芒格和沃伦·巴菲特。
And I guess I'll never finish, but the ability to constantly learn and then teach what you learn of Charlie Munger and Warren Buffett.
而从亨利·辛格尔顿身上，是那种专注到极致的特质——愿意把自己隔离起来，全神贯注于你正在做的事情，我认为在今天这极其困难，因为我们被这些集中的信息网络淹没了。
And then from Henry Singleton, it's that singular focus, The ability to be willing to isolate yourself and focus on what you're working on, which I think is extremely hard in today because we're inundated with all these centralized information networks.
问题是，是的，你可以从他们身上学到很多东西，但每个人都能接触到同样的信息。
The problem is, yeah, you can learn a lot of things from them, but also everybody's getting access to the same information.
所以这就是为什么我读的大部分书都是老书。
And so that's why I study, like most of the books I do, they're old books.
你知道有多少人读过这本书吗？
This is not a Like how many people do you know have read this book?
非常少。
Very, very few.
比现在读推特、刷脸书或Instagram或其他任何这些网络的人少得多，你知道吧？
Way less than the people that read Twitter today or were on Facebook or Instagram or any of these other networks, you know?
所以对于西蒙森来说，他给了我勇气和信念，让我敢于说：嘿，你知道吗？
And so with Singleton, it's like he's giving me courage and a conviction to be willing to say, Hey, you know what?
我可以忽略大部分东西，因为那大部分都是噪音。
I can ignore most of that, because most of it's noise.
如果我只专注于重要的事情，比如他分析过去的公司、阅读财务报表、做所有这些其他事情，然后留出时间和大脑去思考和梳理这些内容。
And if I just focus on things that are important, you know, he's analyzing past companies, he's reading financial statements, he's doing all this other stuff, and then he's giving his time and his brain time to just think and run through it.
这就是问题所在。
And that's the problem.
每次我感到无聊时，我都会有这种本能，想拿起点什么。
Every time I'm bored, I like, I have this instinct, oh, let me let me pick something up.
让我再加点别的东西，一些噪音，不管是刷推文，甚至有时候听音乐。
Let me add something else, like some noise, whether I'm reading tweets or or just even listening to music sometimes.
就是想，不，为什么不干脆什么也不做，只是听听自己内心的声音呢？
It's just like, no, no, why don't I just have nothing and just listen to my own mind?
这真的让我感到非常有动力。
So that's really like, it's just super motivating for me.
像这个人，他并没有，正如他所说，他不关注华尔街，不参加任何会议，什么都不做。
Like this person was, he did not, like he talks about, he didn't pay attention to Wall Street, he didn't go to conferences, he didn't do any of that.
他只是说，我要从第一性原理出发，思考我正在做的事情。
He just said, Hey, I'm going to think from first principles about what I'm doing.
我要找出做这件事的唯一最佳方式。
I'm going to identify the single best way to do this.
我要比较我所面临的机遇成本，不仅是在时间上，还包括金钱上。
I'm going to compare the opportunity costs that I have, not only in time but in money.
然后我会分析所有这些信息，并带着坚定的信念向前推进。
And then I'm going to analyze all that and I'm going to move forward with conviction.
而这非常、非常罕见。
And that is super, super rare.
希望刚才我说清楚了。
Hopefully that made sense.
显然我没有提前写下来，所以我不确定刚才的说法有没有让你明白。
I wasn't obviously I didn't have that written down, so I don't know if hopefully that made sense to you.
好了，我们回到书中，来看他的第一次收购。
Alright, so we have his first acquisition, back to the book.
但整个这个想法是，别人都还在争论这个问题，而他却说：我不争论。
But just this whole idea, it's like everybody else is still debating this, and he's like, I'm not debating it.
我已经分析过了，我相信自己的判断，我会继续前进。
I've already analyzed this, I know I'm, I believe in it, I'm gonna move forward.
所以他表示，为了取得成功，他们起初谨慎行事，小心翼翼地使用有限的资金。
So he says, determined to succeed, they moved cautiously at first, using their limited cash carefully.
哦，我得告诉你为什么。
Oh, I need to tell you why.
那么，为什么辛格顿专注于集成电路呢？
So why Singleton focus on integrated circuits?
他说，集成电路将多个晶体管和其他元件集成在一块微小的硅片上，消除了手工布线笨重独立元件以构成工作电路的需要，并最终将电子系统的体积和重量减少了多个数量级。
He says, integrated circuits combine a number of transistors and other components on a single tiny chip of silicon, eliminating the hand wiring of bulky separate components into working circuits and would eventually reduce the size and weight of electronic systems by many orders of magnitude.
他在为美国军方开发产品方面有着丰富的经验。
He had a huge background in developing things for the US military.
他知道这一点非常重要。
This is this is he knew this that this was important.
他说，这完全契合亨利为军事和航天应用构建电子系统的计划，而我们谈的正是权衡取舍，对吧？
He says, This fit in perfectly with Henry's plan to build electronic systems for military and space applications, and we're talking about a sense of trade offs, right?
在这些应用中，低功耗、轻重量和小尺寸是至关重要的。
Where low power dissipation, low weight, and small size were of prime interest.
所以那些更重要，而什么不重要，这才是关键，什么不重要。
So those were way more important, but what was not, so that's what's important, what's not important.
而成本就没那么重要了。
And cost was not so important.
明白吗？
Okay?
我们知道上世纪40年代、50年代和60年代，NASA在航天项目上花了多少钱，对吧？
And we know how much NASA threw out the space program in the 40s, 50s, and 60s, right?
当时所占预算比例远高于现在。
Way higher percentage of budget than they do now.
当然，美国拥有历史上最大的军费预算，并且至今仍在持续。
And, of course, The United States has the largest military budget in world history and still continues to this day.
好吧，这一点极其重要。
Alright, so that's extremely important.
所以，只要能找到功耗低、重量轻、体积小的解决方案，他们就愿意多花钱。
So they are willing to spend more if you can find solutions that have low power dissipation, low weight, and small size.
明白吗？
Okay?
现在，这也是我们经常讨论的一个话题，我们知道，尤其是有孩子的人，我们是怎么学习的？
Now, this is also something that we talk about a lot, and that we understand that, hey, especially anybody who has kids, how do we learn?
我们并不是通过思考来学习，而是通过模仿和复制，明白吗？
We don't really learn by thinking, we learn by copying, mimicking, okay?
你在人们创办的公司中经常能看到这一点。
And you see this a lot in the businesses people start.
所以，低垂的果实之所以低垂，是有原因的。
So the low hanging fruit is low hanging fruit for a reason.
你想要做困难的事情，不是为了困难而困难，而是因为事情越难，竞争就越少。
The reason that you want to do something hard is not for the sake of doing something hard, But the harder something is, the less competition you will have.
亨利理解这一点。
Henry understood this.
所以他正是在这么做。
And so that's what he's doing.
他说亨利正在收购这家公司，杰伊正在和亨利交谈。
It says he's buying this company, this guy Jay is talking to Henry.
他说杰伊曾警告过亨利，开展这种规模的业务会是一笔昂贵的投资，事实确实如此。
He says Jay had warned Henry that starting up an operation of this kind would be an expensive proposition, and it was.
他们从一个空厂房开始，由于这些工艺没有任何现成的商业设备，不得不自己建造几乎所有的生产设备。
Starting with a bare building, they had to build almost all the production equipment themselves since there was nothing commercially available for these processes.
这没问题。
That's fine.
这正是亨利想做的。
That's what Henry wants to do.
所以他走进了会议现场。
So he comes into the meeting.
杰伊在管理公司，但亨利才是公司的所有者。
Jay's running the company, but Henry owns the company.
明白吗？
Okay?
他说，亨利，我跟他说，我已经受够了。
He says, Henry, I said, I have to he says, I've had it.
我不能一直白干活，连一分钱都没有。
I can't keep working without any money.
我必须拿到十万美金。
I've got to have a $100,000.
这反映了特莱德恩公司早期，他在财务上非常节俭。
So this ties into the fact in the early days of Teledyne, he's really stingy with his purse strings.
他必须如此。
He has to be.
他必须好好管理资源，因为那些不这么做公司，尤其是在初创阶段，根本无法生存。
He has to be a good steward of resources, because the companies that don't do this, especially at the beginning, they don't survive.
如果他们不这么做，就不可能成长为成功的企业。
They don't survive into being successful companies if they don't.
他说，杰伊，我现在给你开一张六万美元的支票，这太疯狂了，简直疯了。
It says, Jay, I'm giving you a check for $60,000 now this is a crazy, now this is insane.
想想现在正在发生的事，基于亨利即将告诉我们的内容。
Think about what's happening right now based on what Henry's about to tell us.
杰，我给你一张六万美元的支票，而不是十万，因为整个该死的公司就只有这么多钱。
Jay, I'm giving you a check for $60,000 instead of $100,000 because that's all the money there is in this whole damn company.
很少有人知道，在早期阶段，情况是多么岌岌可危。
There are not too many people who knew just how touch and touch and go it was in the early days.
好的，在这一部分，乔治将为我们概述他认为亨利的三个伟大构想，这与威廉·索恩代克给我们的概述非常相似。
Okay, and in this part, this is where George is going to tell us an overview of what he feels were Henry's three great ideas, very similar to the overview that William Thorndyke was giving us.
他说：我想强调的是，亨利在创建和壮大泰利丹公司时提出了三个伟大的构想。
And he says: What I would like to emphasize here is that Henry had three great ideas in creating and growing Teledyne.
他的第一个构想是在数字半导体电子技术尚处于萌芽阶段时，就预见了它未来的重大意义，并通过有针对性的收购，在这一快速增长的领域建立起坚实基础，从而实现公司多元化。
His first was to recognize the future importance of digital semiconductor electronics when this technology was in its infancy, and by selective acquisitions, create a strong base in this growing field of which to diversify his company.
好的，所以就是这样。
Okay, so bing.
在一个蓬勃发展的行业中创业，远比在一个衰退的行业中创业容易得多。
It's a lot easier to start a company in a growing industry than it is in one that's decaying.
对吧？
Right?
第二个是收购并整合公司内部的一系列金融公司，以建立强大的财务基础。
The second was to acquire and organize a selection of financial companies within his company to provide the strong financial base.
阿尔弗雷德·斯特罗赫恩——抱歉，是阿尔弗雷德·斯隆——在那本书中明确告诉读者这一点，而亨利读过这本书。
That's something Alfred Strohnen Alfred Sloan, excuse me, in that book explicitly told the reader, and Henry read it.
就像，好吧。
It's like, okay.
听起来是个好主意。
Sounds like a good idea.
我会这么做的。
I'll do that.
第三个是他创新性地运用股票回购来进一步强化公司并提升股东价值。
Third was his innovative use of stock buybacks to further strengthen the corporation and enhance shareholder value.
在思考和延续亨利·西门顿成就的故事时，这三件事都同样重要，值得铭记。
These three things are all equally important to remember in considering and continuing the story of Henry Singleton's accomplishments.
亨利从运营的第一年就开始实施通过收购实现增长的计划。
Henry initiated his plan of growth through acquisition from that very first year of operation.
这一部分主要是让我们更深入地了解亨利·西蒙森这个人。
And this section is just more of us understanding Henry Singleton, the person.
我给自己留的笔记是：我们今天学习的正是这样一类人。
And the note I left myself is this is the kind of person that we're learning from today.
亨利培养出了不看棋盘就能下棋的本领。
Henry had developed the talent of being able to play chess without seeing the board.
有一个故事说，亨利背对着棋盘下棋，特克告诉他每一步怎么走。
One story relates that Henry was playing chess his back turned to the board, and Tech was telling him what moves he made.
突然间，在对局中，亨利说：‘特克，你三步前告诉我的是错的一步。’
Suddenly, during the match, Henry said, Tech, you told me the wrong move three moves back.
好吧，这就是亨利的目标，同时提醒我们：实现目标没有唯一正确的方式。
Alright, so this is Henry's goal, and then a reminder that there's no one right way to accomplish your goal.
有人问他：‘你是在试图再造一个利滕吗？’
He was asked, Are you trying to create another Litten?
意思是利滕工业。
Meaning Litten Industries.
绝对不是，亨利回答道。
Hell no, Henry replied.
我想要打造另一个通用电气。
I'm trying to create another GE.
这解释了为什么亨利选择收购的公司逐渐变得越来越多元化。
Which explains why Henry's choices of companies to acquire gradually became more and more diverse.
所以他非常支持多元化。
So he's a huge proponent of diversification.
如果你还记得，我说过，我是在发现巴菲特之后才发现西蒙森的，当时我意识到，天哪。
If you remember, I said since I discovered Singleton after I discovered Buffett, the ideas of the two people, I I realized, oh my god.
所有这些我以为是巴菲特的观念，实际上最早都是来自西蒙森的。
All these ideas I thought were Buffett were actually came first came from Singleton.
我称他为‘原型巴菲特’。
I called him the proto Buffett.
他们都会推迟。
They they defer.
从某种意义上说，他们是在打造类似的企业，尤其是如果你关注他们大部分时间都花在资本配置上的话。
They're in a sense, like, they're building similar companies, and especially if you focus on like they both spend the majority of time on capital allocation.
但巴菲特并不太推崇多元化。
But Buffett's not really big on diversification.
亨利却很推崇。
Henry is.
所以again，在复杂环境中，并不存在唯一正确的做法。
So again, like in complex environments, there's not just one right way.
所以Teledyne——这是亨利用隐喻来描述自己的公司，我认为这对于我们理解这里发生的事情非常有帮助。
So is Teledyne this is Henry describing his own company through a metaphor, which I think is really helpful for understanding what's what's going on here.
Teledyne就像一棵活生生的植物。
Teledyne is like a living plant.
我们的公司就像不同的枝干，各自不断长出新的枝条，茁壮成长，使得没有任何一项业务占据过重的比重。
With our companies, the different branches with the companies as different branches and each putting out new branches and growing so that no one business is too significant.
对他来说，多元化是一种防范灾难的保险。
To him, diversification was an insurance against catastrophe.
哦，我想指出我们的好朋友克劳德·香农所起的作用。
Oh, I just want to point out the role that our good friend Claude Shannon played.
如果你还没听过我关于克劳德·香农的两期播客，它们是第92期和第95期。
If you haven't listened to the two podcasts I did on Claude Shannon, they're founders number 92 and number 95.
克劳德·香农是亨利在麻省理工学院时期的好友，并且多年担任公司董事。
Claude Shannon was a good friend of Harry's from Henry's from his day at MIT and was a director of the company for many years.
我想他担任董事长达二十七年，如果我没记错的话。
I think he was on the board for twenty seven years, if I'm not mistaken.
二十多年吧。
Twenty twenty twenty something years.
他还帮助亨利评估了泰利丹许多重要的收购项目，发挥了重要作用。
He also played a valuable part in helping Henry evaluate many of Teledyne's important acquisitions.
我认为这部分很重要，因为你需要一些背景信息，才能理解推动泰利丹成长的历史事件。
I think this this part was important because you get some you need some background information to help understand the historical events that helped Teledyne grow.
所以我想谈谈这一点。
And so I just wanna talk about this.
作为泰莱达因收购时期的背景，思考20世纪60年代发生了什么是很有趣的。
As a background of Teledyne's acquisition period, it is interesting to consider what was happening in that decade of the 1960s.
在第二次世界大战期间及战后，出现了各种令人惊叹的新事物。
During and after the end of World War II, there were all sorts of this is so cool so interesting.
出现了各种新兴技术、新理念、新市场和战前从未有过的新机遇。
There were all sorts of emerging new technologies, new ideas, new markets, and new opportunities that hadn't existed before the war.
在战争期间，许多小型新公司有机会进入市场，为战争需求提供多样化的商品，许多公司因此取得了巨大成功。
There were many opportunities for small new companies to go into business during the war to provide the diverse products needed for the war effort, and many did so very successfully.
此外，战争结束后，许多退伍军人通过《退伍军人权利法案》获得了在国家最负盛名的大学和学校接受免费教育的机会。
In addition to this, many veterans came out of military service at the war's end, and through the GI Bill, had an opportunity to get tuition free educations at some of the most prestigious universities and schools in the country.
那么，这为什么重要呢？
Now why is that important?
因为这些人战后所做的事情。
Because of what these people did after that.
他们学到了原本可能永远没有机会接触的技术。
They learned technologies they might never have had the opportunity to learn otherwise.
他们学习了物理学、化学和数学等基础科学技能，以及电子学、冶金学（即对金属的研究，这也是作者的背景）、地球物理学、海洋学等专业领域。
They studied basic science skills such as physics, chemistry, and mathematics, and also specialized technologies such as electronics, metallurgy, which is like the, I guess the study of metals, this is what the author had a background in, Geophysics, oceanography, and others.
顺便说一句，我刚才那个词的发音是正确的。
And there's no way, by the way, I pronounced that word correctly.
一些男性和女性利用他们的知识创办了公司，往往资金极其有限，靠的是自己的积蓄。
And some of these men and women used their knowledge to start companies, often on just a shoestring, with their own money.
到了1960年代，许多这类公司已经发展成熟，成为稳定的企业，而它们的创始人也准备退出管理，去追求人生其他目标。
By the 1960s, many of these companies had matured into established portfolio companies, and many of their owners were ready to relinquish control and do other things with their lives.
这不就为亨利收购他们创造了条件吗？
That sets up Henry to buy them, right?
这时，像泰利丹这样的公司出现了，它市盈率高、增长迅速，并有意收购这些企业。
Then along came a company such as Teledyne with a high PE ratio that was growing rapidly and was interested in acquiring them.
这对这些人来说是个绝佳的机会，泰利丹收购的许多公司都是这种家族企业。
It was a wonderful opportunity for these people, many of the companies that Teledyne acquired were this type of family owned company.
因此，一旦他收购了这些公司，你就会看到他对此的看法与巴菲特非常相似。
And so once he bought these companies, you're gonna see very similar to to Buffett's view on this.
这是亨利关于人才和管理的观点。
This is Henry on talent and management.
他也很关注这些老板和经理们的管理才能。
He was also very interested in the managerial talents of these owner and managers.
只要可能，亨利都希望这些人继续留在泰莱达因公司，担任自己业务的管理者，因为他们最了解自己的领域、市场和生产技术。
Whenever possible, Henry wanted these people stay on with Teledyne as managers of their own operations, since they were most knowledgeable about their fields, their markets, and their production technologies.
这是亨利在20世纪60年代末《福布斯》杂志一篇文章中的原话。
This is a quote from Henry in a Forbes Magazine article at the end of the 1960s.
我们有一个叫做‘管理人才储备’的体系。
We have what is called management inventory.
我们竭尽全力提升自己识别和提拔合适人才的能力。
We work our heads off to increase our own capability at collecting and promoting the right people.
我们越成功，整个公司就越能成功。
To the extent we succeed, the whole company will succeed.
我们加大对那些表现突出的人的投资。
We increase our bets on the men who seem to be performers.
我们试图让所有员工不再在Teledyne内部相互竞争，而是放眼外部，意识到真正的竞争对手是美国其他大型企业。
We try to get all of our people, instead of competing amongst each other with IntelliDyne, to look outside and see that the real competitors are all the other large corporations in The US.
我们的目标是让我们的盈利增速超过他们。
Our objective is to increase our rate of earnings faster than they do.
这非常有趣。
It is a lot of fun.
因此，我们将这视为一场竞争游戏。
As a result, we visualize this as a competitive game.
亨利的一个特点是，他不喜欢浪费时间或金钱。
One trait about Henry is he did not like to waste time or money.
这是一个例子。
This is an example.
这是亨利收购其公司的一位人士，回顾他与亨利互动时的经历。
This is a person that Henry's buying his company, reflecting on that what that was like in his interaction with Henry.
他说，我们第一次会面时间很短，但彼此都坦诚相待，这成为了我们持久关系的基础。
And he says, our first meeting was brief, but it was one in which each of us spoke with complete candor and that became the basis for our lasting relationship.
我们所有的会面都很短暂，但都非常有效。
All of our meetings were short, but they were effective.
后来，他说，当我需要解散我的原始公司时，我问亨利是否应该把这项任务交给他的法律团队。
Later on, he says, When it came to time to dissolve my original corporation, I asked Henry if we should turn the task to his legal people.
哦，他说，我们可以自己解决。
Oh, he said, we could dissolve it ourselves.
我觉得这句话很奇怪，但我还是去做了所有研究并拿到了必要的表格。
I thought that was a strange statement, but I proceeded to do all the research and obtain the necessary forms.
我们很快完成了这项任务，总费用仅为37美元。这给我上了一堂有益的课：在运营中，有很多方法可以减少不必要的法律费用和其他开支。
We accomplished the task very quickly, and at a total cost of $37 That taught me a constructive lesson: that there are many ways to eliminate excessive legal fees and other costs for that matter in running our operation.
在亨利领导我的十八年里，遇到许多情况时，我都从未忘记这堂课。
I never forgot that lesson in many circumstances that occurred during my eighteen years under Henry's leadership.
通常，你需要的比你想象的要少。
Usually you need less than you think.
因此，在他收购大量公司的这段时间里，他的策略几乎产生了一种奇特的飞轮效应。
So during this period where he's acquiring a lot of companies, it's almost like his strategy produces this weird flywheel effect.
他说，Teledyne公司实际上是如何像一棵分支树一样扩张的，正如亨利所说，每一项新技术都为进入其他相关技术铺平了道路，进而又延伸到更多领域。
He says it's quite interesting how Teledyne's actually how Teledyne actually did expand like a branching tree, as Henry had said, with each new technology opening the way into other related technologies, and still into others.
在许多情况下，当各子公司管理者发现相关领域的机遇时，他们会主动推荐收购其他合适的公司。
In many cases, when managers of the individual companies saw opportunities in related fields, they themselves recommended acquisitions of other suitable companies.
所以他不断收购更多公司，而这些公司又向他提供其他潜在的收购目标。
So he buys more companies and more companies owns, they inform him about other companies that could be potential acquisitions.
他有一个理念，我们从香蕉大王萨缪尔·扎穆里身上看到了：只要你彻底了解自己的业务，就没有解决不了的问题。
And he had this idea, we saw this with the Banana King, Samuel Zamuri, you know your business from A to Z, there's no problem you can't solve.
我认为，如果亨利知道这句话，他很可能会同意。
I think if Henry had known that quote, he'd probably agree with it.
他会收购一家公司，然后比如说，如果这家公司需要某些原材料或零部件，当他更深入了解这家被收购公司后，他就会收购其供应商，就这样一步步向产业链上游推进，你明白吗？
He would buy like, he'd buy one company, and then let's say there was material components that that company needed, like as he learned more about the company that they bought from other people, he'd buy that company and just keep moving further down the stack closer to the source, if that makes sense.
需要了解的是，亨利天生就具有进攻性。
And something to know about this is, like, Henry is default aggressive.
这就是一个例子。
So this is an example of that.
这标志着Teledyne进入高科技金属行业，Vasco成为当年Teledyne收购的二十多家金属行业公司之一。
This marked Teledyne's entry into the high-tech metals business, and Vasco became one of more than 20 companies in the metal industry that were acquired by Teledyne in that year alone.
Vasco是Roberts经营的公司，他就是通过这家公司进入Teledyne的。
Vasco is the company that Roberts is running, and that's how he gets into Teledyne.
人们经常问，亨利拥有深厚的电子专业知识，并专注于基于数字半导体的系统技术，为何会决定将公司扩展到特种金属行业。
It is often asked it's often been asked why Henry, with his deep electronic expertise and focused interest in digital semiconductor based systems technology, would decide to expand his company into the specialty metals industry.
这个行业里，人们喜欢按盎司购买东西，或者收购那些按盎司而非磅销售产品的公司。
This is the industry where they say they like to buy things by the ounce, or buy companies that sell things by the ounce, not the pound.
这就是了。
That's this.
他提到的一个原因是，化学、物理和冶金学的专业知识对于理解和开发先进电子控制系统所需的半导体元件至关重要。
One reason he said was that the expertise in chemistry, physics, and metallurgy were all vital to the understanding and development of the semiconductor components needed for advanced electronic control systems.
你看到他在做什么了吗？
See what he's doing there?
他收购的是那些生产他所擅长的电子控制系统所需材料或组件的公司。
He's buying the companies that make the the material or the components that are needed for what what he has expertise in, electronic control systems.
他正在向产业链下游延伸。
He's moving his way down the stack.
我从亨利身上学到的另一件事，我想应用到自己的生活中。
Another thing I learned from Henry that I want to apply to my own life.
他说，我问自己，亨利知道在哪里能创造最大的价值，并专注于那里。
He said the note I asked myself, Henry knew where he could create the most value and focus on that.
你也在这么做吗？
Are you doing the same?
这是问我自己的问题，但也很可能是你值得问自己的问题。
That's a question to myself, but it could easily be something something you might want to ask yourself.
比如，你专注吗？
Like, are you focused?
比如，你把时间花在了哪里？
Like where do you spend your time?
这是你创造最大价值的地方吗？
Is it where you create the most value?
是你拥有独特技能的地方吗？
Where you're like you have your, whatever your unique skill sets might be?
很多时候你会发现，我们最擅长的事情、最能创造价值的地方，却并没有投入最多时间。
A lot of times you'll find out like what we're best at and where we create the most value is we're not actually dedicating the most time to it.
这非常常见，我可以说，是一种奇怪的现象。
It's a very, I would say, common and bizarre occurrence.
所以他说，亨利意识到自己最擅长什么。
So he says, Henry realizing what he's going to be best at.
这里罗伯茨将开始负责运营，而亨利则专注于资本配置。
This is where Roberts is going start running the operations, and Henry's going focus on capital allocation.
亨利花了数小时研究股票和债券市场，渴望拥有足够的资金和机会来追求自己一生的兴趣。
Henry spent hours studying stock and bond markets and was anxious to have both the funds and opportunity to pursue his life interest.
有趣的是‘一生的兴趣’这个词。
Interesting word, life interest.
但他一开始做不到，必须等到后来才行。
But he went, couldn't do that at the beginning, has to do that later on.
他们创业时只有450美元。
Doesn't have the they started the company $450.
这做不到。
Can't do that.
他得等到拥有许多公司、大量资金流入之后才行。
He's gotta wait till he's got actually a lot of companies, a lot of capital rolling in.
所以，先做最重要的事。
So first things first.
我给他看了一封来自他们旗下一家公司的信，信中说：嘿，我能帮忙做这件事吗？
I showed so he gets a letter from one of their companies saying, hey, can I help with this?
我想参与投资选择的决策。
I wanna, like, have input on selecting investments.
亨利说：不行。
And Henry's like, No.
我把这封信给亨利看了。
I showed this letter to Henry.
他迅速告诉我，他想掌控股东资金的投资决策。
He quickly told me that he wanted to control the investing of the stockholders' money.
他这么做了，而且没人干涉。
He did so and no one interfered.
甚至连后来带着数百万美元加入我们的保险公司负责人也没有干涉。
Not even the heads of the insurance companies who later joined us with their copious millions of dollars for investment.
他就是这么做的。
This is how he did it.
他让家里的Apple II和Apple III电脑持续运转，建立数据库，并在管理中不断使用这些工具。
He kept his Apple II and Apple III computers busy at his home, building his database and used those tools incessantly in his management methods.
我们也在克劳德·香农身上看到了这一点。
We saw this with Claude Shannon too.
他是最早将个人电脑用于商业、财务和技术目的的先驱之一。
He was a very early pioneer in using personal computers for business, financial, and technical purposes.
和大多数工程师一样，他非常喜欢苹果的理念，随后加入了亚瑟·洛克的苹果董事会。
As most engineers did, he loved the Apple concept and subsequently joined Arthur Rock on Apple's board.
他不仅热爱苹果电脑，早在六十年代，他就从事着如今非常流行的一项工作。
Not only did he love Apple computers, but back in the sixties, he's working at what's something which is very popular now.
他使用的是站立式办公桌。
He had a stand up desk.
即使在当时，他就已经意识到久坐生活方式的危害。
He knew the detriment, even back then, to a sedentary lifestyle.
于是，他把他的Apple II和Apple III电脑放在一张桌子上，站着工作。
So he put his Apple II and his Apple III computers on top of a desk and he stood while he worked.
我读过的最喜爱的短文之一，是名叫德里克·西弗斯的人写的，我认为这篇文章叫《没有速度限制》。
One of my favorite brief essays I've ever read were by this guy named Derek Sivers, and I think it's called There Is No Speed Limit.
它提醒我们，我们可以走得有多快，没有人会阻止我们快速前进。
It's a reminder that we can move as fast, no one's gonna stop us from moving quickly.
事情通常比你想象的要快得多，至少比你现在所设定的速度要快，这一点我们已经看到了。
And things can usually move faster than you think they could, or at least the speed that you have them going now, and we see this.
在公司成立的前六年里，销售额从440万美元增长到2.56亿美元，净利润从5.8万美元提升至1200万美元，这非常惊人。
In the company's first six years, sales had gone from $4,400,000 to $256,000,000 Net income from $58,000 to $12,000,000 is remarkable.
杰夫·贝佐斯有一个著名的理念，即组织内的团队规模不应超过所谓的‘两个披萨团队’。
Jeff Bezos has his famous idea about not having any teams within your organization bigger than, they're called two pizza teams essentially.
意思是，如果一个团队用两个披萨都喂不饱，那这个团队就太大了。
That if you have teams that can't be fed by ordering two pizzas, group is too big.
西尔弗顿也有他自己版本的‘两个披萨团队’理念。
Singleton had his own version of two pizza teams.
他说：‘我们的观点是，较小的单位能让管理层更好地掌控，并让当地经理对其运营的成功负全责，从而激励他们表现出色。’
He says, Our contention was that smaller units gave management better control and made the local manager fully responsible for the success of their own operations and motivated them to perform well.
我们坚持让运营单位保持小型化，每个单位对其自身成功负责，这一政策贯穿整个公司。
Our policy of keeping our operating units small, each responsible for its own success, is something we follow throughout the corporation.
还有一件事，你知道，亨利也犯过一些错误。
Another thing, you know, Henry had some misses.
他显然犯过一些失误，但聪明的是，他会果断止损，然后继续前进。
He obviously made some mistakes, but the intelligent thing that he would do is like, he would just cut his losses and move on.
他非常清楚机会成本，有些人却执着于等待情况好转，而实际上，最好还是转向更好的机会。
He was very aware of opportunity costs where some people hold on to like, you know, hoping things turn around, which is probably better to move on to better opportunities.
所以文中提到，在一个案例中，他们拥有一家名为Packard Bell的公司，写道：尽管我们在墨西哥开设了低成本生产基地，但来自日本电视制造商的竞争依然变得过于激烈。
So it says, in one case, they they own this company called Packard Bell, it says, Eventually competition from Japanese television manufacturers, even though we had opened a low cost production facility in Mexico, became too severe.
亨利从不犹豫于止损，我们直接退出了这项业务，关闭了电视业务。
Henry was never shy about cutting his losses, and we simply got out of that business and closed the television operation.
我认为这是一个明智的决定，因为通常这些被提及的广泛经济趋势几乎永远不会逆转。
And I think that's a smart move, because usually these broad economic trends that they're talking about here are almost never reversed.
即使它们逆转了，也永远不会快到足以挽回你的损失。
And if they are reversed, they're not reversed in a soon enough time.
首先，这些趋势几乎永远不会逆转；即使逆转了，也绝不会快到让你的时间和资金能被重新分配到其他地方。
Well first of all, they're probably almost never reversed, but even if they are reversed, they're certainly not reversed in a quick enough time that your time and money couldn't be spent and allocated elsewhere.
所以在这种情况下，日本人打得你毫无还手之力，那就赶紧撤吧。
So in this case, Japanese are kicking your ass, like, move on.
这正是我们在做关于盛田昭夫的播客时，看到的部分导致索尼成为如此强大公司的原因。
It's just not in that trend we saw I mean, did part of part of what led Sony to be such a formidable company when I did the podcast on Akio Morito.
他正顺应这一趋势。
He's riding that trend.
他站在了这笔交易的另一方。
He's on the other side of that transaction.
亨利站在了你不想站的那方。
Henry's on the side of the transaction you didn't want to be.
他就像说：我撤了。
He's like, I'm out of here.
我不干了。
I'm not doing this.
好的。
Okay.
现在我们到了他们停止收购公司的阶段。
Now we got to the point where this is they stopped acquiring companies.
这就是原因。
This is why.
这些公司正面临来自像我们一样扩张的多元化企业的激烈竞争。
Increasing competition for these companies by conglomerates who were growing the way we were.
所以我会列出一大堆例子，好吧？
So those are gonna be I'm gonna list a bunch of them, okay?
这就是原因。
So this is why.
到1969年，亨利和我决定，我们可能感兴趣的其他公司的价格变得太高了。
So by 1969, Henry and I decided the prices of other companies we might be interested were getting too high.
这部分是因为像我们一样扩张的多元化企业对这些公司日益加剧的竞争。
This is partly due to increasing competition for these companies by conglomerates who were growing the way we were.
许多优质公司已经被从可选目标中收购，真正吸引我们的公司已经寥寥无几。
Many of the better companies had already been acquired from those available, and there were very few companies that were really attractive to us.
那些他们想收购的公司开始要价超出了我们认为合理的范围。
Companies that they wanted to acquire began asking more than we thought was reasonable.
当时还出现了商业衰退，每股收益增长放缓，股市低迷，而我们已经收购了150家公司。
There was also a business recession that was occurring at the time, and growth in earnings per share was declining, and the stock market was depressed, and we had already acquired 150 companies.
亨利和我决定是时候整理并整合我们已有的资产了。
Henry and I decided it was time to organize and consolidate what we already had.
这是他职业生涯的第二阶段，也就是威廉·索尔德克在开头所描述的转型。
This is the second part of his career, his pivot that William Thorndyke was describing at the beginning.
这是150家公司，我总是看到130家。
This is 150 companies, I always read 130.
我不知道哪个数字才是对的。
I don't know what was right.
但无论如何，他们收购了大量公司。
But in any case, they bought a lot of companies.
我猜乔治知道他们收购了多少家公司，但我之前看到的所有信息都是130家。
I assume George knows how many companies they bought, but all the information I saw before that was a 130.
好的。
Okay.
这非常重要。
This is super important.
好的。
Okay.
所以我想，好吧。
So I guess okay.
这是我读这部分之前给自己留的笔记。
Here's a note I left for myself before I read this part.
这是亨利的第二阶段，他转向保险和金融领域。
This is where Henry, his second act, where he diversifies into insurance and finance.
明白吗？
Okay?
这一部分的标题是‘亨利·西蒙森的第二大目标’。
The section is called Henry Singleton's Second Great Purpose.
这部分之所以重要，我在读给你听之前先告诉你，是因为《穷查理宝典》里有一句引语，我始终没有忘记。
The reason this is important, I'm going to tell you before I read this section to you, is because there's a quote that's in Poor Charlie's Almanac that I never forgot.
因为你知道，沃伦·巴菲特和查理·芒格自称是传记迷。
Because, you know, Warren Buffett and Charlie Almanac, Charlie Munger, they refer to themselves as biography nuts.
对吧？
Right?
他们是历史的狂热学习者。
They're huge students of history.
在《穷查理宝典》中提到，一本30美元的历史书里藏着价值数十亿美元的智慧。
And in Poor Charlie's Almanac it says, there are ideas worth billions in a $30 history book.
明白吗？
Okay?
关于西尔弗曼，我接下来要读给你的内容，恰恰真实地体现了这一点。
This is literally true with Singleton, what I'm about to read to you.
这也是为什么我认为，我现在正在阅读和分析的这本书，并不适合所有人。
And this is also why I don't think this book that I'm going through right now and analyzing is not for everybody.
明白吗？
Okay?
第一，如果你对这个感兴趣，显然，如果你喜欢我做的播客，这就说明了——哇，这很有趣，通常背后还有更多有趣的东西，对吧？
One, if you're interested in it, and obviously, if you like the podcast I do, it's a good indication, oh wow, that's interesting, there's usually more interesting things, right?
因为我无法把书里的所有内容都告诉你，那是不可能的。
Because I can't you everything that's in the book, it'd be impossible.
这些书需要花上好几个小时才能读完。
These books take hours and hours to read.
但我想说的是，当我考虑该把这本书推荐给谁时。
But what I would say is like when I thought about like, who could I recommend this book to?
如果你现在正在经营一家公司，那毫无疑问。
Like, if you're already running a company right now, no brainer.
如果你是一个分析公司并以此赚钱的投资者，那也毫无疑问。
If you're an investor that analyzes companies and that's how you make your money, no brainer.
我这么说的原因是，首先，我不把书看作成本，而是看作投资。
The reason I say this is because, like, one, I don't look at books as cost, I look at them as investments.
明白吗？
Okay?
现在这本30美元的书，其实并不只值30美元。
Now this $30, this book is not $30.
你可能会为它支付200美元。
You might pay $200 for it.
我们研究的这些人，他们的核心能力是控制下行风险，同时让上行空间无限。
My whole thing is like, well, okay, The people we study, they're masters at capping their downside and leaving their upside unlimited.
对吧？
Right?
我们分析过的几乎所有创始人都是这样做的。
Almost every single founder we've analyzed does that.
所以在这个情况下，我会说，是的，如果我觉得有个好点子，花100美元和大约十五个小时读这本书，那如果读完后没找到任何好点子，我会损失什么？
And so in this case, like, would I yeah, I'm gonna invent if I think there's a good idea, and it's gonna cost me $100 and maybe fifteen hours to read the book, I lose what happens if I read the book and I don't find any good ideas?
我会损失100美元和十五个小时。
I'm out $100 in fifteen hours.
但我可能找到一个像亨利即将在这本书中发现的点子，这个点子能让我获得两万倍的投资回报，不管具体数字是多少——在你整个职业生涯中，这会多得多，比如这个点子让亨利或他的股东赚了数十亿美元。
But I could find an idea, like Henry is about to find here in one of these books, that literally will make me 20,000 x return on that investment, whatever the number is, like, over the life of your career a lot more like, this idea made Henry billions or his shareholders billions.
我不确定他个人是否真的赚了数十亿美元。
I don't know if he actually made billions personally.
但我只是觉得，这就是我看待问题的方式。
But I just think this is like that's just the way I look at it.
所以我一直说，这让我想起塞斯·戈丁的那句老话：一本书是物超所值，简直是超值的 bargain。
And that's why I always say, like I think it's the old Seth Godin quote, like a book is a bargain, it's a screaming bargain.
花20美元，你就可能找到一个改变人生的想法。
Like for $20 you could find an idea that changes your life.
我相信这句话是正确的。
Like I believe that statement to be true.
而我们在这里正看到亨利在亲身证明这一点。
And we're seeing Henry demonstrate this here.
让我读一段给你听。
So let me read this section to you.
亨利曾多次跟我谈起通用汽车公司前董事长写的那本书。
Henry talked to me on several occasions about the book by the former chairman of General Motors Corporation.
他告诉我，他从那本书中学到了一个非常重要的概念，并希望将其应用于泰利丹公司的成长。
He told me he had learned a very important concept from that book, which he wished to use in the growth of Teledyne.
他解释说，大约在1921年或1922年，第一次世界大战结束后，正值经济困难或衰退时期，通用汽车公司需要额外资金来支持扩张，于是计划向公众发行债券。
He explained that in about 1921 or 1922, after World War I and during a very difficult economic time or recession, General Motors had needed additional funds to finance their growth and had a plan to sell bonds to the general public.
这次债券发行彻底失败了，那位董事长在书中写道，这给他上了一堂重要的课。
The bond sale was a complete failure and the chairman had written in his book that it had taught him an important lesson.
这堂课是：企业要实现增长并拥有坚实的财务基础，就必须在自身内部培养对重要金融机构的重视。
It was that for a corporation to grow and to have a strong financial base, it needed to have, as part of itself, an interest in substantial financially oriented institutions.
因此，通用汽车公司成立了通用汽车承兑公司，并投资了其他金融集团。
So General Motors had started the General Motors Acceptance Corporation and invested in other financial groups.
由于他对这一理念的认同，亨利决定，当泰德奈公司发展到一定规模时，他会寻找可以收购的金融机构。
As a result of his interest in this idea, Henry had decided that at some point when Teledyne had reached a certain size, he would seek out financial organizations we could acquire.
所以在我们收购期接近尾声时，我们确实朝这个方向行动了一段时间，之后才停止了。
So near the very end of our acquisition period, we did go in that direction before we stopped.
有趣的是，他把这个想法记在心里多久了？
It's interesting that he kept that idea in his mind for how long?
差不多十年吧？
Almost a decade maybe?
并没有明确说明他是什么时候读的这本书，但听起来像是很久以前的事了。
Doesn't say exactly when he read the book, but it sounds like it was a long time ago.
所以在收购期快结束时，我们确实朝这个方向做了些努力，然后最终停止了。
So near the very end of our acquisition period, we did that in direction, okay, before we finally stopped.
我们开始收购多家金融和保险公司，这与我们通常收购的航空航天、金属、工业和消费品公司大不相同。
We began acquiring a number of financial and insurance companies, which is a significant change from our usual aerospace, metals, industrial, and consumer company acquisitions.
好，接下来是亨利解释他这么做的原因。
Okay, so here's Henry explaining why.
也就是说，他为什么要做这些事？
Like, why is he doing what he's doing?
我们刚刚弄清楚了他这个想法的来源，以及通用汽车董事长为什么认为这是个好主意。
We just found out where he got the idea and why the chairman of General Motors thought it was a good idea.
亨利为什么要做这些事？
Why is Henry doing what he's doing?
他说，有人问过亨利，为什么要做保险业务？
He's saying, Henry was asked the question, why the insurance business?
他的回答是，一个组织的健康必须通过其资本资源的增长来加强。
His answer was that the health of an organization has to be strengthened by growth of its capital resources.
他说，我们不会向他们借钱，但如果你拥有这些资源，这才是关键。
We wouldn't borrow money from them, he said, but if you own the resources, that's what counts.
我们现在净资产为1.5亿美元，如果我们有6亿美元，就会是一家完全不同的公司，而如果我们想要增长，就必须如此。
We now have a net worth of $150,000,000 If we had 600,000,000 we'd be quite a different company, and we need to be if we're going to grow.
保险对我们有吸引力，因为它为我们持续增长提供了稳定且不断增长的基础。
Insurance appeals to us because of the stable, growing base it gives us to continue our growths.
我们的任何一家保险公司都不足以对我们造成伤害，而且由于它们的资产不包括大量被高估的普通股，哦，看看这个词。
None of our insurance companies is large enough to hurt us, and since their assets don't include big portfolios of inflated common stock, their oh, look at this word.
它们的下行风险极小。
Their downside risk is minimal.
保险是一个数字的行业。
Insurance is a business of numbers.
记住，我们这里谈论的是一个天赋异禀的数学家，对吧？
Remember, he's a gifted mathematician we're talking about here, right?
保险是一个基于数字的行业，所有数据都由精算师精心计算。
Insurance is a business of numbers, all carefully calculated by actuaries.
你可以相当准确地预测出可计算的结果。
There is a calculable result that you can pretty nearly forecast.
这些数字可以预期会上升，也许增速不会那么快，但终究会上升。
They can be counted on to go up, maybe up not so fast, but up nonetheless.
如果一家公司要以我们期望的速度持续增长，它就必须在过程中做一些新的事情。
If a company is going to keep on growing at the rate we want to grow, it has to do some new things along the way.
我们现在所做的，是提供一个更稳定的基石，以支持四五年后的增长。
What we're doing now is providing the more stable base that will enable us to produce the growth four or five years from now.
于是，现在乔治正在阐述这一点。
And so now here's George expounding on that.
他说：到1970年，我们开始了第二个十年。
Says, By 1970, we began our second decade.
我们已经停止了对公司直接收购。
We had stopped our direct acquisition of companies.
我们决定，与其支付高价完全收购公司，不如在市场行情有利时，通过我们的保险公司购买这些公司相当比例的股份。
We decided there was no point in paying inflated prices for complete ownership of companies when we could buy a substantial interest in them through our insurance companies when the market prices were favorable.
这句话在巴菲特致股东的信中随处可见。
This statement right there is all over Buffett's shareholder letters.
他经常提到这一点。
He talks about that constantly.
当你收购一家公司全部股权时，如果条件有利，他也会买，但大多数情况下，全盘收购意味着你支付了过高的价格。
When you buy the whole company, he's gonna buy a company if it's favorable, but most times when you're buying the whole thing, you're paying inflated prices.
所以他觉得，我就直接买股票好了。
So he's like, I'm just gonna buy the stock.
对吧？
Right?
接着说。
Continues.
这是亨利1978年在《福布斯》杂志上的一篇文章。
This is Henry 1978 in a Forbes Magazine article.
亨利曾就这一理念被引用过。
Henry was quoted about his philosophy in regard to this.
我马上要读给你听，但我在这页边空白处潦草写的笔记里，只写了巴菲特的名字。
I'm about to read this to you, but the notes I scribbled in the in the margins here just put Buffett.
这是我写下的词。
That's the word I put.
因为他们在这一问题上完全志同道合。
Because this is gonna they are of like minds on this issue 100% here.
明白吗？
Okay?
这里现在是亨利在说话。
There are tremendous this is Henry speaking now.
股票市场中存在巨大的价值，但这种价值体现在购买股票，而不是整个公司。
There are tremendous values in the stock market, but in buying stocks, not entire companies.
收购公司往往会把收购价格推得过高。
Buying companies tends to raise the purchase price too high.
他们的管理层会说：‘如果你不支付，别人也会支付。’
Their management will say, If you don't pay it, someone else will.
他们说得对。
And they're right.
确实有人会支付。
Somebody else does.
我们不需要进行任何重大收购。
We don't have to make any major acquisitions.
我们还有其他事情在忙。
We have other things that we are busy doing.
我们的目标是尽可能获得良好的回报。
The purpose is to make as good a return as we can.
我们没有其他意图。
We don't have any other intentions.
我们并不把它们视为未来的收购目标。
We do not view them as future acquisitions.
买卖公司不是我们的事。
Buying and selling companies is not our bag.
记住，这已经是八到九年了，自从他上一次收购公司以来。
Remember, this is now eight years, eight to nine years after this is the last time he bought a company.
那些人还说，这人满嘴胡话。
Those, and people are like, this guy's full of shit.
书中说，不，不，他这么做是因为他打算接管公司。
In the book it says, no, no, like he's doing this because he's gonna take over the company.
所以亨利在这里回应这一点。
And so Henry's addressing that here.
不相信我的人尽管可以这么想，但他们在未来会像过去对特利丹公司其他事情判断错误一样错下去。
Those who don't believe me are free to do so, but they will be as wrong in the future as they have been about other things concerning Teledyne in the past.
他不会听你的胡言乱语。
He's not going to listen to your nonsense.
无论你是否同意，或者是否相信他说他无意收购这些公司，都无关紧要。
It doesn't matter if you agree or if you don't believe him when he says that he has no intention to acquire all these companies.
他正在说明，我这么做的原因是我收购部分股权能获得比全部收购更好的价格。
He's laying out, this is why I'm doing it, because I can get better prices buying partial ownership than all.
人们却说，哦，好吧，我不信你。
And people are like, oh, okay, well, I don't believe you.
很好。
Okay, good.
那么你现在也会错，就像十年前你错了一样。
Then you're be wrong today just like you were wrong a decade ago.
因为再说一遍，有多少人能实现如此庞大而成功的转型呢？
Because again, it's very How many people have these vast, these gigantic successful pivots?
而且不仅他成功实现了转型，他的转型还非常成功，更别说他在转型之前就已经很成功了。
And not only like he's successfully pivoting, like he's the pivots are successful, but he was successful before the pivot.
他曾经用了十年时间收购公司。
Like he had a decade of buying of acquiring companies.
极其成功。
Fabulously successful.
现在他进入了一个投资股票、然后购买资金的十年。
Now he's going into a decade of investing in stocks, then buying money.
他在那方面很成功。
He was successful with that.
然后他回购了自己的股票。
Then he buys back his own stock.
他在那方面也很成功。
He's successful with that.
接着，他把大部分时间花在优化他收购的公司上，这些公司产生的利润远超以往。
Then he spends a majority of his time optimizing the companies he bought, they're throwing off way more profits.
他正是从这些地方获得大量资金用于投资，此外还有他所拥有的金融机构。
That's where he's getting a lot of the money to invest in, in addition to the financial corporations that he owns.
他在那方面也很成功。
He's successful with that.
这人太厉害了，老兄。
This guy's amazing, man.
好的。
All right.
所以我们说，这是他开始大量买入林登股票的时候，对吧？
So we say so it talks about this is when he starts buying a lot of Lyndon stock, right?
我之前提到过。
I mentioned that earlier.
而且这也是他听到很多类似说法的地方，你知道的，这是公开的，他在做这件事。
And this is also where he's hearing a lot of like, you know, this is public that he's doing this.
所以很多人说，哦，他要 takeover 了。
And so a lot people are like, oh, he's gonna take it over.
他要接管了。
He's gonna take over.
这正是他在回应的问题。
That's what he's addressing.
对吧？
Right?
他说，他非常欣赏他们在利用这些技术机遇方面的能力，尤其是他们在利顿工业上的表现，因此他坚信这将是一个绝佳的投资。
So he says he was so taken with their ability to grow and capitalize on these are my Litton industries, on their latest technological opportunities that he was convinced they would make a great investment.
到1979年，我们已经购入了高达25%的股票。
By 1979, we had bought up to 25% of stock.
投资界和媒体广泛猜测亨利是否会试图收购利顿的控制权。
There was considerable speculation in the investment community and press as to whether Henry would attempt to acquire control of Lytton.
他再次向媒体重申，自己正在运作一个灵活的投资计划，会随时根据经济变化调整持股组合。
He once again reiterated his position to press that he was running a flexible investment program and would quickly adjust to changes in the economy by changing his stock position at any time.
记住，他非常重视拥有选择权，希望保持灵活性。
Remember, he's very big on I to have optionality, I want to maintain flexibility.
如果你拥有了整家公司，就无法保持这种全面的灵活性。
If you own the whole company, you're not maintaining the whole flexibility.
好的，现在我们谈到他们强调自主性，以及他们自己制定的成功指标——即电信回报率。
Okay, so now we get to the point of we see their emphasis on autonomy, and they come up with their own metric of success, which is the teledine return.
我在《创始人94》中稍微提到过这一点。
I talked a little bit about that in Founders '94.
他说，他真的很想让现在这位是乔治。
He says, really wanted this is now George.
我们非常希望我们的公司能够拥有相当大的自主权，这给我们的各个公司总裁带来了巨大的压力。
We really wanted our companies to operate with considerable autonomy, and this placed a tremendous burden on our individual company presidents.
亨利在一次采访中说：我们依赖他们。
Henry said in an interview, We depend on them.
我们必须信任他们。
We have to trust them.
我们的成败取决于他们的表现。
We succeed or fail according to what they do.
这完全符合亨利的坚定信念，即人是商业中最重要的因素，必须给他们机会去做好自己的工作。
This was completely in accord with Henry's strong conviction that people were the most important factor in a business, and they had to be given a chance to do their job.
亨利的原话是：如果他们把工作做好了，为什么要打扰他们呢？
Quote from Henry, why bother them if they're doing their job?
实际上没怎么这么做，现在是乔治在说，我们真的没怎么靠现金流来管理。
Really didn't do a lot of, this is now George talking, we really didn't do a lot of management by cash flow.
我们开发了一项指标，称为Teledyne回报率，它是你的现金回报率和利润的平均值。
We developed a measure that we called the Teledyne return, which was the average of your cash return and your profit.
另一个关于亨利·西蒙森的例子，其实有些事情我之前并不了解，甚至可能根本不知道。
Another example of Henry Singleton, really something I didn't, I don't think I necessarily knew.
我确实在开始撰写这些传记之前完全不知道这些。
I know I definitely didn't know before I started writing all these biographies.
和大多数创始人一样，他们并不认为自己是企业家或创始人、企业主。
Like most founders, they don't think of themselves as entrepreneurs or founders, business owners.
他们把自己看作是教师。
They think of themselves as teachers.
这让我感到惊讶。
That surprised me.
然而，在很多这类书籍中，他们明确表达了这一点。
And yet, in a lot of these books, they explicitly state that.
索尔·普赖斯将自己视为一名教师。
Saul Price thought of himself as a teacher.
亨利·西蒙森，一位老师。
Henry Singleton, a teacher.
沃伦·巴菲特，一位老师。
Warren Buffet, a teacher.
比尔·沃尔什，老师。
Bill Walsh, teacher.
这种情况一再发生。
Like this happens over and over and over again.
史蒂夫·乔布斯说，你必须一遍又一遍地传授你的理念。
Steve Jobs, teach you have to teach your philosophy over and over again.
他说，亨利经常坐在他的角落办公室里，对着他的苹果电脑，谈论他经营公司的哲学以及他所设计的各种财务策略。
He says, quite often, Henry simply talked about his philosophy of running a corporation and the various financial strategies that he came up with as he sat in his corner office each day working at his Apple computer.
他是一位杰出的商业战略家，就像他是一位杰出的象棋战略家一样，他提出了许多富有创意的想法，这些想法有时与当时盛行的大公司管理方法相悖。
He was a brilliant business strategist, just as he was a brilliant chess strategist, and he came up with many creative ideas ideas that were sometimes contrary to the currently accepted methods of managing a large corporation that prevailed in those days.
这是克劳德·香农对此的看法。
Now this is Claude Shannon on this.
他总是试图找出最佳的走法，香农说。
He always tries to work out the best moves, Shannon said.
也许他不喜欢多说话。
And maybe he doesn't like to talk too much.
这指的是他接受的采访非常少，他不喜欢参加各种会议，让我用今天的话来说。
This is a reference that he gave very few interviews and he didn't like, he didn't care about going to conferences and, you know, let me put it in today's terms.
如果亨利·西蒙森还活着，他不会有Twitter账号。
If Henry Singleton was alive, he wouldn't have a Twitter account.
所以他说，他总是试图找出最佳的走法，香农说。
So he says, He always tries to work out the best moves, Shannon said.
也许他不喜欢多说话，因为下棋时，你不会告诉别人你的策略。
And maybe he doesn't like to talk too much because when you are playing a game, you don't tell anyone else what your strategy is.
我之前提到过，我非常尊重乔治·卢卡斯的一点是，他毫不歉疚地投资于自己最相信的东西——也就是他自己。
Now I mentioned earlier something I respect from George Lucas is the fact that he unapologetically invested in what he believed in most, which is himself.
现在我们来到了Teledyne故事的这部分。
Now we've reached the part of the Teledyne story.
标题是：投资自己。
The heading is Investing in Ourselves.
这是一个股票回购时期。
It's a stock buyback period.
但我们直接进入正题。
But we get right into it.
在20世纪70年代初的熊市中，Teledyne的股价下跌了。
During the bear market of the early 1970s, Teledyne stock price fell.
亨利看到了其他人看不到的机会。
Henry saw opportunity where most other company heads saw none.
亨利走进我的办公室，说：乔治，我们要以每股20美元的价格回购股票。
Henry walked into my office and said, George, we're gonna make a bid for our stock at $20 a share.
我说：你真的要这么做吗？
I said, Are you really gonna do this?
我完全震惊了。
I was totally amazed.
他之前从未向我透露过这一点。
He hadn't even hinted about that to me before.
还记得克劳德刚才说的话吗？
Remember what Claude just said?
克劳德说，亨利很冷漠。
Claude says Henry, he was aloof.
亚瑟·洛克形容亨利冷漠、安静。
Arthur Rock described Henry as being aloof, quiet.
克劳德说他就坐在办公室里，一言不发。
Claude said he just sat in his office and shut up.
他没有告诉任何人他打算做什么。
He didn't tell everybody what he was gonna do.
我完全震惊了。
I was totally amazed.
之前从未向我透露过这一点。
Hadn't even hinted about that to me before.
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