BUILDING THE ?BUSINESS
While makingmoney was good, having meaningful work and meaningful relationships was farbetter. To me, meaningful work is being on a mission I becomeengrossedin, andmeaningful relationships are those I have with people I care deeply about andwho care deeply about me.
譯文：賺錢當然好九默，但是擁有有意義的工作和聯系更好牢裳。對于我來說巾钉，有意義的工作就是我在一個任務上投入大量的時間和精力蝌衔，全神貫注；有意義的聯系是我和他人深度關聯，彼此關心。
Engrossed==全神貫注，投入大量時間和精力的槽畔。
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Think about it: It’s senseless to have making money asyour goal as money has nointrinsicvalue—its value comes from what it can buy, and it can’t buy everything. It’ssmarter to start with what you really want, which are your real goals, and thenwork back to what you need to attain them. Money will be one of the things youneed, but it’s not the only one and certainly not the most important one onceyou get past having the amount you need to get what you really want.
譯文：這樣考慮：僅僅把賺錢當成你的目標那么金錢沒有內在的價值—金錢的價值來自他能買什么，但是金錢并不能買所有東西胁编，從你真正想要什么開始更明智-這才是你的真正目標厢钧，然后專心工作于接近目標需要做的事情，錢當然是你需要的嬉橙，但不是唯一的一個早直，也可以肯定不是最重要的一個，尤其當你已經獲得了比你實際需要的更多的金錢市框。
讀后感：明白你想要什么更重要霞扬。金錢是眾多因素之一。
Intrinsic value==內在價值枫振。
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When thinking about the things you really want, it pays tothink of theirrelativevalues so you weigh them properly. In my case, I wanted meaningful work andmeaningful relationships equally, and I valued money less—as long as I hadenough to take care of my basic needs. In thinking about the relativeimportance of great relationships and money, it was clear that relationshipswere more important because there is no amount of money I would take inexchange for a meaningful relationship, because there is nothing I could buywith that money that would be more valuable. So, for me, meaningful work andmeaningful relationships were and still are my primary goals and everything Idid was for them. Making money was an incidental consequence of that.
譯文：當你考慮你真正想要的喻圃，他值得你思考你是如何正確的衡量他們的相對價值的。就我來說粪滤，我想要均衡的有意義的工作和關系斧拍。金錢我會看的低一點—只要我有足夠維持基本需求的就夠了。比較親密關系和金錢的相對重要性杖小，顯然我認為親密關系更加重要因為有意義的親密關系是無價的肆汹，因為沒有什么比親密關系更值錢了。所以對我來說有意義的工作和關系都是我的首要目標予权，我愿意為他們做任何事昂勉，賺錢只是附帶結果。
讀后感：你認為的有意義的工作和聯系是什么扫腺？或者你需要給自己的工作賦予意義岗照，幫助他人，讓他們獲得提升斧账，獲得安全感谴返，幸福感煞肾，滿足感咧织，還是其他的什么？籍救。這就是作者要交給大家的原則之一习绢。
Incidental==附帶的，意外的。
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In the late 1970s, I began sending my observations aboutthe markets to clients via telex. The genesisof these Daily ?Observations(“Grains and Oilseeds,” “Livestockand Meats,” Economy and FinancialMarkets”) was pretty simple: While our primary business was in managing riskexposures, our clients also called to pick my brain about the markets. Takingthose calls became time-consuming, so I decided it would be more efficient towrite down my thoughts every day so others could understand my logic and helpimprove it. It was a good discipline since it forced me to research and reflectevery day. It also became a key channel of communication for our business.Today, almost forty years and ten thousand publications later, ourDaily Observationsare read, reflected on, and argued aboutby clients and policymakers around the world. I’m still writing them, alongwith others at Bridgewater, and expect to continue to write them until peopledon’t care to read them or I die.
譯文：上世紀70年代末闪萄，我開始通過電報和我的客戶之間交換我觀察到的市場信息梧却。那些每日觀察欄目（“谷物和油”,“家畜和鮮肉”，“經濟和金融市場”）的初始都非常簡單败去。同時我們的主要業(yè)務集中在管理暴露的風險放航，我們的客戶也在電話采納我的建議。打那些電話花費我大量的時間圆裕。所以我覺得采用更高效的辦法广鳍，我把我的那些建議和想法都寫下來，一般于其他人能明白我的邏輯吓妆，并能借由提高自己赊时。這是一條非常好的紀律，迫使我每天研究行拢、反思祖秒。它也成了我們的業(yè)務的一條關鍵溝通渠道。今天差不多40年了舟奠，超過1萬期建議發(fā)布后竭缝，我們的每日觀察被來自全世界的客戶和決策者們閱讀、反饋沼瘫、討論歌馍。我也在和我的伙伴們持續(xù)寫每日觀察，直到沒有人關注或者我死亡為止晕鹊。
讀后感：70年代末作者開始了寫作松却、總結自己的經驗、建議溅话，每日觀察晓锻。保持了40多年并在繼續(xù)，并發(fā)布到網絡上供所有人閱讀飞几，下載砚哆。你看寫作是不是很關鍵，開始很簡單屑墨，很粗糙躁锁，堅持下來，持續(xù)改進就會有奇跡卵史。
雷達利奧每日觀察網址是什么战转？極度好奇，好想學以躯，有知道的朋友一定告訴我槐秧，謝謝啄踊。
Genesis==初始，創(chuàng)始刁标。
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In addition to providing clients with these observationsand advice, I began to manage their exposures by buying and selling on theirbehalf. Sometimes I waspaid a fixed fee each month and sometimes I received a percentage of theprofits. Among my consulting clients during this period was McDonald’s, whichwas a huge beef buyer, and Lane Processing, then the largest chicken producerin the country. I made them both a lot of money—especially Lane Processing,which did even better from itsspeculationsin the grain andsoymarkets than it did from raising and sellingchickens.
譯文：除了提供每日觀察和建議外颠通，我為了客戶的利益開始通過買進賣出管理那些暴露的風險。有時我每月獲得固定報酬膀懈，有時按每月的利潤比例分成給我顿锰。那段時間我的咨詢客戶包括麥當勞—一個牛肉大買家，而萊恩—國內最大的雞肉生產商启搂。我讓他們賺了很多錢—尤其是萊恩撵儿，通過在谷物和豆類市場的投機甚至比飼養(yǎng)和出售雞肉賺的更多。
讀后感：麥當勞出現了狐血，那時候麥當勞還限于美國內部淀歇，中國第一家麥當勞是90年代初在北京出現的。
Soy==大豆匈织、黃豆
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Around this time, McDonald’s had conceived of a newproduct, the Chicken McNugget, but they werereluctantto bring it to market because of theirconcern that chicken prices might rise andsqueezetheir profit margins. Chicken producerslike Lane wouldn’t agree to sell to them at a fixed price because they wereworried that their costs would go up andtheywould besqueezed.
譯文：這時候浪默，麥當勞已經在孕育新產品了，炸雞塊缀匕，但是炸雞塊因為導致雞肉價格可能上漲并擠壓利潤空間纳决，所以炸雞塊很難上市。萊恩這樣的雞肉生產商是不會同意以固定價格出售雞肉乡小，因為萊恩擔心成本會上升阔加，利潤會被擠壓。
讀后感：麥當勞現在是全球供應鏈了满钟，類似下游的供應商必然受他的壓榨胜榔，就像蘋果要求下屬的供應商降低利潤，而確保自己的利潤空間一樣湃番。想想富士康好可憐夭织，可沒辦法，沒有議價權和定價權吠撮。
Reluctant==抵抗 抵制尊惰。
the Chicken
McNugget==炸雞塊
squeeze==擠壓，壓迫泥兰，壓榨弄屡。
profit margins==利潤邊際
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As I thought about the problem, it occurred to me that ineconomic terms a chicken can be seen as a simple machine consisting of a chickplus its feed. The mostvolatilecost that the chicken producer needed to worry about was feed prices. I showedLane how to use a mix of corn and soymeal futures to lock in costs so theycouldquotea fixedprice to McDonald’s. Having greatly reduced its price risk, McDonald’sintroduced the McNugget in 1983. I felt great about helping make that happen.
譯文：在我想這個問題的時候，雞肉經濟問題可以看成是一個簡單的喂養(yǎng)小寶寶的機械鞋诗。雞肉生產商最需要擔心彈性的成本是飼料價格膀捷。我為萊恩展示了一種使用混合谷物和黃豆粉的期貨組合來鎖定成本，以便于他們能給麥當勞一個固定價格师脂。并大大降低萊恩的成本風險担孔。麥當勞在1983年正式推出炸雞塊。能幫助這一切發(fā)生我體會良多吃警。
讀后感：一款產品的背后是大量的工作糕篇，供應鏈的管控，價格因素酌心，成本因素拌消，給用戶展示的只是產品的最終形態(tài)。讓我們猜想一下萊恩后來怎樣了安券？我百度了下墩崩，沒有查到，但是我猜想更可能的結果是被收購侯勉，這樣可以更好地控制成本和風險鹦筹，應該是被麥當勞收購。
請注意一個重要情節(jié)：通過期貨來降低價格風險址貌，提高談判價碼铐拐，這就是作者給萊恩的價值。至于怎么提供的方案练对，這很有趣遍蟋，關鍵也在這里。
Soymeal==黃豆粉
Volatile==彈性的 變動的螟凭。
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I identified similar types of price relationships in thecattle and meat markets. For example, I showed cattle feeders how they couldlock in strong profit margins byhedginggood price relationships between their cost items(feeder cattle, corn, and soymeal) and what they were going to sell (fedcattle) six months later. I developed a way of selling different cuts of freshmeat forfuturedelivery at fixed prices far below frozen meat prices but that still producedbig profit margins. Combining my clients’ deep understanding of the way the“machines” of their own businesses operated with my knowledge of the waymarkets functioned worked to our mutual advantage, while making the marketsmore efficient overall. My ability to visualize these complex machines gave usa competitiveedgeagainst those who wereshooting from the hip, and eventually changed the way these industries operated.And, as always, it was a kick to be working with people I liked.
譯文：我在家畜和鮮肉市場發(fā)現了近似的價格關聯模型虚青。舉例，我向家畜飼養(yǎng)家展示如何保持良好的邊際利潤通過消耗品（谷物螺男、黃豆粉等）和6個月后的成品之間的期貨價格交易棒厘。我發(fā)明了一種以遠低于凍肉價格的固定價格出售不同部分鮮肉，但任然有相當大的利潤空間下隧。
綜合我的客戶的業(yè)務深刻見解的“機械”理論绊谭，糅合我對于市場機制的知識，機械開始為我們共同的利益工作汪拥。同時使的市場更高效达传。將復雜理論具體化的能力讓我們擁有極大的優(yōu)勢面對那些魯莽行事的人。并最終徹底改變了那些行業(yè)運行的方式迫筑。并且一如既往的宪赶，這對于我喜歡的那些和我一起工作的人是一個促進。
讀后感：很難翻譯脯燃，很拗口搂妻，翻譯過程中屢次發(fā)現中西方的思維的不同造成文字的不同，表達的不同辕棚。
我理解“機械”是作者在經歷多次商業(yè)案例后欲主，發(fā)展出自己的一套分析邓厕、判斷機制，并可以結合實際行業(yè)情況良好的允許扁瓢，但具體是怎樣的详恼？作者沒有說，很可惜引几。
future delivery==期貨交易
shooting from the hip==魯莽講話昧互，行事。
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On March 26, 1978, my wife gave birth to our first son,Devon. To have a child was the most difficult decision I ever made, because Icouldn’t know what the experience would be like and it would beirrevocable. It turnedout to be my best decision. While I won’tdelvetoo much into my family life in this book, Ipursued it with the same sort ofintensitywith which I pursued my career, and I linked them. Togive you an idea about how interwoven they were in my mind, Devon was namedafter one of the oldest breeds of cattle known to man, among the first breedsimported into the U.S. and renowned for its high fertility.
譯文：1978年3月26日我妻子生下了我們的第一個兒子伟桅，德文敞掘。要一個孩子是我下的最艱難的決定。因為我不知道這會帶來什么楣铁，而且也是不可撤回的玖雁。事后證明這是我最正確的決定。盡管在本書中我不想過多談論我的家庭盖腕。想要一個孩子的愿望和我在職場追逐的一樣強烈茄菊。德文名字來自于人類已知最古老的牛，也是第一批被引入美國的并以繁殖力著稱赊堪。
Delve ==鉆研 探究面殖。
Irrevocable==不可取消的，不可挽回的哭廉。
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我是007李小軍脊僚，以上是我自己的翻譯，也許不會太準確遵绰，我能保證也不會偏離作者的意思太遠辽幌，不至于誤導各位，謝謝觀看椿访。
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 007-4478李小軍
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2018-6-7
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?覺得好乌企，就點贊，就轉發(fā)成玫， 謝了加酵！
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