閱讀內(nèi)容: 《窮查理寶典》?Poor Charlie's Almanack---Talk Eight
The Great Financial Scandal of 2003
Summary
This talk was handwritten?by Charlie when he was vacationing?in the summer of 2000.
This parable and morality play gives?Charlie a chance to vent his anger?at the accounting profession's role?in corporate malfeasance.?
The speech is an eerie?prediction of the scandals that surfaced well?before his predicted date of 2003 and that?continue today to be an important issue.
查理芒格寫(xiě)這篇文章的初衷并非為了預(yù)言2003年的情況。它是一篇虛構(gòu)作品证鸥。這篇文章的用意是提醒人們留意現(xiàn)代社會(huì)中的某些行為和信念系統(tǒng)蛾洛，同時(shí)也是想證明，對(duì)股票期權(quán)的標(biāo)準(zhǔn)記賬方法與那些更廣為人知的簡(jiǎn)單欺騙作假手段本質(zhì)上沒(méi)有什么區(qū)別讼溺。
這篇內(nèi)容涉及到很多我沒(méi)接觸過(guò)的陌生領(lǐng)域的詞匯，不懂的地方比較多褐澎，所以我就粗略翻看了一下岩臣，先簡(jiǎn)單做個(gè)筆記，以后積累多點(diǎn)相關(guān)知識(shí)后再重讀向臀。
一巢墅、寬特科技Quant Tech的興衰
（一）寬特科技輝煌前半生的原因：
（1）Quant Tech had a dominant market share in its business 寬特科技占據(jù)該行業(yè)的龍頭地位
（2）All compensation was paid in cash. There were no stock options. Moreover, the old man believed in tailoring his huge incentive bonuses to precise performance standards established for individuals or small groups 所有薪酬以現(xiàn)金支付，同時(shí)摒棄了問(wèn)題多多的股權(quán)激勵(lì)機(jī)制飒硅，而選用了簡(jiǎn)單的現(xiàn)金獎(jiǎng)勵(lì)機(jī)制
（3）He would sometimes advise an employee to?buy Quant Tech stock, but more paternalistic than that he would not become.?建議員工購(gòu)買(mǎi)公司股票
（4）Quant Tech was debt free and, except?as a reputation-enhancer, really didn't need any shareholders' equity to run its?business, no matter how fast revenues grew.?公司無(wú)債務(wù)
（5）he loved his business and his coworkers?and always wanted to have on hand large amounts of cash equivalents so as to?be able to maximize work-out or work-up chances if an unexpected adversity or?opportunity came along. 持有大量的現(xiàn)金等價(jià)物以備不時(shí)之需
（6）Possessing a strong balance sheet and a productive culture and also holding a?critical mass of expertise in a rapidly changing and rapidly growing business 擁有健康的財(cái)務(wù)報(bào)表和行之有效的企業(yè)文化砂缩，還擁有行業(yè)中的關(guān)鍵技術(shù)
（二）寬特科技悲催下半生的原因：（不道德的經(jīng)營(yíng)管理方式）
（1）本來(lái)寬特公司處于低市值的時(shí)候，如果這個(gè)董事會(huì)夠明智三娩，他們會(huì)利用手頭所有現(xiàn)金和外面借來(lái)的資金大量買(mǎi)進(jìn)寬特科技的股票庵芭。然而創(chuàng)始人離世后，董事會(huì)做出了愚蠢的決策：Incident to the recruitment of the new executives, it was made plain that Quant Tech's directors wanted a higher market capitalization as soon as feasible.
（2）然而新上任的管理層很快意識(shí)到雀监，他們很難更快地提高公司的年收入和利潤(rùn)率双吆。他們的做法是：the new officers were?attracted to employing what they called "modern financial engineering," which required prompt use of any and?all arguably lawful methods for driving up reported?earnings, with big, simple changes to be made first.
二、查理警示人們“惡性效應(yīng)”對(duì)經(jīng)濟(jì)的巨大破壞作用：市場(chǎng)普遍存在的財(cái)務(wù)欺詐極大地毀壞金融市場(chǎng)并引發(fā)經(jīng)濟(jì)衰退
三会前、查理的批判
To me, a profession and a nation that allow unsound accounting for management cost are leaning in the same moral direction as the group that leaves most of the steel out of the concrete in erecting high-rise apartment buildings. Moreover, the unsound accounting is more virulent than the murderous construction practice. After all, the defective constructors have a harder time rationalizing their deplorable behavior. And, therefore, the bad accounting will more easily spread than the defective construction. Which is exactly what happened, as defective accounting forstock options became ubiquitous.
