HnTuytLn1Cuci&SNghipCaWarrenBuffet

AliceSchroeder

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TableofContentsPHNIOTNG(TheBubble)

1.HYCHNCCHKHIMTNHN2.THUNGLNGMTTRI3.NHNGKSNGTHEOTHIQUEN4.WARREN,CCHUYNGTH?

PHNIIBNGIMNITM(TheInnerScorecard)5.KHTKHAOGINGO6.NHNGCUCUATRONGBNTM7.LKNIMNGYCHINTHNG11-118.1000CCHKIMTIN9.NHNGNGNTAYNHNGCHM10.NHNGKQUYPH11.PUDGYKHNGTHPBO^[Pudgyvaltncamtnlcs,vacnghalthpvbo.MtcchchichcaWarren.-ND]12.KHUSILENTSALES13.LUTLNGUA14.CONVOI^[TcngCnghaM.]15.CUCPHNGVNVOTRNGHARVARD16.NHNGTHNGVUTIN17.NHEVEREST18.HOAHUNEBRASKA19.KXUXTRNSNKHU

PHNIIINGUA(TheRacetrack)20.GRAHAM-NEWMAN21.THTHNGPHONG22.SCPTIMN23.CULCBOMAHA24.UMYXELA25.CUCCHINCIXAYGI26.NHNGNGCKHBNGVNG27.MTPHTINR28.MILA29.SILEN30.JACKPHNLCC31.ONUITHNGTRTNGLAI

32.DDNG,ANTON,CLINHUNVMANGLINIMVUI33.CITRI

PHNIVSUSIEHT(Susiesings)34.HARRYKO35.THESUN36.HAICONCHUTT37.KSNTIN38.MNMNGPHNGTY39.GKHNGL40.KHNGPHIIUHNHMTTHVINCNGCNG41.V,IUGXYRA?42.CHICNXANH

GiithiuGiy,citnWarrenBuffettkhngcnmyxalvimingikhpccchulc,bivconnginycmttmnhhngvcngrnglnvluncmttrongdanhschnhngngigiunhtthgiisuthaithpkvaqua.Song,taibitrng,vtph80tuingknhy,nhhintritvngOmahacaHoaKthuthiuthililmtcuhcsinhthngbimkm,tngbnhihoang,nhiulnthamgianhcpnhngmnththaotcahiuSears,iuhnhmtltrnhgiaobonm13tui,muamttrangtri40muAnhvonmhclp10,btrngHarvardtchi,cmtcuctnhysnggiviHoahuNebraska1949VanitaMaeBrown,tnglmttn trung thnh c thm nin hng chc nm ca Pepsi trc khi chuyn sang ungCherryCokecaCoca-colatnm1987,ktthnvxemvchngtphs1thgii2009BillGatesvMelindaGatesgnnhconrutnhngkhngbaogiutmtngvochMicrosofthngmnh,cngvsnhngthngvytobomangnchongnhngthnhcngttbc(vmtvithtbinhonh)dctheochiudisnghipcang...chon khi cThe Snowball - Hn Tuyt Ln, quyn t truyn v cuc i v s nghip caWarrenBuffettdoAliceShroederchpbttheonghcachnhng.

lmangthchntrongcucicaWarren.CuangnghchtuytngoisncngBertie,cemginhcamnh.

Warrenatayntngbngtuyttrngtinhangrixungttrntntricaoritvolngbntaykiachonkhicucmtnmbngtuytyp.Cumchtvvonlithnhmtvinbiritxungt.Vinbibtulnchmchmsaumichchcacuvngycngtoravtchthmnhiutuyttrnnglncan.Culnnxuynquathmcnhmnh,lcnyphtuyttrngxa,chngmychccuchmnmvn.Mtthong

ngpngng,cuquytnhtinlnvlnvinbisangthmccanhngnhkcn.Vkt,Warrentiptclnqubngtuytcamnhikhptrnthgii...

PHNIOTNG(TheBubble)

1.HYCHNCCHKHIMTNHNOmaha,thngSunm2003

Btchohaichnniugi,WarrenBuffettongatrnchicghlclsauchicbngtrnlngmchang,HowardBuffett,vnthngngitrcy.Chicovt-tngttinnhnhiuZegnachongquavaingnhvalyxungkhigitreomcvomkhngthliso.ngthchvnchicosutngytsngntibtkmilmnhnvinanglmvicbncnhngtitrschnhcaBershireHathawaynmctnhtonghaytrnhtrngnmcno.Chicos-mibntrong,lunlmutrng,cchinhlmchochicc-vttrngnhmunbungrakhicong.Hnhnhnychothyvdoanhnhnquarithitraitr,dngnhngqunlylisomitrongsutbnminmqua.Haitaynganvonhaurilunbndimitcbcngnhvlyutphasau.Mtvttckhdynhngri,clcngchibngchiclc-nm-rng,nibngbnhtrnmitcnhmtgdclntrongmnnhytuyttccao(skijump),cvnlntrnvtrnxungchmvnhtaiphi.Hng lngmyrmbnphichydiminmanvhngvnhtaiphinhmungiaoluviciuicavttccbitangphlybndinmtgngknhimi.Hnglngmynytrnglcthhoinghi,lchiubit,nhngcngclcnhchegiumtiug.Ngaylcnyy,trngngmtnglmtncihinlnhtinhtcnglmchohnglngmybngbnhbngtrnnquynrmtcchkl.Tuynhin,imtmuxanhnhtcanglcnychothyngangrttptrungvrtnhitthnh.Quanhnglnhngbiutngvvtlunimca50nmqua.BnngoisnhtrcphnglmviccanglnhngtmnhlnchpibngCornhuskerscaNebraska,quhngng,mttmchiphiutinthlaongcnhnkhithamgiamtchngtrnhtruynhnhnhiutp,mt thngh(nhngkhngbaogicchpthun)utvomthedgefund[1] tn lLong-TermCapitalManagementvrtnhiuhnhnhvnhngskinngnhcaCoca-Cola.TrnbnnctrongphnglmviccanglmtchaiCoca-Colatruynthng.Mtchicgngbngchyctrongmtkhilpthytinhacrylicsnglong.PhatrnghsofalmttmgiychngnhnhonthnhkhahunluynNitrcCngchngcaDaleCarnegievothngGingnm1952.TmnhthinglmnhotohunvincaTponTichnhNgnhngWellsFargocchngtrnnhksch.MtGiithngPulitzer1973dnhchottheSunNewspaperofOmahamngcphnshu.Khpgianphnglschvccloiboch.nhgianhvbnbngphyccmtbnlnnhvbnhngphasaubn lmviccang lmtchicmyvi tnh.pvomtcamivkhchnthmlbcchndungchangctreotrangtrngtrnbctngngaysaubnlmviccang.McdbuisngcuixunOmahaquynrangvygibnngoicas,nhngnhngchiclschgmunuvncngkn.Chicti-vihngmnhnhvphabnlmviccangcchuynsangknhCNBC,mthanhlunctchkhngting,nhnghngtintcchylintcbndichnmnhnhmichnhlmnnhngngycang.Nmnysangnmkhc,ngrtvuivhuhtccthngtinnythngclinquannng.Tuynhin,chmtvingithcshiurng.Tiquenngtsunmtrc,banuvitcch lmtchuynvinphntchtichnhchutrchnhimvcphiucaBerkshireHathaway.Theothigian,miquanhgiachngtitrnnthntnhvtingycnghiurnghn.Lcny,chngtiangngitrongphnglmviccangbingkhngcnhtmnhvitquynschny.ilngmybngbnhnhnhnmnhthmlingni:Alice,clmvicnytthnti.Tirtvuivcnhnvitquynschny.Tisaongvnctnhniraiutngrthinnhingiahaichngti?Biv,chngtibtucunschtnhngggnginhttrongtritimng.

Mivicbtunhthno,Warren?Cphilsthithcmnhmtrongvickimcthtnhiutin?nhmtngthongvxaxmvnhngnghbngdndpavtrongkc.Warrenmucuchuyncucingthny:-Balzac[2]nirngngsaumigiatilmttic[3],iukhngngtiBerkshireny.Warren ng dy khi bn lm vic v si bc ngang phng nh nh thc dng hitng. Ri ng an ta trong chic gh bnh bc gm vin nhng si kim tuyn vng ng,nghingngivphatrctrnggingnhmtcuhctrnhangthokvmitnhupcamnhhnlmtnhtbntichnhlnglythgiiby-mi-hai-tui.Cuchuynscdingiinhthno,ticnphiphngvnnhngai,baonhiungivsvitgy?Warrennirngttcudotiquytnh.ngnirtnhiuvbnchtconngivsmongmanhcakc,rngbtckhinolithutchuyncatikhcvimtai,chychncchkhimtnhn.Trongrtnhiubihctihccng,nhngbihcquginhtnginlixutphttvicquanstng.Vylbihcthnht:Dpbskhimtnthiqu.Thcra,khngcnhiuldokhngchncchthhinkhimtn,khitilmiu,thlvchtconngichkhngphivsmongmanhcakc.MttrongnhngdptithhiniuxyratiSunValleyvonm1999.

2.THUNGLNGMTTRIIdaho,thng7nm1999

WarrenBuffettbcrakhixevlychiccphsttrongcpsau.nginhanhgiahaihngtrcngdyxchi-noxsnglaxuynquacngkimtraraimmybay-nimtchicphicnhmutrnggnngcphnlcGulfstreamIV-cthngmidnhchoccngbayngnnhngthucvoloimybaytnhnlnnhtthgiivonm1999-anguchngvgianh.Mttrongnhngvinphicngnlychicva-littayngvxpnhanhvokhoanghnh l.MiphicngmibayviBuffett lnu tinurtngcnhinkhithyngtlixerasnbayvttayxchhnhl.ngbclncuthangmybayvmmcichotonthnhnvinphihnhon-trongcmtvingimi-riithngtichngibncnhcas,ningskhngnhnrangoi,dchmtln,trongsutchuynbay.Tmtrngngrtvuivngchichuyninysutmytunqua.PetervJennifer,haivchngcontraingvhaiachuni,cngconging,Susanvbntraicacuynvtrongnhngchicghbcdaquanhbarcphgiagianphngdign14mtbntrongthnchicmybaytnhnhngnhtny.Hdchghraxakhinhngbcvchcgcongnhngkhongtrngchocctipvinkhimangcph,ccloibnh,tricyvncgiikhtraphcv.Mtchngtpchnmbncnhghsofa,cthimmt cc tp ch danh ting nh:Vanity Fair, theNew Yorker, Fortune, Yatching, the RobbReport,theAtlanticMonthly,theEconomist,Vogue,YogaJournal.TipvintmuaringchoBuffettmtchngbokhcvmttiynhnghpkhoaitychingincngnhnglonCherryCokecmurthpvichicogi-lmuNebraskacang.ngkhencicuvtrchuyndmbaphtnhmnnhtinhthnckhilnutincbaycngngchcamnh.Ringnhcthngboviccphicngrnggianhngsnsngctcnh.Xong,ngbtuchmchvomttbotrongkhimybaychuynbnhrangbngctcnhlncao12.000mtcchmttchtphtsau.Tronghaigitiptheo,sungikiatytnhngmithxungquanhng:xemphim,chuyngu,giinthoivtinh...Trong lc,mttipvintrikhn,cmhoa lantrnchicbnnbngganhthomtchimchunbbatrachoh.Buffettkhngbaogicng.ngngiynlngsaunhngtbomrng,nhthngangnghincumtmnhtinhvy.Hangvivutrongmttaluibaytrgi30triula,vncxemlmttisnphnkbicntmngingshuchicmybayny.Tuynhin,nchlmtchictrongimybaycaHathawaynnctmngiucthbaybtclcnonumun.Tccphicng,ibotrmybay,nhnviniuhnhlchbay,nhngngictrchnhimiumybaynimchnhtiphitrngtrongvngsugisaukhinhnlnh,chon tip vin phc v cc ba n trnmy bay u l nhn vin ca Tp on BerkshireHathaway.Chngbaolusau,chicG-IVbayngangngbngSngSnakehngnSawtooth,mtvnginictkphntrngvinhngngnninhtongra-ntcsnglplnhdinhmttrimah.RinbayxuynquabutrixanhtrongvtnThunglngSngWood,hcaoxung2.400mt,vbtubaybpbnhliphasaumtvchkhitrnghnhgnsngtrnnhngngnimunubndi.Buffettvntiptccmtcchbnhthntrongkhiccthnhvintronggianhngangbrunglchtbnnysangbnkhcngay trnghcah.Xaxa lmchmnhngngncy trndyi thhaivnhngrngthngnitipnhaugiacchmni.Cgianhphnkhchtrongsddtvengi lmphinBuffett.Khichicmybayhcaovchaomnhlnquamtkhenihpgianhngnhnicaovtphatrcmt,nhmttribantrachiuxunginchicbngdicantrnthtrnvngmHaileythucbangIdaho.Vigiysau,bnhmybaypxungngbngSnbayFriedmanMemorial.CgianhBuffettlnltbcxungcuthangmybay,mthnheolidinhmttrithngbychichang.Haichicxephcvmttciukhinbiccnhnvintrongngphc

en-vngcahngHertzchytixchbncnhchicphnlcc.Tuynhin,ohinhnhlogoAllen&Co.thayvHertz.HaichunicaBuffettnhylctrnmtngnhatrongkhiccphicngdhnhl,vttennis,vchictidngcchigolftrng-hiuCoca-ColacaBuffetttlnxephcv.Sau,cgianhbttaycmnccphicngvtmbitccthnhvinkhctrongphihnhonrilnxeivonhga.cminmithtctiSnbaySunValley-hhhibcrakhinhgavng trnconngsahnvngniphaxaxa.Ttcchmtkhonghaiphtktlcmybayhcnh.nglchtrnh,tmphtsaumtchicmybaykhccngpxungtheosauhvtinvbidnhringchon.Sutbuichiuvngrcrcangyhm,lnltnhngchicmybaynhthngnamvng;hocxuthinthngnhngnhniphatytrcnitipnhauvIdaho.Chng gm loimy bay t nhn ca cc hng nh Cessna km, Learjets kiu hnh,Hawkerstc,Falconsquphi,nhnghuhtlGulfstream-IV.Trckhinhhonghntthn,hngchcchicmybayln,trngtotusanstngoibitrngnhmtcahngchiangtrngbyynhngmnchidnhchotph.CgianhBuffettlnmtchicxevtahnh.Haichicxephcvbannylnhnhimvitinphongmngvtquaonngviki-l-mtthngnthtrnKetchumnhbnmbnbaRngQucgiaSawtooth,gnngrdnraoElkhon.Viphtsau,hmvng theoNiDollar,nicmtkhunghdngnhiucyxanh thp thonghinragianhngcondcmunu.y,giarngthngreovdnglrunglThunglngMttri - Sun Valley. y l khu ngh dng min ni ni ting nht, ni thi ho ErnestHemingwaytbtvitcuntiuthuytnitingChungNguynHnAi(ForWhomtheBellTolls),cnglniccvnngvindthiOlympicmntrttuyt(skiing)vtrtbngnghthut(skating)tngchnlmnitpluynvlnginhthhaicah.TtcccgianhmhsktthnvobuichiuthBanyucmiquanhviAllen&Co.,mtngnhngutnhmiraichuynphcvcccngty,tpontrongngnhtruynthngvcngnghthngtin.Allen&Co.tphplimtsvspnhplnnhtHollywood,vchnmtthpkkinhnghimtrongvictchccccuchithokthpnghngivgiitrbngcchotngngoitritiSunValleychocckhchhngcnhucuvbnbcah.HerbertAllen,Gimciuhnhcah,chminhngngingyqumn,hocnhngngitrangangmuntquanhkinhdoanh.Chnhvthmcccuchinghlunypnhnggngmtnitingvgiuc.Cthkramtvingitrongshnh:nhsnxutvngisaoinnhCandiceBergen,TomHanks,RonHoward,SydneyPollack;nhngngicth lctrongngnhgii trnhBarryDiller,RupertMurdoch,RobertIgervMichaelEisner;ccnhbotntuichatruynconninhTomBrokaw,DianeSawyervCharlieRose; vnhngngikhng l cangnhcngnghthngtinnhBillGates,SteveJobsvAndyGrove.Ngoira,phikntngnhmphngvintctrcbnngoikhunghdngchichuynvingthmhngnmcaccnhnvtnhvaktrn.Tuynhin,cnhphngvinphikhihnhsmhnmtngytsnbayNewark,NewJerseyhocmtimtrungchuynnolnmtmybaythngmiiSaltLakeCity,riuatiCooncourseEsbullpenngigiamnghnhkhchangchccchuynbayiccimnnhCasper,WyomingvSiouxCity,IowachonkhicalnmtchicmybaycnhqutripxungvtiptcithmmtgixengatichlSunValley.iviccvkhchVIP,tichn,mybaycahchngdnphacuisn,idinvimtnhganhcmtsntennis,nihscgiaoluviiphcvcaAllen&Co.gmnhngngi tr tuidangmtrongngphcopolovngnhtc logoxanhSV99vos-mitrngchonccvkhchnsm.Nhngnginycthcnhnrangaylptctrongmnghnhkhch:nngthigiycaocminTy,mco

s-mivqunjeankiuPaulStewart;phnthmcokhocdadveonhngxuchuiimi tochnbi.CcnhnvincaAllen&Co.ghinhmt tngvkhchmtquanhngtmnhmhccungcptrc.Hmvaichonhngngihquenbitquanhiunmphcvtrcnhthhgplibnc,rihnhanhchngahnhlcakhchlnxephcvvktthcnhimvcahtibixebnngoisnbay.CncnhphngvinthtinnquychothuxekimmtchiclivkhchsnLodgemtcchnhanhnht.Ntmtchothyhthcrtrvtnhtrngtrnicamnh.Trongnhngngyspti,nhiukhuvcthucSunValleyscnhduringt,cchechnkhinhngnhmttcmchbngnhngchiccangimmhayccnhnvinanninhcmtkhpni,ctreoynhnggihoapnht,nhngcycnhlntrngtrongchulnnht.mphngvinthnmnhvennhngbgiu,dmivonhnglmcyvbcchlyhontonkhimiiuhpnhtangdinrabntrong.[4]KtdoMichaelEisnercaHngDisneyvTomMurphycaknhtruynhnhABCngivinhauvtngtngravichpnhthaitponcahlivinhautiihiQunhngSunValley95,vicatincaccphngtintruynthngtinbnmccthsosnhvishonhtrngvmimtcamtklinhoanphimCannes.CngcmtvicucspnhptanvsauihiQunhngnhngch lnhngmngvnhcamtnibngtrikhng l.SunValleykhngnthunlningitanthchincccucgiaodchcquimhaynhhngtoncu,drngccthngvnylunthuhtgnnhtonbgiitruynthngquct.NmnocngcnhngtinnbayvovokhpnirngtponnyhaycngtynangcnhngcuchpkntrongvngniIdaho.Vth,nhngchuynxephcvcchyichylinhcon thoi ravonhngmihin lmmphngvinphi cngmt tp trungnhnxuyntmknhchngitrcxecnhnraailngiangngibntrong.Mikhicmtvngalnmtbovonni,hlptcbmtheontncavilnhknhmynhvmicrotranhnhauavphatrc.CnhnhbonhanhchngnhnraWarrenBuffettkhingvabcrakhixe.HnhdngngynsuvoDNA[5]cahmtri!DonKeough,bnngngthilChtchcaAllen&Co.[6],ni.HuhtgiiphngvinuyuthchBuffett,ngikhngmunlmbtcaightbmnh.ngkchthchstmh.Trccngchng,nglmtconngigindvchntht.Tuynhin,ngcmtcucsngkhphctp.ngshunmnginhnhngchsngtihainitrongs.Khnghiuclcnongcmthyquaycungkhisngvihaingivchnhthccamnhhaykhng?ngcmtnhmbnthn.nggiaotipkhngkiucchvthngcnhngcinhymtthnthinvimingi,nhnglilbiutngcamtnhmphncngrnvlnhlng.Dngnhngmuntrnhxamimngnhngkthcnglithuhthhnbtcdoanhnhnnotrnhnhtinhny.[7]ngbaykhpncMtrnchicmybayphnlcringG-IVvthngthamdnhngbuiticchdnhchoccnhnvttntui.ngcnhiubnbniting,nhngngnirngngthchthnhphOmaha,hamburgervnhngcythchthungdung[8]hn.ngnithnhcngcanglnhvomtstngutngin-mingyvuivnnilmvicvilngnhittnhcaonht,nhngnulbquytlmgiuthtisaokhngmtaikhccthtcvtrnhng?Nhmikhi,Buffettatayvychocnhphngvinnhvmmcihinlnhkhiingangquah.Htranhnhauchpnhngrilibtunghingngvochicxetiptheo.ChicxeagianhBuffettvngquangibitthcthitktheokiungquPhpyhoathmcdibncnhkhuhbivsntennis.GianhHerbertAllencngmtbitthgn.Trongnh,ngiqunl,nhmikhi,angchichonhvchunbsnnhngchicojacketclogoAllen&Co.SV99,mbngchy,tilngcucdyko,othunpolo-minmmtmukhcnhau-vmtcunstayckhabngdyko.Mcdnmtrongtaykhitisntrgi30tla-mua1.000chicG-IVxplpknmtsnbayln-nhngBuffettvnthchnhnmtvimnminphnhonh,nhmtchicochigolfchnghn.ngthngdnhthigiannghincutmccthnhtchcamnhtrongnm.Tuynhin,iuhpdnnghnclnhngmugiyghichcnhnnhonhmHerbert

Allenlchsvncngintngvkhchqu,vquynstayhinghctrnhbyhtschonhovttccchotngsdinratiSunValleytrongthigianhluli.Thi gianc tnh tnggiy, chng trnhhinghc spxp chuonht,mi thchnhxcvakhtnhhaingtayokiuPhpcaHerbertAllen.LchlmviccaBuffettc sp theo tng gi, tngngymt.Quyn s tayhi ngh cngnu r tnngi dnchngtrnhvccchhitho-mchonlcnyvncnlmtbmtcctgicnthn-vttcccbuintravntimngsthamd.Khngnhccvkhchkhc,Buffettbit trckhnhiuv cc thng tinny,nhngngvnmunbitquyn svitnhngg.HerbertAllen,ngicxemlChatSunValleykimbinomathmlngcahingh,quytnhssangtrngtnhinlmkhngkhchovlantaxuynsutnhngngyihiQunhngnmnay.Ttthyuxemnglconngicanhngnguyntccao,tigii,thngtuvhophng.AnhsaoccchttrongnimthngmnvknhtrngcanhngnginhHerbertAllen.Mtvkhchnotngthtlnnhth.AisrngmnhcthkhngcmindhinghtronglntiuphibitchngmckhicchtrchrngHerbertlngithtthng,khngbitmt,thiukinnhnvccitiquln.ngtrccibngcaoto,trnysinhlccang,ngitaphigngsclmmichungccimthanhrnrngkhngngngphtratchngngnhtingsng lin thanh.ngkhcramtmcuhiritngtctngangcutr licangiidinmkhngchohcchtchinolmlngphthigicang,dchmtgiy.nglchuyngiatrongvicniranhngiukhni.CuicngthnoWallStreetcngsbloib,-clnngnivimtphngvinnhth,dbnthnngangiuhnhmtnhbngWallStreet.Lnkhc,nggiccithcamnhlnhngkbndohot-dog.[9]Allenchduytrnhbngcamnhquimnhvchkugimtlnggiihncccng.LikinhdoanhkhngtheoquicnylmcngtynggingnhmtitchnlmtngnhngchuynphcvkhchhnglnhngngtrmcaHollywoodvgiitruynthng.Vth,khingngratchcskin,ccvkhchchnlccangucmthynhangchngmtcquynchkhngphibixnhnhngkgiuclangthangbgiamcmtrongnhngcnnhbitlpbibnnhnvinkinhdoanhlmmunhiuk.Allen&Co.lnchngtrnhhinghhngnmtheoccmiquanhvmnglilinlccnhnvitngvkhchcah,kcmtsnhnvtmimhbitrngnhngnginycnphigpnhau.CnhngquicmingingmhiuvinhauvkhongcchgiacckhuvcringttikhuhinghchnhcaSunValley,vccbuintrahaytictimhcmithamd,vailngingikbnh.ngbnTomMurphycaBuffettxemvicnhmttrvnngcangConVoi[10].CnBuffettthni:Cmilnnhmccnhnvttaitomtlnquntniy,anhcthmigithmnhiungikhcthamgia,bimtkhihcmttrongmtcucvnngConVoi,thhcnglmtConVoiBChng.[11]SunValleylunlunlmtnirtantonchoccnhnvttntuinnghngivthchinnhngthngvtphmviqucgiachontoncu,bikhngginghuhtcccucvnngtranhccangConVoi,ngitakhngthmuavlcvothamd.Ktquchlmtthdnchgihiucabnngintrnngitrc.Mtphnngitanlvmunbitxemnhngaikhngcmi,vhihplykhnnalbitaikhngcncminatrongnmnay.Tuynhin,trongphmvigiaitngcamnh,hvnxydngnhngmiquanhtrungthcvinhau.Allen&Co.nuidngbukhngkhthnthin,thoimibngnhiuhotnggiitrphongph,adngngaytbuichiuutinkhiccvkhchnmcuphcleolnnhngchicxengakiuccdnngbinhnggcaobiilnconngmnlnggingangquamtngnnitnhinhnhchpmvtlntricaonthonguynTrailCreekCabin.Tiy,Allenvmttronghaicontraicamnhschonccvkhchqutrongnhhonghnvngrcangbungxung.Ccchngcaobi

muavuicholtrconbngtrnmdythnggnmtgianlutrnglnctrangtrbngnhngchicbnhtoyhoadynthotmthmvbngxthmxanhdng,trongkhitpnhnvinbovngthnhhngthngtp,trntaylnhngchicasnsngphcvmnbuffetbbt-ttvchichoccvkhchmin.GianhBuffettthngktthcbuitisaukhingiquyquntrchuynvibnbcahbnnglatridibuysaocavngniIdaho.CucvuitiptcvochiuthtvicucuathuynmichotdotrnsngSalmoncdngchymmvtrongvt.CcmiquanhlicngthmthtchtquacucthimangtnhnginyvAllen&Co.tnhtonrtcnthnkhixpaingiutrnxebuttrnngrabnthuyn,cngnhnhngaisthicngmtivinhau.Ccnhnvincuhbsngthlixebngxuynthunglnghimtrtrongimlngkhngctngangcccuctrchuynhaylmphinnhngngimhctrchnhimikmvbov.Nhngngigimstnguacthutdnaphngvccxecuthngtctrcbnnguasnsngngcunuchngmaymtaibritmxungdngnclnhgi.Ccvnngvinsiucpctraonhngtmkhnchongmpvsaulmtathtnngthmlngngaylchvarithuynvbclnb.Nhngaikhngthamgiauathuyncthchnicuchoccinga,bnbcuslnghocbcubngtst(skeet),ixepleoni,chibibridge,hcanlen,hcchpnhthinnhin,chinmanha,trtbngnghthutngoitri,chitennistrnmtsntnntuytho,thginbnhbihaychigolftrnmtsnctuytvi,nihcchtichluitrnnhngchicxephynhngtmchennghiuAllen&Co.,bnhvtricy,cnhngchaithucxtcntrng.[12]Ttcnhngngithamgiamnnyudichuyntrongynlngvtrtt,linmtonvbtcnhucunochtxuthinnhngchakpniraucpngngaylptcbiiphcvhunhvhnhnhngclunmttcthtrongngphcPoloSV99caAllen&Co.ThitnghcngkhngthbquavkhbmtcaHerbertAllen,lhngtrmnnhnvingitrxinhxn,trtui,ncdarmnng,huhtltcvng,lngeonhngchicba-lnhnhninhnhlogoAllen&Co.Trongkhiccbccham,ngbangmimthamgianhngcucvuicahthnhngcgixinhpnyschivibntrbtktrchinochngyucu,ttptennis,bng,ixep,thamquanbngxein,xemuanga,trtbngnghthut,chytipsc,uathuyn,cuc,vtranh,haychnginlcngnpizzavmtkem.Minhnvingitructuynchnklngbomrngmiatrucnhnggiyphtvuichituytvinhtnmsauchngsvanxinbmquaytrli-ngthilmhilngchamchngmikhihchtlicnhnthymtcgitrprt,rtldthngangchiahtmnhvibntrhkhngcmthyclikhibbconcimthamgianhngcucvuidnhchongiln.BuffettlunlunlmttrongnhngngingkhennginhttrongscckhchqucaAllen.ngyuthchSunValleyvxemnlknghmthngnmcacgianhng,ningoivicchiaviconchu,ngkhngphilmgkhc.ngkhngthchcchotngngoitringoitrchigolf.ngkhngbaogichibnbcuthayixeppleoni.ngxemchivincnhmtkiungitvthbcngtaydniloanhquanhcnhnlngitrnmtchicthuynuacmicho.Thayvo,ngchunmvogiamtnhmconvoino.Hoc,ngchimtvigygolfhayngxemngikhcnhgolfcngviJackValenti,ChtchHiphiinnhM,cmtvibala,hocchibibridgeviMeredithBrokaw,hocnukhngngsdngthigianrinichuynvinhngnginhChristieHefner,CEO[13]catPlayboyhayCEOtrtuiMichaelDellcahngmytnhDell.Tuynhin,ngthngbinmtrtluvnmnhtrongngibitthnhnrasngolf.ngngicbovxemtintcthtrngtrongphngkhchbncnhchiclsikhngl.[14]ngtrmngmngmnhngrngthngtrnsnnibnngoicas,hochaibsngyhoanpnhmttmthmtrongcunginBaT:nhngcyulupinmutnglamv

phiynmungcbchcaonghunghntrnmanhtcvccadnda,mxvthycmuxanhlnpmnhgianhngkhmcnhthinhoacu.Bctranhphongcnhtuytvinhtchnhly!ngtngni.iuthuhtngnylbukhngkhmpthntnhmHerbertAllentora.[15]ngthchgpgnhngngibnthnthitnhtcang:KayGrahamvDonGraham,contraib;BillvMelindaGates;MickievDonKeough;BarryDillervDianevonFurstenberg;AndyGrovevvanh,EvaGrove.Nhngtrnttc,iviBuffett,SunValleylmttrongnhngdphimhoitrongnmgnnhtonthccthnhvintronggianhngsumhpvinhau.Bmunttcchngtichungmtnh,SusieBuffettni.CsngOmaha;ngiemtraiHowievvcuy,Devon-nmnaykhngthamd-sngDecatur,Illinois;cnngiemtcah,PetervvJennifer,sngMilwaukee.Susan,ngiv47tuicang,sngringtiSanFranciscocngbaynhpmtcnggianh.VcuicnglAstridMenks,ngibubncngngsut20nmqua,sngcngngtiOmaha.VomthSu,WarrenmcmtchicosmikiuHawaiiscsvavngdTicChiuitheotruynthngSunValley,ctchctrnsntennisngaybncnhnhnghcah.HunhaicngmnSusie.Lunlunlngisaocabuitic,bhtnhngbnnhccindinhsngbpbngcamtngnuclnkiuOlympic.Nmnay,gianhnglichctngchanchatnhbbnlnhngtingxnxaovmtthngnngmihtscdhiu-B2B,B2C[16]bannerqungco,bngthng,bngthngrngrascthiticngdnmthanhcngsutcaocabannhcAlOehrle.Sutctunmtcmgicmhvskhngthoimitreollngtrnnhngbantrahayticcc-taivtictinhcmtsbiricmlnggianhngcibttay,nhngcihnvmvvainhau.Mtnhmccvkhchmitoanh,dngiunghnhngang,tgiithiumnhtrccta,nhngngichatngnghehaythyhtiSunValleynmtrc.[17]Mtvingitrongshtrartxcxc,iucxemllbchtrongbukhngkhtruynthngcaSunValley,nisthnmtngtrtheoquicngmcattcnhngngithamdvHerbertAllencngyucumingitunthmtquitcbtthnhvntrcccthivnhvotph,ltrcxutkhiSunValley.mmyngomnvntreonngntrnccbuithuyttrnh,vnltrungtmcaiHiQunHng.Nhngngingucccngty,tpon,ccquanchccaocpcachnhph,vnhngconngitingtmkhcnichuynvinhautheomtcungcchkhnggingbtkmtcucnichuynnobtcniu,bivkhcmttnotrongcuctraoicahcthvtkhiranhgiicanhnglnghoatreotrnngngcatngnginhnghcaSunValley.Ccphngvinbcm,ringccnhbonitingvnhngngtrmbochvtruynthngthcmivophnghinghnhngtuytnhinlunbittntrnglutimlng.Vth,quyntdotrnhbychcdnhringchonhngconngingknhnht,ccdingininhngiuquantrngv thng lsthtvkhngbaogicniratrcgiibochbivhqungcnghch,qucmxc,qucnhgic,qudb chmbim,vthngxuynbdintsai.Cnhphngvinkhngcngcpgthnnpdycbnngoivihyvngcqungchomtmutinvnvtno.Lnny,nhngigiatronglnhvcInternettraoaivvkhoekhoangnhngkvngtottcah.Hhnhdinramtvinhngvthntnhbngconngspnhpvrnghanghuyngvntbtcnhtichnhnoangngitrongscckhnthnhgi.Ccnhtbnngnhngnhng,cnglnhngkphcvcckhontitkimvhubngcangikhc,chianhaunmgimtkhitisnkhcthdintclncan:hnmtngntla![18]StinnytngngtngsthuthunhpcnhnthuctrongmtnmcaM.StinnysmchomihdntihnchnbangncMmtchicBentleymitoanh.[19]V,dngstinny,bncthtungayccbtngsnsangtrngnhtcngmtlcticcthnhphChicago,NewYorkvLosAngeles.Mtsngintcccngtycngnghthngtinnngnnirnghrtcntin,vhmunccctaangngiyatinchoh.

Voutun,tmpa-ncaBrokaw,chngttlnInternetvcucsngcachngtamumtchuicccucthuyttrnhvvicInternetnhhnhlingnhtruynthngnhthno.JayWalkercahngPricelinenvictabngmtbinigychongvngkhisosnhsiuxalthngtinvisraicahthngngstHoaKnm1869.Lnlthtnginynngikhc,ccnhlnhocccngtyhngubclnnivnhngvincnhtisngcacngtymnh,lmngyngtchinghvmttnglaivtntrongviclutrdliuvkhngcnnaccgiihnal.quthtlnhnglinidingtngovctmnhnnmcnhiungibthuytphchontonvmtthgiimiangmratrongkhinhngngikhcthcnhcnhrnghycnhgictrcnhngkbnhngthmc.NhngngiangiuhnhcccngtycngnghtxemmnhlnhngaconcathnPr-m-tvctrchnhimemlanchonhngktmtihn.idintccngnhkhctngvngvymicchpngccnhucutmthngcacucsng-nhphtngxehi,ghthginnisnvn-thbygihunhchquantmnvichsmuacbaonhiucngngh.CphiucacccngtykinhdoanhInternetcmuabnvigicaogpnhiulnsovimcctckhngtntitrnthctcachng,trongkhicccngtythcangsnxutranhngsnphmrtthcphcvisngthcphiucahlibgimgi.Vcphiucngnghquamtcphiucacccngtythucnnkinhtc,nnchsDowJones[20]nhyvtquamc10.000imchtrongvngbnthngtrcy(tcvothng3/1999),vimctnggpisovihnbanmtrc.NhiunhgiumitmtmnhaugiaccbuidinthuyttothnhmtvngcungkhxmnhpbnngoikhuticticnhHConVt,nicmtcpthinngabgiamcmangbiloanhquanhkhnglithot.,btkvkhchno-trphngvin[21]-ucthrngangmngtrongyphcqunka-kiothunlenca-s-miatayditcuhiviBillGateshayAndyGrove.ngthi,hnhnhccnhbotheobngtccnhnvtcthlctrongngnhInternetkhihdichuyngiaLqun(nihingh)vkhunhnghcahcnglmchobukhngkhcaSunValleynmnayctmquantrngcbit.MtviSahongInternetminibracbuichiuthSueobmvnngHerbertAllenchohccmttrongmttmnhgmtonccnhnvttmccangnhtruynthnghnguHoaK,scchpbinhnhipnhlngdanhAnnieLeibovitzvochiuthBy,cquyndnhchotpchVanityFair.HccmgicrnghcmithamdSunValleybivhlnhnvtquantrng,vthmhthykhchukhibitrngLeibovitztlachnnhnvtngtrongkhunghnhcaby.Vsao?Chnghnnh,ldogmbymiBuffettngvokhunghnhtrongkhivaitrcangytrongngnhtruynthngchlthyu?Hayldotcchhivin,hocnglthnhvincamtmngliccnhnvtcnhhngcnhnln?Haynhlchsutvocccngtytruynthnglnvnhtrcmngycutin?Ngoira,gngmtngquckvquenthucnmcscmtcangtrntrangbacngkhnglmttpchbncnhiuhn!HcphnxemnhiunybivhbitrtrrngcncntruynthngnmnayangnghingvccigiaInternet.nghxuthinbtkchnhHerbertAllencngchorngmtmthcminhgicccphiucngnghvtruynthng-davotngslnnhpchutvtnsutngidngInternetltmtquamtmctinnotrnmttrangweb,hayccdonvstngtrngcaohngpnhiulnkhnngthcscamtcngtytrongvictngdoanhthubngtinmtcng-lnhmnh.Mthcmi,-ngkhtmi-cnggingnhmtkiulmtnhmivy,khngcthggingnc![22].Buisngktip,Buffett,hinthncamthcc,dysmvngslngicbithuyttrnhbmcihiQunhng.nglunkhctmiliminichuynticccuchinghdocctpontitrnhngmikhiHerbertAllenngthngnhnlingay.[23]CucgpbmcvosngthBylimchnhyucamtkSunValley,chonnthayvrathngsngolfhaycmlymtchiccncu,hunhttcmingiuvLqundngimtmsng,sautranhthtmmtchngithuntinnht.ClhmnayBuffettsnivthtrngchngkhon.

Vmtcnhn,ngtngbchtrchlkuctrclichngkhon,mtkiukhinthtrngchngkhonngtrongbngtilmchocphiucacccngtycngnghphinciincungsutnmqua.Ringcphiucacngtyng,BerkshireHathaway,thsuyyucngccvquitcbtdibtdchcangvvickhngmuaccloicphiucngnghdngnhlithi.Nhngtuytnhinkhngclichtrchnovcchthcutcang,vchonlcny,tuynbduynhtcangtrccngchnglngkhngbaogiaraccdbovthtrng.Vthquytnhthcdysmlnbcnichuynnmnaylmtiuchatngctinl.Clyllnduynhtnglmvicny.Buffettcmtnimtinstvmtsthithcmnhmrngngphithuytgingiiutrongbuisnghmnay.[24]ngbramytunlchunbbiphtbiucamnh.nghiurtrrngthtrngchngkhonkhngchtonnhngngimuabncphiutheokiunhbintin.Nhngcphiunyidinchoccngnhkinhdoanh.Buffettchnghvtnggi trcachng.Chngtrgibaonhiu?Knngnlilchstmthslutrrttrtucang.ykhngphillnutincccngtycngnghlmthayithgiiicngvkhuyngthtrngchngkhon.Lchskinhdoanhydynhngcngnghmitngrai-ngst,intn,inthoi,xehi,mybay,truynhnh,vttcnhngphngphpktnimithnhanhhn-nhngcmythlmchoccnhuttrnngiuc?ngspsaniviusngnay.Saubuibuffetsng,ClarkeKeoughbclnbcthuyttrnh.BuffettbitgianhKeoughtnhiunmqua;hlhngxmvinhauOmaha.ChnhnhDon,chacaKeoughmBuffettcktnivoconngnSunValley.DonKeoughhinlChtchhngAllen&Co.vlcuCh tchhngCoca-Cola.ng tnggpHerbertAllenkhimua lihngphimColumbiaPicturestAllen&Co.vchoCoca-Colavonm1982.Keoughvspcang,CEORobertoGoizuetacaCoca-Cola,vcngntngtrclitipcnkhngtheophongcchbnhngcaHerbertAllennnihmiHerbertvobanquntrcah[25].Keough,contraimtngichnnuigiascSiouxCityvlmtlsinhtrongnhthngyno,ginghhuCoca-ColatrnlthuytnhngvnsngvhtthhngngycngtheRealThing,cibngcangvncnbaotrmkhpchCoca-Colachonngynay.[26]KhigianhKeoughtrthnhhngxmcangOmahavonhngnm1950,WarrenhiDonrngngnhlmthnonuibntrchotikhichngvoihcvnghDonhnvn10.000 lavoquutcamnh.NhngDonacsuatrvomttrngdngvichiph200lamttuntnghbncphsa-urangcamnh.Khichngtikhngctin,Giy,Clark,contraingangnivicta.ylmtphncaqukhgianhtivchngtiskhngbaogiqun.BuffetttinlnngcngviClarkngaytibcthuyttrnh.ngmcchicothunditayyu thchmu Nebraska bn ngoi chic o s-mi ca r. ng tip li v kt thc cuchuyn:[27]GianhKeoughlnhngngihngxmtuytvicachngti.SthtlthnhthongDoncngnhcnhtirng,khnglngbngnhti,ngycmtcngvicnghong,nhngmiquanhgiachng ti rt ttp.C lnv ti, Susie, sangnhngymnmt ccng,thlMickie,vDon,achocynguyncgi.Khitibitchuyn,tiquytnhquanhKeoughngaytimtmnh.TiniviDon:Tisaoanhkhngati25.000lahnvnutviti?NhnggngmtcacgianhKeoughcvanhli,vtibtngcrangoi.Tiquaytrlivilnsauvnghngygp10.000lamClarkvaninhngchnhncktqutngt.Khngchnbc,titiptcquaylivhi5.000lavlnny,tilibtchi.Mttin,lvomahnm1962,tilnquanhKeoughxemhanglmg.Tithikhngbitcnnhgixungcn2.500lahaykhng,nhngvolctingtngnh

Keough,bntronglngim,tiomchngthnhnthygc.Nhngtibitchuyngangdinra.TibitDonvMickieangtrntrntngtrn,vthtikhngrtlui.Tihtrungchungngca.Vnkhngctingtrli.TibitchcrngDonvMickieangtrnnh,dtrongnhthtiennhmc.Trongnhtiennhmc,nhngcnqusming.Tinhnhinmnhmivahmquavy.lngy21thng6nm1962.-Clarkny,cusinhngynonh?-21thng3nm1963.y!Cnhngchuyntuynhnhngtoramtbcngotln!Vthmcuphivuimngvchamcukhngtraochoti10.000la.Saukhilmcctaphnkhchbngcuchuynvvicchovnhn,Buffettquaylichchnh:Hmnay,tiscnivnhngvncnhiucuhi.Herbbotithamgiavimtvislide[28]ngyni:NyWarren,hychomingithyrnganhvncnsaymvin.KhiHerbniiug, lmtmnh lnhphi thihnhivigianhBuffett.VngninhanhmtcchchnhxcgianhBuffettlnhthno-vBuffettnghrnggianhngcnggingnhmigianhkhc-rikmtcuchuynavAllen.VinthkcaTngthngHoaKchyvivoPhngBuDc,xinlivvxpnhmhaicuchpcngmtlc.Vth,Tngthngphichnmttronghai,hoctipGiohong,hocgpHerbertAllen.ngngnglimtlcchctadttingci.Tngthngbo:MiGiohongvo,tnhtthtichphihnnhn[29]ngythi!iviccbn-nhng-ngi-hn-nhn,hmnaytilimunchiasvthtrngchngkhon.ngni.Tinivvnnhgicphiu,chkhngdonstnggimthgicachngtrongvngvithngsptihaytrongnmti.nhgihontonkhnggingnhdon.Trongngnhn,thtrngvnhnhnhmtcmybuc.Trongdihn,nlmtcmyotrnglng.Trnglngmilcichnh.Nhngcclphiurtquantrngtrongutngnhnnhnglmtkiubucrtphndnch.Khngmayl,khngccchchikimnghimchtlngbuccanc,nhttcccbnubity.Buffettrchutnhmchiuslideutinlncimnhnhcclntreobnphi.[30]BillGates,lcnyangngibndi,phinnthmtmygiychotikhingntayvngvctingcaBuffettlnmacslideutinlnmnhnh.[31]CHSCNGNGHIPTRUNGBNHDOWJONESNgy31/12/1964874,12Ngy31/12/1981875,00Ringtinngnmnhnhvbtugiithch.Trong vng 17 nmny, quim nn kinh t tng gp nm ln. Doanh s cc cng ty trongFortune-500[32] tng hn nm ln. Tuy nhin, cng qung thi gian ny, th trng chngkhonkhngthayig.ngluilivibc.iuccbnanglmkhiutltiuthdnvbtinrahmnaythuvnhiutinhntrongtnglai.Thcschchaicuhimthi.Mtlstinmbnsthuvbaonhiu,vhailkhino.Bygi,tixinnirngAesop[33]khngphilmtnhtichnh,bivngytngkhngnhmtiugirngmtconstrongtaycnhnhaiconbaytrongbi,nhngngy

khngnilkhino.Lisut-haynicchkhcchiphvay-lcigicakhino.-nggiithch.Lisuttrongtichnhcngnhtrnglngtrongvtl.Khilisutthayithgitrcattcccloitisncngthayitheo-tnht,t,cphiu,triphiu...-nhthgicbunbnchimchcangbinngmnh.lldotisaoikhimtconchimtrongtaylitthnhaiconchimtrongbivthnhthonghaiconchimtrongbinggihnmtconchimtrongtay.Quacigingminngnmccthngherctingthcang,tngmtngtunranhanhnniikhichngvacvonhau,BuffettlinhAesopnthtrngucddinhngnm1990mngdintnhmtchuynhtscv l.Linhuntngkmhncngknmtrc,nhngchimtrongbilithnvlisutxungthp.Mtsthnthmuntinmt-tcnmconchimtrongtay-khilisutthpnhth.Vthccnhutangphitrccmcgichatngcchonhngconchimcnnmtrongbirm.NimtcchdngianthBuffettngiunylsthamlam-hmli.Ctabndi,ynhngbcthycngnghanglmthayithgiivngycnggiucnhthtrngchngkhonucln,ngiimthintht.Hangutrnnhcaonhtcaccdanhmcutvnypnhngcphiucmuabnnhngmcgicaophilnngngcung.Nhng,hcmthyrttuytviviu.lmtmthchontonmim, tnht ltrongbuibnhminhcathii Internetny.ThicahchothyBuffettkhngcquyngihlkthamlamhayuctrcli.Warren-kthugomthmhngngtintnmnysangnmkhcvbmtirtttrongs,kkeokitbnxnnnibinsxecangtacngphikulnrnghtin![34]kdnhhunhtonbthigicamnhchnghcchkimtin,kthicngcnhbumcngnghnhnglinhchuyntu-angkhuamimampvnhncbtvolysm-banhcah.Buffetttiptcni,rngchcbacchthtrngchngkhoncthlintctngtrngmct10%trlntrongmtnm.Mtlkhilisutngnhngrtxungdiccmcgimlchs.Hail thphncannkinhtnghingvhngccnhutvinghchvingilmcngnlng,chnhphvnhngthkhc,vtquangnglchsvnangcaongtcan.[35]Vbalkhinnkinhtcthtngtrngnhanhhnmcbnhthng.[36]Ringtmlirngthtlmmnghohuynkhisdngnhnggithuytlcquannhtrn.ngninhiungikhngnghrngtonbthtrnguhngthnh.Htinrnghcthchnranhngngichinthngtscnli.ongahaitaynhmtchhuydnnhc,ngchuynsangslidetiptheongthigiithchrng,mcdsimicthathgiirakhiingho,nhngnhngngiutvocccngtynlcimixtvmtlchsrtcckhnghvuisngchtno.ylnatrangtrchtmtdanhschdi70tranggmccnhsnxutxettiM.ngvyvytpdanhschtrongkhngkh.C2.000cngtysnxutxehi:phtminhquantrngnhtclraivonaucathkXX.Nctcngsurngncucsngcachngta.Nuccbntngnhnthynhngchicxehiutinvothiim,thytncnyilncngsphttrincanhngchicxehinhthno,bnsthtlnrng:ylnimnhphisng.Nhngtrongs2.000cngtyny,chtnhtrongmtvinmgny,chcbacngtylmncli.[37]V,clccbaubndigitrssch,cnghalstinvnhutvosnxutvnnmynmtchmkhngsinhlingno.lldongnhtcmtnhhngccklnivincM,nhnghnginghchviccnhut.ngtdanhschxungvchotayvoti.Hinnay,ikhirtdnhnranhngngithual.Tingh lmtquytnhhinnhinvttnhiniu lraquvcnquantmlslngngangycngti.Mtcclickchutnavmtslidevngahinra.SLNGNGATIMNm1900-17triuconNm1990-5triucon

Thttnh,tikhthtvngrnggianhBuffettkhnglmngabtisutcgiaionny.Lunluncnhngkthuacuc.Cctammciducphnyut.Cngtycahcthbthual,nhngttrongthmtm,hvntinrngmnhlngichinthng,rnghlnhngngisaomingtrtrnnhcaonhtcacctngtri.Chngnghinggmtngynotntuicahslmvinhdchonhngtrangsschcanhnloi.Click,vmtslidekhchinra.Mtphtminhkhcvonauthkny lmybay.Tronggiaiont1919-1939,ckhong200cngtysnxutmybay.HytngtngxemquvcthnhnthytnglaicangnhchtomybayvothiimtiKittyHawk[38].Clquvsnhnthymtthgiikhngthmti.Nhnggisquvnhnthumivic,vnhnrarngtonnhnloiumunbayiythmvingbconhhng,haychytrnkhih,haybtcvicgquvcthlmtrnmybay,quvsthyrngylvngtcatnglai.Michvinmtrcy,khngcmtnglinothucttngsvnucphiutrongngnhcngnghipmybaytronglchs.Vthtixintrnhlnquvrng:tithcsmunnghrngnuticmtKittyHawkthi,cltinhnthyvincnhtisngvthhintinhthnvlichchunglnbnOrvilleWrightrixungt.[39]Tinccnhtbntnglaicachngtaiu.Mtthongcimmcitrngngmtnhngngithamd.Vingitramtmivinhngvdcrchnhngvlngtntrng,htiptcngingheBuffettthchinntphntrnhbycang.V,ngbtunivtimhnnglngmunnghenht:Qultuytvikhixctinutvoccngnhkinhdoanhmi,binhngtphmirtcnchtr.Thtkhmymnhutiviccsnphmvtcht,nhngymnhutvoccsnphmccngthcbtruynthdhnnhiu,ngaycvinhngsnphmang b thua l, bi tht ra khng cmt hng dn u tmang tnh nh lng no c.NhnglinicaWarrenhcthngvomngctabndivlmhaunhi.Nhngngitaclaovout,nhquvthyy.iunylmtinhtimtcuchuyn,ikhinhsau:Cmtnhthmddukhquaivclnthinng.ThnhPeternngyngayticavni:Ny,taphichoconvthi,dconhittccctiuchunvoy.Ldolchngtaangcmtrcriln.Trnnychngtacngclutlphnlura,vchngtachottcnhngkthmddukhvotrongcichungkia.Conthyy,chchtnchri,khngcnchchoconna!Nhthmddukhhi:-Ngicphinnuconnirabntkhng?-Cni,khnghg!-ThnhPeterp.Tcthnhthmdkhumtayhln:-tmthydudiangc![40]Ngaylptc,cachungbungravcmchuyngiathmddukhmulaothngxungangc.-Chiuqulthv.No,mianhvovctnhinnhnhnh!-ThnhPeterni.Nhthmdngpngngtronggiyltrini:-Khng,connghconphiitheomngithi.Cthcngcchtsthtno...[41]

y,lcchrtnhiunginghvchngkhon:rngluncchtsthtnongsaunhngtinn,thtlnhdctin!CuchuyntoramttrngcinhnhngttngangnhthbncnghnvnhngngingibndibngnhnrathmcaBuffett,rngcngnhnhngkthmddukhn,hcnglnhngkkhngbitngnomchbitchytheonhnglinthivxitmduhadiangc.ngktthcphnthuyttrnhbngcchquaylicuchuynngngnvnhngconchimtrongbirm.Theong,khngcmthcminoc.Xtncng,tnggitrthtrngchngkhonchphnnhscsnxutcannkinhtmthi.Ringchohinlnmtslideminhhachoiungvani,trongnhiunmlin,gitrthtrngchngkhontngnhanhhntngtrngcannkinhtvimcchatngthy.iucnghal,Buffettni,17nmtiptheoskhngtngmnhnhsutgiaion1964-1981khiDowJonesphvmiklccachnhn,ttnhin,trphithtrngbngdngttckhngphanh.Cnnh,tsutlinhuncaonhtcthtcccngnhsnxuttronggiaionl6%,[42]nhngktqutmtcucthmdlcbygicaVinPaineWebber-Gallupchothyccnhutkvngmclisutcphiut13-22%.[43]ngtinngnmnhnhvnhngilngmyrmrpcnglcchtayvohnhvmtnginngvmtnginbtrntrung,ctrchtmtquynschhuynthoivthtrngchngkhonctnlNhngChicDuthuyncaKhchhngu?(WhereAretheCustomersYachts?).[44]Nginngnivingiphn:Cnhngthkhngthgiithchvimtcgicntrinhcbng lihaybnghnhnh.C tahiungayng, rngnhngngimua cphiu Internet sp sab cnghip.Hngi im lngnhha.Khngmttingci,dlmttingcibkmnn,mttingcinhhaymttingcihahkhoitr.Lmnhkhng,BuffettquaylibcthuyttrnhvkchoctanghevmttikomngmangtheochohtBerkshireHathaway.TivamuamtcngtychuynbnmybaynhtnlNetjets.TinghvvicnghmingitrongsccbnhnvnmtphntlmngshumtchicGulfstream-IV.Nhngkhitiratisnbay,tinhnrarngchlmtbcliivihuhtccbn.Chn,hmiciln.ngtiptc,thayvo,tisachoccbnmingimtchicknhlpsoikimcngccbnxemxtchicnhntrntaycavngikhc-cbitlnhncanhngngivthba.Trngtimen!Cctacirvvtayrorotnthng.Rihngngli.Mtdngchyngmyphnnangtrnquahingh.LnlpngikhcvthngdthtrngchngkhontiSunValleyvonm1999cnggingnhiraogingvstrinhtittrongnhth.Nhnglinicthnginhctavogh,nhngkhngcnghalhstrnhlmiu.Tuynhin,mtsnginghrnghangnghemtiugrtquantrng.iunythtltuyt;nlhngdncnbnvthtrngchngkhon,vttcchtrongmtbihc.Gatestrmngmsuyngh.[45]Cnccgimctichnh,nhngkchuynsntmnhngcphiugir,cmthynhcanivthmchnhcgtratiliphnno.Buffettvyvymtcunschtrongkhngkh.Quynschnynivnntngtrtucacnkhnghongthtrngchngkhonnm1929.CPhiuPhThngTronguTDiHn(CommonStocksasLongTermInvestment)catcgiAdgarLawrenceSmithchothycphiuluncmcsinh licaohntriphiu.Smithnuranmldo,nhngimhaynhttrongquynschnylsthtrngcccngtylungilimtphnlinhuntiutvisuthonvnbanu.qulmtngcyngcnhngitrcthii-mttngmimvonm1924!NhngBenGraham,cvncati,tngnirng:Anhcthgpnhiurcrivimttngtthnlmttngti.Bivanhqunrngtngttthcgiihn.LordKeynes,tronglitachoquynsch,vitrng:Thtnguyhimkhikvngktqutrongtnglaicthcdontqukh.[46]

ngtnggpphivtmracutrlichovnny:rngkhngaicthngoisuytqukhvtctngphimgicccloicphiu.Bygi,tixinchi,tungicnginochabtixcphmkhng?[47]ngngngli.Cuhithtlhoam;khngaigitaylnc.-Cmn!-ngnivktthcphntrnhbycamnh.Khentngngi,phbnhcnhmlnguyntccaBuffett.Binichuyncangytnhkhchbc,nhngkhnggykhchubingrtquantmnnhngiungikhcnghvng.ngkhnglnnhaycobucai,vngchornghkhngtmnhngliniacang.Llcanghnghnnmcngaycnhngngikhngthchnhngthngipmngmunchuynticngphithanhnscthuytphccan.V,nhngglmctacmthykhngthoimicngkhngbhlmlnchuyn.ngluntrlicccuhicactachonkhihtgi.Minginglnvtaykhenngingvbiphtbiucscthuytphcln.Btkhnghgtronguvbithuyttrnh-mtsmtxutscvhotngutchngkhonhaytinggmcuicngcamtconstgi-thvnlmtthnhcngtuytvicang.Buffettnhcaotrong44nmcamtngnhkinhdoanhtrongc5nmthnhcngrcr,mtthnhtuyngha.Tuynhin,khibngthnhtchngycngdirath lunluncmtcuhixuthin:iugslmngvpng?Liumtngynongstuynbchmdttriuicamnh?Haymtcnachnutnosphtrutng?Hinti,ivinhiungi,thiimn.Cngcthcmtphtminhynghatngtmytnhcnhn,gnlinvicngnghthngtinslntrnvthmnhpkhpmingcngchcacucsngnhInternet,s ltnhong.Nhnghnhnhngkhnghnlngthngtincsnmilc,minivtchinhnnhnthctinrngnhnloispsabcsangmtthinninkmi.NhngkhictalmbmkhenMtbithuyttrnhtuytvi,Warren!thnhngchstnonbtungngikhngyn.Vthl,ngaytrongcnphngdnhchoqubvogigiilao,nhnglinhnxtychmbimctruyntainhautccbvntSiliconValley[48][49].iukhngcnghalBuffettsailmnhmtsngingh,nhngngayckhingcchngminhlng-nhnhngngikhccholth-thlitinonkhlaychuyncangvtnglaicahotnguttngphnrrtvichnhqukhthnhcnghuynthoicachnhng.Vrngtrongnhngngythngvngsonthubanucang,cphiucgirtrvngthahhttngnmbcmtcchddngvhunhkinhdoanhmtmnhmtch.Nmthngtriqua,chngngibtuxuthinvnggpkhkhnhntrongvictmlithutvtnhtonnhngiungikhckhngbit.Vy,Buffettlaimdmthuytgingchoh?Cphibyginlthkhng?Buffettlaimdmnirnghkhngnnkimtintrongkhihcthmuattanbcichtuytvi?Sutphncnlicabuichiuchmchptriqua,ccvkhchqucaHerbertAllenchimttrntennishocnhvigygolfcuicng,hayrathngthmcbnHConVttnguvinhau.Buffettdnhthigianbuichiutrchuynvinhngngibnc,nhngngichcmngngsauphnthuyttrnh.ngtinrngmnhthchinmtbinigytcngmnhlnmngkhnthnhgi.Tuynhin,ngthchinmtbiniynhngchngccgitrnhthkhngphivmunncghivokyucaSunValley.Buffett,ngilunmuncngikhcyuqu,ngkmtbiphtbiuhonhtrngchkhngphinhngtinglubuttrongchng.Nhngcchkhimtnhn lcbaonhiungibthuytphcquabithuyttrnhcang?HtinrngBuffettangcgiithchmtcchduylvutchngkhonsaukhibnhcontuchsbngncngnghthngtin,vhngcnhinkhinghengaranhnglitinonvdbocthnmcsairnhrnh.Ngoitmtaicang,ngitakhonhaumrng:TinghipnggiWarrenttbng!ngynhchuyntucngnghri.Nhnglmthnongynhnhthcnh?ngylbncaBillGatesm![50]

CchyvidmtiKhchsnRiverRunvochiuhm,cngviccvkhchdbuiticchiataycspxptheomtkhochkhngaibittrc,HerbertAllencuicngcngphtbiu.ngcmnnhiungikhcnhauvtmttliccskindinratrongtun.SauSusieBuffettlibclnsnkhungbncnhcasnhnradngsngBigWoodvmtlnnahtnhngcakhcthixac.SaukhchkhaquaytrrakhonhsncnncaocakhchsnLodge,niccvnngvintrtbngnghthutOlympicsbiudinphcvh.Volcphobngbngsngngangdcbutrimcabuiticuicng,SunValley99clongtrngtuynbktthcsaunmngyhiymuscvthv.Nhngiuhuhtttcminginhnhtkhngphilcucuathuynhayccvnngvintrtbngxinhp,mlbinichuyncaBuffettvthtrngchngkhon-cngldboutinmngthchinsaung30nmhotngtronglnhvcny.

3.NHNGKSNGTHEOTHIQUENPasadena,thng7nm1999

NgitakhngnhnthybngdngCharlesT.Munger,cngscaBuffett,utrongsutkihiQunhngnmnaytiSunValley.CcnhtchccaAllen&Co.khngbaogimingthamd.ChuyniviMungerkhnglgc,vSunValleythucloiskinngkhngthmquantm.Ccnghithc,thtccanihingithamdphichiulngqunhiungikhc.[51]Ngcli,Buffettlngithchlmnhngngixungquanhngcvuisng.Ngayckhitungchngvocta,ngcngcnnhcktnglimbo rngmnhvnchyuqu.Trongkhi,Munger chmuncmingi tntrngvcngchngbntmgnucaiborngnglch.[52]Nhngtrongmtkkhc,chaicththaythchonhau.Buffetttngnirnghaingibnhlmtcpsongsinhdnhlin,gnnhlvy!.Hucdngivngv,lcl.Hcngmcnhngbovtmuxmtrocngdnhchonhngngi tvnng, thiuuynchuyn,nhngngichbitviuvoschbohtnmnysangnmkhcmkhnghbitnththaohayhotngngoitrilg.Hchimitcmuitiucahmtkiunhnhau,cngmangknhhiuClarkKentishvcngcnhngnhnhnthtmnhlit.Hsuynghgingnhauvcnimammnhnhau:hxemkinhdoanhlmtbitonhpdnnmchsnsngdnhccucimnhitmligii.Chaiuxemlphivstrungthclnhngctnhcaopnhtmtconngi.Thibcngvthuynhocmnh,theoh,lnguynnhnchnhdnnsailm.Hthchnghinngmccnguynnhncathtbinghimraccquilutcathnhcng.TlutilunitmchnlnchasubntrongccsvtbngphpnghchotrongsnghimtctuytictvnbinhishcCarlJacobi,Mungerni.Nghcho,lunlunlnghcho!ngminhhaiunybngcunicamtnginngdnkhnngoan,rng:Hychotibitnitischttitrnhchkhicnsng.[53]NhngtrongkhiMungermchnghabngcacunithBuffettlihiuntheonghaen.ngthiuciuynthmlnnhycmvthuytnhmnhcaMunger,cbitkhiaicpnchclinquanncichtcachnhngy.Tuynhin,chaiub nhimchng thch ln lpkkhc.Munger txemmnh l mphm.ngmitmisonraccbithuyttrnhtrongnhngdpcbitnonivchnghthutthnhcng.Nhngbiphtbiucangnhnglngngivtruyncmhngmnhmnmcngi ta x sn lng v chuyn taynhauc cho ti khiInternetlmchontrnndtipcnhnvittcmingi.ngngycnghnghiphtbiuhn,nnikhngtln,bngtrthnhmtnhdinthuyttmnhmimnh,theocchnicaBuffett,vtngblixungkhisnkhu.Vmtcnhn,Mungerckhuynhhngthuytginghocchochnhmnhhocchongikhc,mlunvingycnggingnhngiphasauhutrngsnkhuvy.Nhngtrongkhitxemmnhlmtnhkhoahcvkintrcsnghipd,cngnhkhngngnngigiithchvimingivcchcthuytcaEinstein,Darwin,nhngthiquentduytheoltrvcvkhongcchltnggiaccchngatiukhuSantaBarbara,dsaoMungervnrtthntrngtrongvicmohimiquxanhngiungbit.ngrtsblmconmichocimmtngibncnglphiTrngLutHarwardgilVRcRiNtGiy.Changyi lmbngxeanhngngyvicngmtnhmngi,-Mungerni.vmtngynmtngitrongshkhngbitlmcchnomuavthtttcccntgiytrnthtrng-mtthtrngthcsrtnh,nhngngythugomtttnttcclointgiy.ngtalmravkhngthnonhmlnbtcthg,vcngcthlttcmithmchngtacthtngtngra.Nhng,vuctuytintgiylmngtatrthnhmtchuyngiabitttcmith.Warrenvtilunlunnhnrarngthtlmtsailmkhngkhipnuhnhxnhth.[54]

BuffettkhngsbthithitvRcRiNtGiy.ngchsrngmnhxuthindimtdngvngght,vthnnalcaongo.ngtinvocimnggilVngtrnNnglc(CircleofCompetence).ngvmtvngtrnvbcvovnguyntrongvibaphmtrchbalnhvcmngccngnhnlchuyngiasmt:tinbc,kinhdoanhvcucsngringcang.Tuyvy,gingnhMunger,ngcngckiucchringvstsaymvichnhmnh.TrongkhiMungerchnlartkccchthuyttrnh,nhnggprcritrongvicktthcbini;thngcli,Buffettthngtmttvnrtddng,nhnglithyrtkhkhnmikhiphibtumtbiging.ngthuyttrnh;vitbo;githnccbanbintp;tphpngikhctrongccbuitic ging cho h nhng bi hc nho nh; lm chng trong cc v kin; xut hin trntruynhnh trong cc phng s ti liu; phng vn trn ti-vi ;mang cc nhbo theo ccchuyni;thchinccbuithuyttrnhvngquanhcctrngihc;misinhvinnchinh;cdinvnkhaitrngcccahngg;dkhnhthnhcctrungtmchobnbohimquainthoivccbantivicckhchhngtimnngcahngkinhdoanhmybaynhNetjets;ngcngthchtrchuynvicccuthtrongphngthay;nichuynviccnghsquchiccbantra;tvnchongilmbotrongcccuchpbanbintpcah;aranhngbihcchoccthnhvintrongbangimccang;vtrnttcl,nglunthhinstrntrngtrongccbcthngvithaycccuchpngdvicccngcamnh.BerkshireHathawaylNhnguynSistine[55]cang.NkhngchlmtcngtrnhnghthutmcnlmttrchonminhhachonimtinrngtisaoMungervnldoanhnghipmphmcaBuffett.Haingitrthnhkhnthnhgitrungthnhcanhaungaytlngputintrongmtbuintragianhngngibnhinm1959.Saukhilmchoccvchnhmtlquacucchuyntr,htiptcngilibnnvnihuynthuynkhngdt.Rittri,hcnhngcucmlunkhngthctngangsuthngthpksau.Cuicng,hccnghcanhauvkhngninamchtraoivinhaubngthngiaocchcm.Nhngsauthnhngnginghehcmrngrabaogmcbnb,itckinhdoanh,cccng...-thtra,cthgiiumunngheh.NgitaloobcrakhivnphngBuffetthocrikhiccbuithuyttrnhcacaMungertrongkhiatayvtrnvthtlnhaitingTrii!,biunhthssngsutvthuhiuttcmithcahangcvnmchongiyphthmivra.Chainibaonhiucngkhng,nhnglinghcnghehthuytgingclintctngln.Cngnhhuhtmithtrongcucimnh,hcmthyrtthoimitrongchuynthuyttrnhny.Dngnhnnsuvoconngihvtrthnhmtthiquentbaogi.Tuynhin,trccobucchorngnglksngtheothiquen,Buffettplibngmtcinhntnthng:Tikhngphilksngtheothiquen.Khng,Charlie-chnhCharliemilksngtheothiquen.[56]Mungerthcdyvobuisngvtngaychicknhdycpkiucdnhchongibcthytinhthdygn6mi-li-mtlnsngmi.nglunngivoxehicamnhchnhxccngmtgimingyvcnthntchicva-licachangli,giynltngsdng,trnchicghbncnhritlixetPasadenaxungkhutrungtmLosAngeles.[57]ngilnngvbntribngcchmxequaknhchiuhuvnhnhquamtngtnhtonkhinothcmtkhongtrngngcthchoxemnhnhpvo.[58](Mynmlinnglunmangtheomtbnhxngdtrtrongcpxe,phngkhingqundnglixng,nhngcuicngngtbthiquenliny.)Milnxungph,ngthnghnmtnginocngnsngtiCaliforniaClub,mtnhhngckiutrangtrgchmuct,cnglmttrongnhngniluitingknhtrngnhtLosAngeles.nglunsichnthngtinnchicbnutinsaukhivmtnmbotgitbncnhthangmytngba.ngmtungcctbonhthanghihpmquvobuisngGingsinh,chotikhichngchtthnhmtnglnxungquanh.

ChongMunger!CcthnhvinHiphiKinhdoanhLosAngelesunghingmnhcichokhihingangquangnnhngchicbnnmccvtrkhimtnhn.Hrtvuimngmikhingnhnrahvninhanhvihdmbacug.Mungernhnhbngmtbnphi.Mt tricangbhnghontontrongmtcucphuthutthtbi.[59]Giy,tronglcngnichuyn,mmttricangspxunglngchngmikhingngoiuomtkhpgianphngnmckhungcnh.Cinhnxoaynangilmtotlnngmtdinmocasthntrngmunthuvtnhkhngmuntracaongochu.Saukhihon thnhmn trngmingbngnhng tri vitqut,Mungern thmci vnphngnhnhngnocthulitMunger,Tolles&Olson,mthnglutmngthnhlpvonm1962vnghhubanmsau.GiumnhtngtrncatanhWellsFargoCenter,thgiiringcangcqunlbiTeutonicDorotheObert,ngithkgnbtrtlucang.,gianhngcunschvkhoahcvlchs,tiuscaBenjaminFranklinttrnnhngkschgncaslmtbcchndunglncanhtinhcvcchngnSamuelJohnson,bnvvmhnhccvmuabnbtngsnminhtcang,mtbctngbnthnFranklintbncnhcas,ngcmthynhangnh.MungerngngmFranklinvcivlngiTinlnhtunthccgitrtsntruynthngnhnglisngmtcucsngtdongknhiungithmmun.ngthngxuyntrchdnFranklin,vcthngicngynghincucctcphmcangy,vcanhngconngiccichtcaop,nhngthngni,chnghnnhCicerovMaimonides[60].ngcng qun l c Wesco Financial, mt cng ty con ca Berkshire ; ri Daily JournalCorporation,mtnhxutbnlutthucWesco ;v lmvictheoccdngiaodchbtngsny.Ckhnngtrthnhmt-nh-tn-gu-ln-trong-tng-lai-ngoitrivigianh,nhngngibnthnvcccngskinhdoanh-lnhnxtcaDorothyvngvngtrartphhpkhirthayaranhnglinhnxtddmhihc,nhngkhhiuvgynnlngnginghe!MungerdnhphnlnthigiancamnhtmhiuvBnCnNguyn[61].Mtkhingchniug,ngcthnmvomtshophngngkinhngc.Tuyclcthiumtchthmnhtrcnhngngimnggillcnb,cnthlngnhnhucangcthhindihnhthcmtcuc truytmcnnguynngungc theoDarwin tnvinhnhng iu tt p nht. Bnh vin Good Samaritan, Trng Harvard-Westlake, Th vinHungtinton,ihcLutStanfordlnhngnichnglittisncang.NhngtchcnybitrngtinbcvnlccaMungerphiicngvivicgingdyvsnhnmnhrngmingiulmvictheocchcaCharlie(tctheothiquen).ngrtvuilngtitrtinktcxchosinhvintrnglutStanford,minlStanfordxydngphngcngnhkchthcngyucu,casphilpngvtr,phngtmphingkiacchnhnngbynhiumt,ngaycnhuxecngphingningchnh.nglhinthnclscamtkquyncaochctrngcnglntui,cnggiucthcmthycngphignhvcthmnhiutrchnhimnngn,vithrngbucrtkhchutrongvntinbcvlunmunnginhnchnglinhiunht,bivngchorngmnhhiuriuhnaiht.TuyvicgcaaingcngmtnnhngMungerlunrivnphngrtnggichivigygolfvinhngngibnchctcangtiLosAngelesCountryClub.SaungcngNancy,vng,ntitrongnginhtiPasadenamngtthitk,nhngthnglvimtnhmbnthnlunmtiCulcbCaliforniahocLosAngelesCountry.ngktthcmtngycamnhbngcchchimivomtcunsch.ngthnginghvitmaconrutcngnhconringcavcngmchuni,ngoi,lncnhc,tinginhnhcamnhtrnoNgisao(StarIsland)Minnesota.Cngnhchamnh,nglngirtthchicuc.ngthngmivichcngithpnungtrnchicthuynhaithnkhnglcamnh,ctnlChannelCat(cmtngibnmtlmtnhhngnivcsdngvuichigiitrlchnh).Nitmli,ngoitrnhngkhchtnythMungerlmtconngithngtnh, lunhngvgianhvyuqubnb,ccculcbvcchot

ngtthinmngthngthamgia.Buffettcngthchbnbccculcbcang,nhngkhngcquanhnhiuvicctchctthin.CucsngcangthmchcngindhncMunger,nhngtnhcchringcangthphctphnnhiu.PhnlnthigianngsngOmaha,nhnglchlmviccanglunbaogmmtchuicccuchphingquntrvnhngchuynthmvingbnb,chinhcvimtbannhcthongdong,unnhnhngtuntrng.NhngngyOmaha,ng thng li xemtdmri tnginhmng trng sut40nmquanvnphngtiQungtrngKiewit,cngtntitrongkhongngnythigian,ningsngivosauchicbncachamnhtrclc8:30snghngngy.,ngsbtti-visangknhCNBCvttchmthanhtrckhicmlychngbo.ngvamttimnhnhvaltnhanhcctbocttrnbnngtsngsm:AmericanBanker,Editor&Publisher,Broadcasting,BeverageDigest,FurnitureToday,A.M.BestsProperty-CasualtyReview,theNewYorker,ColumbiaJournalismReview,theNewYorkObserver,vmtsbntintnhngngimngngngmvthtrngcphiuvtriphiu.Saukhingtiuhaxongtonbthtn,fax,emailboconhkhngthng,hngtun,hngngyvnhnghotngkinhdoanhcaBerkshire,mtdanhschminmmtdiraschongbitthngtinvslngtmGEIKObnratrongtunquavcbaonhiuhpngcthanhton;baonhiukoSeescbnhmqua;baonhiubngphcnhnvinnhtcthngtFechheimers;baonhiuchicmybayphnlccnhcbnratichuuvM;vttcnhngthcnli-baogmvibtchemanng,myscpin,nghin,mynnkh,nhnci,xetichothu,bchkhoatonth,phnmmtrchihunluynphicng,trangtrnitht,myotimmch,chungln,cckhontinvay,danhmcbtngsn,kemnchoaqu,thngvti,bmchm,myhtbi,qungcobo,mymtrng,dao,tinchothug,giyyt,ccphtngcint...Ttcmiconsvdoanhthuvchiphudnvvnphngvngkimsotcgnnhttcbngtrnh.[62]Nhnglcrnhri,ngmitminghincubocotichnhcahngtrmcngtymngchamua.Ldomtphnvkhngcniuglmchongvuithhn,mtphnsnsngtrongtrnghp...NucvnhnvttingtmnoicngcnvOmahagpng,ngslnchicxehiLincohnTownmuxanhnhthpcamnhvlimtdmrixuynthnhphtisnbaytntiphmtcchthntnh.Mingiainyungcnhinvbchinhphcbinhngcchkhngmtchtgitocang,drngngaysaungcoxoenxottngsidythnkinhcahmikhihnhcthyccbinbonhngng,chtntnhiugiaothnghaynhngchicxekhctrongkhinglenlihtbnnysangbnkhcvhhinioonhsngbnlinthanh.nglgiichosmttptrungtrongkhilixecamnhbngcchlithtchm,chmnmcnugytainn,thithichlnhngxyxtnhmthi.[63]nglunlunahthamquanmtvngkhuvnphngcang,khoevihcckvtcang,nhngskinngghinhtrongcucisnghipkinhdoanhcang.Ringngixung,ngirnvtrctrongchicghcamnh,haitayanvonhau,nhngmytvngcmmikhinglngnghecccuhihaynghcavkhchnthm.ivitngngi,Buffettlundnhchohmtsddmngkhu,nhngquytnhnhanhchngvccnghtrongcngvicvnhnglikhuynnnghu.Khitinhrav,nglilmngcnhinh,mtchnhkhchhayCEOcamttponkhnglno,bngcchghvomttimMcDonaldscngntratrckhiahtrlisnbay.Gianhnglccschbo,nghincutiliu,hihplnhngtingchunginthoireovangsutngy.NhngngilnutingivomyBuffettubscmnhkhinghetingHellortnngnhitvthngrivobirikhinhnrarngngangtrliinthoiringcang.Thkcang,DebbieBosanekdthng,lunbnrnbcrabcvovnphngngvinhngtinnhntcccucginhdongdybbn.Trnbnnccnh

bnlmvicchnh,nhnghichunginthoireovangtngchp.ngnhcinthoingaylptcbih lnhngngikinhdoanhving.Vng,...mmm,...ngri...cth... lnhngtngthngnivgcmyriquaysangnhngcucgikhc,hoctiptccbohaycCNBCtrckhiktthcmtngylmvicvravvong5:30chiu.Ngiphnchingnhkhngphilvng.ngrtcimkhinivAstridMenks,ngimngchungsngtnm1978saumtcucdnxptayba.Vng,SusieBuffettchpnhnchuyn,vtrnthctchnhblngisptmith;tuynhin,cngvSusiecngghimtimlnkhinirnghcmtcuchnnhntrnctuytvi,nhngvicthngthnggiahtheongtnhnghavchngclnlchviuphimtcchnhpnhngnhmi thkhc trong cuci caBuffett. Lcno cngvy, khini vhaingiphncamnh,ngkhngnigngoitrcu:nubnhiurtngngi,bnsbitrmnhphilmg.[64]Trongkhingrtthtlngthmingivnkhngthamnvicutrli,bivhunhkhngaibitrvSusiehayAstrid,hocgi,vchnhconngiBuffett.Ringngthrttchbchtrongmiquanhny,cngnhngvanglmivinhiumiquanhkhctrongcucing.Tuynhin,trongttccccucxuthinbnngoi,AstridvSusielbnbcanhau.Huhtccmtrongnm,Buffettntivinhngmnnhham-b-ghaythtlnbmtinhcngviAstrid.SaumtviginghngstptrungcamnhvotrchibibridgetrnmngInternet,trchimngthngdnhchon12gimitun.Saungrtmvdnmtvomnhnhvinhngmthanhhnchtia.Astridgnnhkhngxuthintronglcngchigame,ngoitrnhngkhingnhb:Astrid,choanhmtlonCokenh!.Cuibuiti,ngthngnichuyninthoimtlcviSharonOsberg,ngicngchibibridgengthilcbngitmtnhthnthitcang.Trongkhi,Astridlngxngdndpnhcachon22gi.Kn,trongkhiBuffettccuchptxaviAjitJain,ngiiuhnhmtcngtytibohimcang,thAstridichvmuasbophthnhsmcangyhmsau.Saucng,tronglcngctbomicAstridmuavthbing.ltonbcucsngdngnhrtngin,bnhthngcamtnhitph.

4.WARREN,CCHUYNGTH?OmahavAtlanta,tthngTmnthngMiHai,nm1999

Gnnhtonbtisntrgi30tlacaBuffett-khong99%-cutvochnhcccphiucaBerkshireHathaway.TiSunValley,ngtnglgiitisaocchnhgithtrngliquantrnghncchbuctngthng.Nhng,chnhquanimvgiccphiucangthngquacchbucmixclptmcaochonhngiungtngthuytging.Ngitaquantmnngvnggiuc.Vthkhingtinonrngthtrngcthgythtvngccnhuttrong17nmti,[65]lngangttmnhvompcamtvchdngng,vngbitriu.Nungsai,khngnhngngtrthnhtrcilchscaSunValley,mtrongschklcthgiivnhngngigiucnhthnhtinh,vtrcnhncangcngsrtththm.Buffettrtquantmnchngcamnhtrongbngxphng.Sutnhngnmcuicathpnin1990,BRK(mcphiucaBerkshireHathaway)lmdythmbngthnhtchcangbngtctngnhanhgpnhiulnsovitcchungcathtrng,chonkhitnhtimc80.900lamicphiuvothng06/1998.ChmtcphiulcaBerkshirecngmuamtinsnnhonh.lchuyncnhtvnhtronglchskinhdoanhHoaK.iviBuffett,gicphiulmtthconginccthnhcngcang.ThgicphiuBRKtnglintcvimtngthngilnktngyutinngmuanvimcgi7,5la.Mcdthtrngrungchuynmnhvocuinhngnm1990,nhngchotinm1999ccnhutcphiucaBerkshirevncncmgitrongtayuhngliln.BNGSOSNHTHGICPHIUQUACCNM 1993 1994 1995 1996 1997 1998BRK 39% 25% 57% 6% 35% 52%S&P2 10% 1% 38% 23% 33% 29%

Nhnghinti,Buffettnhnramnhangngtrnmtmtphngangchmcaloicphiukhngcnca thchvnhncccphiu T&T (cphiucngnghv truynthng)angbtphvt ln.Vo thng8/1999,BRKstgixungcn65.000 la.Mtnginntrbaonhiuchomtcngtyln,ctntuivckhnngmangli400triulalinhunhngnm?Vbaonhiuivimtcngtynh,mithnhlpvangbl?ToyRUsli400triulamtnmvlavlavtdoanhthu11tlaeToysl123triulamtnmvlavtdoanhthu100triulaBmybuccathtrngnirngeToystrgi4,9tla,vToyRUsvokhongtrndi3,9t.GinhleToysangdnToyRUsvothbngnhlithInternet.[66]mmy ng vc u tin treo l lng trn th trng c lin quan n vn lch. Ccchuyngiadonrngthmhacthxyravongthikhcgiaothamcuinm31/12/1999,bivccmytnhtrnthgiikhngclptrnhxlnhngnmbtubngschs2.Losthmhakinhhong,CcDtrLinbangbtunhanhchngtnglngtinavoluthngnhmngnchntnhtrngthiuhttinmttrongtrnghp tonb ccmyATMngbngngay lp tc.V th, ngay sau SunValley, th trnghngngi lntheohnhtrncvitcphnlcnhphobngmngNgyclp(4/7).Nuvothng01/1999bnutmt lavoth trngNASDAQ,th trngcphiucacccngtycngngh,thgiytrgicphiucabnl25la.NhngnubnutmtlavocphiuBRK,bnchcnli8centmthi.Cuithng12/1999,ch

sDowJonesngcaphincuinmtng25%.ChsNASDAQthbngnphhymc4.000imvimttctngkhngthtinni,86%.CphiuBRKrtxungcn56.100la.Chtrongvngmtvithng,vthdnucacphiuBerkshiretrong5nmtrcbsngthnnhnchm.Trongvnghnmtnm,ccchuyngiatichnhcaocpcinhoBuffett,mtkhtthi,mt hin thn ca qu kh. Gi y, trong m cui cng ca thin nin k gi nua,Barrons,mttpchhngtunphi-ccaPhWall,tBuffettlntrangbavihngttlnWarren,cchuyng th?BiboikmnirngBerkshirevpngchmng.ngangiuhnhmtlnhabochcnhtnhngchatnglmcngvicbaogi.Tibitiuspthayi,nglintclpilpli,tichchabitlkhinomthi.[67]Nhngdythnkinhanggothtcangthcgicnghnhng.Nhng,ngkhnglmgc.ngkhngcmtphnngno!Gnncuinm1999,thmchrtnhiunhutchngkhontheocchcaBuffetthocngnguthocbncphiuravmuavocccphiucngngh.Buffettkhnglmth.ChnhcimnggilBngimNitm(InnerScorecard)-tcsbnbtrongccquytnhuttichnhtngtruynchongmtngunnnglnglnnhmingivncnnh-gichongkhngbdaong.Ticmthynhhontonbtlc,nhngvncncNhnguynSistine,vtibtuvli.Tirtthchnghecu:Nyanhbn,bctranhtrngcy!nglbctranhcati.Nhngkhicngihi:Saoanhkhngsdngnhiumuhnmuxanh?Tmbitnh,ngbn!ltranhcatim!Ticccnbithbnncbaonhiu.Mtbctranhtnkhngbaogicktthc.lmttrongnhngtritltuytvicahiha.[68]CuhilnvvicngitahnhxnhthnoltythucchhcmtBngimNitmhaymtBngimBnngoi(OuterScorecard).iuctcdngnubnhilngvimtBngimNitm.Tilunluntruyvnntheocchny.Tini:Nhnchorny.Anhcmunanhlmtngicyumnnhttrni,nhngmingixungquanhnghsaulnganhrnganhlkngghtnhtthgian?Hayanhmunlkngghtnhtthgiannhngcminginghrnganhlmtngicyumnnhttrni?y,lmtcuhirtthv!Cny lmtcuhikhc.Nuthgiikhngnhnthythnhtchcaanh,anhcmuncminginghrnganhlnhutvinhtthgiinhngtrnthctcthnhtchthinhtthgii?Hayanhmuncminginghvanhnhmtnhuttnhtthgiinhngthctthanhlsmt?Trongvicdydconci,tinghbihcmchnghctkhichngcnrt,rtnhchnhlnhnggchamchngcbitnhnmnh.Nuttcnhngiungchnhtlnhnggthgiinghvanh,hyqunichuynanhsngxnhthno,vanhsritungvitmBngimNgoicnh.Ringchatilthny:nglngi100%thucvtrngphiBngimNitm.ngthcs lmtngikhngtheochunmcnoc,nhngngkhngphi lngivchunmcchvmuntrthnhmtkkhngtheochunmc.Chatidytiphisngnhthno.Tichatnggpmtnginonhng.

PHNIIBNGIMNITM(TheInnerScorecard)

5.KHTKHAOGINGONebraska-nm1869-1928

JohnBuffett,ngichBuffettutintchnlnTnThgii,lmtthdtvisc[69]ccholthucdnghHuguenotPhp.ngnMvothkXVIIkhitrnchynhngcuc n p tn gio khc lit ti chu u. sinh sng, ng lm ngh nng vngHungtington,LongIsland.NgitabitrttvnhngngiutinmanghBuffettnnhcM,ngoitrvichlnngdn.[70]Tuynhin,rrngskhtkhaogingocaWarrenBuffettlmtphntronghuyt qun ca gia nh.inhnh lmt trongnhng con trai ca JohnBuffett,[71]trongkhigiongbumvhngbcngangquaLongIslandnConnecticut,ghvobvleolnnhngngnicaoraoginggiolchonhngkngoio.Nhngnhngngiconngibrungb,nhngkutrmuicpvnhngkkhngcctincavngGreenwichcnnnsmhihaykhngsaukhinghenggingochotinayvncnliungnghing,bibnhscangcghilirngngtngbstnh.Vi thh sau, ZebulonBuffett,mtnngdnvngDixHills, Long Island, tbnhngtruynthngttpcagianhtrthnhhnhmuutinthhinmtkhacnhkhctrongtnhcchcadnghBuffettkhiixvihhngrutthtcamnhhtsckeobn.ng lm chuni camnh l SidneyHomanBuffett phi ri b cng vic nng triZebulontrongsghtmvbtrlngthpnmcsnhc.ChngthiuninSidneycaogyivphatynOmaha,Nebraska,thamgiavocngvickinhdoanhchungnuingachothuvingngoiGeorgeHoman.[72]Vonm1867,Omaha lmt khunh cnh chyu gmnhng cnnh g s si. Tuynhin, ngay tnhngngyutin,Omahalmttrungtmcungngloihngha,kccbc,giimvbiaruchonhngktinphongtrongcucxitmvngminTyncM.[73]VocuicucNichin,Omahachuynmnhmnhm.Nhngtuynngstxuynlcanilinhaibng-TyncMvnhngbangmicthnhlp.ThriTngthngAbrahamLincolnrasclnhtuynbOmahaltnghnhdinhcangnhngst.SraicacngtyngstUnionPacificthimtlungsinhkhmivothtrnnhbnyvchngmychcbinnthnhmttrungtmthngmismut.Tuynhin,OmahavngicdanhtingcamnhlmtSodom[74]cancM,[75]mtxmnghocadntching.Saumtthigianlmvicchungnuingachothu,Sidneyliraivmcahiutphautinmtthtrnkhngcnhngconngtrisi.Vimtcahiukinhdoanhkhimtnnhngngcntrng,ngbntricy,raucivchitrcontsngsmchontnnam.ngbntngcongvngthonguynkim25xu,tngconthlyli10xu.[76]ngnicang,ZebulonKeoKit-trongmtlnhimhoi-ingichotnglaicaSidneynngichongmtlthyxcngcngnhnglikhuynvttcccquytcmchuchtcangchongivnrmrptuntheo:...Hynggitrongttccccuchn.Chusthykhmlmnvinhngngi tquantmnvicny...Hygiuytncabnthn,vnliuquhnctinbc...Numunkinhdoanh,chuphibithilngvimclinhunvaphi.nghptpmuncngaymtsnnghipln.Hysngxngngchtxngng.[77]Hilngvimclinhuntrungbnhtimtnimngitathilmgiu,Sidneydndnxydngcmtcahiuthnhcng.[78]ngciEvelynKetchumvcvinhausumtcon,bnachtsm.ErnestvFranklhaicucontraicnlicah.[79]Ngitanirng:khngnginoctmtcitnhayhnErnestBuffett.[80]Ernestsinhnm1877vktthcchuynhchnhvonmlp8vnhphvicvichaca

hngrauqutrongsutthikkhnghong1893.Cnlpdhncnganhthovtcamnh,FrankBuffettngycnggingnhmtcithngt-n[81]vlkngoiotrongsnhngngitheoThanhgiocagianh,nhngngithithongcngncvibaccrunhndpnyn.Mthm,cmtphntrncahiuxinvolmvic.CtnlHenriettaDuvall.CnOmahatrnkhingimkcaynghit.[82]FrankvErnestngaylptcsaymc,nhngErnestptraihnnncicnngvonm1898.Clarence,aconucaErnestvHenrietta, raimtnmsaumci.Tipsau lbacucontraivmtccongi.Khnglusaumttrncivvicha,Ernesttchrammtcahiuring.Frankgnnhsngcthnsutivsut25nmsaumcicaErnest.NgynoHenriettacnsng,ngquytkhngnichuynvianhmnh.Ernesttrthnhtrctcathtrn.Ticahiumi,gilmvickodi,lngbngthp,kinbbpnghtvmisdidtukhngcchpnhn.[83]Lunlunmcbqunosangtrng,ngthngngsauquyvcauclarynhnvinphithibingnhcvlmvicchochmchvo!ngcngthnggithchoccnhcungcpvinhngcuiloinh:Hygiaocntyngay![84]ngtradmnvicckhchhngn,nhngkhnghngnngitrongvicphnxtvghingayvosbaentncanhngngidmlmngtcgin-nhngngitheongDnchvnhngngiqutnng.[85]Ernesttinrngcthgiinycnphilngnghekincangvngikhpcchinghtrntonqucbytscmcnhchotnhhnhtitcatncviccdoanhnhnccngchhng.[86]Snghingbn thnhontonkhngc trongvbngoimnhmcang.ng lunnivnhngquanimngphnnnvlunmunmingibitrngchcngmilngibitrnhtiu.Buffettni.Tronglthgichocontraivchudukhuynrnghphiluncsntinmttrongnh,ngcngmtccthnhvincadnghBuffettlhinthncanhngconngilchlm:ChamunnirngchabaogicmtngimanghBuffettnochtimlimttisnln,nhngcngchacnginoraimkhngligc.Hkhngbaogitiuqustinhkimc.Hlundnhdmmtphnutvthcshutkhtt.[87]

TiutinthnskimclphngchmsngcadnghBuffett,nilinvihquttyulkhngmcn.Henrietta,ngimangdngmuHugeunotPhpquc,cnglngitntin,cchst,vtheophongtrochngungrunhErnest,chngb.LmtngiCampellite[88]mo,bcmthycnphiluncunguyn.TrongkhiErnestlmvicngoicahiu,bngyncngcxengabnbnhcagianhvchltrilngvngkhpccminqu.BgcatngnngtriphnphtccquynKinhthnh.KhchtcabkhnglmgimnhkhuynhhngthchraoginglunlcadnghBuffett.Sthcltrongmtstrnghp,Henrietta l ngi ging o nhiu nht trong s nhng ngimang h Buffett yu thchthuytgingangcnsnglcbygi.NhngngimanghBuffettucmumuabn.Hkhngthuctnglpthngbunhaynhngngicnghnghip,mlnhngcdnutinOmaha.Hnhnthcrtrvthcamnh.NimhyvngcaHenrietta lbnaconcabs lnhngngiutinOmahattnghipihc.ctinnghcphchocccon,bctgimchitiutronggianh-chtchhnmccnthit,vngtheotiuchuncadnghBuffett.Ttccccontraicabulmviccnmncahngtkhichngcnnh.SauClarencebtubcvongnhkinhdoanhduha.Saukhittnghipngnhacht,[89]George,ngiconthhai,lytipbngtinsha,vrtbnrnvicngvicbng.Baaconnhcab,Fred,HowardvAliceuttnghipihcNebraska.FrednhnlnhnhimvtrngcoicahngvAlicelmgiovindymnkinhtgianh.

HowardBuffett,ngicontraithbavlchacaWarren,sinhnm1903.ngcnhiuknim khng vui v cm gic l k bn l trong sut thi trung hc u nhng nm 1920.Omahabchiphibiccgianhshunhngtrangtriln,ccngnhng,cahiuvnhngtisnthaktccnhmybiabngcadoolutCmruthi.Bqunopcatilbccahaianhtrainhngli,ngni.Tilabbnbovlcontraicamtchtimtpha.Hinamsinhtrngphthngkhngntivtichlmttrongnhngangbnlcamicucchi.ngcmthynhcnhvnhngiunyghiduncamtcmgicshisuscvsphnchiagiaicpvcquyncli.[90]VoihcNebraska,Howardchnkhoabochvlmvicchotbocatrng,tDailyNebraskan,ningcthkthpsyuthchnhngbocovhotngcagiichnhtrgiadicinhncamtkbnlvissaymmangtnhditruynivichnhtr.KhnglusaunggpLeilaStahl,mtcgithucmtgianhgiagiovbitdunghanimyuthchbochvthcrtrvtnglpxhicamnh.JohnStahl,chacaLeila,mtngithpbvdthng,lconcamtcpvchngngiMgcctngdicnCumingCounty,Nebraskatrnmtchicxengavitmkhntribngdatruphtrninhthccthanhtratrnghc.[91]TiusgianhchothyngrtyuStella,vng,ngisinhchongbangicongi-Edith,LeilavBernicecngmtcucontrai,Marion.LhuducanhngngigcAnh,StellasngkhnghnhphcgianhngngigccvngWestPoint,Nebraska,mtnibkhngbaogicmthythoimi. B t gii khuy bng cch chi n organ.Nm1909, Stella b trm cm.ydngnhlslplinhngimgcagianh,nhtrnghpcamb,SusanBarber,ngicmtlmtmintrongBnhVinTmThnNebraskavquaitiyvonm1899.Mttainnxyra,theotruynthuytgianh,lStellatncngEdiebngquecilsi.JohnStahlphitbcngviciyinhcoisccccon.BnhtnhStellangycngnng.Btrtvomtcnphngti,ngixoncclntcvrrngltrmcmnng.Stclpnycbsungbngnhngcninlonvtncngdtnvphachngvcccongi.[92]StahlnhnthyngkhngthnhngatrbnmchngnnmualitaboCumingCountyDemocratngcthlmvictinh.KhiLeilacnmtui,cvccchgilmcngvicnitrvphgipchaxpch.Cbitnhvnlnhvicxpch.Hitihclpbn,Cnhli,ihcvlchngtiphixpchxongrimicichi.Nmmimttui,ccthiukhincvicchnchvxpchvmisngthsucubhcvbauudocngvicvotihmtrc.Sngnhvoviclmbotigiatrongnginhychut,cgianhththyvngvoMarion,cusinhvinthngminhangtheohcngnhlut.TrongThchinThnht,gianhStahlcngkhkhnhn.KhitCumingCountyDemocratbytquanimchngctrongmtthtrnnhiungiMgccthphnnasngitmuabothngquaysangmuatWestPointRepublican-vylmtthmhatichnhthcsiviStahl.JohnStahllnginghmnhmchochnhtrgiathucngDnchWililiamJenningsBryan.VouthkXX,BryanlmttrongnhngchnhtrgianibtnhtvgnnhstrthnhtngthngM.Trongthihongkimcamnh,ngarahcthuytChnghaDnTymngvitrtrongbidinvnniting:ChailungquanimtrongChnhph.PheCngHathchorngchcndnglutphpbovnhngngigiucthsgiuccahstnhinrxungcctnglpdi.kincapheDnchlnulutphpgipsngtnglpditrnnthnhvngthsgiucsthcyttccctnglpkhccngthnhvng.[93]GianhStahltxemmnhthuctnglpngonhttrongxhi.Tuynhin,khnngchuplccahkhitrongtnglpnykhngcaolm.Nm1918,Bernice,cemgimisutuicaLeila-cxemlngingungcnhttrongsccchemvichsIQl139[94]-bturikhigianh.Ctinchcrngmnhsconcuicucignlinvinhthnginnhbngoivm,vsktthctiBnhvinTmthnbangNebraska[95]

nhbcac,Stella.Trongthigianny,lchshchnhcaLeilaphnnhmtcucsnggianhhnlon.Cphihonihchainmnhphgipcha.Risaumtkhahctrli,cliphiquayvnchochaclnna.[96]Lmtcgithngminhvynghlc,Leilavsaunhnligiaionnyvicinhnhontontchcc.Cxemgianhmnhlhonhovnirngctmnghhcbanmilmkimtinnghcph.Khi cni hcLincoln vonm1923, c cmt thamvng r rng l kimmt tmchng.Cnngaytbocatrngvxinvic.[97]Mtcgigygnhbvinhnglntcnummtrngnhmtconchimchomomaxun.Leilacncidthnglmchekhutnhngduchnchimtrnkhemt.HowardBuffett,tnglngigichuynmcththaochotDailyNebraskantrckhilnchctngbintp,ngaylptcnhncvolmvic.Viphongcchchuynnghip,mitcsmmuvbngoiintrai,Howardlmttrongmibangicchntrongttcccsinhvin lmngichhuychoidanhdInnocents,mtnhmccnamsinhvinnitricaihcLincohnvchxpsauidanhdcaihcHarvardvYale.cttngingtnGiohongthMibacaLaM,nhmInnocentscngtuynbmnhlnhngchinschngliqud.HngratchcccbuihanhcngoitrivChngtrnhtmnhtrchosinhvincasinhvin.[98]cgiithiuvimtanhchngnibtnhth,LeilatmlyHowardngaylptc.Thttuyt,tikhngbitlcyclmcgchotDailyNebraskahaykhng,SaunyHowardtitl.nhngtioanchclcylmvicvti.Tikhngbaogihiticviuny-khngphmmtsailmnotrongquytnhnyliuttnhtmtitnglm.[99]Leilalsinhvingiitonnhtcatrngnnkhinghectuynbnghhclychng,giostonviphncacnmmnhquynschxungsntrongstcgintt.[100]Howard,spttnghip,ngpchabnvnhnglachnnghnghip.Anhkhngthcsthchkimtinnhngdoyucucachannphitbnghbotrtunhnglngthpvcchivotrngluttheonghbnbohim.[101]ivchngmicichuynnmtcnhbnphngOmaha,mErnestchtyrauqulmqucichocon.Leilatrangtrlinithtcnhttrnxungditnht366la-Nhngthtimua,-Cnhli-gnnhubngmcgibns[102].Ttri,cdnhttcsclc,thamvngvtinngtonhccamnh-rrnglcaohnkhnngcachng-nnghtmcchosnghipcaHoward.[103]unm1928,DorisEleanor,congiulngcagianhBuffettchoi.[104]Mtnmsau,ngiemgiBernicecaLeilamcchng trmcmvphibvicdyhc.NhngLeiladungnhminnhimvicnbnhbphrcamvchgimnh.Trongc lmtngunnnglngcuncun.Ccthnilintctronghnggilin(dcnhaiinhailichmtchuyn).Howardgiclcnlc.Khiivchngtranc,LeilalikoHowardcngthamgiavicvoHithnhTinlnhNht(TheFirstChristianChurch),vthoghivonhtkcamnhngyHowardclmtrt.[105]Vnmangnimammvchnhtr,Howardbtuthhinnhngduhiuvsthithcmangtnhditruynlcgingo.MikhingvchamnhErnestngibnbnnbnlunbttnvchny,ngianhFredchnngnnmclndixungsnnhvngmtgicsaysa.Leilabcuntheoammchnhtrcachng.BlitrthnhnginghnhitthnhchongCngha.GianhBuffetttndngCalvinCoolidge,ngituynbrng:cngvicchnhcangiMlkinhdoanh[106]vchiasnimtinvingvquanimmtchnhphquimnhgnviskimsottithiu.Coolidgeginhquynngthuthphnvquyncngdnlnhnchongida,nhngnghunhlngisngkhpknvxacch.Nm1928,PhTngthngHerbertHoovercchnlmngiknhimngtiptcchnhschnghkinhdoanh.ThtrngchngkhonthnhvngdithiCoolidge,v

gianhBuffettcngtinrngHooverlngistiptcduytrsthnhvng.Khicnnh,Warrennhli,ticttcmiiuttp.Ticnhngthunlitrongmtnginhmmingilunnivnhngiurtthv.Ticchamthngminhvchchnhmtngitrngtt.Tinghtikhngthcnuidybingichangimnotthn th. liuquan trngnht.Tikhngcbmcho tin, v thc s ti cngkhngmuniu,nhngticsinhrangchvngthiim.nglcnhnctrngscc.WarrenBuffett lunxc tn rnghunhnhng thnhcngcang lnhmaymn.Tuynhin,khihitngvgianh,ngthyrngngcngtocmtvigitrthcscaringng.MtsngicthngrngngkhngththnhcngnukhngcccbcsinhthnhtuytvinhHowardvLeila.KhingnivtmquantrngcaPhiuimNitm(InnerScorecard)trongvicnuidyconciivicham,nglunlyPhiuimNitmcacharalmvdmkhngbaoginhcgvmcamnh.

6.NHNGCUCUATRONGBNTMOhama-nm1930

Vonhngnm1920,thtrngchngkhonbngnnhbongbngrusm-banhthcynhiungibnhdnthamgiautlnutintrongih.[107]Nm1927,HowardBuffettquytnhthamgiavxinvolmnhnvinmigiichngkhonNgnhngLinbang.Cucbngnchngkhonktthchainmsau.VongythBaenti29thng10nm1929,thtrngmt14tlachtrongvngmtngy.[108]MtkhitisngpbnlnngnschcaChnhphHoaKbbchichtrongvigi![109]Sstgimcathtrngchngkhonnm1929trgi30tla,gnbngvikhonchiphchintranhcancMtrongThchinThnht.[110]Gianhngtphsnvnhngv t tni tipnhau,ngi tabtu tch tr tinvkhngaimunutvochngkhonna.Phimtbnthngchatimiccmtthngvtiptheovvutincangtrgi5la.Mtithngtheochatiraphvobuitikhingngpmtsngi.Bngiitrnxetrongkhingvonhh,nhthmngkhngcmthyquplcmikhivnh.Mithngsaucnkhnghong,ngy30thng8nm1930,aconthhaicagianhHowardBuffettchoi,smnmtunsovidon.Howard lo lngngpbvihyvngcnhnvo lm ti cahngcagianh.MingitronggianhBuffett,dccngnviclmnikhc,vnchiasmtphnviccahngmi tun,duycnganhFred l lmvic tonthigianvimtng lngrtthp.Lcny,ErnestboHowardrngngkhngctintrlngchomtngina.[111]VmtnothHowardcmthynhcngi.ngtnhincthotkhicahngvkhngbaogimunquayli.[112]ngchlogianhmnhsbchtithi.nglovchuynnung,Ernestbo.Chasthanhtoncchanchocccon.ylngnicati,Warrenni,chasthanhtoncchanchocccon.KhngphiErnestkhngyugianhmnh,bnchmongsaongnngbyttnhcmthinglingnhiuhnmthi.AnhnghtthnhtlemnntrvWestPoint,Howardbov,tnhtemcngcbabantrongngy.NhngLeilavnli.CquytibncahiuRobertthanhtoncchanchkhngtrtinvxeilnixung.Cbtubnhngbuiilnhthvkhngmunmt29xutincngphcvtimtquncphcngthigian.[113]Ngoivic theodisschcahng,cgnnhkhngiubomrngHowardcchmlochuotrongvicnung.[114]Mtngythby,haituntrcsinhnhtlnutincaWarren,mingixphngditrongthtrn,mhidicinng36C,ilitintmtngnhngaphngangcduhiu lung lay.Hngtsngchontn10gimmtimluisngixphngphatrcvththmcunguyn:Lycha,xinchonltconthtinvncn.[115]Khngphi linguyncunocngc lngnghe.Bnngnhngcabangngcatrongthng,bmcnhngngitngtintnggitinchoh.MttrongsbnngnhnglngnhngniHowardBuffettlmvic,NgnhngLinbang.[116]Warrennhclitruynthuytcagianh:Ngy15thngTmnm1931,tchaingysausinhnhtcati,chatinngnhngvhngca.ngmtvic,vtincangcngnmtrongngnhngny.ngphinuihaiacon.[117]ngkhngbitphilmgvcngkhngcvicgchonglm.

Nhngtrongvnghaitunsau,Howardvhaingibn,CarlFalkvGeorgeSklenicka,cngnhauthnhlpmtcngtymigiichngkhonlytnlBuffett,Sklenicka&Co.[118]ylmtquytnhmohim-mcngtychngkhonvothiimkhngaimunmuabnmtcphiunoc.Batunsau,ncAnhtuynbxabchkimbnv.Cnghal,trnhphsn,mtqucgiaanglnsutrongnnnsinthmtintrn.ythcslmttrcheykholomchcchnhphmilmc.iunychothydngnhcichnhphctintngbcnhtthgiivcngtincchpnhnrngrinhtthgiituynbrng:Chngtisvitgiynhnnvkhngcnkhnngchitrvbncthnhnhaykhngtybn.Vrithngconyngaylptclmvnimtinvccnhchtichnhtngcxemlmnhnhtthgii.Trnkhpthgii,ccthtrngtichnhthinhausp.NnkinhtMvnmangbnhsncngtrngtrnhhnvimtcritdo.Hnglotccngnhngbhtvongchnkhngcanvsplinhon.Tthnhphnyquathnhphkhc,ngigitinginhnhautngchnggpchobngcnhnvinthquritiunghuquayv.[119]Lthay,giashnlonny,cngvickinhdoanhcaHowardliphtt.Nhngkhchhngutincangphnlnlbnbcagianh.ngbnchohccchngkhoncbom,triphiuchnhphvcccphiucngtrnhcngcngnhcccphiucngchvcchpngxydngcathnhph.Thngutinhotng,ngthutinhoahngmigiic400lavcngtycli.[120]Nhngthngsau,dcckhontintitkimcamingibbchivnimtinvoccngnhngbinmt,nhngHowardvnbmchtvocckhonutmnggydngtbanu,ngthicngtycanguntngthmkhchhngvmrngkinhdoanh.[121]Vnmaycagianhcxoayvng.Khng lu trcsinhnht ln thhai caWarren,bCharlesLindbergh,Jr.,20thngtuibbtccvsthivothng3nm1932.VbtccchbcbitdanhibngncnylskingynhiuschnhtcacngchngktsauLPhcsinh,theohcgiH.L.Mencken.CncMrivonimnhsconmnhbbtcckhiccphhuynhtruyntainhaunikhipsny,vgianhBuffettcngkhngphilmtngoil.[122]Vldony,HowardbvicntqunghimtrnglmLeilaphigicpcu.BnhvinMayoClinicchnonngbautim.[123]Ttri,ngbhnchvnng:khngcnngnhcvtnng,chyhaybi.LeilagiychbitquanhqunbnHoward,chngHongtptraicuvticrakhinhngngykhnkhkhiiuhnhmttbochybngmyinli-n.BrtlolngvinghnuchngmayciugxyraviHowardth...Warrenlmtatrcnthn,tlcmitpibitgichougithpstmttnubngthskhngbaulm.Giykhicmdninhth,cubnglngngiynbnchnm.Leilagiikhuychocubngmtchicbnchinhrng.Warrennhnchmchmvochicbnchitronghaigilin.[124]Aimbitcuangnghgtrongukhinhnnhnghnglngngangdctuata?VothngMimt,khincMvncntrongcnkhnghong,FranklinDelanoRooseveltcbulmtngthng.Howardtinchcrngconngicacquynclinylngikhngbitgvgiibnhdnvsucnntintqucgiatrckhiannssphonton.[125]Thlngtchtrmtbaonglntrntngpmichunbnguvinhngiu ti tnht.Lcny,Howard trngnhanhchngClarkKent trongbqunokinhdoanh,mangkingcngngto,mitcsmmu,ncinghimnghvcchthnthin.Nhngnglinitonhsmkhibnnchnhtrmikhinlicctintctrongngytrangnhtccbotrongbanti.DorrisvWarrenclkhnghiuHowardmunnigkhingoangoangvnikinhhongsxyrachotnckhipheDnchbcvoNhTrng.Saubanti,chngngcnhinnhnchachngngitrnchicghbnhbcdamuphngkhchkbnchicradiovbinmthnggisaunhngtbovtpchmngchngm.

Chnhtr,tinbc,vtrithclnhngchcchpnhnchocccuctholuntrnbnntrongnhBuffett,nhngnichungkhngaithchc,ngoitrng.[126]Mcdsngtrongthikccbcphhuynhthngttmtnhviconci,HowardvLeilacngthanhnrngnginhcahthiusmp.KhngaitronggianhBuffettniconyuchahayconyum,vcngkhngaibltrvogingngvinhngnhn.Nhngivingibnngoi,Leila r rng lmtngimvngivhonho.Mingithyclmtphnynghlc,vuiv,mumc,ngtngo,thmchlhaychias.[127]Mikhinhcnchuyngianh,cthngphchaiiuvnvtvmnhnhmtkmaymncnuidngbichamtheooThinchatuytvi.NhngcuchuynathchcaclunnivnhnghysinhcaHowardvc,chnghnnhvicphitmhonhcbanmkimtinnghcph,hayHowardphimtbnthngktkhibtukinhdoanhmkhngbncmthpngno,haycphiibtihiusatitkimtinxebut.Leilathchnivnhngcnauthnkinh(ikhibnhmlnvinhngcnaunau)mcmctbdonhiunmngcnhmydpchpchyrmrpcacha.[128]Tuynhin,ccxnhthbnphncacllmttcmithvluncgnghtsc-nhphcvtrncchonhngbuitichibi,chinkhoaitychomnbbt-tt,ngratchcccbuiticsinhnhtvknimhngnm,thmhihngxmlnggingvnubantinhchonhth.Cithmhngxm,nunngvvitnhtknhiuhnbtknginokhc.Khimangthai,ctngclnvanubantichogianhvakmcnbunnndomnghnbngcchngixphng.[129]Nhngtrnhtvnlthicac:cdnhttcchoHoward.Cythnhhmnh,KatieBuffett,vcaGeorgeBuffett,ngichembnducacni.[130]NhngtinhthntrchnhimvhysinhcaLeilacncmtmtkhctihn:lstrchmcvhthn.SaukhiHowardlnxebutilm,DorisvWarrenangchiahocangmcqunothbtngLeilanitrnlinhvicccon.ikhigingnicacchothycnnngginangtuntronhngtrongnhiutrnghpukhngcduhiubotrc.lunlnhngiuchngtinghhaynira,rngscnhngcngindnhthvskhngthuyngim.Ttcmiti liqukhcachngtisb liravkhngcktthc.Mtichochlnhngcnauuthnkinhcab,nhngbkhngbaogithhiniurangoi.-Warrenni.Nhnglcangtrongcnginincung,Leilastratnbntrbngcchlpilpli,vlunlungingnhau,rngcucsngcachngquddngsovishysinhcab,rngchngthtvdng,vnvchkvnncmthyxuhviu.BchnhonhngthixucththaydobtngtngrachoccconvhunhlunhngskchvDorisvcthnimimtchuyngtrongtnhtlmtgingh,ikhinhaigi.Bkhngbaogichmdtchonkhibntr,chbitkhoanhtayngimvkhcncntrongbt lc. Warren nh li. B khng tha mn chng no chng ti cha khc, Doris ni.Warrenbucphicanhchngnhngcnbngncam,nhngkhngthbovchDoriscacuvcgngtrnhlmmctiucab.Trongkhirrngnhngcnnnggincablcchvcphnmtkimsot,khngrbcnhnthccthicamnhtrongvaitrmtngimhaykhng.Nhngdsaonhnggbnghvlm,volcWarrenbatuivcemRoberta(tcBertie)michoi,lkhngthquaylicvnlmtmhnngvDorisbtnthngnngn.Bntrkhngbaogiyucuchachnggip,mcdchngbitrngngnhnthccnhngcnbngn caLeila.Howard sbo chng rng mconangnngginvngkhngthcanthipvo.Tuynhin,thngthcnbngncaLeilaxyrangoitmchcaHoward,vchngkhngbaogihngvng.Vmtno,nglngibovltr.Thmchkhingkhnglntingbovchng,shindincaHowardcngngnghavisanton.BnngoinhngcnnhgcubnilBarker,Nebraskaangtrtditrongtnhtrngmttrtt.NnbnrulubngnOmahavkodiminnmWarrenlnbatui.

[131]nngthn,nngdnidinvivickbintaithchpphtsinhtnhngviphmcchpng trng trthaychnnui.[132]Nmngnnngdnbiu tnh thphLincolncaOmahankhiccnhlmlutvivngthngquamtoluthontrnthchp.[133]KhinhngcngilnhthiquanhngngnikhcnntnminTyvothngMiMtnm1933,chngcuntheotngxoybittothnhnhngmmyencaongttriivbngntnNewYorkvitcgnmttrmki-l-mtmtgi.Nhngcngimnhlmvtannhngtmknhcasvthitungnhngchicxehiangubnng.TNewYorkTimessosnhthmhanyvitphuntronilaKrakatoa.Nhngnmthngbotentibtuniln.[134]Trongcnhnhntitnhtcathkhaimi,nhngcdnVngTrungTy[135]phitrntrongnhvsitnhnglungctphunthngvovchtngnhvlmlchcctmknhxe.Leilaphiquttnglpbirakhihnhlangvomisng.VosinhnhtthtcaWarren,mtmbivilphnhlangtrcnhBuffettvgithilmbaycbtavkhntribntrnbntic.[136]Cngvigibilthngngynngbcchatngthy.Vomahnm1934,nhitOmahalnn46oC.Saunhiungytmkim,mtnngdnNebraskatmthyconbcamnhbmcktdimtkhentgiamtcnhngholnh.[137]Nhngngiminxuithngkhonhauvcuchuynrngcngibngtdomtgitncpvomtvphichisinhbngbaxct.Ngitarangsnsaunhh,dnglutritrongkhunvincaTrngTrunghcThnhphvtrnsnccaVinBotngNghthutJoslynOmaha.Nhthmhkhngbnngchntrongnginhcamnh.Warrencgngtuytvngngvitmdraptrigingngmnctsng,nhngkhngiugcthlmmtcbukhngkhnngnhtronglbnhmvbchingnngtlntntnghai.Trongthnhnvnngklcnm1934,[138]hngtriuconchuchuantnphnhngcnhngbpkhhnvbinnglamthnhbixcr.[139]ChacaLeila, JohnStahlbtquvonmny,vkhinthmngngoiWestPoint,Warrencthnghectingvovecalcntrngin.Vothiimthinht,chngxilunccthngro,qunophitrnso,vcuicng,chnggmcngcmykovtothnhmtmmydycchekhuttmnhncacctix.[140]Sthtl,nhngnmuthpnin1930mangnnhiunishihnbnhthng.[141]Kinhtxungdc.Nhngkbtchcnhngtntngcpkhttingnhtcathi-Alcapone,JohnDillingervtncpcgngmttrthNelson-langthangnminTrungTycpphccngnhngkhngcbovtt.[142]Phhuynhlolngvnhngklangthangvmlumanhangtrnquathnhph.Cnbnhdidobchincnlmbntrcchngngakhngdmlmtrakhinh.Hbicngcngbngcangaygianhngngyhvloslytruynbnhbilittrem.Phhuynhthngxuyncnhboconemhrngnumichngchmvovincmycngcng,chngcthbvimphi.[143]

TuynhinngidnNebraskachunluyntlcmisinhthchngvithintaivitinhthnlcquanvscchungmnhlit.NhngnmthngbobivhnhnnynginchtothmchthngvtrongcucsngcangiminTrungTy.Nhngatranglnlncngquenvithititkdtrongbang,vnhaybquyribinhngcnboxoyvgilcmnhthiltngangmtchicxela.[144]BaatrnhBuffettntrng,chivibnvchyquanhvihngchcatrkhctrong thi tithn36oC tinhngbuicmtri cgnnycahngxm, trongkhichachngmccom-lvmchngmcmvmangv.Phnngnhngngilnggingcahubgimchtlngcucsng,nhngHoward,concakbntpha,agianhmnhtinvonatrncatnglptrunglu.Chng

tikhgihnichtdangtrongthikkhkhn.ngnhli.nglngikhimtnnhttrongmtgianhkhimtn.Trongkhi50ngingxphngbcdcamlnxeticacahngBuffett&Sonsvimclng17lamttun,vicbnbigcaccgianhcaHowardlmchonghmigiichngkhoncang,bygigilcngtyBuffett&Sons,tcthnhcng.[145]Omahabtdiskimsotcaqunitrongthigianngndocccucnhcngcagiitixtaxivcccucbongnm1935,nhngHowardlimuacmtchicBuickmitoanh.ngtrthnhngixngxotrongnhmccchnhtrgiathucngCnghatiaphng.Doris,tuilnby,luntnthchamnh,saysangmnhnquyntiustnglaicangcdngchngtvitvomttrongnhngcuntpihccac:HowardBuffett,Nghs.[146]Mtnmsau,vncntrongcibngmmcacuciSuythoi,nhngHowardxymtnginhhaitngkhangtrangkiuTudorbnggchtiDundee,ngoiOmaha.[147]Khigianhspdnvnhmi,LeilanghetinMarion,emtraib,cnglcontraiduynhtcanhStahl,ngisnidi tngngvkhngcduhiucachng trmcm,[148]anglmtlutsthnhcngNewYorkthbngdngmcbnhungthvphngcuchatui37.ChMarionlnimkiuhnhvlnimvuicagianhmti,Warrenni.MarionchtvothngMiMt,khngcconci.Cgianhngrivonimauvtn.MtchuynbunnalinkhichacaLeila,JohnStahl,tqulnthhaivtrnnyuhn.Bernice,chcang,chmscchongtinhvdngnhcngbridnvotrmcm.MtngichkhclEdie,lgiovin,pnhtvcmuphiulunhttrongsccchem,thsngcthnchonnm30tuihocchonmcicaBernice.NhngLeila,scsovtnhto,khngdsalyvonithngkhcagianh.Canghnhng,bngbtcgino,cmtcucsngbnhthngtrongmtgianhbnhthng.[149]Clnkhochraringvmuasmgmi.Trongmtnlcngangtmthgii,LeilathumtngigipvicbnthigiantnlEthelCrump.Giy,lmtngimkinhnghimhnvcmtgianhgiuchn,LeilaxypmtmiquanhlnhmnhhnviBertie,aconnhnht,khikhongcchgiacccncungncabgimi.Bertiebitmnngtnhnhngborngblunlunngyu.WarrenvDoriskhngbaoginithvrrngldtnhthngmLeiladnhchoBertiecrnthnnhngkhnggiphaiatrnguiicmgiclngivdng.[150]VothngMiMtnm1936,Rooseveltcctngthngnhimkthhai.NimaniduynhtcaHowardlRooseveltsphirakhiNhTrngsaubnnmna.Trongkhingctbocaphebothhngm,bntrnghei,chigamevhtnhngbithnhcamikhicLeilangivichngbnmntisnminhtcagianh-mtchicnorgangingnhchicmStella,mcab,tngchi.TrongkhicnnhmicagianhBuffettvccxaxcahphnnhsgiucngymttnglnthLeilalilunmuachoccconnhngmnqurtin,thcdngvdqun,kcnhngqunogimgikhngthtrli,vccvtdngcnthit-nhngtuytnhinkhngcmnnolthathchcabntr.Warrencmtbchixelamtumyvbngrayhnhbudcnhngcuthmcnhngphinbnphctphn,kiumcunhnthycahngBrandiesdiph,kiucnhiuumychyvngquanhvinphavntnhiunhpnhychylnnhngituyttrngvchuixungccnghm,bngquacclngmcnhbvkhutdngsaunhngcnhrngthng.Nhngkhnnglnnhtcucthshumtchicxelanhthlmuaquyncataloguechnhchicxelamc.Nubnlmtatrcmtbngrayhnhbudc,hynghmxem,thtlkhngthtinni.Bnsrtsungsngbra10xumuaquyncataloguehnhccxelaimivngixungvthahtngtngrattcmithhayho.Lmtatrsngnitm,Warrencthbrahnggiviquyncataloguehnhnhngchicxelahini.Tuynhin,latrchantuiihc,thnhthongcucnggiuni.CuginnhJackFrost,bncacu,vdndnyumncHazelttbng,mca

Jack.Thigiantriqua,cuquendnvivicnhbconvnhhngxmnhiuhnnhmnh.[151]NgibconyuthchnhtcaculcAlice,emcabacu,mtngiphncaotokhngthchlpgianh,sngvichamvdymnkinhtgianh.BlundnhchoWarrensnngmvlunthhinsthchthvmiiuWarrenlmcngnhluntmmicchkhchlcu.KhiWarrenvomugio,[152]nimsaymvvuithcacuchuynsangcccons.tuilnsu,cubmhocbischnhxcvthigiantrongtnggiyvrtmuncmtcinghbmgi.Alicebitrngttnhtnntngchumtcinghkhngcdyeo.Brtcngchiuti,Warrenni,tuynhinblunaramthochaiiukinikm.Tiphinhtmnmngtyhaymtmng.iunycngkhchlti.Cuicngticngcmtchicnghbmgi.Warrencmnghvrccchemcuvophngtmxemnhngtrmcuminghra.[153]Cuyncvobntmvxpccvinbithnhhngubntm.Mitrucmttngiring.Ricubmgingaykhitungcnmbivonc.Chnguinhauchytheohngdccabntmvphantx.Chngvavonhaukulchcchvnhychmlnnhaukhigpnhngmnnc.Khivinutinchmvontx,Warrenbmgilnnavtuynbngichinthng.Ccchemcacuxemcuchitruibihtlnnynlnkhcvcgngcithinslnthngcuccamtvinbino.Lbikhngbitmt,cinghcngkhngbaogibhvkhnggingnhcckhngicamnh-Warrendngnhkhngbaogibitchnvchimimttrny.Warrenlunlunnghvccconsmilcmini.Ngayclcdlnhth.Cuthchngheccbigingphcm,nhngchncphncnlicabuil.Cugitthigianbngcchtnhtontuithcanhcssngtcbithnhcatngysinhchonngymtintrongtpnhc.Trongsuynghcacu,tngiophhchonhngaiclngtin.Cuchorngnhcssngtcthnhcasngthhnnhngngibnhthngvdngnhcnglmttrongnhngmctiucaicu.Nhngricunhnrarngsngoanokhngthgipconngikodituith.Thiunphtr,cubtuccmgicnghingtngio.Nhngcucuatrongbntmvnhngthngtincuthuthpctnhngngisngtcthnhcadychocuiiucgitr.Cuhcccchtnhtonschnhlch.Warrennhnraxungquanhmnh,qulcnhiuchitnhschnhlch,vnhindinkhpmini.Chakhacavnnmvicnmbtthngtin,v,cngnhiuthngtincngtt.

7.LKNIMNGYCHINTHNG11-11Omaha,1936-1939

KhiWarrenvolpmttrngRosehillnm1936,[154]cubtnhpcngay.Ldoutinlihcgipcucgiiphngkhiphinhsutngyvim.Trnghcmrachocumtthgiimi,vmangnchocungaylptchaingibnmi:BobRussellvStuErickson.CuvBob,mcuthnggilRuss,cngnhauibntrng.ikhicunthngnhRussell chi saukhi tan trng.Mtbuin, Stu, cubnsngcnggianhtrongcnnhtinchkhimtn,nchinginhgchmicagianhBuffettgnSnGolfHappyHollow.Warrenluncvivicglmsaugihcchonkhichacuilmv.Culuncbnchicngviugipcucanton.CuvRussngitrcbucanhRussellhnggixemxecqualitrnilQuni.Vitnguychngocccconsvostay,chngghichpyshtctnynctkhcbinscanhngchicxechyqua.Gianhchngphthinsthchklnycachngnhngchorngchuynxutphttnimammtonhc.HbitWarrenthchtnhtnsutxuthincaccktvconstrongccbinsxe.CuvRusskhngbaogigiithchldothtscavicanglm.ConngphatrcnhRusselllconngduynhtdnrangoitmtngctnicNgnhngDouglasCountytalc.WarrenthuytphcRussrngnumtngynongnhngnybcpthcnhststmcbncpnhvoccbinsxe.VchccuvRussmishunhngbngchnggipcnhstphn.Warrenthchbtcthglinquannvicsutp,mvnhlicccons.Cucbsutptemvccngxu.Cutngtnhtnsutxuthincacckttrongcctpchvkinhthnh.CurtthchcschvbrahnggicccschmcumnctThvinBenson.Nhngcucchinchngtiphmvtimnngkchtnhcaccbinsxe-mgianhcuvgianhRussellkhngbaogibit-mangnnhngntkhctrongkhchtcacu.Cuthchchitrlmcm,vthchbtctrnocthgycschcamingi,baogmcvicmcoqunvngccvaikhcnhau.ThiWarrencninhtr,chacuthngmuaqunochocuvDorismikhingtrvtNewYork.Khithculmmttctrngda,khithchngcaobi,lcvincnhst.Khivotiuhc,cubtupnhngtngykchtnhcaringcu.Tuynhincc trchiyu thchnht caWarrenumang tnhcnh tranh, thmchvichnhbnthncu.Cuchittruabitrongbntmlnntrconv(yoyo)vsaulbngbolo[155].Hngngnlncunhqubngbolocbucdythunbayraxabngmtcivtg.VoccbuitrathbyRphtBenson,giaccsutchiu-thimtngnikel25xuxemcbaphimvctngthmmttpchphim-cutrolntrnsnkhucngnhngatrkhcthivinhauxemaicthnhtribngixanht.Cuicngttcumtnhoivbcxunglimtmnhcutrnsnkhu,tayvncnpvunvtqubng.Thmchcucnthhinsuatranhngaytrongmiquanhkhinngmthnthng,lctrugholmcemBertiecacunphtkhc.Cugiemmnhlvtbuhaylacbht trnbnn,iuviphmquy tccagianhcu.Cucngchinhiu trviBertienhngchabaoginhngemmnhthngcuc,dcbchmibatui.Nhngcucnglnginhnhu.MtlnkhiBertienhngconbpbyuquDy-Deevothauncviulmmcuniin.Warrengiicunvmangiphinng.Anhtmccinytrongthaunc,cuni.Emkhngmunnnmtrongphikhng?[156]Dchlmtatr,Bertiecngnhnrarngnganhcamnhbitcchtralchthipnhthno.Bertielmtattin,thchmohim.lldomDorisvWarrenchorngLeilahimkhitrtgincvocem.Bertienhngcnguyntcringcamnh.Cbtxemmnhl

ngibittchmchtvbngoivcLeilanhgicao.NhngvnLeilaquan tmnht l lngqu trngcangikhc.BccimsaunyWarrengilPhiuimHngngoi(OuterScorecard).Blunlolngvnhngiuhngxmcthnghvb,blunrylaconcichnggignhnhdngbngoictinhtm.Tirtcntrngtrongviclmnhngiungn.Tikhngmunblaxunguti.Bertienivnhngtrnniakhngthlngtrccammnh,Leila.Dorislmtknilon.Ngaytnhcbclmttrcgictinhtvmtngngkchthchcao,iulmctrnnkhcbitsovinhngthiquennhmchnvtnhtntincagianhBuffett.Syuthchcip,thitrangvnhngcimilunhpdncrtmnhm.Trongkhi,mclimuntrmlyctrongchicochongcaskhimtnvchmunltrthhinsmcmcgindmtcchcthctrongbtctnhhungno.DoDorisdngnhlunluninghchvimviulmchaithngxuynngnhau.NhngcncungnbtthngcaLeilavnkhngkmphnddinhtrc.Dorisgiy lmtcgixinhp. Nhngchycngxinhphn th li cnggpnhiuchuyntithnvim.Warrenni.Warrencnhngbiuhinutinvnhngmnhkhecusdngivimingi.Tuynhin,cucngchlmtatrthchtranhua,phttrinsm,tr lcmnhmtuythchtyuui.KhichamtngcucpgngthiuquynAnhvonmculntm,cuhccbihcutinvkhngbaogimangigngna.[157]Cucchitrtvnnhngchnngkhngvng.[158]Cukhngthamgiacctrchingphvilbndcuyuthchththaovphihpngirttt.Ngoilduynhttrongcctrutayi,mcukhngthch,lmnbngbn.KhigianhBuffettmuavmtbnbngbn,cubmlynsutngymvibtkaimunnhcucvicu-dlbnbcachamhaynhngngibncngtrng-chonkhicutrthnhmttayvtnggm.Thmchclncucngiiquytktqumttrnubngmtcucnhnhau.Ln,Bertierangoivgichocu.Cudrincmtkhigpngiixttvicu.Cuhchnhchmchcyuthngvsnghathunvimingi.Tuynhin,btkthithnthincaWarren,iulintngnibnbcaculvcctrngngmtvcconngicu.GianhBuffettchpnhbntrvoGingsinhnm1937.Bertietrngrngnginimvui,DorisnhnkhnkhvWarrenthanggichtlyvtyuthchcamnhlnhngngtinmni-ken,qutngcadAlice,trngvmtcukhngcvuilm.SxcquytcaLeilarnghphilmtgianhNormanRockwellhonhotrnnkhkhnhnkhiWarrenchmitmtuivnhngtaihamigingxungnhStahl.CnbnhtmthncaStella,mcab,ngycngtitvgianhphiabvobnhvinNorfolkStateHospital,trckialnhthnginNebraska,nibngoicabquai.[159]Cngtibnhvinny,chEdiecabtngnmlitrongbathngvsutchtdovimphcmcvvimrutthacpvbv.Saubquytnhkthnvimtnginngcnntnggianhngtduhinhnghaylmchobci.iunycngkhnggipcithincinhnmmcaLeilavchmnh,mtngidngnhthchmohimhnlchutontrchnhimgianh.Cngthigian,Howardcbuvohingcatrnghc,mtvaitrmitrthnhnimthocacgianh.[160]GiasthngtincaBuffettvsastcaStahl,phnlnthigianWarrenhunhkhngcmtnhvgnnhthothnvngcngtam.Cusangchinhhngxm,lnlalmquenviccphhuynhkhc,vlngnghenhngcucnichuynvchnhtrnhh.[161]Nhnglcilangthangbnngoi,cubtuthulmnpchai.Cuncctrmxngkhpthtrnvtnpchaitcclchncbndiccthngncnichngbqungisaukhingitabtnpccsodahayncngt.DitnghmnhBuffett,ngnpchaimilcmtcaodnln:npchaiPepsi,Coca-Cola,ncgng,ncungkhngcn.Cubtubmnhvitrsutmnpchai.Ttcnhngvtcsnnyuchaaibitn -vcngkhngaicnn.Cungcnhin thch th.Sauban

chiu,cubybsutpnpchailncctbockhpsnphngkhch,phnloivm,riphnloivlim.[162]Nhngconscughilimchbochoculoincgiikhtnocathchnht.Nhngcucngxemmntnhtonnynhmtkiuthgin.Khikhnglmvicvinpchai,culiphnloivmbsutpngxuvbsutptemcamnh.Nhiumnhctrnglmcuchn.giikhuy,cuthamgiatrchitonvtnhnhmnhanh cngviBobRussell v StuEricksonvonm lpbn ca cThickstun.Cuthchal,tuynhinlithymnnhvnhpdnhn,cbitphnthichnht,trongsuhcsinhlpmtthivisuhcsinhlphai.Ngithngstiptcuvihcsinhlpba,vctiptcnhth.Vmtlthuytthhcsinhlpmtphithngsulnmivochungktvihcsinhlpsu.TimunthngchDorismnchnht,nhngBertielimunthngti.Qutht,cbaatrnhBuffettulnhngtrrtthngminhvkhngaithngcchng.Chonlc,khngciugthuhtsquantmcachngtihnth.Tuynhin,khngcglmWarrenhngphnhnnhngcucchythilnbnglmton.Tlphaitri,hcsinhphichyualnbnglmtonnhanh,haiacnglc.utinlthitnh cngnhanh, sau l tnh tr, cui cng l nhn v chia, ri ghi p s cui bng.Warren,StuvRusslnhngasngdnhtlp.Lcuchngghiimngangnhau,sauWarrenvtlnicht.phnlmbitpthWarrenluncaoimhn.[163]MtngyncThickstunboWarrenvStulisaugihc.TimcaWarrenpthnhthchtronglngngc.Chngtithirngmnhlmiugsai?Stuhitngli.Nhngthayvqutrch,cThickstunbochaichuynschcachngtlp4Asanglp4B.[164]Chngchcnhylp.BobRussellbbliphasauviunylmngbRussellcacukhchuvkhiunimtdo.WarrenvnchiviRussvStu,nhnggimiquanhringvitnga.Vnnhtrc,mcdchaiulbncacu,nhngchngchabaogithcslbncanhau.TnhakhmphcimivghinhcctiutitcaWarrenvntiptcphttrin.Chamvbnb-nhngngigiculWarreny[165]-ubcuchoraratrongtrchigitnthphccbangcaM.Trckhivolpnm,cusaymccunNingimThgii-WorldAlmanac1939,vnnhanhchngtrthnhquynschcuyuthch.Cunhcdnscatngthnhph.CuthiviStuxemailngigictnnhiuthnhphtrnthgiicdnstrnmttriungihn.[166]Tuynhin,mttin,WarrenbphntnuckhiquynAlmanacvnhngcinpchaicacuvmtcnaubngkhngkhip.Bcsnnhkhmchocurirav.Nhngngkhngthloibnghvcucvingthm.ngquaylivaWarrenibnhvin.m,Warrentriquamtcucphuthutdorutthav.Scanthipcabcssutnalqutr.Warrennmbtngtibnhvincnggiomtmytunl.csnscbiccbxiudng,cunhanhchngphthinrarngbnhvinlmtthinng.Khicuhiphc,mtnimvuikhcn.QuynWorldAlmanaccmangnchocu.Giovincacuchottcccnsinhtronglpvitthchccuchngbnhphc.[167]DEdie,ngihiurchumnhnht,muachocubchilndutay.Cubitchnhxcphilmgvibchiny.Cuddtngbxbcvophngcu.Culyduvntayttcccngntaycahvcmtbdutayvspxpchngthnhmtbsutpmangvnh.Cnhcunhnthytrnyrtbunci.Aimcnnduvntaycaccbxch?NhngWarrentgithitrngnumttrongccxphmtithsao.Vkhiiuxyra,thcu,WarrenBuffettny,slngishunhngmanhmitmrathphm.[168]Khnglusaulncunhpvin,vomtngynhngngngibclnhbtthngxuthinvothng5nm1939.Chambocuphimclphcvo.Saungbnin.Trongbyphcchngkhuydisangtrngvmtgckhntayxpkhonhrakhimingtio

trnngc,ngniErnestPeabodyBuffetttrngthtngknh,ngvthcamtchtchHiRotarymngangmng.Ernestrthpvibntr.Mcdcvnghimngh,ngthchchiaviccchu.Bertietnthving.ChngtasiChicagohmnay,Warren.ngbo.HptuhavixemiCubsthiuviiBrooklynDodgerstrongmttrnbngchyma-ra-tngctshanhngkhnginoghithmimsaumicnhbngloitrctipphnthngbi.Vits9-9,trnunhhonlivmxungsaukhikodic4gi41pht.[169]SaukhicxemtrnbngchythucgiingoihngMlnutintrongi,WarrenrunlnvphnkhchbiErnestmuachocumtquynsch25xunivmabng1938.Warrennhli:lmttrongnhngquynschqunhtiviti,tithuctiustngcuthcamiivcthnhclirrngtngttrongquynsch.Tithucnctronggicng.DAlicelimangnchocumtnimvuikhitngcumtcunschvbibridge-cllcunCmnangchibibridgetontp,[170]mtquynschvngvcchchivtbibridgecatcgiCulberton.Bibridge-mttrchicnnotrongvicnhndintnhthcngquantrngnhgiiquyttnhhung-angqutquakhpncMthivWarrenthynthchhpvicuhncmnnhc.[171]Mtsthchkhccaculmnhc.Trongnhiunmlin,cuhccchchikncornet,mttrongnhngthntngcaculhaitaykntrumpetBunnyBeriganvHarryJames.Mcdhcnhcngnghavivicnhvim,tclcgnglmhilngmtngikhngbaogicmthyhilng,cuvnquyttmtheouisthchcamnhvcuicng,saunhiugitpluynkhstrongsphnxtcaLeila,cuctngthngkhicchnvobannhclcatrngchomngNgyknimktthcChintranhThgiiThNht.Ngy11thng11hngnmlngylknimvickktHipcchmdtThchinThNht.TonthhcsinhRosehillnnhthiudltngnimnhngngilnhhysinhtrongcucchin.thnhtruynthng,cchcsinhchikntrumpetsnghaibncadnvonhthiuvstuntthinhchiunkhch.Mtngisthinhngntdumdadumutin,vngikhcshatheodumdaDUMvcthtiptc.Vonm,knngchikncornetcaWarrentinbgipcucthamgiavonhmkn.Cuthcdyvosngsm,hhivkvngvobuibiudintrctontrng.Warrenngtrccavonhthiuvicykncornet,ngithitrumpetutinthidumdaDUM.Nhngtingdumthhai,cutachmcvomtntno.Cthgiitrcmttinhsp,bivtikhngbitthithnopli.Tikhngcchunbchotnhhungny.Thlticngnghchra-giyphttrngicaitiktthcnhth.Cucnnchitheontthisaicangithitrumpethaylmngcli?Cnhtngnyindumimivotmtrcu.Nhngnmtiptheo,trongbtclpnhcnomcutheohc,nunirngcucthchibtkntno,lmtiukhngtng.Cuhccmtbihc:ldngnhmichuynsddnghnkhiisutcucitrongvaicamtngithiknphha-d,ylchonkhingikiathisaimtntno.

8.1000CCHKIMTINOmaha,1939-1942

NhngxuutinWarrenBuffettkimcltvicbnkochewing-gum.Vngaytngykhiskinhdoanh-nmln6tui-ngthhinmtskhngnhngbvmtgictrccckhchhngcamnh.iubclrtnhiuquatnhcchcangsauny.Ticmtcikhaynhmuxanhchiasnnmphnkhcnhau.TioanchcldEdiechoticikhaychkhngaikhc.Trnkhaycnmhpnhngnmloichewing-gumkhcnhau:JuicyFruit,Spearmint,Doublemintvhailoikhcna.Timuatngthichewing-gumtcahngcangtiriibnvngquanhccnhhngxmvochiuti,thnglth.[172]

TinhngiphntnlVirginiaMacoubrietngnirng:-CchmunmtmingJuicyFruitthi.-Chukhngbnltngming.-Tini. ti mun ni l, ti c nguyn tc mua bn ca ti. Cho ti by gi ti vn cn nh bMacoubrieborngbychmuamtming.Khng,chngkhngcbnlngoimtthinmming,vigi1nickel,nhngbychmuntiu1penny[173]chotithi.Bunbn lmt trhpdn,nhngkhnghpdn thayi lisuynghcacubWarren.Nucubnmtmingchewing-gumchobMacoubrie,cuscnlibnmingvphinlcrtnhiumibnhtchongikhc,nhthkhngngcngmliphichunhiuriro.Mithichewing-gumcuchlic2xu.Cumuncmnhngngxunngvrnlnhnytronglngbntaymnh.Chnglnhngbngtuytutintothnhqubngtuytmcuslnikhpthgiisauny.MnhngthhaimWarrenbnlnhngchaincngtCoca-Cola,cngccubntnca nh hng xmvo nhng bui tima h. Cumang chng theo bn c trong ccchuyninghmtvigianh.CubnCoca-ColachonhngngiangtmnngtrnbhOkobojiIowa.Ncgiikhtcgaclinhiuhnkochewing-gum.Cukimc1nickelchomisuchaibnra,vsungsngnhtngbcvocitirtngtinlmcueonitht lng.CucnglunmangtheobnmnhcitirtnykhibnnhngtboSaturdayMorningPosthaytpchLibertysau.Chictirtngtin l lmcuthymnhrtchuynnghip.N lbiutngcaphnkhctrongvicbunbnmWarrenthchthnht:sutp.Drnggiycucbsutpnpchai,tinxuvtem,nhngcubtusutmtinmt.Cuctnhngngtinkimctrongngnkonh,cucngthmvomtt20lamchacuchocuvonmlnsu.Ttcucghichptrongmtcunsmunu-stikhonutincacu.Nmlnchntui,cucngStuEricksonbnnhngqubnggolfquasdngtisngolfElmwoodPark-chonkhicngibovicnhstvchngbtngcrakhikhuvc.Cnhstnichuynvichamcu,nhngHowardvLeilakhnghbntmvvic.Hchchorngcontraihcuckinhdoanh.Lcontraiduynht-liphttrinsm-canhBuffett,Warrenccimccchemcugilvnghoquangcschtrtmnh.[174]Nmlnmitui,cuibnuphngrangvbpntrnkhnitrongcctrnbngtiihcOmaha.Cuivngquanhcttingraolanhlnh:uphngrang,bpnloiy,5xu,25xu,50xu,naho,mtphnnmnickel[175]mtgiy,mid!mid!!!Chindch tranh c tng thng nm1940 ang din ra, th l cu su tmhng t ccWillkie-McNary[176]vgnlnomnh.Cuthchhtocuny:Washingtonkhngth,Clevelandkhngth,Rooseveltcngkhngnnbu,vnclinquannmtquytnhcaRoosevelt

lmtnthnggianhBuffettkhiratranhcnhimkthba.TrongkhilutphpMkhngtgiihnnovsnhimkcatngthng,nhngcnc-volc-ctuyttrcnghvmtTngthngquc.[177]HowardchorngRooseveltlmtkchuynquynlunngtrnuthinh.nghvvicngynmquynthmbnnmnalmnggnnhbsc.McdngnhnrarngWendellWillkiemangttngqutdovnhngquanimqucnhn camnh, Howard cm thy khng ai c th thot khi tm nh hng ca ng y.Warren,ngitheoquanimchnhtrcachamnh,rtthchkhoenhngccoWillkie-McNarytisnvnng.Nhngngiqunlgicuvovnphngvborng:Hythonhngchicccyra,khngthchusbnhmnginghRooseveltdnchomttrny!Warrenctnhngchicccvotpd,niccitirtngnhngng10xuv25xulnchtdiy.Saukhicuquayvotnhsvingiqunlsautrnu,ngybocuhtmithtrongtiramtbn,kcnhngchickimghimrilyhtttc.lbinhpmnBquytKinhdoanh101 ca ti.Ti rtbun,Buffettni.V, khiRoosevelt cmtchinthngvtinkhonghutiptcnhimktngthngthba,gianhBuffett licngbunhn.TrongkhichnhtrlmiquantmlnnhtcaHowardvtinbcchthuchngthyuthivicontraing,haimiquantmchtmthickmnnbntrong.WarrenquanhqunnivnphngcaHowardtiNgnhngNhncOmahavrascnmbt