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I bought the first shares of Berkshire in 1962,
我在1962年第一次购买了伯克希尔的股份
and it was a northern textile business destined to become extinct eventually,
它做北方的纺织生意 最后注定要消失
and it was a statistically cheap stock in a terrible business.
在数据上这是做着差劲生意的便宜股票
Berkshire Hathaway was closing mills and as they closed mills, it would free up some capital,
伯克希尔哈撒韦当时正关闭工厂 由于他们关闭了工厂 就会解放出一些资产
and then they would repurchase shares,
接着他们会重新回购股份
so I bought some stock with the idea that there would be another tender offer at some point,
我在购买一些股票时就想着在某些时间会有其他的报价
and we would sell the stock at a modest profit.
我们会在股票获得适当收益时卖出
And at one point,the management asked me at what price we would tender our stock, and I said, "11.50 dollar."
有一次 管理层问我多少价格会对我们的股票提出要约 我说11.5美元
And the tender offer came out a few months later,
几个月后报价来了
and it was at 11 dollar and 3/8ths, which was an eighth of a point cheaper.
11美元又3/8 便宜了八分之一
And that made me very mad,so I just started buying more stock.
那让我怒了 所以我开始买入更多股票
I just felt that I'd been double-crossed by the management.
我感觉我被管理层欺骗了
And in May of 1965,I bought enough so we controlled the company,and we changed the management.
1965年5月时 我购买了足够多的股票 所以我们控制了公司 我们换掉了管理层
