我们的三阶段规划勾勒出了我们新公司如何运用竞争力实现迅速增长。
我们清晰的4个核心价值观点出了诚信是指导我们决策和行为的准则。
各位，这是属于我们的机会和时刻。让我们全力以赴投身其中吧！
谢谢！并再次表示祝贺。
导读
这是联想的新一代领导人，新董事主席杨元庆先生对员工发表的演讲。新联想已经成为全球第三大PC厂商，全球第五大IT企业，以及中国最大的IT企业。
诵读名句
We at Lenovo will create an inspiring culture of ethics，performance，teamwork and professional development.
I want you to know that we’re committed to them，and that while I expect progress every day，every week，these aspirations will take years to fully achieve.
We have before us an extraordinary opportunity to make a difference for our customers and to succeed at this exciting new venture.
The Speech About IBM
IBM总裁的演讲
Gerstiner/杰斯特尼
Good evening! It is a great honor for me to share this stage with the Lord Mayor，chief executive of Hannover，with Mr. Yang，and in a few minutes with Chancellor Kohl. I have been looking forward to this evening for a long time，because I have known for many years how important CeBIT is to the global Information Technology industry. So before I go any further I want to thank you very much for inviting me to participate in this important forum.
Now I have given a lot of thought as to what I would say to you this evening. On the one hand，I am here as a representative of the Information Technology industry on the event that is bigger by orders of magnitude than any other technology exhibit. That is quite a statement in a industry that is good at many things，especially celebrating its own creations. On the other hand，like most of you，I have spent most of my professional life as a customer of this industry. So I know that after the splash and promises comes the harsh light of morning and often the customer is left standing alone wondering what happened，or as the head of one of our most important German customers put it，“Yours is an industry that is very good at weddings and not so good at marriages.”
So tonight，while I will talk about the power and potential of Information Technology，I hope the temper of my remarks with the perspective I had when I came to IBM five years ago，the perspective of a customer.
Now it is certainly easy to see why raw technology dominates these events. It is adoptive；it is breathtaking；and it is penetrating every aspect of our lives. Today there are more PCs sold annually in the world than TVs or cars. The typical luxury automobile today has 20 to 30 microprocessors in it，more computing power by far than was inside the landing-craft that took the first astronauts to the moon. Last year there were five times more E-mail messages sent than the number of pieces of paper mail delivered worldwide，2.7 trillion E-mails. And I got more than my share. There is another way to look at what is going on. In the mid-1970s，the first super computers appeared. They were capable of about 100 million calculations per second. And they cost about one million dollars. Today the laptop computer that college students carry in their bags，packs，is twice as fast as that first super computer，and it costs less than 3，000 dollars. The trend in data storage is even more impressive. In the early 80s，the standard unit of computer storage，one mega-byte，or one million bytes of information，cost about 100 dollars. Today，it is 10 cents. In two years，it will cost 2 cents. These gains are driven by continuous advances in how we pack information into smaller and smaller spaces. If the US Library of Congress could shrink its collections of 17 million books by the same factor we just discussed，it could replace 800 kilometers of shelf space with less than 40 meters of space. These advances are going to continue and accelerate the rate microprocessors，storage，communications，memory，and all the other engines that are propelling this industry or continue to lead to the products of the faster，smaller，and less expensive，just as they have for 30 years. But as we stand here today，the opening of CeBIT，we are on the threshold of a very important change and the evolution of this industry. In many ways，this industry，a very emitory industry，is about to play out in its most important dimension. That is because the technology has become so powerful and so pervasive that its future impact on people and governments and all institutions will dwarf what has happened today.
各位晚上好！非常荣幸能够与汉诺威市市长、杨先生共同出席今晚的会议，非常荣幸能与科尔总理共同度过这个美好的夜晚。我一直在盼望着今晚的到来，因为很多年以前我就知道 CeBIT 对全球信息技术产业的重要性。因此在演讲之前我首先要对你们邀请我参加这个重要的会议表示衷心的感谢。
对于今晚要说的内容我想过很多。一方面，我是作为信息技术产业界的代表出席这次比其他任何技术展览会的规模都大的会议的。我们的工业是一个对很多事情都很拿手的工业，尤其善于庆祝其自己的创造发明。另一方面，和你们大多数人一样，我的绝大部分职业生涯也是作为这个产业的消费者度过的。因此，我知道一通承诺之后必将是黎明炫目的阳光。消费者常常被撇在一边，琢磨着发生了什么事，或是像我们一个非常重要的德国客户的首脑所说的那样，“你们的产业好像对结婚典礼非常在行，但对婚姻却不太懂。”
因此，虽然今晚我要谈谈信息技术的力量和潜力，但是我希望我能够像五年前刚到 IBM 时那样，站在消费者的立场上表达我的观点。
由纯技术主宰本次展览会的原因是很简单的，因为现在的纯技术是可以被接受的，是令人惊奇的，而且它已经渗透到了我们生活的各个方面。现在全世界每年销售的 PC 数量比电视机和汽车都要多。如今典型的豪华汽车中有 20 到 30 个微处理器，比那个把第一批宇航员送上月球的登月飞船的计算能力还强。去年全球发送的电子邮件数量比传统的纸邮件数量多5倍，达到 27，000 亿封。我的信箱容量就总是不够用。我们还可以从另外一个角度看看现在都发生了些什么事。七十年代中期出现了最初的超级计算机，计算能力是大约每秒一亿次，价格大约是一百万美元。而如今大学生的书包里装着的笔记本电脑的计算能力是那种超级计算机的两倍，价格却只有不到 3，000 美元。数据存储技术的发展趋势更是令人瞠目。八十年代初期，一个标准单位的计算机存储能力，即 1MB，或者说 1 百万字节，售价是 100 美元，而现在却只要 10 美分，再过两年只要 2 美分就够了。这种结果是在技术不断进步的推动下产生的，我们可以把信息存储到越来越小的空间。如果把这种技术用到美国国会图书馆的 1，700 万册存书上，其书架长度将由 800 公里变成不到 40 米。这种进步将继续下去，并且会加速微处理器、存储设备、通信、内存以及所有其他正在推动信息产业前进的“发动机”式的产品的发展，或者会继续创造出更快、更小、更便宜的产品。过去 30 年的情况就是如此。然而当我们今天站在这里，出席 CeBIT 的开幕式的时候，我们面对的是一场业界非常重要的变化和革命。在很多方面，信息产业将成为最重要的产业。这是因为信息技术已经变得如此强大、如此普遍，以至于未来它对人们、政府和各个机构的影响将使目前发生的事相形见绌。
导读
2002年9月5日，IBM总裁杰斯特尼作为信息技术产业界的代表发表了演说。
诵读名句
That is quite a statement in a industry that is good at many things，especially celebrating its own creations.
Now it is certainly easy to see why raw technology dominates these events.
These gains are driven by continuous advances in how we pack information into smaller and smaller spaces.
The Superinvestors of Graham-and-Doddsville
格雷厄姆—多德的超级投资者们
Warren Buffett/沃伦·巴菲特
Is the Graham and Dodd“look for values with a significant margin of safety relative to prices”approach to security analysis out of date？ Many of the professors who write textbooks today say yes. They argue that the stock market is efficient；that is，that stock prices reflect everything that is known about a company’s prospects and about the state of the economy. There are no undervalued stocks，these theorists argue，because there are smart security analysts who utilize all available information to ensure unfailingly appropriate prices. Investors who seem to beat the market year after year are just lucky.“If prices fully reflect available information，this sort of investment adeptness is ruled out，”writes one of today’s textbook authors.
Well，maybe. But I want to present to you a group of investors who have，year in and year out，beaten the Standard & Poor’s 500 stock index. The hypothesis that they do this by pure chance is at least worth examining. Crucial to this examination is the fact that these winners were all well-known to me and pre-identified as superior investors，the most recent identification occurring over fifteen years ago. Absent this condition—that is，if I had just recently searched among thousands of records to select a few names for you this morning—I would advise you to stop reading right here. I should add that all of these records have been audited. And I should further add that I have known many of those who have invested with these managers，and the checks received by those participants over the years have matched the stated records.
Before we begin this examination，I would like you to imagine a national coin-flipping contest. Let’s assume we get 225 million Americans up tomorrow morning and we ask them all to wager a dollar. They go out in the morning at sunrise，and they all call the flip of a coin. If they call correctly，they win a dollar from those who called wrong. Each day the losers drop out，and on the subsequent day the stakes build as all previous winnings are put on the line. After ten flips on ten mornings，there will be approximately 220，000 people in the United States who have correctly called ten flips in a row. They each will have won a little over $1，000.
Now this group will probably start getting a little puffed up about this，human nature being what it is. They may try to be modest，but at cocktail parties they will occasionally admit to attractive members of the opposite sex what their technique is，and what marvelous insights they bring to the field of flipping.
Assuming that the winners are getting the appropriate rewards from the losers，in another ten days we will have 215 people who have successfully called their coin flips 20 times in a row and who，by this exercise，each have turned one dollar into a little over $1 million. $225 million would have been lost，$225 million would have been won.
By then，this group will really lose their heads. They will probably write books on“How I turned a Dollar into a Million in Twenty Days Working Thirty Seconds a Morning.”Worse yet，they’ll probably start jetting around the country attending seminars on efficient coin-flipping and tackling skeptical professors with，“If it can’t be done，why are there 215 of us？”
By then some business school professor will probably be rude enough to bring up the fact that if 225 million orangutans had engaged in a similar exercise，the results would be much the same—215 egotistical orangutans with 20 straight winning flips.
…
One quick example：The Washington Post Company in 1973 was selling for $80 million in the market. At the time，that day，you could have sold the assets to any one of ten buyers for not less than $400 million，probably appreciably more. The company owned the Post ，Newsweek ，plus several television stations in major markets. Those same properties are worth $4 billion now，so the person who would have paid $400 million would not have been crazy.
Now，if the stock had declined even further to a price that made the valuation $40 million instead of $80 million，its beta would have been greater. And to people that think beta measures risk，the cheaper price would have made it look riskier. This is truly Alice in Wonderland. I have never been able to figure out why it’s riskier to buy $400 million worth of properties for $40 million than $80 million. And，as a matter of fact，if you buy a group of such securities and you know anything at all about business valuation，there is essentially no risk in buying $400 million for $80 million，particularly if you do it by buying ten $40 million piles of $8 million each. Since you don’t have your hands on the $400 million，you want to be sure you are in with honest and reasonably competent people，but that’s not a difficult job.
You also have to have the knowledge to enable you to make a very general estimate about the value of the underlying businesses. But you do not cut it close. That is what Ben Graham meant by having a margin of safety. You don’t try and buy businesses worth $83 million for $80 million. You leave yourself an enormous margin. When you build a bridge，you insist it can carry 30，000 pounds，but you only drive 10，000 pound trucks across it. And that same principle works in investing.
In conclusion，some of the more commercially minded among you may wonder why I am writing this article. Adding many converts to the value approach will perforce narrow the spreads between price and value. I can only tell you that the secret has been out for 50 years，ever since Ben Graham and Dave Dodd wrote Security Analysis ，yet I have seen no trend toward value investing in the 35 years that I’ve practiced it. There seems to be some perverse human characteristic that likes to make easy things difficult. The academic world，if anything，has actually backed away from the teaching of value investing over the last 30 years. It’s likely to continue that way. Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace，and those who read their Graham & Dodd will continue to prosper.
格雷厄姆与多德追求“价值远超过价格的安全保障”，这种证券分析方法是否已经过时？目前许多撰写教科书的教授认为如此。他们认为，股票市场是有效率的市场；换言之，股票价格已经充分反映了公司一切已知的事实以及整体经济情况：这些理论家认为，市场上没有价格偏低的股票，因为聪明的证券分析师将运用全部的既有资讯，以确保适当的价格。投资者能经年累月地击败市场，纯粹是运气使然。“如果价格完全反映既有的资讯，则这类的投资技巧将不存在。”一位现今教科书的作者如此写道。
或许如此！但是，我要提供一组投资者的绩效供各位参考，他们长期的表现总是超越标准普尔500种股价指数。即使是纯属巧合，这项假说至少也值得我们加以研究。研究的关键事实是，我早就熟识这些赢家，而且长年以来便视他们为超级投资者，最近的认知也有15年之久。缺少这项条件——换言之，如果我最近才从成千上万的记录中挑选几个名字，并且在今天早上提供给各位——我建议各位立即停止阅读本文。我必须说明，所有的这些记录都经过稽核。我必须再说明，我认识许多上述经理人的客户，他们长年以来所收取的支票确实符合既有的记录。
在进行研究之前，我要各位设想一场全国性的掷铜板大赛。我们假定，全美国2.25亿的人口在明天早晨起床时都掷出一枚一美元的铜板。在早晨太阳升起时，他们都走到门外掷铜板，并猜铜板的正反。如果猜对了，他们将从猜错者的手中赢得一美元。每天都有输家遭到淘汰，奖金则不断地累积。经过十个早晨的十次投掷之后，全美国约有2. 2万人连续十次猜对掷铜板的结果。每人所赢得的资金大约有1，000多美元。
现在，这群人可能会开始炫耀自己的战绩，此乃人的天性使然。他们可能保持谦虚的态度，但在鸡尾酒宴会中，他们偶尔会以此技巧吸引异性的注意，并炫耀其投掷铜板的奇异洞察力。
假定赢家都可以从输家手中得到适当的奖金，再经过十天，约有215个人连续20次猜对掷铜板的结果，每个人并赢得大约100万美元的奖金。输家总共付出2.25亿美元，赢家则得到2.25亿美元。
这时候，这群人可能完全沉迷在自己的成就中：他们可能开始著书立说：“我如何每天早晨工作30 秒，而在20天之内将一美元变成100万美元。”更糟糕的是，他们会在全国各地参加讲习会，宣扬如何有效地投掷铜板，并且反驳持怀疑态度的教授说，“如果这是不可能的事，为什么会有我们这215个人呢？”
但是，某商学院的教授可能会粗鲁地提出一项事实，如果2.25亿只猩猩参加这场大赛，结果大致上也是如此——有215只自大的猩猩将连续赢得20次的投掷。
……
我可以举一个简单的例子：在1973年，华盛顿邮报公司的总市值为8千万美元。在这一天，你可以将其资产卖给十位买家之一，而且价格不低于4亿美元，甚至还能更高。该公司拥有华盛顿邮报、商业周刊以及数家重要的电视台。这些资产目前的价值为4亿美元，因此愿意支付4亿美元的买家并非疯子。
现在，如果股价继续下跌，该企业的市值从8千万美元跌到4 千万美元，其bate值也上升。对于用bate值衡量风险的人来说，更低的价格让他觉得风险更大。这真是仙境中的爱丽丝。我永远无法了解，用4千万美元，而非8千万美元购买价值4亿美元的资产，其风险竟然更高。事实上，如果你买进一些这样的证券，而且稍微了解所谓的企业评价，则用8千万美元的价格买进4亿美元的资产，这笔交易基本上没有风险，尤其是分别以800万美元的价格买进10种价值4，000万美元的资产，其风险更低。因为你没有4亿美元，所以你希望能够找到诚实而有能力的人，这并不困难。
另外，你必须有能够粗略地估计企业价值的知识。但是，你并不需要精密地来评估。这便是本杰明·葛拉厄姆所谓的安全边际。你不必试图以8，000万美元的价格购买价值8，300万美元的企业。你必须让自己保有相当的缓冲。架设桥梁时，你坚持载重量为3万磅，但你只准许1万磅的卡车穿梭其间。相同的原则也适用于投资领域。
有些具备商业头脑的人可能会怀疑我撰写本文的动机：更多人皈依价值投资法，将会缩小价值与价格之间的差距。我只能够如此告诉各位，自从本杰明·格雷厄姆与大卫 ·多德出版《证券分析》以来，这个秘密已经流传了50年，在我奉行这项投资理论的35年中，我不曾目睹价值投资法蔚然成风。人的天性中似乎存在着偏执的特色，喜欢把简单的事情复杂化。最近30年来，学术界如果有任何作为的话，皆完全背离了价值投资的教训。这种现象很可能还会继续。船只将环绕地球而行。但地平之说仍会畅行无阻。在市场上，价格与价值之间还会存在着很大的差值，而奉行格雷厄姆与多德理论的人也会繁荣不绝。
导读
1984年在庆祝格雷厄姆与多德合著的《证券分析》发行50周年大会上，巴菲特在哥伦比亚大学的演讲稿。在他的演讲中，回顾了50年来，格雷厄姆的追随者们采用价值投资策略持续战胜市场的无可争议的事实，总结归纳出价值投资策略的精髓，在投资界具有非常大的影响力。
诵读名句
They argue that the stock market is efficient；that is，that stock prices reflect everything that is known about a company’s prospects and about the state of the economy.
You also have to have the knowledge to enable you to make a very general estimate about the value of the underlying businesses.
There will continue to be wide discrepancies between price and value in the marketplace，and those who read their Graham & Dodd will continue to prosper.
Stay Hungry，Stay Foolish
苹果CEO乔布斯：求知若饥，虚心若愚
Steve Jobs/史蒂夫·乔布斯
I am honored to be with you today at your commencement from one of the finest universities in the world. I never graduated from college. Truth be told，this is the closest I’ve ever gotten to a college graduation. Today I want to tell you three stories from my life. That’s it. No big deal. Just three stories.
The first story is about connecting the dots.
I dropped out of Reed College after the first 6 months，but then stayed around as a drop—in for another 18 months or so before I really quit. So why did I drop out?
