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That to me is absolutely fascinating.
这于我而言，是绝对的百思不得其解。
I mean if I ever write a book it will be called: Why Smart People Do Dumb Things.
如果我要写本书的话，书名就是《为什么 聪明人净干蠢事》。
My partner says it should be autobiographical. But this might be an interesting illustration.
我的合伙人说那本书就是他的自传。这真 的是一个有趣的演示。
They are perfectly decent guys. I respect them and they helped me out when I had problems at Salomon.
他们都是正经人，我尊敬他们甚至我在所罗门兄弟公司有问题的时候，也会找他们来帮助解决。
They are not bad people at all.
他们绝不是坏人。
But to make money they didn’t have and they didn’t need, they risked what they did have and did need,
但是，他们为了挣那些不属于他们，他们也不需要的钱，他们竟用属于他们，他们也需要的钱来冒险。
and that’s foolish, that’s excessive foolish, and don’t answer me it related with IQs.
这真是愚蠢之极。这不是智商不智商的问题。
If you risk something that is important to you for something that is unimportant to you, it just does not make any sense.
用对你重要的东西去冒险贏得对你并不重要的东西，简直不可理喻。
I don't care whether the odds you are 100 to 1 succeed or 1000 to 1 you succeed.
即便你成功的概率是100比1，或1000比1。
If you hand me a gun with a thousand chambers or a million chambers and a bullet with one chamber,
如果你给我一把枪，弹膛里有一千个甚至一百万个空的位置，然后你告诉我，里面只有一发子弹，
you said put it up on your temple and how much do you want to be paid the pull one.
你让我把枪指向太阳穴，你问我，要花多少钱，才能让我（对自己）拉动扳机。
I'm not going to pull, you know you can add anything you want, it doesn’t do anything for me on the upside and I think the downside is fairly clear.
我是不会去做的。你可以下任何赌注，即便我贏了，那些钱对我来说也不值一提。如果我输了，那后果是显而易见的。
So I am not interested in that kind of the game.
我对这样的游戏没有一点兴趣。
And yet people do it financially without thinking about it very much.
可是因为头脑不清楚，总有人犯这样的错。
There was a great book, wasn’t it a great book? The great title? There is a lousy book which is with a great title, by Walter Gutman. The title was: You Only Have to Get Rich Once.
有这样一本书，是瓦尔特?古特曼写的，很普通却有着一个很好听的书名，叫《一生只需富一次》。
Now that seems pretty fundamental, doesn’t it?
这再正确不过了，不是吗？
What if you’ve got 100 million at the start of the year and you are gonna make 10% if you are unleveraged and 20% if you are leveraged 99 times out if a 100,
如果开始你有一个亿，每年没有一点风险的可以挣10%,而有些风险，但成功率有99%的投资会嫌20%。
but the differences that made at the end of the year, you have got 110 million or 120 million.It makes absolutely no difference at all.
— 年结束，你可能有1.1个亿，也可能有1.2个亿，这有什么区别呢?
I mean if you die at the end of the year, you know the guy who writes up the story may make a typo, he may said a hundred and ten even though you have a hundred and twenty.
如果你这时候过世，写讣告或悼词的人可能错把你有的1.2个亿写成1.1个亿了，
You have gained nothing at all. So it makes absolutely no difference.
有区别也变成没区别了。
It makes no difference to your family. It makes no difference to anything.
对你、对你的家庭、对任何亊，都没有任何一点点不同。
And yet, the downside, especially managing on other people’s money, it not only losing all your money,but it is disgrace, humiliation and facing friends whose money you have lost, right?
但是万一有点闪失的话，特别是当你管理他人的钱时，你不仅仅损失了你的钱，你朋友的钱，还有你的尊严和颜面。
I just can not imagine, and equation.Does it make sense for?
我简直想不通，多赚一点有什么意义呢？
