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Have you ever wondered why we use the word “ruthless” to describe someone who is cruel, merciless, or without pity? The word comes from the Middle English word “reuthe”, which means “pity, compassion, or sorrow”. To be ruthless is to be without reuthe, or without any feeling for the suffering of others.
The term “ruthless” originates from the Middle English word “reuthe,” denoting “pity, compassion, or sorrow.” Contrary to its roots, being ruthless implies lacking compassion or empathy for the suffering of others. Interestingly, the term is connected to the name Ruth, signifying “friend” or “companion.” The biblical story of Ruth, found in the Book of Ruth, serves as a stark contrast to the concept of ruthlessness, emphasizing faith, loyalty, and love.
In 2022, amidst the final stages of the pandemic and just before the onset of a conflict initiated by Russia, we found ourselves facing an unexpected turn of events. Seven years of growth concluded with encounters with individuals and companies of questionable ethics.
Seasoned investors like Warren Buffett often remind us that dealing with individuals of bad character rarely leads to favorable outcomes.
His words are, “You can’t make a good deal with a bad person.”
The conversation where this quote is mentioned,
QUICK: And while the pair delivered market beating performances with the Berkshire portfolio for four and a half decades, they have lagged the S&P 500 for the last 5 and 10 years leading some to question whether they’ve lost their touch. They’re not concerned.
[MAY 2021] MUNGER: I’m quite comfortable holding Berkshire. I think our businesses are better than the average on the market.
QUICK: We asked Munger and Buffett their thoughts on some of the latest headlines in the business world, those that could have lasting impact on how markets operate beginning with Credit Suisse’s five and a half billion dollar loss stemming from its business with Archegos Capital Management.
MUNGER: Think of how massively stupid that was. And of course, it was the lure of the really easy money that the idiot was paying you, being the prime broker for a jerk. But he was a convicted insider trader that came out of the craziest part of the hedge fund industry. And they were getting unusual profits by extending unusual credit. I mean, it was just, the world was shouting at them, “Crook. Fool.” And they didn’t listen. They thought, “This is where the easy money is, crooks and fools.”
BUFFETT: There’s one rule–
MUNGER: We don’t like either of–
BUFFETT: That, that we learned a long time ago is that you can’t make a good deal with a bad person. Just forget it. Now, if you think you can draw up a contract that, that is going to work against a bad person, they’re gonna win. But one thing, they, they probably enjoy litigation but ah, Berkshire Hathaway as an entity, or me personally, or anything, we don’t wanna spend our life, you know, doing that sort of thing. And, and besides, the bad guys win. They know more games. They may lose eventually in the but, but it’s no way to spend your life.
QUICK: Charlie, it wasn’t just Credit Suisse that got pulled in by that. There were a lotta firms that were doing business with Archegos and–
MUNGER: Yes. Yes. They were all foolish. But, but Credit Suisse has managed to be the biggest fool of all.
BUFFETT: Well, Becky, if you look back–
MUNGER: A lot of competition for that order–
BUFFETT: In nineteen–
MUNGER: Honor.
你有沒有想過，為什麼我們用「無情」這個詞來形容一個殘忍、無情或沒有憐悯的人？這個詞來自中古英語單詞“reuthe”，意思是“憐悯、同情或悲傷”。無情就是對他人的痛苦毫無怨恨，或者沒有任何感情。
“無情”一詞起源於中古英語單詞“reuthe”，表示“憐悯、同情或悲傷”。與其根源相反，無情意味著對他人的痛苦缺乏同情心或同理心。有趣的是，這個詞與 路得記這個名字有關，表示“朋友”或“同伴”。路得記中的聖經故事與無情的概念形成鮮明對比，強調信仰、忠誠和愛。
2022年，在大流行的最後階段，就在俄羅斯發起的衝突爆發之前，我們發現自己面臨著意想不到的轉折。七年的成長以與道德有問題的個人和公司的相遇而告終。
像沃倫·巴菲特（Warren Buffett）這樣經驗豐富的投資者經常提醒我們，與品行不端的人打交道很少會帶來有利的結果。
他的話是，“你不能和一個壞人做好交易。“
提到這句話的對話，
快速：雖然這兩家公司在伯克希爾投資組合中表現了四十五年來的出色表現，但在過去5年和10年裡，它們一直落後於標準普爾500指數，導致一些人質疑他們是否已經失去了聯繫。他們並不擔心。
[2021年5月]芒格：我拿著伯克希爾很舒服。我認為我們的業務比市場上的平均水準要好。
快速：我們詢問了芒格和巴菲特對商界一些最新頭條新聞的看法，這些頭條新聞可能會對市場運作產生持久影響，從瑞士信貸與Archegos Capital Management的業務往來導致55億美元的損失開始。
芒格：想想那是多麼愚蠢。當然，這是白癡付給你的真正容易的錢的誘惑，是一個混蛋的主要經紀人。但他是一名被定罪的內幕交易員，來自對沖基金行業最瘋狂的部分。他們通過提供不尋常的信貸獲得了不尋常的利潤。我的意思是，只是，世界在對他們大喊大叫，“騙子。傻瓜。他們不聽。他們認為，“這就是容易賺錢的地方，騙子和傻瓜。
巴菲特：有一條規則——
芒格：我們不喜歡其中任何一種——
巴菲特：我們很久以前就知道，你不能和一個壞人做一筆好交易。算了吧。現在，如果你認為你可以起草一份合同，這將對一個壞人起作用，他們就會贏。但有一件事，他們，他們可能喜歡訴訟，但是啊，伯克希爾哈撒韋公司作為一個實體，或者我個人，或者其他任何事情，我們不想花我們的一生，你知道，做那種事情。而且，此外，壞人贏了。他們知道更多的遊戲。他們最終可能會輸掉，但這是沒有辦法度過你的生命。
快：查理，不僅僅是瑞士信貸被拉進來了。有很多公司與Archegos有業務往來，而且——
芒格：是的。是的。他們都是愚蠢的。但是，瑞士信貸（Credit Suisse）卻成了最大的傻瓜。
巴菲特：好吧，貝基，如果你回頭看——
芒格：這個訂單的競爭非常激烈——
巴菲特：十九年——
芒格：榮譽。
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