BUILDING THE BUSINESS
While makingmoney was good, having meaningful work and meaningful relationships was farbetter. To me, meaningful work is being on a mission I becomeengrossedin, andmeaningful relationships are those I have with people I care deeply about andwho care deeply about me.
译文：赚钱当然好，但是拥有有意义的工作和联系更好。对于我来说，有意义的工作就是我在一个任务上投入大量的时间和精力，全神贯注；有意义的联系是我和他人深度关联，彼此关心。
Engrossed==全神贯注，投入大量时间和精力的。
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Think about it: It’s senseless to have making money asyour goal as money has nointrinsicvalue—its value comes from what it can buy, and it can’t buy everything. It’ssmarter to start with what you really want, which are your real goals, and thenwork back to what you need to attain them. Money will be one of the things youneed, but it’s not the only one and certainly not the most important one onceyou get past having the amount you need to get what you really want.
译文：这样考虑：仅仅把赚钱当成你的目标那么金钱没有内在的价值—金钱的价值来自他能买什么，但是金钱并不能买所有东西，从你真正想要什么开始更明智-这才是你的真正目标，然后专心工作于接近目标需要做的事情，钱当然是你需要的，但不是唯一的一个，也可以肯定不是最重要的一个，尤其当你已经获得了比你实际需要的更多的金钱。
读后感：明白你想要什么更重要。金钱是众多因素之一。
Intrinsic value==内在价值。
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When thinking about the things you really want, it pays tothink of theirrelativevalues so you weigh them properly. In my case, I wanted meaningful work andmeaningful relationships equally, and I valued money less—as long as I hadenough to take care of my basic needs. In thinking about the relativeimportance of great relationships and money, it was clear that relationshipswere more important because there is no amount of money I would take inexchange for a meaningful relationship, because there is nothing I could buywith that money that would be more valuable. So, for me, meaningful work andmeaningful relationships were and still are my primary goals and everything Idid was for them. Making money was an incidental consequence of that.
译文：当你考虑你真正想要的，他值得你思考你是如何正确的衡量他们的相对价值的。就我来说，我想要均衡的有意义的工作和关系。金钱我会看的低一点—只要我有足够维持基本需求的就够了。比较亲密关系和金钱的相对重要性，显然我认为亲密关系更加重要因为有意义的亲密关系是无价的，因为没有什么比亲密关系更值钱了。所以对我来说有意义的工作和关系都是我的首要目标，我愿意为他们做任何事，赚钱只是附带结果。
读后感：你认为的有意义的工作和联系是什么？或者你需要给自己的工作赋予意义，帮助他人，让他们获得提升，获得安全感，幸福感，满足感，还是其他的什么？。这就是作者要交给大家的原则之一。
Incidental==附带的，意外的。
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In the late 1970s, I began sending my observations aboutthe markets to clients via telex. The genesisof these Daily Observations(“Grains and Oilseeds,” “Livestockand Meats,” Economy and FinancialMarkets”) was pretty simple: While our primary business was in managing riskexposures, our clients also called to pick my brain about the markets. Takingthose calls became time-consuming, so I decided it would be more efficient towrite down my thoughts every day so others could understand my logic and helpimprove it. It was a good discipline since it forced me to research and reflectevery day. It also became a key channel of communication for our business.Today, almost forty years and ten thousand publications later, ourDaily Observationsare read, reflected on, and argued aboutby clients and policymakers around the world. I’m still writing them, alongwith others at Bridgewater, and expect to continue to write them until peopledon’t care to read them or I die.
译文：上世纪70年代末，我开始通过电报和我的客户之间交换我观察到的市场信息。那些每日观察栏目（“谷物和油”,“家畜和鲜肉”，“经济和金融市场”）的初始都非常简单。同时我们的主要业务集中在管理暴露的风险，我们的客户也在电话采纳我的建议。打那些电话花费我大量的时间。所以我觉得采用更高效的办法，我把我的那些建议和想法都写下来，一般于其他人能明白我的逻辑，并能借由提高自己。这是一条非常好的纪律，迫使我每天研究、反思。它也成了我们的业务的一条关键沟通渠道。今天差不多40年了，超过1万期建议发布后，我们的每日观察被来自全世界的客户和决策者们阅读、反馈、讨论。我也在和我的伙伴们持续写每日观察，直到没有人关注或者我死亡为止。
读后感：70年代末作者开始了写作、总结自己的经验、建议，每日观察。保持了40多年并在继续，并发布到网络上供所有人阅读，下载。你看写作是不是很关键，开始很简单，很粗糙，坚持下来，持续改进就会有奇迹。
雷达利奥每日观察网址是什么？极度好奇，好想学，有知道的朋友一定告诉我，谢谢。
Genesis==初始，创始。
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In addition to providing clients with these observationsand advice, I began to manage their exposures by buying and selling on theirbehalf. Sometimes I waspaid a fixed fee each month and sometimes I received a percentage of theprofits. Among my consulting clients during this period was McDonald’s, whichwas a huge beef buyer, and Lane Processing, then the largest chicken producerin the country. I made them both a lot of money—especially Lane Processing,which did even better from itsspeculationsin the grain andsoymarkets than it did from raising and sellingchickens.
译文：除了提供每日观察和建议外，我为了客户的利益开始通过买进卖出管理那些暴露的风险。有时我每月获得固定报酬，有时按每月的利润比例分成给我。那段时间我的咨询客户包括麦当劳—一个牛肉大买家，而莱恩—国内最大的鸡肉生产商。我让他们赚了很多钱—尤其是莱恩，通过在谷物和豆类市场的投机甚至比饲养和出售鸡肉赚的更多。
读后感：麦当劳出现了，那时候麦当劳还限于美国内部，中国第一家麦当劳是90年代初在北京出现的。
Soy==大豆、黄豆
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Around this time, McDonald’s had conceived of a newproduct, the Chicken McNugget, but they werereluctantto bring it to market because of theirconcern that chicken prices might rise andsqueezetheir profit margins. Chicken producerslike Lane wouldn’t agree to sell to them at a fixed price because they wereworried that their costs would go up andtheywould besqueezed.
译文：这时候，麦当劳已经在孕育新产品了，炸鸡块，但是炸鸡块因为导致鸡肉价格可能上涨并挤压利润空间，所以炸鸡块很难上市。莱恩这样的鸡肉生产商是不会同意以固定价格出售鸡肉，因为莱恩担心成本会上升，利润会被挤压。
读后感：麦当劳现在是全球供应链了，类似下游的供应商必然受他的压榨，就像苹果要求下属的供应商降低利润，而确保自己的利润空间一样。想想富士康好可怜，可没办法，没有议价权和定价权。
Reluctant==抵抗 抵制。
the Chicken
McNugget==炸鸡块
squeeze==挤压，压迫，压榨。
profit margins==利润边际
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As I thought about the problem, it occurred to me that ineconomic terms a chicken can be seen as a simple machine consisting of a chickplus its feed. The mostvolatilecost that the chicken producer needed to worry about was feed prices. I showedLane how to use a mix of corn and soymeal futures to lock in costs so theycouldquotea fixedprice to McDonald’s. Having greatly reduced its price risk, McDonald’sintroduced the McNugget in 1983. I felt great about helping make that happen.
译文：在我想这个问题的时候，鸡肉经济问题可以看成是一个简单的喂养小宝宝的机械。鸡肉生产商最需要担心弹性的成本是饲料价格。我为莱恩展示了一种使用混合谷物和黄豆粉的期货组合来锁定成本，以便于他们能给麦当劳一个固定价格。并大大降低莱恩的成本风险。麦当劳在1983年正式推出炸鸡块。能帮助这一切发生我体会良多。
读后感：一款产品的背后是大量的工作，供应链的管控，价格因素，成本因素，给用户展示的只是产品的最终形态。让我们猜想一下莱恩后来怎样了？我百度了下，没有查到，但是我猜想更可能的结果是被收购，这样可以更好地控制成本和风险，应该是被麦当劳收购。
请注意一个重要情节：通过期货来降低价格风险，提高谈判价码，这就是作者给莱恩的价值。至于怎么提供的方案，这很有趣，关键也在这里。
Soymeal==黄豆粉
Volatile==弹性的 变动的。
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I identified similar types of price relationships in thecattle and meat markets. For example, I showed cattle feeders how they couldlock in strong profit margins byhedginggood price relationships between their cost items(feeder cattle, corn, and soymeal) and what they were going to sell (fedcattle) six months later. I developed a way of selling different cuts of freshmeat forfuturedelivery at fixed prices far below frozen meat prices but that still producedbig profit margins. Combining my clients’ deep understanding of the way the“machines” of their own businesses operated with my knowledge of the waymarkets functioned worked to our mutual advantage, while making the marketsmore efficient overall. My ability to visualize these complex machines gave usa competitiveedgeagainst those who wereshooting from the hip, and eventually changed the way these industries operated.And, as always, it was a kick to be working with people I liked.
译文：我在家畜和鲜肉市场发现了近似的价格关联模型。举例，我向家畜饲养家展示如何保持良好的边际利润通过消耗品（谷物、黄豆粉等）和6个月后的成品之间的期货价格交易。我发明了一种以远低于冻肉价格的固定价格出售不同部分鲜肉，但任然有相当大的利润空间。
综合我的客户的业务深刻见解的“机械”理论，糅合我对于市场机制的知识，机械开始为我们共同的利益工作。同时使的市场更高效。将复杂理论具体化的能力让我们拥有极大的优势面对那些鲁莽行事的人。并最终彻底改变了那些行业运行的方式。并且一如既往的，这对于我喜欢的那些和我一起工作的人是一个促进。
读后感：很难翻译，很拗口，翻译过程中屡次发现中西方的思维的不同造成文字的不同，表达的不同。
我理解“机械”是作者在经历多次商业案例后，发展出自己的一套分析、判断机制，并可以结合实际行业情况良好的允许，但具体是怎样的？作者没有说，很可惜。
future delivery==期货交易
shooting from the hip==鲁莽讲话，行事。
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On March 26, 1978, my wife gave birth to our first son,Devon. To have a child was the most difficult decision I ever made, because Icouldn’t know what the experience would be like and it would beirrevocable. It turnedout to be my best decision. While I won’tdelvetoo much into my family life in this book, Ipursued it with the same sort ofintensitywith which I pursued my career, and I linked them. Togive you an idea about how interwoven they were in my mind, Devon was namedafter one of the oldest breeds of cattle known to man, among the first breedsimported into the U.S. and renowned for its high fertility.
译文：1978年3月26日我妻子生下了我们的第一个儿子，德文。要一个孩子是我下的最艰难的决定。因为我不知道这会带来什么，而且也是不可撤回的。事后证明这是我最正确的决定。尽管在本书中我不想过多谈论我的家庭。想要一个孩子的愿望和我在职场追逐的一样强烈。德文名字来自于人类已知最古老的牛，也是第一批被引入美国的并以繁殖力著称。
Delve ==钻研 探究。
Irrevocable==不可取消的，不可挽回的。
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我是007李小军，以上是我自己的翻译，也许不会太准确，我能保证也不会偏离作者的意思太远，不至于误导各位，谢谢观看。
007-4478李小军
2018-6-7
觉得好，就点赞，就转发， 谢了！
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