【中英文稿】高盛教会我的投行思维：重塑财富认知——Codie Sanchez

视频全文转录（中英双语）

以下为完整中英双语转录，已加标点。英文在前，中文在后，逐段对照。

由 Groq Whisper 转录 → 已有英文标点稿重建 [段 N] 语义分段 → MiniMax-M2.7 段号保留翻译 → bilingual_merge.py 1:1 合并。

[段 1]

This is Goldman Sachs, where the world’s most powerful governments, corporations, and billionaires go to figure out what to do with their money. Almost nobody gets access to that advice. But I worked there, and what I learned from the inside changed how I build wealth forever. These are the lessons very few people ever get to learn.

[译文 1]

这是高盛，世界上最强大的政府、企业和亿万富豪们会去那里弄清楚该如何处理资金。几乎没有人能得到那种建议。但我在那里工作过，我从内部学到的东西永远改变了我积累财富的方式。这些是极少数人才能学到的教训。

[段 2]

Number one, your first 500k is for losing. So I say lose somebody else’s money. Like one of the best pieces of advice I got at Goldman came from a mentor I had there. And it’s probably going to piss you off because I kind of felt that way at the time. He said, your first half a million dollars of investing experience is for losing. He’s like, you will lose it. You’ll buy at the top. You’ll make bets that seem obvious and are catastrophically wrong in hindsight.

[译文 2]

第一条，你的第一个50万是用来亏损的。所以我说，去亏损别人的钱。就像我在高盛得到的最好的建议之一来自我那里的导师。这可能会让你不爽，因为我当时也有点这种感觉。他说，你投资经验的第一个50万美元是用来亏损的。他就像是说，你会亏掉的。你会在最高点买入。你会做出事后看来显而易见但却灾难性错误的赌注。

[段 3]

So why would you lose your own money? Why not lose somebody else’s first? What’s cool is when you work at a big institution, Goldman, JP Morgan, BlackRock, you make mistakes on their dime. This is true for you at any company when you first start out. Like the companies don’t care as much because they budget it. It’s called a risk budget. So they won’t fire you over a learning curve mistake. That’s just the cost of doing business at scale. But if you lose money, that might be your rent or your savings.

[译文 3]

所以为什么要亏自己的钱？为什么不先去亏别人的钱？很酷的是，当你在高盛、JP Morgan、BlackRock这样的大机构工作时，你用他们的钱犯错。当你刚开始在任何公司工作时，这对你来说也适用。就像公司不会那么在意，因为他们已经做了预算。这叫做风险预算。所以他们不会因为你学习曲线上的错误而解雇你。这就是在规模化经营中的成本。但如果你亏钱了，那可能是你的房租或你的储蓄。

[段 4]

And that’s when panic decisions, they start to come and try to claw it back, which makes it worse. The most dangerous advice circling the internet right now is just go be an entrepreneur tomorrow. But statistically, it’s actually terrible advice for most people. 90% of startups fail. So if your first mistakes are inevitable, and they are, why not do it on somebody else’s dime, then go out on your own? Goldman made me risk-averse. So before I make any major move now, I run it through what I call the OPX check: three questions you can steal them.

[译文 4]

然后恐慌的决定开始出现，他们会试图挽回，这会让事情更糟。现在互联网上最危险的建议就是明天就去做企业家。但统计上来说，这对大多数人来说实际上是很糟糕的建议。90%的创业公司都会失败。所以如果你的第一批错误是不可避免的，而且它们确实是，为什么不用别人的钱先做这些，然后自己再出去闯？高盛让我变得厌恶风险。所以在我做任何重大动作之前，我会用我叫做OPX检查的方式来审视：三个你可以偷走的问题。

[段 5]

Whose capital can I use instead of mine? Whose resources can I use instead of mine? Whose network can I use instead of mine? If the answer to all three is my own, I’m probably not thinking about it right. So I use this term OPX. It stands for other people’s X, where X is whatever asset you need. Money, contacts, infrastructure, credibility. Goldman never takes a position without limiting their own exposure first. This is how you do the same thing at any level. That’s rule number one.

[译文 5]

我能用谁的资本而不是我自己的？我能用谁的资源而不是我自己的？我能用谁的人脉而不是我自己的？如果这三个问题的答案都是"我自己的"，我可能没有正确地思考它。所以我用OPX这个术语。它代表别人的X，X是你需要的任何资产。金钱、人脉、基础设施、信誉。高盛从来不会在没有先限制自身敞口的情况下建仓。这就是你在任何级别都做同样事情的方式。这是第一条规则。

[段 6]

Number two, this is a hard one: cut your bottom 20%. So every year, this place fires the bottom 20% of its people. And I used to think that was brutal, because it is, until I realized every single high performer in the world does the exact same thing. They’re just quieter about it. Like I watched a guy—I’ll call him Jack—see himself trending toward the bottom 20% performance at this company. And instead of fixing his numbers, he spent six months, kind of brilliantly, engineering the appearance of better numbers.

[译文 6]

第二条，这是一条艰难的：砍掉你最低效的20%。所以每年，这家公司都会解雇表现最差的20%的人。我以前认为这很残酷，因为它确实很残酷，直到我意识到世界上每一个高绩效者都在做完全相同的事情。他们只是更安静地做这件事。就像我看到一个家伙——我叫他Jack——看到自己在这家公司的表现趋向于垫底的20%。他没有去修复他的数字，而是花了六个月，相当聪明地，精心营造出数字更好看的表象。

[段 7]

Could you imagine the amount of energy and effort spent looking successful instead of actually becoming it? Like it’s such a waste. So Goldman ended up firing him anyway with a bad recommendation. And a bad recommendation from this place is basically like a career bomb. And you never really walk away from it. So like a decade later, I ran into Jack, and he is—not living his best life. And it wasn’t actually that he lacked talent at all. He was super smart. He just couldn’t face the decision of what was happening and wasn’t willing to do the hard work instead.

[译文 7]

你能想象花费大量的精力和努力在看起来成功而不是真正变得成功上面吗？这太浪费了。所以高盛最终还是解雇了他，给了一个不好的推荐信。来自这个地方的不好的推荐信基本上就像是一颗职业炸弹。你真的永远无法摆脱它。所以大约十年后，我遇到了Jack，他过得并不是他最好的生活。而实际上他一点也不缺乏才能。他超级聪明。他只是无法面对正在发生的事情，不愿意去做艰苦的工作。

[段 8]

So what can you take from this? An annual audit of everything you’re carrying: your clients, your habits, your circle. Cut the bottom 20% each year, every year. So the clients costing you energy while you’re barely moving the needle? They’re gone. The morning habits that are deciding what your years look like—gone if they don’t help. The people in your circle quietly capping your ceiling—well, get those out of the way, because every high performer has to cut to make room to grow, just like the flowers here have to be pruned every year.

[译文 8]

所以你能从中学到什么？每年审计你所携带的一切：你的客户、你的习惯、你的圈子。每年都砍掉最低效的20%。所以那些消耗你精力而你几乎无法推动发展的客户？删掉他们。决定你这些年是什么样子的早晨习惯——如果不帮助你的话就删掉。圈子中悄悄封住你天花板的人——把他们弄走，因为每个高绩效者都必须削减才能为成长腾出空间，就像这里的花朵每年都必须修剪一样。

[段 9]

The only question is whether you’re honest enough to actually name what your bottom 20% is. The third one, I guess, is: be honest, even when you’re about to publicly fail. The most expensive mistake I watch people make at Goldman was nothing to do with a bad trade. It was about what they chose to do the moment they realized they were falling behind. My colleague Jack’s mistake was really not him failing, but him lying. You know, I’ve seen this pattern everywhere in life.

[译文 9]

唯一的问题是，你是否足够诚实来真正说出你最低效的20%是什么。第三条，我猜是：即使当你即将公开失败时也要诚实。我看到人们在高盛犯的最昂贵的错误与糟糕的交易无关。是关于他们在意识到自己落后时选择做的事情。我的同事Jack的错误实际上不是他失败了，而是他撒谎了。你知道，我在生活中到处都看到这种模式。

[段 10]

Someone falls short, they know it, and they start spinning—building an elaborate story around the gap, instead of just like: yeah, that is true. Now I’m going to close the gap. So you don’t want to manage how it looks instead of fixing what it is. All that happens then is you construct a house of cards, and the house falls. People are actually going to have more respect for you when you say, I’m failing at this. Here’s why. Here’s what I’m doing about it, than they ever would have for someone who gets caught in a lie.

[译文 10]

有人达不到，他们知道这一点，然后他们开始编造——围绕差距构建一个精心编造的故事，而不是简单地说：是的，那是真的。现在我要弥补这个差距。所以你不想管理它的外观而不是修复它的本质。所有发生的事情就是你构建了一个纸牌屋，然后房子倒塌。当你说，我在这个上正在失败。这是为什么，这是我正在做的事情，人们实际上会比你更尊重你。他们对被抓到撒谎的人永远不会有这样的尊重。

[段 11]

Because the truth is you almost always get caught. Goldman’s culture was intense, and I wasn’t there for very long. But you knew where you stood, and you had a choice: own it and course-correct, or become a victim and start trying again. Literally every person who I’ve watched choose to lie instead of course-correct—well, they never came back from it. The ones who owned their failures, some of them went on to do huge things, because people remember they were honest under pressure. So as my dad says: tell the truth, even when it’s gonna cost you. Show yourself a bit of time. Yeah, you better. Take the time to.

[译文 11]

因为事实是你几乎总是会被抓到的。高盛的文化是激烈的，我在那里的时间不长。但你知道你的立场，你有一个选择：承认它并纠正方向，或者成为受害者然后重新开始。我见过的每一个选择撒谎而不是纠正方向的人——他们从来没有从中恢复过来。那些承认失败的人，他们中的一些人继续做了大事，因为人们记得他们在压力下是诚实的。所以就像我爸爸说的：说出真相，即使它会让你付出代价。给自己一点时间。是的，你最好花时间去做。

[段 12]

Number four is: what people think about you is actually your asset. You should treat it like one. I don’t care what people think is one of the most expensive lies you can tell yourself. And I actually remember Goldman learning that the hard way during the financial crisis. They weren’t the primary villain of the collapse, actually. It was like Countrywide and predatory mortgage originators. They’re writing these terrible loans at scale, not Goldman. So why did Goldman get absolutely destroyed in the court of public opinion?

[译文 12]

第四条是：别人对你的看法实际上是你的资产。你应该像对待资产一样对待它。“我不在乎别人怎么想"是你能告诉自己的最昂贵的谎言之一。我实际上记得高盛在金融危机期间艰难地学到了这一点。他们实际上不是崩溃的主要坏人。是像Countrywide和掠夺性抵押贷款发起机构这样的。他们在大规模发放这些糟糕的贷款，不是高盛。那么为什么高盛在公众舆论中被彻底摧毁了呢？

[段 13]

Because they were really bad at one thing: they let other people write their narrative, and they let it be wrong. And it cost them billions—in reputation, and relationships, and deals that probably never happened, and talent that went elsewhere. Your version, yeah, maybe it’s not billions at this point, but it’s just as real. If people carry a story about you—deserved or not—that you’re unreliable, difficult, someone who cuts corners, the introductions that could have changed your life, well, they don’t even get made, because nobody’s going to announce that they’re not going to do something big for you.

[译文 13]

因为他们真的在一件事上很糟糕：他们让其他人写他们的叙事，他们让它错了。这让他们付出了数十亿美元的代价——在声誉、关系、可能从未发生的交易、以及流向别处的人才上。你的版本，嗯，也许现在还不是数十亿美元，但它同样真实。如果人们对你的看法——应该或不应该——你是不可靠的、难以相处的、一个偷工减料的人，那些本可以改变你生活的介绍，嗯，它们根本不会发生，因为没有人会宣布他们不打算为你做大事。

[段 14]

So the opportunity just goes to somebody else. Your reputation is an asset. And like any asset, it either compounds or it’s going to decay, depending on how much attention you pay to it. Think hard about how you show up, what you say publicly, what story people tell you the moment you leave the room. What do people say about you? Because the story is being written, whether you’re involved or not. The only question is whether you actually wrote the thing or not.

[译文 14]

所以机会就给了别人。你的声誉是一项资产。像任何资产一样，它要么复利增长，要么会衰减，取决于你在它上面投入多少注意力。认真思考你如何出现，你公开说什么，你离开房间的那一刻人们告诉你的故事。人们说你什么？因为故事正在被书写，无论你是否参与。唯一的问题是，你是否真正写了那个东西还是没有。

[段 15]

Lesson number five is: stop trying to get into easy doors. I went through somewhere between seven and 12 interviews to get into this place, Goldman. They make it brutally hard on purpose, but once you understand why, it changes how you go after any other opportunity in life. Like you had to fly to headquarters in person, prepare a full presentation, and deliver it live. Then sit through the role-plays where partners challenge your assumptions in real time: Like you said this was going to happen.

[译文 15]

第五条经验是：不要再试图进入容易的门。我经历了大约七到十二次面试才进入这个地方，高盛。他们故意把它弄得残酷地困难，但一旦你理解为什么，它会改变你追求生活中任何其他机会的方式。就像你必须亲自飞到总部，准备一个完整的演示，并现场交付。然后坐在角色扮演中，合伙人会实时挑战你的假设：就像你说这会发生。

[段 16]

I don’t believe you. Back it up. And you either had an answer or you didn’t. And, you know…Back in the day, I beat out hundreds of candidates for that seat. And I was just a little starting role analyst. But Goldman on your resume is kind of like a skeleton key. It can get you in just about anywhere later in life. People even bring that up about me now, despite all my other accomplishments. Like the harder it is to get into something, the more valuable it is to be inside, and that’s not an accident.

[译文 16]

我不相信你。证明它。你要么有答案，要么没有。你知道…回想当年，我击败了数百名候选人获得那个席位。我只是一个入门级的小分析师。但你简历上的高盛有点像万能钥匙。它可以让你在以后的生活中进入几乎任何地方。人们甚至现在还提我的这件事，尽管我其他的成就。就像进入某样东西越困难，在里面的价值就越高，这不是偶然的。

[段 17]

So I see too many people today trying to get into easy doors because they get you easy outcomes. If somebody right now is trying to apply for a job, if you’re trying to apply for a job, the rooms that are actually hard to access are where your trajectory changes. So go do like 15 interviews for a place, do a project, do hard work. Don’t listen to the people on the internet that tell you not to do that. Most people do not try hard enough to get where they are.

[译文 17]

所以我看到今天有太多人试图进入容易的门，因为它们给你容易的结果。如果有人现在正在尝试申请一份工作，如果你正在尝试申请一份工作，那些实际上难以进入的房间正是你的轨迹改变的地方。所以去做大约15次面试，去做一个项目，去做艰苦的工作。不要听互联网上告诉你不要那样做的人。大多数人没有足够努力地去得到他们所在的位置。

[段 18]

They send a bunch of applications, do one interview, call it an attempt. And that is absolute lunacy. You have to outwork hundreds of people for a single seat. And I would do it again tomorrow. I did it back in the day. Because the more exclusive that door is, the more worth it is to throw yourself at it repeatedly without embarrassment until you get it. Because once you open it, they can never take that back.

[译文 18]

他们发送一堆申请，做一次面试，然后称之为一次尝试。这是绝对疯狂的行为。你必须比数百人更努力地工作才能获得一个席位。我明天会再做一次。我以前就这样做过。因为那扇门越 exclusive，它就越值得你反复地投入其中而不感到尴尬，直到你得到它。因为一旦你打开了它，他们永远也无法把它收回去。

[段 19]

Number six, duration of work beats output of work. Especially when you’re young and building, you know, because you’re behind. When you walk into Goldman Sachs as a public school kid, like, you know, me, I realized pretty quickly I was in a room full of people who’ve been preparing for this their whole lives. And so, like, you know, they knew the vocabulary. They’d summered in places. And I didn’t even know what summering, you know, was as a verb. They use shorthand like lev, which means leveraged finance.

[译文 19]

第六条，工作时长是年轻时最直接的杠杆。尤其是当你年轻且正在建立的时候，因为你是落后的。当我作为一个公立学校的孩子走进高盛时，就像我一样，我很快意识到我置身于一个满是一辈子都在为此做准备的人的房间。所以，你知道，他们知道词汇。他们曾在某些地方实习过。而我甚至不知道summering作为一个动词是什么意思。他们使用缩写如lev，意思是杠杆融资。

[段 20]

I didn’t even know what leveraged finance was. So, like, rich people build a language that keeps other people out, whether by design or not. And you have to learn to just play. And in order to play, you got to get fluent if you actually want to win. I couldn’t out-credential or out-network them. Duration was the only lever I had. Another fancy word for saying, like, can I do this for a really long time? And so, you know, when I was starting at Goldman, I was the first one in and the last one out every day for most of my first year, at least in our small little group.

[译文 20]

我甚至不知道杠杆融资是什么。所以，富人创造了一种语言，无论是否有意设计，它会把其他人挡在外面。而你必须学会参与这个游戏。而为了玩，如果你真的想赢，你必须熟练掌握这套语言。我无法在资历或人脉上超越他们。工作时长是我唯一的杠杆。换个说法就是：我能不能长期坚持做这件事？所以，你知道，当我在高盛刚开始的时候，在我第一年的大部分时间里，我每天都是第一个到、最后一个离开的人，至少在我们这个小团体里。

[段 21]

And I remember there was a managing director in our group. His name was Jim. He was a former military, super hardcore, and barely talked to any of us. He was in at 6:30 in the morning. So I made sure I was there before him and I was there when he left. And eventually he noticed and started giving me like shot after shot that nobody else got. And so that meant I got more exposure, more opportunities because he saw I was willing to work.

[译文 21]

我记得我们组里有一位董事总经理。他的名字叫Jim。他曾是军人，超级硬核，几乎不跟我们任何人说话。他早上6:30就到。所以我确保在他之前到达那里，而且在他离开时我也在。最终他注意到了，开始给我一个接一个的机会，而这些机会是其他人都得不到的。所以这意味着我获得了更多的曝光，更多的机会，因为他看到我愿意工作。

[段 22]

I was hungry. So I watched this play out the same way at my own company. Now, you know, we just promoted someone who is not the most credentialed person in the building, but he’s always in earlier and out later than everyone else, and building cool, weird side projects. It’s not like he’s just wasting his time. And he makes more money than people who’ve been here longer. Because when you’re young and behind, duration is probably your only lever. Like you’re not smarter than other people, perhaps you’re not more experienced, but you can work harder.

[译文 22]

我很渴望机会。所以我看到这在我的公司里以同样的方式上演。现在，你知道，我们刚刚提拔了一个人，他不是这栋楼里资历最深的人，但他总是比其他人更早来、更晚走，而且还在构建酷酷的、奇怪的项目。这不是说他只是在浪费时间。而他赚的钱比在这里更久的人都多。因为当你年轻且落后时，工作时长可能是你唯一的杠杆。就像你可能不比其他人更聪明，也许你经验不足，但你可以更努力地工作。

[段 23]

And so the question is, that door, maybe it’s not open right now, but it will be when you do the things you have to do to get noticed. That’s what I found.

[译文 23]

所以问题是，那扇门，也许现在它不是敞开的，但当你做你必须做的事情来让自己被注意到时，它就会打开。这就是我发现的事实。

[段 24]

This last meeting really reminds me of number seven: do not brown nose mediocre people. It just makes you mediocre. I mean, you want to pick the right person to impress. And that is a skill that can change your life. Yet most people are terrible at it. Like when I was at Goldman, we had multiple managers and the contrast between two of them made this lesson like impossible for me to miss. So Jim, who I mentioned earlier, was serious, respected. And then there was, you know, this other guy.

[译文 24]

这次最后的会议真的让我想起第七条：不要拍平庸之人的马屁。那只会让你变得平庸。我的意思是，你想选择正确的人来打动。这是一个可以改变你生活的技能。然而大多数人都做得很糟糕。就像我在高盛的时候，我们有多个经理，而他们两个之间的对比让这个教训对我来说不可能错过。所以Jim，我之前提到的那位，是严肃的、受人尊敬的。然后还有，你知道，这个其他家伙。

[段 25]

I’ll be kind and I won’t say his name. But I remember, you can just picture this. He once opened a team meeting by showing us a video of himself as a kid kickboxing in a ring. Like he had Rocky music playing. And I think he was trying to inspire us like during the financial crisis. I’m not really sure. I mean, I’m sitting there thinking, what is happening right now? And the way he walked was like Weekend at Bernie’s every other day.

[译文 25]

我会仁慈一点，我不会说他的名字。但我记得，你可以想象这个画面。他曾经在一次团队会议上打开一段视频给我们看，内容是他小时候在拳击台上踢拳。他播放着《洛奇》的音乐。我想他是在试图在金融危机期间激励我们。我真的不太确定。我的意思是，我坐在那里想，现在发生了什么？而他走路的方式就像是每隔一天就是《冤鬼 parties》一样。

[段 26]

But now I’m being mean. But like, he is completely unserious in a place that rewards nothing but seriousness. Now, one woman on our team figured out he was easy to work with. Like she brought him a birthday cake on his birthday, and the two of them weirdly ate it alone in his office, like super weird energy. However, she climbed up within our relative group pretty quickly under him. But none of the real leaders at Goldman took him or her seriously, and her path went nowhere because of that.

[译文 26]

但现在我在刻薄了。但是，他在一个只奖励严肃态度的地方完全是不认真的。现在，我们团队中的一个女人发现他很容易相处。就像她在他生日时给他带了一个生日蛋糕，而他们两个在他的办公室里奇怪地独自吃掉了它，就像超级奇怪的氛围。然而，她在他的手下在我们相对较小的团队中攀升得很快。但是高盛真正的领导者没有一个认真对待他或她，而她的道路因为这个而走不通。

[段 27]

So like the real players there had zero interest in being flattered. And that is true everywhere. You cannot charm your way into their sphere. And the tell is really this: if you can BS your way into somebody’s good graces, they’re not worth being your champion. What it takes to get into the winner’s sphere is exactly what makes them worth being in. Like if you’re awesome and exceptional, the real players, they come to you. And that’s the whole point of the game.

[译文 27]

所以就像那里真正的玩家对被奉承完全没有兴趣。而这在各地都是如此。你无法通过奉承进入他们的圈子。而这的征兆真的就是这个：如果你能通过胡扯进入某人的好感，他们就不值得成为你的支持者。进入赢家圈子所需的条件正是让他们值得存在的条件。就像如果你很棒且出色，真正的玩家，他们会来找你。而这就是游戏的全部意义。

[段 28]

So don’t feel like you have to brown nose people that you don’t even want to shake hands with. You know what I’m saying? I think you got to make yourself so valuable that you write your own terms.

[译文 28]

所以不要觉得你必须拍那些你甚至不想与之握手的人的马屁。你知道我在说什么吗？我认为你必须让自己变得如此有价值，以至于你书写你自己的条款。

[段 29]

So that’s number eight. A colleague at Goldman actually taught me so much about how to create freedom for yourself. Her name was Gailey. She’s a badass. She’s actually on the internet, but she’s more senior than I was. She was running an entire interior design business on the side with an HGTV show and a massive Instagram following, all while talking publicly about Goldman. And Goldman let her do all of it because she was really good at her job. You know, compared to someone who feels stifled, constrained, like the company has a stranglehold on what they’re allowed to do.

[译文 29]

所以这是第八条。高盛的一位同事实际上教了我很多关于如何为自己创造自由的知识。她的名字叫Gailey。她是个狠角色。她实际上在互联网上，但她比我更资深。她在业余时间经营整个室内设计业务，有一个HGTV节目和大量的Instagram粉丝，同时还在公开谈论高盛。而高盛让她做所有这些，因为她真的很擅长她的工作。你知道，与那些感到被压制、被束缚、就像是公司扼住了他们能做什么的人相比。

[段 30]

If you feel that constricted, you’re probably not valuable enough yet. And that’s like the honest, tough read. Goldman does the anti-sell in recruiting. They’re like, if you’re not willing to work harder than you’ve ever worked in your life, don’t come here. And I respect that clarity. This is a little dramatic, but kind of true. I didn’t see the sun for, I think, my entire first winter there. I was actually in Chicago. And that’s just what it costs. But if you’re crushing it, nobody cares when you come or go.

[译文 30]

如果你感到那么受限，你可能还不够有价值。而这是一个诚实、艰难的评估。高盛在招聘时做反销售。他们就像是说，如果你不愿意比你一生中工作得更努力，不要来这里。我尊重这种清晰度。这有点戏剧性，但某种程度上是真的。我想我在那里的整个第一个冬天都没有见到太阳。我实际上在芝加哥。而这就是代价。但如果你表现很棒，没有人在意你什么时候来或走。

[段 31]

You do what you want. You come in when you want. You leave when you want. Because output, when you’re a winner, is the only metric. So get that right. Freedom comes after it. I’ve seen that time and again.

[译文 31]

你做你想做的。你想什么时候来就什么时候来。你想什么时候走就什么时候走。因为产出，当你是一个赢家时，是唯一的衡量标准。所以把那个做好。自由在那之后到来。我一次又一次地看到这一点。

[段 32]

Number nine, actually, the partnership model is the real wealth vehicle. And our entire generation is asleep on it. So like this company, Goldman, has been making its partners extraordinarily rich for 150 years. And almost none of it came from an IPO or one huge exit. The most profitable law firms in the world run the same way. So does private equity, top insurance companies, investment managers, Wall Street, broadly. They’re all partnerships. And like, stick with me here for a while. Like startup culture sold our entire generation on equity.

[译文 32]

第九条，实际上，合伙制模式才是真正的财富工具。而我们整个一代人都对此视而不见。就像这家公司，高盛，150年来一直在让它的合伙人变得极其富有。而几乎没有任何财富来自IPO或一次大的退出。世界上最赚钱的律师事务所也是以同样的方式运作的。私募股权、顶级保险公司、投资经理、华尔街，基本上都是如此。它们都是合伙制。就像，跟我一起思考一下。创业文化向我们整整一代人推销了股权。

[段 33]

Get in early, you know, get the equity, pray for the exit, and maybe you’ll get rich. But most people actually don’t. So the math on startup equity is bad for most people who play it. And I’ve done the opposite my whole career. Like every major business I’ve built has been a partnership. And you can make extraordinary money in them. Even as employees, I watched The Goldman Partners. They didn’t get rich from salary alone. They had bonuses and decades of personal investments all compounding at once.

[译文 33]

早点进入，得到股权，祈祷退出，也许你会变富。但大多数人在现实中并不会。所以对于大多数参与的人来说，创业股权的数学计算是不利的。而我在整个职业生涯中做了相反的事情。就像我建立的每一个主要企业都是合伙制。而你可以在其中赚取非凡的钱。即使是作为员工，我也观察过高盛合伙人。他们不是仅靠工资变富的。他们有奖金和数十年的个人投资同时复利增长。

[段 34]

I know a guy at BlackRock who makes $500 million in a single year. And that comes from compounding partnership economics over time and doing deals. So when you optimize for upside tied to performance, not equity in somebody else’s company, you can make a lot more. So I like to ask myself this question. You can steal it. If I do X, I make more. And that’s the structure you want. And where the actual upside comes from when you’re starting out is risking a little bit and betting on yourself. At least that’s what I think.

[译文 34]

我认识一个在BlackRock的家伙，他在一年内赚了5亿美元。而这来自于随着时间推移的合伙制经济复利和做交易。所以当你优化与业绩挂钩的上行空间，而不是别人公司的股权时，你可以赚得更多。所以我喜欢问自己这个问题。你可以直接拿去用。如果我做X，我会赚得更多。而这就是你想要的结构。而当你刚开始时真正的上行空间来自哪里，那就是冒一点小险并押注于你自己。至少我是这么认为的。

[段 35]

Number 10, start investing in off-market deals right now with whatever you have. Like Goldman taught me that the real money to be made was never in the salary. It was always in the deals on the side. So Goldman, everybody always talked about where they were putting their own money, not inside of their job, but outside of it. So a colleague might be like buying a duplex. A company might be raising a small round from people in the company. And you pool whatever you have.

[译文 35]

第十条，立即开始用你拥有的任何东西投资场外交易。就像高盛教我的，真正要赚的钱从来不在工资里。它总是在副业交易中。所以高盛，每个人总是在谈论他们把自己的钱放在哪里，不是在他们工作之内，而是在工作之外。所以一个同事可能是购买一套复式公寓。一家公司可能是从公司内部的人那里筹集一小轮资金。然后你把手头能拿出的资源聚合起来。

[段 36]

And early on, that might not be much, but it was something. So my first couple of deals might have been a couple thousand bucks, but they were small and those compounded into big. I mean, some of my first outside investments, I think, were duplexes, real estate deals with people I actually knew, then an outdoor advertising startup that was a couple hundred K that made me, that was a lot back then. Then a fortune cookie advertising company of all things that also made us a couple hundred K.

[译文 36]

而早期，那可能不多，但总比没有好。所以我的前几笔交易可能只有几千美元，但它们很小，然后它们复利增长成了一大笔。我的意思是，我的一些最早的外部投资，我想，是复式公寓，是和我真正认识的人进行的房地产交易，然后是一家户外广告创业公司，那是我赚了几百K，那是当时很大的一笔钱。然后是一家幸运饼干广告公司，所有的事情中，竟然也让我们赚了大约几百K。

[段 37]

And I put real money into like this random fortune cookie company, but I put it to people in my network that I trusted. And every time I did one of those deals, I was like building that muscle, you know? Like Goldman Partners at the top, they get rich by investing in deal after deal alongside their salary for decades. Nobody in our generation is investing aggressively enough, or they’re like Robin Hood YOLOing it into crypto. And I think that’s probably because the story most of us tell ourselves is that you need real money to start.

[译文 37]

而且我把真钱投入了这家随机的幸运饼干公司，但我把它投入了我网络中我信任的人。每当我做那些交易之一时，我就像在锻炼那块肌肉，你知道吗？就像顶上的高盛合伙人，他们通过几十年来一次又一次的交易投资以及他们的工资来变富。我们这一代人没有人投资得足够积极，或者他们就像是在 Robinhood 上 YOLO 式全仓加密货币。而我认为那可能是因为我们大多数人对自己讲的故事是：你需要真正的钱才能开始。

[段 38]

You only need $1,000, $5,000, $10K, whatever you can set aside. And you just start putting it into the people around you. Most people at work only talk about work, not about your outside investments. And I think that’s the problem today. The deals you’re walking past every day will shock you, which is exactly why I built Main Street Millionaire Live. It’s basically a three-day event in June where we show you how to actually act on that idea.

[译文 38]

你只需要1000、5000、10000美元，或者你能省下的任何东西。然后你开始把它投入你周围的人。大多数在工作的人只谈论工作，而不是你的外部投资。而我认为这就是今天的问题。你每天经过的交易会让你震惊，而这正是为什么我建立了 Main Street Millionaire Live。它基本上是六月的一个为期三天的活动，在那里我们向你展示如何真正地付诸行动那个想法。

[段 39]

Totally virtual, but you find off-market businesses, how to fund a deal without draining all your savings, how to structure it so a seller picks you over private equity who maybe is writing a bigger check. And these are real deals, real numbers. And tickets are less than a couple cups of coffee. You can join from anywhere in the world virtually. The people from last year’s event, they aren’t just talking about investing anymore. They’re actually closing.

[译文 39]

完全是虚拟的，但你可以找到场外生意，如何在不耗尽所有积蓄的情况下资助一笔交易，如何构建它以至于卖家选择你而不是可能开出更大支票的私募股权。而且这些是真实的交易，真实的数字。票价不到几杯咖啡的钱。你可以从世界任何地方虚拟加入。去年活动的人，他们不再只是谈论投资了。他们实际上在成交。

[段 40]

So actually, I’m going to throw a link in the description for this for you guys, because working inside that building at Goldman was one of the most intense crash courses in wealth creation that existed for me. Most people never get access. Part of my goal is to give that all to you guys. Now I’m off to dinner to hopefully do another deal. But I hope you’ve stolen the lessons today. Tell me which one your favorite one was. Maybe we’ll do another video on it.

[译文 40]

所以实际上，我要在视频简介里放一个链接给你们，因为在高盛那栋楼里工作是我所经历过的最密集的财富创造速成班之一。大多数人永远无法获得。我目标的一部分是把所有这些都给你们。现在我要去吃晚饭了，希望再做一笔交易。但我希望你们今天已经偷走了这些教训。告诉我你最喜欢哪一个。也许我们会再做另一个视频。