与长期的人一起玩长期游戏
You said, “All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest.” How does one know if they’re earning compound interest?
你说过，“生活中所有的回报，无论是财富、关系还是知识，都来自复利。”怎么知道他们是否赚取了复利呢？
Compound interest is a very powerful concept. Compound interest applies to more than just compounding capital. Compounding capital is just the beginning. 复利是一个非常强大的概念。复利不仅仅适用于复利资本。复合资本只是个开始。
Compounding in business relationships is very important. Look at some of the top roles in society, like why someone is a CEO of a public company or managing billions of dollars. It’s because people trust them. They are trusted because the relationships they’ve built and the work they’ve done has compounded. They’ve stuck with the business and shown themselves (in a visible and accountable way) to be high -integrity people.
商业关系中的复利是非常重要的。看看社会上的一些最高职位，比如为什么有人是上市公司的首席执行官，或者管理着数十亿美元的资产。这是因为人们信任他们。他们之所以值得信任，是因为他们建立的关系和他们所做的工作相得益彰。他们坚持自己的业务，并(以一种明显和负责任的方式)展示了自己是高度正直的人。
Compound interest also happens in your reputation. If you have a sterling reputation and you keep building it for decades upon decades, people will notice. Your reputation will literally end up being thousands or tens of thousands of times more valuable than somebody else who was very talented but is not keeping the compound interest in reputation going.
复利也会影响你的声誉。如果你拥有卓越的声誉，并在几十年的时间里不断建立这种声誉，人们就会注意到。你的声誉最终会比那些才华横溢但没有保持声誉的复利的人高出几千倍或几万倍。
This is also true when you’re working with individual people. If you’ve worked with somebody for five or ten years and you still enjoy working with them, obviously you trust them, and the little foibles are gone. All the normal negotiations in business relationships can work very simply because you trust each other—you know it will work out.
当你和个别人一起工作时，这也是正确的。如果你和某人共事了五年或十年，而你仍然喜欢和他们一起工作，显然你信任他们，小缺点也就消失了。商业关系中所有正常的谈判都能奏效，原因很简单，因为你们彼此信任--你知道它会成功的。
For example, there’s another Angel in Silicon Valley named Elad Gil who I like to do deals with. 例如，硅谷有一个叫Elad Gil的天使，我喜欢和他做交易。
I love working with Elad because I know when the deal is being done, he will bend over backward to give me extra. He will always round off in my favor if there’s an extra dollar being delivered here or there. If there’s some cost to pay, he will pay it out of his own pocket, and he won’t even mention it to me. Because he goes so far out of his way to treat me so well, I send him every deal I have—I try to include him in everything. Then, I go out of my way to try and pay for him. Compounding in those relationships is very valuable. [10]
我喜欢和埃拉德一起工作，因为我知道当交易完成时，他会竭尽全力给我额外的报酬。如果这里或那里多出一美元，他总是会对我有利的。如果要付一些费用，他会自掏腰包，他甚至不会跟我提这件事。因为他不遗余力地对我如此好，我把我的每一笔交易都寄给他-我试着把他包括在每一件事上。然后，我不厌其烦地试着为他付钱。在这些关系中进行复利是非常有价值的。
Intentions don’t matter. Actions do. That’s why being ethical is hard. 意图并不重要。行动能做到这一点。这就是为什么道德是很难做到的。
When you find the right thing to do, when you find the right people to work with, invest deeply. Sticking with it for decades is really how you make the big returns in your relationships and in your money. So, compound interest is very important. [10] 当你找到要做的正确事情时，当你找到合适的人一起工作时，进行深度投资。坚持几十年是你在人际关系和金钱中获得巨大回报的真正方式。因此，复利非常重要。“[10] 99% of effort is wasted. 99%的努力都白费了。
Obviously, nothing is ever completely wasted because it’s all a learning moment. You can learn from anything. But for example, when you go back to school, 99 percent of the term papers you did, books you read, exercises you did, things you learned, they don’t really apply. You might have read geography and history you never reuse. You might have studied a language you don’t speak anymore. You might have studied a branch of mathematics you completely forgot.
显然，没有什么是完全浪费的，因为这都是一个学习的时刻。你可以从任何事情中学习。但是，例如，当你回到学校时，你做的99%的学期论文，你读的书，你做的练习，你学到的东西，它们并不真正适用。你可能读过从未重复使用过的地理和历史。你可能学过一门你不再会说的语言。你可能学过一门你完全忘记的数学分支。
Of course, these are learning experiences. You did learn. You learned the value of hard work; you might have learned something that went deep into your psyche and became a piece of what you’re doing now. But at least when it comes to the goal -oriented life, only about 1 percent of the efforts you made paid off.
当然，这些都是学习的经历。你确实学到了。你学到了努力工作的价值；你可能学到了一些东西，这些东西深入你的心灵，成为你现在正在做的事情的一部分。但至少在以目标为导向的生活中，你所做的努力只有1%得到了回报。
Another example is all the people you dated until you met your husband or wife. It was wasted time in the goal sense. Not wasted in the exponential sense, not wasted in the learning sense, but definitely wasted in the goal sense.
另一个例子是所有你约会过的人，直到你遇到你的丈夫或妻子。这是在目标意义上浪费时间。不是指数意义上的浪费，不是学习意义上的浪费，而是目标意义上的绝对浪费。
The reason I say this is not to make some glib comment about how 99 percent of your life is wasted and only 1 percent is useful. I say this because you should be very thoughtful and realize in most things (relationships, work, even in learning) what you’re trying to do is find the thing you can go all -in on to earn compound interest.
我这么说的原因不是要对你99%的生命是如何浪费的，只有1%是有用的，做些油嘴滑舌的评论。我这么说是因为你应该非常深思熟虑，在大多数事情上(人际关系、工作，甚至是学习)都应该意识到，你要做的是找到你可以全力以赴赚取复利的东西。
When you’re dating, the instant you know this relationship is not going to be the one that leads to marriage, you should probably move on. When you’re studying something, like a geography or history class, and you realize you are never going to use the information, drop the class. It’s a waste of time. It’s a waste of your brain energy.
当你在约会的时候，当你知道这段关系不会导致婚姻的那一刻，你可能就应该向前看了。当你在学习一些东西时，比如地理或历史课，你意识到你永远不会用到这些信息，那就放弃这门课。纯属浪费时间。这是在浪费你的脑力。
I’m not saying don’t do the 99 percent, because it’s very hard to identify what the 1 percent is. What I’m saying is: when you find the 1 percent of your discipline which will not be wasted, which you’ll be able to invest in for the rest of your life and has meaning to you—go all -in and forget about the rest. [10]
我不是说不要做99%，因为很难确定1%是什么。我的意思是：当你发现你的1%的纪律不会被浪费，你将能够在你的余生中投资，并且对你有意义--全力以赴，忘掉其余的。