时间是你的朋友，冲动是你的敌人。
“Time is your friend; impulse is your enemy.”
大师智慧，按时间持续更新
对知识的投资，回报最丰厚。
“An investment in knowledge pays the best interest.”
靠水晶球预言谋生的人，最终会吃到玻璃渣。
“He who lives by the crystal ball will eat shattered glass.”
做好分散投资，是投资成功最重要的事。
“Diversifying well is the most important thing you need to do to invest well.”
想要有效，就不能让'我对'的需求，压过'求真'的需求。
“To be effective you must not let your need to be right be more important than your need to find out what's true.”
极度悲观之时，正是买入的最佳时机。
“The time of maximum pessimism is the best time to buy.”
赚大钱的从来不是我的思考，而是我的耐心持有。
“It was never my thinking that made the big money for me. It was always my sitting.”
市场永远不会错，错的往往是人的看法。
“Markets are never wrong; opinions often are.”
华尔街没有新鲜事，游戏永不改变，因为人性永不改变。
“There is nothing new in Wall Street. The game does not change, because human nature does not change.”
股市里满是知道一切价格、却不知任何价值的人。
“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
最大的投资回报，属于那些凭运气或眼光，找到少数能长期远超行业增长的公司的人。
“The greatest investment reward comes to those who find the occasional company that can grow far more than the industry.”
别去找干草堆里的针，直接买下整个干草堆。
“Don't look for the needle in the haystack. Just buy the haystack!”
股市是个巨大的干扰，让人忘了投资这件事本身。
“The stock market is a giant distraction from the business of investing.”
价值投资本质上是在寻找价格与价值之间的背离。
“Value investing is at bottom the search for discrepancies between price and value.”
投资者最大的优势，就是长期导向。
“The single greatest edge an investor can have is a long-term orientation.”
要有耐心，股票不会立刻上涨。
“Have patience. Stocks don't go up immediately.”
黑天鹅：一种不可预测、影响巨大、事后却被合理化成'早该想到'的事件。
“A Black Swan: a highly improbable event, with massive impact, rationalized after the fact as if it had been predictable.”
我们被随机性欺骗的程度，远超自己的想象。
“We are far more fooled by randomness than we think.”
成功投资的两把钥匙：以便宜的价格，买入优质的公司。
“Buying good companies at bargain prices is the key to outperforming.”
市场保持非理性的时间，可以长到让你破产。
“The market can stay irrational longer than you can stay solvent.”
投资应该更像看油漆风干、看草生长；想要刺激，拿800美元去拉斯维加斯吧。
“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.”
以合理的价格买入一家出色的公司，远胜于以便宜的价格买入一家平庸的公司。
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
股市的设计，就是把钱从躁动的人手里，转移到有耐心的人手里。
“The stock market is designed to transfer money from the Active to the Patient.”
投资者最重要的品质是性情，而不是智力。
“The most important quality for an investor is temperament, not intellect.”
大钱不在买入和卖出里，而在等待里。
“The big money is not in the buying and selling, but in the waiting.”
一切聪明的投资都是价值投资——用低于价值的价格，买到更多的东西。
“All intelligent investing is value investing — acquiring more than you are paying for.”
我们这类人取得的长期优势，来自持续地不犯傻，而不是努力变得极其聪明。
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
价格是你付出的，价值是你得到的。
“Price is what you pay; value is what you get.”
知道自己持有什么，以及为什么要持有它。
“Know what you own, and know why you own it.”
投资者为防范回调所做的准备，亏掉的钱，比回调本身亏掉的还多。
“Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.”
每个人都有在股市赚钱的智力，但不是每个人都有承受波动的胆量。
“Everyone has the brainpower to make money in stocks. Not everyone has the stomach.”
你无法预测，但可以准备。
“You can't predict. You can prepare.”
成功的投资需要第二层思维。
“Successful investing requires second-level thinking.”
最大的风险，来自不知道未来会怎样，却以为自己知道。
“The biggest risk comes from not knowing what the future holds, but thinking you do.”
风险不是资产固有的，而是你支付价格的函数。
“Risk is not inherent in an asset; it is a function of the price paid.”
投资的秘诀是：搞清楚某样东西值多少钱，然后付得便宜很多。
知道自己不知道什么，比知道什么更重要。
当你拥有一家劣质企业时，时间对你不利。
在股市中，输家往往是那些在好公司上赚一点就跑、却在烂公司上死扛的人。
投资很简单，但是不容易。简单是指原理，不容易是指看懂生意很难。
“Investing is simple, but not easy.”
真正的风险不是股价下跌，而是企业内在价值发生毁灭，股价波动不是风险。
做时间的朋友，与拥有伟大格局观的人同行。
在投资中，做正确的事说起来容易，做起来难。
“In investing, what is easy to do is also easy not to do.”
便宜不是买入的唯一理由，便宜的烟蒂也可能烧了手。
先投资，再调查。
“Invest, then investigate.”
长期主义不是躺平，而是持续地疯狂创造价值。
你不需要研究一千家公司，你只需要研究你生活中能接触到的那几家。
以低估值买入并不意味着拥有安全边际——你可能只是掉进了价值陷阱。
如果你想要变得聪明，你必须不停地追问：为什么，为什么，为什么。
投资者最难的，是拿得住好股票。
不要因为你喜欢某公司年报的格调，就去买该公司的股票。
管理层的人品和能力，比财报数字更重要。
当你买进股票时，你必须考虑：如果市场明天关闭并不再开市，你将如何看待这笔投资？
真正优质的公司极少，买入它们的机会也非常罕见，所以要集中资金。
在别人沮丧地卖出时买入，在别人贪婪地买入时卖出，这需要无比坚定，但也会给你最大的回报。
我不断看到有些人在生活中越过越好——他们不是最聪明的，但他们是学习机器。
如果放眼全球，你会比只研究单一国家时发现更多、更好的廉价股票。
投资的成功和人生的成功一样，需要勤奋、智慧与诚信的结合。
当你的判断告诉你是对的时候，你必须有逆众而行的道德勇气。
逆向投资的关键是看基本面反转，而不是看股价反转。
错误不可避免，关键是快速识别它、准确诊断它、并且不再重犯。
