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2026年10月27日 · 周二

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以合理的价格买入伟大的公司，远胜于以便宜的价格买入平庸的公司。

“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

沃伦·巴菲特

奥马哈先知

📖 致股东的信 · 1989查看详情

投资大师

段永平

投资名言

大师智慧，按时间持续更新

知道如何处理你不知道的事，比你知道什么更重要。

“Knowing how to deal with what you don't know is more important than what you know.”

投资的圣杯，是找到15个互不相关的回报来源。

“The Holy Grail is to find 15 uncorrelated return streams.”

最大悲观时刻，就是最佳买入时机。

“The time of maximum pessimism is the best time to buy.”

要想比大多数人做得好，你就必须和大多数人做得不同。

“To outperform the majority, you must do something different from the majority.”

投机者最大的敌人，来自他自己的内心。

“The speculator's chief enemy is his own nature.”

投资中最重要的事，是避免本金的永久性损失。

“The most important thing in investing is to avoid permanent loss of capital.”

价值投资，本质上是对立性思维与计算器的结合。

“Value investing is at its core the marriage of a contrarian streak and a calculator.”

市场短期像一台称重机失灵的投票机，但价值终会回归。

“Markets can be inefficient for long periods, but value eventually reasserts itself.”

在投资中，你得到的正是你没有付出的——成本越低，回报越高。

“In investing, you get what you don't pay for.”

留在市场里的时间，比试图择时重要得多。

“Time in the market beats timing the market.”

与其闷头看财报，不如去打听公司的真实口碑。

“The scuttlebutt method: talk to customers, suppliers, competitors to learn the truth.”

买入一家优秀公司的最佳时机，是它遇到可解决的问题、股价因此被错杀时。

“The best time to buy a great company is when it has a solvable problem.”

好公司，便宜买，就是简单又有效的投资魔法。

“Buy good companies at bargain prices.”

市场短期是情绪化的，但好生意的长期价值终会胜出。

“The market is emotional in the short run, but good businesses win over time.”

我买便宜的股票，分散持有，然后耐心等待价值回归。

“I buy cheap stocks, diversify, and wait for value to be recognized.”

账面价值，能给你一份实实在在的安全边际。

“Book value gives you a real margin of safety.”

成功的投资，在于预判他人的预判。

“Successful investing is anticipating the anticipations of others.”

市场由‘动物精神’驱动，而非纯粹理性。

“The markets are moved by animal spirits, and not by reason.”

你无法预测黑天鹅，但可以让自己在它来临时不被毁灭。

“You can't predict black swans, but you can make yourself antifragile to them.”

别告诉我你怎么想，告诉我你的投资组合里有什么。

“Don't tell me what you think, tell me what you have in your portfolio.”

杠铃策略：把大部分钱放最安全处，小部分用于高不对称的赌注。

“Barbell strategy: put most capital in safe assets, a little in high-asymmetry bets.”

我们高估了自己知道的，低估了自己不知道的。

“We overestimate what we know and underestimate what we don't.”

复利是世界第八大奇迹，懂它的人赚它的利息，不懂的人付它的债。

“Compound interest is the eighth wonder of the world.”

了解你持有的股票，并知道你为什么持有它。

“Know what you own, and know why you own it.”

为防范回调而错过的损失，远超回调本身造成的损失。

“Far more money has been lost by investors preparing for corrections than in corrections themselves.”

你这一辈子在股市上需要的，只是少数几个大赢家。

“All you need for a lifetime of successful investing is a few big winners.”

市场先生是为你服务的，不是来指导你的。

“Mr. Market is your servant, not your guide.”

投资是基于详尽分析、承诺本金安全并获得满意回报的操作。

“An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return.”

安全边际是投资中唯一真正重要的概念。

“Margin of safety is the central concept of investment.”

承认错误是件值得骄傲的事。

“It's a real achievement to recognize and admit one's mistakes.”

数学不能控制金融市场，心理因素才是关键。

“Financial markets are driven by psychological factors, not by mathematics.”

最重要的不是预测未来，而是理解我们不知道未来会怎样。

“The most important thing is to understand that we don't know the future.”

当买入的时机真正到来时，你往往已经不敢想买了。

“When the time comes to buy, you won't want to.”

在别人都乐观时跟着乐观，是危险而不是安全。

“Being bullish when others are bullish is dangerous, not safe.”

你不必多聪明，只要长期比对手平均聪明一点点。

“You don't have to be brilliant, only a little bit wiser than the other guys, on average, over a long period of time.”

投资者最大的问题——甚至最危险的敌人——往往是他自己。

“The investor's chief problem — and even his worst enemy — is likely to be himself.”

在股市里赚钱的关键，是别被吓出局。

“The key to making money in stocks is not to get scared out of them.”

如果你不能在两分钟内说清为什么该买一只股票，就别买它。

“If you can't explain why a stock is a good buy in two minutes or less, don't buy it.”

如果买入普通股时功课做得对，卖出的时机——几乎永远不会到来。

“If the job has been correctly done when a common stock is purchased, the time to sell it is — almost never.”

当我看到泡沫形成，我会冲进去买入，然后赶在崩盘前出来。

“When I see a bubble forming, I rush in to buy, then I rush out before it bursts.”

市场始终处于不确定与变化之中，赚钱靠对显而易见之事打折，押注在意外之上。

“Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.”

股市泡沫并非凭空产生，它们有坚实的现实基础——但那是一种被错误认知扭曲了的现实。

“Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception.”

风险不是投资本身固有的，而是由投资者的行为创造的。

“Risk is not inherent in an investment; it is created by the behavior of investors.”

智者一开始就做的事，愚者到最后才做。

“What the wise man does in the beginning, the fool does in the end.”

不要把你想当然为真的，和真正的事实混为一谈。

“Don't confuse what you wish were true with what is really true.”

靠水晶球算命的人，终将吞下碎玻璃。

“He who lives by the crystal ball will eat shattered glass.”

华尔街没有什么新鲜事，因为投机像山丘一样古老。

“There is nothing new in Wall Street. There can't be, because speculation is as old as the hills.”

既能判断正确、又能稳坐不动的人，少之又少。

“Men who can both be right and sit tight are uncommon.”

在投资中，你不付出（成本），就能得到回报。

“In investing, you get what you don't pay for.”

买入一只股票，本质上就是投资一门生意。

“The purchase of a stock is, in effect, an investment in a business.”

真正重要的不只是公司赚了多少，而是它拿赚来的钱做了什么。

“What really matters is not just how much a company earns, but what it does with the money it earns.”

永远不要因为河'平均'只有四英尺深就趟过去。

“Never cross a river because it is on average four feet deep.”

火鸡被喂养了1000天，于是认定生活很安全，结果在第1001天被宰杀。

“The turkey is fed for a thousand days and concludes that life is safe, then is slaughtered on day 1001.”

价值投资的内核，是逆向思维与计算器的结合。

“Value investing is at its core the marriage of a contrarian streak and a calculator.”

多数投资者只盯着能赚多少的回报，却很少关注风险。

“Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk.”

搞清楚某样东西的价值，然后付少得多的钱。

“Figure out what something is worth and pay a lot less.”

做初始投资决策时要往下看，而不是往上看。要先不亏钱，剩下的选择大多都不错。

“Look down, not up, when making your initial investment decision. If you don't lose money, most of the remaining alternatives are good ones.”

盈利不驱动整体市场，美联储才驱动；盯住央行，盯住流动性的流向。

“Earnings don't move the overall market; it's the Federal Reserve Board. Focus on the central banks, and focus on the movement of liquidity.”

要获得卓越的长期回报，靠的是保住本金，再抓住几次全垒打。

“The way to build superior long-term returns is through preservation of capital and home runs.”

制胜的秘诀，是把亏钱幅度降到最低。

“The secret to winning is to lose the least amount of money.”

📖沃尔特·施洛斯访谈 · 1994

#风险管理#价值投资

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