沃伦·巴菲特
Warren Buffett伯克希尔·哈撒韦公司董事长兼CEO，被誉为「股神」。坚持价值投资理念超过60年，是全球最成功的投资者之一。其投资哲学强调以合理价格买入优质企业并长期持有。
经典名言
共 435 条名言
价格是你付出的，价值是你得到的。
Price is what you pay. Value is what you get.
我们最喜欢的持有期是永远。
Our favorite holding period is forever.
投资的第一条规则是不要亏钱，第二条规则是不要忘记第一条。
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
别人贪婪时我恐惧，别人恐惧时我贪婪。
Be fearful when others are greedy and greedy when others are fearful.
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.
当潮水退去，才知道谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
价格是你付出的，价值是你得到的。
Price is what you pay. Value is what you get.
我们最喜欢的持有期是永远。
Our favorite holding period is forever.
投资的第一条规则是不要亏钱，第二条规则是不要忘记第一条。
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
别人贪婪时我恐惧，别人恐惧时我贪婪。
Be fearful when others are greedy and greedy when others are fearful.
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.
当潮水退去，才知道谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
永远不要投资你不了解的生意。
Never invest in a business you cannot understand.
如果你不愿意持有一只股票十年，那就连十分钟也不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
在投资中，最重要的品质不是智力，而是气质。
The most important quality for an investor is temperament, not intellect.
时间是优秀企业的朋友，是平庸企业的敌人。
Time is the friend of the wonderful company, the enemy of the mediocre.
你不需要成为每家公司的专家，甚至不需要了解很多。你只需要能够评估在你能力圈范围内的公司。
You don't have to be an expert on every company. You only have to be able to evaluate companies within your circle of competence.
走到生命尽头时，衡量人生的标准不是你赚了多少钱，而是有多少人真心爱你。
When you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you.
风险来自于你不知道自己在做什么。
Risk comes from not knowing what you're doing.
股票市场是一种把钱从没有耐心的人转移到有耐心的人手中的机制。
The stock market is a mechanism for transferring money from the impatient to the patient.
我宁愿模糊的正确，也不愿精确的错误。
I would rather be roughly right than precisely wrong.
投资者最大的敌人不是市场，而是他自己。
An investor's greatest enemy is not the market — it is himself.
市场行为越愚蠢，企业投资者的机会就越大。
The more foolish the market's behavior, the greater the opportunity for the business investor.
长期来看，股票市场是一台称重机，而非一台投票机。
In the long run, the stock market is a weighing machine, not a voting machine.
买股票就是买公司，这是格雷厄姆教给我的核心。
Buying a stock means buying a company — that is the core of what Graham taught me.
我们买股票的标准和我们全资收购一家公司的标准完全一样。
Our standard for buying a stock is exactly the same as our standard for acquiring the entire company.
估值不是科学，而是艺术。
Valuation is not a science; it is an art.
分散投资是对无知的一种保护；如果你知道自己在做什么，分散投资就没有意义。
Diversification is protection against ignorance. If you know what you're doing, diversification makes no sense.
复利是世界第八大奇迹，它的威力比原子弹更大。
Compound interest is the eighth wonder of the world; its power is greater than that of the atomic bomb.
人生就像滚雪球，重要的是找到湿的雪和长长的坡。
Life is like a snowball. The important thing is to find wet snow and a really long hill.
理解复利的力量和获取它的困难，是理解许多投资问题的关键。
Understanding both the power of compound interest and the difficulty of obtaining it is the key to understanding many investment questions.
投资成功不靠智商也不靠情商，靠的是时间与纪律。
Investment success does not depend on IQ or EQ — it depends on time and discipline.
投资中时间是你的朋友，杠杆是你的敌人。
In investing, time is your friend; leverage is your enemy.
如果你愿意等足够长的时间，所有的好机会都会向你涌来。
If you are willing to wait long enough, all the good opportunities will eventually come your way.
投资并不需要多聪明，你只需要保持理性几十年。
Investing does not require great intelligence — you just need to stay rational for decades.
复利在短期内慢得让人想放弃，长期内快得让人想跪下。
Compound interest is slow enough in the short run to make you want to quit, and fast enough in the long run to make you want to kneel down.
时间是复利唯一的真正伙伴，不要打断它。
Time is the only true partner of compound interest. Don't interrupt it.
投资不是短跑而是马拉松，途中最重要的不是速度而是节奏。
Investing is not a sprint but a marathon; what matters most along the way is not speed but pace.
一个真正伟大的生意，必须有一条持久的护城河。
A truly great business must have a durable moat.
护城河的本质是结构性的竞争优势，是对手想抢也抢不走的。
The essence of a moat is a structural competitive advantage that competitors cannot take away even if they want to.
商业模式比管理层更重要——傻瓜也能管好的生意才是好生意。
Business model matters more than management — a business that even a fool can run well is a good business.
我最钟爱的是那些无需追加资本就能不断增长的企业。
What I love most are businesses that can keep growing without additional capital.
优秀企业的标志是它能在没有 CEO 的情况下仍然运作良好。
A mark of a great business is that it would still run well even without a CEO.
真正持久的护城河只有几种：品牌、成本、网络效应、专利。
Truly durable moats come in only a few forms: brand, cost, network effects, and patents.
自由现金流才是评估企业价值的唯一真实指标。
Free cash flow is the only true measure of a business's value.
资本回报率高的公司能持续创造复利。
Companies with high return on capital can keep producing compound interest.
一家企业的内在价值是它未来自由现金流的折现值。
The intrinsic value of a business is the discounted value of its future free cash flows.
我们要找的是傻子都能管理的企业——因为早晚会碰上一个傻子当 CEO。
We look for businesses that even an idiot can run — because sooner or later, an idiot will end up as CEO.
当好生意出现时，你必须果断出手，否则机会转瞬即逝。
When a great business shows up at a good price, you must act decisively — otherwise the opportunity vanishes in an instant.
不需要每天都做决策——不下注也是一种决策。
You don't need to make decisions every day — not betting is also a decision.
我从不试图去预测市场，我只需要在好公司便宜时买入。
I never try to predict the market. All I need to do is buy good companies when they are cheap.
等待是投资中最难的部分——你必须愿意什么都不做。
Waiting is the hardest part of investing — you have to be willing to do nothing.
当你听到专家的观点和市场的狂热保持一致时，特别要保持警惕。
Be especially wary when you hear experts echoing the market's frenzy.
在投资中，你必须独立思考，逆向而动。
In investing, you must think independently and act in the opposite direction.
风险无法被预测，只能被理解。
Risk cannot be predicted — it can only be understood.
在你买入一只股票之后，下跌 50% 的概率其实并不低。
After you buy a stock, the probability of a 50% drop is actually not low.
永远不要因为价格跌了就卖出好公司。
Never sell a great company just because its price has fallen.
投资者最常犯的错误是让情绪影响买卖决策。
The most common mistake investors make is letting emotions influence their buy and sell decisions.
声誉需要 20 年建立，5 分钟就能毁掉——如果你这么想，做事的方式就会不同。
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
我见过的最大破产是失去了做正确之事的勇气。
The biggest bankruptcy I have ever seen is a person who lost his courage to do the right thing.
你的时间和诚信是无价的资产，永远不要浪费它们。
Your time and integrity are priceless assets. Never waste them.
选择一份你热爱的工作，你就一辈子不用工作了。
Choose a job you love, and you will never have to work a day in your life.
我每天跳着踢踏舞去上班——和喜欢的人做喜欢的事。
I tap-dance to work every day — doing what I love with people I love.
与最优秀的人为伍，你最终也会成为他们中的一员。
Surround yourself with people who are better than you, and you will eventually become one of them.
阅读与思考是免费的，但价值无可替代。
Reading and thinking are free — yet their value is irreplaceable.
我每天花 80% 的时间在阅读和思考上。
I spend 80% of my day reading and thinking.
简单的生活给予你自由——这就是富有的真正定义。
A simple life gives you freedom — and that is the true definition of being rich.
学会储蓄是投资的第一步，也是最重要的一步。
Learning to save is the first and most important step in investing.
以合理的价格买入一家优秀的公司，远胜于以优秀的价格买入一家普通的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
当天上掉金子的时候，应该拿桶去接，而不是拿顶针。
When it's raining gold, reach for a bucket, not a thimble.
能力圈的大小并不重要，重要的是你知道它的边界在哪里。
What counts is not the size of your circle of competence but how well you know its perimeter.
投资中最重要的是性情，而不是智商。
The most important quality for an investor is temperament, not intellect.
我从不试图跳过七英尺高的栏杆，我四处寻找可以轻松跨过的一英尺高的栏杆。
I don't look to jump over seven-foot bars. I look around for one-foot bars that I can step over.
通过定期投资指数基金，一个什么都不懂的业余投资者，往往能战胜大多数专业基金经理。
By periodically investing in an index fund, the know-nothing investor can actually outperform most investment professionals.
巨大的投资机会来自优秀的公司遇到一次性的、可以解决的大问题时。
Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
建立声誉需要二十年，毁掉它只需要五分钟。时刻记住这一点，你的行事方式就会与众不同。
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
我们试图投资那些连傻瓜都能经营好的企业，因为迟早会有傻瓜来经营它。
We try to invest in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.
在商业世界里，后视镜总是比挡风玻璃更清晰。
In the business world, the rearview mirror is always clearer than the windshield.
无论才华多么出众或努力多么巨大，有些事情就是需要时间。你不可能让九个女人在一个月内生出一个孩子。
No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.
投资的第一条规则是不要赔钱，第二条规则是永远不要忘记第一条规则。
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
如果你不愿拥有一只股票十年，那就不要考虑拥有它十分钟。
If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.
当你发现自己身处一艘不断漏水的船上时，把精力花在更换船只上，远比花在修补漏水处更明智。
When you find yourself in a constantly leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
一家伟大的企业值得你支付一定的溢价，但你付出的价格越高，回报就越低。
A great business is worth paying a premium for, but the higher the price you pay, the lower your return.
无论才华还是努力，都离不开品格的支撑。对于投资而言，正直和诚信比聪明更重要。
In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don't have the first, the other two will kill you.
人生就像滚雪球，最重要的是发现很湿的雪和很长的坡。
Life is like a snowball. The important thing is finding wet snow and a really long hill.
恐惧是愚者最好的朋友，因为它让智者捡到了便宜。
Fear is the best friend of the fool, because it allows the wise to pick up bargains.
机会很少出现，当黄金雨降落时，你必须拿桶去接，而不是用顶针。
Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
在别人贪婪时恐惧，在别人恐惧时贪婪。
Be fearful when others are greedy, and greedy when others are fearful.
价格是你付出的，价值是你得到的。无论买什么，都应关注价值而非价格。
Price is what you pay. Value is what you get.
如果你不愿意持有一只股票十年，那你就不要持有它十分钟。
If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.
无论天赋或努力有多大，有些事情就是需要时间。你不可能让九个女人怀孕在一个月内生出孩子。
No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.
只有当潮水退去时，你才知道谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
在投资中，你只需要等待那个'最甜的好球'再挥棒——你一生中不需要击出很多好球，只需要击出几个。
You don't have to swing at everything — you can wait for your pitch. The trick in investing is to sit on your ass and wait.
如果你发现自己在一个洞里，最重要的事情就是停止挖洞。
The most important thing to do if you find yourself in a hole is to stop digging.
预测下雨不算本事，建造方舟才是。
Predicting rain doesn't count. Building arks does.
别人同意与否，与你是否正确毫无关系。重要的是你的推理和事实是否正确。
The fact that other people agree or disagree with you doesn't make you right or wrong. Only the facts and your reasoning do.
不要拿你拥有和需要的东西，去换你不需要和不想要的东西。
Don't risk what you have and need for what you don't have and don't need.
以合理的价格买入一家优秀的公司，远胜过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.
如果你不情愿持有一只股票十年，那就连十分钟都不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
与其把鸡蛋放在不同的篮子里然后一个个盯着看，不如把所有鸡蛋放在一个篮子里然后看好那个篮子。
Diversification is protection against ignorance. It makes little sense if you know what you are doing.
别人处理他们的事务越不谨慎，我们处理自己的事务就必须越谨慎。
The less prudence with which others conduct their affairs, the greater prudence with which we should conduct our own affairs.
只要做好少数几件事，就足以成功。关键在于——大多数人都做不到这少数几件事。
You only have to do a very few things right in your life so long as you don't do too many things wrong.
以合理的价格买入一家优秀的企业，远胜于以便宜的价格买入一家平庸的企业。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
股市是一个将金钱从不耐烦的人手中转移到耐心的人手中的装置。
The stock market is a device for transferring money from the impatient to the patient.
我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。
We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.
一家真正伟大的企业，是那种不需要持续投入大量资本就能维持竞争优势的企业。资本是增长的燃料，但越省燃料的车跑得越远。
The truly great businesses are those that require very little capital to grow. The best business is one that produces a lot of cash and doesn't need much to keep growing.
我们从来不因为宏观经济的预测而买入或卖出一家企业。宏观经济变量太多，没有人能持续预测准确。
We don't buy or sell based on macroeconomic predictions. There are too many variables.
停止错误的行为，比发现新的正确行为重要得多。当你发现自己在洞中时，最重要的是停止挖掘。
The most important thing to do if you find yourself in a hole is to stop digging.
我最欣赏的企业是那种几乎不需要追加资本就能持续扩张的企业，这类企业可以用利润自我驱动增长。
The best business is a royalty on the growth of others, requiring little capital itself.
永远不要投资你不了解的生意。
Never invest in a business you cannot understand.
如果你不愿意持有一只股票十年，那就连十分钟也不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
在投资中，最重要的品质不是智力，而是气质。
The most important quality for an investor is temperament, not intellect.
时间是优秀企业的朋友，是平庸企业的敌人。
Time is the friend of the wonderful company, the enemy of the mediocre.
当一位声誉卓著的CEO去管理一家以糟糕经济特性闻名的企业时，最终不变的是企业的声誉。
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
我们喜欢那些能产生大量现金、却不需要把大部分现金再投回去维持增长的企业。
We like businesses that earn a lot of money, and don't have to reinvest a lot of it to keep growing.
在商业领域，我寻找的是由护城河环绕的经济城堡。
In business, I look for economic castles protected by unbreachable moats.
你不需要成为每个领域的专家，你只需要在你了解的领域做出正确的判断。
You don't need to be an expert on everything. You just need to be right on the things you know.
评价一家企业时，我最关心的是它的定价能力。
The single most important decision in evaluating a business is pricing power.
把鸡蛋放在一个篮子里，然后看好那个篮子。
Put all your eggs in one basket, and then watch that basket very carefully.
投资就像种树——最好的时机是二十年前，其次是现在。
The best time to plant a tree was twenty years ago. The second best time is now.
伯克希尔最被低估的资产不是我们的股票组合，而是我们的保险浮存金——它让我们能以负成本借钱投资。
Berkshire's most underrated asset isn't our stock portfolio — it's our insurance float, which lets us borrow money at a negative cost to invest.
检验一个人的人品不是看他在顺境中怎么做，而是看他在压力下怎么做。这一样适用于检验一家公司的管理层。
The test of a person's character is not how they act in good times, but how they act under pressure. The same goes for testing a company's management.
不要用你最宝贵的资产——时间——去换取你不需要的钱。
Don't trade your most valuable asset — time — for money you don't need.
董事会的真正职责不是批准CEO的薪酬方案——而是确保公司始终做正确的事当CEO在做错事时解雇他。
The real job of a board is not to approve the CEO's pay package — it's to make sure the company does the right thing and fire the CEO when he's doing the wrong thing.
伯克希尔没有正式的收购策略手册。我们的策略就是坐在电话旁等它响。
Berkshire has no formal acquisition strategy manual. Our strategy is to sit by the phone and wait for it to ring.
如果你不愿意持有一只股票十年，那就不要考虑持有十分钟。
If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.
只有在潮水退去时，你才能发现谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
护城河是企业抵御竞争进攻的堡垒，没有护城河的企业就像没有城墙的城池。
A moat is a fortress that protects a business from competitive assault. A business without a moat is like a city without walls.
如果历史就能让人致富，那最富有的人该是图书管理员。
If past history was all that was needed to be a successful investor, the richest people would be librarians.
我们从历史中学到的，就是人们从不吸取历史的教训。
What we learn from history is that people don't learn from history.
一匹能数到十的马，是匹了不起的马——但不是了不起的数学家。
A horse that can count to ten is a remarkable horse—not a remarkable mathematician.
会计是商业的语言，你得学会读它才能看懂一门生意。
Accounting is the language of business; you have to learn it to understand a business.
衍生品是金融界的大规模杀伤性武器。
Derivatives are financial weapons of mass destruction.
预测能告诉你很多关于预测者的事，却对未来的事一无所知。
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
股市预测师唯一的价值，就是让算命先生显得靠谱。
The only value of stock forecasters is to make fortune tellers look good.
今天的投资者，无法从昨天的增长中获利。
The investor of today does not profit from yesterday's growth.
商学院奖励复杂的行为，却忽视了简单的更有效。
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
市场像上帝，只帮助那些自助的人。
The market, like the Lord, helps those who help themselves.
如果市场总是有效的，我早就沦落街头拿着破杯子要饭了。
I'd be a bum on the street with a tin cup if the markets were always efficient.
我天生就是来配置资本的。
I was wired at birth to allocate capital.
你做过的最重要的投资，是投资你自己。
The best investment you can make is in yourself.
永远不要依赖单一收入，用投资创造第二个来源。
Never depend on a single income. Make investment to create a second source.
诚实是非常昂贵的礼物，别指望廉价的人会给你。
Honesty is a very expensive gift. Don't expect it from cheap people.
你学得越多，赚得越多。
The more you learn, the more you earn.
当一家优秀公司以远低于内在价值的价格回购自己的股票时，这才是对股东最划算的回报。
When a wonderful company buys back its stock far below intrinsic value, that's the most rewarding use of capital for shareholders.
在金融里，要特别警惕用过去业绩做的“证明”。
Beware of past performance proofs in finance.
考察管理者，我看重正直、智慧与精力；若没有正直，后两者会害死你。
We look for integrity, intelligence, and energy in managers; if they lack integrity, the other two will kill you.
我们从不根据报纸头条做买卖。
We never buy or sell based on newspaper headlines.
伯克希尔的成功，来自我们愿意显得“无聊”。
Berkshire's success comes from our willingness to be boring.
个人投资者最大的优势，是不必被迫在糟糕的时点卖出。
The individual investor's greatest advantage is not being forced to sell at bad times.
我们买下的，是一家企业未来几十年的盈利能力。
What we buy is a business's earning power for decades to come.
如果你找不到让钱在你睡觉时也赚钱的办法，你就得工作到死。
If you don't find a way to make money while you sleep, you will work until you die.
先储蓄再消费，而不是消费后把剩下的储蓄。
Do not save what is left after spending, but spend what is left after saving.
永远不要在拿到钱之前就花掉它。
Never spend your money before you have it.
如果你买不需要的东西，很快就得卖掉需要的东西。
If you buy things you don't need, soon you'll have to sell things you need.
市场是为你服务的，不是来指挥你的。
The market is there to serve you, not to instruct you.
我对快速赚钱没兴趣，我关心的是随时间安全地赚。
I am not interested in making money quickly. I am interested in making it safely over time.
现金是一张没有到期日的看涨期权。
Cash is a call option with no expiration date.
我从小就知道我会富有，所以对挥霍从没兴趣。
I always knew I would be rich, so it never interested me to be extravagant.
幸福就是爱，句号。
Happiness is love. Full stop.
机会成本，是我们所有决策的基石。
Opportunity cost is the foundation of all our decisions.
错过一个好机会的代价，远小于犯下一个致命错误的代价。
The cost of missing one good opportunity is far less than the cost of making one fatal mistake.
我们在所做的一切里都坚持安全边际。
We insist on a margin of safety in everything we do.
市场是在不可持续的乐观与不合理的悲观之间摆动的钟摆。
The market is a pendulum swinging between unsustainable optimism and unjustified pessimism.
民意调查不能替代思考。
A public-opinion poll is no substitute for thought.
你无法和一个坏人做成一笔好交易。
You can't make a good deal with a bad person.
持有大量现金却什么都不做，需要的是品格。
It takes character to sit with all that cash and do nothing.
我们不是靠忙碌赚钱，而是靠正确赚钱。
We don't get paid for activity; we get paid for being right.
金钱不幸的地方，是它常常让人做蠢事。
The unfortunate thing about money is that it makes people do foolish things.
如果你的决策建立在市场昨天做了什么上，你不是在投资，是在投机。
If your decision is based on what the market did yesterday, you're not investing, you're speculating.
我不在乎市场是涨是跌，我在乎的是是否在合理价格买到了好企业。
I don't care whether the market goes up or down; I care whether I'm buying a good business at a fair price.
我们衡量成功，看的是内在价值的增长，而不是股价。
We measure our success by growth in intrinsic value, not by stock price.
真正的风险不是股价上上下下，而是你被迫在错误的时点退出。
The real risk is not the stock price bobbing up and down, but being forced to exit at the wrong time.
买企业的风险，不在于市场会不会跌，而在于你付的价是不是太高。
The risk in buying a business is not whether the market will fall, but whether you paid too much.
个人投资者最大的特权，是没人能逼你在地板价交出筹码。
The individual investor's great privilege is that no one can force you to surrender your holdings at rock-bottom prices.
我们愿意显得无聊，因为热闹的地方往往最贵。
We're willing to look boring, because the lively places are usually the most expensive.
我们在一切决策中都先问：如果错了，后果我承受得起吗？
In every decision we ask first: if we're wrong, can we survive it?
我一年内做出的重大投资决策，屈指可数——但每一个都经过深思。
The number of major investment decisions I make in a year can be counted on one hand—but each is deeply considered.
当一个以辉煌名声著称的管理团队，接手一个以糟糕经济特征著称的企业时，最终完好无损的往往是后者的名声。
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.
我不会花一秒钟去预测利率或股市的走向。我甚至不知道下周、下个月、甚至明年股市会怎样。
I dont spend a second trying to predict interest rates or the stock market.
投资中最重要的事是确定能力圈的边界在哪里，而不是能力圈有多大。
What counts for most people in investing is not how much they know, but how realistically they define what they dont know.
市场波动不是你的敌人，而是你的朋友——前提是你能控制自己不在情绪低落时割肉。
Look at market fluctuations as your friend rather than your enemy.
我们寻找的是那些我们能大致看清未来十年模样的企业。如果连十年后的轮廓都看不清，我们不会碰。
We look for businesses that we think we can reasonably project what they will look like ten years from now.
永远不要问理发师你是否需要理发。
Never ask a barber if you need a haircut.
风险来自你不知道自己正在做什么。
Risk comes from not knowing what you're doing.
人生就像滚雪球关键是找到足够湿的雪和很长的坡。
Life is like a snowball, the important thing is finding wet snow and a really long hill.
真正伟大的企业，必须拥有一条持久的“护城河”，保护其卓越的资本回报率不受竞争侵蚀。
A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.
通货膨胀是一种远比立法机构颁布的任何税种更具破坏力的隐形税赋。
股票市场是一场没有人会叫你挥棒的比赛。你可以整天站在击球区，等待你想要的完美投球。
你的对错，不取决于有多少人同意你。你正确，是因为你的事实正确、你的推理正确。
我从不试图通过预测股市赚钱。我买入的前提假设是：明天交易所关门，五年内都不再开门。
投资的第一条规则是不要亏钱，第二条规则是记住第一条规则。
Rule No.1: Never lose money. Rule No.2: Never forget Rule No.1.
只有退潮时，你才知道谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
不管你多有天赋或多么努力，有些事情就是需要时间。你不可能让九个女人怀孕在一个月内生出孩子。
No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.
拥有一颗钻石的一部分，也要比完全拥有一块莱茵石好得多。
It's better to own a portion of a diamond than all of a rhinestone.
当一家有实力的大公司遇到一次巨大但可以化解的危机时，一个绝好的投资机会就悄然来临。
When a great company encounters a large but solvable crisis, an excellent investment opportunity quietly arrives.
所有者盈余才是企业真正的赚钱能力：净利润加折旧摊销，减去维持竞争力必需的资本支出。
Owner earnings represent the true cash-generating ability of a business, not reported net income.
选股就像画画，先纸上练100家公司，练完你就知道自己适合什么了。
Take 100 companies and write down why you'd buy them. By the time you're done, you'll know your circle of competence.
伯克希尔承受任何单一灾难的损失绝不超过净资产的2%，这是铁律。
We will not expose Berkshire to any single catastrophic loss exceeding 2% of our net worth.
别花一分钟研究美联储，把你所有时间花在研究可口可乐、运通、吉列上。
Don't spend a minute on the Fed. Spend all your time on Coke, Amex, and Gillette.
如果你发现自己在一个洞里，最重要的事情不是思考怎么出去，而是立刻停止挖掘。
The most important thing to do if you find yourself in a hole is to stop digging.
回购股票只有两个理由：低估且公司有多余现金。其他任何理由都是损害股东。
A stock buyback makes sense only when shares are undervalued and the company has surplus cash. Any other reason hurts shareholders.
最好的生意是向别人的增长收过路费——你不需要自己扩张，生意自动跟着别人走。
The best business is a royalty on other people's growth.
人群集体癫狂抢购时，往往是理性投资者该安静离场的时候；人群绝望抛售时，反而是该出手捡便宜的时机。
When the crowd is maniaically buying is often when the rational investor should quietly step aside; when they despair and sell is when bargains appear.
时间是好企业的朋友，是平庸企业的敌人。
Time is the friend of the wonderful company, the enemy of the mediocre.
无论我们谈论的是袜子还是股票，我喜欢在降价时购买高质量的商品。
Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
不确定性实际上是长期价值购买者的朋友。
Uncertainty is actually the friend of the buyer of long-term values.
发现自己在坑里时，最重要的就是停止挖掘。
The most important thing to do if you find yourself in a hole is to stop digging.
你不会每年都更换房子、孩子和老婆。为什么要卖出股票呢？
You wouldn't change houses, children, and wives every year. Why sell stocks?
短期来看股票市场是投票机，但长期来看它更像是称重机。
In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
评估一家企业时，最重要的不是它所在行业的增长率，而是它的“竞争优势”以及——最重要的——这种优势的“持久性”。
The key to investing is not assessing how much an industry is going to affect society... but determining the competitive advantage of any given company and, above all, the durability of that advantage.
通货膨胀像一条“巨大的绦虫”，在企业内部无声地吞噬着资本。
Inflation acts as a gigantic corporate tapeworm that preemptively consumes its requisite daily diet of investment dollars regardless of the health of the host organism.
我卖掉股票通常只有“三个理由”：基本面变坏了，价格高得离谱了，或者我找到了一个“更好的标的”。仅此而已。
We sell when we think the business has deteriorated, when the shares are overpriced, or when we find something better.
要选出好的CEO，关键是看他是不是“资本配置”的高手。一个CEO若不懂资本配置，业绩再好也是“踩了时代的风口”。
The heads of many companies are not skilled in capital allocation... Most bosses rise to the top because they have excelled in an area such as marketing, production, engineering, administration or, sometimes, institutional politics.
你不会因为“大家同意你”就对，也不会因为“大家反对你”就错。你的对错取决于你的“事实和逻辑”。
You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
投资者最重要的特质不是智力而是性格。
The most important quality for an investor is temperament, not intellect.
你不需要做对很多事情，重要的是不要犯重大的过错。
You don't have to do extraordinary things to get extraordinary results. The most important thing is to avoid big mistakes.
无论你多有天分，也无论你多么努力，有些事情就是需要时间。
No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.
如果你发现自己身处一艘长期漏水的船里，换一艘船比修补漏洞更有价值。
Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
人生就像滚雪球，最重要的是找到湿的雪和很长的坡。
Life is like a snowball. The important thing is finding wet snow and a really long hill.
我从不试图在股市上赚钱，我买入股票是建立在假设明天股市关门、五年之内不再开市的基础之上。
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
以合适价格买入一家优秀的公司，远胜于以优惠价格买入一家普通的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
如果你不想持有十年，那就十分钟也不要持有。
If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.
市场就像上帝，只帮助那些本身就很努力的人。但与上帝不同的是，市场不会宽恕那些不清楚自己在干什么的人。
The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.
当你可以用80美分买到1美元的价值时，回购股票就是最明智的资本配置。但前提是你真的知道那1美元值多少钱。
When you can buy a dollar for 80 cents, share repurchases are the smartest capital allocation — but only if you truly know what that dollar is worth.
在寻找管理层时，我寻找的是那些把公司当成自己唯一资产来管理的人，而不是那些把它当成自己简历上又一行的人。
In looking for management, I look for people who run the company as if it were their only asset, not just another line on their resume.
如果你足够聪明，你不需要杠杆；如果你不够聪明，杠杆会毁了你。杠杆是唯一一件让聪明人破产的东西。
If you're smart, you don't need leverage; if you're dumb, it will ruin you. Leverage is the only thing that can make a smart person go broke.
保险浮存金是我见过的最美妙的融资方式。它先给我钱，然后才让我慢慢支付成本——如果我的承保赚钱，成本甚至是负的。
Insurance float is the most beautiful financing I've ever seen. It gives me money upfront and lets me pay the cost later — and if my underwriting is profitable, the cost is negative.
市场就像一个情绪不稳定的伙伴，每天都会给你报一个价格。你可以选择跟他交易，也可以选择忽略他。他的报价越荒谬，你的机会就越大。
The market is like a moody partner who offers you a price every day. You can choose to trade with him or ignore him. The more absurd his offer, the greater your opportunity.
如果你不愿意持有一只股票十年，那你连十分钟都不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
规则一：永远不要亏钱；规则二：永远不要忘记规则一。
Rule No.1: Never lose money. Rule No.2: Never forget Rule No.1.
以合理的价格买入优秀的公司，胜过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.
宁要模糊的正确，不要精确的错误。
It is better to be approximately right than precisely wrong.
在别人恐惧时，最好的机会往往穿着'坏消息'的外衣出现。
The best chance to deploy capital is when things are going down.
预测股市的唯一价值，是让算命先生显得体面。
The only value of stock forecasters is to make fortune-tellers look good.
用买菜的态度买股票，用买股票的态度买菜，人生就颠倒了。
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is.
如果你在牌桌上玩了半小时还不知道谁是傻瓜，那你就是那个傻瓜。
If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.
耐心等待好球出现在击球区，才挥出你的球棒。
The stock market is a no-called-strike game. You don't have to swing at everything—you can wait for your pitch.
在别人贪婪的时候恐惧，在别人恐惧的时候贪婪。
Be fearful when others are greedy, and greedy when others are fearful.
用合理的价格买一家优秀的公司，远胜过用便宜的价格买一家平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
如果你不能在股价腰斩时保持镇定，你就不应该进入股市。
If you cannot watch your stock decline by 50% without becoming panic-stricken, you should not be in the stock market.
价格是你所付出的，价值是你所得到的。
Price is what you pay. Value is what you get.
用合理的价格买入一家优秀的公司，远胜于用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.
投资成功不需要天才般的智商、非同寻常的经济眼光，或是内幕消息，所需要的只是做决策的正确思维框架，以及避免情绪破坏这种框架的能力。
Success in investing doesn't correlate with IQ. What you need is the temperament to control the urges that get other people into trouble in investing.
好公司股价公平时，比股价超低的普通公司更值得买。
It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
时间是投资者的朋友，也是投机者的敌人。
Time is the friend of the wonderful business, the enemy of the mediocre.
你不需要做对很多事情，重要的是不要犯大错。
You don't need to make money very often. What you need to do is avoid big mistakes.
通货膨胀是投资者的隐形税。
Inflation is the silent tax that erodes the real returns of investors.
分散投资是对无知的保护。如果你知道自己在做什么，分散投资就毫无意义。
Diversification is a protection against ignorance. If you know what you're doing, diversification is meaningless.
投资成功的关键是，当价格大大低于经营企业的价值时，买入优秀企业的股票。
The key to investment success is to buy stocks in great companies when their price is well below the value of running the business.
我成功秘诀是坐等，不是在你想买的时候买，而是在你想卖的时候卖。
The secret to my success is that I am always sitting.
要赢得好的声誉需要20年，而毁掉它只需要5分钟。明白这一点，你做事就会不同。
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you will do things differently.
我从不试图在最高点卖出、在最低点买入。这是神做的事，不是人。
We never try to buy at the bottom and sell at the top. That can be done by humans — it is done by graphs.
好公司买进时价格略高，但随时间推移，优秀管理层和护城河会不断消化溢价。
It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
我们喜欢购买那种傻子也能经营好的公司，因为迟早会有个傻子来经营的。
When a management with a reputation for brilliance tackles a business with a reputation for bad economics, the business reputation remains intact.
如果市场总是有效的，我早就破产了。
If the market were always efficient, I would be out of business.
时间是伟大公司的朋友，平庸公司的敌人。
Time is the friend of the wonderful business, the enemy of the mediocre.
一生只需做对20次投资决策，就能变得非常富有。
You only need to make a few good decisions in life.
预测是有风险的，尤其是关于未来的预测。
Forecasts are always dangerous, especially about the future.
最好的投资，就是投资自己的知识、你的技能、你的名声。没有人能把它从你身上抢走。
The best investment you can make is in yourself.
做你不愿意做的事情叫改变，做你不敢做的事情叫突破。
Do the things you do not want to do. Do the things you are afraid to do.
在商业世界里，我最惊讶的发现，是一种我称之为'机构惯性'的超级力量——它驱使管理层去模仿同行的行为，不管多么愚蠢。在抗拒机构惯性时，我的失败率比在收购好公司时还高。
My most surprising discovery: the overwhelming importance in business of an unseen force that we might call 'the institutional imperative.' In business, the institutional imperative drives managers to mindlessly imitate the behavior of their peers, no matter how foolish it may be. I have been more wrong about resisting the institutional imperative than I have been about buying good businesses.
你不需要做对很多事情，重要的是避免犯重大的错误。我们从不试图在7英尺高的栏上跳过去，我们寻找的是1英尺高的、我们能跨过去的栏。
You don't have to be right on everything. You just have to avoid the big mistakes. We don't jump over seven-foot bars. We look for one-foot bars that we can step over.
第一条规则：永远不要亏钱。第二条规则：永远不要忘记第一条。
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
只有当潮水退去的时候，你才会知道谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
以合理的价格买入一家优秀公司，远胜过以便宜价格买入普通公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
复利是世界第八大奇迹，理解它的人赚取它，不理解的人支付它。
Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it.
我们最喜欢的持股时间是永远。
Our favorite holding period is forever.
市场短期是投票机，长期是称重机。
In the short run, the market is a voting machine, but in the long run it is a weighing machine.
永远不要投资你看不懂的生意。
Never invest in a business you cannot understand.
分散投资是对无知的保护。
Diversification is protection against ignorance.
最好的投资就是投资自己。
The best investment you can make is in yourself.
我们不跳7英尺高的栏杆，只找1英尺的跨过去。
We don't try to jump over 7-foot bars; we look for 1-foot bars we can step over.
以合理的价格买优秀的公司，远胜用便宜的价格买平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
安全边际是成功投资的基石。
Margin of safety is the cornerstone of successful investing.
市场先生是你的仆人，而不是你的向导。
Mr. Market is your servant, not your guide.
投资并非一个智商160的人就一定击败智商130的人的游戏。
Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ.
对于大多数投资者而言，重要的不是他知道什么，而是清醒地知道自己不知道什么。
What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know.
我最喜欢持有一只股票的时间期限是：永远。
Our favorite holding period is forever.
如果我们有坚定的长期投资期望，那么短期的价格波动对我们来说就毫无意义。
If we have strong long-term expectations, then short-term price fluctuations mean nothing to us.
在投资中，悲观主义是你的朋友，乐观主义是你的敌人。
In investing, pessimism is your friend, euphoria your enemy.
与其杀死毒龙，不如避开毒龙。
It's easier to stay out of trouble than it is to get out of trouble.
你和一个道德品质败坏的人，无法完成一桩好交易。
You can't make a good deal with a bad person.
你必须独立思考。
You have to think for yourself.
千万不要问理发师是否需要理发。
Never ask a barber if you need a haircut.
人性的贪婪、恐惧或愚蠢是完全可以预测的，但我们无法预测这种人性弱点的发生顺序。
The fact that people are full of greed, fear, or folly is predictable. The sequence is not predictable.
我在历史中学到的唯一东西就是：大众从未从历史中汲取教训。
What we learn from history is that people don't learn from history.
价值投资不能保证我们盈利，但是价值投资给我们提供了走向真正成功的唯一机会。
Value investing doesn't guarantee profits, but it offers the only chance to truly succeed.
就算美联储主席偷偷告诉我他未来二年的货币政策，我也不会改变我的任何一个作为。
Even if Alan Greenspan whispered to me his monetary policy for the next two years, I wouldn't change any of my actions.
我很理性。很多人比我智商更高，很多人比我工作时间更长、更努力，但我做事更加理性。你必须能够控制自己，不要让情感左右你的理智。
I am rational. Many people have higher IQ, many work longer and harder, but I am more rational. You must control yourself and not let emotions rule your reason.
知道自己能力圈有多大，比能力圈有多大更重要。
What's important is not how big your circle of competence is, but how well you define its boundary.
很多事情做起来都会有利可图，但是你必须坚持只做那些自己能力范围内的事情。
There are many things that are profitable to do, but you must insist on doing only those within your circle of competence.
开始存钱并及早投资，这是最值得养成的好习惯。
Start saving early and invest as soon as you can. This is the best habit to develop.
今天的投资者不是从昨天的增长中获利的。
Today's investors don't profit from yesterday's growth.
我从不打算在买入股票的次日就赚钱；我总是假设明天交易所就会关门，5年之后才又重新打开。
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
通过定期投资于指数基金，那些门外汉投资者都可以获得超过多数专业投资大师的业绩。
By periodically investing in an index fund, the know-nothing investor can actually out-perform most investment professionals.
想要在股市从事波段操作是神做的事，不是人做的事。
Trying to time the market is what gods do, not what humans do.
我们欢迎市场下跌，因为它使我们能以新的、令人感到恐慌的便宜价格拣到更多的股票。
We welcome market declines because they allow us to pick up more shares at new, panic-driven bargain prices.
我学会了只与我喜欢、信任和敬佩的人一起开展业务。
I learned to do business only with people I like, trust, and admire.
伯克希尔就像是商业界的大都会美术馆，我们偏爱收集当代最伟大的企业。
Berkshire is like a business museum — we love collecting the great companies of our time.
内在价值是一个非常重要的概念，它为评估投资和企业的相对吸引力提供了唯一的逻辑手段。
Intrinsic value is a very important concept. It provides the only logical approach to evaluating the relative attractiveness of investments and businesses.
投资专业的学生只需要两门课程：如何评估一家公司，以及如何考虑市场价格。
Students of investing need only two courses: how to value a business, and how to think about market prices.
投资成功的关键是在一家好公司的市场价格相对于它的内在价值大打折扣时买入其股份。
The key to successful investing is buying shares in good companies at a big discount to intrinsic value.
我们只买那些即使股市关闭十年也不会担心的公司。
We only buy companies we wouldn't worry about even if the stock market closed for ten years.
投资最重要的三个字是：为什么。
The three most important words in investing are: Why.
如果你不能简单解释你的投资，那么你可能不理解它。
If you can't explain it simply, you don't understand it well enough.
我们喜欢傻瓜也能经营的生意，因为迟早会有傻瓜来经营它。
We like businesses where a fool can run it, because sooner or later one will.
无论是袜子还是股票，我都喜欢在降价时购买优质商品。
Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
华尔街靠交易赚钱，你会因为少交易而赚钱。
Wall Street makes its money on activity. You make your money on inactivity.
那些最好的买卖，刚开始的时候，从数字上看，几乎都会告诉你不要买。
The best deals at first look almost always tell you not to buy.
把频繁交易的机构称为投资者，就如同把经常体验一夜情的人称为浪漫主义者一样荒谬。
Calling an institution that trades frequently an investor is like calling someone who repeatedly has one-night stands a romantic.
无人对股票感兴趣之日，正是你应对股票感兴趣之时。
The time when nobody is interested in stocks is exactly the time to get interested.
我宁愿得到一个可以确定会实现的好结果，也不愿意追求一个只是有可能会实现的伟大结果。
I prefer a definite good result to a possibly great result.
每天阅读500页，知识就会像复利一样积累。
Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest.
习惯的链条在重到难以挣脱之前，总是轻到难以察觉。
The chains of habit are too light to be felt until they are too heavy to be broken.
牛市就像性爱，结束时感觉最好。
Bull markets are like sex. They feel best just before they end.
如果你买入你认为自己理解的公司，那么大部分风险就已经消失了。
If you buy companies you understand, most of the risk disappears.
诀窍是当没有合适的事情可做时，就什么也不做。
The trick is, when there is nothing to do, do nothing.
时间是好公司的朋友，是烂公司的敌人。
Time is the friend of the wonderful business, the enemy of the mediocre.
你不需要成为专家才能获得可观的回报，但你必须认识自己的局限。
不管市场如何变化，企业价值才是最终的决定因素。
我总是倾向于把大部分资金投在少数几个我确定的好机会上。
投资者应该在市场的欢呼声中保持谨慎，在市场的哀嚎声中保持乐观。
如果我们不能在自己有信心的范围内找到标的，我们就不会投资。
用合理的价格买入伟大的公司，胜过用便宜的价格买入平庸的公司。
投资需要远见，而不是短视。
你真正需要的是稳定的情绪，而不是高智商。
等待是一种投资能力，不是无所事事。
投资的秘诀在于找到湿漉漉的雪和长长的山坡。
只有在退潮的时候，你才知道谁在裸泳。
Only when the tide goes out do you discover who's been swimming naked.
如果股票的价格等于它的价值，那么一个小时内完成交易和持有一年没有区别。
我们最大的错误是过于保守，而不是过于激进。
Our most important mistakes have been of omission rather than of commission.
股价下跌并不一定意味着公司出了问题。
拥有一只股票，期待它下个星期就上涨，是十分愚蠢的。
做投资最重要的品质是独立思考和内心平静。
把投资当作生意来看，你就会有不一样的视角。
投资的关键是找到定价错误的地方。
我买入的标准非常简单：别人恐惧时贪婪。
仅仅因为最成功的投资占据了投资组合中的绝大部分，就建议这个投资者必须廉价卖掉一部分，无异于建议芝加哥公牛队卖掉乔丹，原因是他在队伍中已经太重要了。
Advising an investor to sell part of his most successful holding because it has become too large is like advising the Chicago Bulls to trade Michael Jordan because he has become too important to the team.
不要因为市场热闹就改变自己的节奏。
诺亚的原则：重要的是建造方舟，而不是预测风暴。
Noah's principle: It's important to build the ark before the storm, not to predict the storm.
我们只跟那些我们喜欢、信任和敬佩的人做生意。
想要的东西没得到，就得到了经验。
If you don't get what you want, you get experience.
我们更愿意看到股价下跌，因为那意味着更好的买入机会。
世界上购买股票的最愚蠢的动机是：股价在上涨。
The dumbest reason in the world to buy a stock is because it's going up.
优秀的骑士会在好马、而不是衰弱的老马上充分发挥。
A good horseman performs best on a good horse, not on a broken-down old nag.
投资人不需要做对很多事，重要的是不犯大错。
投资就像打棒球，重要的是别乱挥棒。
成功的投资需要时间、耐心和正确的判断，而不是频繁的操作。
并非不受欢迎或不被人注意的股票或企业就是好的投资标的，反向操作有可能与从众心理一样愚蠢。
Unpopular or unnoticed stocks are not necessarily good investments; contrarianism can be as foolish as herd behavior.
我有一个经常犯的错误，就是不愿意为非常好的企业出高价。
I have made a mistake in the past of being unwilling to pay a high price for a truly outstanding business.
如果你不能忍受股价下跌50%，你就不适合买股票。
一家真正伟大的公司必须有一道持久的护城河。
建立良好声誉需要二十年,毁掉它只需要五分钟。
It takes 20 years to build a reputation and five minutes to ruin it.
我从未见过能预测市场走势的人。
I have never seen anyone who can predict market movements.
致命的不是市场,而是你自己。
It's not the market that kills you; it's you yourself.
投资中最令人不安的不是风大浪急,而是看不到方向。
The most unsettling thing in investing isn't rough waters, it's the absence of direction.
等到知更鸟报春的时候，春天早就快结束了。
If you wait until the robins sing, spring is already over.
我不是天才，但我在某些事情上很聪明，我就只关注这些事情。
I'm no genius, but I'm smart in spots, and I stay around those spots.
在失败中学习所费的成本,远低于在不学习中失败的成本。
The cost of learning from failure is far less than the cost of failure without learning.
投资一门蠢人都可以做的生意，因为终有一日蠢人都会这样做。
I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.
有人今天坐在树荫下，因为他很久以前种了一棵树。
Someone is sitting in the shade today because someone planted a tree a long time ago.
最佳的投资机会大多出现在市场银根最紧的时候，那个时候你一定希望拥有庞大的火力。
The best opportunities come when credit is tightest and you wish you had lots of firepower.
如果你不能在开始之前就保持冷静,你就是一个普通人。
If you can't stay cool before taking action, you're just an ordinary person.
当一些大企业暂时出现危机或股市下跌，出现有利可图的交易价格时，应该毫不犹豫买进它们的股票。
When great companies encounter temporary crisis or market declines create profitable prices, buy their stock without hesitation.
在买一只股票之前,先假设自己已经拥有这家公司,问问自己十年后还会不会喜欢这门生意。
Before you buy a stock, imagine you already own the company and ask yourself if you will still like the business ten years from now.
让一个糟糕的决策快速反转,比拖拖拉拉更难。
Reversing a bad decision is harder than dragging your feet on it.
赚大钱靠的不是频繁操作,而是长期等待和判断。
Making big money has not depended on frequent action, but on patient waiting and judgment.
假设自己手中只有一张可打二十个洞的投资决策卡，每作一次投资就在卡片上打一个洞，这样你就会耐心等待绝佳机会。
If you imagine you have a punch card with only 20 investment slots, you'd be much more selective and patient.
储蓄是富人思维的核心——先有储蓄再有投资，而不是反过来。
当你不知道自己在做什么时，市场就会让你知道——赔钱是最好的老师。
长期投资者是被人嘲笑最多次的——但也是最赚钱的。
在投资上，一年做对一次就足够——不需要每个季度都对。
如果市场总是有效的，我只会成为一个在大街上手拎马口铁罐的流浪汉。
If the market were always efficient, I'd be a bum on the street with a tin cup.
当你最喜欢的股票打折时，你应该高兴——因为这正是买入的机会。
买一只股票前，先想想它十年后还在不在。
你不需要理解贝塔值、有效市场、现代投资组合理论或期权定价。
You don't need to understand beta, efficient markets, modern portfolio theory or option pricing.
我宁愿确信获得一个好结果，也不愿期望获得一个伟大的结果。
I would rather be certain of a good result than hopeful of a great one.
困难不在于接受新思想，而在于摆脱旧思想。
The difficulty lies not in the new ideas but in escaping from the old ones.
如果一家餐厅在法式料理和外卖炸鸡之间摇摆不定，结果只会是一扇不停旋转的门，进出的都是困惑和不满的顾客。
此后我修正了策略，尝试以公平的价格买入好企业，而不是以好价格买入公平的企业。
作为公民，查理和我欢迎变化；但作为投资者，我们对发酵中的行业的态度与对太空探索的态度很像：我们为这些努力鼓掌，但宁愿不搭那趟车。
我对半导体或集成电路的了解，跟我对波兰金龟子交配习性的了解差不多。
我们愿意看起来愚蠢，只要我们不觉得自己做了蠢事。
每隔十年左右，经济天空就会乌云密布，暂时下起黄金雨。当这样的大雨降临时，我们必须冲出门外拿着洗衣盆，而不是茶匙。
在牛市中，人们必须避免那只骄傲的鸭子的错误。
我们当年不是更聪明，只是更小。
等待肥球意味着进入名人堂，乱挥意味着去小联盟。
当我发行股票时，我让你们亏了钱。
只有在童话故事里，皇帝才会被告知他没穿衣服。
每一记推杆都让某个人高兴。
对任何配置资本的人来说，没有什么比成功更能导致回报递减。
我从不试图预测大盘走势——我的精力全放在寻找被低估的股票上。
我们并不在意市场是否会迅速重新估值我们认为价格被低估的证券。
付出的价格低，得到的价值高。每一笔低估类投资都自带可观的安全边际。
一家企业的成功被市场认可的速度其实并不那么重要——只要其内在价值在以令人满意的速度增长就行。
在投资中，恐惧的氛围是你的朋友，狂喜的世界是你的敌人。
A climate of fear is your friend when investing; a euphoric world is your enemy.
恐惧是追时髦者的敌人，却是基本面投资者的朋友。
Fear is the foe of the faddist, but the friend of the fundamentalist.
买一家没有优秀管理层的零售商，就像买一座没有电梯的埃菲尔铁塔。
Buying a retailer without good management is like buying the Eiffel Tower without an elevator.
就像打扑克时说的：如果你在牌桌上坐了30分钟还不知道谁是输家，那你就是那个输家。
If you've been in the game 30 minutes and you don't know who the patsy is, you're the patsy.
在我看来，投资成功不会来自晦涩的公式、电脑程序或股票价格行为发出的信号，而是来自良好的商业判断与隔绝市场传染性情绪的能力。
一家企业能释放出多少现金，迟早会决定它在市场上的价值。
我们喜欢拥有那些有宽阔护城河、护城河里还有鲨鱼和鳄鱼的城堡。
与那些烂人做不成好生意。
You can't make a good deal with a bad person.
厨房里的蟑螂绝对不会只有你看到的那一只。
我们在寻找三样东西：智慧、精力和正直。如果没有正直，那么也别寄希望于前两个。
我们买企业时会问自己：如果这家公司的管理层是我们的家人，我们会安心吗？
现金就像氧气。当别人没有氧气的时候，拥有氧气的你才有巨大的优势。
预言家的墓地里，有一大半都躺着宏观经济分析家。
美国是一座宏伟大教堂的结合体，同时它旁边还附带了一个巨大的赌场。
习惯的枷锁开始时轻得难以察觉，后来却重得无法打破。
建立一个好名声需要花上二十年的时间，而毁掉它，五分钟就足够了。
当一个以卓越著称的管理层去接手一个以糟糕基本面著称的烂生意时，往往是烂生意的名声得以保全，而管理层的名声却毁了。
我从不在股市上试图赚钱。我买入股票的前提是，假设市场明天就关闭，并且五年内都不会重新开放。
我们只是尝试以合理的价格，收购那些基本面经济状况良好、由诚实且能干的人经营的企业。
华尔街不太关注资产负债表，但我喜欢在查看利润表之前，先看一家公司8到10年的资产负债表——因为有些东西在资产负债表上比在利润表上更难隐藏或篡改。
你最好和比你优秀的人在一起。选择那些行为比你更好的伙伴，你就会朝着那个方向前进。
你一生中能积累多少财富，不取决于你能赚多少钱，而取决于你如何投资理财。
底部选择不是我们的游戏，估价才是我们的游戏。
股市是一个将财富从急躁者转移给耐心者的工具。
即使伯克希尔股价暴跌30%，我也不会有什么情绪化反应，我反而会把它看成非常好的机会。
我们不会将你的钱转包给别人去决策。我们不会因为别人说好就去做某件事。
投资就是把现在的钱投出去，以便在未来拿回更多的钱。
投资可分为三大类：与货币有关的、不能用于生产的、可以生产创造价值的。我和芒格只喜欢第三种。
不要太在意起薪，要非常小心你为谁工作，因为你会沾染周围人的习惯。
系统越复杂，冲击就越不可预测。如果你有合适的性情，股市就是投入精力的好地方；如果你在市场下跌时恐慌、上涨时庆祝，那就是糟糕的地方。
马斯克说最好的护城河是创新竞争力，这没错，但另一方面又非常荒谬——在做糖果方面他不是我们的对手。
我们打算继续持有日本五大商社的股票50到60年。
伯克希尔如今的体量让寻找高回报变得更加困难。公司变得这么大真是太糟糕了。
AI这个精灵已经被从瓶子里放出去了，而我对此一无所知。
所谓拥有特许权的事业，是指那些可以轻易提高价格，且只需额外多投入一些资金便可增加销售量的企业。
在别人贪婪时恐惧，在别人恐惧时贪婪。这听起来简单，但做起来很难，因为它要求你完全独立思考，并且有足够的勇气去对抗市场的主流情绪。
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.