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 229 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.