段永平

做对的事情，然后把事情做对。

Do the right things, and do things right.

买股票就是买公司，买公司就是买它未来现金流的折现。

Buying a stock is buying a business, and buying a business is buying the discounted value of its future cash flows.

本分和平常心，是投资中最重要的两件事。

Integrity and an ordinary mind are the two most important things in investing.

不为清单往往比要做的清单更重要。

A stop-doing list is often more important than a to-do list.

如果不了解一家公司，再便宜也不要买。

If you don't understand a company, don't buy it no matter how cheap it is.

平常心就是回到事物的本质去思考问题。

An ordinary mind means going back to the essence of things when you think.

敢为天下后，后中争先。

Dare to be the last in the world, yet strive to lead among the latecomers.

投资要用闲钱，绝不能用急钱和借来的钱。

Invest with spare money only—never with money you need soon or have borrowed.

好公司贵一点可以接受，但便宜的时候买会更舒服。

A great company at a slightly high price is acceptable, but buying it cheap feels much better.

我一年看盘的次数，大概用手指头数得过来。

I check the market maybe a handful of times a year.

企业文化是一家公司最深的护城河，没有文化的公司走不远。

Corporate culture is a company's deepest moat; one without it won't go far.

所谓差异化，就是用户离开你会觉得不方便，或者觉得别家不够好。

Differentiation means users feel inconvenienced leaving you, or find rivals simply not as good.

我买苹果，是因为我真的看懂了它的生意模式。

I bought Apple because I truly understood its business model.

茅台是个好生意，它的护城河是时间堆出来的。

Moutai is a good business; its moat was built by time itself.

股价短期跟着情绪跑，长期跟着业绩走；别把情绪的波动当成公司的价值。

Short-term prices chase sentiment; long-term they follow earnings. Don't mistake mood swings for a company's value.

不借钱、不加杠杆，这是我对自己的铁律。

No borrowing, no leverage—that's my iron rule.

止损是投机者的词，价值投资者只在看错生意时离场。

Stop-loss is a speculator's word; value investors exit only when they misjudge the business.

确定性比便宜更重要，宁可少赚确定的钱，不赚看不懂的钱。

Certainty matters more than cheapness; better earn less on what's certain than chase what you don't understand.

买股票就像买下一个农场，你关心的是它每年产多少粮。

Buying a stock is like buying a farm; what you care about is how much grain it yields each year.

我不预测宏观，宏观太复杂，我也没那个本事。

I don't forecast the macro; it's too complex and beyond my ability.

All cash is equal——同样是现金，要投到回报最高且最确定的地方。

All cash is equal—but deploy it where return is highest and most certain.

我犯过最大的错误，是看对了却买得太少。

My biggest mistake was being right but buying too little.

集中持股不是冒险，是把钱放在你最懂、最有把握的地方。

Concentrated holding isn't risk-taking; it's putting money where you understand best and are most sure.

慢慢来，比较快。

Slow is faster.

简单的事重复做，长期做对的事，复利会奖励你。

Do simple things repeatedly; do the right things over time, and compounding will reward you.

贵的未必不好，便宜的未必划算，关键看你得到的是不是比付出的多。

Expensive isn't necessarily bad, cheap isn't necessarily a deal—what matters is whether you get more than you pay.

守住能力圈，圈外再热闹也与我无关。

Guard your circle of competence; what's outside it, no matter how lively, is none of my business.

好生意的标准：投入少、产出多、可持续、竞争者难复制。

A good business: little input, much output, sustainable, hard for rivals to copy.

市场一片恐慌时，机会往往也在那里；但前提是你要先看懂它为什么跌。

When the market panics, opportunity is often there too—but only if you first understand why it fell.

买自己愿意持有十年的公司，十年太短就别买。

Buy companies you'd hold for ten years; if ten years feels too short, don't buy.

我这些年的回报，靠的是少数几个大决定，而不是频繁交易。

My returns over the years came from a handful of big decisions, not frequent trading.

平常心看待涨跌，涨不喜跌不悲，回到生意本身。

View rises and falls with an ordinary mind—no joy in ups, no sorrow in downs—and return to the business itself.

企业的诚信和本分，最终都会体现在利润里。

A company's integrity and 'benfen' ultimately show up in its profits.

不要和股票谈恋爱，但要对好生意保持忠诚。

Don't fall in love with a stock, but stay loyal to a good business.

错的机会成本，往往比错过更贵。

The cost of a wrong opportunity often outweighs the cost of missing one.

我投资没有秘诀，就是买好公司、等好价格、长期拿。

I have no secret in investing—just buy good companies, wait for good prices, and hold long-term.

看不懂的商业模式，再热闹我也不碰。

No matter how hyped, I won't touch a business model I don't understand.

时间是好生意的朋友，烂生意的敌人。

Time is the friend of good businesses and the enemy of bad ones.

与其预测风雨，不如造一艘不怕风雨的船。

Rather than predict the storm, build a boat that fears no storm.

复利最怕“中断”——一次清仓或一次爆仓，前面的积累可能一笔勾销。

Compounding fears interruption most—one liquidation or blow-up can wipe out everything before it.

好的管理层，把股东当合伙人而不是提款机。

Good management treats shareholders as partners, not as an ATM.

不熟不做，知道自己不懂什么比懂什么更值钱。

Don't do what you don't know; knowing what you don't understand is worth more than what you do.

低估不等于可以买，低估的好公司才值得出手。

Undervalued doesn't mean buyable; only an undervalued good company is worth acting on.

我很少做短线，因为短线是在和确定性作对。

I rarely trade short-term, because short-term trading fights against certainty.

生意的本质是满足需求，能持续满足需求的才值钱。

The essence of business is meeting needs; only those that meet them sustainably are valuable.

少即是多，少决策、少交易、少焦虑。

Less is more—fewer decisions, fewer trades, less anxiety.

和巴菲特吃那顿午餐，最大的收获是确认了价值投资这条路。

The biggest gain from that lunch with Buffett was confirming the path of value investing.

市场的报价是别人的情绪，你可以利用它，但别听它的命令。

The market's quote is someone else's mood; you may use it, but don't take orders from it.

安全边际不是精确计算，而是给自己留犯错的空间。

Margin of safety isn't precise calculation; it's leaving room for being wrong.

企业最大的浪费，是把资源投到没有护城河的事情上。

A company's biggest waste is pouring resources into things with no moat.

别赚最后一个铜板，留点利润给别人，也留条退路给自己。

Don't grab the last coin; leave some profit for others and an exit for yourself.

我评估一门生意，先看它十年后还在不在、好不好。

When I assess a business, I first ask whether it'll still exist and thrive in ten years.

频繁交易是焦虑的出口，却是收益的黑洞。

Frequent trading is an outlet for anxiety, yet a black hole for returns.

真正的护城河，是竞争对手看得到却学不会的东西。

A true moat is something rivals can see but cannot learn.

投资上最大的风险，是以为自己懂其实不懂。

The biggest risk in investing is thinking you understand when you don't.

大道至简，把复杂的事想简单，把简单的事做扎实。

The great way is simple: think complex things simply, and do simple things solidly.

买入伟大的企业，与时间做朋友。

Buy great companies and let time be your friend.

本分就是不做不对的事，做对的事情，把事情做对。

Integrity means not doing what's wrong, doing the right things, and doing things right.

买股票就是买公司，买公司就是买其未来现金流。

Buying a stock is buying the company, and buying the company is buying its future cash flow.

投资很简单，但是不容易。

Investing is simple, but not easy.

不懂的公司，不碰。

If you don't understand a company, don't touch it.

投资最难的是'什么都不做'。

The hardest thing in investing is doing nothing.

做投资，最重要的不是聪明，而是不做蠢事。

In investing, what matters most is not being smart, but not doing stupid things.

慢慢变富，往往才是真正的大钱。

Getting rich slowly is often where the real big money is.

看懂一家公司不会比读一个本科更容易。

Understanding a company is no easier than getting a college degree.

时间是好公司的朋友，是烂公司的敌人。

Time is the friend of a wonderful company, the enemy of a mediocre one.

不借钱投资，是底线。

Not borrowing money to invest is the bottom line.

商业模式好的意思就是长期能赚很多钱且能持续。

A good business model means it can make a lot of money sustainably over the long term.

老巴的安全边际不是指便宜，安全边际指的是你对公司有多懂。

Buffett's margin of safety doesn't mean cheap; it means how well you understand the company.

做对的事情实际上是通过不做不对的事情来实现的。

Doing the right thing is actually achieved by not doing the wrong things.

如果你懂投资，你不需要杠杆，如果你不懂投资，你更不应该用杠杆。

If you understand investing, you don't need leverage; if you don't, you shouldn't use it even more.

没看懂的公司比较容易鉴别，就是股价一掉你就想卖，涨一点点你也想卖的那种。看懂的那种大概就是怎么涨你都不想卖，大掉时你会全力再买进的那种。

Companies you don't understand are easy to identify: when the price drops you want to sell, when it rises a bit you also want to sell. The ones you understand: no matter how much they rise you don't want to sell, and when they drop big you want to buy more.

理解复利的强大和难于达成，是理解很多事情的精髓。

Understanding the power and difficulty of achieving compound interest is the essence of understanding many things.

承认自己不懂某样东西意味着智慧的曙光即将来临。

Admitting you don't understand something means the dawn of wisdom is coming.

投资不在乎失掉一个机会，因为机会有很多，但是，千万不能抓错一个'机会'。

In investing, it doesn't matter if you miss an opportunity, because there are many. But you absolutely cannot grab the wrong 'opportunity'.

没什么比买错股票并长期持有伤害更大的'投资'了。

Nothing causes more damage in 'investing' than buying the wrong stock and holding it long term.

在我眼中，所有靠谱的投资都是价值投资。

In my eyes, all reliable investments are value investments.

知道自己的'能力圈'有多大比'能力圈'本身有多大要重要的多。

Knowing how big your 'circle of competence' is matters far more than how big it actually is.

买股票和成本无关，买股票和其以前到过什么价无关。有关的东西永远只有一个，就是企业的内在价值。

Buying stocks has nothing to do with your cost basis or what price it reached before. The only relevant thing is the company's intrinsic value.

企业文化来自创始人，不是做出来的。好的企业文化就是做对的事情。

Corporate culture comes from the founder, not something manufactured. A good corporate culture is simply doing the right things.

如果你买了一个伟大的公司，你就坐那儿待着就行了。

If you buy a great company, you just sit there.

着急时尽量不要决策。决策要建立在理性的基础上。

Try not to make decisions when anxious. Decisions should be based on rationality.

平常心其实就是理性思考的习惯。

A normal mind is essentially the habit of rational thinking.

普通人坚持做对的事情，结果是可以很不普通。

Ordinary people who persist in doing the right things can achieve quite extraordinary results.

不打算拿10年的股票你为什么要拿10天呢？

If you're not willing to hold a stock for 10 years, why would you hold it for 10 days?

便宜的东西可以更便宜。

Cheap things can get cheaper.

越是迷惘的时候越是要往远处看，10年20年后会是什么样子。

The more confused you are, the further you should look. What will things look like in 10 or 20 years?

持有=买入，其实不是一个观点而是一个事实。

Holding equals buying. This is not an opinion but a fact.

我不太懂估值，我只是努力去想如果我的钱投在某家公司的话，10年后会如何。

I don't really understand valuation. I just try to think about what my money would look like in 10 years if invested in a certain company.

企业真正的护城河，是用户心智。

A company's true moat is the user's mind.

品牌本质上是降低用户决策成本。

A brand essentially reduces the user's decision-making cost.

真正的大机会，几年才来一次。

Truly great opportunities only come once every few years.

投资里最重要的是'确定性'。

The most important thing in investing is 'certainty'.

消费是很好的赛道，因为人性很难变。

Consumption is a great track because human nature rarely changes.

如果你拥有一家公司的话，你就知道什么你应该重点关注了。如果你没有拥有一家公司的感觉，怎么说也都是没用的。

If you own a company, you know what to focus on. If you don't have the feeling of ownership, no explanation will help.

假装会游泳是很危险的，假装会投资也一样。

Pretending to know how to swim is dangerous, and pretending to know how to invest is the same.

'不择时'不是追高的理由。真正不择时的人是真的看十年的人。

'Not timing the market' is not an excuse for chasing highs. True non-timers are those who look at 10 years.

投资赚的是公司赚的钱，投机赚的是市场的钱。

Investing earns what the company makes; speculation earns what the market gives.

每个人都该找自己能搞懂的好企业。老巴懂的我经常不懂，我懂的老巴也可能不懂。

Everyone should find good companies they can understand. What Buffett understands, I often don't; what I understand, Buffett might not either.

如果你决定要买某只股票，先想象一下如果股市马上停止10年交易，你是否能接受。

If you decide to buy a stock, first imagine if the stock market closed for 10 years tomorrow, could you accept it?

能力圈之外的钱，赚了也拿不住。

Money earned outside your circle of competence, even if earned, cannot be held.

所谓财务自由就是不为钱去做不想做的事情，时间花在想花的地方。

Financial freedom means not doing things you don't want to do for money, and spending time where you want to spend it.

做对的事，然后耐心等待。

Do the right thing, then wait patiently.

估值高了卖，等估值低了再买，我也想这样做，但这么做的结果基本上都是瞎忙半天还少赚了。

Sell when valuation is high and buy back when low—I'd love to do this too, but the result is almost always wasting time and earning less.

只有在你不乎别人怎么看你看的公司时，哪怕那个人叫巴菲特，那你大概开始知道自己在干嘛了。

Only when you don't care how others view the companies you like, even if that person is Buffett, then you probably start to know what you're doing.

投资不是比谁更激进，而是比谁犯错更少。

Investing is not about who is more aggressive, but who makes fewer mistakes.

读书和悟道是两件事情，读书是学习或者爱好甚至是消磨时间，悟道则是思考。思考是能悟道的必要条件。

Reading and enlightenment are two different things. Reading is learning or hobby or even killing time; enlightenment requires thinking. Thinking is the necessary condition for enlightenment.

会赚钱的公司指的是能够长期赚钱的公司，这些公司往往有着利益之上的考量和追求。

Companies that can make money refer to those that can make money long-term. These companies often have pursuits beyond profit.

拿着好公司就一直是牛市，不然就是猪市。

If you hold good companies, it's always a bull market; otherwise, it's a pig market.

如果你买了一个价值低估的股票，你就要等到价格达到你算出来的内在价值时卖掉，这是很难算的。但是如果你买了一个伟大的公司，你就坐那儿待着就行了。

If you buy an undervalued stock, you have to sell when the price reaches the intrinsic value you calculated, which is very hard to calculate. But if you buy a great company, you just sit there.

股票是由每个买家自己'定价'的，到你'自己'觉得便宜的时候才可以买，实际上和市场（别人）无关。

Stocks are 'priced' by each buyer himself. You should buy only when 'you yourself' feel it's cheap, which actually has nothing to do with the market (others).

巴菲特说他的投资一般是在他认为有95%的把握时才出手，但很多人实际上60%的把握就出手了。

Buffett says he generally only acts when he has 95% confidence, but many people actually act at 60%.

我相信长期而言股市是称重机。对没有信仰的人而言，股市永远是投票器。

In the long run, the stock market is a weighing machine. For those without faith, it's always a voting machine.

投资和投机的关键区别：以现在这样的价格，这家公司如果不是上市公司你还买不买？如果你决定还买，这就叫投资；如果非上市公司你就不买了，这就叫投机。

The key to distinguish investing from speculating: at this price, if this company were not publicly listed, would you still buy it? If yes, it's investing; if no, it's speculating.

如果你心里既没有是非，也不懂概率，你确实会辛苦的。不管你做什么，你最后都会成为你本该成为的那个人的。抱怨环境不会让你得到任何东西！

If you have neither a sense of right and wrong nor an understanding of probability in your heart, you will indeed suffer. Whatever you do, you will eventually become the person you were meant to be. Complaining about the environment won't get you anything!

道可学，术要练。道指的就是'做对的事情'或者说'不做不对的事情'或者说'发现错了马上改——不管多大的代价都是最小的代价'。

The Way can be learned, but skills must be practiced. The Way means doing the right things, or not doing the wrong things, or correcting mistakes immediately upon discovery — no matter how big the cost, it's the smallest price to pay.

发现错了马上改，不管多大的代价都是最小的代价。

If you find you've made a mistake, correct it immediately. No matter how big the cost, it will be the smallest cost.

一般来讲，聪明人知道如何把事情做对，但有智慧的人知道要做对的事情。投机投的是零和游戏，投资投的是企业带来的利润。

Generally speaking, smart people know how to do things right, but wise people know to do the right things. Speculation is a zero-sum game; investing is betting on the profits generated by the business.

勤奋和天赋其实都没那么重要，做对的事情最重要。

Hard work and talent aren't really that important. Doing the right things is what matters most.

人们热爱做'不对的事情'是因为这类事情往往有短期诱惑。

People love doing the wrong things because such things often come with short-term temptations.

很多时候人们太注意所谓成功人士都干了啥，但就是不注意他们不干啥。而往往不干什么是决定成功的最重要因素。

Many times people focus too much on what successful people did, but pay no attention to what they didn't do. And often, what they chose not to do is the most important factor in their success.

本分不是照妖镜，本分是用来检视自己的。

Being dutiful is not a demon-revealing mirror; it's a tool for self-examination.

举重若轻的真实原因其实是举轻若轻。举轻若轻的意思就是看起来毫不费力，但那是竭尽全力的结果，全是功夫啊。

The real reason one handles heavy weights with ease is that one first handles light weights with ease. Handling light weights with ease looks effortless, but it's the result of giving it your all — it's all about mastery.

没有理想走不远，不现实很难活下去，所以需要理想主义和现实主义的结合。

Without ideals you won't go far; without realism you can hardly survive. So you need a combination of idealism and realism.

对的事情往往和能长久有关系。如果能尽量不做不对的事情，同时又努力地把事情做对，长时间（10年20年）后的区别是巨大的。

The right things are often related to longevity. If you try your best not to do wrong things, while diligently doing things right, the difference after a long time (10 to 20 years) will be enormous.

如果你能理解到实际上不需要被市场证明对错的时候，你就是价值投资者了。

When you realize that you actually don't need the market to validate whether you're right or wrong, you've become a value investor.

凡事想长远会提高存活率的。

Thinking long-term about everything will increase your survival rate.

好的投资大多都是逆向的，但逆向的未必就是好投资。

Most good investments are contrarian, but not all contrarian moves are good investments.

恐惧虽然是盲从者的敌人，但却是基本面信徒的好朋友。

Fear may be the enemy of the herd follower, but it's the best friend of the fundamental believer.

从长期的角度看，市场是绝顶聪明的！其实很多'购买并持有'的人们实际上就是投机分子。

From a long-term perspective, the market is incredibly smart! In fact, many people who claim to be 'buy and hold' investors are actually speculators.

投资最重要的其实也是唯一重要的是看懂公司的未来。看不懂就歇着，赌牛市或熊市是危险滴。

The most important — and really the only important — thing in investing is understanding the company's future. If you don't understand, just rest. Betting on bull or bear markets is dangerous.

没耐心是理性不够的表现。

Impatience is a sign of insufficient rationality.

投资多元化是个伪命题。所谓投资多元化指的是理财，它和投资是两种不同的游戏。理财是鸡蛋太多，放进不同的篮子里，通过盈亏平衡达到保值的目的。而对于投资而言，一旦认准了好的篮子，就不存在鸡蛋太多的问题。

Diversification in investing is a false proposition. What's called diversification is actually wealth management, which is a different game from investing. Wealth management is about having too many eggs and putting them in different baskets to preserve value. For investing, once you've identified a good basket, there's no such thing as having too many eggs.

从10年的角度看，买的时候比最低价贵30%其实没多少。

From a 10-year perspective, paying 30% above the absolute lowest price really doesn't matter much.

能看三年也好啊，肯定好过看三天的。

Being able to see three years ahead is already good enough, certainly much better than just seeing three days ahead.

设定投资目标是件蛮愚蠢的事情。当你有了每年增长多少百分比的目标之后，你早晚会做出很愚蠢的事情。

Setting investment return targets is quite a foolish thing to do. Once you have a target of annual percentage growth, sooner or later you will do something very foolish.

估值是定性的，因为变量太多且不可知。定性的分析才是真正利润的来源。

Valuation is qualitative because there are too many unknowable variables. Qualitative analysis is where the real profit comes from.

净资产收益率是个很好的指标，可以用来排除那些你不喜欢的公司。这个指标如果好的话，你首先要看的是债务；如果没有债务问题则马上要看文化，看这种获利是否可以持续。

ROE is a very good metric — it can be used to exclude companies you don't like. If ROE looks good, the first thing to check is debt; if there's no debt problem, immediately look at the culture to see if this profitability can be sustained.

先定性，再定量——必须先选定企业的好坏也就是好股烂股的情况下，再决定投资的价格和规模。

Qualitative first, then quantitative. You must first determine whether a company is good or bad — whether it's a good stock or a lousy stock — before deciding on the price and position size.

找到有定价权的公司对投资非常重要。在看到强大的护城河之前，我是不敢大投的。

Finding companies with pricing power is very important for investing. I don't dare to invest heavily until I can see a strong moat.

如果能找到时间长也不变的公司，那就是最好的投资标的。

If you can find companies that remain unchanged over a long period of time, those are the best investment targets.

right business最重要，因为right people在right business里能充分体现出来。再好的车手也很难开好一辆烂车。

Right business is the most important, because right people can fully express themselves within a right business. Even the best driver can hardly perform well in a terrible car.

看到商业模式不好，就像刮奖刮到一个谢字，还要继续往下刮吗？

When you see a bad business model, it's like scratching a lottery ticket and already seeing a 'thank you' — why would you keep scratching?

个人偏爱低负债、零负债的公司。还要看看资本开支，有不少公司是资本黑洞，利润只是纸上富贵。

I personally prefer companies with low debt or zero debt. You also need to look at capital expenditure — many companies are capital black holes where profits exist only on paper.

市值低于现金的公司千万要小心。净现金超过市值也未必就是好投资，关键还是看未来净现金流折现。

Be very careful with companies whose market cap is below their cash holdings. Even if net cash exceeds market cap, it doesn't necessarily mean it's a good investment — the key is still future discounted cash flow.

分不分红其实和公司价值无关。好公司当现金多于需要又不能有效利用时自然会分红的，不然就不算很好的公司。

Whether a company pays dividends or not is actually unrelated to its value. A good company will naturally pay dividends when it has more cash than it can effectively deploy — otherwise it's not really a great company.

投资是抵抗通胀的最好办法，不是最好办法之一。所以没有闲钱投资是件痛苦的事情。

Investing is the best way to fight inflation — not one of the best ways, but the best way. So not having spare cash to invest is a painful thing.

我是个满仓主义者。满仓主义就是骨子里明白闲钱存银行是一定会输给通胀的，所以要学会投资，要找到好公司拿着。

I'm a full-position believer. Full-position investing means understanding deep in your bones that idle cash in the bank will definitely lose to inflation — so you must learn to invest and find good companies to hold.

你要短线能赚钱那当然做短线啊！最短的短线在澳门。

If you can make money with short-term trading, by all means do it! The shortest short-term trading is in Macau.

投资不需要文化，也不需要情商。投资其实很像种地。

Investing doesn't require culture, nor does it require emotional intelligence. Investing is actually a lot like farming.

心中有市场就很难战胜市场。这句话的意思是：公司其实只有一个买家，那就是公司自己。

If the market is in your heart, it's hard to beat the market. What this means is: a company really only has one buyer — the company itself.

投资中常识就是公司的真正买家只有公司自己。也可以说，买股票就是买公司，就是买公司的未来现金流折现。

The common sense in investing is that a company's only true buyer is the company itself. In other words, buying stocks is buying the company, which is buying the company's discounted future cash flow.

很多人对'懂'可能有个误会，以为你拿了个水晶球，看到了未来的一切及其他。其实，投资是个充满了变数的游戏，所有合理的行为都是基于概率的。

Many people misunderstand the word 'understand' — they think you're holding a crystal ball, seeing everything that will happen and more. In reality, investing is a game full of variables, and all reasonable actions are probability-based.

任何人都最好别做空。不喜欢的公司避开就好了，千万不要去做空，因为看错一次会让你难受很久甚至一辈子的。

No one should short sell. If you don't like a company, just avoid it. Never short it, because being wrong just once can make you suffer for a very long time, even a lifetime.

巴菲特说过，他有很多很厉害的朋友最后都破产了，原因就是因为用了margin。margin有点像毒瘾，戒掉不容易。

Buffett said many of his very capable friends eventually went bankrupt, all because of using margin. Margin is a bit like an addiction — not easy to quit.

老巴的教导千万别忘了：不做空，不借钱，不做不懂的东西！

Never forget Old Buffett's teachings: no shorting, no borrowing, and no investing in things you don't understand!

我懂的生意非常少，和很多人的差别在于我承认我懂的少，所以就变简单了。

The businesses I truly understand are very few. The difference between me and many others is that I admit I understand very little, and that makes things much simpler.

不要轻易去'扩大'自己的能力圈。搞懂一个生意往往是需要很多年的。

Don't casually try to 'expand' your circle of competence. Truly understanding a business often takes many years.

当我跑到能力圈以外的时候，和散户并没有区别。

When I step outside my circle of competence, I'm no different from a retail investor.

耐心等待自己能力圈内出现投资目标，包括在能力圈内积极寻找。

Patiently wait for investment targets to appear within your circle of competence, while also actively searching within that circle.

买好公司拿着比啥都强，其次是买债券，然后是存银行。

Holding good companies beats everything else. Next best is buying bonds, and then keeping money in the bank.

看企业经营历史很重要，不然无法了解企业。看图看线看的是股价的历史，也就是以前别人怎么评价公司的，两者完全不是一回事。

Studying a company's operating history is very important — without it you can't understand the business. Chart-watching looks at the history of stock prices, which is how others evaluated the company in the past. The two are completely different things.

k线图只能代表别人现在怎么看（买卖）这只股票，和你的观点本不应有关系的。

K-line charts only represent how others currently view (buy/sell) this stock, which should have nothing to do with your own judgment.

我也是从看图看线过来的。后来看到巴菲特说的'买股票就是买公司'，突然就明白了。

I used to be a chart-watcher too. Then I came across Buffett's saying 'buying stocks is buying companies,' and it suddenly clicked.

有些产品可能卖的就是情绪价值，有些产品则是非常需要让用户知道很具体的功能的。

Some products sell emotional value, while others need users to have a very clear understanding of their specific functions.

创新其实就是用户需求，需要变你就变，不需要变就不要变。

Innovation is essentially about user needs. Change when the users need it; don't change when they don't.

我经常看到有人跑到自己的能力圈以外去做事情，回头安慰自己的话就是'扩大能力圈'是要付学费的。

I often see people venturing outside their circle of competence, and then comfort themselves by saying 'expanding your circle of competence requires paying tuition.'

任何一个公司的真正的买家就只有他自己。如果你不太小心地买了家烂公司，安慰自己的办法大概就是不停地对自己说：以后再也不赌了。

The only true buyer of any company is the company itself. If you carelessly bought a bad company, the only way to comfort yourself is probably to keep telling yourself: I'll never gamble again.

做对的事情，把事情做对。

Do the right thing, and do things right.

不懂不做。

Don't do what you don't understand.

如果你已经在坑里，就别再往下挖了。

If you're already in a hole, stop digging.

AI的历史车轮滚滚向前，会碾碎所有AI的泡沫的。

The wheel of AI history rolls forward and will crush all AI bubbles.

AI显然能帮你更快地收集信息，收集的是什么就取决于你自己了。

AI can obviously help you collect information faster, but what you collect depends on yourself.

道就是做对的事情和把事情做对，就是理性想长远、想本质。

The Way is doing the right things and doing things right — it means thinking rationally, thinking long-term, thinking about the essence.

这个世界对任何人都是有机会的，但不意味着你就一定有机会。

The world has opportunities for everyone, but that doesn't mean you will definitely have opportunities.

知道什么事情会发生远比知道什么时候会发生要容易得多。

Knowing what will happen is far easier than knowing when it will happen.

我们的不为清单（Stop Doing List）拯救了我们。其实原则往往是危机中才显英雄本色的。

Our Stop Doing List saved us. Principles often show their true value only in times of crisis.

不过人生很长，还有很多盘棋要下，学会想长远会让你以后少犯很多错。

Life is long, there are many more games to play. Learning to think long-term will help you make fewer mistakes going forward.

其实任何时代都是难的，其实任何时代都有机会，其实任何时代成功的概率都很小。

Every era is difficult, every era has opportunities, and every era has a very small probability of success.

做对的事情的过程当中是会犯很多错误的，这个过程叫学习。

You will make many mistakes in the process of doing the right things. This process is called learning.

可能是养成了思考习惯的结果。我确实发现很多人是不太思考的，原因不详。思考最重要。

It's probably the result of having developed a habit of thinking. I do find that many people don't really think, for reasons unknown. Thinking is the most important thing.

商业模式最重要的还是看未来的现金流。

The most important thing about a business model is still looking at future cash flow.

人们往往都说价值投资很难，所以他们往往都选择了更难的办法。

People often say value investing is hard, so they end up choosing even harder approaches.

你得有多大毛病才会去投资一家让你焦虑的公司啊？

What kind of problem do you have to invest in a company that makes you anxious?

我分享自己的想法其实就是觉得好玩。投资的道理很简单，任何公司的买家都只有一个，到最后和别人怎么说没有一毛钱关系。

I share my thoughts simply because it's fun. The logic of investing is simple: every company has only one buyer, and in the end, what others say has nothing to do with it.

长期看除了公司自己外，没人可以影响股价的。

In the long run, no one but the company itself can affect its stock price.

这个世界上根本就没有什么恶意做空或者是恶意做多！如果有哪家公司会因为被人做空而出现麻烦的话，那他本来就有麻烦。

There is no such thing as malicious shorting or malicious going long in this world! If a company gets into trouble because someone shorted it, it had trouble to begin with.

好公司便宜的时候都是加仓的好时机。

When a good company gets cheap, it's always a good time to add to your position.

但是搞清楚谁是好公司以及是不是便宜并不容易。

But figuring out which companies are good and whether they are cheap is not easy.

看不懂10年的人们更看不懂一年或者一个月的，这样就只好赌了。散户大多不管牛熊市都亏钱的原因就在于此。

People who can't see 10 years ahead can see even less clearly one year or one month ahead, so they have no choice but to gamble. This is why most retail investors lose money in both bull and bear markets.

我总觉得每个人给出的折现率应该是每个人自己的（长期）最大机会成本。对很多不懂投资的人们而言，最合适的机会成本应该是无风险利率。

I always feel that everyone's discount rate should be their own (long-term) maximum opportunity cost. For many people who don't understand investing, the most appropriate opportunity cost should be the risk-free rate.

企业价值本身确实和每个人的机会成本没有直接关系，但是不是决定投某家公司是和自己的机会成本直接相关的。

Enterprise value itself has no direct relationship with each person's opportunity cost, but whether to invest in a company is directly related to your own opportunity cost.

有趣的是大多数人都是喜欢没有困难创造困难也要上的类型。这个就是巴菲特说的：极少人愿意慢慢地变富，他们宁愿选择快快地亏钱。

Interestingly, most people prefer to create difficulties where there are none. As Buffett said: very few people are willing to get rich slowly. They would rather lose money quickly.

问的都是投机，投资的人自己就默默地投了。

Those who ask are speculating; those who invest just quietly invest.

很多人说价值投资很难。投机更难啊！投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。然后他说我很难，我怎么就难了？我就买了一个茅台，一直拿着，拿了十几年了，我难在哪儿了？

Many people say value investing is hard. Speculation is even harder! Eighty to ninety percent of retail speculators lose money, in both bull and bear markets. They say it's hard — how is it hard for me? I just bought Moutai and held it for over ten years. Where's the hard part?

投资者需要客观，乐观是有可能害死人的哈。

Investors need to be objective. Optimism can be fatal.

不要想市值，集中精力看生意！

Don't think about market cap. Focus your energy on looking at the business!

没有现金流的东西我看不懂。没有现金流的东西我不会感兴趣的，you don't get the point!!!

I don't understand things without cash flow. I won't be interested in things without cash flow, you don't get the point!!!

如果有闲钱，不投资最后肯定会输给通胀的，但赌博会输得更快更干净。

If you have spare money, not investing will certainly lose to inflation, but gambling will lose it faster and more completely.

赌徒确实会焦虑，所以他们需要学心理学，需要找到安慰自己的办法。你买自己懂的未来会赚很多钱的公司，你是不需要懂心理学的，你懂公司就足够了。

Gamblers do get anxious, which is why they need psychology and ways to comfort themselves. When you buy companies you understand that will make a lot of money in the future, you don't need psychology — understanding the company is enough.

正确与否和难不难没有关系的，难而正确逻辑不通，难到不难的正确的事就不做了？

Whether something is right has nothing to do with whether it's hard. 'Hard but right' is illogical. Would you stop doing the right thing just because it's not hard?

没有信仰的人是需要找一个宗教来安慰自己的，但价值投资不是一个宗教也不是一个信仰。价值投资需要非常理性，理性的人会独立思考。

People without faith need a religion to comfort themselves, but value investing is not a religion or a faith. Value investing requires being very rational, and rational people think independently.

因为打球的时候没时间交易，所以多赚了很多钱。我偶尔会开玩笑说我可能是世界上靠打高尔夫赚钱赚得最多的人哈。

Because I don't have time to trade when I'm playing golf, I made a lot more money. I sometimes joke that I might be the person who's made the most money from playing golf in the world.

国内的散户和国外的散户不会有区别的，85%的人们最后都是会亏钱的。关键是，你为什么要做这85%？

There's no difference between domestic and foreign retail investors — 85% of people will eventually lose money. The key question is: why would you want to be part of that 85%?

你最好先做个企业，这对理解生意有很大好处。

You'd better start a business first. It helps a lot in understanding how businesses work.

不容易指的是看懂生意不容易，简单说的是只有看懂生意是重要的。别人怎么看跟你有什么关系？当股票下跌的时候，你心里充满了恐惧，那就说明你买了你不懂的公司。

Not easy means it's not easy to understand a business. Simple means that only understanding the business matters. What others think has nothing to do with you. When a stock falls and you're filled with fear, it means you bought a company you don't understand.

好生意就是好生意，它是由生意本身决定的，和视角无关。

A good business is a good business. It's determined by the business itself, and has nothing to do with perspective.

每家公司都是有风险的。你搞不懂的公司都是风险很大的。

Every company has risks. Companies you don't understand are the ones with the biggest risks.

钱是保健因子，钱以外的是激励因子。给的一定要公平。我不喜欢那种给人钱时脸上有优越感的老板。给员工的报酬是按契约精神给的，不是老板赐予的。

Money is a hygiene factor. Things beyond money are motivation factors. Compensation must be fair. I don't like bosses who look superior when giving money to people. Employee compensation is given based on the spirit of contract, not as a boss's gift.

钱其实是保健因子，多了没用，少了不行的东西。比如，如果员工已经很努力在工作了，多发钱并不会让他们更努力，但少发是会留不住人的。所以，发多少其实体现的是公平。

Money is actually a hygiene factor — more is useless, less is unacceptable. For example, if employees are already working hard, paying more won't make them work harder, but paying less will make them leave. So how much you pay actually reflects fairness.

钱不能代替安全感，有质量的陪伴时间不能被替代。

Money cannot replace a sense of security, and quality time spent together cannot be substituted.

对孩子要慎用奖惩制度，激发内在动机要重要得多。

Be careful with reward and punishment systems for children. Inspiring intrinsic motivation is far more important.

你可能可以改变自己，但很难改变别人。

You might be able to change yourself, but it's very hard to change others.

孩子成长的过程可以是你再成长的过程。带孩子很辛苦，但也有很多快乐。

The process of a child growing up can be a process of your own growth. Raising children is hard work, but there's also a lot of joy.

人们往往会用自己被爱的方式去爱别人。

People often love others the way they themselves were loved.

好公司要惜卖。关键是你卖了后买什么。

Be reluctant to sell good companies. The key question is: what will you buy after selling?

价值投资没有止损，只有止错。止盈止亏都是投机的概念。

Value investing has no stop-loss, only stop-mistake. Stop-profit and stop-loss are both concepts of speculation.

多数企业最后死掉，不是被竞争对手打死的，是自己瞎折腾犯错作死的。

Most companies eventually die not because competitors beat them, but because they mess around and make mistakes that kill themselves.

right business + right people + right price + time = good result

Right business + right people + right price + time = good result

家庭让我很开心，投资是我的爱好，慈善是工作。

Family makes me very happy. Investing is my hobby. Charity is my work.

我不愿意慢慢地变富，我只是不知道怎么才能快速变富而已。

I'm not willing to get rich slowly — I just don't know how to get rich quickly.

开车最重要的不是开多快，是能安全到达目的地。

The most important thing about driving is not how fast you go, but arriving at your destination safely.

鱼是很难理解行走的快乐的。

It's hard for a fish to understand the joy of walking.

去找份工作吧！人是社会人，只跟鱼打交道是不够的。

Go find a job! People are social beings. Only dealing with fish is not enough.

我属于胸无大志的那种，会努力垒好砖头但也会想搞明白我们到底在造什么。

I belong to the type with no great ambitions. I work hard to lay each brick well, but I also think about what we're actually building.

复利的力量非常强大的，不要太在乎眼前那一点点利益。

The power of compound interest is very powerful. Don't care too much about the small gains right in front of you.

不要用不属于你的钱去投资。

不懂不做，这是我投资的第一原则。

投资是认知的变现。

所谓价值投资，就是当价格低于价值时买入，然后长期持有。

长期来看，股价会跟随企业的内在价值走。

好生意的标准：能看懂、有护城河、长期赚钱。

企业文化才是一切的根基。

现金流折现才是投资的本质，其他都是噪音。

本分做人，本分做事。

慢就是快，少就是多。

做企业要敢于为长远利益放弃眼前利益。

错误是不可避免的，但呆在能力圈内以及专注和用功可以大幅度减少犯错的机会。

Mistakes are inevitable, but staying within your circle of competence and working hard can greatly reduce them.

未来现金流折现只是个思维方式，千万不要去套公式。

Discounted future cash flow is just a way of thinking; never try to force it into a formula.

心中没有巴菲特的人是很难相信巴菲特的。

Those who don't have Buffett in their hearts find it hard to believe in Buffett.

本分就是回到本源，不做什么比做什么更重要。

投资里大多数的'机会'其实都是别人恐惧时你在湖边看到的一片叶子。

Most 'opportunities' in investing are leaves others toss in fear that you see by the lake.

慢慢变成富其实不是慢,而是没有办法快。

Getting rich slowly isn't slow at all—it simply has no faster alternative.

投资伟大的公司,是把时间当作朋友;投资糟糕的公司,是被时间拖着走。

Investing in great companies makes time your friend; investing in poor companies drags you along.

我不追任何一个新闻热点,只关心我关注的公司在发生什么。

I never chase any news headline; I only care about what's happening at the companies I follow.

持有的过程中,跌得多不是问题,基本面变才是问题。

A big drop while holding isn't the issue; a change in fundamentals is.

买一只股票之前,问自己:如果你必须持有十年,而期间不能动,你会买吗?

Before buying a stock, ask: if you had to hold it ten years without moving, would you still buy it?

买的太贵,再好的生意也救不了你。

Pay too much, and even the best business won't save you.

做一个好的投资者,就是做一个'会等待'的投资者。

Being a good investor means being an investor who can wait.

每个人最后都会成为他本该成为的那个人。

Everyone eventually becomes the person they were meant to be.

安全边际不是指股价便宜，真正的安全边际是你对这家公司生意的理解程度。

Safety margin isn't about cheap stock price. The real safety margin is how well you understand the company's business.

把'我想要快钱'换成'我能等多少钱',财富观就在转变。

Switching from 'I want fast money' to 'How much can I wait for' transforms your wealth mindset.

我真正重仓的公司一辈子用不到二十个打孔位，不需要懂几千家公司。

I truly don't need 20 punch cards in my lifetime for the companies I heavily invest in. You don't need to understand thousands of companies.

要拒绝各种各样的'可能'对你的诱惑,真正属于你的机会其实非常少。

Resist the lure of all kinds of 'maybes'; the opportunities that truly belong to you are very few.

看不懂十年的人们更看不懂一年或者一个月的，这样就只好赌了。

Those who can't see ten years ahead can't see one year or one month either, so they just gamble.

捷径是迷路的最快的办法。

A shortcut is the fastest way to get lost.

我们不为清单里的一条是不做代工，不是说代工不行，只是代工对我们来讲不合适，要做代工我们打不过专业的人。

我不投不熟悉的公司。如果你不了解一个公司，你就没有办法给它定价，也就不知道它值多少钱。

强大的企业文化不等于不会犯错，强大的文化体现在犯错概率低、发现早、改正快。

拿不住股票本质就是没有真正看懂，真看懂了市场大跌你反而会开心。

不懂企业最好就是不要碰。你如果不懂投资，那就应该买标普500指数。

我不投早期，只投上市企业。投黄峥是因为个人原因，他是我朋友，我了解他、相信他。

管理救不了一家公司，诺基亚是在战略上、在文化上出问题了。

营销不是本质，本质是产品。营销最重要的，就是不能瞎说。

我不碰医药，是因为我搞不定研发管线的风险，它不在我的能力圈。

我不看市场，我看生意。你说某只股票贵，how do you know？站在现在看十年前，估计什么都是贵的。

价值观不匹配的人，坚决不要。给公司制造麻烦的，往往是合格但不合适的人。

懂生意很重要，不懂生意投资是很难做的。

凡事只要花五秒钟想一下这是不是一件对的事，一辈子会省很多事。

我从不预测市场，任何想市场、想时机的做法，可能都是错误的。

文化好，最主要的就是最终它会走回正道，有一个北斗星在指引着它到底该干什么。

一辈子悟不出来的多数都是由于自己拒绝去想长远的东西，短期的诱惑实在是太多了。

你的眼睛是要看到用户的，他们的眼睛是看倒后镜的。

拥有共同价值观的人是选择出来的，不是培养出来的。

抄作业是很难的，因为抄作业你是滞后的。你不懂企业，一看别人买了你就All In，你的All In不就错了嘛。

市场短期是投票器，长期是称重机，股价短期涨跌不代表企业价值变化。

电动车这个生意不会太好，会很累，它差异化很小，将来会卷到只剩几家能赚钱。

如果你不想拿一家公司十年，那你连十分钟都不要持有它。打算拿十年不代表一定要拿十年。

长期持有是一个意向，我买的那个刹那我是打算长期持有的，但是你永远要算你的机会成本。

一年做二十个决策肯定会出错，那不是价值投资。一辈子做二十个投资决策就够了。

大致的估值主要用于判断下行的空间，定性的分析才是真正利润的来源，这也可能是价值投资里最难的东西。

每个人都有能力圈。巴菲特不投IT业也是因为他能力有限、无法了解。每个人在自己的能力圈子里投资，将来一定能有回报。

能力圈不是拿金箍棒在地上画个圈说待在里面不要出去，能力圈是诚实对自己，知之为知之，不知为不知。

无论什么时候卖，都不要和你的买入成本挂钩。不该因为赚了钱就卖，也不该因为亏了就死扛。

不做空，不借钱炒股，不加杠杆。如果你懂投资，你不需要杠杆；如果你不懂投资，杠杆会让你破产。

我并没有因为利益的问题离开小霸王，而是因为信任的问题。

一般而言，赚到几十倍甚至更多的股票绝不是靠估值估出来的，不然没道理投资人一开始不全盘压上。

最重要的是我不做什么，巴菲特不做什么。你想学人怎么做是不可能的，因为每个人的能力圈不同，但什么不做才是成功的关键因素。

好的企业，危机来的时候，反而是机会。我们不贷款，有充裕的现金流，所以每一次危机来的时候都是机会。

决定投资不是由市盈率来决定的，是由你未来的现金流来决定的。

没有哪家公司的失败是因为营销失败，公司失败本质都是因为产品的失败。

平常心，就是凡事回到原点考虑事物的本质。如果你关心的不是事物的本质，没有平常心是正常的。

企业文化本质就是做对的事情和把事情做对。制度管得到流程，文化管制度管不到的地方。

人们关心的是我们做过什么，其实我们之所以成为我们，很大的原因是我们不做的那些事情。

好公司很可能会因为卖option把机会错失了。好价格并不一定是抄底的价格，好价格指的是十年后回头看：哇塞，那真是好价格。

犯错误的概率大家其实都差不多，只是有的人不会一错到底。

能力圈大小不重要，清楚能力圈的边界才最重要。

没有比因为股票涨了很多而买入更荒唐的理由了。

我们的愿景叫做更健康更长久，不健康不长久的事不做。

你投资实际上是在跟他做朋友，我不想跟他做朋友，哪怕给我钱我也不干。

投资永远要算机会成本。不知道你的钱还有什么更好的去处，讨论买卖股票都是瞎扯。

我不太喜欢冒险，我做投资首先想的是我能不能亏得起。

苹果很难得，聚焦在自己做的事情上，苹果有利润之上的追求，就是做最好的产品。

一个股票，你要是扛不住掉百分之五十，你就不应该买。

成功不是看你做对多少事，很大程度取决于你不去做哪些错事。建立一份不为清单，比做事清单更重要。

不要走捷径，不要相信弯道超车。弯道超车是不开车和不坐车的人说的，弯道超车总是会被反超的。

我是一个满仓主义者，我不买一个股票拿着，我心里头就会不舒服，拿着现金是一件很难受的事情。

一个投资标的能不能投，要看懂的深度，不懂的宁愿错过。

卖出的唯一标准：公司本质变了（商业模式失效）或估值严重透支。

文化好的公司不是不会犯错，而是最终能走回正道。

所有的高手都是敢为天下后的，只是做得比别人更好。

我个人不太关心前沿的东西，我一般比较滞后，看懂了好的公司再投。

我三十年下来，差别就在于少犯的那些错误。

商业模式看的就是自由现金流，看这家公司能不能长久赚真金白银。

我们所有的成功，都来自于本分加平常心。

十块钱的东西有人一块钱哭着喊着要卖给你，你要勇气干什么？

炒股是很难赚钱的，大部分散户在牛市和熊市都亏钱。

好公司是不需要卖的！

抄作业不可行——本质是不懂公司，就算抄对一次也无法复制。

如果你不满意，就赶紧跑——股票不喜欢可以用脚投票。

我应该还没有用完20个孔——打孔机原则的实战版。

如果你不能持有十年，就一分钟也别持有——但持有十年不代表必须持有十年。

心中有市场就很难战胜市场，公司其实只有一个买家就是公司自己。

If you have the market in mind, it's hard to beat the market. A company really has only one buyer: itself.

长期持有的前提：要么钱对你不重要，要么真懂公司，否则很难扛住波动。

没有差异化，就成了日用基础商品，只能靠价格来竞争，很难挣钱。

我的选股标准三要素：好的商业模式、好的企业文化、合理的价格。商业模式优先，价格反而是最不重要的。

我很少在办公室，我要么就去打球，要么就去打球。

如果需要计算器按半天才能算出来那么一点利润的投资，还是不投的好。

散户最稳的赚钱路径：看不懂个股就买标普500，长期必赚。

AI这个东西我觉得至少掺和一下，不要错过了。

很多时候，我们其实不必要买——不懂得时候不投就是最好的风控。

茅台不用看宏观，3%-4%的股息比放银行强，股价跌了有钱就继续买。

懂不懂其实是个灰色地带——到处问人家的人肯定是不懂的。

投资是要卖的，很多人对价值投资有个很大的误解就是：你要长期持有，就不可以卖了。

护城河有很多种，但很难想象没有优秀企业文化的企业能拥有长久宽阔的护城河。

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。