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.