本杰明·格雷厄姆
Benjamin Graham现代证券分析之父，哥伦比亚大学商学院教授。著有《证券分析》和《聪明的投资者》，提出了安全边际、市场先生等经典概念，是巴菲特的导师。
经典名言
共 159 条名言
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.
投资者最大的敌人不是股票市场，而是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
安全边际的目的是让准确的预测变得不必要。
The purpose of the margin of safety is to render the forecast unnecessary.
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.
投资者最大的敌人不是股票市场，而是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself
安全边际的目的是让准确的预测变得不必要。
The purpose of the margin of safety is to render accurate prediction unnecessary.
那些不能控制自己情绪的人，不适合从投资中获利。
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
对待价格波动的正确态度是所有成功投资的试金石。
The correct attitude toward price fluctuations is the touchstone of successful investing.
短期来看，市场是一台投票机；但从长期来看，它是一台称重机。
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
聪明的投资者是现实主义者，他们向乐观者卖出，从悲观者手中买入。
The intelligent investor is a realist who sells to optimists and buys from pessimists.
投资者面临的首要问题——甚至是他最大的敌人——很可能就是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
投资操作是基于详尽的分析，确保本金安全和满意回报的操作。不符合这些要求的操作就是投机。
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
市场就像一只钟摆，永远在极度乐观与极度悲观之间来回摆动。
The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.
真正的投资者几乎从不被迫卖出股票，他在任何时候都可以忽略市场报价。
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
从根本上说，价格波动对真正的投资者只有一个重要意义：当价格大幅下跌时，它们提供了明智买入的机会。
Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.
如果说投机有什么秘诀的话，那就是清楚地知道自己是在投机，并且有能力为最坏的结果买单。
If you are to speculate at all, you must know you are speculating and be prepared for the consequences.
安全边际是投资中最重要的概念。它让你在犯错时仍有回旋余地。
The margin of safety is the central concept of investment. It renders an accurate estimate of the future unnecessary.
买入股票时应像购买食品杂货一样精打细算，而不是像购买香水一样凭一时冲动。
Buy stocks as you would buy groceries, not as you would buy perfume.
投资的本质不在于以什么价格买入，而在于你买到了什么价值。
The essence of investment is not in the price at which you buy, but in the value of what you acquire.
短期来看，市场是一台投票机；长期来看，市场是一台称重机。
In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
足够低的价格可以让任何证券成为值得投资的标的。
A sufficiently low price can turn a security of mediocre quality into a sound investment.
安全边际的功能不需要依赖精确的预测，其本质是让你在判断出错时仍能避免重大损失。
The function of the margin of safety does not depend on accurate forecasting. Its essence is that you can still avoid significant loss even when your judgment is wrong.
最明智的投资是那些你永远不会在市场恐慌时被迫卖出的投资。
The smartest investments are those you will never be forced to sell in a market panic.
投资操作是基于深入分析，确保本金安全并获得满意回报的行为。不符合这些要求的都是投机。
An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.
成功的投资者往往具有冷静的 temperament，而不是超凡的 intellect。
The successful investor is often a person who has a temperament that is calm and patient, rather than one who has a brilliant intellect.
市场先生是你的仆人，不是你的向导。他每天给你报价，你可以选择忽略或利用，但绝不能被他左右情绪。
Mr. Market is your servant, not your guide.
分散投资是防御型投资者最可靠的策略，但集中投资是进攻型投资者获取超额回报的手段。
Diversification is the most reliable strategy for the defensive investor, but concentration is the means for the enterprising investor to achieve superior returns.
市场短期的投票机制可以偏离价值很远，但最终称重机制会让价格回归基本面。
The market's short-term voting mechanism can deviate far from value, but eventually the weighing mechanism brings prices back to fundamentals.
投资的秘密是：在价格远低于内在价值时买入优秀企业，然后耐心等待。
The secret of investing is: buy great businesses at prices far below intrinsic value, and then wait patiently.
市场先生是你的伙伴，不是你的引路人。他提供价格，你决定是否接受。
Mr. Market is your partner, not your guide. He provides prices; you decide whether to accept them.
投资者最大的问题甚至最可怕的敌人，很可能就是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
成功投资的秘诀在于安全边际。如果一只股票的内在价值是30美元而你以20美元买入，就有10美元的安全边际。
The secret of successful investing is the margin of safety. If a stock's intrinsic value is $30 and you buy at $20, you have a $10 margin of safety.
价格波动对真正的投资者只有一个重要意义：当价格大幅下跌时，提供了买入的机会；当价格大幅上涨时，提供了卖出的机会。在其他时候，他最好忘掉股票市场。
Price fluctuations have only one significant meaning for the true investor: they provide him with an opportunity to buy wisely when prices fall and to sell wisely when they advance. At other times, he will do better to forget the stock market.
投资成功的秘诀在于：当价格远低于内在价值时买入，其他时间什么都不做。
The secret to investment success is to buy when prices are far below intrinsic value and do nothing the rest of the time.
投资者和投机者之间最根本的区别，在于他们对待市场波动的态度：投资者利用波动，投机者被波动利用。
The fundamental difference between investors and speculators is their attitude toward market fluctuations. The investor uses them; the speculator is used by them.
不要因为一只股票涨了就觉得它好，也不要因为它跌了就觉得它差——价格不是质量，只是别人的情绪。
Don't think a stock is good because it went up, or bad because it went down. Price is not quality — it's just someone else's mood.
分散投资是对无知的保护——但如果你知道自己在做什么，过度分散反而会稀释你的回报。
Diversification is protection against ignorance. But if you know what you're doing, over-diversification dilutes your returns.
市场就像一位商业伙伴，他每天都会告诉你一个价格，要么买你的股份，要么卖给你他的股份——你不必每天回应他。
The market is like a business partner who offers you a price every day — you don't have to respond to him every day.
市场先生是你的仆人，不是你的向导。
Mr. Market is your servant, not your guide.
投资操作是以透彻分析为基础，确保本金安全并获得满意回报。不符合这一标准的就是投机。
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
投资的核心原则是安全边际。
The cornerstone of investment is the margin of safety.
把投资当成一门生意来做，而不是当成一场赌博。
Investment is most intelligent when it is most businesslike.
投资者的主要问题——甚至可以说是最大的敌人——很可能就是他自己。
The investor's chief problem - and even his worst enemy - is likely to be himself.
投资操作是基于透彻的分析，确保本金的安全和适当的回报。不符合这些要求的操作就是投机。
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
市场短期是一台投票机，但长期是一台称重机。
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
投资者最大的敌人不是股市，而是他自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
安全边际是投资中最重要的概念，所有真正的投资都必须建立在这个基石之上。
The margin of safety is the central concept of investment. All genuine investment must rest upon this foundation.
买入一家公司的股票，要像买入整个公司一样思考。
Investment is most intelligent when it is most businesslike.
华尔街有一条铁律：如果每个人都喜欢某样东西，那么你最好避开它。大众的一致看好往往是泡沫的信号。
The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.
真正的投资者几乎从来不需要被迫卖出他的股票，因此他可以完全忽略市场的短期价格波动。
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
对于价值投资者而言，股价的下跌不是风险——只要企业本身没有恶化，下跌只是给了你以更低价格加仓的机会。
Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.
过去的投资记录，无论多么辉煌，都不能保证未来的表现。尤其是在市场风格切换时，历史收益往往是最危险的陷阱。
The fact that a security has risen in price or has paid a large dividend is not evidence of its investment merit.
如果你只是为了一夜暴富而进入股市，你几乎一定会遭受惨重的损失。投资不是赌博，心态决定结局。
The investor who permits himself to be stampeded by unjustified market declines into selling is perversely transforming his basic advantage into a basic disadvantage.
投资操作是基于全面的分析，旨在确保本金安全和满意回报。不满足这些要求的操作就是投机。
Investment operation is one that promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.
聪明的投资者是一个现实主义者，他只买入那些提供安全边际的证券。
A smart investor is a realist who only buys securities that offer a margin of safety.
股票市场短期是投票机，长期是称重机，最终会反映公司的内在价值。
In the short run the market is a voting machine, in the long run a weighing machine. It will ultimately reflect the intrinsic value of companies.
一个投资者如果在他的投资决策中依赖他人的建议，他最终将一无所获。
An investor who relies on others for advice will end up with nothing.
最聪明的投资方式，是化繁为简。
The smartest investment is to simplify.
投资的本质是以低于价值的价格购买证券，这样当价格回归价值时，你就获得了安全边际。
The essence of investing is buying securities at less than their value, so that when the price returns to value, you have a margin of safety.
不要在意股票的短期价格波动，要关注股票的长期价值。
Do not focus on short-term price fluctuations; focus on the long-term value of stocks.
普通股可以作为一种长期投资，只要购买时价格合理，并且公司有良好的发展前景。
Common stock can be a long-term investment if purchased at reasonable prices and the company has good prospects.
投资的关键是控制风险，而不是追求高回报。
The key to investing is controlling risk, not pursuing high returns.
当市场下跌时，投资者不应该恐慌，而应该看到机会。
When the market falls, investors should not panic but see opportunities.
防御型投资者的投资组合应该包括高质量的债券和多样化的大型蓝筹股。
A defensive investors portfolio should include high-quality bonds and diversified large-cap blue-chip stocks.
成长股投资策略更适合积极型投资者，而不是防御型投资者。
Growth stock investment strategies are more suitable for aggressive investors than for defensive investors.
债券的收益是有限的，但股票的收益是无限的。
Bond returns are limited, but stock returns are unlimited.
投资者应该把注意力放在公司的盈利能力上，而不是股价的波动上。
Investors should focus on the companys profitability, not stock price fluctuations.
好的投资是那些在购买时就能让你安心睡觉的投资。
Good investments are those that let you sleep well at night when you buy them.
不要试图在最低点买入，在最高点卖出，这是投资者的致命错误。
Do not try to buy at the bottom and sell at the top; that is a fatal mistake for investors.
投资的回报取决于你支付的价格，低价买入是成功投资的关键。
Investment returns depend on the price you pay; buying at low prices is the key to successful investing.
市场先生的情绪不应该影响你的投资决策，你应该利用他的情绪。
Mr. Markets emotions should not affect your investment decisions; you should exploit his emotions.
股票的内在价值是由公司未来现金流量的现值决定的。
The intrinsic value of a stock is determined by the present value of the companys future cash flows.
一个保守的投资者应该把大部分资金投入债券，只把一小部分投入股票。
A conservative investor should put most of their funds in bonds and only a small portion in stocks.
投资成功的关键是耐心和纪律，而不是智慧。
The key to investment success is patience and discipline, not intelligence.
如果你不能承受股价下跌50%，就不应该持有股票。
If you cannot withstand a 50% decline in stock price, you should not own stocks.
证券分析的价值在于帮助你发现被低估的证券。
The value of security analysis is in helping you find undervalued securities.
一个公司如果长期没有盈利，就不应该被投资。
A company that has not been profitable for a long time should not be invested in.
投资者应该定期检查他们的投资组合，确保投资目标没有改变。
Investors should regularly review their portfolios to ensure investment objectives have not changed.
分散投资是降低风险的有效方法，但不应该以牺牲质量为代价。
Diversification is an effective way to reduce risk, but should not come at the expense of quality.
价值投资的核心是寻找价格低于内在价值的证券。
The core of value investing is finding securities priced below their intrinsic value.
投资者应该学会区分投资和投机，投机不会带来长期成功。
Investors should learn to distinguish between investing and speculating; speculation does not lead to long-term success.
长期来看，股票市场的回报与公司的盈利增长是一致的。
In the long run, stock market returns are consistent with company earnings growth.
不要把所有的鸡蛋放在一个篮子里，但也不要放在太多的篮子里。
Do not put all your eggs in one basket, but do not put them in too many baskets either.
投资于高质量公司的债券是保守投资策略的核心。
Investing in high-quality corporate bonds is the core of a conservative investment strategy.
股票投资应该基于公司的基本面，而不是市场的短期波动。
Stock investing should be based on company fundamentals, not short-term market fluctuations.
投资的本质是以低于价值的价格买入证券，等待价格回归价值。
The essence of investing is buying securities below their value and waiting for prices to return to value.
防御型投资者应该避免高风险的投资，如期权、期货等。
Defensive investors should avoid high-risk investments such as options and futures.
好的投资策略应该简单明了，容易执行。
A good investment strategy should be simple and easy to execute.
投资者应该关注公司的盈利能力、资产价值和财务稳定性。
Investors should focus on company profitability, asset value and financial stability.
如果你不能在股价下跌时继续持有，那么一开始就不应该买入。
If you cannot hold on when the stock price falls, you should not have bought it in the first place.
证券的内在价值与市场价格无关，它是由公司的基本价值决定的。
The intrinsic value of a security has nothing to do with its market price; it is determined by the companys fundamental value.
投资者应该把注意力放在长期价值上，而不是短期利润上。
Investors should focus on long-term value, not short-term profits.
最成功的投资往往是在别人都不看好的时候做出的。
The most successful investments are often made when no one else is optimistic.
投资于那些有稳定现金流的公司，比投资于那些只有增长潜力的公司更安全。
Investing in companies with stable cash flows is safer than investing in companies with only growth potential.
投资者应该学会在市场恐慌时买入，在市场贪婪时卖出。
Investors should learn to buy when the market panics and sell when the market is greedy.
股票投资的核心是找到那些价格低于价值的公司。
The core of stock investing is finding companies whose prices are below their value.
投资者应该避免盲目跟风，要独立思考。
Investors should avoid blindly following the crowd and think independently.
一个公司的账面价值是投资者可以依赖的底线。
A companys book value is a bottom line that investors can rely on.
投资成功的关键是控制情绪，理性决策。
The key to investment success is controlling emotions and making rational decisions.
好的投资是那些即使在不利情况下也能保护你本金的投资。
Good investments are those that protect your principal even in adverse conditions.
投资者应该学会耐心等待，等待合适的价格出现。
Investors should learn to wait patiently for the right price.
债券投资比股票投资更安全，但回报也更低。
Bond investing is safer than stock investing, but the returns are also lower.
最聪明的投资方式是以低于清算价值的价格买入公司。
The smartest investment is to buy a company at less than its liquidation value.
真正的投资者几乎从不被迫卖出，而其他时候他都可以无视市场报价。
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
股票不仅仅是一个交易代码或电子信号，它是一家企业的部分所有权。
A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business.
如果投机者最终都赚不到钱，那投机本身就不会存在了。但事实是所有人都相信自己会是例外。
If all speculators lost money, speculation would disappear. But everyone thinks they will be the exception.
数学是投资中最好的仆人，却是最坏的主人。
Mathematics is the best servant but the worst master in investing.
不要因为一家公司的股价曾经到过50元就在它跌到10元时认为便宜。
Do not think a stock is cheap at 10 just because it was once at 50.
保守型投资不是买安全的股票，而是用安全的方式买任何股票。
Conservative investing is not about buying safe stocks, but about buying any stock safely.
当一家公司的股价跌了50%，和我没有关系。有关系的是这家公司的价值是否也跌了50%。
If a company's stock price drops 50%, it doesn't matter to me. What matters is whether the company's value also dropped 50%.
投资者最大的优势不是比别人聪明，而是可以自由地说“这太复杂了我放弃“。
The investor's greatest advantage is not being smarter than others, but the freedom to say 'This is too complicated, I pass.'
一张漂亮的资产负债表不能弥补一张丑陋的损益表——因为前者迟早会被后者侵蚀。
A beautiful balance sheet cannot compensate for an ugly income statement — because the former will eventually be eroded by the latter.
如果你在投资中需要一个计算器来算到小数点后两位，那你大概率已经走错了方向。
If you need a calculator to compute to two decimal places in investing, you're probably already heading in the wrong direction.
如果你的投资顾问给你推荐了一只他本人没有买的基金——把门打开请他出去。
If your investment advisor recommends a fund he doesn't own personally — open the door and show him out.
防御型投资者的最佳武器不是深入的研究——而是承认自己没有深入研究的能力。
The defensive investor's best weapon is not deep research — it's admitting the inability to do deep research.
短期来看，市场是投票机；长期来看，市场是称重机。
In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
安全边际是投资的基石。
The margin of safety is the cornerstone of investment.
市场先生是你的仆人，而非你的向导。
Mr. Market is your servant, not your guide.
投资操作是基于透彻的分析，承诺本金安全，并获得满意回报。任何不符合这三条的就是投机。
An investment operation is one which upon thorough analysis promises safety of principal and a satisfactory return.
把市场想象成一个叫市场先生的合伙人。他每天都跑来给你报价，有时兴高采烈地出高价，有时垂头丧气地出低价。
Imagine that in some private business you own a small share. One of your partners named Mr. Market is very obliging indeed.
价格是你付出的，价值是你得到的。在购买任何东西时，记住你同时花掉的是你的钱和你的机会成本。
Price is what you pay. Value is what you get.
投资领域有一个残酷的事实：获得令人满意的回报比大多数人想象的要容易，但获得卓越的回报比它看上去要困难得多。两者的区别在于纪律，而非智商。
市场就像一个商业伙伴，每天都会报出一个价格——有时高得离谱，有时低得荒谬。你的任务不是服从他的报价，而是利用他的愚蠢。当他的价格低得荒唐时买入，当他狂热时卖出。
成功的投资秘诀精炼成四个字安全边际。
The secret of successful investing can be condensed into four words: margin of safety.
市场先生是一位情绪化的伙伴时而狂热时而沮丧。
Mr. Market is an emotional fellow, sometimes euphoric, sometimes depressed.
投资者的主要问题甚至最大敌人很可能就是他自己。
The investor's chief problem, and even his worst enemy, is likely to be himself.
投资操作，是经过透彻分析后，承诺本金安全并提供满意回报的行为。不满足这些要求的操作，就是投机。
安全边际的功能，本质上是让对未来的精确预测变得没有必要。
投资者最主要的问题——甚至是他最大的敌人——很可能就是他自己。
投资到最有智慧的程度，就是最像做生意的时候。
市场就像一个钟摆，永远在“贵得离谱”和“便宜得离谱”之间摆动。聪明的投资者从乐观主义者手中买入，卖给悲观主义者。
安全边际是价值投资的核心原则。
Margin of safety is the central principle of value investing.
投资者最大的敌人不是市场，而是他们自己。
The investor's chief problem — and even his worst enemy — is likely to be himself.
最明智的投资是最像生意经营的投资。
Investment is most intelligent when it is most businesslike.
定投不是预测底部，是承认自己不会预测，但相信好公司终将回归。
如果你能找到一家公司股价低于它流动资产减总负债，那你就找到了真正的烟蒂。
An investment in a net-net working capital stock is buying a dollar for 50 cents.
买股票就是买一家真实企业的部分所有权，不是买一张屏幕上来回跳动的彩票。
Buying a stock is buying a piece of a business, not a lottery ticket.
市场先生的报价是给你利用的，不是让你按照它的报价来评价自己的投资。
Mr. Market's quotation is yours to use or ignore—never let him dictate your self-assessment.
取得令人满意的回报远比追求卓越回报更容易，也更可持续——普通人只需做好防守就已经赢了大多数。
Achieving satisfactory returns is easier than achieving outstanding ones.
短期看市场是投票机，长期看是称重机——投票考的是情绪，称重考的是价值。
In the short run the market is a voting machine, in the long run it is a weighing machine.
投资者最大的敌人不是市场波动、不是政策变化，而是他自己内心的贪婪和恐惧。
The investor's chief problem—and even his worst enemy—is likely to be himself.
牛市是普通投资者亏损的主要原因。
Bull markets are the main cause of ordinary investors' losses.
投资操作是指经过详细分析后，保证本金的安全并获得适当的回报。不符合这些要求的操作就是投机。
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
如果总是做显而易见大家都在做的事，那你总是赚不到钱。
If you always do what is obvious and what everyone else is doing, you will never make money.
投资者应当把自己分成两类：“防御型”和“进取型”。前者要的是安全，后者要的是超额——但两种人都需要“纪律”。
The defensive investor must confine himself to the shares of important companies with a long record of profitable operations and in strong financial condition.
一家持续“支付并增加股息”的公司，是在用“真金白银”证明它的利润是真实的。
The true investor will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.
别在“股价创新高”的时候追进去——要在那些“不受欢迎的大公司”里找便宜货。
The intelligent investor should recognize that market prices serve as a guide to what not to do.
“账面价值”和“内在价值”是两回事。账面价值告诉你这家公司过去花了多少钱，内在价值告诉你它未来能赚多少钱。
Book value is the amount that has been put into a business. The intrinsic value is what can be taken out of a business.
在你的投资组合中，“债券”的角色不是帮你发财，而是在你“最需要钱的时候”保住你的底裤。
The investor should never have less than 25% or more than 75% of his funds in common stocks, with the balance in bonds.
安全边际的作用在于，它本质上使得对未来的准确估计变得不必要。
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
投资是最像经营一门生意的行为。
Investment is most intelligent when it is most businesslike.
想象你有一个商业合伙人，叫市场先生。他每天都会报一个价格——要么想买你的股份，要么想把他的股份卖给你。他情绪极不稳定，有时候乐观得离谱，有时候悲观得不像话。但有一个好处：他不介意你是否理他。
Imagine you have a business partner called Mr. Market. Every day he quotes a price — either to buy your shares or sell his. He is emotionally unstable, sometimes euphoric, sometimes despondent. But he has one virtue: he doesn't mind if you ignore him.
有一种最简单的价值投资方法：买入那些股价低于每股净流动资产（流动资产减去全部负债）的公司。如果你的组合足够分散，几乎不可能亏钱。
There is a simple value investing method: buy stocks trading below their net current asset value (current assets minus all liabilities). If your portfolio is diversified enough, it's almost impossible to lose money.
投资与投机的根本区别在于：投资是在深入分析的基础上，确保本金安全并获得满意回报的操作；不符合这三个条件的都是投机。
The fundamental difference between investment and speculation is that investment is an operation which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
普通投资者不可能战胜专业机构——如果你试图频繁交易的话。但如果你买入一组代表整体市场的股票然后长期持有，你很可能会跑赢大多数基金经理。
The average investor cannot outperform the professionals — if you try to trade frequently. But if you buy a group of stocks representing the whole market and hold them long-term, you will likely beat most fund managers.
股价短期是投票机，长期是称重机。短期内市场受人气和情绪影响，但最终企业的真实价值会决定股价的走向。
In the short run, the market is a voting machine. In the long run, it's a weighing machine. Short-term, the market is driven by popularity and emotion, but eventually the true value of the business determines the stock price.
股市短期是投票机，长期是称重器。
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
安全边际：以四毛的价格，买价值一块钱的东西。
Margin of safety: buying a dollar of value for forty cents.
市场先生每天都来报价，你可以利用他，但千万不要受他影响。
Mr. Market is there to serve you, not to guide you.