塞斯·卡拉曼

价值投资看上去简单，但实践起来很难。

Value investing is simple to understand but difficult to implement.

价值投资看上去简单，但实践起来很难。

Value investing is simple to understand but difficult to implement.

耐心是价值投资者最宝贵的资产。

Patience is one of the most valuable assets a value investor can have.

投资者所能拥有的最大优势，就是长期投资的心态。

The single greatest edge an investor can have is a long-term orientation.

大多数投资者主要关注回报——能赚多少，却很少关注风险——会亏多少。

Most investors are primarily oriented toward return, how much they can make, and pay little attention to risk, how much they can lose.

避免亏损是确保盈利的最可靠途径。

The avoidance of loss is the surest way to ensure a profitable outcome.

价值投资是以显著低于内在价值的价格买入证券，并持有到更多价值被实现。

Value investing is the discipline of buying securities at a significant discount from their current underlying values and holding them until more of their value is realized.

无法对股票进行估值的人不应持有股票，正如无法评估房产价值的人不应买房一样。

An investor who cannot value a business has no business investing in it.

保留充足的现金不是为了避险而无所作为，而是为了在机会来临时有足够的弹药出击。

Holding cash is not inaction for safety's sake — it's keeping dry powder to strike when opportunity presents itself.

成功的价值投资需要三种品质：铁一般的纪律、无限的耐心和逆流而上的勇气。

Successful value investing requires three qualities: iron discipline, infinite patience, and the courage to go against the crowd.

你不需要精确预测未来，你只需要确保自己为大多数可能的糟糕结果做好了准备。

You don't need to predict the future precisely — you need to ensure you're prepared for most of the possible bad outcomes.

价值投资不是精确计算的科学，而是为不确定性留出充分缓冲的艺术。

Value investing is not a science of precise calculation, but an art of building in sufficient buffers for uncertainty.

在投资中，空仓等待本身就是在做决策，而且往往是一个很好的决策。

In investing, choosing to hold cash is itself a decision — and often a very good one.

价值投资的核心理念是以低于内在价值的价格买入，而这个差额就是你的安全边际。

The core idea of value investing is buying below intrinsic value, and that difference is your margin of safety.

投资者常常忘记风险，直到它已经变成损失才想起来。

Investors often forget about risk until it has turned into a loss.

在大多数情况下，不投资比投资更好。等待好机会比追逐平庸的机会更重要。

In most situations, not investing is better than investing. Waiting for good opportunities is more important than chasing mediocre ones.

当没有值得投资的机会时，最明智的做法是持有现金。

When there are no worthy investment opportunities, the wisest thing to do is hold cash.

价值投资者绝不随波逐流。他们独自判断价值，然后在市场远离价值时行动。

Value investors never follow the crowd. They independently judge value and act when the market diverges from it.

价值投资的本质是寻找价格显著低于内在价值的资产，并坚持安全边际原则。

The essence of value investing is finding assets priced significantly below intrinsic value and adhering to the margin of safety principle.

安全边际是投资中最重要的概念。它为判断错误和意外风险提供了缓冲空间。

Margin of safety is the most important concept in investing. It provides a buffer for errors in judgment and unexpected risks.

大多数投资者的失败不是因为无知，而是因为自以为知道。谦逊是投资中最珍贵的品质。

Most investors fail not out of ignorance, but because they believe they know. Humility is the most precious quality in investing.

在投资中，不亏损比赚钱更紧迫。避免永久性资本损失是第一优先级。

In investing, avoiding loss is more urgent than making money. Avoiding permanent capital loss is the first priority.

市场无效时才是价值投资者的黄金机会。当恐慌蔓延、价格远低于价值时，勇敢买入。

Market inefficiency is the golden opportunity for value investors. When panic spreads and prices are far below value, buy bravely.

大多数投资者失败的原因不是因为他们不够聪明，而是因为他们不愿意等待。

Most investors fail not because they aren't smart enough, but because they aren't willing to wait.

价值投资的核心理念是安全边际——只有当价格远低于价值时才买入，为错误和不确定性留出缓冲。

The core concept of value investing is margin of safety — buy only when price is far below value, leaving a buffer for errors and uncertainty.

在投资中，避免亏损比追求盈利更重要。不亏钱是赚钱的前提。

In investing, avoiding losses is more important than pursuing gains. Not losing money is the prerequisite for making money.

当市场上没有人愿意买入时，往往是最好的买入时机。流动性越差，机会越好。

When no one in the market wants to buy, it's often the best time to buy. The worse the liquidity, the better the opportunity.

投资不需要每次都击中靶心，只需要在大多数时候避开灾难。保守是长期成功的基石。

Investing doesn't require hitting the bullseye every time — just avoiding disaster most of the time. Conservatism is the cornerstone of long-term success.

价值投资不是寻找'便宜货'的技术，而是一种全面的人生哲学——它教导你耐心、纪律和独立思考。

Value investing is not a technique for finding bargains — it's a comprehensive philosophy of life that teaches patience, discipline, and independent thinking.

投资中最危险的一句话就是'这次不一样'——这四个字摧毁的财富比任何市场崩盘都多。

The most dangerous words in investing are 'this time is different.' These four words have destroyed more wealth than any market crash.

你不必在每场游戏中都参与。事实上，只参与那些你明显有优势的游戏，是长期获胜的唯一途径。

You don't have to play every game. In fact, only playing the games where you have a clear edge is the only path to long-term victory.

投资中最被低估的品质是'强烈的风险厌恶'——看起来像胆小，实际上正是这种'胆小'保护了你。

The most underrated quality in investing is strong risk aversion — it looks like cowardice, but that very 'cowardice' is what protects you.

不要用借来的钱投资。杠杆是唯一能让一个正确的判断变成一个灾难的东西——因为它会在你坚持到黎明之前就让你死在黑暗里。

Never invest with borrowed money. Leverage is the only thing that can turn a correct judgment into a disaster — because it can kill you in the dark before you make it to dawn.

投资者拥有的最大优势就是长期视野。

The single greatest edge an investor can have is a long-term orientation.

大多数投资者主要关注回报，但对风险的关注远比回报重要。

Most investors are primarily oriented toward return, but a focus on risk is far more important.

价值投资的本质，是逆向思维与计算器的结合。

Value investing is at its core the marriage of a contrarian streak and a calculator.

投资的终极目标不是赚最多的钱，而是赚足够的钱，同时避免毁灭性的损失。

持有现金在牛市中看起来像放弃机会，在熊市中却是最宝贵的资产。

投资的首要原则不是赚钱，而是不要亏钱。所有成功的投资策略都建立在这个基础之上。

The first principle of investing is not to make money, but to avoid losing money.

安全边际让投资从一种预测游戏变成一种风险管理活动。

A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility.

大多数投资者最大的错误在于把价格当作价值的指标，而不是利用价格偏离价值的机会。

The prevailing view is that the market is efficient. I disagree. The market is often inefficient, and it is the exploitation of these inefficiencies that provides the returns.

持有大量现金不是保守，而是为机会做好准备。当别人被迫卖出时，手里有现金的人就成了拍卖会上唯一的出价者。

Holding cash in the absence of opportunity is a sound strategy. Cash gives you the ability to buy when others are forced to sell.

投资的本质不是预测未来，而是为不确定的未来做准备。

Investing is the discipline of relative selection. It is about the process of identifying undervalued securities, not forecasting the future.

将投资视为一种概率游戏而非确定性游戏。你不需要每次都对，你只需要在概率站在你这边时下重注。

View investing as a game of probabilities, not certainties. You don't need to be right every time; you just need to bet heavily when the odds are in your favor.

在投资界，耐心不仅是一种美德，更是一种最被低估的竞争优势——当所有人都在追逐热点时，能静下来的人已经赢了一半。

In investing, patience is not just a virtue; it's the most underrated competitive advantage. When everyone is chasing hot trends, the one who can sit still has already won half the battle.

当市场陷入恐慌时，最被嫌弃的角落往往蕴藏着最丰富的宝藏。众人都避之不及的地方，才是价值投资者应该去的地方。

When markets panic, the most despised corners often hold the richest treasures. The places everyone is running away from are precisely where value investors should go.

永远不要混淆运气和技能。在牛市中，每只猴子都是股神。只有潮水退去，才能分辨谁穿了泳裤。

Never confuse luck with skill. In a bull market, every monkey is a stock market genius. Only when the tide goes out do you discover who's been swimming naked.

真正的多样化不在于持有大量不同的证券，而在于持有彼此不相关的资产。相关性才是多样化的灵魂。

True diversification is not about holding a large number of different securities. It's about holding assets that are uncorrelated with each other. Correlation is the soul of diversification.

耐心是价值投资者最宝贵的资产。

Patience is one of the most valuable assets a value investor can have.

价值投资是寻找以显著低于内在价值的价格交易的证券。

Value investing is finding securities trading at significantly below intrinsic value.

安全边际是你为错误留出的空间。

Margin of safety is the space you leave for mistakes.

在投资中，耐心比聪明更重要。

In investing, patience is more important than intelligence.

价值投资要求你在别人不愿意投资的时候投资。

Value investing requires you to invest when others are unwilling to invest.

最大的投资错误往往来自于试图预测宏观经济。

The biggest investment mistakes often come from trying to predict the macro economy.

价值投资的核心是寻找被市场忽视的公司。

The core of value investing is finding companies ignored by the market.

投资成功的关键是风险管理，而不是追求回报。

The key to investment success is risk management, not pursuing returns.

价值投资者应该学会利用市场的情绪波动。

Value investors should learn to exploit market emotional fluctuations.

在投资中，损失厌恶是理性决策的最大障碍。

In investing, loss aversion is the biggest obstacle to rational decision-making.

价值投资的回报来自于价格向价值的回归。

Value investing returns come from price converging to value.

投资者应该关注那些有持久竞争优势的公司。

Investors should focus on companies with durable competitive advantages.

在市场恐慌时，价值投资者应该寻找机会。

When the market panics, value investors should look for opportunities.

价值投资需要时间和耐心。

Value investing requires time and patience.

投资于那些有强大现金流的公司。

Invest in companies with strong cash flows.

在投资中，安全边际是防止错误的最好保护。

In investing, margin of safety is the best protection against mistakes.

价值投资者不应该试图预测市场时机。

Value investors should not try to predict market timing.

好的投资往往来自于逆向思考。

Good investments often come from reverse thinking.

在投资中，不要把所有鸡蛋放在一个篮子里。

In investing, do not put all your eggs in one basket.

价值投资的核心是找到价格低于价值的证券。

The core of value investing is finding securities priced below their value.

投资者应该学会区分价格和价值。

Investors should learn to distinguish between price and value.

在投资中，最重要的是不要亏钱。

In investing, the most important thing is not to lose money.

价值投资者应该关注公司的基本面。

Value investors should focus on company fundamentals.

投资于那些有稳定商业模式的公司。

Invest in companies with stable business models.

在市场贪婪时，价值投资者应该保持谨慎。

When the market is greedy, value investors should stay cautious.

价值投资的成功来自于耐心等待价格回归价值。

Value investing success comes from patiently waiting for price to return to value.

投资者应该学会在压力下保持冷静。

Investors should learn to stay calm under pressure.

在投资中，便宜是硬道理。

In investing, cheapness is hard truth.

价值投资者应该关注长期价值，而不是短期价格波动。

Value investors should focus on long-term value, not short-term price fluctuations.

投资于那些有优秀管理层的公司。

Invest in companies with excellent management.

在投资中，风险管理应该放在第一位。

In investing, risk management should come first.

价值投资者不应该跟随市场共识。

Value investors should not follow market consensus.

投资成功的关键是找到有安全边际的投资机会。

The key to investment success is finding investment opportunities with margin of safety.

在投资中，情绪是最大的敌人。

In investing, emotions are the biggest enemy.

价值投资者应该学会利用市场的非理性。

Value investors should learn to exploit market irrationality.

投资于那些资产负债表健康的公司。

Invest in companies with healthy balance sheets.

在投资中，最重要的品质是耐心和纪律。

In investing, the most important qualities are patience and discipline.

价值投资的回报来自于价值发现。

Value investing returns come from value discovery.

投资者应该学会在别人恐惧时买入。

Investors should learn to buy when others are fearful.

在投资中，便宜买好货是最好的策略。

In investing, buying good things cheaply is the best strategy.

价值投资者应该关注公司的内在价值。

Value investors should focus on company intrinsic value.

投资的第一要务是“下跌保护”。上涨的时候谁都能赚钱——“退潮的时候还没淹死，才是真本事。”

Most investors are oriented toward maximizing return. We focus first on risk, namely the risk of loss.

大多数基金经理不是不想做好，而是被“短期排名”绑架了。三个月跑输客户就撤资——“所以他们都变成了短期投机者”。

Most institutional investors are trapped in a short-term performance derby.

“流动性”是一个幻觉。需要它的时候，它总是不在。

Liquidity is an illusion. When you need it most, it disappears.

在“好年景”里控制风险，比在坏年景里亡羊补牢重要得多。风和日丽的时候才是检查屋顶漏水的最佳时机。

Risk control is easiest to implement when it seems least necessary.

价值投资本质上就是一件事：“买便宜货”。不是买好公司、好行业、好管理层——那些都对，但“价格不对就全白搭”。

Value investing is at its core the purchase of bargains.

价值投资是纪律与勇气的结合：在别人恐慌抛售时，用严谨的分析接住便宜货。

Value investing is at its core the marriage of a contrarian streak and a calculator.

避免亏损，应当是每个投资者的首要目标。

Avoiding loss should be the primary goal of every investor.