彼得·林奇

投资你所了解的。

Invest in what you know.

股市下跌就像科罗拉多一月的暴风雪一样寻常，如果你有准备，它不会伤害你。

A stock market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you.

投资你所了解的。

Invest in what you know.

股市下跌就像科罗拉多一月的暴风雪一样寻常，如果你有准备，它不会伤害你。

A stock market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you.

不做研究就投资，和不看牌就玩扑克一样荒唐。

Investing without research is like playing stud poker and never looking at the cards.

在股票市场上，最重要的器官是胃而不是脑。

The key organ for investing is the stomach, not the brain.

远比试图预测市场时机更有效的方法是，找到被低估的好公司。

Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.

投资你了解的领域。

Invest in what you know.

投资者因为预测回调或试图躲避回调而损失的钱，远比回调本身造成的损失更多。

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

每一只股票背后都是一家公司，搞清楚它在做什么。

Behind every stock is a company. Find out what it's doing.

当你持有优秀公司的股票时，时间是站在你这边的。

Time is on your side when you own shares of superior companies.

股市下跌就像暴风雪，如果你确定自己所在的地方不是夏天，那它就是绝佳的买入时机。

Stock market declines are like snowstorms. If you're sure it's not summer, they're great times to be buying.

如果花几分钟研究一下你要买的东西，你就能和华尔街最优秀的分析师一样出色。

If you spend a few minutes researching what you're buying, you can do as well as the best analysts on Wall Street.

永远不要投资于你无法用蜡笔画出来的商业计划——如果它复杂到你讲不清楚，那它就不值得投资。

Never invest in any idea you can't illustrate with a crayon.

最好的投资目标，往往就藏在你日常生活中每天都能接触到的事物里。

The best stock to buy may be the one you already own, or the one you encounter every day.

人们宁愿花数小时研究一台冰箱的性价比，也不愿花几分钟研究一只股票的基本面。

People spend hours researching a refrigerator but minutes researching a stock.

在股市里，真正的风险不是市场下跌，而是在错误的时间惊慌失措地卖出。

The real risk in the stock market is not the market going down, but selling in a panic at the wrong time.

投资你所了解的东西。在你购买一只股票之前，你应该能解释为什么你买它，而一个十岁的孩子也能听懂你的解释。

Invest in what you know. Before you buy a stock, you should be able to explain why you're buying it in terms a ten-year-old could understand.

在股市中，最关键的不是你的智商，而是你的耐心和自律。

In the stock market, the key is not your intelligence, but your patience and discipline.

股票下跌时你只要看看基本面，如果基本面没问题，你反而应该加仓。

When stocks go down, just look at the fundamentals. If they're fine, you should actually buy more.

放弃对市场方向的预测，把注意力集中在公司本身的价值上。

Give up trying to predict the direction of the market and focus instead on the value of the company itself.

一只股票之所以便宜，不是因为它的价格低，而是因为相对于它的价值而言价格低。

A stock is cheap not because its price is low, but because its price is low relative to its value.

投资你所了解的。为什么要在你不了解的公司上冒险？

Invest in what you know.

在股市中，最有价值的技能是耐心。时间是你的朋友，冲动是你的敌人。

In the stock market, the most valuable skill is patience. Time is your friend, impulse is your enemy.

不管你用什么方法选股，最终的成功取决于你是否真正了解这家公司的业务。

No matter what method you use to pick stocks, your ultimate success will depend on whether you truly understand the business.

十倍股就在你身边——你日常生活中的产品和服务，往往是最好的投资线索。

The best stock tips are right in your own backyard — the products and services you use every day.

股票下跌是买入的好机会。如果你看好一家公司，股价下跌只会让它更便宜。

A stock price decline is an opportunity, not a catastrophe, if you believe in the company.

投资你所了解的。就像买一件衣服或一辆汽车一样，先做研究再买股票。

Invest in what you know. Just as you would research a shirt or a car before buying it, research a stock before buying it.

在股市中，最危险的事情就是认为自己什么都知道。

The most dangerous thing in the stock market is to think you know everything.

如果你看懂了一家公司的业务，而且喜欢它的产品，那你自然会了解它的股票值不值得买。

If you understand a company's business and like its products, you'll naturally understand whether its stock is worth buying.

不要把好公司和好股票混为一谈。好公司不一定有好的股价，好股价也不一定属于好公司。

Don't confuse a good company with a good stock. A good company doesn't always have a good stock price, and a good stock price doesn't always belong to a good company.

没有任何图表能告诉你一家公司未来五年的发展。做投资要靠对公司业务的了解。

No chart can tell you what a company will do over the next five years. Investing depends on understanding the business.

业余投资者只要花一点时间研究自己熟悉的行业，完全有能力战胜华尔街的专业基金经理。

The amateur investor has a huge advantage over the professional — all they need to do is spend a little time researching what they already know.

在你买入一只股票之前，先问自己：如果这只股票明天跌了50%，我是会恐慌卖出，还是会加仓？如果答案是前者，那你根本不应该买。

Before buying a stock, ask yourself: if it drops 50% tomorrow, would I sell in panic or buy more? If the answer is the former, you shouldn't buy it at all.

如果你用10分钟研究一只股票，你会比90%的投资者做得更好——因为大多数人连10分钟都不愿意花。

If you spend 10 minutes researching a stock, you'll do better than 90% of investors — because most people won't even spend 10 minutes.

最好的持股周期是'直到投资逻辑不再成立'——这可能是一年，也可能是三十年。

The best holding period is 'until the investment thesis no longer holds' — which could be one year or thirty years.

不要试图预测经济走向。你只需要找到那些不管经济好还是不好，人们都需要的东西。

Don't try to predict the economy. Just find things people need whether the economy is good or bad.

投资你了解的东西。

Invest in what you know.

投资者为防范市场回调所做的准备所损失的钱，比市场回调本身造成的损失还要多。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

每只股票背后都是一家公司，去弄清楚它在做什么。

Behind every stock is a company. Find out what it's doing.

最好的股票可能就是你已经持有的那一只。

The best stock to buy may be the one you already own.

寻找一个傻瓜都能经营的公司，因为总有一天傻瓜会来经营。

Go for a business that any idiot can run, because sooner or later, any idiot probably is going to run it.

投资你了解的东西。如果你无法用一支蜡笔在一张纸上解释清楚这家公司如何赚钱，就不要买它的股票。

Invest in what you know. If you can't explain in one sentence what a company does, don't buy it.

在股市里，耐心是最稀缺的美德。大多数人总是因为过早卖出而错失了最大的涨幅。

The real key to making money in stocks is not to get scared out of them.

试图预测市场时机的人是傻瓜。据我所知，没有人能持续准确地做到这一点。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

财报是投资世界里的侦探小说，数字背后藏着一个关于公司真实状况的故事。

The balance sheet is like a novel. It tells you a story.

市场大幅下跌时，你真正需要做的是重新审视自己持有股票的基本面，而不是整天盯着K线图焦虑。

The key to making money in stocks is not to get scared out of them. Corrections are part of the territory.

在一个增长缓慢甚至衰退的行业中，经营良好的公司反而是绝佳的投资标的——因为竞争对手正在离场。

A good company in a lousy industry is a far better investment than a lousy company in a great industry.

如果你无法用一支蜡笔说清楚一家公司的业务，就不要买它的股票。复杂是分析的敌人，简洁是决策的朋友。

If you can't explain a company's business in one sentence with a crayon, you don't understand it well enough to invest.

不要追逐最热门的行业中最热门的股票。当一只股票连出租车司机都在推荐的时候，买点已经过去了。

Never invest in any idea you can't illustrate with a crayon. By the time you hear about the hottest stock from your barber, it's too late.

六种值得关注的股票类型：缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型——不同类型需要不同的投资策略。

There are six categories of stocks: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. Each requires a different strategy.

投资中最大的敌人是时间带来的浮躁。你越着急，就越容易做出糟糕的决定，然后因为糟糕的决定更加着急。

The biggest enemy of any investor is the impulse to do something.

不做研究就投资，和不看牌就玩扑克一样荒唐。

Investing without research is like playing stud poker and never looking at the cards.

在你的一生中，你会发现股票是比债券或储蓄账户更好的投资。

Over your investment lifetime, you will find stocks are a better investment than bonds or savings accounts.

如果你有十年的投资视野，就不需要在短期内做出决定。

If you have a ten-year investment horizon, you do not need to make short-term decisions.

业余投资者比专业投资者有优势，因为他们可以投资于任何他们了解的公司。

Individual investors have an advantage over professional investors because they can invest in any company they understand.

关注你所在行业的公司，这些是你最可能了解的公司。

Focus on companies in your industry; these are the ones you are most likely to understand.

当你逛街的时候，注意那些生意兴隆的商店，这可能是投资机会。

When you shop, notice which stores are busy; this could be an investment opportunity.

投资于你熟悉的公司，而不是追逐热门股票。

Invest in companies you are familiar with, not in hot stocks.

长期持有股票是积累财富的最有效方式之一。

Holding stocks for the long term is one of the most effective ways to build wealth.

如果你在股票下跌时恐慌性地卖出，你就不应该持有股票。

If you panic and sell when stocks fall, you should not own stocks.

关注公司的基本面，而不是股票价格的日常波动。

Focus on company fundamentals, not daily stock price movements.

找到下一个十倍股比找到下一个微软更容易。

Finding the next ten-bagger is easier than finding the next Microsoft.

不要试图预测利率或经济走势，专注于公司本身。

Do not try to predict interest rates or economic trends; focus on the company itself.

投资于有成长潜力的小公司，但要小心风险。

Invest in small companies with growth potential, but be careful of the risks.

在决定是否卖出股票之前，先问自己：我现在会买这只股票吗？

Before deciding to sell a stock, ask yourself: would I buy this stock now?

不要因为股价便宜就买一只坏公司的股票。

Do not buy a bad companys stock just because the price is cheap.

公司的债务水平是评估风险的重要因素。

A companys debt level is an important factor in assessing risk.

一个公司的竞争优势来自于其独特的产品或服务。

A companys competitive advantage comes from its unique products or services.

投资于那些回购自己股票的公司，这是对未来的信心信号。

Invest in companies that buy back their own shares; this is a signal of confidence in the future.

关注公司的现金流，而不是会计利润。

Focus on cash flow, not accounting profits.

股票市场会在你需要钱的时候恰恰下跌。

The stock market will decline just when you need money.

不要因为别人都在买就跟着买，要有独立判断。

Do not buy just because everyone else is buying; have independent judgment.

投资于那些有稳定股息派发历史的公司。

Invest in companies with a stable history of dividend payments.

小公司比大公司更有增长潜力，但也更有风险。

Small companies have more growth potential than large companies, but also more risk.

了解你投资的公司，知道它在做什么生意。

Know the company you invest in and understand what business it is in.

不要把所有的钱都投入股票市场，要保留一些现金。

Do not put all your money in the stock market; keep some cash.

当你发现一个好的投资机会时，不要犹豫。

When you find a good investment opportunity, do not hesitate.

关注公司的管理层，优秀的管理层能创造优秀的公司。

Focus on company management; excellent management creates excellent companies.

如果你持有一只股票五年，你就不需要担心短期的市场波动。

If you hold a stock for five years, you do not need to worry about short-term market fluctuations.

投资于那些正在转型的公司，这往往是最大的机会。

Invest in companies that are transforming; this is often the biggest opportunity.

在股票市场上，钱是赚来的，不是想出来的。

In the stock market, money is earned, not thought up.

不要因为股票的名称好听就买，要看公司的实际业务。

Do not buy stocks because the name sounds good; look at the actual business.

一个公司如果有持续的盈利增长，就是一个好的投资标的。

A company with consistent earnings growth is a good investment candidate.

在熊市中寻找机会，在牛市中保持冷静。

Look for opportunities in bear markets and stay calm in bull markets.

投资于那些有强大品牌优势的公司。

Invest in companies with strong brand advantages.

不要试图在最低点买入，只要买的便宜就行。

Do not try to buy at the very bottom; just buy cheap enough.

关注公司的市场份额增长，这是公司竞争力的体现。

Focus on market share growth; this reflects company competitiveness.

如果一只股票让你睡不着觉，就卖掉它。

If a stock keeps you up at night, sell it.

投资于那些有稳定客户群的公司。

Invest in companies with stable customer bases.

股票投资应该是你生活的一部分，而不是全部。

Stock investing should be part of your life, not all of it.

在投资之前，做足功课，了解你要投资的公司。

Before investing, do your homework and understand the company you want to invest in.

不要因为一只股票便宜就买，要因为它有价值才买。

Do not buy a stock because it is cheap; buy it because it is valuable.

关注公司的创新能力，这是长期竞争力的来源。

Focus on company innovation capability; this is the source of long-term competitiveness.

投资于那些有全球化业务的公司，可以分散地域风险。

Invest in companies with global businesses to diversify geographic risk.

如果你在股票市场上感到恐惧，就退出市场。

If you feel fear in the stock market, get out of the market.

不要把投资决策建立在别人的建议上。

Do not base investment decisions on others advice.

一个公司的资产负债表是评估其健康状况的重要工具。

A companys balance sheet is an important tool for assessing its health.

投资于那些有定价权的公司。

Invest in companies with pricing power.

在股票市场上，最重要的不是你赚了多少，而是你活了下来。

In the stock market, the most important thing is not how much you made, but that you survived.

关注那些有重复性收入的公司，这种收入模式更稳定。

Focus on companies with recurring revenue; this income pattern is more stable.

不要试图在短期内快速致富，这通常会导致失败。

Do not try to get rich quickly in the short term; this usually leads to failure.

投资于那些有良好企业文化的公司。

Invest in companies with good corporate culture.

投资是艺术，不是科学。那些受过严格量化训练的人，在投资上往往有劣势。

Investing is an art, not a science. People who have been trained to rigidly quantify everything have a big disadvantage.

你只需要一辈子里找到几只十倍股，就能成就你的投资生涯。

You only need a few big stocks in your lifetime to make a lot of money.

永远不要投资你无法用蜡笔画出来的公司。

Never invest in any idea you can't illustrate with a crayon.

如果你花13分钟研究宏观经济，你就浪费了10分钟。

If you spend more than 13 minutes a year on economic forecasting, you've wasted 10 minutes.

在股市上，一鸟在手胜过两鸟在林。

A bird in the hand is worth two in the bush.

最赚钱的投资往往来自于那些你觉得无聊甚至不想研究的公司。

The best investments often come from companies that are boring and you don't even want to research them.

在股市中，重要的不是你知道什么，而是你知道的东西中有多少是正确的。

In the stock market, it's not what you know that matters — it's how much of what you know is actually right.

不要试图预测股市的走向——没人做得到，那些声称能做到的人在骗你或者骗自己。

Don't try to predict the direction of the stock market. Nobody can do it, and those who claim they can are lying to you or to themselves.

公司盈利和股价之间的关联，在短期像一根橡皮筋——可以拉得很远，但最终会弹回来。

The relationship between earnings and stock prices is like a rubber band — it can stretch far, but eventually it snaps back.

我在麦哲伦基金养成了一个习惯：每个月至少走访两三家我持有的公司，和一线员工聊天而不是坐在会议室听高管演讲。

I made it a habit to visit at least two or three companies I owned each month, talking to frontline employees rather than sitting in conference rooms listening to executives.

不要在一个行业中只选最好的公司——有时候第二名的股价被低估得更厉害。

Don't just pick the best company in an industry — sometimes the number two is more undervalued.

如果你的小孩能一眼认出这家公司的产品并且想要它——这家公司值得你仔细研究。

If your kid can recognize this company's product at a glance and wants it — this company is worth your serious research.

一家公司如果每年都把每股收益的至少25%用来分红且持续提高了五年以上——这家公司不是在讲故事。

If a company has paid out at least 25% of its EPS as dividends and raised them for five consecutive years — this company isn't telling stories.

在过去的几十年里我在完全不懂的行业里赚的钱比在我自认为懂的行业里赚得还要多——因为不懂的时候我会更谨慎。

Over the decades I've made more money in industries I knew nothing about than in ones I thought I understood — because not knowing made me more cautious.

所谓的最佳买入时机——就是所有人都在卖出而你可以用不到其价值一半的价格买到优质资产的时候。但你不知道那个时刻什么时候来所以你现在就要开始攒钱。

The best time to buy is when everyone is selling and you can get quality assets for less than half their value. But you don't know when that moment will come — so start saving now.

我买过一百多只股票其中大约十只是真正赚大钱的——这十个大赢家覆盖了其他九十个的亏损还有大量盈余。

I've bought over a hundred stocks in my career. About ten of them made the real money — and those ten winners covered the losses of the other ninety with plenty left over.

了解你持有的股票，你持有它就不会恐慌。

If you know what you own, you'll never panic.

股票投资的回报来源于研究，而非交易。

In stocks, the reward for research is greater than the reward for trading.

十倍股就在你身边——你只需要睁开眼睛。

Tenbaggers are right around you — you just have to open your eyes.

投资中没有比'这跟以前不一样'更危险的短语了。

There's no phrase more dangerous in investing than 'this time it's different.'

不要在亏损的股票上加倍投入，那是最愚蠢的投资策略。

Don't double down on losing stocks. That's the dumbest investment strategy.

如果你花13分钟分析宏观经济和市场走势，你就浪费了10分钟。

If you spend 13 minutes analyzing the economy and the market you have wasted 10 minutes.

了解你持有的股票，就像了解你的孩子一样。你知道它为什么涨为什么跌，什么时候它病了需要治疗，什么时候只是打了个喷嚏。

Know what you own and know why you own it.

持有股票最好的期限是——永远。但前提是，你持有的是一家会不断成长的好公司。

The best stock to buy may be the one you already own.

股市的下跌就像科罗拉多州的暴风雪一样，是不可避免的。如果你准备好了，它们不会伤害你。

Stock market declines are as inevitable as Colorado snowstorms. If you are prepared they cannot hurt you.

你买一只股票的理由不应该是它一直在涨，而是你对这家公司有不同于市场的独到认知。

You dont buy a stock because it has been going up. You buy it because you know something about the company that the market doesnt fully appreciate.

每支股票背后都是一家公司去了解这家公司在干什么。

Behind every stock is a company. Find out what the company is doing.

股票投资和减肥一样决定最终结果的是耐心而不是头脑。

Investing in stocks is like dieting: it's the patience, not the brain, that determines the final result.

在股市真正赚钱的关键就是不要被吓出去。

The key to making money in stocks is not to get scared out of them.

不要投资于你不了解其财务状况的公司。

Never invest in a company you don't understand its financials.

普通人花在研究买一台微波炉上的时间，比花在研究买一只股票上的时间多得多——这就是为什么多数人买微波炉能省钱、买股票却亏钱。

在过去70年里，股市经历了40次暴跌，每次暴跌后都创出了新高。如果你在市场下跌时离场，你就错过了所有的复苏。

业余投资者拥有专业基金经理做梦都想要的优势：不需要被迫买入或卖出任何东西。

如果你花10分钟分析宏观经济，你就浪费了10分钟。

有时候，投资中最赚钱的事情就是什么都不做。

你手上表现最好的股票，都是在持有的5、6年之后，而不是持有的5、6天之后。

The best-performing stocks in my portfolio have been held for five or six years, not five or six days.

寻找那种任何傻瓜都能经营的业务——因为迟早会有一个傻瓜来经营它。

Go for a business that any idiot can run — because sooner or later, any idiot probably is going to run it.

只有一种情况你会亏钱——股票下跌时，把它卖掉。

The only way you lose money is when you sell a stock that's gone down.

在你投资之前，花几分钟时间思考一下：我真的把这只股票归纳对了吗？

Before you invest, spend a few minutes thinking: Have I categorized this stock correctly?

最完美的股票无聊得让人打哈欠——分析师不覆盖它，名字听起来就土。

The perfect stock would be boring. Analysts don't cover it, and its name is ugly.

在估值之前你必须先把公司分类——六种类型的公司，用的估值尺子完全不同。

There are six categories of stocks. Before you value a company, know which type it is.

厨房里永远不会只有一只蟑螂——当你发现公司一个问题时，背后一定还有一串。

There's never just one cockroach in the kitchen.

别把价格历史当成估值——一只从50块跌到10块的股票并不便宜，如果不值10块的话。

Just because a stock is down from $50 to $5 doesn't mean it's cheap. It might still be overvalued at $2.

我每年拜访200家公司——坐在办公室看报告和走到车间里闻一闻，是完全不同的。

I visited 200 companies a year. Reading reports at a desk is nothing like walking through a factory floor.

股价长期永远跟着盈利走，从来没有例外——这是股市里为数不多的铁律之一。

In the long term, stock prices follow earnings. There are no exceptions.

买你了解和使用的东西——你的日常生活就是你比华尔街分析师更早发现牛股的秘密武器。

Buy what you know and use. Your everyday life is your biggest competitive advantage.

避开热门行业里的热门股票。被冷落、不再增长的行业里的好公司总会是大赢家。

Avoid the hot stocks in hot industries. The great winners of tomorrow are the good companies in neglected or no-growth industries.

持有股票就像养育孩子，不要超出力所能及的范围。

Owning stocks is like raising children — don't have more than you can handle.

“困境反转型”的股票是最刺激的——你买的是一家快死了的公司，但“如果它活过来，回报惊人”。

Turnarounds are the most exciting category. A successful turnaround can make up for dozens of poor picks.

“PEG比率”是我最爱的指标：用市盈率除以增长率。如果PEG小于1，就像是“捡到了打了折的成长性”。

The P/E ratio of any company that's fairly priced will equal its growth rate... If the P/E ratio is half the growth rate, it's very positive.

“完美的公司”往往具备这些特征：名字无聊、业务枯燥、华尔街没人覆盖、甚至有点“让人反感”。

The perfect stock would be attached to the perfect company, and the perfect company has to be engaged in a perfectly simple business. The perfect business has to be boring.

别去“预测市场”。我每年花15分钟想经济会怎么样——剩下的时间我都花在“找公司”上。

I spend about 15 minutes a year on economic forecasting... The rest of the time I spend on finding companies.

“永远别试图抄底”。底部只有在后视镜里才能看清。等趋势明确了再进场，赚中间那段就够了。

You can't capture the bottom or the top. If you try, you'll end up missing the whole move.

投资你了解的公司。生活中最好的投资机会就在你身边。

Invest in what you know. The best stock opportunities are right in your own backyard.

股市下跌时，如果你持有的股票基本面没有变化，那下跌只是给了你更好的买入机会。

If the fundamentals of the stocks you hold haven't changed, a market decline is just a better buying opportunity.

最好的投资线索不在华尔街的研报里，而在你身边的购物中心、超市货架和你孩子嘴里。如果你花半小时逛商场，比花半小时读分析师报告有用得多。

The best investment leads aren't in Wall Street research reports — they're in the shopping malls, supermarket shelves, and your children's mouths. Spending half an hour in a mall is more useful than half an hour reading analyst reports.

我把我持有的股票分成六类：缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型。不同类型的股票，你需要问不同的问题，期待不同的回报。

I divide stocks into six categories: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. Different types require different questions and different expectations.

业余投资者有一个基金经理永远没有的优势：你不需要像他那样被迫买入你不了解的股票。你可以等到完全确定的时候再出手。

The amateur investor has one advantage that a fund manager will never have: you don't have to buy stocks you don't understand. You can wait until you're completely sure before acting.

一个好的投资者必须爱上读财报。不是只看利润那一行，而是要读附注、读管理层讨论、读审计意见。附注里往往藏着故事的主题。

A good investor must fall in love with reading financial statements. Not just the earnings line — read the footnotes, the management discussion, the auditor's opinion. The real story is often in the footnotes.

在你买一只股票之前，花半小时去用一下这个公司的产品。如果你是消费者，觉得好用还想再买，那这家公司值得研究；如果连你自己都不想用，凭什么别人会买？

Before you buy a stock, spend half an hour using the company's product. If you're the consumer and you like it enough to buy again, it's worth researching. If even you don't want to use it, why would anyone else?

决定选股人命运的不是头脑，而是耐力。

The key organ for investing is the stomach, not the brain.

投资者在等待回调中损失的钱，远比在回调本身中损失的钱多得多。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

最好的投资机会，可能就藏在你身边。

The best stock to buy may be the one you already own or see every day.

不研究基本面就买股票，就像不看牌就打牌，必然失败。

Investing without research is like playing stud poker and never looking at the cards.

想抄底一只下跌的股票，就像想接住一把下落的飞刀。

Trying to catch the bottom on a falling stock is like trying to catch a falling knife.

投资你所熟悉的领域，你能比华尔街专家更早发现好公司。

Invest in what you know.

投资者因为准备回调或预测回调而损失的钱，远比回调本身造成的损失多得多。

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

知道你持有什么，并且知道为什么持有它。

Know what you own, and know why you own it.

决定股票投资最终成败的是耐心，而不是头脑。

In stocks, the organ that matters most is the stomach, not the brain.

最终决定投资者命运的，不是股票市场，甚至不是上市公司，而是投资者自己。

The key organ for investing success is not the market or the companies, but the investor himself.

投资者因为担心股市回调而损失的钱，远远多于在回调本身中损失的钱。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

如果你每年花13分钟研究宏观经济，那你就浪费了其中的10分钟。

If you spend 13 minutes a year on economics, you've wasted 10 minutes.

在股票投资上，胃的作用比脑子更重要。

The key organ here isn't the brain, it's the stomach.

投资者因为担心市场调整而损失的钱，远远多于市场调整本身造成的损失。

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

了解你所持有的公司，并且知道你为什么持有它。

Know what you own, and know why you own it.

你不需要在每一件事上都正确，只要在十次里对六次，就足以在华尔街创造辉煌的业绩。

In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

股市的下跌，就像科罗拉多州一月份的暴风雪一样稀松平常。如果你早有准备，它伤害不了你。

A stock market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you.

卖掉赢家、抱着输家，等于剪掉鲜花去浇灌杂草。

Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

如果你无法忍受股票下跌50%，就不该买股票。

If you can't stand the thought of your stocks declining by 50%, you shouldn't be in stocks.

每只股票背后都是一家公司，买股票就是买生意的一部分。

Behind every stock is a company. If you own a stock, you own a part of a business.

不做研究就投资，就像打牌从来不看牌，必输无疑。

Investing without research is like playing stud poker and never looking at the cards.

投资者因为担心调整、试图预测调整而损失的钱，远远超过调整本身造成的损失。

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

卖掉赚钱的股票、留着亏钱的股票，就像拔掉鲜花去浇灌野草。

Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

任何傻瓜都能经营的生意才值得买入，因为迟早会有一个傻瓜来经营它。

Go for a business that any idiot can run, because sooner or later, any idiot probably is going to run it.

投资者因为担心调整而损失的钱，远比在调整本身中损失的钱多得多。

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

在股市里，胃比脑子更重要。

The key organ here isn't the brain, it's the stomach.

卖掉正在上涨的好公司去买正在下跌的差公司，就像拔掉鲜花去浇灌野草。

Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

不做研究就投资，就像打扑克从不看牌一样，必然失败。

Investing without research is like playing stud poker and never looking at the cards.

股市下跌就像科罗拉多州一月的暴风雪一样平常，如果你有所准备，它并不能伤害你。

Market declines are as routine as January blizzards in Colorado. If you're prepared, they can't hurt you.

决定股票投资者命运的不是头脑，而是耐力。

The key organ in the body for stock picking is the stomach, not the brain.

投资是有趣且刺激的，但如果你不做任何功课，就只有风险。

Investing is fun, exciting, and dangerous if you don't do your homework.

这一行里，十次对六次就够好；你永远不可能十次对九次。

In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

你一生所需的数学，四年级就学完了。

All the math you need in life you get in fourth-grade arithmetic.

担心股市，是错过市场的最好方式。

Worrying about the stock market is a guaranteed way to miss the market.

没有无风险的投资。

There is no such thing as a no-risk investment.

股市下跌和经济衰退都会发生；若你不懂这点，就还没准备好在市场中获利。

You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, and you won't do well in the markets.

你的投资优势不是来自华尔街的投资专家，而是你自己已经拥有的。如果你利用你的优势投资于你已经了解的公司或行业，你可以超越投资专家。

Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can capitalize on it by investing in companies you already understand.

过去三十年股市被专业投资者主导，但这反而让业余投资者更容易成功，因为你可以通过忽略群众行为来战胜市场。

For the last thirty years the market has been dominated by professionals, but that has made it easier for the amateur to succeed, because you can beat the market by ignoring the crowd.

每支股票背后都有一家公司，弄清楚它在做什么。

Behind every stock is a company. Find out what it's doing.

公司的营运成功与其股票短期表现往往没有相关性；但长远来看，公司的成功和股票的成功之间存在100%的相关性。

In the short run a company's operating success and its stock's performance often have nothing to do with each other; but in the long run there is a 100% correlation between a company's success and its stock's success.

你必须知道自己拥有什么，以及为什么拥有它。『这只股票肯定会涨』这种说法是不算数的。

You have to know what you own and why you own it. 'This stock is going to go up' doesn't count.

如果股价下跌而基本面没变，那是一份礼物。

If a stock goes down but the fundamentals haven't changed, that's a gift.

别因为整体市场悲观就放弃一家好公司。

Don't reject a good company just because the broader market is pessimistic.

最好的投资机会，往往出现在别人都不想买的时候。

The best opportunities often appear when nobody else wants to buy.

把股票当生意看，而不是当筹码。

Treat a stock as a piece of a business, not as a gambling chip.

投资那种连傻子都能经营的企业，因为迟早有傻子来经营它。

Go for a business that any idiot can run—because sooner or later, any idiot probably is going to run it.

在股市里，重要的器官是胃，不是脑。

In the stock market, the most important organ is the stomach, not the brain.

在股市赚钱的真正关键，是别被吓出局。

The real key to making money in stocks is not to get scared out of them.

问题总是接二连三出现，就像蟑螂从不会单独出现。

Cockroaches never come one at a time.

拥有优秀公司的股票，时间是你的朋友；拥有期权，时间则是你的敌人。

With shares of superior companies, time is your friend; with options, time is your enemy.

有股票胃口但没时间做功课，可投资股票型共同基金，分散持有几种不同风格的基金。

If you have an appetite for stocks but no time to do the homework, invest in equity mutual funds, diversifying across several funds of different styles.

美国市场过去十年总回报排名第八；可通过投资有良好记录的海外基金，投资增长更快的经济体。

The U.S. market ranked eighth in total return over the last decade; you can invest in faster-growing economies through overseas funds with good track records.

长远来看，精选的股票/基金组合总是优于债券或货币市场账户组合。

In the long run, a portfolio of carefully chosen stocks and/or mutual funds will always outperform a portfolio of bonds or money-market accounts.

最终决定投资者命运的，是投资者自己。

In the end, it is the investor, not the stock market or the economy, that determines his or her own fate.

对于小型公司，最好等它们实现盈利之后再进行投资。

With small companies, it's best to wait until they've shown a profit before investing.

若考虑投资困难的行业，应买有持久经营能力的公司，并等待行业显示复苏迹象才下手。

If you're considering a troubled industry, buy the company with staying power, and wait for signs of recovery before acting.

你投资1000美元在一支股票上，最多损失1000美元；但若有耐心，随时间可能赚1万甚至5万美元。

If you invest $1,000 in a stock, the most you can lose is $1,000; but with patience, over time you might make $10,000 or even $50,000.

在每个行业和国家地区，细心的业余投资者能在专业人士发现之前找到伟大的成长公司。

In every industry and every country, a careful amateur investor can find great growth companies before the professionals do.

股市下跌像科罗拉多州一月的暴风雪一样普遍。如果你有准备，它不会伤害你；下跌是买入便宜股票的好机会。

Stock market declines are as common as blizzards in January in Colorado. If you're prepared, they won't hurt you; a decline is a great chance to buy cheap stocks.

如果你无法在一分钟内向11岁孩子解释清楚为什么持有这家公司，那就不应该买这只股票。

If you can't explain why you own a stock to an 11-year-old in a minute, you shouldn't buy it.

下跌不是风险，不了解才是风险。

A decline is not risk; not understanding is risk.

抛售盈利股而持有亏损股，就像剪掉鲜花却给杂草浇水。

Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

十倍股是『蹲』出来的，而非『追』出来的。

Tenbaggers are found by waiting and watching, not by chasing.

周期型行业的股票要在市盈率高时买进，市盈率低时卖出。

With cyclical stocks, you buy when the P/E is high and sell when the P/E is low.

普通投资者也能成为成功的选股者。

The average investor can become a successful stock picker.

当市场下跌而你坚持定期买入基金，这叫『定投』（美元成本平均法）。

When the market is going down and you keep buying funds regularly, it's called 'dollar-cost averaging.'

产品越简单越好，我喜欢那些不太会改变的产品。

The simpler the product, the better. I like products that don't change.

投资真正的钱不是靠买卖赚到的，而是靠持有赚到的。

The real money in investing is made not by buying and selling, but by owning and holding.

内幕人士卖出可能出于任何理由，但他们买入只有一个理由：认为股价会涨。

Insiders might sell for any number of reasons, but they buy for only one: they think the price will rise.

选择冒险通常都会失败。

Going for the 'adventure' usually ends in failure.

拥有股票就像养育孩子，不要超出你的能力范围。兼职投资者可追踪8至12家公司，但组合中公司数量通常不超过5家。

Owning stocks is like having children—don't get involved with more than you can handle. A part-time investor can track 8 to 12 companies, but usually no more than 5 in a portfolio.

如果你找不到任何有吸引力的公司，把钱放在银行，直到找到合适的投资机会。

If you can't find any companies that interest you, put your money in the bank until you find the right opportunity.

不要在不了解其财务状况的公司上投资。股票中最大的损失，多数来自财务状况不佳的公司。

Don't invest in a company whose finances you don't understand. Most of the big losses in stocks come from companies with poor finances.

避免投资热门行业的热门股票。冷门、非增长型产业中的优秀公司通常是最大的赢家。

Avoid hot stocks in hot industries. The best winners are often excellent companies in unpopular, non-growth industries.

每个人都有能力在股市赚钱，但不是每个人都有耐心。容易恐慌抛售的人应完全避开股票。

Everyone has the ability to make money in stocks, but not everyone has the patience. Those who panic-sell should stay away from stocks entirely.

总有事情让人担心。避免周末思考，忽略新闻头条的恐怖预测。卖出是因为基本面恶化，而非天塌下来。

There's always something to worry about. Avoid weekend thinking, ignore the scary predictions in the headlines. Sell because the fundamentals have deteriorated, not because the sky is falling.

没有人能预测利率、经济走向或股市。忽略所有预测，专注你已投资公司的实际情况。

No one can predict interest rates, the economy, or the stock market. Ignore all such predictions and focus on the actual situation of the companies you own.

研究10家公司，会有1家比预期好；研究50家，会找到5家。总有一些被华尔街忽视的成就公司。

If you study 10 companies, you'll find 1 that's better than expected; study 50 and you'll find 5. There are always achievements overlooked by Wall Street.

如果你不研究任何公司，买股票就像扑克游戏里不看牌。

If you don't study any companies, buying stocks is like playing poker without looking at your cards.

如果你能持有一只股票十年，那你会对这只股票非常了解——也就会对买入它非常有信心。

If you're comfortable with a ten-year hold, you'll know a lot about that stock—and you'll be confident about buying it.

在投资中，专业知识并不能取代智慧——但智慧可以弥补专业知识的不足。

专业知识在投资中并不能取代智慧——但智慧可以弥补专业知识的不足。

卖出赚钱的股票，保留亏损的股票，期待回本——这是投资者最容易犯的错误。

Selling winners and keeping losers is the most common mistake investors make.

成功投资的秘诀在于发现好公司并长期持有。

The secret to successful investing is finding good companies and holding them for the long term.

预测市场走势是浪费时间精力——重要的是对公司的了解程度。

Predicting the market's movements is a waste of time—what matters is how well you understand the company.

永远不要投资于你无法理解的行业或公司。

Never invest in an industry or a company that you do not understand.

普通投资者可以比专业投资者一样甚至更出色，只要他们使用常识并保持简单。

Individual investors can do as well as or better than professionals if they use common sense and keep it simple.

股市赢家的游戏规则是：在别人恐惧时买入，在别人贪婪时卖出。股市输家的游戏规则是：在别人恐惧时卖出，在别人贪婪时买入。

The five most dangerous words in investing are: This time it is different.

投资股票次数越多，亏损的可能性越大，交易越少，犯错越少。

Every time you buy a stock, the chance of being wrong goes up. If you make fewer trades, you will make fewer mistakes.

关注你真正了解的领域，不要投资你不熟悉的东西。你在日常生活中使用的那些公司，往往是最佳投资标的。

Invest in what you know. The best investments often come from everyday life.

知道你持有什么，以及你为什么持有它，比盲目分散更重要。

Know what you own, and know why you own it.

在股票市场里，耐心不仅仅是一种美德，它本身就是一种投资策略。

In the stock market, patience is not just a virtue; it is an investment strategy.

你无法通过研究后视镜来预测前方的道路。

If you look at the rearview mirror, you can't see the road ahead.

卖出你的赢家、抱着你的输家，就像拔掉鲜花去浇灌杂草。

Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

了解你拥有什么，并知道你为什么拥有它。

Know what you own, and know why you own it.

每只股票背后，都站着一家真实的企业。

Behind every stock there is a company.

把公司分成六种类型——缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型——是投资的第一步。不同类型的公司，需要完全不同的投资策略。

There are six types of companies: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. The first step in investing is to put a company into one of these categories, because each requires a different strategy.

在你买入一只股票之前，你应该能用两分钟向一个十岁的孩子解释清楚：为什么你买这家公司、它为什么好、它为什么便宜。如果你说不出来，你就不应该买。

Before you buy a stock, you ought to be able to explain why you're buying it in a two-minute monologue that a ten-year-old could understand. If you can't, you shouldn't buy it.

最完美的股票，是那种无聊得让人打哈欠的——分析师不覆盖它，名字听起来就土，业务枯燥得让人昏昏欲睡。但正是这种公司，才可能给你带来最不无聊的回报。

The perfect stock is the one that's so boring that it makes you yawn. No analyst covers it, the name sounds dull, and the business is so tedious it puts you to sleep. But that's exactly the kind of company that can give you the most exciting returns.

了解你所持有的，并知道你为什么持有它。

Know what you own, and know why you own it.

在股票投资中赚钱的关键，不是被吓出场。

The key to making money in stocks is not to get scared out of them.

买你熟悉的东西。

Buy what you know.

翻动石头最多的人，赢得这场游戏。

The person that turns over the most rocks wins the game.

业余投资者拥有专业投资者不具备的优势。

The individual investor is more capable of making money than the professionals.

在你使用牙线之前，先了解你拥有的股票。

Know what you own before you floss your teeth at night.

股市下跌就像暴风雪一样平常，不必惊慌。

Corrections, like snowstorms, are a routine part of the market.

为应对回调而损失的钱，远比在回调本身中损失的钱多。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

每支股票背后都是一家公司。先找到公司，再去找股票。

Behind every stock is a company. Find the company before you find the stock.

如果你不能用几句话讲清一家公司的生意，就别投它。

If you can't explain a company's business in a few sentences, don't invest in it.

避开热门股。热门股涨得很快，跌得更快。

你买的是公司，不是股票。

You buy companies, not stocks.

买进股票之前，先做好三年内股市下跌50%的心理准备。

如果你能说出为什么持有这只股票，你就不该再持有它。

选择优质股票，然后长期持有，让复利为你工作。

如果你研究一只股票的时间少于研究一台冰箱的时间，那还不如去买冰箱。

如果一只股票跌了50%，那说明它还有可能再跌50%。

不要试图抄底，也别想卖在最高点。

股票投资赚的是公司成长的钱，不是市场的钱。

长期看，决定股价的是公司盈利。

波段操作、找热点、猜涨跌，这些都是业余投资者的致命伤。

了解你买了什么，比买什么更重要。

普通投资者可以利用自己已经知道的信息，击败专业投资者。

The individual investor is in a position to take advantage of the information he already has.

股市暴跌就像科罗拉多州的天气，一年到头总会有那么几次。

作为一个业余投资者，你的优势其实并不在于从华尔街投资专家那里获得所谓的投资建议。

As an amateur investor, your advantage is not in getting investment advice from Wall Street experts.

投资是门艺术，不是科学，从没听说过靠公式发财的人。

业余投资者最大的优势是：不用对任何人负责。

投资很有趣、很刺激、但如果你不下功夫研究基本面的话，那就很危险。

Investing is fun and exciting, but dangerous if you don't do your homework on fundamentals.

把股票看做你的孩子，但是养孩子不能太多，投资股票不能太多，太多你就根本照顾不过来了。

Think of stocks as your children, but don't have too many—you can't keep track of them all.

经常出现这样的情况：短期而言，比如好几个月甚至好几年，一家公司业绩表现与其股价毫不相干；但是长期而言，一家公司业绩表现肯定与其股价表现是完全相关的。

In the short term, a company's performance and its stock price may be unrelated; in the long term, they are perfectly correlated.

持有股票就像养育孩子——不要超出你能力范围。

Owning a stock is like raising a child—don't take on more than you can handle.

不做研究就买股票，跟不看牌就打牌是一样的。

Buying a stock without researching it is like playing poker without looking at the cards.

如果对持有的股票感到不安,那么最恰当的方式就是重读年报,而不是看盘。

If you feel uneasy about a stock you own, the right action is to re-read the annual report, not the tape.

普通股投资者最大优势之一,是没人逼他每周做决策。

One of the biggest advantages of a regular equity investor is that no one forces him to make weekly decisions.

没人能在判断宏观经济上一直准确,所以最好去理解具体公司,而不是大方向。

No one can consistently be right on the macro economy; better understand specific companies than broad directions.

如果基本面没变,股价下跌就是机会,而非警报。

If fundamentals haven't changed, a price drop is an opportunity, not an alarm.

我对一个公司判断对错的概率并不比其他投资人更高,但我犯的错误小一点,因为会先做功课。

My probability of being right about a company isn't higher than others, but my mistakes are smaller because I do my homework first.

在股市中，最重要的器官是胃，不是大脑。

In the stock market, the most important organ is the stomach. It's not the brain.

耐力胜过头脑。

Stamina beats brains.

投资不是赌博,但整天博短线的投资者会把它做成赌博。

Investing isn't gambling, but day traders turn it into one.

在棒球术语中，你想在第二或第三局买入，在第七或第八局退出。

In baseball terms, you want to buy in the second or third inning and get out in the seventh or eighth.

股票不是彩票，每只股票背后都有一家公司。

Stocks aren't lottery tickets. Behind every stock is a company.

长期来看股市是个好地方，但更多人在等待调整中亏了钱，而不是在实际调整中亏的。

More people have lost money waiting for corrections and anticipating corrections than in the actual corrections.

事情是担心不完的，避开周末悲观，也不要理会股评人士大胆的最新预测。

Things are worrysome enough. Avoid weekend pessimism and ignore bold new predictions from commentators.

千万避开十倍股的故事一遍遍重演的热门行业热门股,真正的十倍股多在冷门行业。

Stay clear of 'hot stocks in hot industries' where ten-bagger stories replay; real ten-baggers usually emerge from cold industries.

一个人如果不能在一分钟内给11岁的孩子讲清这只股票为什么好,就不该买它。

If you can't explain to an 11-year-old in one minute why a stock is good, you shouldn't buy it.

永远不要投资你拿蜡笔画不出来的公司。

Never invest in any idea you can't illustrate with a crayon.

股市就是一个把没有耐心的钱，转交给有耐心的钱的机器。

The stock market is a device for transferring money from the impatient to the patient.

向你买股票的公司的客户服务打一个电话，听听他们怎么回答。

Call the customer service line of the company whose stock you are buying.

最值得买的股票也许是你已经拥有的那只。

The best stock to buy may be the one you already own.

投资应该更像看油漆干、看草生长。如果想要刺激，拿八百块去拉斯维加斯。

Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.

如果你能用五分钟给五年级的孩子讲清楚为什么买这只股票，你就该买它。

If you can explain to a fifth grader why you are buying a stock in five minutes, you should buy it.

华尔街从没见过一个投资成功的分析师，破产的倒看到不少。

Wall Street has never seen a successful investing analyst, but has seen plenty of bankrupt ones.

如果你花了超过十三分钟在经济学上，你就浪费了超过十分钟。

If you spent over 13 minutes a year on economics, you've wasted over 10 minutes.

找到一个让你能跑赢市场的简单逻辑，然后反复使用它。

Find a simple logic that beats the market, then apply it consistently.

投资股票不是智商160的人就一定能击败智商130的人的游戏。

Investing in stocks is not a game where the guy with 160 IQ beats the guy with 130 IQ.

只要你享受投资，你就会愿意做功课，并留在游戏中。

As long as you enjoy investing, you'll be willing to do the homework and stay in the game.

持有现金等待机会不丢人——真正丢人的是没钱等了。

最重要的不是你买了多少只股票，而是你要不要在糟糕的日子里坚持下去。

The key organ is not the brain, it's the stomach.

投资真正赚钱的时候，是大家都吓得不敢买的时候。

股票的长期回报最终取决于公司的盈利增长，而不是市场先生的情绪。

你不需要研究一千家公司，你只需要研究你生活中能接触到的那几家。

在股市中，输家往往是那些在好公司上赚一点就跑、却在烂公司上死扛的人。

知道自己持有什么，以及为什么要持有它。

Know what you own, and know why you own it.

投资者为防范回调所做的准备，亏掉的钱，比回调本身亏掉的还多。

Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.

每个人都有在股市赚钱的智力，但不是每个人都有承受波动的胆量。

Everyone has the brainpower to make money in stocks. Not everyone has the stomach.