查理·芒格

知道自己不知道什么，比聪明更重要。

Knowing what you don't know is more useful than being brilliant.

我这辈子遇到的聪明人，没有不每天阅读的，一个都没有。

In my whole life, I have known no wise people who didn't read all the time — none, zero.

反过来想，总是反过来想。

Invert, always invert.

知道自己不知道什么，比聪明更重要。

Knowing what you don't know is more useful than being brilliant.

我这辈子遇到的聪明人，没有不每天阅读的，一个都没有。

In my whole life, I have known no wise people who didn't read all the time — none, zero

反过来想，总是反过来想。

Invert, always invert.

如果我知道我会在哪里死去，我就永远不会去那个地方。

All I want to know is where I'm going to die, so I'll never go there.

你得找到你有激情的东西，不能让别人告诉你什么是你的激情。

You have to figure out what your own aptitudes are.

获得智慧是一种道德义务，它不仅是一件为了让你的生活变得更好的事。

Acquiring wisdom is a moral duty. It's not something you do just to advance in life.

投资中最大的风险是无知。

The biggest risk in investing is ignorance.

如果你买的东西不值你付的价，再怎么分散风险也没用。

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

长期来看，努力保持一贯不愚蠢所获得的优势，远大于试图变得非常聪明。

It is remarkable how much long-term advantage people have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

赚大钱的秘诀不在于频繁买卖，而在于耐心等待。

The big money is not in the buying and selling, but in the waiting.

我只想知道我会死在哪里，这样我就永远不会去那个地方。

All I want to know is where I'm going to die, so I'll never go there.

如果你买了一只股票，唯一让你感到安心的是它每天都在涨，那你的投资方式是有问题的。

If you're not willing to react with equanimity to a market price decline of 50% two or three times a century, you're not fit to be a common shareholder.

我这辈子遇到的聪明人，没有一个不是每天都在阅读的——没有，一个都没有。

In my whole life, I have known no wise people over a broad subject matter area who didn't read all the time — none, zero.

要得到你想要的东西，最可靠的方法是让自己配得上它。

The safest way to try to get what you want is to try to deserve what you want.

如果我不能比这个世界上最聪明的人更好地反驳我自己的观点，我就不配拥有那个观点。

If you can't state your opponent's argument better than they can, you don't truly understand it.

如果一件事不值得做，那它根本就不值得做好。

If a thing is not worth doing at all, it's not worth doing well.

我们成功的秘诀不是我们有多聪明，而是我们避免了比别人更多的愚蠢。

It is not the brilliance that made us successful — it's the avoidance of stupidity.

承认无知是智慧的开始。那些以为什么都知道的人，注定什么也学不到。

Acknowledging what you don't know is the dawning of wisdom.

我这辈子一直在做的就是寻找那些愚蠢的地方，然后避开它们。

All my life I've been looking for the places where stupid things are done, and then avoiding them.

告诉我我将死在哪里，这样我就永远不会去那个地方。

Tell me where I'm going to die, so I won't go there.

反过来想，总是反过来想。如果你想知道如何成功，就先研究如何失败。

Invert, always invert. If you want to know how to succeed, study how to fail first.

明智的人会让机会自己来，而不是去追逐机会。耐心是投资者最重要的品质。

The wise man lets opportunity come to him, rather than chasing it. Patience is the most important quality for an investor.

我们没有任何秘诀，我们只是努力做到不愚蠢。长期来看，避免愚蠢比追求聪明更有效。

We have no secret formulas. We just try to avoid being stupid. Over the long term, avoiding stupidity is more effective than seeking brilliance.

我这辈子最成功的事，就是知道自己会在哪里死，然后永远不去那里。

All I want to know is where I'm going to die, so I'll never go there.

聪明人不需要做很多事，他们只需要做少数几件正确的事。

The wise ones bet heavily when the odds are in their favor and bet very little when they are not.

如果你的思维模型只有几个，你就会像铁锤人一样——手里只有锤子，看什么都像钉子。

To a man with a hammer, everything looks like a nail.

拥有多学科思维模型是投资成功的基石。经济学、心理学、数学，每一个领域都能给你不同的视角。

You've got to have models in your head and you've got to array your experience on this latticework of models.

对于查理来说，逆向思维已经成为一种本能。他总是先问：什么会让我失败？然后再问：什么会让我成功？

For Charlie, inverted thinking has become an instinct. He always asks first: What will make me fail? Then: What will make me succeed?

承认自己的无知是智慧的开端。大多数人高估了自己的认知能力，这才是最大的风险。

Acknowledging what you don't know is the beginning of wisdom. Most people overestimate their cognitive abilities, which is the greatest risk.

我见过很多聪明人之所以失败，是因为他们用酒精、杠杆或傲慢来毁灭自己。杠杆是唯一会让一个聪明人破产的东西。

I've seen more people fail because of liquor and leverage — leverage being the only thing that can make a smart person go bankrupt.

反转，总是反转。思考问题时，先反过来想，往往能得到更好的答案。

Invert, always invert. Turn a problem around, and you often get a better answer.

投资游戏的本质是比别人更好地识别未来。但要识别未来，你必须先识别过去。

The investment game is about being better at recognizing the future than others. But to recognize the future, you must first recognize the past.

如果你持续学习，你就会持续进步。我这一辈子都在学习，每天都在变得更好。

If you keep learning all the time, you keep getting better. I've been learning all my life and getting better every day.

大部分人太过于关注机会的表面，而忽略了真正的风险。真正的风险是永久性的资本损失。

Most people focus too much on the surface of opportunities and ignore real risk. Real risk is the permanent loss of capital.

把问题反过来想，总是反过来想。如果你想知道怎样才能过上悲惨的一生，那很简单：嫉妒、怨恨、不靠谱。

Invert, always invert: If you want to know how to live a miserable life, it's easy — be envious, resentful, and unreliable.

以合理的价格买入一家伟大公司，远胜于以便宜的价格买入一家平庸公司。

A great business at a fair price is superior to a fair business at a great price.

投资中最重要的三个字不是'我赚了'，而是'安全边际'。

The three most important words in investing are not 'I made money' but 'margin of safety'.

我不和40岁以下的人讨论价值投资——不是因为他们不聪明，而是因为他们还没经历过一轮完整的牛熊。

I don't discuss value investing with anyone under 40 — not because they're not smart, but because they haven't lived through a full cycle.

宏观经济预测不会让你赚钱。如果你把所有经济学家首尾相连排成一条线，他们还是指不出方向。

Macroeconomic predictions won't make you money. If you laid all the economists end to end, they still wouldn't reach a conclusion.

如果你把葡萄干和粪肥混在一起，得到的还是粪肥。

大钱不在于买入和卖出，而在于等待。

The big money is not in the buying and selling, but in the waiting.

如果我知道我会死在哪里，我就永远不去那个地方。

All I want to know is where I'm going to die, so I'll never go there.

给我看激励，我就告诉你结果。

Show me the incentive and I'll show you the outcome.

我们不需要比最聪明的人更聪明，只需要比大多数人更有纪律。

理解复利的力量和获得它的难度，是理解许多事情的核心。

Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.

你不需要非凡的智慧，只需要不犯蠢的纪律。

It is not necessary to do extraordinary things to get extraordinary results.

我们之所以成功，不是因为我们解决了多少难题，而是因为我们避开了它们。聪明人知道自己的局限，笨蛋才会挑战所有困难。

It is remarkable how much long-term advantage people have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

如果你把好东西和坏东西混在一起，你得到的还是坏东西。在投资中，一家糟糕的子公司可以拖垮整个集团。

If you mix raisins with turds, they're still turds.

一个人能做出的最聪明的投资就是投资自己。你学到的任何技能都不会被通胀侵蚀，也不会被市场没收。

The most important investment you can make is in yourself.

人们计算得太多，思考得太少。在投资中，方向比精确更重要，逻辑比数字更值钱。

People calculate too much and think too little.

如果你想说服别人，诉求于利益比诉求于理性更有效。理解人性是投资中最被低估的技能。

If you want to persuade, appeal to interest, not to reason.

如果我知道我会在哪里死去，我就永远不会去那个地方。

All I want to know is where I'm going to die, so I'll never go there.

想变得聪明，你要做的第一件事是明白为什么会变笨。

The first rule of聪明 is to understand why you become stupid.

最可靠的让你的生活变得更糟糕的方法是染上抽烟、喝酒和暴饮暴食的习惯。

The most reliable way to succeed is to develop the habits that lead to failure.

长寿和幸福的秘诀不是做一个好人，而是不要做一个坏人。

The secret to a long life and happiness is not virtue, but vice.

在你学会所有事情之前，你必须先学会所有大错误。

Before you can learn anything, you must first learn all the big mistakes.

我认为我不是个通才，我是一个极度擅长某些领域的人。

I am not a polymath. I am someone who is extremely good at a few things.

那些能在30岁之前就找到人生使命的人，是非常幸运的。

Those who find their calling before 30 are very lucky.

我们非常努力地避免愚蠢，我们花在避免错误上的时间比花在寻找机会上的时间多得多。

We spend a lot of time trying to avoid mistakes, more time than we spend looking for opportunities.

如果你有错误的观念，即使你知道很多事实，你仍然会做出错误的决定。

If you have the wrong premises, even with all the right facts, you will reach the wrong conclusion.

心理学是我见过的最有用的科学，但你几乎在学术机构中学不到它。

Psychology is the most useful science, but you hardly learn it in academic institutions.

避免嫉妒的最佳方法是让自己值得嫉妒。

The best way to avoid jealousy is to make yourself worthy of it.

对于复杂的社会系统，有一种非常强大的解决方案，叫做激励机制。

For complex social systems, there is a very powerful solution called incentive.

那些说金钱不能买到幸福的人，只是不知道去哪里买。

People who say money cant buy happiness just dont know where to shop.

承认自己的无知是智慧的开端。

Acknowledging what you dont know is the beginning of wisdom.

不要做对自己有害的事情，这是人生中最重要的道理之一。

Not doing harmful things to yourself is one of the most important lessons in life.

最好的学习方式是在实践中学习，在错误中学习。

The best way to learn is by doing, by making mistakes.

成功的秘诀是把显而易见的事情做到极致。

The secret of success is to do obvious things superbly.

当你周围的人都在做愚蠢的事情时，保持理智是一种竞争优势。

Being sane when everyone around you is acting crazy is a competitive advantage.

人类大脑的报酬系统会让你在正确的时候感觉良好，即使你是错的。

The human brains reward system can make you feel good when you are right even when you are wrong.

如果你想成为一个优秀的思想家，你必须养成多角度思考的习惯。

If you want to be a good thinker, you must develop the habit of multi-perspective thinking.

我认为信任就像金钱，你存的越多，你能用的就越多。

I think trust is like money: the more you have, the more you can use.

最好的投资机会往往在别人不感兴趣的地方。

The best investment opportunities are often found where others are not interested.

我们不追求多元化，我们追求深度。

We do not seek diversification, we seek depth.

成功的生活需要大量的延迟满足。

A successful life requires a lot of delayed gratification.

你必须学会处理生活中的遗憾，不能让遗憾阻止你做出正确的决定。

You must learn to handle regrets and not let them prevent you from making right decisions.

我认为最危险的偏见是过度自信。

I think the most dangerous bias is overconfidence.

你必须学会接受不确定性，这是投资和生活的本质。

You must learn to accept uncertainty; it is the nature of investing and life.

我认为过度分析 paralysis 是另一端的问题，就像分析不足一样危险。

I think analysis paralysis is a problem at the other extreme, as dangerous as underanalysis.

最简单的想法往往是最正确的。

The simplest ideas are often the most correct.

如果你能改变结果，就不要抱怨。

If you can change the outcome, do not complain.

人类大脑倾向于用简单的故事来解释复杂的事情。

The human brain tends to use simple stories to explain complex things.

你必须学会识别自己的能力圈，并在圈内行动。

You must learn to identify your circle of competence and operate within it.

最好的决定往往是在信息不完整的情况下做出的。

The best decisions are often made with incomplete information.

我从不担心错过机会，我更担心做错决定。

I never worry about missing opportunities; I worry more about making wrong decisions.

成功的企业家往往是最擅长发现和解决问题的人。

Successful entrepreneurs are often the best at discovering and solving problems.

我认为最好的学习是从错误中学习，而不是从成功中学习。

I think the best learning comes from mistakes, not from successes.

耐心是美德的基石。

Patience is the foundation of virtue.

我们倾向于低估简单想法的力量。

We tend to underestimate the power of simple ideas.

对于大多数问题，最好的答案往往来自多个学科的交叉点。

For most problems, the best answers often come from the intersection of multiple disciplines.

我认为一个好的声誉比任何物质财富都更有价值。

I think a good reputation is more valuable than any material wealth.

你必须学会在不确定性中做出决定，这是投资的本质。

You must learn to make decisions under uncertainty; that is the nature of investing.

简单的问题是，那些真正有才能的人往往不需要复杂的系统。

The simple truth is that those with real talent often dont need complex systems.

我认为如果你不能接受损失，就不要投资。

I think if you cannot accept losses, you should not invest.

最好的决策往往是那些不需要马上做出决定的决策。

The best decisions are often those that dont need to be made immediately.

当你意识到自己错了的时候，立即承认并纠正。

When you realize you are wrong, admit it immediately and correct.

我认为最成功的人是那些专注于少数事情并把它们做到极致的人。

I think the most successful people are those who focus on a few things and do them extremely well.

你不应该为了行动而行动，有时候最好的行动就是不行动。

You should not act just for the sake of acting; sometimes the best action is no action.

我认为大多数人都高估了自己的能力圈。

I think most people overestimate their circle of competence.

最好的投资往往是在大多数人都忽视的地方。

The best investments are often found where most people dont look.

我更喜欢买那些管理优秀、价格合理的好公司。

I prefer to buy good companies with excellent management at reasonable prices.

你认为什么最重要，你就会成为什么样的人。

You become what you think about most.

测试一下连通性，重复内容应被拒。

在手里拿着铁锤的人看来，世界就像一颗钉子。

To a man with a hammer, every problem looks like a nail.

我们老得太快，聪明得太迟。

We get old too soon and wise too late.

晚年的最佳铠甲，是一段在它之前被悉心度过的生活。

The best armor of old age is a life that has been well spent.

把股票当成生意的一部分，这是格雷厄姆教给我的最重要的事。

Treat stocks as part of the business, the most important thing Graham taught me.

我们需要的是有效的思想，而不是更多的思想。

We need ideas that can be implemented, not just more ideas.

大多数人高估自己在一年内能做到的事，低估自己在十年内能做到的事。

Most people overestimate what they can do in one year and underestimate what they can do in ten years.

找出你最擅长的事情，然后持之以恒、乐此不疲地去把它做好。

Find what you're best at and stick to it with passion.

知识就是力量，复利就是奇迹。

Knowledge is power, and compound interest is a miracle.

有三种东西可以帮我在生活中取得成功：理性、诚实和不断学习。

Three things help me succeed in life: rationality, honesty, and never stop learning.

在你的人生中，你只需要做对几个决定，就能让一切不同。

In your life, you only need to make a few correct decisions to make a big difference.

唯一的成功方法，是先做大量的工作，然后让命运来找你。

The only way to succeed is to do a lot of work, then wait for fate to find you.

我喜欢和聪明的人一起工作，我讨厌和蠢人一起工作。

I like working with smart people; I hate working with stupid people.

嫉妒是七宗罪里最愚蠢的一个，它不会给你带来任何快乐。

Envy is the stupidest of the seven deadly sins; it brings you no pleasure.

不断学习，不断思考，持续地用纪律和耐心来约束自己。

Constant learning, constant thinking, and constant self-discipline.

生活不仅仅是追逐幸福，更是避免愚蠢。

Life is more about avoiding stupidity than seeking happiness.

你的思想会欺骗你，所以对自己的观点保持怀疑。

Your thoughts can deceive you; remain skeptical of your own beliefs.

60 年的漫长岁月才让查理·芒格变聪明，所以抓紧时间。

It took 60 years of hard work to become Charlie Munger; get started now.

我从来没见过一个能持续预测市场走势的人。

I have never met anyone who could consistently predict market trends.

金融业本质上是销售业务：股票经纪人的实际价值等于零。

The finance industry is essentially a sales business; brokers' real value is zero.

我们不追求做非凡的事，我们的目标是把平凡的事做得非常不平凡。

We don't pursue extraordinary things; we aim to do ordinary things extraordinarily well.

投资并不难。难的是它不像看起来那么简单。

Investing is not that hard. The problem is that it is not as simple as it looks.

我见过的最危险的毒品是海洛因，第二危险的是肾上腺素。

Heroin is the most dangerous drug, but the second most dangerous is adrenaline.

40 年前我列了一张清单，写着让一个人变富的所有方法。

Forty years ago, I listed all the ways a person could become wealthy.

如果你能识别出最优秀的几个机会，押上重注就能发财。

If you can identify the few great opportunities, you can bet big and get rich.

我们不追逐平庸的机会，这正是我今天有成就的原因。

We don't chase mediocre opportunities, and that is why we are successful today.

投资的最高境界，就是不做蠢事。

The highest form of investment is to avoid doing stupid things.

避免愚蠢比追求聪明容易得多，回报却大得多。

Avoiding stupidity is much easier than seeking brilliance, and the payoff is much greater.

我从不试图跨过 7 英尺的栅栏，我到处寻找 1 英尺高的机会。

I never try to jump over a 7-foot fence; I look for the 1-foot fences.

聪明的投资人既直面风险也直面机会，从不冒没必要的险。

Smart investors face both risk and opportunity, and never take unnecessary risks.

投资最忌讳的就是被情绪左右。

The most dangerous thing in investing is being controlled by emotions.

没人能完全排除情绪，但能管理好情绪的就是高手。

No one can completely eliminate emotions, but those who manage them are masters.

不要和一头猪摔跤，你只会弄脏自己，而猪乐在其中。

Never wrestle with a pig. You both get dirty, and the pig enjoys it.

把事情简单化——这是查理·芒格一生的信条。

Simplicity is Charlie Munger's lifelong creed.

我宁愿因为太懒而失去机会，也不愿因为太勤快而犯错。

I'd rather miss opportunities from laziness than make mistakes from overactivity.

通货膨胀是政府偷偷掠夺人民财富的方式。

Inflation is the government's sneaky way to rob the people.

比特币是一种反常的发明，我永远不会投资它。

Bitcoin is an aberrant invention, and I will never invest in it.

银行是危险的生意——他们用别人的钱做赌注。

Banking is a dangerous business; they gamble with other people's money.

在商业中，找到一个好的护城河比找到一个大市场更重要。

In business, finding a good moat is more important than finding a big market.

真正重要的想法占每门科学的 95%，其他 5% 都是装饰。

95% of the important ideas in any science is the core; the other 5% is decoration.

如果你看不懂一门生意，那就跳过去。你不必投资每一支股票。

If you don't understand a business, skip it. You don't have to invest in every stock.

我从来不羡慕任何人，因为我知道他们的痛苦。

I never envy anyone, because I know their pain.

在近百年的生命里，我从来没见过谁靠嫉妒自己的人生变好。

In nearly a century of life, I have never seen anyone improve their life by envying others.

沃伦不是一般人，他是天生的财富分配者。

Warren is no ordinary man; he is a born allocator of wealth.

我宁愿因为过于谨慎而错失机会，也不愿因为莽撞而亏钱。

I would rather miss opportunities from caution than lose money from recklessness.

钱多并不是幸福的根本原因——看看那些因钱而崩溃的家庭。

Money itself is not the root of happiness; look at families broken by money.

商业中，激励机制是最强大的力量之一。

In business, incentives are one of the most powerful forces.

让自己的头脑变成一台能多学科思考的机器，是这个时代最大的优势。

Making your mind a multidisciplinary thinking machine is the greatest advantage of our time.

在机会面前，果断和谨慎一样重要。

In the face of opportunity, decisiveness is as important as caution.

我宁愿在一个好生意上等很久，也不愿在一个坏生意上匆匆行动。

I'd rather wait a long time for a good business than rush into a bad one.

在投资中，坐得住比什么都重要。

In investing, the ability to sit still is more important than anything.

如果你想要说服别人，要诉诸利益，而非诉诸理性。

If you would persuade, appeal to interest and not to reason.

宏观是我们必须接受的，微观才是我们能有所作为的。

Macro is what we must accept, micro is what we can do something about.

如果你一直在学习，你会不断地否定一年前的自己。这就是进步的代价。

If you keep learning, you will constantly repudiate what you thought a year ago. That is the price of progress.

当世界给聪明人发牌时，你最好不是那个最笨的人，而是那个最耐心的人。

When the world deals cards to smart people, you better not be the dumbest but the most patient.

激励机制是世界上最强大的力量。给我看激励机制，我就能告诉你结果。

Show me the incentive and I will show you the outcome.

我们所有明智的决策，都是在等待中做出的。

All of our wise decisions were made while waiting.

避免愚蠢比追求聪明更重要。

It is more important to avoid stupidity than to seek brilliance.

分析一家公司时不要问“我会赚多少钱”，要问“我会怎么亏钱”。

When analyzing a company, don't ask 'How much will I make?' Ask 'How can I lose money?'

我非常喜欢“你想吃什么就能吃什么“这个商业模式——前提是你得先有一家糖果店。

I really like the 'you can eat whatever you want' business model — provided you own the candy store first.

如果你想变得聪明，你需要的不是增加智商——而是系统地减少你做蠢事的频率。

If you want to be smart, what you need is not to increase your IQ — but to systematically reduce how often you do stupid things.

任何比你聪明的想法都应该引起你的极度警惕——尤其是当这个想法是从你自己的脑子里蹦出来的时候。

Any idea that seems smarter than you should make you deeply suspicious — especially when it came from your own head.

在我的一生中我不记得有哪一次我是因为说了“我不知道“而后悔的。但有很多次我因为假装知道而后悔。

In my whole life, I don't recall ever regretting saying 'I don't know.' But I regret many times when I pretended to know.

多学科思维模型比单一模型好十倍——不是因为它更聪明而是因为它更不容易被一门学科的理论骗到。

A multidisciplinary mental model is ten times better than a single model — not because it's smarter, but because it's harder to be fooled by one discipline's theory.

拿着锤子的人，看什么都像钉子。

To a man with a hammer, everything looks like a nail.

告诉我会死在哪里，我就永远不会去那个地方。

Tell me where I'm going to die, so I'll never go there.

投资的秘诀在于：把简单的事情做好，而不是去追求复杂。

The secret to investing is to do the simple things well, not to pursue complexity.

机会极少，当它来临时要用力抓住它。

The big money is not in the buying and selling, but in the waiting.

好的投资机会极其稀缺，当它出现时你必须敢下重注。

Good investment opportunities are extremely scarce. When they appear, you must bet heavily.

我这辈子没见过一个不读书的智者。一个都没有。巴菲特读的书之多，我读的书之多，都会让你吃惊。

In my whole life I have known no wise people who didnt read all the time — none zero.

拿到你想要的东西，最可靠的办法，是让自己配得上它。

The safest way to get what you want is to try and deserve what you want.

反过来想，总是反过来想。如果想帮助印度，先问：什么会毁了印度？然后避开它。

Invert always invert. Turn a situation or problem upside down.

嫉妒是七宗罪里唯一一个你永远无法从中获得任何乐趣的罪。因为嫉妒别人，你只会痛苦，而别人毫发无伤。

Envy is the only one of the seven deadly sins that is no fun at all.

如果一条路通往痛苦和失败，我会把那条路仔细研究一遍，然后坚定地朝相反方向走。

If a path leads to misery and failure I will study it carefully and then go the opposite way.

赚大钱的秘诀不在于买进和卖出而在于等待。

The big money is not in the buying and selling, but in the waiting.

以一般的价格买入伟大的公司远好于以便宜的价格买入平庸的公司。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

破产有三种方式酒精女人和杠杆。

There are three ways to go broke: booze, ladies, and leverage.

手里只有一把锤子的人，看什么问题都像钉子。

通往幸福生活的第一条规则，就是降低你的期望值。

驱动这个世界的，不是贪婪，而是嫉妒。

赚大钱的诀窍不在于买进卖出，而在于等待。

长期来看，人们通过努力“不犯蠢”获得的好处，远比通过努力“变得聪明”获得的好处大得多。

赚大钱不是靠买卖，而是靠等待。

The big money is not in the buying and the selling, but in the waiting.

我最想知道的事情是我会死在哪里，然后坚决不去那里。

All I want to know is where I'm going to die, so I'll never go there.

不能接受50%的回撤，注定只能接受平庸的投资表现。

If you can't accept a 50% drawdown, you're destined to accept mediocre performance.

宁要模糊的正确，也不要精确的错误。

I'd rather be approximately right than precisely wrong.

钓鱼的第一条规则是，在有鱼的地方钓鱼。第二条规则是，记住第一条规则。

The first rule of fishing is to fish where the fish are. The second rule is to remember the first rule.

只要你活得够久，你会得到你想要的生活。

As long as you live long enough, you'll get the life you want.

凡事往简单处想，往认真处行。

Simplify, simplify, simplify. Then execute seriously.

心理学是投资中最被低估的学科——90%的投资错误都是心理因素导致的。

Psychology is the most underrated subject in investing. 90% of investment mistakes are psychological.

说服一个人最有效的方法不是逻辑，是激励。激励的力量比任何规章制度都强大。

Show me the incentive and I will show you the outcome. Never, ever think about something else when you should be thinking about incentives.

你必须在脑子里建立一个多元思维模型的格栅，否则你只能看到别人让你看到的。

You've got to have models in your head. And you've got to array your experience—both vicarious and direct—on this latticework of models.

你生命中最重要的决定不是买了哪只股票，而是选择了和谁共度一生。

The most important decision you'll ever make isn't what stock you bought, it's who you chose to spend your life with.

机会成本思维应该贯穿你的所有决策——哪怕你什么都不做，你也在做一个选择。

All intelligent investing is value investing—acquiring more than you are paying for. You must value the business in order to value the investment.

如果你把葡萄干和粪便混在一起，你还是得到粪便——无论你加了多少葡萄干。

If you mix raisins with turds, you still have turds.

我不断看到那些不是最聪明的人在生活中节节攀升——他们不是天才，他们是学习机器。

I constantly see people rise in life who are not the smartest. They're learning machines.

复利的第一条规则：永远不要无故打断它。

The first rule of compounding: Never interrupt it unnecessarily.

不要同一头猪摔跤，因为这样你会把全身弄脏，而对方却乐此不疲。

Never wrestle with a pig. You both get dirty, and the pig likes it.

我们的投资有三个篮子：投，不投，不懂。

We have three baskets: in, out, and too hard.

投资就像“打棒球”。你不必每次投球都挥棒，你可以“等那个适合你的慢球”。

The art of stock picking is the art of filtering. It's waiting for the fat pitch.

“能力圈”的大小不重要，重要的是你知道它的“边界在哪”。不知道边界的能力比没有能力更危险。

Knowing what you don't know is more useful than being brilliant.

这个世界不是靠“贪婪”驱动的，而是靠“嫉妒”驱动的。想要别人拥有的东西，是人类痛苦的根源。

The world is not driven by greed. It's driven by envy.

“避免愚蠢”比追求聪明重要得多。长期来看，一个人不做什么，比做了什么更能决定结果。

It is remarkable how much long-term advantage people have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

你必须拥有“多个思维模型”，因为你不能用一个锤子解决所有问题——否则你看什么都像钉子。

To the man with only a hammer, every problem looks like a nail.

赚大钱不在于买入或卖出，而在于等待。

The big money is not in the buying or selling, but in the waiting.

我一生中认识的聪明人没有一个不持续阅读的——零，一个都没有。

In my whole life, I have known no wise people who didn't read all the time — none, zero.

投资要选容错率高的好生意。有点管理问题、有点困难、有点错误，好生意照样还是好生意。

We like businesses that can withstand a little mismanagement. A good business can suffer a lot of slights and still do well.

投资本来绝非易事。认为投资容易的人都是愚蠢的。

Investing is not supposed to be easy. Anyone who finds it easy is stupid.

赚大钱的秘诀不在于频繁买卖，而在于等待。我做的投资决策中，真正赚大钱的其实只有那么几个。大部分时间，我只是坐在那里什么都不做。

The secret to making big money is not buying and selling, but waiting. Of all the investment decisions I've made, only a few really made big money. Most of the time, I just sit on my hands.

给我看激励，我就给你看结果。人类行为的底层驱动力就是这么简单。如果你想要改变什么，先改变激励结构。

Show me the incentive and I'll show you the outcome. The fundamental driver of human behavior is that simple. If you want to change something, change the incentive structure first.

人类大脑天生就会寻找支持自己已有观点的证据，而忽略相反的证据。这在投资上是致命的。你必须强迫自己去寻找反面证据。

The human brain is wired to seek evidence that supports its existing beliefs and ignore contrary evidence. This is fatal in investing. You must force yourself to seek disconfirming evidence.

告诉我我会死在哪里，我就永远不会去那个地方。这是最简单的逆向思维——与其想怎么成功，不如想怎么避免失败。

Tell me where I'm going to die, and I'll never go there. That's the simplest form of inversion — instead of thinking about how to succeed, think about how to avoid failure.

我这辈子没见过任何一个聪明人，不是每天都读书的。一个都没有。沃伦读得比我多，你可能不信，我读得也很多。我的孩子们笑话我，说我是一本长了两条腿的书。

In my whole life, I have known no wise person who didn't read all the time — none, zero. Warren reads more than I do. My children laugh at me, they think I'm a book with a couple of legs sticking out.

赚大钱不在于频繁买卖，而在于耐心等待。

The big money is not in the buying and selling, but in the waiting.