沃尔特·施洛斯

我不想知道公司的管理层是谁，我只想知道公司的资产负债表上有什么。

I don't want to know who the management is. I want to know what's on the balance sheet.

我们不预测市场，我们只是买便宜的股票，然后耐心等待。

We don't try to predict the market. We just buy cheap stocks and wait.

我喜欢买入股价创新低的股票，前提是它资产扎实、负债干净，然后耐心等待。

I like to buy stocks making new lows, provided the company has clean balance sheets and solid assets, and then wait patiently.

记住，你买的是一家企业的一部分，而不是一张会跳动的纸。

Remember that a share of stock represents a part of a business and is not just a piece of paper.

投资者最重要的品质不是智商，而是情绪的稳定。

The most important quality for an investor is temperament, not intellect.

买入价格足够低，本身就是安全边际。

Price is what gives you the margin of safety.

分散持有大量便宜股票，是对自己无知的最好保护。

We diversify because we are not smart enough to know which one will work.

我不喜欢压力，所以我买便宜的东西，然后睡得很好。

I don't like stress and prefer to avoid it. I buy cheap stocks and sleep well.

相对于价值来说，价格是最重要的因素。便宜买而便宜会自己照顾好收益。

Price is the most important factor in relation to value.

我关注的是不亏钱，而不是赚多少钱。只要你控制住下行，上行自然会来。

I am more concerned about not losing money than about making money.

我只买便宜的股票，极度分散地持有，然后耐心等待价值回归。

We buy stocks that are cheap, diversify widely, and wait for value to be recognized.

我们不想和公司的管理层交谈。我们只看财务数据。和管理层交谈可能会让你受到他们的影响——他们都是很好的人，他们知道怎么卖他们的故事。

We don't like to talk to management. We look at the figures. Talking to management might influence you. They're nice people and they know how to sell their story.

我们持有大量股票。当你持有这么多股票时，你在保护自己免受无知的伤害——因为你确实是无知的。

We hold a lot of stocks. When you hold that many stocks, you're protecting yourself against your own ignorance — because you are ignorant.

我们试图以便宜的价格买入——最好是低于账面价值。

We try to buy stocks cheap, at a discount to book value.

分散投资很重要，因为你会犯错。

Diversification is important because you're going to be wrong.

分散投资，买便宜货，耐心等待。

Diversify, buy cheap, and be patient.

我不和股票谈恋爱，该卖就卖。

I don't fall in love with stocks. When it's time to sell, I sell.

我们试图以尽可能低的价格买入股票，这就是我们全部的经营方式。

We try to buy stocks as cheap as possible. That's all we do.

我不去学巴菲特，我只买我懂的、便宜的东西。

I don't try to be Buffett; I just buy cheap stocks I understand.

买股票要像买菜，便宜才是硬道理。

Buy stocks like groceries—price matters most.

要有耐心，股票不会立刻上涨。

Have patience. Stocks don't go up immediately.