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.

我们不够聪明，所以我们尽量买得便宜。

We're not smart, so we try to buy stocks cheap.

分散很重要，因为我们根本不知道自己在做什么。

Diversification is important because we don't know what we're doing.

比起利润表，我更关注资产负债表。

I'm more interested in the balance sheet than the income statement.

我们尽量买便宜的股票——价格低于账面价值的那种。

We try to buy stocks cheap, below book value.

我买便宜的股票，用分散来保护自己。

I buy cheap stocks and diversify to protect myself.

买资产低于清算价值的公司，耐心等价值回归。

Buy companies below liquidation value and wait patiently for revaluation.

我们没那么聪明，但我们很有纪律。

We're not that smart, but we're disciplined.

买便宜的股票，分散持有，等着价值回归。

Buy cheap stocks, diversify, and wait for value to be recognized.

我不预测市场，我只买价格远低于净资产的公司。

I don't predict the market; I buy stocks trading well below book value.

我们尽量买便宜的股票——别人不想要的那种。

We try to buy cheap stocks — stocks that others don't want.

价格是与价值对比时最重要的因素。

Price is the most important factor to use in relation to value.

这行教会人谦卑，因为你第二天就看到自己的错误。

One of the things you learn in this business is humility, because you see your mistakes the next day.

小心杠杆，它会反过来咬你。

Be careful of leverage. It can go against you.

我们不是在做交易，而是在买便宜股票然后等待。

We're not trading. We're buying cheap stocks and waiting.

我从不去碰自己看不懂的东西。

I never bought what I couldn't understand.

我们分散投资，因为我们不知道哪只股票会涨。

We diversify because we don't know which stock will go up.

如果买得足够便宜，就算判断错了，也不会亏太多。

If you buy cheap enough, even if wrong, you won't lose much.

你在这个行业学到的第一课是谦卑——因为你犯的错，第二天就会登在报纸上。

One of the things you learn in this business is humility because you see your mistakes the next day.

我通过买入萧条中的股票，来保护自己免遭资本的永久性损失。

I try to protect myself from permanent loss of capital by investing in stocks that are depressed.

我随时持有五十到一百只股票，因为任何一只股票反向变动时，我的压力都会小很多。

I always held 50 to 100 stocks at any given time because it would have been very stressful if one particular stock had turned against me.

买资产打折的股票，胜过买盈利——盈利会在短时间内剧烈变化，而资产通常变化缓慢。

Try to buy assets at a discount than to buy earnings. Earnings can change dramatically in a short time. Usually assets change slowly.

记住复利的魔力：每年赚百分之十二并把收益再投入，六年资金就会翻倍——记住七十二法则。

Remember the work of compounding. If you can make 12% a year and reinvest the money back, you will double your money in 6 years.

耐心一点，股票不会马上上涨。

Have patience. Stocks don't go up immediately.

可以听你尊重的人的建议，但这不意味着你必须接受——记住钱是你自己的，留住钱比挣钱更难。

Listen to suggestion from people you respect. This doesn't mean you have to accept them. It is harder to keep money than to make it.

不要太急于卖出——卖出之前，对照账面价值把公司重新评估一遍。

Before selling try to re-evaluate the company again and see where the stock sells in relation to its book value.

不要因为消息或股价的突然上涨而买入；也不要因为坏消息而卖出。

Don't buy on tips or for a quick move. Don't sell on bad news.

股票跌掉一半时你还敢加仓——这才是对价值投资者的真正考验，别人会以为你疯了。

A stock has lost half, and you go in and buy more. That is not easy. People will think you are crazy.

判断一只股票是不是便宜，远比判断什么时候该卖掉它容易。

I think it's much easier to identify when something is cheap rather than when to sell.

我更喜欢股票而不是债券——债券会限制你的收益，通货膨胀会侵蚀你的购买力。

Prefer stocks over bonds. Bonds will limit your gains and inflation will reduce your purchasing power.

我习惯在下跌途中分批买入、在上涨途中分批卖出——你永远拿不到最高点，也永远拿不到最低点。

Buy on a scale and sell on a scale up. You never get the high or you never get the low.

当我考虑买入一只股票时，价格与价值的关系是最重要的因素。

Price is the most important factor to use in relation to value.

投资是一门艺术，我们尽量做到理性、不带情绪——正因投资者常被市场牵着走，我们才能反过来利用市场。

I think investing is an art, and we tried to be as logical and unemotional as possible. We could take advantage of the market by being rational.

恐惧和贪婪，是影响买入卖出判断的最糟糕的两种情绪。

Fear and greed tend to affect one's judgement.

以账面价值作为估算企业价值的出发点，并确保公司的债务不超过股权。

Use book value as a starting point to try and establish the value of the enterprise. Be sure that debt does not equal 100% of the equity.

树立自己的投资理念，并努力遵循它——这正是我找到的成功之路。

Have a philosophy of investment and try to follow it. This is how I found my way to success.

我不喜欢负债，因为负债真能把公司拖进麻烦——我偏爱买资产负债表强健的基础生意。

I like to look at the balance sheet and I don't like debt because it can really get a company into trouble.

我们就买便宜的股票。价格相对价值越低，安全边际越大。

We just buy cheap stocks. The lower the price relative to value, the bigger the margin of safety.

分散持有几十只股票，是对'无知'最好的保护。

Holding dozens of stocks is the best protection against ignorance.

买得便宜才是真正的护城河；价格越低，我越敢买。

Buying cheap is the real moat; the lower the price, the more I dare to buy.

制胜的秘诀，是把亏钱幅度降到最低。

The secret to winning is to lose the least amount of money.

我喜欢买入不受待见的股票。

I like to buy stocks that are out of favor.

赚钱的方法是便宜买股票，如果更便宜了，就买更多。

The way to make money is to buy stocks cheap, and if they go lower, buy more.

我买便宜的股票，分散持有，然后耐心等待价值回归。

I buy cheap stocks, diversify, and wait for value to be recognized.

账面价值，能给你一份实实在在的安全边际。

Book value gives you a real margin of safety.