我之所以富有，仅仅是因为我知道自己在什么时候错了。我基本上是一个善于认错的人。

I am only rich because I know when I am wrong. I basically have survived by recognizing my mistakes.

投资操作是以透彻分析为基础，确保本金安全并获得满意回报。不符合这一标准的就是投机。

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

在商业世界里，我最惊讶的发现，是一种我称之为'机构惯性'的超级力量——它驱使管理层去模仿同行的行为，不管多么愚蠢。在抗拒机构惯性时，我的失败率比在收购好公司时还高。

My most surprising discovery: the overwhelming importance in business of an unseen force that we might call 'the institutional imperative.' In business, the institutional imperative drives managers to mindlessly imitate the behavior of their peers, no matter how foolish it may be. I have been more wrong about resisting the institutional imperative than I have been about buying good businesses.

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.