能力圈
关于认知边界、专注、知之为知之
共 194 条名言
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.
投资你所了解的。
Invest in what you know.
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.
投资你所了解的。
Invest in what you know.
永远不要投资你不了解的生意。
Never invest in a business you cannot understand.
你不需要成为每家公司的专家，甚至不需要了解很多。你只需要能够评估在你能力圈范围内的公司。
You don't have to be an expert on every company. You only have to be able to evaluate companies within your circle of competence.
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.
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.
最大的错误是无法看到自己的盲点。
The biggest mistake you can make is not seeing your own blind spots.
对一家公司了解得太少是一种危险，了解得不多却自以为了解很多更加危险。
Knowing a great deal about a few things is better than knowing a little about a lot of things.
风险来自于你不知道自己在做什么。
Risk comes from not knowing what you're doing.
分散投资是对无知的一种保护；如果你知道自己在做什么，分散投资就没有意义。
Diversification is protection against ignorance. If you know what you're doing, diversification makes no sense.
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.
你的投资组合里不需要50只股票。5到10家你真正理解的公司，比50家你一知半解的公司要好得多。
You don't need 50 stocks in your portfolio. Five to ten companies you truly understand are far better than fifty you barely know.
你不必在每场游戏中都参与。事实上，只参与那些你明显有优势的游戏，是长期获胜的唯一途径。
You don't have to play every game. In fact, only playing the games where you have a clear edge is the only path to long-term victory.
投资你了解的东西。
Invest in what you know.
第二层次思维：第一层次思维说这是一家好公司买吧；第二层次思维说这是一家好公司但人人都知道所以股价可能已经太高了卖吧。
我不要大量的好投资，我要少数几个杰出的投资。
I don't want a lot of good investments; I want a few outstanding ones.
用闲聊法来了解一家公司——和竞争对手、供应商、客户、前员工聊天。
与其把鸡蛋放在不同的篮子里然后一个个盯着看，不如把所有鸡蛋放在一个篮子里然后看好那个篮子。
Diversification is protection against ignorance. It makes little sense if you know what you are doing.
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。
只要做好少数几件事，就足以成功。关键在于——大多数人都做不到这少数几件事。
You only have to do a very few things right in your life so long as you don't do too many things wrong.
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.
如果你不觉得自己在犯错，那你就不够激进；如果你不在不断学习，那你很快就会落后。
If you're not failing, you're not pushing your limits, and if you're not pushing your limits, you're not maximizing your potential.
在投资中，闲聊是一种被严重低估的研究工具。
The business 'grapevine' is a highly worthwhile source of investment information.
不要在公开信息已经充分反映的股票上浪费时间——你的优势必须来自别人看不到的东西。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
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.
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.
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.
可信度加权的决策方式比一人一票制有效得多。在桥水，观点越经过验证的人，在决策中的权重要越大。
Credibility-weighted decision-making is far more effective than one-person-one-vote. At Bridgewater, the more tested an opinion, the more weight it carries.
你最大的竞争优势不在于你知道什么，而在于你清楚地知道你不知道什么。承认无知是智慧的开端。
Your greatest competitive advantage lies not in what you know, but in knowing clearly what you don't know. Acknowledging ignorance is the beginning of wisdom.
研究一家公司最好的方法不是坐在办公室里看数据，而是走出去和它的客户、供应商、竞争对手面对面交流。
The best way to research a company is not sitting in your office looking at data, but going out and talking to its customers, suppliers, and competitors face to face.
永远不要投资你不了解的生意。
Never invest in a business you cannot understand.
最大的错误是无法看到自己的盲点。
The biggest mistake you can make is not seeing your own blind spots.
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.
我们不追求多元化，我们追求深度。
We do not seek diversification, we seek depth.
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.
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.
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.
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.
理解自己不知道什么是投资智慧的开始。
Understanding what you do not know is the beginning of investment wisdom.
如果不了解一家公司，再便宜也不要买。
If you don't understand a company, don't buy it no matter how cheap it is.
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.
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.
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.
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.
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.
知道你不知道什么，比你知道什么更重要。
Knowing what you don't know is more important than knowing what you do know.
你不需要成为每个领域的专家，你只需要在你了解的领域做出正确的判断。
You don't need to be an expert on everything. You just need to be right on the things you know.
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.
可信度加权的决策系统——让最懂行的人有最大的话语权。
A believability-weighted decision-making system — giving the most knowledgeable people the loudest voice.
闲聊调研——和供应商、客户、前员工聊天——是获取投资真相最有效的方式。
The scuttlebutt method — talking to suppliers, customers, and former employees — is the most effective way to get the truth about an investment.
财务报表只能告诉你一家公司过去做了什么，但人——管理层——才能告诉你将来会做什么。
Financial statements can tell you what a company has done in the past, but people — the management — tell you what it will do in the future.
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.
投资者最大的优势不是比别人聪明，而是可以自由地说“这太复杂了我放弃“。
The investor's greatest advantage is not being smarter than others, but the freedom to say 'This is too complicated, I pass.'
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.
你的生活质量取决于你做出的决定的质量——而你决定的质取决于你把多少不同的好角度放在桌面上。
The quality of your life depends on the quality of the decisions you make — and the quality of your decisions depends on how many different good perspectives you put on the table.
管理层的素质不是你可以从年报中读出来的——你必须和他们的竞争对手、前雇员、客户和供应商交谈。
The quality of management is not something you can read from an annual report — you have to talk to their competitors, former employees, customers, and suppliers.
我买苹果，是因为我真的看懂了它的生意模式。
I bought Apple because I truly understood its business model.
确定性比便宜更重要，宁可少赚确定的钱，不赚看不懂的钱。
Certainty matters more than cheapness; better earn less on what's certain than chase what you don't understand.
集中持股不是冒险，是把钱放在你最懂、最有把握的地方。
Concentrated holding isn't risk-taking; it's putting money where you understand best and are most sure.
守住能力圈，圈外再热闹也与我无关。
Guard your circle of competence; what's outside it, no matter how lively, is none of my business.
看不懂的商业模式，再热闹我也不碰。
No matter how hyped, I won't touch a business model I don't understand.
不熟不做，知道自己不懂什么比懂什么更值钱。
Don't do what you don't know; knowing what you don't understand is worth more than what you do.
投资上最大的风险，是以为自己懂其实不懂。
The biggest risk in investing is thinking you understand when you don't.
如果历史就能让人致富，那最富有的人该是图书管理员。
If past history was all that was needed to be a successful investor, the richest people would be librarians.
一匹能数到十的马，是匹了不起的马——但不是了不起的数学家。
A horse that can count to ten is a remarkable horse—not a remarkable mathematician.
会计是商业的语言，你得学会读它才能看懂一门生意。
Accounting is the language of business; you have to learn it to understand a business.
我天生就是来配置资本的。
I was wired at birth to allocate capital.
你做过的最重要的投资，是投资你自己。
The best investment you can make is in yourself.
你学得越多，赚得越多。
The more you learn, the more you earn.
个人投资者最大的优势，是不必被迫在糟糕的时点卖出。
The individual investor's greatest advantage is not being forced to sell at bad times.
个人投资者最大的特权，是没人能逼你在地板价交出筹码。
The individual investor's great privilege is that no one can force you to surrender your holdings at rock-bottom prices.
投资中最重要的事是确定能力圈的边界在哪里，而不是能力圈有多大。
What counts for most people in investing is not how much they know, but how realistically they define what they dont know.
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.
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.
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.
风险来自你不知道自己正在做什么。
Risk comes from not knowing what you're doing.
除非你真的了解自己在干什么否则什么也别做。
Unless you really understand what you're doing, don't do anything.
手里只有一把锤子的人，看什么问题都像钉子。
选股就像画画，先纸上练100家公司，练完你就知道自己适合什么了。
Take 100 companies and write down why you'd buy them. By the time you're done, you'll know your circle of competence.
你不需要买入每一只便宜的资产。你只需要买入那些你最有把握的少数几个。
You don't need to buy every cheap asset. Just the few you're most certain about.
我们的投资有三个篮子：投，不投，不懂。
We have three baskets: in, out, and too hard.
知道自己能力的边界，比知道自己懂什么更重要。在能力圈外下注，等于把命运交给运气——而运气不站在你这边。
Knowing the boundaries of your competence matters more than knowing what you know. Betting outside your circle of competence hands your fate to luck — and luck is not on your side.
“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.
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.
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.
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.
不懂的公司，不碰。
If you don't understand a company, don't touch it.
看懂一家公司不会比读一个本科更容易。
Understanding a company is no easier than getting a college degree.
老巴的安全边际不是指便宜，安全边际指的是你对公司有多懂。
Buffett's margin of safety doesn't mean cheap; it means how well you understand the company.
没看懂的公司比较容易鉴别，就是股价一掉你就想卖，涨一点点你也想卖的那种。看懂的那种大概就是怎么涨你都不想卖，大掉时你会全力再买进的那种。
Companies you don't understand are easy to identify: when the price drops you want to sell, when it rises a bit you also want to sell. The ones you understand: no matter how much they rise you don't want to sell, and when they drop big you want to buy more.
承认自己不懂某样东西意味着智慧的曙光即将来临。
Admitting you don't understand something means the dawn of wisdom is coming.
知道自己的'能力圈'有多大比'能力圈'本身有多大要重要的多。
Knowing how big your 'circle of competence' is matters far more than how big it actually is.
假装会游泳是很危险的，假装会投资也一样。
Pretending to know how to swim is dangerous, and pretending to know how to invest is the same.
每个人都该找自己能搞懂的好企业。老巴懂的我经常不懂，我懂的老巴也可能不懂。
Everyone should find good companies they can understand. What Buffett understands, I often don't; what I understand, Buffett might not either.
能力圈之外的钱，赚了也拿不住。
Money earned outside your circle of competence, even if earned, cannot be held.
只有在你不乎别人怎么看你看的公司时，哪怕那个人叫巴菲特，那你大概开始知道自己在干嘛了。
Only when you don't care how others view the companies you like, even if that person is Buffett, then you probably start to know what you're doing.
我们不去跨越七英尺高的栏，我们寻找的是一英尺高、对面有丰厚回报的栏。
We don't leap over seven-foot bars; we look for one-foot bars with big rewards on the other side.
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.
知道自己能力圈的边界，远比能力圈有多大重要得多。
Knowing what you don't know is more useful than being brilliant.
我这辈子遇到的聪明人，没有一个是不每天读书的——一个都没有。
In my whole life, I have known no wise people who didn't read all the time - none, zero.
要得到你想要的某件东西，最可靠的办法是让你自己配得上它。
The best way to get what you want is to deserve what you want.
举重若轻的真实原因其实是举轻若轻。举轻若轻的意思就是看起来毫不费力，但那是竭尽全力的结果，全是功夫啊。
The real reason one handles heavy weights with ease is that one first handles light weights with ease. Handling light weights with ease looks effortless, but it's the result of giving it your all — it's all about mastery.
我懂的生意非常少，和很多人的差别在于我承认我懂的少，所以就变简单了。
The businesses I truly understand are very few. The difference between me and many others is that I admit I understand very little, and that makes things much simpler.
不要轻易去'扩大'自己的能力圈。搞懂一个生意往往是需要很多年的。
Don't casually try to 'expand' your circle of competence. Truly understanding a business often takes many years.
当我跑到能力圈以外的时候，和散户并没有区别。
When I step outside my circle of competence, I'm no different from a retail investor.
耐心等待自己能力圈内出现投资目标，包括在能力圈内积极寻找。
Patiently wait for investment targets to appear within your circle of competence, while also actively searching within that circle.
我经常看到有人跑到自己的能力圈以外去做事情，回头安慰自己的话就是'扩大能力圈'是要付学费的。
I often see people venturing outside their circle of competence, and then comfort themselves by saying 'expanding your circle of competence requires paying tuition.'
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.
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.
风险来自于不知道自己在做什么。
The greatest risk of all is not knowing what you're doing.
把鸡蛋放在一个篮子里，然后好好看管那个篮子。
Put all your eggs in one basket, and then watch that basket.
分散投资是对无知的保护。如果你知道自己在做什么，分散投资就毫无意义。
Diversification is a protection against ignorance. If you know what you're doing, diversification is meaningless.
在投资的游戏中，最好的玩家是那些知道自己不知道什么的人。
In the investment game, the best players are those who know what they don't know.
我跨不过七英尺高的栏。我只寻找一英尺高、有丰厚回报的栏。
We try to bridge only seven-foot jumps. We do not try to cross fifty-foot bridges. We try to find seven-foot jumps with high probabilities and large payoffs.
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.
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.
了解世界的最好方式，就是亲自去看看。
The best way to understand the world is to go out and see it for yourself.
不要在自己感兴趣的事情上投机，要在自己了解的事情上投机。
Don't speculate in things you are interested in; speculate in things you know about.
你不需要做对很多事情，重要的是避免犯重大的错误。我们从不试图在7英尺高的栏上跳过去，我们寻找的是1英尺高的、我们能跨过去的栏。
You don't have to be right on everything. You just have to avoid the big mistakes. We don't jump over seven-foot bars. We look for one-foot bars that we can step over.
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.
商业的“闲聊”网络是世界上最奇妙的事物之一——你能从中获得关于一家公司极其准确的信息，远比任何财务报表来得鲜活。
The business ‘grapevine’ is one of the most amazing things in the world... It is an amazing thing how much accurate information can be obtained.
从长远来看，一只普通股的成功取决于它背后的人的能力。
In the long run, the success of a common stock is determined by the ability of the people behind it.
我这一辈子都在努力避开自己不懂的事情。
I try to stay away from things I don't understand.
买你熟悉的东西。
Buy what you know.
不懂不做。
Don't do what you don't understand.
坚持以你真正理解的少数几家公司投资，而非滑到第30或第50个偏好，会带来更高的超额回报。
Sticking to investing in only a small number of companies you understand well, rather than moving down to your thirtieth or fiftieth favorite, would create much greater potential for above-average returns.
要得到你想要的某样东西，最好的办法是让你自己配得上它。
To get what you want, you have to deserve it.
AI显然能帮你更快地收集信息，收集的是什么就取决于你自己了。
AI can obviously help you collect information faster, but what you collect depends on yourself.
你得有多大毛病才会去投资一家让你焦虑的公司啊？
What kind of problem do you have to invest in a company that makes you anxious?
没有现金流的东西我看不懂。没有现金流的东西我不会感兴趣的，you don't get the point!!!
I don't understand things without cash flow. I won't be interested in things without cash flow, you don't get the point!!!
赌徒确实会焦虑，所以他们需要学心理学，需要找到安慰自己的办法。你买自己懂的未来会赚很多钱的公司，你是不需要懂心理学的，你懂公司就足够了。
Gamblers do get anxious, which is why they need psychology and ways to comfort themselves. When you buy companies you understand that will make a lot of money in the future, you don't need psychology — understanding the company is enough.
不容易指的是看懂生意不容易，简单说的是只有看懂生意是重要的。别人怎么看跟你有什么关系？当股票下跌的时候，你心里充满了恐惧，那就说明你买了你不懂的公司。
Not easy means it's not easy to understand a business. Simple means that only understanding the business matters. What others think has nothing to do with you. When a stock falls and you're filled with fear, it means you bought a company you don't understand.
每家公司都是有风险的。你搞不懂的公司都是风险很大的。
Every company has risks. Companies you don't understand are the ones with the biggest risks.
知道自己不知道什么，比聪明更有用。
Knowing what you don't know is more useful than being brilliant.
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.
永远不要投资你看不懂的生意。
Never invest in a business you cannot understand.
我们不跳7英尺高的栏杆，只找1英尺的跨过去。
We don't try to jump over 7-foot bars; we look for 1-foot bars we can step over.
对于大多数投资者而言，重要的不是他知道什么，而是清醒地知道自己不知道什么。
What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know.
与其杀死毒龙，不如避开毒龙。
It's easier to stay out of trouble than it is to get out of trouble.
就算美联储主席偷偷告诉我他未来二年的货币政策，我也不会改变我的任何一个作为。
Even if Alan Greenspan whispered to me his monetary policy for the next two years, I wouldn't change any of my actions.
知道自己能力圈有多大，比能力圈有多大更重要。
What's important is not how big your circle of competence is, but how well you define its boundary.
很多事情做起来都会有利可图，但是你必须坚持只做那些自己能力范围内的事情。
There are many things that are profitable to do, but you must insist on doing only those within your circle of competence.
如果你不能简单解释你的投资，那么你可能不理解它。
If you can't explain it simply, you don't understand it well enough.
如果你买入你认为自己理解的公司，那么大部分风险就已经消失了。
If you buy companies you understand, most of the risk disappears.
你不需要成为专家才能获得可观的回报，但你必须认识自己的局限。
不懂不做，这是我投资的第一原则。
认识自己的无知，是认识世界最可靠的方法。
Recognizing your own ignorance is the most reliable way to understand the world.
我宁愿承担因过度集中带来的风险，也不愿因过度分散而平庸。
能力圈的大小不重要，知道自己的能力圈边界在哪里才是最重要的。
Knowing what you don't know is more useful than being brilliant.
如果我们不能在自己有信心的范围内找到标的，我们就不会投资。
投资是认知的变现。
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.
只投资少数你真正理解的公司，而不是凑满你的第三十或第五十个选择。
It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to your thirtieth or fiftieth favorite pick...
错误是不可避免的，但呆在能力圈内以及专注和用功可以大幅度减少犯错的机会。
Mistakes are inevitable, but staying within your circle of competence and working hard can greatly reduce them.
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.
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.
我宁可持有几家我非常了解的公司，也不持有100家我不太懂的。
I'd rather own a few companies I understand deeply than many I don't.
集中投资于少数你真正了解的公司，回报可能更高。
Concentrate on a few companies you truly understand.
我不是天才，但我在某些事情上很聪明，我就只关注这些事情。
I'm no genius, but I'm smart in spots, and I stay around those spots.
通常很长的证券清单不是聪明投资者的标志，而是一个对自己不确定的人的标志。
Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.
安全边际不是指股价便宜，真正的安全边际是你对这家公司生意的理解程度。
Safety margin isn't about cheap stock price. The real safety margin is how well you understand the company's business.
我真正重仓的公司一辈子用不到二十个打孔位，不需要懂几千家公司。
I truly don't need 20 punch cards in my lifetime for the companies I heavily invest in. You don't need to understand thousands of companies.
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.
投资中最重要的不是你知道什么，而是你清楚自己不知道什么。
In investing, what matters most is not what you know, but what you know you don't know.
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.
弱水三千，但取一瓢。
Of the vast waters, take only one ladle.
只投资于你真正了解的东西。
Invest only in things you know something about.
我不投不熟悉的公司。如果你不了解一个公司，你就没有办法给它定价，也就不知道它值多少钱。
不懂企业最好就是不要碰。你如果不懂投资，那就应该买标普500指数。
我不投早期，只投上市企业。投黄峥是因为个人原因，他是我朋友，我了解他、相信他。
我不碰医药，是因为我搞不定研发管线的风险，它不在我的能力圈。
懂生意很重要，不懂生意投资是很难做的。
每个人都有能力圈。巴菲特不投IT业也是因为他能力有限、无法了解。每个人在自己的能力圈子里投资，将来一定能有回报。
能力圈不是拿金箍棒在地上画个圈说待在里面不要出去，能力圈是诚实对自己，知之为知之，不知为不知。
最重要的是我不做什么，巴菲特不做什么。你想学人怎么做是不可能的，因为每个人的能力圈不同，但什么不做才是成功的关键因素。
能力圈大小不重要，清楚能力圈的边界才最重要。
一个投资标的能不能投，要看懂的深度，不懂的宁愿错过。
我个人不太关心前沿的东西，我一般比较滞后，看懂了好的公司再投。
长期持有的前提：要么钱对你不重要，要么真懂公司，否则很难扛住波动。
散户最稳的赚钱路径：看不懂个股就买标普500，长期必赚。
很多时候，我们其实不必要买——不懂得时候不投就是最好的风控。
作为公民，查理和我欢迎变化；但作为投资者，我们对发酵中的行业的态度与对太空探索的态度很像：我们为这些努力鼓掌，但宁愿不搭那趟车。
我对半导体或集成电路的了解，跟我对波兰金龟子交配习性的了解差不多。
AI这个精灵已经被从瓶子里放出去了，而我对此一无所知。
我们能成功，不是因为我们善于解决难题，而是因为我们善于远离难题。
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。
投资很简单，但是不容易。简单是指原理，不容易是指看懂生意很难。
Investing is simple, but not easy.