长期主义
关于耐心、复利、时间的力量
共 145 条名言
我们最喜欢的持有期是永远。
Our favorite holding period is forever.
市场短期是投票机，长期是称重机。
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
时间是你的朋友，冲动是你的敌人。
Time is your friend; impulse is your enemy.
我们最喜欢的持有期是永远。
Our favorite holding period is forever.
时间是你的朋友，冲动是你的敌人。
Time is your friend; impulse is your enemy.
如果你不愿意持有一只股票十年，那就连十分钟也不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
时间是优秀企业的朋友，是平庸企业的敌人。
Time is the friend of the wonderful company, the enemy of the mediocre.
复利的魔力和高成本的暴政：投资的全部就是这两件事。
The miracle of compounding returns is overwhelmed by the tyranny of compounding costs.
耐心是价值投资者最宝贵的资产。
Patience is one of the most valuable assets a value investor can have.
股票市场是一种把钱从没有耐心的人转移到有耐心的人手中的机制。
The stock market is a mechanism for transferring money from the impatient to the patient.
长期来看，股票市场是一台称重机，而非一台投票机。
In the long run, the stock market is a weighing machine, not a voting machine.
复利是世界第八大奇迹，它的威力比原子弹更大。
Compound interest is the eighth wonder of the world; its power is greater than that of the atomic bomb.
人生就像滚雪球，重要的是找到湿的雪和长长的坡。
Life is like a snowball. The important thing is to find wet snow and a really long hill.
投资成功不靠智商也不靠情商，靠的是时间与纪律。
Investment success does not depend on IQ or EQ — it depends on time and discipline.
投资中时间是你的朋友，杠杆是你的敌人。
In investing, time is your friend; leverage is your enemy.
投资并不需要多聪明，你只需要保持理性几十年。
Investing does not require great intelligence — you just need to stay rational for decades.
复利在短期内慢得让人想放弃，长期内快得让人想跪下。
Compound interest is slow enough in the short run to make you want to quit, and fast enough in the long run to make you want to kneel down.
投资不是短跑而是马拉松，途中最重要的不是速度而是节奏。
Investing is not a sprint but a marathon; what matters most along the way is not speed but pace.
永远不要因为价格跌了就卖出好公司。
Never sell a great company just because its price has fallen.
预测下雨不算本事，建造方舟才是。
Predicting rain doesn't count. Building arks does.
最好的持股周期是'直到投资逻辑不再成立'——这可能是一年，也可能是三十年。
The best holding period is 'until the investment thesis no longer holds' — which could be one year or thirty years.
构建投资组合的目标不是创造最高回报，而是让你在最艰难的环境中也能活下来，然后自然地增长。
The goal of a portfolio is not to create the highest return, but to survive the toughest environments so you can grow naturally.
不要问'这只股票能不能涨'，要问'这家公司五年后会比现在强多少'。如果答案是'强很多'，股价自然会跟上来。
Don't ask 'will this stock go up?' Ask 'how much stronger will this company be in five years?' If the answer is 'much stronger,' the stock will follow.
投资的全部秘密只有两个词：低成本和长期持有。其他的都是噪音——而且是昂贵的噪音。
The entire secret of investing is just two words: low cost and long-term. Everything else is noise — expensive noise.
当你买下一只指数基金，你就等于雇佣了整个美国企业界为你工作——你不需要挑选谁是最好的员工，你拥有整个公司。
When you buy an index fund, you're hiring the entire corporate sector to work for you. You don't need to pick the best employees — you own the whole company.
今天的一笔费用看起来不多，但经过30年的复利，它会吃掉你三分之一以上的最终财富。
A fee may look small today, but compounded over 30 years, it will eat up over a third of your final wealth.
以合理的价格买入一家优秀的公司，远胜过以便宜的价格买入一家平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
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.
投资者为防范市场回调所做的准备所损失的钱，比市场回调本身造成的损失还要多。
Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves.
最好的股票可能就是你已经持有的那一只。
The best stock to buy may be the one you already own.
如果买入的时候研究工作做得足够好，卖出那个时机几乎永远不会到来。
If the job has been correctly done when a common stock is purchased, the time to sell it is almost never.
坚持到底，保持航向。
Stay the course.
投资的四个维度：回报、风险、成本、时间。大多数投资者只看第一个。
投资者拥有的最大优势就是长期视野。
The single greatest edge an investor can have is a long-term orientation.
如果你不情愿持有一只股票十年，那就连十分钟都不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
投资成功的秘诀是：当市场急跌时，无视恐慌的声音，继续定投。
股市是一个将金钱从不耐烦的人手中转移到耐心的人手中的装置。
The stock market is a device for transferring money from the impatient to the patient.
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.
市场短期是一台投票机，但长期是一台称重机。
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
在股市里，耐心是最稀缺的美德。大多数人总是因为过早卖出而错失了最大的涨幅。
The real key to making money in stocks is not to get scared out of them.
在投资中，防御性比进攻性重要得多。只要你不亏大钱，复利自然会帮你完成剩下的工作。
The most important thing is to avoid losers, not to find winners.
真正伟大的公司不需要考虑卖出时机，因为它们的成长永无止境。
If the job has been correctly done when a common stock is purchased, the time to sell it is — almost never.
费用是投资收益的隐形杀手。你在基金上支付的成本，最终都是从你自己的口袋里掏出来的。
The magic of compounding returns is overwhelmed by the tyranny of compounding costs.
投资中最简单的事就是什么也不做。投资中最难的事也是什么也不做。
The great thing about indexing is that it works by doing virtually nothing. The great curse is that it works by doing virtually nothing.
我最欣赏的企业是那种几乎不需要追加资本就能持续扩张的企业，这类企业可以用利润自我驱动增长。
The best business is a royalty on the growth of others, requiring little capital itself.
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.
真正的投资者几乎从来不需要被迫卖出他的股票，因此他可以完全忽略市场的短期价格波动。
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation.
投资中最大的敌人是时间带来的浮躁。你越着急，就越容易做出糟糕的决定，然后因为糟糕的决定更加着急。
The biggest enemy of any investor is the impulse to do something.
短期债务周期通常持续5到8年，长期债务周期则持续50到75年。大多数人只经历过一个长周期的一半。
Short-term debt cycles typically last 5-8 years, while long-term debt cycles last 50-75 years. Most people have only lived through half of one long cycle.
一家公司是否伟大，很大程度上取决于管理层是否愿意为未来十年的利益，牺牲眼前三个季度的利润。
Whether a company is great depends largely on whether management is willing to sacrifice three quarters of profit today for the benefit of the next ten years.
要特别关注那些研发支出占比持续高于行业平均水平的公司。研发不是成本，而是对未来护城河的预先投资。
Pay special attention to companies that consistently spend a higher percentage of revenue on R&D than the industry average. R&D is not a cost — it's an upfront investment in the future moat.
在成长股投资中，买入的时机远没有你买的是什么以及你持有多久重要。好公司会帮你纠正买入价的小错误。
In growth stock investing, the timing of your purchase matters far less than what you buy and how long you hold it. A great company will correct small mistakes in your entry price.
在投资中，时间是你的朋友，冲动是你的敌人。大多数投资损失不是因为判断错误，而是因为在不该行动的时候行动了。
In investing, time is your friend, impulse is your enemy. Most investment losses come not from bad judgment, but from acting when you shouldn't have acted.
投资的四个维度是回报、风险、成本和时间。令人惊讶的是，绝大多数投资者只关注第一个维度。
The four dimensions of investing are return, risk, cost, and time. Remarkably, the vast majority of investors focus only on the first one.
在投资界，耐心不仅是一种美德，更是一种最被低估的竞争优势——当所有人都在追逐热点时，能静下来的人已经赢了一半。
In investing, patience is not just a virtue; it's the most underrated competitive advantage. When everyone is chasing hot trends, the one who can sit still has already won half the battle.
如果你不愿意持有一只股票十年，那就连十分钟也不要持有。
If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes.
时间是优秀企业的朋友，是平庸企业的敌人。
Time is the friend of the wonderful company, the enemy of the mediocre.
耐心是价值投资者最宝贵的资产。
Patience is one of the most valuable assets a value investor can have.
成功的生活需要大量的延迟满足。
A successful life requires a lot of delayed gratification.
不要在意股票的短期价格波动，要关注股票的长期价值。
Do not focus on short-term price fluctuations; focus on the long-term value of stocks.
债券的收益是有限的，但股票的收益是无限的。
Bond returns are limited, but stock returns are unlimited.
如果你不能在股价下跌时继续持有，那么一开始就不应该买入。
If you cannot hold on when the stock price falls, you should not have bought it in the first place.
投资者应该把注意力放在长期价值上，而不是短期利润上。
Investors should focus on long-term value, not short-term profits.
在你的一生中，你会发现股票是比债券或储蓄账户更好的投资。
Over your investment lifetime, you will find stocks are a better investment than bonds or savings accounts.
如果你有十年的投资视野，就不需要在短期内做出决定。
If you have a ten-year investment horizon, you do not need to make short-term decisions.
长期持有股票是积累财富的最有效方式之一。
Holding stocks for the long term is one of the most effective ways to build wealth.
如果你持有一只股票五年，你就不需要担心短期的市场波动。
If you hold a stock for five years, you do not need to worry about short-term market fluctuations.
耐心等待合适的价格是投资成功的关键。
Patiently waiting for the right price is the key to investment success.
时间是你最大的敌人，也是你最大的朋友。
Time is your greatest enemy, and also your greatest friend.
投资的四定律：低成本、分散投资、定期定投、长期持有。
The four laws of investing: low cost, diversification, dollar-cost averaging, long-term holding.
投资者应该把注意力放在长期目标上，而不是短期波动。
Investors should focus on long-term goals, not short-term fluctuations.
复利的力量是惊人的，但成本会侵蚀大部分收益。
The power of compounding is amazing, but costs erode most of the gains.
赚大钱不是靠交易技巧，而是靠坐着不动。
Making big money is not about trading skill, but about sitting still.
在投资中，耐心比聪明更重要。
In investing, patience is more important than intelligence.
价值投资需要时间和耐心。
Value investing requires time and patience.
价值投资的成功来自于耐心等待价格回归价值。
Value investing success comes from patiently waiting for price to return to value.
价值投资者应该关注长期价值，而不是短期价格波动。
Value investors should focus on long-term value, not short-term price fluctuations.
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.
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.
知识就是力量，复利就是奇迹。
Knowledge is power, and compound interest is a miracle.
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.
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.
你只需要一辈子里找到几只十倍股，就能成就你的投资生涯。
You only need a few big stocks in your lifetime to make a lot of money.
不要让债务的增长速度超过收入的增长速度。
Don't let debt grow faster than income.
如果你不觉得去年的自己是个傻瓜，那说明你今年没有学到足够多的东西。
If you don't look back on yourself and think how stupid I was a year ago, then you haven't learned much.
如果你在投资，就要学会耐心。如果你做不到，那就不是投资，只是赌博。
If you are investing, you must learn patience. If you can't, you are not investing — you are gambling.
投资简单，但并不容易。
Investing is simple, but not easy.
在投资中，你得到的是你没有付出的代价。
In investing, you get what you don't pay for.
复利是世界的第八大奇迹。懂的人赚取它，不懂的人支付它。
Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it.
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.
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.
公司盈利和股价之间的关联，在短期像一根橡皮筋——可以拉得很远，但最终会弹回来。
The relationship between earnings and stock prices is like a rubber band — it can stretch far, but eventually it snaps back.
进化是宇宙中最强大的力量，也是唯一永恒的东西。
Evolution is the single greatest force in the universe; it is the only thing that is permanent.
如果你不觉得一年前的自己是个傻瓜，你就没有学到足够多的东西。
If you don't look back at yourself a year ago and think you were stupid, you haven't learned enough.
宏观经济机器虽然复杂，但理解它的只有几个简单齿轮：生产率、短期债务周期和长期债务周期。
The economic machine, though complex, is driven by just a few simple gears: productivity, the short-term debt cycle, and the long-term debt cycle.
如果你在一家真正优秀的公司里找到了一个好价格，不要因为涨了20%或30%就卖掉——你卖掉的可能是一个十倍股的前身。
If you find a truly outstanding company at a good price, don't sell just because it's up 20% or 30% — you might be selling the precursor to a ten-bagger.
寻找那些在研发上持续投入但不依赖一次研发突破的公司——真正伟大的公司每天都在改进一点点。
Look for companies that invest consistently in R&D but don't depend on a single breakthrough — truly great companies improve a little bit every day.
投资的四个维度——回报、风险、成本和时间——只有成本是你可以完全控制的。
Of the four dimensions of investing — return, risk, cost, and time — cost is the only one you can fully control.
在投资中，你得到了你没有付出的东西——这就是复利的魔力。但你也付出了你没有得到的东西——这就是成本的地狱。
In investing, you get what you don't pay for — that's the magic of compounding. But you also pay for what you don't get — that's the hell of costs.
市场收益是免费的午餐，但想通过择时来吃得更多，大多数人反而连免费的午餐都丢了。
Market returns are a free lunch, but by trying to time the market to eat more, most people end up losing even the free lunch.
金融世界在变得越来越复杂，但智慧的世界在变得越来越简单。
The financial world is getting more complex, but the world of wisdom is getting simpler.
投资就像种树——最好的时机是二十年前，其次是现在。
The best time to plant a tree was twenty years ago. The second best time is now.
不要用你最宝贵的资产——时间——去换取你不需要的钱。
Don't trade your most valuable asset — time — for money you don't need.
我的投资生涯可以用一个词概括：生存。如果你能活下来剩下的自然会好起来。
My entire investment career can be summarized in one word: survival. If you can survive, the rest will take care of itself.
大多数投资者花太多时间研究“这家公司值多少钱“而花太少时间研究“这家公司未来十年会变成什么样“。
Most investors spend too much time studying 'What is this company worth?' and too little time studying 'What will this company look like in ten years?'
我从不因为一家公司规模小就轻视它——事实上我最赚钱的投资大多数都是在它还很小的时候就开始的。
I never dismiss a company just because it's small — in fact, most of my most profitable investments started when the company was still tiny.
我找的不是“便宜的“公司，我找的是估值没有反映其真实成长潜力的公司。这两者完全不同。
I'm not looking for 'cheap' companies. I'm looking for companies whose valuations don't reflect their true growth potential. These two are completely different things.
投资成功的概率和你做交易的频率成反比。交易越少成功的概率越大。
The probability of investment success is inversely proportional to the frequency of your trading. The fewer trades you make, the higher your probability of success.
你从投资中得到的回报是市场回报减去你支付的成本——但这个减法从来不是你想象的那个数字。
Your return from investing is the market return minus the costs you pay — but that subtraction is never the number you imagine.
如果你只买一只基金——买一只跟踪整个美国股市或其国际等价物的低成本指数基金就够了。你的工作到此结束。
If you buy only one fund, buy a low-cost index fund that tracks the entire U.S. stock market or its international equivalent. Your job is done.
我一年看盘的次数，大概用手指头数得过来。
I check the market maybe a handful of times a year.
茅台是个好生意，它的护城河是时间堆出来的。
Moutai is a good business; its moat was built by time itself.
股价短期跟着情绪跑，长期跟着业绩走；别把情绪的波动当成公司的价值。
Short-term prices chase sentiment; long-term they follow earnings. Don't mistake mood swings for a company's value.
慢慢来，比较快。
Slow is faster.
简单的事重复做，长期做对的事，复利会奖励你。
Do simple things repeatedly; do the right things over time, and compounding will reward you.
买自己愿意持有十年的公司，十年太短就别买。
Buy companies you'd hold for ten years; if ten years feels too short, don't buy.
我这些年的回报，靠的是少数几个大决定，而不是频繁交易。
My returns over the years came from a handful of big decisions, not frequent trading.
不要和股票谈恋爱，但要对好生意保持忠诚。
Don't fall in love with a stock, but stay loyal to a good business.
我投资没有秘诀，就是买好公司、等好价格、长期拿。
I have no secret in investing—just buy good companies, wait for good prices, and hold long-term.
时间是好生意的朋友，烂生意的敌人。
Time is the friend of good businesses and the enemy of bad ones.
复利最怕“中断”——一次清仓或一次爆仓，前面的积累可能一笔勾销。
Compounding fears interruption most—one liquidation or blow-up can wipe out everything before it.
我评估一门生意，先看它十年后还在不在、好不好。
When I assess a business, I first ask whether it'll still exist and thrive in ten years.
频繁交易是焦虑的出口，却是收益的黑洞。
Frequent trading is an outlet for anxiety, yet a black hole for returns.
今天的投资者，无法从昨天的增长中获利。
The investor of today does not profit from yesterday's growth.
伯克希尔的成功，来自我们愿意显得“无聊”。
Berkshire's success comes from our willingness to be boring.
我对快速赚钱没兴趣，我关心的是随时间安全地赚。
I am not interested in making money quickly. I am interested in making it safely over time.
我们愿意显得无聊，因为热闹的地方往往最贵。
We're willing to look boring, because the lively places are usually the most expensive.
我们寻找的是那些我们能大致看清未来十年模样的企业。如果连十年后的轮廓都看不清，我们不会碰。
We look for businesses that we think we can reasonably project what they will look like ten years from now.
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.
持有股票最好的期限是——永远。但前提是，你持有的是一家会不断成长的好公司。
The best stock to buy may be the one you already own.
多元化是投资中唯一的免费午餐。你可以通过把不同相关性的资产组合在一起，降低风险而不降低收益。
Diversification is the only free lunch in investing.
我从不试图通过预测股市赚钱。我买入的前提假设是：明天交易所关门，五年内都不再开门。
赚大钱的诀窍不在于买进卖出，而在于等待。
在过去70年里，股市经历了40次暴跌，每次暴跌后都创出了新高。如果你在市场下跌时离场，你就错过了所有的复苏。
有时候，投资中最赚钱的事情就是什么都不做。
如果你不愿意持有一只股票十年之久，那么最好连十分钟都不要持有。
复利是世界的第八大奇迹。懂得它的人赚到钱，不懂的人为它买单。
投资不是一场需要大量行动的竞赛。它是一场需要大量耐心的等待游戏。
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.
取得令人满意的回报远比追求卓越回报更容易，也更可持续——普通人只需做好防守就已经赢了大多数。
Achieving satisfactory returns is easier than achieving outstanding ones.
“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.
无论你多有天分，也无论你多么努力，有些事情就是需要时间。
No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant.
人生就像滚雪球，最重要的是找到湿的雪和很长的坡。
Life is like a snowball. The important thing is finding wet snow and a really long hill.
股价短期是投票机，长期是称重机。短期内市场受人气和情绪影响，但最终企业的真实价值会决定股价的走向。
In the short run, the market is a voting machine. In the long run, it's a weighing machine. Short-term, the market is driven by popularity and emotion, but eventually the true value of the business determines the stock price.