价值投资
关于内在价值、安全边际、低估买入
共 250 条名言
价格是你付出的，价值是你得到的。
Price is what you pay. Value is what you get.
以合理的价格买入伟大的公司，远胜于以便宜的价格买入平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
安全边际的目的是让准确的预测变得不必要。
The purpose of the margin of safety is to render the forecast unnecessary.
不要在干草堆中找针，把整个干草堆买下来。
Don't look for the needle in the haystack. Just buy the haystack!
股票市场充斥着知道一切的价格但不知道任何东西的价值的人。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
价值投资看上去简单，但实践起来很难。
Value investing is simple to understand but difficult to implement.
价格是你付出的，价值是你得到的。
Price is what you pay. Value is what you get.
以合理的价格买入伟大的公司，远胜于以便宜的价格买入平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
安全边际的目的是让准确的预测变得不必要。
The purpose of the margin of safety is to render accurate prediction unnecessary.
不要在干草堆中找针，把整个干草堆买下来。
Don't look for the needle in the haystack. Just buy the haystack!
股票市场充斥着知道一切的价格但不知道任何东西的价值的人。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
价值投资看上去简单，但实践起来很难。
Value investing is simple to understand but difficult to implement.
买股票就是买公司，买公司就是买它未来现金流的折现。
Buying a stock is buying a business, and buying a business is buying the discounted value of its future cash flows.
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.
远比试图预测市场时机更有效的方法是，找到被低估的好公司。
Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.
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.
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.
买股票就是买公司，这是格雷厄姆教给我的核心。
Buying a stock means buying a company — that is the core of what Graham taught me.
我从不试图去预测市场，我只需要在好公司便宜时买入。
I never try to predict the market. All I need to do is buy good companies when they are cheap.
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.
在投资中，你只需要等待那个'最甜的好球'再挥棒——你一生中不需要击出很多好球，只需要击出几个。
You don't have to swing at everything — you can wait for your pitch. The trick in investing is to sit on your ass and wait.
不要拿你拥有和需要的东西，去换你不需要和不想要的东西。
Don't risk what you have and need for what you don't have and don't need.
以合理的价格买入一家伟大公司，远胜于以便宜的价格买入一家平庸公司。
A great business at a fair price is superior to a fair business at a great price.
投资中最重要的三个字不是'我赚了'，而是'安全边际'。
The three most important words in investing are not 'I made money' but 'margin of safety'.
投资成功的秘诀在于：当价格远低于内在价值时买入，其他时间什么都不做。
The secret to investment success is to buy when prices are far below intrinsic value and do nothing the rest of the time.
分散投资是对无知的保护——但如果你知道自己在做什么，过度分散反而会稀释你的回报。
Diversification is protection against ignorance. But if you know what you're doing, over-diversification dilutes your returns.
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.
如果你用10分钟研究一只股票，你会比90%的投资者做得更好——因为大多数人连10分钟都不愿意花。
If you spend 10 minutes researching a stock, you'll do better than 90% of investors — because most people won't even spend 10 minutes.
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.
成功的投资不是靠预测未来，而是靠识别当下的错误定价——当市场因为恐惧或贪婪而偏离理性时，就是你的机会。
Successful investing is not about predicting the future, but identifying mispricing in the present — when fear or greed pushes the market away from rationality.
投资不是关于'买好的东西'，而是关于'把东西买好'——再好的公司，在错误的价格买入都会变成一笔糟糕的投资。
Investing is not about buying good things, but about buying things well. Even the best company is a bad investment at the wrong price.
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.
管理层质量是一家公司最重要的护城河。伟大的管理者可以把一家平庸的企业变成优秀的企业，而糟糕的管理者可以把一家优秀的企业拖入深渊。
Management quality is a company's most important moat. Great managers can turn an average business into an excellent one, while poor managers can drag an excellent business into the abyss.
在买入之前，你应该已经想好在什么情况下会卖出。如果你不能在买之前写好'卖出条件'，那你就不应该买。
Before buying, you should already know when you'll sell. If you can't write down your 'sell conditions' before buying, you shouldn't be buying.
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.
价值投资不是寻找'便宜货'的技术，而是一种全面的人生哲学——它教导你耐心、纪律和独立思考。
Value investing is not a technique for finding bargains — it's a comprehensive philosophy of life that teaches patience, discipline, and independent thinking.
不要用借来的钱投资。杠杆是唯一能让一个正确的判断变成一个灾难的东西——因为它会在你坚持到黎明之前就让你死在黑暗里。
Never invest with borrowed money. Leverage is the only thing that can turn a correct judgment into a disaster — because it can kill you in the dark before you make it to dawn.
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.
如果你把葡萄干和粪肥混在一起，得到的还是粪肥。
市场先生是你的仆人，不是你的向导。
Mr. Market is your servant, not your guide.
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.
投资的核心原则是安全边际。
The cornerstone of investment is the margin of safety.
每只股票背后都是一家公司，去弄清楚它在做什么。
Behind every stock is a company. Find out what it's doing.
股市上充满了这样的人：他们知道所有东西的价格，但对价值一无所知。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
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.
大多数投资者主要关注回报，但对风险的关注远比回报重要。
Most investors are primarily oriented toward return, but a focus on risk is far more important.
价值投资的本质，是逆向思维与计算器的结合。
Value investing is at its core the marriage of a contrarian streak and a calculator.
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.
把投资当成一门生意来做，而不是当成一场赌博。
Investment is most intelligent when it is most businesslike.
以合理的价格买入一家优秀的企业，远胜于以便宜的价格买入一家平庸的企业。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
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.
投资操作是基于透彻的分析，确保本金的安全和适当的回报。不符合这些要求的操作就是投机。
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
安全边际是投资中最重要的概念，所有真正的投资都必须建立在这个基石之上。
The margin of safety is the central concept of investment. All genuine investment must rest upon this foundation.
买入一家公司的股票，要像买入整个公司一样思考。
Investment is most intelligent when it is most businesslike.
财报是投资世界里的侦探小说，数字背后藏着一个关于公司真实状况的故事。
The balance sheet is like a novel. It tells you a story.
卓越的投资不是来自买好的东西，而是来自把东西买好。
Investment brilliance isn't delivered by buying good things, but by buying things well.
利润率和研发投入是判断一家公司是否拥有护城河的最佳双指标。
The ability to maintain above-average profit margins over a period of years is an indication of a competitive advantage.
你投资的是企业的未来收益，而不是市场的情绪波动。
Stock returns are driven by investment return — dividend yield and earnings growth — and speculative return.
投资的首要原则不是赚钱，而是不要亏钱。所有成功的投资策略都建立在这个基础之上。
The first principle of investing is not to make money, but to avoid losing money.
安全边际让投资从一种预测游戏变成一种风险管理活动。
A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility.
我们寻找的投资机会是：一家我们可以理解的、具有长期竞争优势的、由诚实能干的人管理的企业，而且价格合理。这是一切投资决策的起点。
We look for businesses we can understand, with favorable long-term economics, run by able and honest management, and available at a sensible price.
一家真正伟大的企业，是那种不需要持续投入大量资本就能维持竞争优势的企业。资本是增长的燃料，但越省燃料的车跑得越远。
The truly great businesses are those that require very little capital to grow. The best business is one that produces a lot of cash and doesn't need much to keep growing.
对于价值投资者而言，股价的下跌不是风险——只要企业本身没有恶化，下跌只是给了你以更低价格加仓的机会。
Price fluctuations have only one significant meaning for the true investor: they provide him an opportunity to buy wisely when prices fall sharply.
六种值得关注的股票类型：缓慢增长型、稳健增长型、快速增长型、周期型、困境反转型和隐蔽资产型——不同类型需要不同的投资策略。
There are six categories of stocks: slow growers, stalwarts, fast growers, cyclicals, turnarounds, and asset plays. Each requires a different strategy.
寻找那些拥有'无形竞争优势'的公司——这种优势无法被竞争对手通过砸钱快速复制。
Look for companies with intangible competitive advantages — advantages that can't be quickly replicated by competitors just by throwing money at them.
当市场陷入恐慌时，最被嫌弃的角落往往蕴藏着最丰富的宝藏。众人都避之不及的地方，才是价值投资者应该去的地方。
When markets panic, the most despised corners often hold the richest treasures. The places everyone is running away from are precisely where value investors should go.
最好的投资机会往往在别人不感兴趣的地方。
The best investment opportunities are often found where others are not interested.
最好的投资往往是在大多数人都忽视的地方。
The best investments are often found where most people dont look.
我更喜欢买那些管理优秀、价格合理的好公司。
I prefer to buy good companies with excellent management at reasonable prices.
聪明的投资者是一个现实主义者，他只买入那些提供安全边际的证券。
A smart investor is a realist who only buys securities that offer a margin of safety.
最聪明的投资方式，是化繁为简。
The smartest investment is to simplify.
投资的本质是以低于价值的价格购买证券，这样当价格回归价值时，你就获得了安全边际。
The essence of investing is buying securities at less than their value, so that when the price returns to value, you have a margin of safety.
普通股可以作为一种长期投资，只要购买时价格合理，并且公司有良好的发展前景。
Common stock can be a long-term investment if purchased at reasonable prices and the company has good prospects.
防御型投资者的投资组合应该包括高质量的债券和多样化的大型蓝筹股。
A defensive investors portfolio should include high-quality bonds and diversified large-cap blue-chip stocks.
成长股投资策略更适合积极型投资者，而不是防御型投资者。
Growth stock investment strategies are more suitable for aggressive investors than for defensive investors.
好的投资是那些在购买时就能让你安心睡觉的投资。
Good investments are those that let you sleep well at night when you buy them.
投资的回报取决于你支付的价格，低价买入是成功投资的关键。
Investment returns depend on the price you pay; buying at low prices is the key to successful investing.
股票的内在价值是由公司未来现金流量的现值决定的。
The intrinsic value of a stock is determined by the present value of the companys future cash flows.
价值投资的核心是寻找价格低于内在价值的证券。
The core of value investing is finding securities priced below their intrinsic value.
投资于高质量公司的债券是保守投资策略的核心。
Investing in high-quality corporate bonds is the core of a conservative investment strategy.
投资的本质是以低于价值的价格买入证券，等待价格回归价值。
The essence of investing is buying securities below their value and waiting for prices to return to value.
好的投资策略应该简单明了，容易执行。
A good investment strategy should be simple and easy to execute.
证券的内在价值与市场价格无关，它是由公司的基本价值决定的。
The intrinsic value of a security has nothing to do with its market price; it is determined by the companys fundamental value.
投资于那些有稳定现金流的公司，比投资于那些只有增长潜力的公司更安全。
Investing in companies with stable cash flows is safer than investing in companies with only growth potential.
股票投资的核心是找到那些价格低于价值的公司。
The core of stock investing is finding companies whose prices are below their value.
一个公司的账面价值是投资者可以依赖的底线。
A companys book value is a bottom line that investors can rely on.
债券投资比股票投资更安全，但回报也更低。
Bond investing is safer than stock investing, but the returns are also lower.
最聪明的投资方式是以低于清算价值的价格买入公司。
The smartest investment is to buy a company at less than its liquidation value.
找到下一个十倍股比找到下一个微软更容易。
Finding the next ten-bagger is easier than finding the next Microsoft.
不要因为股价便宜就买一只坏公司的股票。
Do not buy a bad companys stock just because the price is cheap.
投资于那些回购自己股票的公司，这是对未来的信心信号。
Invest in companies that buy back their own shares; this is a signal of confidence in the future.
投资于那些有稳定股息派发历史的公司。
Invest in companies with a stable history of dividend payments.
当你发现一个好的投资机会时，不要犹豫。
When you find a good investment opportunity, do not hesitate.
投资于那些正在转型的公司，这往往是最大的机会。
Invest in companies that are transforming; this is often the biggest opportunity.
不要试图在最低点买入，只要买的便宜就行。
Do not try to buy at the very bottom; just buy cheap enough.
不要因为一只股票便宜就买，要因为它有价值才买。
Do not buy a stock because it is cheap; buy it because it is valuable.
我寻找的是那些被严重错误定价的资产。
I look for assets that are severely mispriced.
好的投资是那些在买入时就能够提供安全边际的投资。
Good investments are those that provide a margin of safety when bought.
理解估值是投资的基础，而不是追逐热门。
Understanding valuation is the foundation of investing, not chasing popular stocks.
在投资中，价格是最重要的变量。
In investing, price is the most important variable.
理解价值的来源是投资成功的关键。
Understanding the sources of value is the key to investment success.
在投资中，便宜是硬道理。
In investing, cheapness is hard truth.
在投资中，便宜和优质同样重要。
In investing, cheapness and quality are equally important.
对于大多数投资者来说，指数基金是唯一理性的投资选择。
For most investors, index funds are the only rational investment choice.
低成本是决定基金长期回报的关键因素。
Low cost is the key factor determining long-term fund returns.
如果你不能控制成本，你就不能控制回报。
If you cannot control costs, you cannot control returns.
在投资的游戏中，成本是确定的，回报是不确定的。
In the investment game, costs are certain, returns are uncertain.
选择一个低成本指数基金，然后坚持到底。
Choose a low-cost index fund and stick with it.
在长期投资中，成本的重要性超过了一切。
In long-term investing, the importance of costs exceeds everything.
指数基金让普通投资者能够以低成本获得市场回报。
Index funds allow ordinary investors to get market returns at low cost.
在投资中，简单是最好的策略。
In investing, simplicity is the best strategy.
投资者应该专注于降低投资成本，而不是寻找更好的投资机会。
Investors should focus on reducing investment costs, not on finding better investment opportunities.
指数基金是民主化投资的工具。
Index funds are tools for democratizing investing.
大多数投资者应该投资债券和股票指数基金。
Most investors should invest in bond and stock index funds.
投资回报等于市场回报减去成本。
Investment return equals market return minus cost.
低成本是投资者唯一可以控制的变量。
Low cost is the only variable that investors can control.
在投资中，简单的解决方案往往比复杂的更好。
In investing, simple solutions are often better than complex ones.
投资者应该避免那些高换手率的基金。
Investors should avoid funds with high turnover rates.
指数化投资是长期投资成功的秘诀。
Index investing is the secret to long-term investment success.
投资者应该把时间和精力放在资产配置上，而不是选择基金上。
Investors should focus their time and energy on asset allocation, not on fund selection.
低成本指数基金是大多数投资者最好的选择。
Low-cost index funds are the best choice for most investors.
在一个竞争激烈的市场中，低成本是唯一的优势。
In a competitive market, low cost is the only advantage.
指数基金让投资变得简单、便宜、有效。
Index funds make investing simple, cheap, and efficient.
在长期投资中，成本比时机更重要。
In long-term investing, cost is more important than timing.
被动投资是长期投资成功的最佳策略。
Passive investing is the best strategy for long-term investment success.
不要被花哨的投资策略所迷惑，简单往往更好。
Do not be fooled by fancy investment strategies; simple is often better.
指数基金是投资民主化的最大成就。
Index funds are the greatest achievement of investment democratization.
不要因为股价低就买入。
Do not buy just because the stock price is low.
价值投资是寻找以显著低于内在价值的价格交易的证券。
Value investing is finding securities trading at significantly below intrinsic value.
安全边际是你为错误留出的空间。
Margin of safety is the space you leave for mistakes.
价值投资的核心是寻找被市场忽视的公司。
The core of value investing is finding companies ignored by the market.
价值投资的回报来自于价格向价值的回归。
Value investing returns come from price converging to value.
在投资中，安全边际是防止错误的最好保护。
In investing, margin of safety is the best protection against mistakes.
价值投资的核心是找到价格低于价值的证券。
The core of value investing is finding securities priced below their value.
投资者应该学会区分价格和价值。
Investors should learn to distinguish between price and value.
在投资中，便宜是硬道理。
In investing, cheapness is hard truth.
投资成功的关键是找到有安全边际的投资机会。
The key to investment success is finding investment opportunities with margin of safety.
价值投资的回报来自于价值发现。
Value investing returns come from value discovery.
在投资中，便宜买好货是最好的策略。
In investing, buying good things cheaply is the best strategy.
价值投资者应该关注公司的内在价值。
Value investors should focus on company intrinsic value.
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.
把股票当成生意的一部分，这是格雷厄姆教给我的最重要的事。
Treat stocks as part of the business, the most important thing Graham taught me.
知识就是力量，复利就是奇迹。
Knowledge is power, and compound interest is a miracle.
金融业本质上是销售业务：股票经纪人的实际价值等于零。
The finance industry is essentially a sales business; brokers' real value is zero.
我们不追求做非凡的事，我们的目标是把平凡的事做得非常不平凡。
We don't pursue extraordinary things; we aim to do ordinary things extraordinarily well.
40 年前我列了一张清单，写着让一个人变富的所有方法。
Forty years ago, I listed all the ways a person could become wealthy.
如果你能识别出最优秀的几个机会，押上重注就能发财。
If you can identify the few great opportunities, you can bet big and get rich.
我们不追逐平庸的机会，这正是我今天有成就的原因。
We don't chase mediocre opportunities, and that is why we are successful today.
投资的最高境界，就是不做蠢事。
The highest form of investment is to avoid doing stupid things.
在商业中，找到一个好的护城河比找到一个大市场更重要。
In business, finding a good moat is more important than finding a big market.
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.
我宁愿在一个好生意上等很久，也不愿在一个坏生意上匆匆行动。
I'd rather wait a long time for a good business than rush into a bad one.
我们喜欢那些能产生大量现金、却不需要把大部分现金再投回去维持增长的企业。
We like businesses that earn a lot of money, and don't have to reinvest a lot of it to keep growing.
真正的投资者几乎从不被迫卖出，而其他时候他都可以无视市场报价。
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.
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.
在股市上，一鸟在手胜过两鸟在林。
A bird in the hand is worth two in the bush.
卓越的投资不是来自买入好东西，而是来自买得好。
Superior investing is not about buying good things, but buying things well.
股市里到处都是知道价格、却不知道价值的人。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
真正出色的公司数量极少，当找到这样的公司时，要大量买入。
There are a very small number of truly outstanding companies. When you find one, buy in size.
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.
价值投资的核心纪律是：只在有安全边际时买入。
The central discipline of value investing is: buy only when there is a margin of safety.
投资的精髓不是追求回报，而是避免永久性资本损失。
The essence of investing is not maximizing returns, but avoiding permanent capital loss.
在商业领域，我寻找的是由护城河环绕的经济城堡。
In business, I look for economic castles protected by unbreachable moats.
评价一家企业时，我最关心的是它的定价能力。
The single most important decision in evaluating a business is pricing power.
把鸡蛋放在一个篮子里，然后看好那个篮子。
Put all your eggs in one basket, and then watch that basket very carefully.
股票不仅仅是一个交易代码或电子信号，它是一家企业的部分所有权。
A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business.
数学是投资中最好的仆人，却是最坏的主人。
Mathematics is the best servant but the worst master in investing.
不要因为一家公司的股价曾经到过50元就在它跌到10元时认为便宜。
Do not think a stock is cheap at 10 just because it was once at 50.
保守型投资不是买安全的股票，而是用安全的方式买任何股票。
Conservative investing is not about buying safe stocks, but about buying any stock safely.
最赚钱的投资往往来自于那些你觉得无聊甚至不想研究的公司。
The best investments often come from companies that are boring and you don't even want to research them.
在投资中，做到不差并不难，真正的挑战是做到卓越——而卓越需要的是第二层次思维。
In investing, achieving average results is not difficult. The challenge is achieving superior results — and that requires second-level thinking.
便宜货的必要条件是该资产不被看好——不被看好通常意味着它最近表现糟糕。
The necessary condition for a bargain is that the asset is out of favor — which usually means it has performed poorly recently.
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.
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.
价值投资不是买便宜股票，而是用远低于内在价值的价格买入任何资产。
Value investing is not about buying cheap stocks — it is about buying any asset at a price substantially below its intrinsic value.
投资的本质不是管理回报，而是管理风险。回报是风险管理的结果而非目标。
The essence of investing is not return management but risk management. Returns are the result of risk management, not the objective.
当一家公司的股价跌了50%，和我没有关系。有关系的是这家公司的价值是否也跌了50%。
If a company's stock price drops 50%, it doesn't matter to me. What matters is whether the company's value also dropped 50%.
伯克希尔最被低估的资产不是我们的股票组合，而是我们的保险浮存金——它让我们能以负成本借钱投资。
Berkshire's most underrated asset isn't our stock portfolio — it's our insurance float, which lets us borrow money at a negative cost to invest.
伯克希尔没有正式的收购策略手册。我们的策略就是坐在电话旁等它响。
Berkshire has no formal acquisition strategy manual. Our strategy is to sit by the phone and wait for it to ring.
如果你在投资中需要一个计算器来算到小数点后两位，那你大概率已经走错了方向。
If you need a calculator to compute to two decimal places in investing, you're probably already heading in the wrong direction.
一家公司如果每年都把每股收益的至少25%用来分红且持续提高了五年以上——这家公司不是在讲故事。
If a company has paid out at least 25% of its EPS as dividends and raised them for five consecutive years — this company isn't telling stories.
我买过一百多只股票其中大约十只是真正赚大钱的——这十个大赢家覆盖了其他九十个的亏损还有大量盈余。
I've bought over a hundred stocks in my career. About ten of them made the real money — and those ten winners covered the losses of the other ninety with plenty left over.
好的投资组合就像一个均衡的饮食——你不能只吃牛排也不能只吃沙拉。但大多数人要么全吃牛排要么全吃沙拉。
A good portfolio is like a balanced diet — you can't eat only steak, and you can't eat only salad. But most people either eat all steak or all salad.
优质资产可以变成糟糕的投资——如果价格太高。垃圾资产也可以是绝佳的投资——如果价格足够低。
A great asset can be a terrible investment — if the price is too high. And a junk asset can be a brilliant investment — if the price is low enough.
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.
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.
如果你不愿意持有一只股票十年，那就不要考虑持有十分钟。
If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.
安全边际是投资的基石。
The margin of safety is the cornerstone of investment.
投资要用闲钱，绝不能用急钱和借来的钱。
Invest with spare money only—never with money you need soon or have borrowed.
好公司贵一点可以接受，但便宜的时候买会更舒服。
A great company at a slightly high price is acceptable, but buying it cheap feels much better.
止损是投机者的词，价值投资者只在看错生意时离场。
Stop-loss is a speculator's word; value investors exit only when they misjudge the business.
买股票就像买下一个农场，你关心的是它每年产多少粮。
Buying a stock is like buying a farm; what you care about is how much grain it yields each year.
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.
贵的未必不好，便宜的未必划算，关键看你得到的是不是比付出的多。
Expensive isn't necessarily bad, cheap isn't necessarily a deal—what matters is whether you get more than you pay.
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.
低估不等于可以买，低估的好公司才值得出手。
Undervalued doesn't mean buyable; only an undervalued good company is worth acting on.
和巴菲特吃那顿午餐，最大的收获是确认了价值投资这条路。
The biggest gain from that lunch with Buffett was confirming the path of value investing.
大道至简，把复杂的事想简单，把简单的事做扎实。
The great way is simple: think complex things simply, and do simple things solidly.
商学院奖励复杂的行为，却忽视了简单的更有效。
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.
如果市场总是有效的，我早就沦落街头拿着破杯子要饭了。
I'd be a bum on the street with a tin cup if the markets were always efficient.
我们买下的，是一家企业未来几十年的盈利能力。
What we buy is a business's earning power for decades to come.
如果你的决策建立在市场昨天做了什么上，你不是在投资，是在投机。
If your decision is based on what the market did yesterday, you're not investing, you're speculating.
我不在乎市场是涨是跌，我在乎的是是否在合理价格买到了好企业。
I don't care whether the market goes up or down; I care whether I'm buying a good business at a fair price.
我们衡量成功，看的是内在价值的增长，而不是股价。
We measure our success by growth in intrinsic value, not by stock price.
买企业的风险，不在于市场会不会跌，而在于你付的价是不是太高。
The risk in buying a business is not whether the market will fall, but whether you paid too much.
投资操作是基于透彻的分析，承诺本金安全，并获得满意回报。任何不符合这三条的就是投机。
An investment operation is one which upon thorough analysis promises safety of principal and a satisfactory return.
价格是你付出的，价值是你得到的。在购买任何东西时，记住你同时花掉的是你的钱和你的机会成本。
Price is what you pay. Value is what you get.
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.
以一般的价格买入伟大的公司远好于以便宜的价格买入平庸的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
成功的投资秘诀精炼成四个字安全边际。
The secret of successful investing can be condensed into four words: margin of safety.
市场先生是一位情绪化的伙伴时而狂热时而沮丧。
Mr. Market is an emotional fellow, sometimes euphoric, sometimes depressed.
真正伟大的企业，必须拥有一条持久的“护城河”，保护其卓越的资本回报率不受竞争侵蚀。
A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.
通货膨胀是一种远比立法机构颁布的任何税种更具破坏力的隐形税赋。
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。
投资操作，是经过透彻分析后，承诺本金安全并提供满意回报的行为。不满足这些要求的操作，就是投机。
安全边际的功能，本质上是让对未来的精确预测变得没有必要。
投资到最有智慧的程度，就是最像做生意的时候。
好公司不等于好投资，除非你用一个好价格买入。
安全边际是价值投资的核心原则。
Margin of safety is the central principle of value investing.
最明智的投资是最像生意经营的投资。
Investment is most intelligent when it is most businesslike.
买入被低估的资产是获得出色投资收益最确定而且风险最小的方法。
Buying undervalued assets is the most certain and least risky way to achieve superior investment returns.
所有者盈余才是企业真正的赚钱能力：净利润加折旧摊销，减去维持竞争力必需的资本支出。
Owner earnings represent the true cash-generating ability of a business, not reported net income.
机会成本思维应该贯穿你的所有决策——哪怕你什么都不做，你也在做一个选择。
All intelligent investing is value investing—acquiring more than you are paying for. You must value the business in order to value the investment.
买股票就是买一家真实企业的部分所有权，不是买一张屏幕上来回跳动的彩票。
Buying a stock is buying a piece of a business, not a lottery ticket.
问题的关键不是你买了好东西，而是你买得够不够好。一栋豪华公寓和一栋能持续产生现金流的小楼，价格合适时后者才是更好的投资。
It's not about buying good things, it's about buying things well. A cash-flow-producing small building can be a far better investment than a luxury condo — if bought at the right price.
无论我们谈论的是袜子还是股票，我喜欢在降价时购买高质量的商品。
Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.
牛市是普通投资者亏损的主要原因。
Bull markets are the main cause of ordinary investors' losses.
价值投资的核心是以低于内在价值的价格买入资产。
The core of value investing is buying assets at prices below their intrinsic value.
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.
在投资中，简单的方法往往比复杂的方法更有效。
In investing, simple methods are often more effective than complex ones.
宏观经济无法被可靠预测，靠猜GDP、利率或指数点位赚钱，长期看是徒劳的。把精力放在你能判断的微观价值上。
The macro economy can't be reliably forecast. Trying to profit from guesses about GDP, rates or index levels is futile over time. Spend your energy on micro value you can judge.
最好的投资往往是“无聊”的：没有性感的故事，没有朋友圈的欢呼，只是以划算的价格买下能持续产生现金流的资产，然后等待。
The best investments are often 'boring': no sexy story, no applause — just buying cash-generative assets at a sensible price and waiting.
一笔投资赚不赚钱，往往在买入的那一刻就已大致决定：买得足够便宜，后续只需时间；买得太贵，再好的资产也难逃平庸。
Whether an investment makes money is largely decided at the moment of purchase: buy cheap enough and time does the rest; buy too dear and even a great asset yields only mediocrity.
一家持续“支付并增加股息”的公司，是在用“真金白银”证明它的利润是真实的。
The true investor will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.
价值投资本质上就是一件事：“买便宜货”。不是买好公司、好行业、好管理层——那些都对，但“价格不对就全白搭”。
Value investing is at its core the purchase of bargains.
在股市里到处都是这样的人——他们知道一切的价格，却不知道价值。
The stock market is filled with individuals who know the price of everything, but the value of nothing.
以合适价格买入一家优秀的公司，远胜于以优惠价格买入一家普通的公司。
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
安全边际的作用在于，它本质上使得对未来的准确估计变得不必要。
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
投资是最像经营一门生意的行为。
Investment is most intelligent when it is most businesslike.
买得便宜是安全边际的来源。
Buying at a discount to intrinsic value is the source of margin of safety.
股市短期是投票机，长期是称重器。
In the short run, the market is a voting machine but in the long run, it is a weighing machine.
安全边际：以四毛的价格，买价值一块钱的东西。
Margin of safety: buying a dollar of value for forty cents.
价值投资是纪律与勇气的结合：在别人恐慌抛售时，用严谨的分析接住便宜货。
Value investing is at its core the marriage of a contrarian streak and a calculator.
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.