Warren Buffett Quotes
1.Everything that can’t go on forever will end.
一切无法永远持续的事物都会结束。
-Warren E. Buffett, on expecting and accepting change, in “About Investing” Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.
2.I’m like a basketball coach. I go out on the street and look for seven-footers. If some guy comes up to me and says, ‘I’m five-six, but you ought to see me handle the ball,’ I’m not interested.
我就像一名篮球教练。我走上街头寻找七尺高的球员。如果有人走过来对我说：“我五尺六，但你应该看看我运球的技术，”我就不感兴趣。
-Warren E. Buffett, on thinking big and finding the right company, in “About Investing” Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.
3. I read annual reports on the company I’m looking at, and I read the annual reports of the competitors - that is the main source of material.
我阅读我关注的公司的年度报告，也阅读竞争对手的年度报告——这是主要的资料来源。
-Warren E. Buffett, on understanding the value of a company, in “About Investing”, Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.
4. Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management, and limited exposure to hard times.
在你了解的企业周围画一个圈，然后根据价值、良好的管理和有限的困难时期风险，淘汰那些不合格的企业。
-Warren E. Buffett, on expanding the circle of competence, in “About Investing” Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.
5.Human behavior, not monetary behavior, is the key.
人类行为，而不是货币行为，是关键。
-Warren E. Buffett, on the key to understanding human affairs, in “How inflation swindles the equity investor,” Fortune, May 1977
6.I can certainly define happiness because happy is what I am.
我当然可以定义幸福，因为我就是幸福。
-Warren E. Buffett, how to define success and happiness, during a Q&A with Bill Gates at The University of Washington, 1998
7.You do better by buying at a discount rather than a premium, just as common sense would suggest.
你通过以折扣价购买而不是溢价购买做得更好，这正如常识所建议的。
-Warren E. Buffett, on value investing, in “How inflation swindles the equity investor,” Fortune, May 1977
8.To raise return on equity, corporations would need at least one of the following: (1) an increase in turnover, i.e., in the ratio between sales and total assets employed in the business; (2) cheaper leverage; (3) more leverage; (4) lower income taxes; (5) wider operating margins on sales.
And that’s it. There simply are no other ways to increase returns on common equity.
为了提高股本回报率，公司需要至少满足以下条件之一：(1) 营业额增加，即销售额与企业所用总资产之间的比率增加；(2) 更便宜的杠杆；(3) 更多的杠杆；(4) 较低的所得税；(5) 销售的运营利润率更高。
就这样。没有其他方法可以提高普通股的回报。
-Warren E. Buffett, in “How inflation swindles the equity investor,” Fortune, May 1977
9.I suggest that you look at the behavior that you admire in others and make those your own habits, and look at what you really find reprehensible in others and decide that those are things you are not going to do.
我建议你观察你欣赏的他人的行为，并将这些行为变成自己的习惯；同时，观察你真正厌恶的他人的行为，并决定那些是你不打算做的事情。
-Warren E. Buffett, advice on how to make it, during a Q&A with Bill Gates at The University of Washington, 1998
10.I get to do what I like to do every single day of the year. I get to do it with people I like, and I don’t have to associate with anybody who causes my stomach to churn.
我每天都能做我喜欢的事情。我可以和我喜欢的人一起做，而不必和任何让我倒胃口的人交往。
-Warren E. Buffett, how to define success and happiness, during a Q&A with Bill Gates at The University of Washington, 1998
11.Forecasts usually tell us more of the forecaster than of the future.
预测通常更多地反映了预测者而不是未来。
-Warren E. Buffett, on the value of forecasts, in “How inflation swindles the equity investor,” Fortune, May 1977
12.To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.
成功投资一生并不需要超高的智商、非凡的商业洞察力或内部信息。所需的是一个健全的思考决策框架，以及防止情绪侵蚀该框架的能力。
-Warren E. Buffett, in the preface to the fourth edition of The Intelligent Investor by Benjamin Graham
13.In large part, companies obtain the shareholder constituency that they seek and deserve. If they focus their thinking and communication on short-term results or short-term stock market consequences they will, in large part, attract shareholders who focus on the same factors.
在很大程度上，公司获得了他们所寻求和应得的股东群体。如果他们将思维和沟通集中在短期结果或短期股市后果上，他们在很大程度上将吸引关注相同因素的股东。
-Warren E. Buffett, Famous American Businessman, on seeking true business partners for shareholders, quoted in his Prologue of his 1979 annual report in Cunningham’s book “The Essays of Warren Buffet: Lessons for Corporate America.
14.We use debt sparingly, and when we do borrow, we attempt to structure our loans on a long-term fixed-rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet.
我们谨慎使用债务，当我们借款时，尽量以长期固定利率的方式结构我们的贷款。我们宁愿放弃有趣的机会，也不愿过度杠杆化我们的资产负债表。
-Warren E. Buffett, Famous American Businessman, on Owner Related Business Principles, and using debt, from his 1996 Owner’s Manual in “The Essays of Warren Buffett: Lessons for Corporate America.
15.When ideas fail, words come in very handy.
当想法失败时，言语非常有用。
-Warren E. Buffett, Famous American Businessman, on the pitfalls of excuses, deception, and rationalization, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
16.If you hit a hole-in-one on every hole, you wouldn’t play golf for very long.
如果你每个洞都打出一杆进洞，你就不会玩高尔夫很久。
-Warren E. Buffett, Famous American Businessman, on the importance of challenging and meaningful activities, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
17. There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think that it will look good on your resume. Isn’t that a little like saving up sex for your old age?
有时候你应该开始做你想做的事情。找一份你热爱的工作。你会在早上跳下床。我认为如果你继续接受你不喜欢的工作，只是因为你觉得这会让你的简历看起来更好，那你简直是疯了。这难道不有点像把性留到老年吗？
-Warren E. Buffett, American Businessman, on the importance of doing what you love, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)
18.You have to think for yourself. It always amazes me how high-IQ people mindlessly imitate. I never get good ideas talking to other people.
你必须自己思考。高智商的人无意识地模仿让我感到惊讶。我从与其他人交谈中从来得不到好的想法。
-Warren E. Buffett, Famous American Businessman, on the importance of thinking for yourself, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
19.If calculus or algebra were required to be a great investor, I’d have to go back to delivering newspapers.
如果要成为一名伟大的投资者需要微积分或代数，我就得回去送报纸。
-Warren E. Buffett, Famous American Businessman, on the math skills needed to be a great investor (addition, subtraction, multiplication, division, and statistical thinking), quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
20.Much of what you become in life depends on whom you choose to admire and copy.
你在生活中成为怎样的人很大程度上取决于你选择崇拜谁和模仿谁。
-Warren E. Buffett, Famous American Businessman, life advice in Berkshire Hathaway’s 2015 Annual Shareholder Letter
21.The managers who succeed Charlie and me will build Berkshire’s per-share intrinsic value by following our simple blueprint of (1) constantly improving the basic earning power of our many subsidiaries; (2) further increasing their earnings through bolt-on acquisitions; (3) benefiting from the growth of our investees; (4) repurchasing Berkshire shares when they are available at a meaningful discount from intrinsic value; and (5) making an occasional large acquisition. Management will also try to maximize results for you by rarely, if ever, issuing Berkshire shares.
接替查理和我的经理们将通过遵循我们简单的蓝图来提升伯克希尔每股内在价值，蓝图包括：(1) 不断提高我们众多子公司的基本盈利能力；(2) 通过附加收购进一步增加它们的收益；(3) 受益于我们被投资公司的增长；(4) 在伯克希尔股票以显著低于内在价值的价格可用时回购股票；(5) 偶尔进行一次大型收购。管理层还将尽量通过很少（如果有的话）发行伯克希尔股票来最大化为您带来的结果。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 2015 Annual Shareholder Letter on his successors and the future management of Berkshire
22.I have a lot of spare time because the managers at Berkshire do all of the work. I just sit there in the office and read and talk on the phone occasionally.
我有很多空闲时间，因为伯克希尔的经理们都在工作。我只是坐在办公室里，偶尔阅读和打电话。
-Warren E. Buffett, Famous American Businessman, on what he does with his spare time, in a 2008 Q&A with European MBA students (via YouTube)
23.You pay a very high price in the stock market for a cheery consensus.
在股市中，为了一个乐观的共识，你需要付出非常高的代价。
-Warren E. Buffett, Famous American Businessman, on contrarian thinking and the importance of understanding intrinsic value, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
24.We need shed no tears for the capitalists (whether they be private owners or an army of public shareholders). It’s their job to take care of themselves.
我们不需要为资本家（无论是私人所有者还是一群公众股东）流泪。照顾好自己是他们的工作。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 2015 Annual Shareholder Letter on capitalism
25.All families in my upper middle-class neighborhood regularly enjoy a living standard better than that achieved by John D. Rockefeller Sr. at the time of my birth. His unparalleled fortune couldn’t buy what we now take for granted, whether the field is – to name just a few – transportation, entertainment, communication or medical services.
我所在的中上层阶级社区的所有家庭，生活水平定期超过我出生时约翰·D·洛克菲勒老先生所达到的水平。他无与伦比的财富无法购买我们现在视为理所当然的东西，无论是交通、娱乐、通信还是医疗服务。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 2015 Annual Shareholder Letter on America’s economic success
26.I am a better investor because I am a businessman and a better businessman because I am an investor.
我是一名更好的投资者，因为我是一名商人；我是一名更好的商人，因为我是一名投资者。
-Warren E. Buffett, Famous American Businessman, on business and investing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
27.With enough inside information and a million dollars, you can go broke in a year.
拥有足够的内部信息和一百万美元，你可以在一年内破产。
-Warren E. Buffett, Famous American Businessman, on rumors and speculation, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
28.Read Ben Graham and Phil Fisher, read annual reports, but don’t do equations with Greek letters in them.
阅读本·格雷厄姆和菲尔·费舍尔，阅读年报，但不要做带有希腊字母的方程式。
-Warren E. Buffett, Famous American Businessman, on his mentors and investing advice, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
29.Overall, Berkshire and its long-term shareholders benefit from a sinking stock market much as a regular purchaser of food benefits from declining food prices.
总体而言，伯克希尔及其长期股东从下跌的股市中受益，就像普通食品购买者从食品价格下降中受益一样。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on bear markets and market crashes
30.When a CEO is encouraged by his advisers to make deals, he responds much as would a teenage boy who is encouraged by his father to have a normal sex life. It’s not a push he needs.
当首席执行官受到顾问的鼓励去达成交易时，他的反应就像一个被父亲鼓励过正常性生活的少年男孩。他并不需要这样的推动。
-Warren E. Buffett, Famous American Businessman, on growth, mergers, and acquisitions, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
31.In a difficult business, no sooner is one problem solved than another one surfaces—never is there just one cockroach in the kitchen.
在困难的商业环境中，解决一个问题后，另一个问题立刻出现——厨房里从来不会只有一只蟑螂。
-Warren E. Buffett, Famous American Businessman, on weak businesses, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
32.Like virginity, a stable price level seems capable of maintenance, but not of restoration.
像处女之身一样，稳定的价格水平似乎能够维持，但无法恢复。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on long-term inflationary pressure
33.Because of the unrelenting destruction of currency values, our corporate efforts will continue to do a much better job of filling your wallet than of filling your stomach.
由于货币价值的持续贬值，我们的企业努力将更好地为您的钱包服务，而不是为您的胃服务。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on inflationary pressure and real returns
34.Last year your Chairman volunteered his expert opinion on the rosy future of the aluminum business. Several minor adjustments to that opinion – now aggregating approximately 180 degrees – have since been required.
去年的时候，您的主席自愿发表了他对铝业美好未来的专业意见。此后，对该意见进行了几项小调整，现在总计约为 180 度。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter humorously recalling his commodity forecasting errors
35.We expect that undistributed earnings from such companies will produce full value for Berkshire and its shareholders. If they don’t, we have made mistakes as to either: (1) the management we have elected to join; (2) the future economics of the business; or (3) the price we have paid.
我们期望这些公司的未分配利润能为伯克希尔及其股东带来全部价值。如果不能，那就是我们在以下方面犯了错误：（1）我们选择加入的管理层；（2）企业未来的经济效益；或（3）我们支付的代价。
-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on potential mistakes in his investment actions and thinking
36.In the long run, managements stressing accounting appearance over economic substance usually achieve little of either.
从长远来看，强调会计表象而非经济实质的管理层通常在两者方面都收效甚微。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on the importance of maximizing real economic benefits in business and investing
37.If something’s not worth doing at all, it’s not worth doing well.
如果某件事根本不值得做，那就不值得做好。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on the importance of making major commitments to your best opportunities when investing
38.Managing your career is like investing—the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train.
管理你的职业就像投资——难度并不重要。因此，通过选择正确的方向，你可以为自己节省金钱和痛苦。
-Warren E. Buffett, Famous American Businessman, career advice on the importance of choosing to work for a superior business—which has high margins and makes money, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
39.Turnarounds seldom turn.
逆境反转的机会很少。
-Warren E. Buffett, Famous American Businessman, on business turnarounds, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
40.Anything that can’t go on forever will end.
任何不能永远持续的事物都会结束。
-Warren E. Buffett, Famous American Businessman, paraphrasing Herbert Stein on stock prices, the stock market, and the laws of physics
41.Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
华尔街是唯一一个人们乘坐劳斯莱斯去那里向乘坐地铁的人请教的地方。
-Warren E. Buffett, Famous American Businessman, on wall street, the stock market, and investment advice, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
42.GEICO was designed to be the low-cost operation in an enormous marketplace (auto insurance) populated largely by companies whose marketing structures restricted adaptation.
作为一家以成本低廉著称的保险公司，GEICO 进入了一个竞争激烈的市场（汽车保险），而这个市场的大多数公司由于其营销结构的限制而无法进行调整。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1980 Annual Shareholder Letter on GEICO
43.The auction nature of security markets often allows finely-run companies the opportunity to purchase portions of their own businesses at a price under 50% of that needed to acquire the same earning power through the negotiated acquisition of another enterprise.
证券市场的拍卖性质经常为管理良好的公司提供了一个机会，使它们能够以低于通过谈判收购另一家公司来获得相同盈利能力所需价格的50%的价格购买自己业务的一部分。
-Warren E. Buffett, Famous American businessman, in Berkshire Hathaway’s 1980 Annual Shareholder Letter on intelligent share repurchases
44.If a tree grows in a forest partially owned by us, but we don’t record the growth in our financial statements, we still own part of the tree.
如果一棵树在我们部分拥有的森林中生长，但我们没有在我们的财务报表中记录这种增长，我们仍然拥有那棵树的一部分。
-Warren E. Buffett, Famous American businessman, in Berkshire Hathaway’s 1980 Annual Shareholder Letter on the value of investing in stocks
45.Phil Fisher, a respected investor and author, once likened the policies of the corporation in attracting shareholders to those of a restaurant attracting potential customers. A restaurant could seek a given clientele (patrons of fast foods, elegant dining, Oriental food, etc.) and eventually obtain an appropriate group of devotees. If the job were expertly done, that clientele, pleased with the service, menu, and price level offered, would return consistently. But the restaurant could not change its character constantly and end up with a happy and stable clientele. If the business vacillated between French cuisine and take-out chicken, the result would be a revolving door of confused and dissatisfied customers.
菲尔·费舍尔，一位受人尊敬的投资者和作家，曾将公司吸引股东的政策比作餐厅吸引潜在顾客的方式。餐厅可以寻求特定的顾客群体（快餐、优雅餐饮、东方美食等），最终获得一群合适的忠实顾客。如果工作做得很出色，这些顾客会因为提供的服务、菜单和价格水平而持续光顾。但是，餐厅不能不断改变其特色，否则就无法拥有快乐和稳定的顾客群体。如果生意在法式料理和外卖炸鸡之间摇摆不定，结果将是顾客不断进出，感到困惑和不满。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1979 Annual Shareholder Letter on Berkshire’s owner-orientation
46.If I can’t make money in a [$26] trillion U.S. market, it may be a little bit of wishful thinking to think that all I have to do is get a few thousand miles offshore and I’ll start showing my stuff.
如果我在一个 26 万亿美元的美国市场中无法赚钱，那么认为只需离岸几千英里就能开始展示我的能力，可能有点不切实际。
-Warren E. Buffett, Famous American Businessman, on the stock market and investing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006), originally said in 1993 when the U.S. market was $5 trillion
47.With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
每次投资时，您应该有勇气和信念将至少 10%的净资产投入到该股票中。
-Warren E. Buffett, Famous American Businessman, on the stock market, investing, and the importance of knowing what you’re doing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
48.You should invest in a business that even a fool can run, because someday a fool will.
你应该投资于一个即使傻瓜也能经营的生意，因为总有一天傻瓜会来经营它。
-Warren E. Buffett, Famous American Businessman, on business and investing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
49.My idea of a group decision is to look in the mirror.
我对集体决策的看法是照照镜子。
-Warren E. Buffett, Famous American Businessman, on decision making and leadership, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
50.It’s not necessary to do extraordinary things to get extraordinary results.
不必做非凡的事情才能获得非凡的结果。
-Warren E. Buffett, Famous American Businessman, on success, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
51.The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.
市场就像上帝，帮助那些自助的人。但与上帝不同，市场不会宽恕那些不知道自己在做什么的人。
-Warren E. Buffett, Famous American Businessman, on the stock market, investing, and the importance of knowing what you’re doing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
52.It is easier to stay out of trouble than it is to get out of trouble.
远离麻烦比摆脱麻烦要容易。
-Warren E. Buffett, American Businessman, on leadership, integrity, and just doing the right thing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
53.You can’t make a good deal with a bad person.
你无法与坏人达成好交易。
-Warren E. Buffett, American Businessman, on leadership, trust, doing business, and the importance of integrity, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)
54.We confess considerable optimism regarding our insurance equity investments.
我们对我们的保险投资抱有相当的乐观态度。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1978 Annual Shareholder Letter on insurance businesses and investing float
55.We get excited enough to commit a big percentage of insurance company net worth to equities only when we find (1) businesses we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) priced very attractively. We usually can identify a small number of potential investments meeting requirements (1), (2) and (3), but (4) often prevents action.
我们只有在找到（1）我们能理解的业务，（2）具有良好的长期前景，（3）由诚实且能干的人经营，以及（4）价格非常有吸引力时，才会兴奋到将保险公司净资产的大部分投入股票。我们通常可以识别出少数符合要求（1）、（2）和（3）的潜在投资，但（4）往往会阻止我们采取行动。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1978 Annual Shareholder Letter on stock market investments and how to invest
56.I think China will do fine over some period of time. China and the U.S. will be superpowers for as long as we can see.
我认为中国在一段时间内会表现良好。中国和美国将是我们所能预见的未来的超级大国。
-Warren E. Buffett, American Businessman, at Berkshire Hathaway’s 2015 Annual Shareholder Meeting on China and the U.S.
57.Don’t appeal to the conscience of America. Appeal to the greatness of America and you’ll get the job done.
不要向美国的良知呼吁。要向美国的伟大呼吁，这样你就能完成任务。
-Warren E. Buffett, American Businessman, advice to Bono on how to inspire Americans, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)
58.There’s really a lot of overlap between managing and investing. Being a manager has made me a better investor, and being an investor has made me a better manager.
管理与投资之间确实有很多重叠之处。作为管理者的经验让我成为了更好的投资者，而作为投资者的经验也让我成为了更好的管理者。
-Warren E. Buffett, American Businessman, on the importance of keeping a long-term perspective, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)
59. We also believe candor benefits us as managers: The CEO who misleads others in public may eventually mislead himself in private.
我们也相信坦诚对我们作为管理者是有益的：在公众面前误导他人的首席执行官最终可能会在私下里误导自己。
-Warren E. Buffett, American Businessman, on the power of honesty and humility, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)
60.I don’t want to be on the other side of the table from the customer. I was never selling anything that I didn’t believe in myself or use myself.
我不想站在顾客的对立面。我从不销售我自己不相信或不使用的东西。
-Warren E. Buffett, American Businessman, on the secret to marketing and making sales, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)
61.There is a huge difference between the business that grows and requires lots of capital to do so and the business that grows and doesn’t require capital.
需要大量资本才能增长的企业与不需要资本就能增长的企业之间存在巨大差异。
-Warren E. Buffett, American Businessman, on capital expenditures, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)
62.What witch doctor has ever achieved fame and fortune by simply advising ‘take two aspirins’?
有哪个巫医仅仅通过建议“吃两片阿司匹林”就获得了名声和财富？
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on academics, advisors, and professionals
63.As they say in poker, ‘If you’ve been in the game 30 minutes and you don’t know who the patsy is, you’re the patsy.
正如扑克中所说的，“如果你在游戏中待了 30 分钟还不知道谁是傻瓜，那你就是傻瓜。”
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on investing, trading, and the stock market
64.If you aren’t certain that you understand and can value a business far better than Mr. Market you don’t belong in the game.
如果你不确定自己理解并能比市场先生更好地评估一项业务，那么你就不应该参与这个游戏。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on investing with Mr. Market
-沃伦·巴菲特，美国商人，在伯克希尔·哈撒韦 1987 年年度股东信中谈论与市场先生投资的事宜
65.Ben Graham, my friend and teacher, long ago described the mental attitude toward market fluctuations that I believe to be most conducive to investment success. He said that you should imagine market quotations as coming from a remarkably accommodating fellow named Mr. Market who is your partner in a private business. Without fail, Mr. Market appears daily and names a price at which he will either buy your interest or sell you his.
本·格雷厄姆，我的朋友和老师，早就描述了我认为最有利于投资成功的对市场波动的心理态度。他说，你应该想象市场报价来自一个名叫“市场先生”的非常通情达理的家伙，他是你私人生意的合伙人。市场先生每天都会出现，并给出一个价格，表示他愿意以这个价格购买你的股份或出售他的股份。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on Mr. Market
66.Our guideline is to tell you the business facts that we would want to know if our positions were reversed.
我们的指导方针是告诉您如果我们的位置颠倒，我们想知道的商业事实。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on reporting
67.We feel noble intentions should be checked periodically against results.
我们认为高尚的意图应该定期与结果进行对照。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on the policy of retaining and reinvesting earnings
68.We want to make money only when our partners do and in exactly the same proportion.
我们希望只有在我们的合作伙伴赚钱时，我们才赚钱，并且比例完全相同。
-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on Berkshire’s owner-orientation
69.If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.
如果你不愿意持有一只股票 10 年，就连 10 分钟都不要考虑持有它。
70.The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
投资的关键不在于评估一个行业将如何影响社会或它将增长多少，而在于确定任何给定公司的竞争优势，尤其是这种优势的持久性。
71.The three most important words in investing are ‘margin of safety'.
投资中最重要的三个词是“安全边际”。
72.Beware the investment activity that produces applause; the great moves are usually greeted by yawns.
小心那些引起掌声的投资活动；伟大的举动通常会引来哈欠。
73.The business schools reward difficult complex behaviour more than simple behaviour, but simple behaviour is more effective.
商学院更奖励复杂的困难行为，而简单行为更有效。
74.Risk comes from not knowing what you are doing.
风险来自于不知道自己在做什么。
75. Do not take yearly results too seriously. Instead, focus on four- or five-year averages.
不要过于认真对待年度结果。相反，关注四年或五年的平均值。
76.Never invest in a business you cannot understand.
永远不要投资于你无法理解的业务。
77.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.
无论才能或努力多么出色，有些事情就是需要时间。你不能通过让九个女人怀孕在一个月内生出一个婴儿。
78.We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.
我们从不希望依赖陌生人的仁慈来满足明天的义务。当被迫选择时，我甚至不愿意为了额外利润的机会牺牲一晚的睡眠。
79.Don’t pass up something that’s attractive today because you think you will find something better tomorrow.
不要因为你认为明天会找到更好的东西而错过今天吸引你的事物。
80.The best chance to deploy capital is when things are going down.
最佳投资时机是当市场下跌时。
81.Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
机会来得不频繁。当下金雨时，拿出桶，而不是顶针。
82.I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
我坚持每天花很多时间坐下来思考。这在美国商业中非常不常见。我阅读和思考。因此，我比大多数商界人士花更多时间阅读和思考，做出的冲动决策也更少。我这样做是因为我喜欢这种生活。
83.If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.
如果你是人类中最幸运的百分之一，你有责任为其他 99%的人考虑。
84.Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.
如果你发现自己在一只长期漏水的船上，投入精力去更换船只可能比投入精力去修补漏洞更有效。
85.In the business world, the rearview mirror is always clearer than the windshield.
在商业世界中，后视镜总是比挡风玻璃更清晰。
86.Every saint has a past. Every sinner has a future.
每个圣人都有过去。每个罪人都有未来。
87.[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
[黄金] 在非洲或其他地方从地下挖出来。然后我们把它熔化，挖另一个洞，再埋回去，并支付人们站在那里守卫。它没有任何实用价值。任何从火星上观察的人都会感到困惑。
88. If you buy things you do not need, soon you will have to sell things you need.
如果你买了不需要的东西，很快你就会不得不卖掉需要的东西。
89.calling someone who trades actively in the market an investor “is like calling someone who repeatedly engages in one-night stands a romantic.
称一个在市场上积极交易的人为投资者“就像称一个反复进行一夜情的人为浪漫主义者。”
-Warren Buffett, The Essays of Warren Buffett: Lessons for Corporate America
90.Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
黄金是一种对恐惧的长期投资方式，时不时地它确实是一个不错的选择。但你真的得希望人们在一年或两年后比现在更害怕。如果他们变得更害怕，你就赚钱；如果他们变得不那么害怕，你就亏钱，但黄金本身并不产生任何东西。
91.An idiot with a plan can beat a genius without a plan.
一个有计划的傻瓜可以打败一个没有计划的天才。
92.If you wait till you know everything it's too late
如果你等到知道一切再行动，那就太晚了。
93.It is better to be approximately right than precisely wrong.
模糊的正确总比精确的错误要好。
-Warren Buffett, The Essays of Warren Buffett : Lessons for Corporate America
94.A good business is not always a good purchase - although it's a good place to look for one.
一家好的生意并不总是一个好的投资——尽管它是寻找一个的好地方。
-Warren Buffett, The Essays of Warren Buffett : Lessons for Corporate America
95.Our basic principle is that if you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.
我们的基本原则是，如果你想射击稀有且快速移动的大象，你应该总是携带一支装满子弹的枪。
96.Charlie and I believe our four criteria are essential if directors are to do their job — which, by law, is to faithfully represent owners. Yet these criteria are usually ignored. Instead, consultants and CEOs seeking board candidates will often say, “We’re looking for a woman,” or “a Hispanic,” or “someone from abroad,” or what have you. It sometimes sounds as if the mission is to stock Noah’s ark. Over the years I’ve been queried many times about potential directors and have yet to hear anyone ask, “Does he think like an intelligent owner?” The questions I instead
查理和我坚信，如果董事们要履行他们的职责——根据法律，是忠实地代表所有者，那么这四个标准是必不可少的。然而，这些标准通常被忽视。相反，寻求董事会候选人的顾问和CEO们常常会说，“我们在找一个女性”，或者“一个西班牙裔”，或者“一个来自国外的人”，或者诸如此类的话。有时听起来好像任务是储备诺亚方舟。多年来，我多次被询问潜在董事的情况，但从未听到有人询问，“他是否像一个明智的所有者那样思考？”相反，我被问到的问题是...
-Warren Buffett, Berkshire Hathaway Letters to Shareholders, 2023
97.Financial staying power requires a company to maintain three strengths under all circumstances: (1) a large and reliable stream of earnings; (2) massive liquid assets; and (3) no significant near-term cash requirements. Ignoring that last necessity is what usually leads companies to experience unexpected problems.
财务持续能力要求公司在任何情况下保持三项优势：(1) 大量且可靠的收益流；(2) 大量流动资产；(3) 没有显著的短期现金需求。忽视最后一项必要性通常会导致公司面临意想不到的问题。
98.When “dumb” money acknowledges its limitations, it ceases to be dumb.
当傻钱承认其局限性时，它就不再是傻瓜。
99.We prefer: large purchases (at least $5 million of after-tax earnings), demonstrated consistent earning power (future projections are of little interest to us, nor are “turn-around” situations), businesses earning good returns on equity while employing little or no debt, management in place (we can’t supply it), simple businesses (if there’s lots of technology, we won’t understand it), an offering price (we don’t want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown).
我们偏好：大额购买（税后收益至少为500万美元），展现出一贯的盈利能力（我们对将来的预测不感兴趣，也对“扭转局面”的情况不感兴趣），在很少或没有债务的情况下获得良好股本回报的企业，有现成的管理团队（我们提供不了），简单的业务（如果有大量的技术，我们将无法理解），一个出价（我们不想浪费我们或卖家的时间，当价格未知时，即使是初步地谈论交易）。
100.Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding.
当查理和我考虑投资那些看起来非常出色的企业时，失去专注是我们最担心的事情。
101.Habits of happy people: 1. Don't show off 2. Talk less 3. Learn daily 4. Help less fortunate 5. Laugh more 6. Ignore nonsense 7. No entitlement.
101. 快乐人的习惯：1. 不炫耀 2. 少说话 3. 每天学习 4. 帮助不幸的人 5. 多笑 6. 忽略无谓 7. 不自以为是。
102.If you invested in a low-cost index fund--where you don't put the money in at one time, but average in over 10 years--you'll do better than 90% of people who start investing at the same time.
如果你投资于一个低成本的指数基金——在 10 年内分批投入资金，而不是一次性投入——你将比 90%同时开始投资的人表现得更好。
103.There seems to be some perverse human characteristic that likes to make easy things difficult.
似乎有一种扭曲的人性特征，喜欢把简单的事情变得复杂。
104.I always look at IQ and talent as representing the horsepower of the motor, but that the output―the efficiency with which that motor works―depends on rationality.
我总是把智商和才能看作是发动机的马力，但输出——即发动机工作的效率——则取决于理性。
-Warren E. Buffett, on the importance of rationality over IQ, during a Q&A with Bill Gates at The University of Washington, 1998
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