巴菲特在1997年揭露他累積財富的秘密

Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards – so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value. Though it’s seldom recognized, this is the exact approach that has produced gains for Berkshire shareholders.

身為一位投資人, 其實只需要以合理的價格買進一些容易理解且公司獲利在未來 5~20年內可以增長的公司股票. 隨著時間過去, 投資人會發現只有少數幾家公司可以達到這樣的標準. 所以當你真的找到這樣的公司時, 你應該買進足夠數量的股票. 當然, 在持股期間, 你必須能阻絕外界的誘惑而盡可能不要偏離這個準則：如果你不打算持有這家公司股權十年以上的話, 那最好連十分鐘都不要擁有. 隨著時間過去, 你將會慢慢建立一些公司盈餘能持續累積的投資組合, 然後你就會發現該投資組合的市值也跟著穩定成長. 雖然我們很少承認, 但這正是我們為波克夏股東累積財富的確切方法.