巴菲特 : 如果重回20歲, 我會...

A. 你應該知道的巴菲特 :

華倫·愛德華·巴菲特 (Warren Edward Buffett，1930年8月30日), 父親當選過美國國會眾議員, 五歲時巴菲特就在祖父經營的雜貨店擺地攤兜售口香糖。稍大以後，他和朋友到球場撿拾打過的高爾夫球，然後轉手倒賣回球場或客人。上中學時，除利用課餘做報童外，他還與夥伴合夥將彈子球遊戲機出租給理髮店老闆們，爭取外快。11歲開始投資股票,17歲進入賓夕法尼亞大學的華頓商學院，並在1951年取得哥倫比亞商學院經濟學碩士學位,並在葛拉漢授課的"證券分析"這堂課中，取得A+，這在葛拉漢的學生中是絕無僅有的。

B. 慢慢致富 :

1962年1月，巴菲特有限合夥事業市值達到$7,178,500元，其中$1,025,000元屬於巴菲特。開始購入波克夏·海瑟威公司的股權。波克夏是一家大型的紡織公司，在巴菲特善加運用「浮存金（float）」收購私人企業、及買進公開上市公司股權下，波克夏成為全球最大的控股公司之一。巴菲特的平均報酬率達 27.7%，2024年身價估計為"1407 億美元",相當驚人

C. 要跟20歲的我說......

1.“Remember that the stock market is a manic depressive.”

「請記住，股市有躁狂抑鬱症。」.

2.“The most important thing to do if you find yourself in a hole is to

stop digging.”

「如果你發現自己陷入困境之洞的話，最重要的事情就是要停止繼續挖洞。」

3.“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.”

「如果你發現自己在一艘長期洩漏的船上的話，那麼，更換船隻可能會比修補

洩漏來得更有效率。」

4. “Price is what you pay. Value is what you get.”

「價格，是你付出的；價值，是你得到的。」

5. “Beware the investment activity that produces applause; the great

moves are usually greeted by yawns.”

「你要當心會引起掌聲的投資活動；因為偉大的創舉通常伴隨著哈欠。」

6. “Risk comes from not knowing what you are doing.”

「風險，來自於你不知道自己在做什麼。」

7. “Never invest in a business you cannot understand.”

「永遠不要投資你不了解的生意。」

8. “In the business world, the rearview mirror is always clearer than

the windshield.”

「在商業世界裡，後視鏡總是比擋風玻璃更清晰。」

9. “Time is the friend of the wonderful company, the enemy of the

mediocre.”

「時間是優秀公司的朋友，平庸公司的敵人。」

10.“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.” 

「投資的關鍵不是評估一個行業將會對社會產生多大影響，或是它將會增長

多少，而是確定任何特定公司的競爭優勢，或甚是，確定該優勢的持久

性。」

11. “The three most important words in investing are margin of

safety.”

「投資中，最重要的詞語就是，安全邊際。」

12. “It’s far better to buy a wonderful company at a fair price, than

a fair company at a wonderful price.”

「以合理的價格收購一家優秀的公司，比以合理的價格收購一家普通的公司

要好得多。」

13. “If a business does well, the stock eventually follows.”

「如果一家企業做得好，它的股票最終也會隨之起伏。」

14. “All there is to investing is picking good stocks at good times

and staying with them as long as they remain good companies.”

「投資就是在好時機挑選好的股票，然後只要它們仍然是好公司，就一直持

股下去。」

15. “Someone’s sitting in the shade today because someone

planted a tree a long time ago.”

「今天有人坐在樹蔭下乘涼，因為很久以前有人種了一棵樹。」

16. “It is a terrible mistake for investors with long-term horizons —

among them pension funds, college endowments, and savings-

minded individuals — to measure their investment ‘risk’ by

their portfolio’s ratio of bonds to stocks.”

「對於具有長期眼光的投資者——其中包括對養老基金、大學捐贈基金和有

儲蓄意識的個人——來說，通過他們投資組合中的債券與股票比率來衡量

他們的投資‘風險’是一個可怕的錯誤。」

17. “Successful investing takes time, discipline, and patience. No

matter how great the talent or effort, some things just take time:

You can’t produce a baby in one month by getting nine women

pregnant.”

「成功的投資需要時間、紀律和耐心。不管有再大的才華和努力，有些事情

只是需要時間：你不可能讓九個女人懷孕，然後要她們在一個月內生下一

個孩子。」

18. “Calling someone who trades actively in the market an investor is

like calling someone who repeatedly engages in one-night

stands a romantic.”

「把一個在市場上積極交易的人稱為投資者，就像把一個反复參與一夜情的

人稱為浪漫主義者一樣。」

19. “The stock market is designed to transfer money from the active

to the patient.”

「股票市場旨在將資金從活躍者轉移到忍耐者身上。」

20. “Our favorite holding period is forever.”

「我們最喜歡的持有期是永遠。」

21. “An investor should act as though he had a lifetime decision card

with just twenty punches on it.”

「一個投資者應該表現得好像他一生只有一張決策卡，上面只有二十格。」

22. “Do not take yearly results too seriously. Instead, focus on four

or five-year averages.”

「不要把年度結果看得太重。相反，關註四五年的平均值。」

23. “Why not invest your assets in the companies you really like? As

Mae West said, ‘Too much of a good thing can be

wonderful.’”

「為什麼不把你的資產投資於你真正喜歡的公司呢？正如 Mae West 所說

的，『太多的好事可能是美妙的。』」

24. “There seems to be some perverse human characteristic that

likes to make easy things difficult.”

「似乎有一些反常的人類特徵，喜歡把簡單的事情變得困難。」

25. “Success in investing doesn’t correlate with IQ … what you need

is the temperament to control the urges that get other people

into trouble in investing.”

「投資的成功與智商無關……你需要的是控制那些讓其他人在投資中陷入困

境的衝動的氣質。」

26. “The stock market is a no-called-strike game. You don’t have to

swing at everything — you can wait for your pitch.”

「股市是一場沒有三振的遊戲。你不必在任何事情上都揮桿——你可以耐心

等待投球。」

27. “There is nothing wrong with a ‘know nothing’ investor who

realizes it. The problem is when you are a ‘know nothing’

investor but you think you know something.”

「意識到自己『一無所知』的投資者，並沒有錯。更大的問題在於，當你是

一個『一無所知』的投資者時，你還是認為自己知道一些事情。」

28. “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.”

「我堅持每天都要花很多時間坐下來思考。這在美國商業中非常罕見。我閱

讀和思考。因此，與大多數商界人士相比，我做更多的閱讀和思考，做出

更少的衝動決定。我這樣做是因為我喜歡這樣的生活。」

29. “Buy a stock the way you would buy a house. Understand and

like it such that you’d be content to own it in the absence of

any market.”

「像買房子一樣買股票。了解並喜歡它，這樣你就可以不受任何市場的影

響，滿足地擁有它。」

30. “You only have to be able to evaluate companies within your

circle of competence. The size of that circle is not very

important; knowing its boundaries, however, is vital.”

「你只需要在能力範圍內評估一家公司。你的能力範圍大小不是很重要；然

而，了解它的邊界是至關重要的。」

31. “Wide diversification is only required when investors do not

understand what they are doing.”

「只有當投資者不了解他們在做什麼時，才需要廣泛的多元化。」

31. “Opportunities come infrequently. When it rains gold, put out

the bucket, not the thimble.”

「機會，來之不易。下黃金雨時，拿出水桶，而不是頂針。」

32. You never know who’s swimming naked until the tide goes out.”

「在潮水退去之前，你永遠不知道誰在裸泳。」

33. “For 240 years it’s been a terrible mistake to bet against

America, and now is no time to start.”

「240年來，做空美國一直是一個可怕的錯誤，現在不是開始的時候。」

34. “I always knew I was going to be rich. I don’t think I ever

doubted it for a minute. ”

「我一直都知道我會變得富有。我從來沒有懷疑過它，一分鐘也沒有。 」

35. “Widespread fear is your friend as an investor because it serves

up bargain purchases.”

「廣泛的恐懼是你作為投資者的朋友，因為它提供了廉價購買。」

36. “Whether we’re talking about socks or stocks, I like buying

quality merchandise when it is marked down.”

「無論我們談論的是襪子還是股票，我都喜歡在降價時購買優質商品。」

37. “The best thing that happens to us is when a great company gets

into temporary trouble…We want to buy them when they’re on

the operating table.”

「發生在我們身上的最好的事情是，當一家偉大的公司陷入暫時的麻煩……

我們想在他們上手術台時購買它們。」

38. “The most common cause of low prices is pessimism—sometimes

pervasive, sometimes specific to a company or industry. We

want to do business in such an environment, not because we

like pessimism but because we like the prices it produces. It’s

optimism that is the enemy of the rational buyer.”

「導致低價最常見的原因是悲觀情緒——有時普遍存在，有時特定於公司或

行業。我們想在這樣的環境下做生意，不是因為我們喜歡悲觀主義，而是

因為我們喜歡它產生的價格。樂觀是理性買家的敵人。」

39. “Speculation is most dangerous when it looks easiest.”

「當看起來最簡單的時候，猜測是最危險的。」

40. “Keep things simple and don’t swing for the fences. When

promised quick profits, respond with a quick "no".

「保持簡單，不要為了全壘打而亂揮棒。當被承諾快速獲利時，快速回答一

句『不』。」

41. “If past history was all that is needed to play the game of money,

the richest people would be librarians.”

「如果玩金錢遊戲只需要過去的歷史，那麼最富有的人就是圖書館員。」

42. “The investor of today does not profit from yesterday’s

growth.”

「今天的投資者不會從昨天的增長中獲利。」

43. “We simply attempt to be fearful when others are greedy and to

be greedy only when others are fearful.”

「我們只是試圖在別人貪婪時感到恐懼，在別人恐懼時才貪婪。」

44. “Money is not everything. Make sure you earn a lot before

speaking such nonsense.”

「金錢不是萬能的。在說這種廢話之前，請先確保你賺了很多錢。」

45. “Today people who hold cash equivalents feel comfortable. They

shouldn’t. They have opted for a terrible long-term asset, one

that pays virtually nothing and is certain to depreciate in

value.”

「今天，持有現金等價物的人感覺很舒服。他們不應該。他們選擇了一種糟

糕的長期資產，一種幾乎不支付任何費用並且肯定會貶值的資產。」

46. “What the wise do in the beginning, fools do in the end.”

「智者先行，愚者終行。」

47. “Predicting rain doesn’t count, building the ark does.” 

「預測下雨，不如建造方舟。」

48. “The best chance to deploy capital is when things are going

down.”

「布局的最佳機會是在不景氣的時候。」

49. “It’s been an ideal period for investors: A climate of fear is their

best friend. Those who invest only when commentators are

upbeat end up paying a heavy price for meaningless

reassurance.”

「對於投資者來說，這是一個理想的時期：恐懼的氣氛是他們最好的朋友。

那些只在評論員樂觀時投資的人，最終會為毫無意義的保證付出沉重的代

價。」

50. “If you get to my age in life and nobody thinks well of you, I

don’t care how big your bank account is, your life is a

disaster.”

「如果你到了我這個年紀，還是沒有人記得你的好，那不管你的銀行賬戶有

多大，你的生活就是一場災難。」

51. “Basically, when you get to my age, you’ll really measure your

success in life by how many of the people you want to have love

you actually do love you.”

「基本上，當你到了我這個年紀，你衡量生活成功的標準會是，你想要愛的

人中有多少人真正愛你。」

52. “When you combine ignorance and leverage, you get some

pretty interesting results.”

「當你把無知和槓桿結合起來時，你會得到一些非常有趣的結果。」

53. “Games are won by players who focus on the playing field –- not

by those whose eyes are glued to the scoreboard.”

「贏得比賽的人，是那些專注於比賽場地的球員，而不是那些眼睛只盯著記

分牌的球員。」

54. “Honesty is a very expensive gift. Don’t expect it from cheap

people.”

「誠實是一種非常昂貴的禮物。不要指望廉價的人會這樣做。」

55. “When trillions of dollars are managed by Wall Streeters

charging high fees, it will usually be the managers who reap

outsized profits, not the clients.”

「當數万億美元由收取高額費用的華爾街人士管理時，獲得巨額利潤的通常

是經理，而不是客戶。」

56. “If you’ve been playing poker for half an hour and you still

don’t know who the patsy is, you’re the patsy.”

「如果你打了半個小時牌，還不知道誰是小屁孩，那你就是那個小屁孩。」

57. “If you’re in the luckiest 1% of humanity, you owe it to the rest

of humanity to think about the other 99%.”

「如果你是人類中最幸運的 1%，那麼你應該為其他 99% 的人考慮。」

58. “The difference between successful people and really successful

people is that really successful people say no to almost

everything.”

「成功人士和真正成功人士的區別在於，真正成功的人對幾乎所有事情都說

不。」

59. “You’ve gotta keep control of your time, and you can’t unless

you say no. You can’t let people set your agenda in life.”

「你必須控制自己的時間，那就是通過說不。你不能讓人們隨意設定你在生

活中的議程。」

60. “In the world of business, the people who are most successful are

those who are doing what they love.”

「在商界，最成功的人是那些做自己喜歡做的事的人。」

61. “I learned to go into business only with people whom I like, trust,

and admire.”

「我學會了只和我喜歡、信任和欽佩的人做生意。」

62. “Investors should remember that excitement and expenses are

their enemies.”

「投資者應該記住，興奮和開支是他們的敵人。」

63. “The most important investment you can make is in yourself.”

「你能做的最重要的投資就是在你自己身上。」

64. “In looking for people to hire, you look for three qualities:

integrity, intelligence, and energy. And if they don’t have the

first, the other two will kill you.”

「在尋找人才時，你要尋找三個品質：正直、智慧和精力。如果他們沒有第

一個，另外兩個就會殺了你。」

65. “Read 500 pages like this every day. That’s how knowledge

works. It builds up, like compound interest. All of you can do it,

but I guarantee not many of you will do it.”

「每天讀 500 頁的書。這就是知識的運作方式。它建立起來，就像複利一

樣。你們所有人都可以做到，但我保證你們中沒有多少人會做到。」

66. “One can best prepare themselves for the economic future by

investing in your own education. If you study hard and learn at

a young age, you will be in the best circumstances to secure

your future.”

「一個人可以通過投資自己的教育來最好地為未來經濟做好準備。如果你在

年輕時努力學習，你將處於最好的環境中，以確保你的未來。」

67. “If you don’t find a way to make money while you sleep, you

will work until you die.”

「如果你找不到在睡覺時賺錢的方法，你就會一直工作到死。」