巴菲特投资语录102条(你知道巴菲特哪些投资经典语录)

翻译完了，整合在一起，方便有需要的朋友随时查看。

8月30日是巴菲特92岁的大寿，总结一下他的92条鸡汤，有些有实战作用，有些是心理慰藉，有些是陈词滥调，请甄别。

翻译/达美

注意：括号里是达美的胡言乱语，不是老巴的话。

巴子曰：

1. It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

用凑活的价格买出色的公司要 远好于 用出色的价格买凑活的公司。（赛道？）

2. A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.

我买股票的规则很简单，在别人恐惧的时候贪婪，在别人贪婪的时候恐惧。（中概？）

3. Price is what you pay. Value is what you get.

你付出价格，你得到价值。

4. You've got to understand accounting. You've got to. That's got to be like a language to you.

（投资中）你需要掌握 会计知识，到什么程度呢？就像掌握一门语言一样。

5. You cannot make a good deal with a bad person.

跟坏人永远达不成好交易。（法拉第未来？）

6. Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

无论你说的是宁子还是袜子，你都会喜欢在打折的时候买好东西。（中概？）

7. 7是我的幸运数字。（原文没有第七条）

8. Don’t pass up something that’s attractive today because you think you will find something better tomorrow.

不要以为你明天会娶到松岛枫而放弃今天的苍井空。

9. The sillier the market’s behavior, the greater the opportunity for the businesslike investor.

市场越蠢，以底层生意为本的投资者的机会就越大。（中概？）

10. You only learn who has been swimming naked when the tide goes out.

潮水退去你才知道谁在裸泳。（新能源？）

11. Your best investment is yourself. There is nothing that compares to it.

你最好的投资就是投资自己。这无与伦比。

12. I have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possesses them, rather than the other way around.

我有很多财产。我也有很多朋友，他们有很多财产。但一些时候我感觉是财产拥有他们，而不是他们拥有财产。

13. Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.

头号规矩是不要亏掉本金，第二号规矩是不要忘掉头号规矩。（我不知道要怎么100%做到不亏本金）

14. What we do is not beyond anyone else’s competence. I feel the same way about managing that I do about investing: It’s just not necessary to do extraordinary things to get extraordinary results.

我们不超过任何人的能力行事。我投资管理也是一样，你取得牛逼的成果，未必一定要通过做牛逼的事情。（指数投资？）

15. The best way to think about investments is to be in a room with no one else and to just think. If that doesn’t work, nothing else is going to work.

检讨一笔投资的最好做法，是想象你自己独自在一个房间里，没有任何其他人，什么都不干，只有思考。如果这个办法无效，那其他办法也一样无效。

16. In my view, for most people, the best thing is to do is owning the S&P 500 index fund. There are huge amounts of money people pay for advice they really don’t need.

对于大多数人而言投资标普指数是最好的投资方法，一点看法，不一定对。大家都喜欢付大钱去买根本就用不着的投资建议。

17. Uncertainty actually is the friend of the buyer of long-term values.

对于长期投资者而言，不确定性是你买入股票的好朋友。（中概？教育股？）

18. Remember that the stock market is a manic depressive.

记住，股票市场是躁郁症患者。（对，波好大）

19. 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个长期的漏船上面，那么换一艘船花的力气要远远少于给这艘船打补丁的力气。（海狗？）

20. The most important thing to do if you find yourself in a hole is to stop digging.

如果你发现自己在坑里，那么最重要的事情，是不要再继续挖坑了。（海狗？）

21. Beware the investment activity that produces applause; the great moves are usually greeted by yawns.

如果你的操作被人赞誉为”最伟大的操作"，你要当心了。真正伟大的操作一般大家一开始都对其嗤之以鼻。

22. For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.

对于投资者来说用过高的价格买一家好公司，可能会透支其接下来十年的优秀业绩。（宁子？）

23. Never invest in a business you cannot understand.

不懂不投。

24. If returns are going to be 7 or 8 percent and you’re paying 1 percent for fees, that makes an enormous difference in how much money you’re going to have in retirement.

如果你的收益是7%-8%但你要交掉1%的费用，那等你退休用钱了这差别可就大了去了。

25. All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

投资很简单，在对你有利的时机买好公司的股票，然后只要他们仍然是好公司，就对他们不离不弃。（中概？）

26. Do not take yearly results too seriously. Instead, focus on four or five-year averages.

不要对任何一年的业绩那么当真。但是可以多看看四年或者五年的平均收益。

27. If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.

你不想持有一家公司10年，就不要持有10分钟。（这句话听听得了，巴菲特经常做短的其实）

28. 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.

成功的投资需要时间的孵化，需要纪律和耐心。就算你再聪明再勤奋，有些东西总是需要时间。你就算很勤奋播种，让九个妹子都大了肚子，你也无法在一个月内生下小孩。（巴式黄腔）

29. I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

我从来也不想再股市里赚钱，因为我总是假想，明天股市就休市，然后五年后再重新打开市场，会怎么样。

30. Our favorite holding period is forever.

我们最爱的持有时长是永远。（永远有多远？）

31. An investor should act as though he had a lifetime decision card with just twenty punches on it.

一个投资者，应该做的是假装有一张打卡纸，上面有20个洞，可以打。（你只能做20次重要的投资决策。）

32. In the business world, the rearview mirror is always clearer than the windshield.

在商业世界里，后视镜总比车前窗看起来要清晰。

33. If a business does well, the stock eventually follows.

生意好，股价终归最后自然会好。（中概？）

34. Time is the friend of the wonderful company, the enemy of the mediocre.

时间是优秀公司的朋友，但是平庸公司的敌人。（上证指数....）

35. 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.

一个行业对社会有什么积极贡献，或者其成长性有多少，其实在投资里都不太重要；关键是决定行业里每家公司的竞争优势，以及竞争优势的可持续性。

36. The three most important words in investing are margin of safety.

投资里很重要的四个字 是 安全边际。（中概？）

37. It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.

最好是能与比自己强的人为伍。行为比你优秀的同事，多向他们学习，你会变得更优秀。（但是别嫉妒，嫉妒是最有毒的心态）

38. The stock market is designed to transfer money from the active to the patient.

股市的机制之一，就是把钱从活跃的人的口袋里转移到耐心的人的口袋里。（长期持有是王道？）

39. Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

那些“股神”的预言主要还是给你关于这个正在预言的“股神”的信息，而丝毫不能给你关于未来的信息。（你就简单记忆在股市上没人能持续准确地预测未来）

40. 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.

你只需要在能力圈范围内去评估公司。但能力圈的大小其实不太重要；认清能力圈的边界比较重要。

41. Diversification is protection against ignorance. It makes little sense if you know what you are doing.

分散多样是对无知的保护。如果你有很大的把握，那么分散就不太合理。（不同意！）

42. Wide diversification is only required when investors do not understand what they are doing.

(跟上面那条类似）广泛分散仅仅在你不知道自己在干嘛的时候有必要。

43. The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

对于一个投资者而言，脾性比智力更重要。你需要一种脾性，能让你无论是与人群相随还是与人群相对，都不会太乐在其中。（所以有人说反人性的价投，其实在你的基因里，你要么有，要么不会有）

44. You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

（投资时你的智商水平）你不需要能造火箭。在投资里，130的智力可以打败160的智力。

45. here 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.

如果你无知，只要你知道自己无知，那就不可怕；可怕的是，你无知，但是你不知道这件事。（不知道是谁说的：智者总在怀疑自己，只有傻子才无比自信）

46. The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch.

股市里你不会被三振出局，所以你不需要一直挥棒，你只需要等待一个好的挥棒时机。

47. 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.

投资成功与智商没有相关性，你需要做的就是把那些让其他人深陷泥潭的脾性，给控制好。

48. For 240 years it’s been a terrible mistake to bet against America, and now is no time to start.

240年以来，做空美国都是一个巨大的错误，此时此刻也一样。（我认为做空中国的人也会尝到巨大苦果:)）

49. After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them.

在25年里我和芒格买入并管理了各种牛X的公司，但经过那么磅礴的经验之后我们好像还是没有学会如何解决棘手的商业问题。我们学会的是如何避免这些问题。

50. Speculation is most dangerous when it looks easiest.

投机行为，在看起来最容易的时候最有毒。(亏得最惨）

51. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game.

投硬币的比赛，第一局，基本上一半的参赛者会胜出。但是继续一直赌下去，他们并没有最终获利的希望。

52. Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick “no”.

不要做高难度操作。如果别人告诉你有快钱能赚，你应该对他摇摇手并快快前进。

53. You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.

有机会，你再考虑行动。我的一生里会有一段时间里点子如雨后春笋，而另一段时间里却毫无灵感。如果我下周有个好点子，我就会出手；如果没有，那我就什么都不做。（跟棒球挥棒那条同理）

54. If past history was all that is needed to play the game of money, the richest people would be librarians.

如果投资的时候历史是最重要的信息，那么最有钱的人应该是在图书馆工作。

55. What we learn from history is that people don’t learn from history.

我们能从历史中吸取的唯一教训是人们从来不从历史里吸取教训。（唉！！）

56. The investor of today does not profit from yesterday’s growth.

今天的投资人，不会从公司过去的成长中获利。

57. 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.

只要一个好公司陷入暂时的困境，那对我们就是最美好的发生。我们最喜欢买在手术台上的股票。

58. Widespread fear is your friend as an investor because it serves up bargain purchases.

普遍的恐惧氛围会给你带来超值的投资机会，所以它是你的朋友。

59. Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.

大多数人只在别人对股市产生兴趣的时候产生兴趣。而事实上应该是没人感兴趣的时候，你才最应该对股市产生兴趣。随大流就做不好投资。（熊市播种牛市摘桃）

60. 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，拿着现金的人内心很舒服。但他们不应该那么舒服。他们选择了长期来看表现最差的资产，没有任何回报，并且持续贬值。

61. Predicting rain doesn’t count, building the ark does.

有用的不是预测洪水，而是建造方舟。（风控，事前总是比事后有效）

62. The years ahead will occasionally deliver major market declines — even panics — that will affect virtually all stocks. No one can tell you when these traumas will occur.

未来的几年可能会出现股市崩盘甚至巨大的恐慌，所有的股票都会受到影响。但是没人有能告诉你这些事情什么时候会发生。

63. The best chance to deploy capital is when things are going down.

配置资本的最佳时机是熊市。

64. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.

当股评都很high的时候你去投资，那么你注定要为无意义的各种建议交学费。

65. It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.

建立名声需要20年，毁掉它只要五分钟。如果你时时铭记于此，你做事的方式会有所改变。

66. Investors should remember that excitement and expenses are their enemies.

投资者要记住，兴奋的热忱和持续的费用永远是他们的敌人。

67. 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.

每天阅读500页书。知识就是这么运作的。知识就像复利，需要逐渐积累。你们每个人都能做到，但我能保证没多少人会这么去做。（我每天50页都做不到）

68. Imagine that you had a car and that was the only car you’d have for your entire lifetime. Of course, you’d care for it well, changing the oil more frequently than necessary, driving carefully, etc. Now, consider that you only have one mind and one body.

想象一下，你这辈子只能拥有一辆车。你当然会认真保养、勤勉照料。然后你再想想一下，你这辈子只能有一个身体和头脑。

69. Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic.

把交易非常活跃的人称为投资者，就像称渣男为一往情深。

70. Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.

我认识的亿万富翁里，钱不过是展现他们本性的东西。如果没钱的时候是人渣，那么有钱了仍然是人渣。

71. Chains of habit are too light to be felt until they are too heavy to be broken.

习惯的枷锁，一开始总是太轻了以至于你觉察不到，然后就一下子重到你挣脱不了。（我怎么能翻译得那么好？）

72. Risk comes from not knowing what you're doing.

你对你在做的事情一无所知，这就是风险的源头。

73. Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

华尔街是全世界唯一的一个地方，在这里开了劳斯莱斯来的人会听从坐地铁的人的建议。（也未必啊，富豪也会听取剃头Tony师傅的造型建议）

74. The only way to get love is to be lovable. It's very irritating if you have a lot of money. You'd like to think you could write a check: 'I'll buy a million dollars' worth of love.' But it doesn't work that way. The more you give love away, the more you get.

得到爱的前提，是你至少值得被爱。你有钱了也许会飘，你以为你可以随便开支票，我要买一百万美元的爱之类。但事实上不是如此——事实上是，你付出更多的爱，你才能得到更多的爱。

75. Derivatives are financial weapons of mass destruction.

衍生品是金融业的大规模杀伤性武器。（当然也可以对冲风险）

76. There seems to be some perverse human characteristic that likes to make easy things difficult.

有一种特别扭曲的人性，就是把简单的事情变得非常难。

77. We enjoy the process far more than the proceeds.

比起结果，我们更享受过程。（是的人生（生活）是目的本身，不是工具）

78. When you combine ignorance and leverage, you get some pretty interesting results.

当你把无知与杠杆放在一起，你一定会得到一些爆炸的结果。（确实，杠杆还是不要瞎搞。加杠杆单吊一个股票，我认为你一定是在赌博）

79. Beware of geeks bearing formulas.

一个满身公式的极客来做投资，那你要小心了。

80. I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

我不去跨千尺高栏，我就喜欢去跨10cm的槛。（有那么多10cm吗问题是）

81. We always live in an uncertain world. What is certain is that the United States will go forward over time.

我们生活的世界总是有不确定性。确定的只有XX国会前进。

82. What the wise do in the beginning, fools do in the end.

智者在事情的一开始就去做的事，傻子往往在事情的末尾才去做。（追涨呗？）

83. Culture, more than rule books, determines how an organization behaves.

比起规则，公司文化更决定这个公司的运行表现。

84. Tell me who your heroes are and I’ll tell you who you’ll turn out to be.

你告诉我 你的爱豆是谁，我就会告诉你 你会变成谁。（这么神奇？我的爱豆是您呢巴老爷爷？）

85. It is not necessary to do extraordinary things to get extraordinary results.

取得牛逼的结果未必需要牛逼的方法。（这条貌似重复了）

86. In the world of business, the people who are most successful are those who are doing what they love.

在商业社会，最成功的人往往是将爱好作为事业的人。

87. The difference between successful people and really successful people is that really successful people say no to almost everything.

成功人士，与 极其成功的人士 的差别，就是，极其成功的人士几乎对所有事情都说不。（没懂）

88. If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%

如果你是人类里最幸运的1%，那你理应为其他的99%多考虑考虑，这是你欠他们的。（同理心无论如何都要有，但要注意不要只能爱抽象的人类，而无法爱具体的人，比如卢梭）

89. 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.

基本上到了我这个年纪，你来衡量成功，就是看，多少你想他们爱你的人，真的在爱你。（我想了想我自己，比率为1）

90. Honesty is a very expensive gift. Don’t expect it from cheap people.

诚实是高贵的品格，你在烂人身上看不到。

91. You only have to do a very few things right in your life so long as you don’t do too many things wrong.

人的一生，只要别犯太多错，那么你只要做对几次事情，就够了。

92. Someone’s sitting in the shade today because someone planted a tree a long time ago.

你能坐在绿树成荫之下乘凉，仅仅是因为很久很久以前有人种了这些树。

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利益披露：巴菲特说的，错了你找他，别找我。