"The business schools reward difficult complex behaviormore than simple behavior, but simple behavior is more effective."
个人理解：简单但不容易！
事实和道理决定对错
"You're neither right nor wrong because other people agreewith you. You're right because your facts are right and your reasoning isright―and that's the only thing that makes you right. And if your facts andreasoning are right, you don't have to worry about anybody else."
对错和别人是否和你观点一样是没有关系的。
Can you?
"Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value."
我发现这个确实很难。
未雨绸缪
"I violated the Noah rule: Predicting rain doesn't count;building arks does."
所以不能用margin。
能力圈
"There are all kinds of businesses that Charlie and I don't understand, but that doesn't cause us to stay up at night. It just means we go on to the next one,and that's what the individual investor should do. "
糟糕的理由
"For some reason, people take their cues from price action rather than from values.What doesn't work is when you start doing things that you don't understand orbecause they worked last week for somebody else. The dumbest reason in theworld to buy a stock is because it's going up."
历史
"If past history was all there was to the game, the richest people would be librarians."
时间的朋友和敌人
"Time is the friend of the wonderful company, the enemy of the mediocre."
投资的智商
"Success in investing doesn't correlate with I.Q. once you're above the level of 125.Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing. "
总有一天
"If a business does well, the stock eventually follows."
呆在能力圈内的代价和回报
"We're more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn't know how to pick them out anyway. It also means we have very few big losers - and that's quite helpful over time. We're perfectly willing to trade away a big payoff for a certain payoff. "
投资者和投机者的区别
"If you're an investor, you're looking on what the asset is going to do, if you're a speculator, you're commonly focusing on what the price of the object is going to do, and that's not our game. "
不光是找工作
"Working with people who cause your stomach to churn seems much like marrying for money- probably a bad idea under any circumstances, but absolute madness if you are already rich."
知其所以然
"You ought to be able to explain why you're taking the job you're taking, why you're making the investment you're making, or whatever it may be. And if it can'tstand applying pencil to paper, you'd better think it through some more. And if you can't write an intelligent answer to those questions, don't do it."
"The stock market is a no-called-strike game. You don't have to swing at everything--you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!' "
所以基金经理不好当哈。
"A girl in a convertible is worth five in the phonebook."
个人理解：看不懂的投资别碰，哪怕别人能讲很好的故事。实际上还是呆在能力圈内的意思。
耐心
"The Stock Market is designed to transfer money from the Active to the Patient."
好公司的价钱
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
运气
"Take me as an example. I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I'd been born into a tribe of hunters, this talent of mine would be pretty worthless. I can't run very fast. I'm not particularly strong. I'd probably end up as some wild animal's dinner. "
华尔街
"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."
好习惯
"Chains of habit are too light to be felt until they aretoo heavy to be broken."