Buffett: We don't care if a company is large cap, small cap, middle cap, micro cap. It doesn't make any difference. The only questions that matter to us:
. Do we understand the business?
. Do we like the people running it?
. And does it sell for a price that is attractive?
巴菲特：我们不管一家公司是大盘、小盘、中盘、还是超小盘，我们不管这些东 西。我们只考虑这么几点：
1. 这家公司的生意我们能不能看懂？
2. 这家公司的管理层我们喜不喜欢？
3. 这家公司的价格是否便宜？
随想：三个方面，好的商业模式，对的人，差不多的价格。
Buffett: I have no idea were the market is going to go. I prefer it going down. But my preferences have nothing to do with it. The market knows nothing about my feelings. That is one of the first things you have to learn about a stock. You buy 100 shares of General Motors (GM). Now all of a sudden you have this feeling about GM. It goes down, you may be mad at it. You may say, "Well, if it just goes up for what I paid for it, my life will be wonderful again." Or if it goes up, you may say how smart you were and how you and GM have this love affair. You have got all these feelings. The stock doesn't know you own it.
巴菲特：我不知道市场会怎么走。我更愿意看到市场下跌，这是我的一厢情愿， 市场该怎么走还怎么走。市场不懂我的感受。要投资股票，这是你必须首先学会 的一个道理。你买了 100 股通用汽车，一下子，你就对通用汽车有感情了。它跌了，你很生气，你会说：“要是涨到我的成本价，我就又能高兴起来了。”它涨了，你可能说：“我多聪明啊，我真是太爱通用汽车了。”这些情绪都来了。 股票哪知道你买没买它，它就待在那，不管你买没买，也不管你多少钱买的。不 管我对市场产生什么感情，它都不理我，没有比市场更铁石心肠的了。
随想：忽略市场，买入后干点别的事去。
There is Chapter 8 in Graham's 【Intelligent Investor】 about the attitude toward stock market fluctuations, that and Chapter 20 on the Margin of Safety are the two most important essays ever written on investing as far as I am concerned.
格雷厄姆在《聪明的投资者》的第 8 章中讲到了对待股市波 动的态度，还有讲安全边际的第 20 章，我认为在所有关于投资的著述中，没 有比这两章更重要的了。
随想：知识就是金钱。
Then the way to do it is to play out the game and do something you enjoy all your life and be associated with people you like. I only work with people I like. If I could make $100 million dollars with a guy who causes my stomach to churn, I would say no because in way that is very much like marrying for money which is probably not a very good idea in any circumstances, but if you are already rich, it is crazy. I am not going to marry for money. I would really do almost exactly what I have done except I wouldn't have bought the US Air.
既然我运气这么好，我就要把自己的天分发挥出来，一辈子都做自己喜欢的 事，交自己喜欢的人。只和自己喜欢的人共事。要是有个人让我倒胃口，但是和 他走到一起，我能赚 1 亿美元，我会断然拒绝，要不和为了钱结婚有什么两样？ 无论什么时候，都不能为了钱结婚，要是已经很有钱了，更不能这样了，你们说 是不是？我不为了钱结婚。我还是会一如既往地生活，只是不想再买美国航空了！
随想： “幸福长寿”的秘诀：不嫉妒不怨恨、不过度消费、跟信赖的人在一起。
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