学习一些巴菲特说法

The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price. Never invest in a business you cannot understand. Risk can be greatly reduced by concentrating on only a few holdings. Stop trying to predict the direction of the stock market, the economy, interest rates, or elections. You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right. Be fearful when others are greedy and greedy only when others are fearful. Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market. It is optimism that is the enemy of the rational buyer. As far as you are concerned, the stock market does not exist. Ignore it. It is more important to say "no" to an opportunity, than to say "yes". Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell. Lethargy, bordering on sloth should remain the cornerstone of an investment style. An investor should act as though he had a lifetime decision card with just twenty punches on it. Wild swings in share prices have more to do with the "lemming- like" behaviour of institutional investors than with the aggregate returns of the company they own. "Turnarounds" seldom turn. Do not take yearly results too seriously. Instead, focus on four or five-year averages. The advice "you never go broke taking a profit" is foolish. Always invest for the long term. Remember that the stock market is manic-depressive. Buy a business, don't rent stocks. Wide diversification is only required when investors do not understand what they are doing. An investor should ordinarily hold a small piece of an outstanding business with the same tenacity that an owner would exhibit if he owned all of that business.