巴菲特致股东的信原文精读Day175：

巴神原文：A “flash crash” or some other extreme market fluctuation can’t hurt an investor any more than an erratic and mouthy neighbor can hurt my farm investment. Indeed, tumbling markets can be helpful to the true investor if he has cash available when prices get far out of line with values. A climate of fear is your friend when investing; a euphoric world is your enemy.

During the extraordinary financial panic that occurred late in 2008, I never gave a thought to selling my farm or New York real estate, even though a severe recession was clearly brewing. And, if I had owned 100% of a solid business with good long-term prospects, it would have been foolish for me to even consider dumping it. So why would I have sold my stocks that were small participations in wonderful businesses? True, any one of them might eventually disappoint, but as a group they were certain to do well. Could anyone really believe the earth was going to swallow up the incredible productive assets and unlimited human ingenuity existing in America?

英文释义：1.“erratic”意为“不稳定的”；

2.“tumbling”意为“暴跌”；“out of line”意为“离谱”；

3.“euphoric”意为“兴高采烈的”；

4.“brewing”意为“酝酿”；

5.“ingenuity”意为“聪明才智”。

投资解读：“闪崩”或其他一些极端的市场波动不会伤害投资者，就像一位反复无常、口若悬河的邻居不会伤害我的农场投资一样。事实上，当价格与价值相去甚远时，如果真正的投资者有现金可用，那么暴跌的市场可能会对他有利。投资时，一片恐惧的气氛是你的朋友；盲目乐观的氛围则是你的敌人。

在2008年末发生的超级金融危机期间，尽管严重的经济衰退正在发酵，但我从未想过卖掉我的农场或纽约地产。而且，如果我100%拥有一家具有良好长期前景的企业，甚至我连考虑抛售它都是愚蠢的。那么，我为什么要出售我的股票呢？毕竟，这些股票都是我在优秀企业中的参股。诚然，其中任何一家企业最终都可能令人失望，但作为一个组合，它们肯定会表现良好。真的有人相信美国令人难以置信的生产资产，以及无限的人类智慧，会被世界吞噬吗？

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，巴菲特讲到了交易选择权的重要性：只要你不是被迫要卖出股票，那么股票暴跌就对你只有好处，没有坏处。