序言 沃伦.巴菲特 FOREWORD BY WARREN E. BUFFETT
在我堆满浩瀚书籍的图书室中，有四本书是我格外珍藏的，每一本的写作时间都已经超过50年。 There are four books in my overflowing library that I particularly treasure, each of them written more than 50 years ago. All, though, would still be of enormous value to me if I were to read them today for the first time; their wisdom endures（持久,持续） though their pages fade.
这四本书中的其中两本是：《国富论》（1776年，亚当斯密）、《聪明的投资者》（1949年，本杰明.格雷厄姆）的第一版。第三本是当前这本《证券分析》（格雷厄姆、多德）的原本。 Two of those books are first editions of The Wealth of Nations (1776), by Adam Smith, and The Intelligent Investor (1949), by Benjamin Graham. A third is an original copy of the book you hold in your hands, Graham and Dodd’s Security Analysis. I studied from Security Analysis while I was at Columbia University in 1950 and 1951, when I had the extraordinary good luck to have Ben Graham and Dave Dodd as teachers. Together, the book and the men changed my life.
On the utilitarian（功利的） side, what I learned then became the bedrock（基本事实；基本原则） upon which all of my investment and business decisions have been built. Prior to meeting Ben and Dave, I had long been fascinated by the stock market. Before I bought my first stock at age 11—it took me until then to accumulate the $115 required for the purchase—I had read every book in the Omaha Public Library having to do with the stock market. I found many of them fascinating and all interesting. But none were really useful.
格雷厄姆和多德为投资设计好了一条可行的路径，至今我已经追随了57年。没有理由去寻找另一路径。 My intellectual odyssey（艰苦的跋涉） ended, however, when I met Ben and Dave, first through their writings and then in person. They laid out a roadmap for investing that I have now been following for 57 years. There’s been no reason to look for another.
格雷厄姆和多德除了给予我投资上的灵感，他们还让我感受到了友情、鼓励和信任。他们不在意任何的回报，对于年轻的学生而言，他们只是想开辟一条有帮助的道路。最后这一点，可能是我最崇拜这两位智者的地方：他们注定生来闪耀，却主动选择了慷慨无私并且平凡和善。 Beyond the ideas Ben and Dave gave me, they showered me with friendship, encouragement, and trust. They cared not a whit（丝毫不；一点不） for reciprocation（报答，交换）—toward a young student, they simply wanted to extend a one-way street of helpfulness. In the end, that’s probably what I admire most about the two men. It was ordained（(命运)注定） at birth that they would be brilliant; they elected to be generous and kind.
格雷厄姆不仅教会我们如何明智地进行投资，也教会我们如何聪慧地活着。 Misanthropes（厌世者） would have been puzzled by their behavior. Ben and Dave instructed literally（确实地） thousands of potential competitors, young fellows like me who would buy bargain stocks or engage in arbitrage（套利） transactions, directly competing with the Graham-Newman Corporation, which was Ben’s investment company. Moreover, Ben and Dave would use current investing examples in the classroom and in their writings, in effect doing our work for us. The way they behaved made as deep an impression on me—and many of my classmates—as did their ideas. We were being taught not only how to invest wisely; we were also being taught how to live wisely.
The copy of Security Analysis that I keep in my library and that I used at Columbia is the 1940 edition. I’ve read it, I’m sure, at least four times, and obviously it is special.
But let’s get to the fourth book I mentioned, which is even more precious. In 2000, Barbara Dodd Anderson, Dave’s only child, gave me her father’s copy of the 1934 edition of Security Analysis, inscribed with hundreds of marginal notes. These were inked in by Dave as he prepared for publication of the 1940 revised edition. No gift has meant more to me.
（感觉词句翻译得不是很到位）