查理芒格，巴菲特的黄金搭档，是我最喜欢的投资家，他的实事求是、知行合一的投资哲学思想对我的人生观和价值观产生了重要的影响。
虽然网上有很多芒格语录，但有不少都不是芒格说的， 以下100条是我最喜欢并经过验证的，附带原文，通过ChatGPT翻译成中文，并人工进行二次检改，不足之处，还请多多指教。
1. Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari’s -I wanted the independence. I desperately wanted it. 像沃伦（巴菲特）一样，我非常渴望变得富有，不是因为我想要法拉利——我想要的是独立。我非常渴望得到它。
2. What are the secret of success? one word answer :”rational” 成功的秘诀是什么？一个词回答：“理性”。
3. Understanding both the power of compound interest and the difficulty of getting it is the heat and soul of understanding a lot of things. 同时理解复利的力量和获得它的困难，是理解许多事情的核心和灵魂。
4. The big money is not in the buying and selling, but in the waiting. 赚大钱不在于买卖，而在于等待。
5. It takes character to sit with all that cash and to do nothing. I didn’t get top where I am by going after mediocre opportunities. 手握那么多现金却不投资，是需要定力的。我并不是靠追求平庸的机会才走到今天的巅峰。
6. I always knew from when I was a little boy that the opportunities that were important that were going to come to me were few and that the trick was to prepare myself for seizing the few that came. 我从小就明白，对我真正重要的机会不多，关键是要准备好，抓住那些真正来临的机会。
7. A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success. 很多智商高的人投资却很失败，是因为他们性格有缺陷。这就是为什么我们说性格比智商重要。你得能控制住自己的情绪，不能由着性子来。你需要耐心和自律，面对失败和困难时不能慌了手脚。你还得有一种能力，即使大获成功也不会乐昏了头。
8. They’ll never die. The idea of getting more value than you pay for, that’s what investment is, if you want to be successful, you have to get more value than you pay for. And so it’s never going to be obsolete. 价值投资永不过时。以较低的价格，买入较高的价值，这是投资的本质。投资要做得好，买入的价格必须低，买到的价值必须高。这个最基本的道理永不过时。
9. You have to be very patient, you have to wait until something comes along, which, at the price you’re paying, is easy. That’s contrary to human nature, just to sit there all day long doing nothing, waiting. It’s easy for us, we have a lot of other things to do. But for an ordinary person, can you imagine just sitting for five years doing nothing? You don’t feel active, you don’t feel useful, so you do something stupid. 做投资，一定要非常耐心，一定要等到好机会出现。价格特别便宜，一眼就能看出来很值，才买入。整天待在那，什么也不做，这是反人性的。我们能做到耐心等待，因为我们有很多别的事可以做。普通人能行吗？哪个普通人能一等就是五年，一动不动地什么都不做？普通人会觉得很闷，很无聊，所以他们经常做傻事。
10. If you invest in marketable securities, you have the risk of them going down and you’ll lose money instead of making it. If you hold a depreciating currency, that’s losing purchasing power. On balance, we prefer the risks we have to those we’re avoiding and we don’t mind a tiny little bit of margin debt. 只要是投资有价证券，必然可能出现下跌的风险，不但赚不到钱，还会亏钱。持有货币，货币在贬值，购买力不断下降。权衡取舍，我们选择避免货币贬值的风险，承受有价证券下跌的风险。
11. We have three baskets for investing: yes, no, and too tough to understand. We have to have a special insight, or we’ll put it in the ‘too tough’ basket. All of you have to look for a special area of competency and focus on that. 我们对投资有三种分类：一种是可以投资的项目，一种是不能投资的项目，还有一种是太难理解的项目。如果我们没有特别的洞察力，我们就会将其归类为“太难”。你们所有人都必须寻找一个特别的能力领域，并专注于那个领域。
12. If you want to understand science, you have to understand math. … The good thing about business is that you don’t have to know any higher math. 如果你想理解科学，你就必须理解数学。… 商业的好处在于，你不必知道任何高等数学。
13. Mimicking the herd invites regression to the mean (merely average performance) 盲目跟随大众只会让你表现平平。
14. Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world. 我们的工作是找到几件明智的事情去做，而不是跟上世界上每一件该死的事情。
15. Bull markets go to people’s heads. If you’re a duck on a pond, and it’s rising due to a downpour, you start going up in the world. But you think it’s you, not the pond. 牛市会冲昏人的头脑。就像池塘里的鸭子，因为下大雨池塘涨水了，鸭子就浮上来了。但鸭子以为是自己变厉害了，不是池塘的水涨了。
16. Opportunity comes to the prepared mind. 机会总是给有准备的人。
17. I don’t invest in what I don’t understand. And I don’t want to understand Facebook. 我不做我不懂的投资。我也不想了解Facebook。
18. Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It’s called the graph. 人类发明了一种系统来应对我们在处理数字方面的天生不足。它叫做图表。
19. In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about safety. They let it balloon and balloon and balloon. It’s aided by false accounting. 在工程领域，人们有很大的安全边际。但在金融世界，人们根本不关心安全，他们让风险不断膨胀、膨胀、再膨胀。这种情况还被虚假会计所助长.
20. You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing. 你要找的是一个定价错误的赌注，投资就是这么回事。而且你必须足够了解，才能知道这个赌注定价是否错误，这就是价值投资。
21. It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. 我们这样的人，通过始终努力不去犯傻，而不是试图表现得非常聪明，竟然获得了如此多的长期优势，这真是不可思议。
22. We don’t train executives. We find them. If a mountain stands up like Everest, you don’t have to be a genius to figure out that it’s a high mountain. 我们不培养高管。我们发现他们。如果一座山像珠穆朗玛峰一样耸立，你不必是个天才就能知道它是一座高山。
23. In my life there are not that many questions I can’t properly deal with using my $40 adding machine and dog-eared compound interest table. 我这辈子遇到的问题，用我的40美元的加法计算器和翻旧的复利利率表，大多数都能妥善处理。
24. I figure that I want to swim as well as I can against the tides. I’m not trying to predict the tides. 潮水有起有落，我不妄想预测潮水的起落，我只想着自己怎么能游得好一些
25. Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and the best office building. Would you feel like a poor, undiversified investor? No! But as soon as you get into stocks, people feel this way. 假设你是一个房地产投资者，拥有城里最好的公寓大楼、最好的购物中心和最好的办公楼三分之一的股份。你会觉得自己是一个贫穷、没有多样化投资的投资者吗？不会！但在股票投资上，人们就会有这种感觉。
26. We have the same problem as everyone else: It’s very hard to predict the future. 我们和其他人一样面临着同样的问题：预测未来是非常困难的。
27. There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash, and I don’t want to go back. 被现金淹没，坐着不动，这也不算太糟糕。我记得以前没有那么多现金的时候，那种日子我可不想再回去。
28. If you took our top 15 decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor. 把我们前15个最好的决策剔除，我们的成绩也就一般般。关键在于耐心，而不是东奔西跑。你坚持自己的原则，等机会一来，就果断而有力地抓住。
29. A great business at a fair price is superior to a fair business at a great price. 以合理的价格投资一个伟大的企业要好过以便宜的价格投资一个普通的企业。
30. I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process. 我认为生活就是一连串的机会成本。你知道的，你得找到最合适的、愿意接受你的人结婚。投资也是类似的过程。
31. There is so much money now in the hands of so many smart people all trying to outsmart one another. It’s a radically different world from the world we started in. 现在有这么多的钱掌握在如此多聪明的人手中，他们都在试图智胜对方。这个世界与我们起步时所处的世界截然不同。
32. I think value investors are going to have a harder time now that there’s so many of them competing for a diminished bunch of opportunities. So my advice to value investors is to get used to making less. 我认为价值投资者现在会面临更大的挑战，因为有很多人在竞争越来越少的机会。所以我给价值投资者的建议是，要习惯挣得少一些。
33. In my whole adult life, I’ve never hoarded cash, waiting for better conditions. I’ve just invested in the best thing I could find. I don’t think I’m going to change now. 持币观望，盼着有好机会的时候再投资，这样的事，在我整个的投资生涯中，我从来没做过。我从来都是在自己能找到的机会中，选择最好的去投资。
34. The best thing a human can do is to help another human being know more. 一个人所能做的最好的事情莫过于帮助他人懂的更多。
35. One of the inane things [that gets] taught in modern university education is that a vast diversification is absolutely mandatory in investing in common stocks. That is an insane idea. It’s not that easy to have a vast plethora of good opportunities that are easily identified. And if you’ve only got three, I’d rather it be my best ideas instead of my worst. And now, some people can’t tell their best ideas from their worst, and in the act of deciding an investment already is good, they get to think it’s better than it is. I think we make fewer mistakes like that than other people. And that is a blessing to us. 现代大学教育里教的一个蠢观点是，投资普通股票时非得搞一大堆分散投资不可。这想法真是疯了。哪有那么容易就找到一大堆容易认出的好生意。如果只有三个好生意，我宁愿这些是我最好的生意，而不是最差的。现在，有些人连自己最好的生意和最糟的生意都分不清楚，一旦他们觉得某个投资已经不错了，他们就会越想越觉得它好。我认为我们犯这种错误比别人少，这对我们来说是个好处。
36. I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they’re way above average. I think it’s much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I’m way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” 我觉得找到四五项投资，并且有相当大的把握它们会远高于一般水平，这要简单得多。我认为找到五个好的投资比找到一百个要容易。我认为那些主张要分散投资的人——顺便说一句，我称之为“过度分散”——这个说法是我之前从别人那里听来的，我更倾向于拥有两三种我认为自己了解并且有优势的股票
37. I have a friend who’s a fisherman. He says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish. 我有个朋友是渔夫。他说：“我在钓鱼成功上有个简单的法则。钓鱼得去有鱼的地方。” 你想要去有便宜货的地方钓鱼。就这么简单。如果你所在的地方钓鱼效果真的很差，你可能应该去另一个地方钓鱼。
38. The world is full of foolish gamblers and they will not do as well as the patient investors. – 世界上充满了愚蠢的赌徒，他们的表现不会像耐心的投资者那样好。
39. There is no better teacher than history in determining the future… There are answers worth billions of dollars in 30$ history book. 在确定未来方向上，历史是最好的老师……在一本30美元的历史书中，有价值数十亿美元的答案。
40. The electric vehicle is coming big time, and that’s a very interesting development. At the moment, it’s imposing huge capital costs and huge risks, and I don’t like huge capital costs and huge risks. 电动汽车正在大规模发展，这是一个非常有趣的进展。目前，它带来了巨大的资本成本和巨大的风险，我不喜欢巨大的资本成本和巨大的风险。
41. I am personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well. 我对人工智能中的一些炒作持个人怀疑态度。我认为传统的智能工作得相当不错。
42. We now have computer algorithms trading with other computers. And people buying stocks who know nothing, being advised by people who know even less. It’s an incredibly crazy situation … All this activity makes it easier for us. 我们现在有计算机算法与其他计算机进行交易。而且，一些对股票一无所知的人，正在接受那些甚至更无知的人的建议。这是一个非常疯狂的情况……所有这些活动让我们更容易操作。
43. What makes capitalism work is the fact that if you’re an able-bodied young person, if you refuse to work, you suffer a fair amount of agony, and because of that agony, the whole economic system works … You take away that hardship and say, ‘You can stay home and get more than if you come in to work,’ that’s quite disruptive to an economic system like ours. The next time we do this, I don’t think we ought to be so liberal. 资本主义之所以有效，是因为如果你是一个健全的年轻人，如果你拒绝工作，你会遭受相当多的痛苦，正因为这种痛苦，整个经济体系才能运作……你拿走了这种困难，说，“你可以呆在家里，得到的比你来工作还多”，这对我们这样的经济体系是非常破坏性的。下一次我们这样做时，我认为我们不应该再如此慷慨。
44. We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works. 当某事运行良好时，我们有足够的常识继续做下去。我想说我们正在展示一种可能被称为生命基本算法的东西——重复有效的事情。
45. Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage. 耐心是可以学会的。拥有长时间的注意力集中和长时间专注于一件事的能力是一个巨大的优势。
46. Don’t bail away in a sinking boat if you can swim to one that is seaworthy. 如果你能游向一艘稳固的船，就不要在一个正在下沉的船上继续努力。
47. A great company keeps working after you are not; a mediocre company won’t do that. 一个伟大的公司在你离开后仍然会继续运作；一个平庸的公司则不会如此。
48. Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time. 沃伦和我不关注市场的泡沫。我们寻找好的长期投资，并固执地长期持有它们。
49. There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice. 在投资中，不存在百分之百确定的事情。因此，利用杠杆是危险的。一连串美好的数字乘以零永远等于零。不要指望富两次。
50. You have to keep learning if you want to become a great investor. When the world changes, you must change. 如果你想成为一个伟大的投资者，你必须不断学习。当世界发生变化时，你也必须改变。
51. We recognized early on that very smart people do very dumb things, and we wanted to know why and who, so that we could avoid them. 我们很早就意识到非常聪明的人会做非常愚蠢的事情，我们想知道为什么，以及是谁做的，这样我们就可以避免犯同样的错误。
52. Beta and modern portfolio theory and the like – none of it makes any sense to me. We’re trying to buy businesses with sustainable competitive advantages at a low, or even a fair, price. 贝塔系数和现代投资组合理论之类的东西——对我来说都没有意义。我们试图以低价格，甚至是合理的价格购买具有可持续竞争优势的企业。
53. There are two kinds of businesses: The first earns twelve percent, and you can take the profits out at the end of the year. The second earns twelve percent, but all the excess cash must be reinvested – there’s never any cash. It reminds me of the guy who sells construction equipment – he looks at his used machines, taken in as customers bought new ones, and says “There’s all of my profit, rusting in the yard.” We hate that kind of business. 有两种生意模式：第一种的收益率是12%，并且你可以在年末取出利润。第二种也是12%的收益率，但是所有的盈余现金都必须重新投资——你永远不会得到现金。这让我想起了一个卖建筑设备的人——他看着他的旧机器，这些机器是客户为了购买新设备而退回来的，然后说：“我所有的利润都在那里，在院子里生锈。”我们不喜欢第二种类型的生意。
54. Invest in a business any fool can run, because someday a fool will. If it won’t stand a little mismanagement, it’s not much of a business. We’re not looking for mismanagement, even if we can withstand it. 投资于任何傻瓜都能经营的生意，因为总有一天一个傻瓜会来经营。如果它经不起一点管理不善，那它就不是什么好生意。我们不是在寻找会管理不善的公司，即便我们能够承受管理不善。
55. Opportunity cost is a huge filter in life. If you’ve got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that’s the way we filter out buying opportunities. 机会成本是人生中一个巨大的筛选器。如果你有两个非常渴望得到你的追求者，而其中一个明显比另一个好得多，你就不必在另一个人身上花费太多时间。这就是我们筛选投资机会的方式。
56. When any guy offers you a chance to earn lots of money without risk, don’t listen to the rest of his sentence. Follow this, and you’ll save yourself a lot of misery. 当有人向你提供在没有风险的情况下赚取大量钱的机会时，不要听他后面的话。遵循这个原则，你将避免很多痛苦。
57. I think those authors give me more credit than I deserve. It is true that Warren had a touch of brain block from working under Ben Graham and making a ton of money – it’s hard to switch from something that’s worked so well. But if Charlie Munger had never lived, the Buffett record will still be pretty much what it is. 我认为那些作者对我的评价高估了。沃伦确实因为在本·格雷厄姆的指导下工作并赚了大笔钱而有些思维定势——从一个如此成功的方法转变是困难的。但即使没有查理·芒格，巴菲特的业绩也基本会保持现状。
58. Our investment style has been given a name - focus investing - which implies ten holdings, not one hundred or four hundred. The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obvious idea. But 98% of the investment world does not think this way. It's been good for us. 我们的投资风格被赋予了一个名字“集中投资”，这意味着我们只持有十个股票，而不是一百个或四百个。在我看来，找到好的投资很难，所以应该集中在少数几个上，这似乎是一个显而易见的道理。但98%的投资界并不这样认为。这种策略对我们来说很有效。
59. smart person doesn’t need leverage, dumm person should not use it. 聪明人不需要杠杆，愚蠢的人不应该使用它。
60. A man who jumps out of a building is OK until he hits the ground. 一个跳楼的人在撞到地面之前都没问题。
61. You’ll do better if you have passion for something in which you have aptitude. If Warren Buffett had gone into ballet, no one would have heard of him. 如果你对自己有天赋的事情充满热情，你会做得更好。如果沃伦·巴菲特进入芭蕾舞领域，那么可能没有人会听说过他。
62. It’s so simple. You spend less than you earn. Invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, etcetera etcetera. And do a lot of deferred gratification because you prefer life that way. And if you do all those things you are almost certain to succeed. And if you don’t, you’re gonna need a lot of luck.” 这很简单。你花的钱少于你赚的。精明地投资，远离有毒的人和有毒的活动，并且尝试终身学习，等等。并且做很多推迟满足的事情，因为你更喜欢那样的生活。如果你做了所有这些事情，你几乎肯定会成功。如果你不这样做，你将需要很多运气。
63. Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much-loved hand — you must learn to handle mistakes and new facts that change the odds. 生活在某种程度上像一场扑克游戏，有时你必须学会在握有一手心爱的牌时放弃——你必须学会处理错误和改变赔率的新事实。
64. I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it. 一旦我从过去中吸取了教训，我就不会在后悔过去上花太多时间。我不会纠结于它。
65. The world is not driven by greed. It’s driven by envy. I have conquered envy in my own life. I don’t envy anybody. I don’t give a damn what someone else has. But other people are driven crazy by it. 世界并不是由贪婪驱动的。它是被嫉妒所驱动的。我已经在自己的生活中战胜了嫉妒。我不会嫉妒任何人。我不在乎别人拥有什么。但其他人会被嫉妒逼疯。
66. Someone will always be getting richer faster than you. This is not a tragedy. 总有人会比你更快变得更富有。这并不是一场悲剧。
67. Just because you like it does not mean that the world will necessarily give it to you. 仅仅因为你喜欢它，并不意味着世界一定会把它给你。
68. if people weren’t so often wrong, we wouldn’t be so rich. 如果人们不经常犯错，我们就不会如此富有。
69. Investment banker aided fraud, not exactly novel. 投资银行家协助欺诈，这并不是什么新鲜事
70. You see other people trading turds and you decide you can’t be left out. 你看到其他人在交易粪便，然后你决定自己也不能被落下
71. If you mix grapes with turds they are still turds. 如果你把葡萄和粪便混在一起，它们依然是粪便
72. In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads–and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out. 我这辈子遇到的聪明人(来自各行各业的聪明人)没有不每天阅读的——没有，一个都没有。巴菲特读书之多，我读书之多，可能会让你感到吃惊。我的孩子们都笑话我。他们觉得我是一本长了两条腿的书。
73. To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people. 要想得到你想要的东西，你必须配得上它。这个世界还没有疯狂到可以奖励一大堆人的地步。
74. Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat. 记住，声誉和诚信是你最宝贵的资产，这些可能在瞬间丧失。
75. People calculate too much and think too little. 人们算计太多，思考太少.
76. Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley? 嫉妒是一种非常愚蠢的罪过，因为它是唯一你绝对从中得不到任何乐趣的罪过。只有痛苦，没有乐趣。你为什么要踏上那条不归路呢？
77. The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor. 大自然的铁律是：有得必有失 如果你想让蚂蚁来，你就在地上放糖。
78. I never allow myself to hold an opinion on anything that I don’t know the other side’s argument better than they do. 我从不允许自己对任何事情发表意见，除非我比对方更了解对方的观点。
79. The best armour of old age is a well spent life preceding it. 老年最好的盔甲就是在老年之前度过的充实生活。
80. Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating. 每当你认为某事或某人正在毁掉你的生活时，其实是你自己。受害者心态会让你极度虚弱。
81. Knowing what you don’t know is more useful than being brilliant. 知道自己不知道比聪明更有用。
82. Recognize reality even when you don’t like it. Especially when you don’t like it. 即使你不喜欢，也要认清现实。特别是当你不喜欢的时候。
83. There’s no way that you can live an adequate life without making many mistakes. 你不可能在不犯错误的情况下过上充实的生活。
84. Forgetting your mistakes is a terrible error if you are trying to improve your cognition. 如果你试图提高认知能力，忘记你的错误是一个可怕的错误。
85. Is there such thing as a cheerful pessimist? That’s what I am. 有没有所谓的乐观的悲观主义者？我就是其中一个。
86. I don’t have too much interest in teaching other people how to get rich. 我对教人怎么发财没多大兴趣。
87. If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking whether you’ve passed the boundary is a question that almost answers itself. 如果你真有本事，你就知道边界在哪里。如果你不知道边界在哪儿，那还叫什么本事。问自己是否越过边界，这问题几乎可以自己回答自己。
88. Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won. 假设生活会非常艰难，然后问自己是否能应对。如果答案是肯定的，那么你就已经赢了。
89. You have to learn to be a follower before you become a leader. 在成为领导者之前，你必须学会成为追随者。
90. I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge. 我尽量远离那些对自己不懂的事情还总是信口开河的人。
91. Trying to prioritize among things we’re unlikely to do is pretty fruitless. 试图给那些我们不太可能去做的事情排优先级，基本上是白费力气。
92. It’s a good habit to trumpet your failures and be quiet about your successes. 宣扬你的失败，对于你的成功则保持沉默，这是一个好习惯。
93. If you think your IQ is 160 but it’s 150, you’re a disaster. It’s much better to have a 130 IQ and think it’s 120. 如果你认为自己的智商是160，但实际上只有150，那么你会很糟糕。相比之下，拥有130的智商，但认为自己只有120，会好得多。
94. If you turn on the television, you’ll find the mothers of the most obvious criminals that man could ever diagnose, and they all think their sons are innocent. That’s simple psychological denial. The reality is too painful to bear, so you just distort it until it’s bearable. We all do that to some extent, and it’s a common psychological misjudgment that causes terrible problems. 如果你打开电视，你会发现即使是最明显罪犯的母亲也会认为他们的儿子是无辜的。这是简单的心理否认。现实太痛苦了，难以承受，所以你就扭曲它，直到它变得可以承受。我们在某种程度上都会这么做，这是一种常见的心理误判，会引起严重的问题。
95. The game of life is the game of everlasting learning. At least it is if you want to win. 人生就是永恒学习的游戏。至少，如果你想赢的话。
96. We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. 我们都坚持每天几乎有大量的时间可以静下心来思考。这在美国商界非常不常见。我们阅读并思考。
97. You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better. 你不嫉妒，你不怨恨，你不超支，尽管有麻烦你也保持愉快，你和可靠的人打交道，你做你该做的事。所有这些简单的规则都能很好地让你的生活变得更好。
98. If you’re going to invest in stocks for the long term or real estate, of course there are going to be periods when there’s a lot of agony and other periods when there’s a boom. And I think you just have to learn to live through them. As Kipling said, treat those two imposters just the same. You have to deal with daylight and night. Does that bother you very much? No. Sometimes it’s night and sometimes it’s daylight. Sometimes it’s a boom. Sometimes it’s a bust. I believe in doing as well as you can and keep going as long as they let you. 如果你打算长期投资股票或房地产，自然会有痛苦的时期，也会有繁荣的时期。我认为你必须学会经历这些起起落落。就像吉卜林说的，要把这两个冒牌货一视同仁。你得面对白天和黑夜。这会让你很烦恼吗？不会。有时候是夜晚，有时候是白天。有时候是繁荣期，有时候是萧条期。我相信要尽你所能，只要他们让你继续，你就要坚持下去。
99. I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’ 我花了一生的时间试图避免自己的心理偏见。A）我会让自己反思自己的错误。B）我尽量保持简单和基本。而且，我喜欢工程概念中的安全边际。我是一种非常务实的思考者。我只是尽量避免愚蠢。我有一种处理很多问题的方式——我把它们放在我称之为“太难堆”的地方，然后就把它们丢在那里。我并不打算在我的“太难堆”里取得成功。
100. I have three basic rules. Meeting all three is nearly impossible, but you should try anyway: 1. Don’t sell anything you wouldn’t buy yourself. 2. Don’t work for anyone you don’t respect and admire. 3. Work only with people you enjoy. I have been incredibly fortunate in my life: with Warren I had all three. 我有三条基本规则。满足所有三条几乎是不可能的，但你应该尽量去做：1. 不要出售任何你自己不会购买的东西。2. 不要为你不尊重和钦佩的人工作。3. 只和你喜欢的人一起工作。我在我的生活中非常幸运：和沃伦在一起，我拥有了这三条。