$纳斯达克综合指数(.IXIC)$ $伯克希尔-哈撒韦B(BRK.B)$ $沪深300(SH000300)$
沃伦·巴菲特刚刚发表了他的股东信，这值得每位投资者好好阅读，以下为大家总结了14个经验：
1. Tribute to Charlie Munger
“Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision."
1. 向查理·芒格致敬
“查理是现在伯克希尔的‘建筑师’，而我则充当‘总承包商’，负责他的愿景的日常建设。”
2. The power of incentives
"Bertie understands the power – for good or bad – of incentives, the weaknesses of humans, the “tells” that can be recognized when observing human behavior. She knows who is “selling” and who can be trusted. In short, she is nobody’s fool."
2.激励的力量
“伯蒂了解激励的力量（无论是正面还是负面），了解人类的弱点，知道如何观察和分析人类行为中的“信号”或“迹象”，能够分辨出哪些人是出于真心实意，哪些人可能是在说谎或试图欺骗。简而言之，Bertie不是一个容易受骗或愚弄的人。”
3. Time in the market beats timing the market
"I can’t remember a period since March 11, 1942 – the date of my first stock purchase – that I have not had a majority of my net worth in equities, U.S.-based equities. And so far, so good."
3，长期投资通常比短期投机更有优势
“自 1942 年 3 月 11 日（我第一次购买股票的日期）以来，我不记得有哪段时间我的大部分净资产没有投资于股票、美国股票。到目前为止，一切都很好。”
4. Buy good companies
"We want to own either all or a portion of businesses that enjoy good economics that are fundamental and enduring. Within capitalism, some businesses will flourish for a very long time while others will prove to be sinkholes. "
4. 购买好公司
“我们希望拥有全部或部分企业，这些企业享有良好的经济基础和持久性。在资本主义内部，一些企业将蓬勃发展很长一段时间，而另一些企业将被证明陷入困境。
5. Focus on companies with plenty of reinvestment opportunities
"At Berkshire, we favor the rare enterprise that can deploy additional capital at high returns in the future. Owning only one of these companies can deliver wealth almost beyond measure
5.关注那些有大量再投资机会的公司。
（这样的公司通常能够将赚取的利润再投资于有利可图的业务，从而在未来实现更高的回报。译者注）。“伯克希尔·哈撒韦公司倾向于投资那些能够高效部署额外资本以实现未来高回报的罕见企业。即使只拥有一家这样的公司，也能带来几乎无法估量的财富。”
6. Buy companies run by great managers
"We also hope these favored businesses are run by able and trustworthy managers, though that is a more difficult judgment to make, however, and Berkshire has had its share of disappointments."
6. 买由优秀管理者经营的公司
“我们也希望这些受青睐的企业由有能力且值得信赖的管理者经营，尽管这是一个更难做出的判断，但伯克希尔也有过失望。”
7. Let your winners run
"By both luck and pluck, a few huge winners have emerged from a great many dozens of decisions. And we now have a small cadre of long-time managers who never muse about going elsewhere and who regard 65 as just another birthday."
7.让你的赢家继续奔跑
（当你投资的某个项目或公司表现出色，实现了盈利时，应该继续持有，让利润继续增长，而不是过早地卖出。译者注）依靠成功投资中运气和技巧，即使是经验丰富的投资者，也需要经历许多决策才能遇到少数几个带来巨大的回报的“大赢家”。我们的一些长期投资管理人（获得了巨大的成功），以至于即使年龄达到65岁（通常被认为是退休年龄），他们也不会考虑退休，因为对他们来说，65岁只是另一个生日。
8. Try to be a bit above average for long periods of time
"Berkshire should do a bit better than the average American corporation and, more importantly, should also operate with materially less risk of permanent loss of capital."
8. 尝试长期保持高于平均水平的水平
“伯克希尔应该比一般的美国公司做得更好，更重要的是，它的运营资本永久性损失的风险也应该大大降低。”
9. Buy when there's blood running through the streets
"Berkshire’s ability to immediately respond to market seizures with both huge sums and certainty of performance may offer us an occasional large-scale opportunity."
9.在街头血流成河时买入
伯克希尔·哈撒韦有能力在市场危机中迅速采取行动，投入巨额资金，并且因为其出色的投资能力和业绩确定性，可能会为投资者提供难得的大规模投资机会。
（在市场极度低迷、投资者情绪悲观的时候，通常是买入优质资产的好时机。因为在这种时候，许多投资者因为恐慌而抛售资产，导致资产价格大幅下跌，提供了买入的机会。译者注）
10. Rule number 1: Never lose money
"One investment rule at Berkshire has not and will not change: Never risk permanent loss of capital
10. 首要原则：永远不要亏钱
“伯克希尔的一项投资规则没有也不会改变：永远不要冒资本永久损失的风险。”
（投资者应该采取稳健、谨慎的投资策略，并时刻关注可能的风险和后果，以确保他们的投资不会造成永久性的资本损失。译者注）
11. Share repurchases only make sense when the company is undervalued
"All stock repurchases should be price-dependent. What is sensible at a discount to business-value becomes stupid if done at a premium."
11.只有当公司被低估时，股票回购才有意义
“所有股票回购都应该取决于价格。如果以高于商业价值的价格进行，明智的回购就会变得愚蠢。”
12. Never sell wonderful companies
"The lesson from Coke and AMEX? When you find a truly wonderful business, stick with it. Patience pays, and one wonderful business can offset the many mediocre decisions that are inevitable."
12.永远不要出售优秀的公司
“可口可乐和美国运通的教训是什么？当你找到一项真正出色的业务时，就坚持下去。耐心是有回报的，一项出色的业务可以抵消许多不可避免的平庸决策。”
13. Don't try to make market forecasts
"We don't believe we can forecast market prices of major currencies. We also don’t believe we can hire anyone with this ability."
13.不要试图做出市场预测
“我们不相信我们可以预测主要货币的市场价格。我们也不相信我们可以雇到任何有这种能力的人。”
14. The magic of compounding
"We have been in the business for 57 years and despite our nearly 5,000-fold increase in volume – from $17 million to $83 billion – we have much room to grow."
14.相信复利的魔力
“我们从事这个行业已有 57 年了，尽管我们的销量增长了近 5,000 倍——从 1700 万美元增至 830 亿美元——但我们仍有很大的增长空间。”
（复利是一种投资增长方式，它使得本金和利息在投资期间内不断积累，从而实现资本的指数级增长。这种增长方式具有巨大的魔力，因为它可以在长时间内产生惊人的回报。译者注）