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8月30日是巴菲特92岁的大寿,总结一下他的92条鸡汤,有些有实战作用,有些是心理慰藉,有些是陈词滥调,请甄别。


翻译:达美(酒后翻译难免纰漏)


本文为最前面的36条,后面的等我有兴致了随时翻译。



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1. It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

用凑活的价格买出色的公司要 远好于 用出色的价格买凑活的公司。(赛道?)


2. A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.

我买股票的规则很简单,在别人恐惧的时候贪婪,在别人贪婪的时候恐惧。(中概?)


3. Price is what you pay. Value is what you get.

你付出价格,你得到价值。


4. You've got to understand accounting. You've got to. That's got to be like a language to you.

(投资中)你需要掌握 会计知识,到什么程度呢?就像掌握一门语言一样。


5. You cannot make a good deal with a bad person.

跟坏人永远达不成好交易。(法拉第未来?)


6. Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.

无论你说的是宁子还是袜子,你都会喜欢在打折的时候买好东西。(中概?)


7.  7是我的幸运数字。(原文没有第七条)


8. Don’t pass up something that’s attractive today because you think you will find something better tomorrow.

不要以为你明天会娶到松岛枫而放弃今天的苍井空。


9. The sillier the market’s behavior, the greater the opportunity for the businesslike investor.

市场越蠢,以底层生意为本的投资者的机会就越大。(中概?)


10. You only learn who has been swimming naked when the tide goes out.

潮水退去你才知道谁在裸泳。(新能源?)


11. Your best investment is yourself. There is nothing that compares to it.

你最好的投资就是投资自己。这无与伦比。



12. I have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possesses them, rather than the other way around.

我有很多财产。我也有很多朋友,他们有很多财产。但一些时候我感觉是财产拥有他们,而不是他们拥有财产。



13. Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.

头号规矩是不要亏钱,第二号规矩是不要忘掉头号规矩。(我不知道要怎么100%做到不亏钱)


14. What we do is not beyond anyone else’s competence. I feel the same way about managing that I do about investing: It’s just not necessary to do extraordinary things to get extraordinary results.

我们不超过任何人的能力行事。我投资管理也是一样,你取得牛逼的成果,未必一定要通过做牛逼的事情。(指数投资?)


15. The best way to think about investments is to be in a room with no one else and to just think. If that doesn’t work, nothing else is going to work.

检讨一笔投资的最好做法,是想象你自己独自在一个房间里,没有任何其他人,什么都不干,只有思考。如果这个办法无效,那其他办法也一样无效。


16. In my view, for most people, the best thing is to do is owning the S&P 500 index fund. There are huge amounts of money people pay for advice they really don’t need.

对于大多数人而言投资标普指数是最好的投资方法,一点看法,不一定对。大家都喜欢付大钱去买根本就用不着的投资建议。


17. Uncertainty actually is the friend of the buyer of long-term values. 

对于长期投资者而言,不确定性是你买入股票的好朋友。(中概?教育股?)


18. Remember that the stock market is a manic depressive.

记住,股票市场是躁郁症患者。(对,波好大)


19. Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

如果你发现自己在一个长期的漏船上面,那么换一艘船花的力气要远远少于给这艘船打补丁的力气。(海狗?)


20. The most important thing to do if you find yourself in a hole is to stop digging.

如果你发现自己在坑里,那么最重要的事情,是不要再继续挖坑了。(海狗?)



21. Beware the investment activity that produces applause; the great moves are usually greeted by yawns.

如果你的操作被人赞誉为”最伟大的操作",个么你要当心了。真正伟大的操作一般大家一开始都对其嗤之以鼻。


22. For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.

对于投资者来说用过高的价格买一家好公司,可能会透支其接下来十年的优秀业绩。(宁子?)


23. Never invest in a business you cannot understand.

不懂不投。



24. If returns are going to be 7 or 8 percent and you’re paying 1 percent for fees, that makes an enormous difference in how much money you’re going to have in retirement.

如果你的收益是7%-8%但你要交掉1%的费用,那等你退休用钱了这差别可就大了去了。



25. All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

投资很简单,在对你有利的时机买好公司的股票,然后只要他们仍然是好公司,就对他们不离不弃。(中概?)


26. Do not take yearly results too seriously. Instead, focus on four or five-year averages.

不要对任何一年的业绩那么当真。但是可以多看看四年或者五年的平均收益。


27. If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.

你不想持有一家公司10年,就不要持有10分钟。



28. Successful investing takes time, discipline, and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.

成功的投资需要时间的孵化,需要纪律和耐心。就算你再聪明再勤奋,有些东西总是需要时间。你就算很勤劳地让九个妹子大肚子,你也无法在一个月内生下小孩。


29. I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

我从来也不想再股市里赚钱,因为我总是假想,明天股市就休市,然后五年后再重新打开,会怎么样。


30. Our favorite holding period is forever.

我们最爱的持有时长是永远。(永远有多远?)


31. An investor should act as though he had a lifetime decision card with just twenty punches on it.

一个投资者,应该做的是假装有一张打卡纸,上面有20个洞,可以打。(你只能做20次重要的投资决策。)


 32. In the business world, the rearview mirror is always clearer than the windshield.

在商业世界里,后视镜总比车前窗看起来要清晰。



33. If a business does well, the stock eventually follows.

生意好,股价终归最后自然会好。(中概?)


34. Time is the friend of the wonderful company, the enemy of the mediocre.

时间是优秀公司的朋友,但是平庸公司的敌人。(上证指数....)


35. The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

一个行业对社会有什么积极贡献,或者其成长性有多少,其实在投资里都不太重要;关键是决定行业里每家公司的竞争优势,以及竞争优势的可持续性。


36. The three most important words in investing are margin of safety.

投资里很重要的四个字 是 安全边际。(中概?)


@今日话题 

全部讨论

他如果不在美国,他还有如此成就么

2022-09-01 22:20

巴菲特首先是得道之人,所以乐观,幽默,长寿,然后巨额财富也随之而来。而不是顺序相反。

2022-09-01 22:12

你为什么要死磕中概?

2022-09-01 21:59

别删帖,我收藏了

2022-09-01 21:51

读巴菲特要有代入感,不然这些鸡汤就是残羹冷炙。

2022-09-01 22:40

达则成人之美

2022-09-02 08:48

不要以为你明天会娶到松岛枫而放弃今天的苍井空。
你确定老巴说过这个?

2022-09-01 21:51

不要以为你明天会娶到松岛枫而放弃今天的苍井空。
我喜欢三上咋办

2022-09-03 10:32

达美翻译的太棒了!再喝点儿,翻译完吧

2022-09-02 13:41

有用,Mark一下保存起来