92周岁的巴菲特，92条周慎的建议。

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翻译/达美      注：夸胡里面是我自己的话

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37. It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.

最好是能与比自己强的人为伍。行为比你优秀的同事，多向他们学习，你会变得更优秀。（但是别嫉妒，嫉妒是最有毒的心态）

38. The stock market is designed to transfer money from the active to the patient.

股市的机制之一，就是把钱从活跃的人的口袋里转移到耐心的人的口袋里。（长期持有是王道？）

39. Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

那些“股神”的预言主要还是给你关于这个正在预言的“股神”的信息，而丝毫不能给你关于未来的信息。（你就简单记忆在股市上没人能持续准确地预测未来）

40. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

你只需要在能力圈范围内去评估公司。但能力圈的大小其实不太重要；认清能力圈的边界比较重要。

41. Diversification is protection against ignorance. It makes little sense if you know what you are doing.

分散多样是对无知的保护。如果你有很大的把握，那么分散就不太合理。（不同意！）

42. Wide diversification is only required when investors do not understand what they are doing.

(跟上面那条类似）广泛分散仅仅在你不知道自己在干嘛的时候有必要。

43. The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

对于一个投资者而言，脾性比智力更重要。你需要一种脾性，能让你无论是与人群相随还是与人群相对，都不会太乐在其中。（所以有人说反人性的价投，其实在你的基因里，你要么有，要么不会有）

44. You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.

（投资时你的智商水平）你不需要能造火箭。在投资里，130的智力可以打败160的智力。

45. here is nothing wrong with a ‘know nothing’ investor who realizes it. The problem is when you are a ‘know nothing’ investor but you think you know something.

如果你无知，只要你知道自己无知，那就不可怕；可怕的是，你无知，但是你不知道这件事。（不知道是谁说的：智者总在怀疑自己，只有傻子才无比自信）

46. The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch.

股市里你不会被三振出局，所以你不需要一直挥棒，你只需要等待一个好的挥棒时机。


47. Success in investing doesn’t correlate with IQ ... what you need is the temperament to control the urges that get other people into trouble in investing.

投资成功与智商没有相关性，你需要做的就是把那些让其他人深陷泥潭的脾性，给控制好。

48. For 240 years it’s been a terrible mistake to bet against America, and now is no time to start.

240年以来，做空美国都是一个巨大的错误，此时此刻也一样。（我认为做空中国的人也会尝到巨大的哭过:)）

49. After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them.

在25年里我和芒格买入并管理了各种牛X的公司，但经过那么磅礴的经验之后我们好像还是没有学会如何解决棘手的商业问题。我们学会的是如何避免这些问题。

50. Speculation is most dangerous when it looks easiest.

投机行为，在看起来最容易的时候最有毒。(亏得最惨）

51. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game.

投硬币的比赛，第一句，基本上一半的参赛者会胜出。但是继续一直赌下去，他们并没有最终获利的希望。

52. Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick “no”.

不要做高难度操作。如果别人告诉你有快钱能赚，你应该对他摇摇手并快快前进。

53. You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.

有机会，你再考虑行动。我的一生里会有一段时间里点子如雨后春笋，而另一段时间里却毫无灵感。如果我下周有个好点子，我就会出手；如果没有，那我就什么都不做。（跟棒球挥棒那条同理）

54. If past history was all that is needed to play the game of money, the richest people would be librarians.

如果投资的时候历史是最重要的信息，那么最有钱的人应该是在图书馆工作。

55. What we learn from history is that people don’t learn from history.

我们能从历史中吸取的唯一教训是人们从来不从历史里吸取教训。（唉！！）

56. The investor of today does not profit from yesterday’s growth.

今天的投资人，不会从公司过去的成长中获利。

57. The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they’re on the operating table.

只要一个好公司陷入暂时的困境，那对我们就是最美好的发生。我们最喜欢买在手术台上的股票。

58. Widespread fear is your friend as an investor because it serves up bargain purchases.

普遍的恐惧氛围会给你带来超值的投资机会，所以它是你的朋友。


59. Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.

大多数人只在别人对股市产生兴趣的时候产生兴趣。而事实上应该是没人感兴趣的时候，你才最应该对股市产生兴趣。随大流就做不好投资。（熊市播种牛市摘桃）

60. Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

今天，拿着现金的人内心很舒服。但他们不应该那么舒服。他们选择了长期来看表现最差的资产，没有任何回报，并且持续贬值。

61. Predicting rain doesn’t count, building the ark does.

有用的不是预测洪水，而是建造方舟。（风控，事前总是比事后有效）

62. The years ahead will occasionally deliver major market declines — even panics — that will affect virtually all stocks. No one can tell you when these traumas will occur.

未来的几年可能会出现股市崩盘甚至巨大的恐慌，所有的股票都会受到影响。但是没人有能告诉你这些事情什么时候会发生。

63. The best chance to deploy capital is when things are going down.

配置资本的最佳时机是熊市。

64. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.

当股评都很high的时候你去投资，那么你注定要为无意义的各种建议交学费。

65. It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.

建立名声需要20年，回掉它只要五分钟。如果你时时铭记于此，你做事的方式会有所改变。

66. Investors should remember that excitement and expenses are their enemies.

投资者要记住，兴奋的热忱和持续的费用永远是他们的敌人。

67. Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.

每天阅读500页书。知识就是这么运作的。知识就像复利，需要逐渐积累。你们每个人都能做到，但我能保证没多少人会这么去做。（我每天50页都做不到）

68. Imagine that you had a car and that was the only car you’d have for your entire lifetime. Of course, you’d care for it well, changing the oil more frequently than necessary, driving carefully, etc. Now, consider that you only have one mind and one body.

想象一下，你这辈子只能拥有一辆车。你当然会认真保养、勤勉照料。然后你再想想一下，你这辈子只能有一个身体和头脑。

69. Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic.

把交易非常活跃的人称为投资者，就像称渣男为一往情深。

70. Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.

我认识的亿万富翁里，钱不过是展现他们本性的东西。如果没钱的时候是人渣，那么有钱了仍然是人渣。

71. Chains of habit are too light to be felt until they are too heavy to be broken.

习惯的枷锁，一开始总是太轻了以至于你觉察不到，然后就一下子重到你挣脱不了。（我怎么能翻译得那么好？）

72. Risk comes from not knowing what you're doing.

你对你在做的事情一无所知，这就是风险的源头。

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未完，我有兴致的时候继续翻译。@今日话题