Part1/ Business Empire
1.1 RESEARCHING INVESTMENTS
WHEN I BUY a stock, I think of it in terms of buying a whole company just as if I were buying a store down the street. If I were buying the store, I’d want to know all about it.
—Forbes, November 1, 1969
当我买一个股票时，我想到的是买一家公司，就好像你想买街道上的一家商店，当我想要买一家商店时，我希望知道这家商店所有的一切。
–福布斯 1969年11月1日
1.2 LIMITING YOUR INVESTMENTS
IN THE INVESTMENT world, if you had a punch card when you got out of school, and there were only 20 punches on it, and when that was done, you were all done investing, you’d make more money than having one with unlimited punches. You’d make sure you used them for the right things.
—University of Notre Dame, spring 1991
限制你的投资品
在投资世界，当你离开学校时如果你有一张打孔卡片，这张卡片上只有20个孔，当你用完这些时你将结束你的投资生涯，你将会比那些拥有无限穿孔卡片的人赚钱更多的金钱，因为你会很谨慎的确定你将那些机会用在正确的事情上。
圣母大学 1991年春
1.3 INVESTMENT AND SPORTS
I CALL INVESTING the greatest business in the world, because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There’s no penalty except for the opportunity lost. All day you wait for the pitch you like; then when the fielders are asleep, you step up and hit it.
—Forbes, November 1, 1974
我将投资称为世界上最伟大的生意，因为你将不需要挥杆击球，你站在球场，掷球手向你扔来【通用汽车$47!, 美国钢铁$39!】，而且没有人判定你出局，除了失去机会没有其他的惩罚。一整天你都在等待你喜欢的球，当外野手瞌睡时，你走上前击球。
福布斯，1974年10月1日
TED WILLIAMS DESCRIBED in his book, The Science of Hitting, that the most important thing—for a hitter—is to wait for the right pitch. And that’s exactly the philosophy I have about investing. Wait for the right pitch, and wait for the right deal. And it will come. It’s the key to investing.
—CBS News, February 8, 2012
泰德威廉 在它书里《击球的科学》这样描述：对于一个击球时来说最重要的事情，是等待一个正确的球，而这正是我的投资哲学。等待那个正确的球，等待一个很好的交易，而它终将出现，这是投资的关键。
CBS新闻，2021年2月8日
GAMES ARE WON by players who focus on the playing field—not by those whose eyes are glued to the scoreboard. If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.
—letter to Berkshire Hathaway shareholders, February 2014
比赛是由那些专注于赛场的选手赢得的，而不是那些眼睛盯着积分牌的人。如果你能享受你的周六周日而不去关注股票价格，你可以在工作日进行尝试。
–给BRK股东的信 2014年2月
DEGREE OF DIFFICULTY counts in the Olympics; it doesn’t count in business. You don’t get any extra points for the fact that something’s very hard to do, so you might as well step over one-foot bars rather than try to jump over seven-foot bars.
—CNBC, October 18, 2010
难度系数在奥林匹克中计分，但不在商业中得分。你将不会得到额外的积分，即使是这件事非常难做，所以你最好选择跳过一步的栅栏而不是尝试去跳跃7步的栅栏。
–CNBC 2010年10月18日
1.4 THINKING ABOUT INVESTMENT
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.
—University of Florida, October 15, 1998
思考投资最好的办法是独自一个人待在房间里并去思考，如果这都不管用，那没有其他办法能管用。
佛罗里达州大学，1998年10月15日
1.5 THE TEMPERAMENT OF AN INVESTOR
SUCCESS IN INVESTING doesn’t correlate with IQ once you’re above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
—BusinessWeek, July 5, 1999
投资成功并不与你的IQ高于常人25点而相关，只要你有普通的人的智商，你需要的是控制冲动的气质，这种冲动会让其他人在投资中陷入麻烦。
–商业周刊 1999年5月5日
1.6 ORDINARY COMPETENCE, EXTRAORDINARY RESULTS
WHAT WE DO is not beyond anybody 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.
—Fortune, April 11, 1988
我们所作的并未超越其他人的能力，我感觉管理和投资一样，并不需要去做卓越的事情才能获得卓越的结果。
–财富 1988年4月11日
1.7 STUDYING FINANCIAL DATA
If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians.
—letter to Berkshire Hathaway shareholders, February 2009
如果仅仅查看过去的财务数据就能告诉你未来的财务表现，那福布斯400强将由图书管理员组成。
–给BRK股东的信 2009年2月