{"id":379,"date":"2025-07-03T14:57:20","date_gmt":"2025-07-03T06:57:20","guid":{"rendered":"http:\/\/101.43.65.133:8899\/?p=379"},"modified":"2025-07-03T15:16:53","modified_gmt":"2025-07-03T07:16:53","slug":"warren-e-buffett-quote","status":"publish","type":"post","link":"http:\/\/101.43.65.133:8899\/?p=379","title":{"rendered":"Warren E. Buffett Quotes"},"content":{"rendered":"
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1.Everything that can’t go on forever will end.
\n\u4e00\u5207\u65e0\u6cd5\u6c38\u8fdc\u6301\u7eed\u7684\u4e8b\u7269\u90fd\u4f1a\u7ed3\u675f\u3002
\n-Warren E. Buffett, on expecting and accepting change, in \u201cAbout Investing\u201d Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.<\/p>\n

2.I’m like a basketball coach. I go out on the street and look for seven-footers. If some guy comes up to me and says, \u2018I’m five-six, but you ought to see me handle the ball,’ I’m not interested.
\n\u6211\u5c31\u50cf\u4e00\u540d\u7bee\u7403\u6559\u7ec3\u3002\u6211\u8d70\u4e0a\u8857\u5934\u5bfb\u627e\u4e03\u5c3a\u9ad8\u7684\u7403\u5458\u3002\u5982\u679c\u6709\u4eba\u8d70\u8fc7\u6765\u5bf9\u6211\u8bf4\uff1a\u201c\u6211\u4e94\u5c3a\u516d\uff0c\u4f46\u4f60\u5e94\u8be5\u770b\u770b\u6211\u8fd0\u7403\u7684\u6280\u672f\uff0c\u201d\u6211\u5c31\u4e0d\u611f\u5174\u8da3\u3002
\n-Warren E. Buffett, on thinking big and finding the right company, in \u201cAbout Investing\u201d Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.<\/p>\n

3. I read annual reports on the company I’m looking at, and I read the annual reports of the competitors – that is the main source of material.
\n\u6211\u9605\u8bfb\u6211\u5173\u6ce8\u7684\u516c\u53f8\u7684\u5e74\u5ea6\u62a5\u544a\uff0c\u4e5f\u9605\u8bfb\u7ade\u4e89\u5bf9\u624b\u7684\u5e74\u5ea6\u62a5\u544a\u2014\u2014\u8fd9\u662f\u4e3b\u8981\u7684\u8d44\u6599\u6765\u6e90\u3002
\n-Warren E. Buffett, on understanding the value of a company, in \u201cAbout Investing\u201d, Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.<\/p>\n

4. Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management, and limited exposure to hard times.
\n\u5728\u4f60\u4e86\u89e3\u7684\u4f01\u4e1a\u5468\u56f4\u753b\u4e00\u4e2a\u5708\uff0c\u7136\u540e\u6839\u636e\u4ef7\u503c\u3001\u826f\u597d\u7684\u7ba1\u7406\u548c\u6709\u9650\u7684\u56f0\u96be\u65f6\u671f\u98ce\u9669\uff0c\u6dd8\u6c70\u90a3\u4e9b\u4e0d\u5408\u683c\u7684\u4f01\u4e1a\u3002
\n-Warren E. Buffett, on expanding the circle of competence, in \u201cAbout Investing\u201d Warren Buffet Speaks: Wit and wisdom from the world’s greatest investor, 2007.<\/p>\n

5.Human behavior, not monetary behavior, is the key.
\n\u4eba\u7c7b\u884c\u4e3a\uff0c\u800c\u4e0d\u662f\u8d27\u5e01\u884c\u4e3a\uff0c\u662f\u5173\u952e\u3002
\n-Warren E. Buffett, on the key to understanding human affairs, in \u201cHow inflation swindles the equity investor,\u201d Fortune, May 1977<\/p>\n

6.I can certainly define happiness because happy is what I am.
\n\u6211\u5f53\u7136\u53ef\u4ee5\u5b9a\u4e49\u5e78\u798f\uff0c\u56e0\u4e3a\u6211\u5c31\u662f\u5e78\u798f\u3002
\n-Warren E. Buffett, how to define success and happiness, during a Q&A with Bill Gates at The University of Washington, 1998<\/p>\n

7.You do better by buying at a discount rather than a premium, just as common sense would suggest.
\n\u4f60\u901a\u8fc7\u4ee5\u6298\u6263\u4ef7\u8d2d\u4e70\u800c\u4e0d\u662f\u6ea2\u4ef7\u8d2d\u4e70\u505a\u5f97\u66f4\u597d\uff0c\u8fd9\u6b63\u5982\u5e38\u8bc6\u6240\u5efa\u8bae\u7684\u3002
\n-Warren E. Buffett, on value investing, in \u201cHow inflation swindles the equity investor,\u201d Fortune, May 1977<\/p>\n

8.To raise return on equity, corporations would need at least one of the following: (1) an increase in turnover, i.e., in the ratio between sales and total assets employed in the business; (2) cheaper leverage; (3) more leverage; (4) lower income taxes; (5) wider operating margins on sales.
\nAnd that’s it. There simply are no other ways to increase returns on common equity.
\n\u4e3a\u4e86\u63d0\u9ad8\u80a1\u672c\u56de\u62a5\u7387\uff0c\u516c\u53f8\u9700\u8981\u81f3\u5c11\u6ee1\u8db3\u4ee5\u4e0b\u6761\u4ef6\u4e4b\u4e00\uff1a(1) \u8425\u4e1a\u989d\u589e\u52a0\uff0c\u5373\u9500\u552e\u989d\u4e0e\u4f01\u4e1a\u6240\u7528\u603b\u8d44\u4ea7\u4e4b\u95f4\u7684\u6bd4\u7387\u589e\u52a0\uff1b(2) \u66f4\u4fbf\u5b9c\u7684\u6760\u6746\uff1b(3) \u66f4\u591a\u7684\u6760\u6746\uff1b(4) \u8f83\u4f4e\u7684\u6240\u5f97\u7a0e\uff1b(5) \u9500\u552e\u7684\u8fd0\u8425\u5229\u6da6\u7387\u66f4\u9ad8\u3002
\n\u5c31\u8fd9\u6837\u3002\u6ca1\u6709\u5176\u4ed6\u65b9\u6cd5\u53ef\u4ee5\u63d0\u9ad8\u666e\u901a\u80a1\u7684\u56de\u62a5\u3002
\n-Warren E. Buffett, in \u201cHow inflation swindles the equity investor,\u201d Fortune, May 1977<\/p>\n

9.I suggest that you look at the behavior that you admire in others and make those your own habits, and look at what you really find reprehensible in others and decide that those are things you are not going to do.
\n\u6211\u5efa\u8bae\u4f60\u89c2\u5bdf\u4f60\u6b23\u8d4f\u7684\u4ed6\u4eba\u7684\u884c\u4e3a\uff0c\u5e76\u5c06\u8fd9\u4e9b\u884c\u4e3a\u53d8\u6210\u81ea\u5df1\u7684\u4e60\u60ef\uff1b\u540c\u65f6\uff0c\u89c2\u5bdf\u4f60\u771f\u6b63\u538c\u6076\u7684\u4ed6\u4eba\u7684\u884c\u4e3a\uff0c\u5e76\u51b3\u5b9a\u90a3\u4e9b\u662f\u4f60\u4e0d\u6253\u7b97\u505a\u7684\u4e8b\u60c5\u3002
\n-Warren E. Buffett, advice on how to make it, during a Q&A with Bill Gates at The University of Washington, 1998<\/p>\n

10.I get to do what I like to do every single day of the year. I get to do it with people I like, and I don’t have to associate with anybody who causes my stomach to churn.
\n\u6211\u6bcf\u5929\u90fd\u80fd\u505a\u6211\u559c\u6b22\u7684\u4e8b\u60c5\u3002\u6211\u53ef\u4ee5\u548c\u6211\u559c\u6b22\u7684\u4eba\u4e00\u8d77\u505a\uff0c\u800c\u4e0d\u5fc5\u548c\u4efb\u4f55\u8ba9\u6211\u5012\u80c3\u53e3\u7684\u4eba\u4ea4\u5f80\u3002
\n-Warren E. Buffett, how to define success and happiness, during a Q&A with Bill Gates at The University of Washington, 1998<\/p>\n

11.Forecasts usually tell us more of the forecaster than of the future.
\n\u9884\u6d4b\u901a\u5e38\u66f4\u591a\u5730\u53cd\u6620\u4e86\u9884\u6d4b\u8005\u800c\u4e0d\u662f\u672a\u6765\u3002
\n-Warren E. Buffett, on the value of forecasts, in \u201cHow inflation swindles the equity investor,\u201d Fortune, May 1977<\/p>\n

12.To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.
\n\u6210\u529f\u6295\u8d44\u4e00\u751f\u5e76\u4e0d\u9700\u8981\u8d85\u9ad8\u7684\u667a\u5546\u3001\u975e\u51e1\u7684\u5546\u4e1a\u6d1e\u5bdf\u529b\u6216\u5185\u90e8\u4fe1\u606f\u3002\u6240\u9700\u7684\u662f\u4e00\u4e2a\u5065\u5168\u7684\u601d\u8003\u51b3\u7b56\u6846\u67b6\uff0c\u4ee5\u53ca\u9632\u6b62\u60c5\u7eea\u4fb5\u8680\u8be5\u6846\u67b6\u7684\u80fd\u529b\u3002
\n-Warren E. Buffett, in the preface to the fourth edition of The Intelligent Investor by Benjamin Graham<\/p>\n

13.In large part, companies obtain the shareholder constituency that they seek and deserve. If they focus their thinking and communication on short-term results or short-term stock market consequences they will, in large part, attract shareholders who focus on the same factors.
\n\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\uff0c\u516c\u53f8\u83b7\u5f97\u4e86\u4ed6\u4eec\u6240\u5bfb\u6c42\u548c\u5e94\u5f97\u7684\u80a1\u4e1c\u7fa4\u4f53\u3002\u5982\u679c\u4ed6\u4eec\u5c06\u601d\u7ef4\u548c\u6c9f\u901a\u96c6\u4e2d\u5728\u77ed\u671f\u7ed3\u679c\u6216\u77ed\u671f\u80a1\u5e02\u540e\u679c\u4e0a\uff0c\u4ed6\u4eec\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u5c06\u5438\u5f15\u5173\u6ce8\u76f8\u540c\u56e0\u7d20\u7684\u80a1\u4e1c\u3002
\n-Warren E. Buffett, Famous American Businessman, on seeking true business partners for shareholders, quoted in his Prologue of his 1979 annual report in Cunningham’s book \u201cThe Essays of Warren Buffet: Lessons for Corporate America.<\/p>\n

14.We use debt sparingly, and when we do borrow, we attempt to structure our loans on a long-term fixed-rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet.
\n\u6211\u4eec\u8c28\u614e\u4f7f\u7528\u503a\u52a1\uff0c\u5f53\u6211\u4eec\u501f\u6b3e\u65f6\uff0c\u5c3d\u91cf\u4ee5\u957f\u671f\u56fa\u5b9a\u5229\u7387\u7684\u65b9\u5f0f\u7ed3\u6784\u6211\u4eec\u7684\u8d37\u6b3e\u3002\u6211\u4eec\u5b81\u613f\u653e\u5f03\u6709\u8da3\u7684\u673a\u4f1a\uff0c\u4e5f\u4e0d\u613f\u8fc7\u5ea6\u6760\u6746\u5316\u6211\u4eec\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002
\n-Warren E. Buffett, Famous American Businessman, on Owner Related Business Principles, and using debt, from his 1996 Owner’s Manual in \u201cThe Essays of Warren Buffett: Lessons for Corporate America.<\/p>\n

15.When ideas fail, words come in very handy.
\n\u5f53\u60f3\u6cd5\u5931\u8d25\u65f6\uff0c\u8a00\u8bed\u975e\u5e38\u6709\u7528\u3002
\n-Warren E. Buffett, Famous American Businessman, on the pitfalls of excuses, deception, and rationalization, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

16.If you hit a hole-in-one on every hole, you wouldn’t play golf for very long.
\n\u5982\u679c\u4f60\u6bcf\u4e2a\u6d1e\u90fd\u6253\u51fa\u4e00\u6746\u8fdb\u6d1e\uff0c\u4f60\u5c31\u4e0d\u4f1a\u73a9\u9ad8\u5c14\u592b\u5f88\u4e45\u3002
\n-Warren E. Buffett, Famous American Businessman, on the importance of challenging and meaningful activities, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

17. There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think that it will look good on your resume. Isn’t that a little like saving up sex for your old age?
\n\u6709\u65f6\u5019\u4f60\u5e94\u8be5\u5f00\u59cb\u505a\u4f60\u60f3\u505a\u7684\u4e8b\u60c5\u3002\u627e\u4e00\u4efd\u4f60\u70ed\u7231\u7684\u5de5\u4f5c\u3002\u4f60\u4f1a\u5728\u65e9\u4e0a\u8df3\u4e0b\u5e8a\u3002\u6211\u8ba4\u4e3a\u5982\u679c\u4f60\u7ee7\u7eed\u63a5\u53d7\u4f60\u4e0d\u559c\u6b22\u7684\u5de5\u4f5c\uff0c\u53ea\u662f\u56e0\u4e3a\u4f60\u89c9\u5f97\u8fd9\u4f1a\u8ba9\u4f60\u7684\u7b80\u5386\u770b\u8d77\u6765\u66f4\u597d\uff0c\u90a3\u4f60\u7b80\u76f4\u662f\u75af\u4e86\u3002\u8fd9\u96be\u9053\u4e0d\u6709\u70b9\u50cf\u628a\u6027\u7559\u5230\u8001\u5e74\u5417\uff1f
\n-Warren E. Buffett, American Businessman, on the importance of doing what you love, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)<\/p>\n

18.You have to think for yourself. It always amazes me how high-IQ people mindlessly imitate. I never get good ideas talking to other people.
\n\u4f60\u5fc5\u987b\u81ea\u5df1\u601d\u8003\u3002\u9ad8\u667a\u5546\u7684\u4eba\u65e0\u610f\u8bc6\u5730\u6a21\u4eff\u8ba9\u6211\u611f\u5230\u60ca\u8bb6\u3002\u6211\u4ece\u4e0e\u5176\u4ed6\u4eba\u4ea4\u8c08\u4e2d\u4ece\u6765\u5f97\u4e0d\u5230\u597d\u7684\u60f3\u6cd5\u3002
\n-Warren E. Buffett, Famous American Businessman, on the importance of thinking for yourself, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

19.If calculus or algebra were required to be a great investor, I’d have to go back to delivering newspapers.
\n\u5982\u679c\u8981\u6210\u4e3a\u4e00\u540d\u4f1f\u5927\u7684\u6295\u8d44\u8005\u9700\u8981\u5fae\u79ef\u5206\u6216\u4ee3\u6570\uff0c\u6211\u5c31\u5f97\u56de\u53bb\u9001\u62a5\u7eb8\u3002
\n-Warren E. Buffett, Famous American Businessman, on the math skills needed to be a great investor (addition, subtraction, multiplication, division, and statistical thinking), quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

20.Much of what you become in life depends on whom you choose to admire and copy.
\n\u4f60\u5728\u751f\u6d3b\u4e2d\u6210\u4e3a\u600e\u6837\u7684\u4eba\u5f88\u5927\u7a0b\u5ea6\u4e0a\u53d6\u51b3\u4e8e\u4f60\u9009\u62e9\u5d07\u62dc\u8c01\u548c\u6a21\u4eff\u8c01\u3002
\n-Warren E. Buffett, Famous American Businessman, life advice in Berkshire Hathaway’s 2015 Annual Shareholder Letter<\/p>\n

21.The managers who succeed Charlie and me will build Berkshire’s per-share intrinsic value by following our simple blueprint of (1) constantly improving the basic earning power of our many subsidiaries; (2) further increasing their earnings through bolt-on acquisitions; (3) benefiting from the growth of our investees; (4) repurchasing Berkshire shares when they are available at a meaningful discount from intrinsic value; and (5) making an occasional large acquisition. Management will also try to maximize results for you by rarely, if ever, issuing Berkshire shares.
\n\u63a5\u66ff\u67e5\u7406\u548c\u6211\u7684\u7ecf\u7406\u4eec\u5c06\u901a\u8fc7\u9075\u5faa\u6211\u4eec\u7b80\u5355\u7684\u84dd\u56fe\u6765\u63d0\u5347\u4f2f\u514b\u5e0c\u5c14\u6bcf\u80a1\u5185\u5728\u4ef7\u503c\uff0c\u84dd\u56fe\u5305\u62ec\uff1a(1) \u4e0d\u65ad\u63d0\u9ad8\u6211\u4eec\u4f17\u591a\u5b50\u516c\u53f8\u7684\u57fa\u672c\u76c8\u5229\u80fd\u529b\uff1b(2) \u901a\u8fc7\u9644\u52a0\u6536\u8d2d\u8fdb\u4e00\u6b65\u589e\u52a0\u5b83\u4eec\u7684\u6536\u76ca\uff1b(3) \u53d7\u76ca\u4e8e\u6211\u4eec\u88ab\u6295\u8d44\u516c\u53f8\u7684\u589e\u957f\uff1b(4) \u5728\u4f2f\u514b\u5e0c\u5c14\u80a1\u7968\u4ee5\u663e\u8457\u4f4e\u4e8e\u5185\u5728\u4ef7\u503c\u7684\u4ef7\u683c\u53ef\u7528\u65f6\u56de\u8d2d\u80a1\u7968\uff1b(5) \u5076\u5c14\u8fdb\u884c\u4e00\u6b21\u5927\u578b\u6536\u8d2d\u3002\u7ba1\u7406\u5c42\u8fd8\u5c06\u5c3d\u91cf\u901a\u8fc7\u5f88\u5c11\uff08\u5982\u679c\u6709\u7684\u8bdd\uff09\u53d1\u884c\u4f2f\u514b\u5e0c\u5c14\u80a1\u7968\u6765\u6700\u5927\u5316\u4e3a\u60a8\u5e26\u6765\u7684\u7ed3\u679c\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 2015 Annual Shareholder Letter on his successors and the future management of Berkshire<\/p>\n

22.I have a lot of spare time because the managers at Berkshire do all of the work. I just sit there in the office and read and talk on the phone occasionally.
\n\u6211\u6709\u5f88\u591a\u7a7a\u95f2\u65f6\u95f4\uff0c\u56e0\u4e3a\u4f2f\u514b\u5e0c\u5c14\u7684\u7ecf\u7406\u4eec\u90fd\u5728\u5de5\u4f5c\u3002\u6211\u53ea\u662f\u5750\u5728\u529e\u516c\u5ba4\u91cc\uff0c\u5076\u5c14\u9605\u8bfb\u548c\u6253\u7535\u8bdd\u3002
\n-Warren E. Buffett, Famous American Businessman, on what he does with his spare time, in a 2008 Q&A with European MBA students (via YouTube)<\/p>\n

23.You pay a very high price in the stock market for a cheery consensus.
\n\u5728\u80a1\u5e02\u4e2d\uff0c\u4e3a\u4e86\u4e00\u4e2a\u4e50\u89c2\u7684\u5171\u8bc6\uff0c\u4f60\u9700\u8981\u4ed8\u51fa\u975e\u5e38\u9ad8\u7684\u4ee3\u4ef7\u3002
\n-Warren E. Buffett, Famous American Businessman, on contrarian thinking and the importance of understanding intrinsic value, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

24.We need shed no tears for the capitalists (whether they be private owners or an army of public shareholders). It’s their job to take care of themselves.
\n\u6211\u4eec\u4e0d\u9700\u8981\u4e3a\u8d44\u672c\u5bb6\uff08\u65e0\u8bba\u662f\u79c1\u4eba\u6240\u6709\u8005\u8fd8\u662f\u4e00\u7fa4\u516c\u4f17\u80a1\u4e1c\uff09\u6d41\u6cea\u3002\u7167\u987e\u597d\u81ea\u5df1\u662f\u4ed6\u4eec\u7684\u5de5\u4f5c\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 2015 Annual Shareholder Letter on capitalism<\/p>\n

25.All families in my upper middle-class neighborhood regularly enjoy a living standard better than that achieved by John D. Rockefeller Sr. at the time of my birth. His unparalleled fortune couldn’t buy what we now take for granted, whether the field is \u2013 to name just a few \u2013 transportation, entertainment, communication or medical services.
\n\u6211\u6240\u5728\u7684\u4e2d\u4e0a\u5c42\u9636\u7ea7\u793e\u533a\u7684\u6240\u6709\u5bb6\u5ead\uff0c\u751f\u6d3b\u6c34\u5e73\u5b9a\u671f\u8d85\u8fc7\u6211\u51fa\u751f\u65f6\u7ea6\u7ff0\u00b7D\u00b7\u6d1b\u514b\u83f2\u52d2\u8001\u5148\u751f\u6240\u8fbe\u5230\u7684\u6c34\u5e73\u3002\u4ed6\u65e0\u4e0e\u4f26\u6bd4\u7684\u8d22\u5bcc\u65e0\u6cd5\u8d2d\u4e70\u6211\u4eec\u73b0\u5728\u89c6\u4e3a\u7406\u6240\u5f53\u7136\u7684\u4e1c\u897f\uff0c\u65e0\u8bba\u662f\u4ea4\u901a\u3001\u5a31\u4e50\u3001\u901a\u4fe1\u8fd8\u662f\u533b\u7597\u670d\u52a1\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 2015 Annual Shareholder Letter on America’s economic success<\/p>\n

26.I am a better investor because I am a businessman and a better businessman because I am an investor.
\n\u6211\u662f\u4e00\u540d\u66f4\u597d\u7684\u6295\u8d44\u8005\uff0c\u56e0\u4e3a\u6211\u662f\u4e00\u540d\u5546\u4eba\uff1b\u6211\u662f\u4e00\u540d\u66f4\u597d\u7684\u5546\u4eba\uff0c\u56e0\u4e3a\u6211\u662f\u4e00\u540d\u6295\u8d44\u8005\u3002
\n-Warren E. Buffett, Famous American Businessman, on business and investing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

27.With enough inside information and a million dollars, you can go broke in a year.
\n\u62e5\u6709\u8db3\u591f\u7684\u5185\u90e8\u4fe1\u606f\u548c\u4e00\u767e\u4e07\u7f8e\u5143\uff0c\u4f60\u53ef\u4ee5\u5728\u4e00\u5e74\u5185\u7834\u4ea7\u3002
\n-Warren E. Buffett, Famous American Businessman, on rumors and speculation, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

28.Read Ben Graham and Phil Fisher, read annual reports, but don’t do equations with Greek letters in them.
\n\u9605\u8bfb\u672c\u00b7\u683c\u96f7\u5384\u59c6\u548c\u83f2\u5c14\u00b7\u8d39\u820d\u5c14\uff0c\u9605\u8bfb\u5e74\u62a5\uff0c\u4f46\u4e0d\u8981\u505a\u5e26\u6709\u5e0c\u814a\u5b57\u6bcd\u7684\u65b9\u7a0b\u5f0f\u3002
\n-Warren E. Buffett, Famous American Businessman, on his mentors and investing advice, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

29.Overall, Berkshire and its long-term shareholders benefit from a sinking stock market much as a regular purchaser of food benefits from declining food prices.
\n\u603b\u4f53\u800c\u8a00\uff0c\u4f2f\u514b\u5e0c\u5c14\u53ca\u5176\u957f\u671f\u80a1\u4e1c\u4ece\u4e0b\u8dcc\u7684\u80a1\u5e02\u4e2d\u53d7\u76ca\uff0c\u5c31\u50cf\u666e\u901a\u98df\u54c1\u8d2d\u4e70\u8005\u4ece\u98df\u54c1\u4ef7\u683c\u4e0b\u964d\u4e2d\u53d7\u76ca\u4e00\u6837\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on bear markets and market crashes<\/p>\n

30.When a CEO is encouraged by his advisers to make deals, he responds much as would a teenage boy who is encouraged by his father to have a normal sex life. It’s not a push he needs.
\n\u5f53\u9996\u5e2d\u6267\u884c\u5b98\u53d7\u5230\u987e\u95ee\u7684\u9f13\u52b1\u53bb\u8fbe\u6210\u4ea4\u6613\u65f6\uff0c\u4ed6\u7684\u53cd\u5e94\u5c31\u50cf\u4e00\u4e2a\u88ab\u7236\u4eb2\u9f13\u52b1\u8fc7\u6b63\u5e38\u6027\u751f\u6d3b\u7684\u5c11\u5e74\u7537\u5b69\u3002\u4ed6\u5e76\u4e0d\u9700\u8981\u8fd9\u6837\u7684\u63a8\u52a8\u3002
\n-Warren E. Buffett, Famous American Businessman, on growth, mergers, and acquisitions, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

31.In a difficult business, no sooner is one problem solved than another one surfaces\u2014never is there just one cockroach in the kitchen.
\n\u5728\u56f0\u96be\u7684\u5546\u4e1a\u73af\u5883\u4e2d\uff0c\u89e3\u51b3\u4e00\u4e2a\u95ee\u9898\u540e\uff0c\u53e6\u4e00\u4e2a\u95ee\u9898\u7acb\u523b\u51fa\u73b0\u2014\u2014\u53a8\u623f\u91cc\u4ece\u6765\u4e0d\u4f1a\u53ea\u6709\u4e00\u53ea\u87d1\u8782\u3002
\n-Warren E. Buffett, Famous American Businessman, on weak businesses, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

32.Like virginity, a stable price level seems capable of maintenance, but not of restoration.
\n\u50cf\u5904\u5973\u4e4b\u8eab\u4e00\u6837\uff0c\u7a33\u5b9a\u7684\u4ef7\u683c\u6c34\u5e73\u4f3c\u4e4e\u80fd\u591f\u7ef4\u6301\uff0c\u4f46\u65e0\u6cd5\u6062\u590d\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on long-term inflationary pressure<\/p>\n

33.Because of the unrelenting destruction of currency values, our corporate efforts will continue to do a much better job of filling your wallet than of filling your stomach.
\n\u7531\u4e8e\u8d27\u5e01\u4ef7\u503c\u7684\u6301\u7eed\u8d2c\u503c\uff0c\u6211\u4eec\u7684\u4f01\u4e1a\u52aa\u529b\u5c06\u66f4\u597d\u5730\u4e3a\u60a8\u7684\u94b1\u5305\u670d\u52a1\uff0c\u800c\u4e0d\u662f\u4e3a\u60a8\u7684\u80c3\u670d\u52a1\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on inflationary pressure and real returns<\/p>\n

34.Last year your Chairman volunteered his expert opinion on the rosy future of the aluminum business. Several minor adjustments to that opinion \u2013 now aggregating approximately 180 degrees \u2013 have since been required.
\n\u53bb\u5e74\u7684\u65f6\u5019\uff0c\u60a8\u7684\u4e3b\u5e2d\u81ea\u613f\u53d1\u8868\u4e86\u4ed6\u5bf9\u94dd\u4e1a\u7f8e\u597d\u672a\u6765\u7684\u4e13\u4e1a\u610f\u89c1\u3002\u6b64\u540e\uff0c\u5bf9\u8be5\u610f\u89c1\u8fdb\u884c\u4e86\u51e0\u9879\u5c0f\u8c03\u6574\uff0c\u73b0\u5728\u603b\u8ba1\u7ea6\u4e3a 180 \u5ea6\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter humorously recalling his commodity forecasting errors<\/p>\n

35.We expect that undistributed earnings from such companies will produce full value for Berkshire and its shareholders. If they don’t, we have made mistakes as to either: (1) the management we have elected to join; (2) the future economics of the business; or (3) the price we have paid.
\n\u6211\u4eec\u671f\u671b\u8fd9\u4e9b\u516c\u53f8\u7684\u672a\u5206\u914d\u5229\u6da6\u80fd\u4e3a\u4f2f\u514b\u5e0c\u5c14\u53ca\u5176\u80a1\u4e1c\u5e26\u6765\u5168\u90e8\u4ef7\u503c\u3002\u5982\u679c\u4e0d\u80fd\uff0c\u90a3\u5c31\u662f\u6211\u4eec\u5728\u4ee5\u4e0b\u65b9\u9762\u72af\u4e86\u9519\u8bef\uff1a\uff081\uff09\u6211\u4eec\u9009\u62e9\u52a0\u5165\u7684\u7ba1\u7406\u5c42\uff1b\uff082\uff09\u4f01\u4e1a\u672a\u6765\u7684\u7ecf\u6d4e\u6548\u76ca\uff1b\u6216\uff083\uff09\u6211\u4eec\u652f\u4ed8\u7684\u4ee3\u4ef7\u3002
\n-Warren E. Buffett, Famous American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on potential mistakes in his investment actions and thinking<\/p>\n

36.In the long run, managements stressing accounting appearance over economic substance usually achieve little of either.
\n\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u5f3a\u8c03\u4f1a\u8ba1\u8868\u8c61\u800c\u975e\u7ecf\u6d4e\u5b9e\u8d28\u7684\u7ba1\u7406\u5c42\u901a\u5e38\u5728\u4e24\u8005\u65b9\u9762\u90fd\u6536\u6548\u751a\u5fae\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on the importance of maximizing real economic benefits in business and investing<\/p>\n

37.If something’s not worth doing at all, it’s not worth doing well.
\n\u5982\u679c\u67d0\u4ef6\u4e8b\u6839\u672c\u4e0d\u503c\u5f97\u505a\uff0c\u90a3\u5c31\u4e0d\u503c\u5f97\u505a\u597d\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1981 Annual Shareholder Letter on the importance of making major commitments to your best opportunities when investing<\/p>\n

38.Managing your career is like investing\u2014the degree of difficulty does not count. So you can save yourself money and pain by getting on the right train.
\n\u7ba1\u7406\u4f60\u7684\u804c\u4e1a\u5c31\u50cf\u6295\u8d44\u2014\u2014\u96be\u5ea6\u5e76\u4e0d\u91cd\u8981\u3002\u56e0\u6b64\uff0c\u901a\u8fc7\u9009\u62e9\u6b63\u786e\u7684\u65b9\u5411\uff0c\u4f60\u53ef\u4ee5\u4e3a\u81ea\u5df1\u8282\u7701\u91d1\u94b1\u548c\u75db\u82e6\u3002
\n-Warren E. Buffett, Famous American Businessman, career advice on the importance of choosing to work for a superior business\u2014which has high margins and makes money, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

39.Turnarounds seldom turn.
\n\u9006\u5883\u53cd\u8f6c\u7684\u673a\u4f1a\u5f88\u5c11\u3002
\n-Warren E. Buffett, Famous American Businessman, on business turnarounds, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

40.Anything that can’t go on forever will end.
\n\u4efb\u4f55\u4e0d\u80fd\u6c38\u8fdc\u6301\u7eed\u7684\u4e8b\u7269\u90fd\u4f1a\u7ed3\u675f\u3002
\n-Warren E. Buffett, Famous American Businessman, paraphrasing Herbert Stein on stock prices, the stock market, and the laws of physics<\/p>\n

41.Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.
\n\u534e\u5c14\u8857\u662f\u552f\u4e00\u4e00\u4e2a\u4eba\u4eec\u4e58\u5750\u52b3\u65af\u83b1\u65af\u53bb\u90a3\u91cc\u5411\u4e58\u5750\u5730\u94c1\u7684\u4eba\u8bf7\u6559\u7684\u5730\u65b9\u3002
\n-Warren E. Buffett, Famous American Businessman, on wall street, the stock market, and investment advice, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

42.GEICO was designed to be the low-cost operation in an enormous marketplace (auto insurance) populated largely by companies whose marketing structures restricted adaptation.
\n\u4f5c\u4e3a\u4e00\u5bb6\u4ee5\u6210\u672c\u4f4e\u5ec9\u8457\u79f0\u7684\u4fdd\u9669\u516c\u53f8\uff0cGEICO \u8fdb\u5165\u4e86\u4e00\u4e2a\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\uff08\u6c7d\u8f66\u4fdd\u9669\uff09\uff0c\u800c\u8fd9\u4e2a\u5e02\u573a\u7684\u5927\u591a\u6570\u516c\u53f8\u7531\u4e8e\u5176\u8425\u9500\u7ed3\u6784\u7684\u9650\u5236\u800c\u65e0\u6cd5\u8fdb\u884c\u8c03\u6574\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1980 Annual Shareholder Letter on GEICO<\/p>\n

43.The auction nature of security markets often allows finely-run companies the opportunity to purchase portions of their own businesses at a price under 50% of that needed to acquire the same earning power through the negotiated acquisition of another enterprise.
\n\u8bc1\u5238\u5e02\u573a\u7684\u62cd\u5356\u6027\u8d28\u7ecf\u5e38\u4e3a\u7ba1\u7406\u826f\u597d\u7684\u516c\u53f8\u63d0\u4f9b\u4e86\u4e00\u4e2a\u673a\u4f1a\uff0c\u4f7f\u5b83\u4eec\u80fd\u591f\u4ee5\u4f4e\u4e8e\u901a\u8fc7\u8c08\u5224\u6536\u8d2d\u53e6\u4e00\u5bb6\u516c\u53f8\u6765\u83b7\u5f97\u76f8\u540c\u76c8\u5229\u80fd\u529b\u6240\u9700\u4ef7\u683c\u768450%\u7684\u4ef7\u683c\u8d2d\u4e70\u81ea\u5df1\u4e1a\u52a1\u7684\u4e00\u90e8\u5206\u3002
\n-Warren E. Buffett, Famous American businessman, in Berkshire Hathaway’s 1980 Annual Shareholder Letter on intelligent share repurchases<\/p>\n

44.If a tree grows in a forest partially owned by us, but we don’t record the growth in our financial statements, we still own part of the tree.
\n\u5982\u679c\u4e00\u68f5\u6811\u5728\u6211\u4eec\u90e8\u5206\u62e5\u6709\u7684\u68ee\u6797\u4e2d\u751f\u957f\uff0c\u4f46\u6211\u4eec\u6ca1\u6709\u5728\u6211\u4eec\u7684\u8d22\u52a1\u62a5\u8868\u4e2d\u8bb0\u5f55\u8fd9\u79cd\u589e\u957f\uff0c\u6211\u4eec\u4ecd\u7136\u62e5\u6709\u90a3\u68f5\u6811\u7684\u4e00\u90e8\u5206\u3002
\n-Warren E. Buffett, Famous American businessman, in Berkshire Hathaway’s 1980 Annual Shareholder Letter on the value of investing in stocks<\/p>\n

45.Phil Fisher, a respected investor and author, once likened the policies of the corporation in attracting shareholders to those of a restaurant attracting potential customers. A restaurant could seek a given clientele (patrons of fast foods, elegant dining, Oriental food, etc.) and eventually obtain an appropriate group of devotees. \u00a0If the job were expertly done, that clientele, pleased with the service, menu, and price level offered, would return consistently. \u00a0But the restaurant could not change its character constantly and end up with a happy and stable clientele. If the business vacillated between French cuisine and take-out chicken, the result would be a revolving door of confused and dissatisfied customers.
\n\u83f2\u5c14\u00b7\u8d39\u820d\u5c14\uff0c\u4e00\u4f4d\u53d7\u4eba\u5c0a\u656c\u7684\u6295\u8d44\u8005\u548c\u4f5c\u5bb6\uff0c\u66fe\u5c06\u516c\u53f8\u5438\u5f15\u80a1\u4e1c\u7684\u653f\u7b56\u6bd4\u4f5c\u9910\u5385\u5438\u5f15\u6f5c\u5728\u987e\u5ba2\u7684\u65b9\u5f0f\u3002\u9910\u5385\u53ef\u4ee5\u5bfb\u6c42\u7279\u5b9a\u7684\u987e\u5ba2\u7fa4\u4f53\uff08\u5feb\u9910\u3001\u4f18\u96c5\u9910\u996e\u3001\u4e1c\u65b9\u7f8e\u98df\u7b49\uff09\uff0c\u6700\u7ec8\u83b7\u5f97\u4e00\u7fa4\u5408\u9002\u7684\u5fe0\u5b9e\u987e\u5ba2\u3002\u5982\u679c\u5de5\u4f5c\u505a\u5f97\u5f88\u51fa\u8272\uff0c\u8fd9\u4e9b\u987e\u5ba2\u4f1a\u56e0\u4e3a\u63d0\u4f9b\u7684\u670d\u52a1\u3001\u83dc\u5355\u548c\u4ef7\u683c\u6c34\u5e73\u800c\u6301\u7eed\u5149\u987e\u3002\u4f46\u662f\uff0c\u9910\u5385\u4e0d\u80fd\u4e0d\u65ad\u6539\u53d8\u5176\u7279\u8272\uff0c\u5426\u5219\u5c31\u65e0\u6cd5\u62e5\u6709\u5feb\u4e50\u548c\u7a33\u5b9a\u7684\u987e\u5ba2\u7fa4\u4f53\u3002\u5982\u679c\u751f\u610f\u5728\u6cd5\u5f0f\u6599\u7406\u548c\u5916\u5356\u70b8\u9e21\u4e4b\u95f4\u6447\u6446\u4e0d\u5b9a\uff0c\u7ed3\u679c\u5c06\u662f\u987e\u5ba2\u4e0d\u65ad\u8fdb\u51fa\uff0c\u611f\u5230\u56f0\u60d1\u548c\u4e0d\u6ee1\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1979 Annual Shareholder Letter on Berkshire’s owner-orientation<\/p>\n

46.If I can’t make money in a [$26] trillion U.S. market, it may be a little bit of wishful thinking to think that all I have to do is get a few thousand miles offshore and I’ll start showing my stuff.
\n\u5982\u679c\u6211\u5728\u4e00\u4e2a 26 \u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u5e02\u573a\u4e2d\u65e0\u6cd5\u8d5a\u94b1\uff0c\u90a3\u4e48\u8ba4\u4e3a\u53ea\u9700\u79bb\u5cb8\u51e0\u5343\u82f1\u91cc\u5c31\u80fd\u5f00\u59cb\u5c55\u793a\u6211\u7684\u80fd\u529b\uff0c\u53ef\u80fd\u6709\u70b9\u4e0d\u5207\u5b9e\u9645\u3002
\n-Warren E. Buffett, Famous American Businessman, on the stock market and investing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006), originally said in 1993 when the U.S. market was $5 trillion<\/p>\n

47.With each investment you make, you should have the courage and the conviction to place at least 10% of your net worth in that stock.
\n\u6bcf\u6b21\u6295\u8d44\u65f6\uff0c\u60a8\u5e94\u8be5\u6709\u52c7\u6c14\u548c\u4fe1\u5ff5\u5c06\u81f3\u5c11 10%\u7684\u51c0\u8d44\u4ea7\u6295\u5165\u5230\u8be5\u80a1\u7968\u4e2d\u3002
\n-Warren E. Buffett, Famous American Businessman, on the stock market, investing, and the importance of knowing what you’re doing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

48.You should invest in a business that even a fool can run, because someday a fool will.
\n\u4f60\u5e94\u8be5\u6295\u8d44\u4e8e\u4e00\u4e2a\u5373\u4f7f\u50bb\u74dc\u4e5f\u80fd\u7ecf\u8425\u7684\u751f\u610f\uff0c\u56e0\u4e3a\u603b\u6709\u4e00\u5929\u50bb\u74dc\u4f1a\u6765\u7ecf\u8425\u5b83\u3002
\n-Warren E. Buffett, Famous American Businessman, on business and investing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

49.My idea of a group decision is to look in the mirror.
\n\u6211\u5bf9\u96c6\u4f53\u51b3\u7b56\u7684\u770b\u6cd5\u662f\u7167\u7167\u955c\u5b50\u3002
\n-Warren E. Buffett, Famous American Businessman, on decision making and leadership, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

50.It’s not necessary to do extraordinary things to get extraordinary results.
\n\u4e0d\u5fc5\u505a\u975e\u51e1\u7684\u4e8b\u60c5\u624d\u80fd\u83b7\u5f97\u975e\u51e1\u7684\u7ed3\u679c\u3002
\n-Warren E. Buffett, Famous American Businessman, on success, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

51.The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.
\n\u5e02\u573a\u5c31\u50cf\u4e0a\u5e1d\uff0c\u5e2e\u52a9\u90a3\u4e9b\u81ea\u52a9\u7684\u4eba\u3002\u4f46\u4e0e\u4e0a\u5e1d\u4e0d\u540c\uff0c\u5e02\u573a\u4e0d\u4f1a\u5bbd\u6055\u90a3\u4e9b\u4e0d\u77e5\u9053\u81ea\u5df1\u5728\u505a\u4ec0\u4e48\u7684\u4eba\u3002
\n-Warren E. Buffett, Famous American Businessman, on the stock market, investing, and the importance of knowing what you’re doing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

52.It is easier to stay out of trouble than it is to get out of trouble.
\n\u8fdc\u79bb\u9ebb\u70e6\u6bd4\u6446\u8131\u9ebb\u70e6\u8981\u5bb9\u6613\u3002
\n-Warren E. Buffett, American Businessman, on leadership, integrity, and just doing the right thing, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

53.You can’t make a good deal with a bad person.
\n\u4f60\u65e0\u6cd5\u4e0e\u574f\u4eba\u8fbe\u6210\u597d\u4ea4\u6613\u3002
\n-Warren E. Buffett, American Businessman, on leadership, trust, doing business, and the importance of integrity, quoted in The Tao of Warren Buffett (Buffett & Clark, 2006)<\/p>\n

54.We confess considerable optimism regarding our insurance equity investments.
\n\u6211\u4eec\u5bf9\u6211\u4eec\u7684\u4fdd\u9669\u6295\u8d44\u62b1\u6709\u76f8\u5f53\u7684\u4e50\u89c2\u6001\u5ea6\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1978 Annual Shareholder Letter on insurance businesses and investing float<\/p>\n

55.We get excited enough to commit a big percentage of insurance company net worth to equities only when we find (1) businesses we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) priced very attractively. We usually can identify a small number of potential investments meeting requirements (1), (2) and (3), but (4) often prevents action.
\n\u6211\u4eec\u53ea\u6709\u5728\u627e\u5230\uff081\uff09\u6211\u4eec\u80fd\u7406\u89e3\u7684\u4e1a\u52a1\uff0c\uff082\uff09\u5177\u6709\u826f\u597d\u7684\u957f\u671f\u524d\u666f\uff0c\uff083\uff09\u7531\u8bda\u5b9e\u4e14\u80fd\u5e72\u7684\u4eba\u7ecf\u8425\uff0c\u4ee5\u53ca\uff084\uff09\u4ef7\u683c\u975e\u5e38\u6709\u5438\u5f15\u529b\u65f6\uff0c\u624d\u4f1a\u5174\u594b\u5230\u5c06\u4fdd\u9669\u516c\u53f8\u51c0\u8d44\u4ea7\u7684\u5927\u90e8\u5206\u6295\u5165\u80a1\u7968\u3002\u6211\u4eec\u901a\u5e38\u53ef\u4ee5\u8bc6\u522b\u51fa\u5c11\u6570\u7b26\u5408\u8981\u6c42\uff081\uff09\u3001\uff082\uff09\u548c\uff083\uff09\u7684\u6f5c\u5728\u6295\u8d44\uff0c\u4f46\uff084\uff09\u5f80\u5f80\u4f1a\u963b\u6b62\u6211\u4eec\u91c7\u53d6\u884c\u52a8\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1978 Annual Shareholder Letter on stock market investments and how to invest<\/p>\n

56.I think China will do fine over some period of time. China and the U.S. will be superpowers for as long as we can see.
\n\u6211\u8ba4\u4e3a\u4e2d\u56fd\u5728\u4e00\u6bb5\u65f6\u95f4\u5185\u4f1a\u8868\u73b0\u826f\u597d\u3002\u4e2d\u56fd\u548c\u7f8e\u56fd\u5c06\u662f\u6211\u4eec\u6240\u80fd\u9884\u89c1\u7684\u672a\u6765\u7684\u8d85\u7ea7\u5927\u56fd\u3002
\n-Warren E. Buffett, American Businessman, at Berkshire Hathaway’s 2015 Annual Shareholder Meeting on China and the U.S.<\/p>\n

57.Don’t appeal to the conscience of America. Appeal to the greatness of America and you’ll get the job done.
\n\u4e0d\u8981\u5411\u7f8e\u56fd\u7684\u826f\u77e5\u547c\u5401\u3002\u8981\u5411\u7f8e\u56fd\u7684\u4f1f\u5927\u547c\u5401\uff0c\u8fd9\u6837\u4f60\u5c31\u80fd\u5b8c\u6210\u4efb\u52a1\u3002
\n-Warren E. Buffett, American Businessman, advice to Bono on how to inspire Americans, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)<\/p>\n

58.There’s really a lot of overlap between managing and investing. Being a manager has made me a better investor, and being an investor has made me a better manager.
\n\u7ba1\u7406\u4e0e\u6295\u8d44\u4e4b\u95f4\u786e\u5b9e\u6709\u5f88\u591a\u91cd\u53e0\u4e4b\u5904\u3002\u4f5c\u4e3a\u7ba1\u7406\u8005\u7684\u7ecf\u9a8c\u8ba9\u6211\u6210\u4e3a\u4e86\u66f4\u597d\u7684\u6295\u8d44\u8005\uff0c\u800c\u4f5c\u4e3a\u6295\u8d44\u8005\u7684\u7ecf\u9a8c\u4e5f\u8ba9\u6211\u6210\u4e3a\u4e86\u66f4\u597d\u7684\u7ba1\u7406\u8005\u3002
\n-Warren E. Buffett, American Businessman, on the importance of keeping a long-term perspective, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)<\/p>\n

59. We also believe candor benefits us as managers: The CEO who misleads others in public may eventually mislead himself in private.
\n\u6211\u4eec\u4e5f\u76f8\u4fe1\u5766\u8bda\u5bf9\u6211\u4eec\u4f5c\u4e3a\u7ba1\u7406\u8005\u662f\u6709\u76ca\u7684\uff1a\u5728\u516c\u4f17\u9762\u524d\u8bef\u5bfc\u4ed6\u4eba\u7684\u9996\u5e2d\u6267\u884c\u5b98\u6700\u7ec8\u53ef\u80fd\u4f1a\u5728\u79c1\u4e0b\u91cc\u8bef\u5bfc\u81ea\u5df1\u3002
\n-Warren E. Buffett, American Businessman, on the power of honesty and humility, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)<\/p>\n

60.I don’t want to be on the other side of the table from the customer. I was never selling anything that I didn’t believe in myself or use myself.
\n\u6211\u4e0d\u60f3\u7ad9\u5728\u987e\u5ba2\u7684\u5bf9\u7acb\u9762\u3002\u6211\u4ece\u4e0d\u9500\u552e\u6211\u81ea\u5df1\u4e0d\u76f8\u4fe1\u6216\u4e0d\u4f7f\u7528\u7684\u4e1c\u897f\u3002
\n-Warren E. Buffett, American Businessman, on the secret to marketing and making sales, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)<\/p>\n

61.There is a huge difference between the business that grows and requires lots of capital to do so and the business that grows and doesn’t require capital.
\n\u9700\u8981\u5927\u91cf\u8d44\u672c\u624d\u80fd\u589e\u957f\u7684\u4f01\u4e1a\u4e0e\u4e0d\u9700\u8981\u8d44\u672c\u5c31\u80fd\u589e\u957f\u7684\u4f01\u4e1a\u4e4b\u95f4\u5b58\u5728\u5de8\u5927\u5dee\u5f02\u3002
\n-Warren E. Buffett, American Businessman, on capital expenditures, quoted in Warren Buffett’s Management Secrets (Buffett & Clark, 2009)<\/p>\n

62.What witch doctor has ever achieved fame and fortune by simply advising \u2018take two aspirins’?
\n\u6709\u54ea\u4e2a\u5deb\u533b\u4ec5\u4ec5\u901a\u8fc7\u5efa\u8bae\u201c\u5403\u4e24\u7247\u963f\u53f8\u5339\u6797\u201d\u5c31\u83b7\u5f97\u4e86\u540d\u58f0\u548c\u8d22\u5bcc\uff1f
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on academics, advisors, and professionals<\/p>\n

63.As they say in poker, \u2018If you’ve been in the game 30 minutes and you don’t know who the patsy is, you’re the patsy.
\n\u6b63\u5982\u6251\u514b\u4e2d\u6240\u8bf4\u7684\uff0c\u201c\u5982\u679c\u4f60\u5728\u6e38\u620f\u4e2d\u5f85\u4e86 30 \u5206\u949f\u8fd8\u4e0d\u77e5\u9053\u8c01\u662f\u50bb\u74dc\uff0c\u90a3\u4f60\u5c31\u662f\u50bb\u74dc\u3002\u201d
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on investing, trading, and the stock market<\/p>\n

64.If you aren’t certain that you understand and can value a business far better than Mr. Market you don’t belong in the game.
\n\u5982\u679c\u4f60\u4e0d\u786e\u5b9a\u81ea\u5df1\u7406\u89e3\u5e76\u80fd\u6bd4\u5e02\u573a\u5148\u751f\u66f4\u597d\u5730\u8bc4\u4f30\u4e00\u9879\u4e1a\u52a1\uff0c\u90a3\u4e48\u4f60\u5c31\u4e0d\u5e94\u8be5\u53c2\u4e0e\u8fd9\u4e2a\u6e38\u620f\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on investing with Mr. Market
\n-\u6c83\u4f26\u00b7\u5df4\u83f2\u7279\uff0c\u7f8e\u56fd\u5546\u4eba\uff0c\u5728\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6 1987 \u5e74\u5e74\u5ea6\u80a1\u4e1c\u4fe1\u4e2d\u8c08\u8bba\u4e0e\u5e02\u573a\u5148\u751f\u6295\u8d44\u7684\u4e8b\u5b9c<\/p>\n

65.Ben Graham, my friend and teacher, long ago described the mental attitude toward market fluctuations that I believe to be most conducive to investment success. He said that you should imagine market quotations as coming from a remarkably accommodating fellow named Mr. Market who is your partner in a private business. Without fail, Mr. Market appears daily and names a price at which he will either buy your interest or sell you his.
\n\u672c\u00b7\u683c\u96f7\u5384\u59c6\uff0c\u6211\u7684\u670b\u53cb\u548c\u8001\u5e08\uff0c\u65e9\u5c31\u63cf\u8ff0\u4e86\u6211\u8ba4\u4e3a\u6700\u6709\u5229\u4e8e\u6295\u8d44\u6210\u529f\u7684\u5bf9\u5e02\u573a\u6ce2\u52a8\u7684\u5fc3\u7406\u6001\u5ea6\u3002\u4ed6\u8bf4\uff0c\u4f60\u5e94\u8be5\u60f3\u8c61\u5e02\u573a\u62a5\u4ef7\u6765\u81ea\u4e00\u4e2a\u540d\u53eb\u201c\u5e02\u573a\u5148\u751f\u201d\u7684\u975e\u5e38\u901a\u60c5\u8fbe\u7406\u7684\u5bb6\u4f19\uff0c\u4ed6\u662f\u4f60\u79c1\u4eba\u751f\u610f\u7684\u5408\u4f19\u4eba\u3002\u5e02\u573a\u5148\u751f\u6bcf\u5929\u90fd\u4f1a\u51fa\u73b0\uff0c\u5e76\u7ed9\u51fa\u4e00\u4e2a\u4ef7\u683c\uff0c\u8868\u793a\u4ed6\u613f\u610f\u4ee5\u8fd9\u4e2a\u4ef7\u683c\u8d2d\u4e70\u4f60\u7684\u80a1\u4efd\u6216\u51fa\u552e\u4ed6\u7684\u80a1\u4efd\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1987 Annual Shareholder Letter on Mr. Market<\/p>\n

66.Our guideline is to tell you the business facts that we would want to know if our positions were reversed.
\n\u6211\u4eec\u7684\u6307\u5bfc\u65b9\u9488\u662f\u544a\u8bc9\u60a8\u5982\u679c\u6211\u4eec\u7684\u4f4d\u7f6e\u98a0\u5012\uff0c\u6211\u4eec\u60f3\u77e5\u9053\u7684\u5546\u4e1a\u4e8b\u5b9e\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on reporting<\/p>\n

67.We feel noble intentions should be checked periodically against results.
\n\u6211\u4eec\u8ba4\u4e3a\u9ad8\u5c1a\u7684\u610f\u56fe\u5e94\u8be5\u5b9a\u671f\u4e0e\u7ed3\u679c\u8fdb\u884c\u5bf9\u7167\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on the policy of retaining and reinvesting earnings<\/p>\n

68.We want to make money only when our partners do and in exactly the same proportion.
\n\u6211\u4eec\u5e0c\u671b\u53ea\u6709\u5728\u6211\u4eec\u7684\u5408\u4f5c\u4f19\u4f34\u8d5a\u94b1\u65f6\uff0c\u6211\u4eec\u624d\u8d5a\u94b1\uff0c\u5e76\u4e14\u6bd4\u4f8b\u5b8c\u5168\u76f8\u540c\u3002
\n-Warren E. Buffett, American Businessman, in Berkshire Hathaway’s 1996 Owner’s Manual on Berkshire’s owner-orientation<\/p>\n

69.If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.
\n\u5982\u679c\u4f60\u4e0d\u613f\u610f\u6301\u6709\u4e00\u53ea\u80a1\u7968 10 \u5e74\uff0c\u5c31\u8fde 10 \u5206\u949f\u90fd\u4e0d\u8981\u8003\u8651\u6301\u6709\u5b83\u3002<\/p>\n

70.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.
\n\u6295\u8d44\u7684\u5173\u952e\u4e0d\u5728\u4e8e\u8bc4\u4f30\u4e00\u4e2a\u884c\u4e1a\u5c06\u5982\u4f55\u5f71\u54cd\u793e\u4f1a\u6216\u5b83\u5c06\u589e\u957f\u591a\u5c11\uff0c\u800c\u5728\u4e8e\u786e\u5b9a\u4efb\u4f55\u7ed9\u5b9a\u516c\u53f8\u7684\u7ade\u4e89\u4f18\u52bf\uff0c\u5c24\u5176\u662f\u8fd9\u79cd\u4f18\u52bf\u7684\u6301\u4e45\u6027\u3002<\/p>\n

71.The three most important words in investing are \u2018margin of safety’.
\n\u6295\u8d44\u4e2d\u6700\u91cd\u8981\u7684\u4e09\u4e2a\u8bcd\u662f\u201c\u5b89\u5168\u8fb9\u9645\u201d\u3002<\/p>\n

72.Beware the investment activity that produces applause; the great moves are usually greeted by yawns.
\n\u5c0f\u5fc3\u90a3\u4e9b\u5f15\u8d77\u638c\u58f0\u7684\u6295\u8d44\u6d3b\u52a8\uff1b\u4f1f\u5927\u7684\u4e3e\u52a8\u901a\u5e38\u4f1a\u5f15\u6765\u54c8\u6b20\u3002<\/p>\n

73.The business schools reward difficult complex behaviour more than simple behaviour, but simple behaviour is more effective.
\n\u5546\u5b66\u9662\u66f4\u5956\u52b1\u590d\u6742\u7684\u56f0\u96be\u884c\u4e3a\uff0c\u800c\u7b80\u5355\u884c\u4e3a\u66f4\u6709\u6548\u3002<\/p>\n

74.Risk comes from not knowing what you are doing.
\n\u98ce\u9669\u6765\u81ea\u4e8e\u4e0d\u77e5\u9053\u81ea\u5df1\u5728\u505a\u4ec0\u4e48\u3002<\/p>\n

75. Do not take yearly results too seriously. Instead, focus on four- or five-year averages.
\n\u4e0d\u8981\u8fc7\u4e8e\u8ba4\u771f\u5bf9\u5f85\u5e74\u5ea6\u7ed3\u679c\u3002\u76f8\u53cd\uff0c\u5173\u6ce8\u56db\u5e74\u6216\u4e94\u5e74\u7684\u5e73\u5747\u503c\u3002<\/p>\n

76.Never invest in a business you cannot understand.
\n\u6c38\u8fdc\u4e0d\u8981\u6295\u8d44\u4e8e\u4f60\u65e0\u6cd5\u7406\u89e3\u7684\u4e1a\u52a1\u3002<\/p>\n

77.No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.
\n\u65e0\u8bba\u624d\u80fd\u6216\u52aa\u529b\u591a\u4e48\u51fa\u8272\uff0c\u6709\u4e9b\u4e8b\u60c5\u5c31\u662f\u9700\u8981\u65f6\u95f4\u3002\u4f60\u4e0d\u80fd\u901a\u8fc7\u8ba9\u4e5d\u4e2a\u5973\u4eba\u6000\u5b55\u5728\u4e00\u4e2a\u6708\u5185\u751f\u51fa\u4e00\u4e2a\u5a74\u513f\u3002<\/p>\n

78.We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.
\n\u6211\u4eec\u4ece\u4e0d\u5e0c\u671b\u4f9d\u8d56\u964c\u751f\u4eba\u7684\u4ec1\u6148\u6765\u6ee1\u8db3\u660e\u5929\u7684\u4e49\u52a1\u3002\u5f53\u88ab\u8feb\u9009\u62e9\u65f6\uff0c\u6211\u751a\u81f3\u4e0d\u613f\u610f\u4e3a\u4e86\u989d\u5916\u5229\u6da6\u7684\u673a\u4f1a\u727a\u7272\u4e00\u665a\u7684\u7761\u7720\u3002<\/p>\n

79.Don’t pass up something that’s attractive today because you think you will find something better tomorrow.
\n\u4e0d\u8981\u56e0\u4e3a\u4f60\u8ba4\u4e3a\u660e\u5929\u4f1a\u627e\u5230\u66f4\u597d\u7684\u4e1c\u897f\u800c\u9519\u8fc7\u4eca\u5929\u5438\u5f15\u4f60\u7684\u4e8b\u7269\u3002<\/p>\n

80.The best chance to deploy capital is when things are going down.
\n\u6700\u4f73\u6295\u8d44\u65f6\u673a\u662f\u5f53\u5e02\u573a\u4e0b\u8dcc\u65f6\u3002<\/p>\n

81.Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.
\n\u673a\u4f1a\u6765\u5f97\u4e0d\u9891\u7e41\u3002\u5f53\u4e0b\u91d1\u96e8\u65f6\uff0c\u62ff\u51fa\u6876\uff0c\u800c\u4e0d\u662f\u9876\u9488\u3002<\/p>\n

82.I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.
\n\u6211\u575a\u6301\u6bcf\u5929\u82b1\u5f88\u591a\u65f6\u95f4\u5750\u4e0b\u6765\u601d\u8003\u3002\u8fd9\u5728\u7f8e\u56fd\u5546\u4e1a\u4e2d\u975e\u5e38\u4e0d\u5e38\u89c1\u3002\u6211\u9605\u8bfb\u548c\u601d\u8003\u3002\u56e0\u6b64\uff0c\u6211\u6bd4\u5927\u591a\u6570\u5546\u754c\u4eba\u58eb\u82b1\u66f4\u591a\u65f6\u95f4\u9605\u8bfb\u548c\u601d\u8003\uff0c\u505a\u51fa\u7684\u51b2\u52a8\u51b3\u7b56\u4e5f\u66f4\u5c11\u3002\u6211\u8fd9\u6837\u505a\u662f\u56e0\u4e3a\u6211\u559c\u6b22\u8fd9\u79cd\u751f\u6d3b\u3002<\/p>\n

83.If you’re in the luckiest one per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.
\n\u5982\u679c\u4f60\u662f\u4eba\u7c7b\u4e2d\u6700\u5e78\u8fd0\u7684\u767e\u5206\u4e4b\u4e00\uff0c\u4f60\u6709\u8d23\u4efb\u4e3a\u5176\u4ed6 99%\u7684\u4eba\u8003\u8651\u3002<\/p>\n

84.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.
\n\u5982\u679c\u4f60\u53d1\u73b0\u81ea\u5df1\u5728\u4e00\u53ea\u957f\u671f\u6f0f\u6c34\u7684\u8239\u4e0a\uff0c\u6295\u5165\u7cbe\u529b\u53bb\u66f4\u6362\u8239\u53ea\u53ef\u80fd\u6bd4\u6295\u5165\u7cbe\u529b\u53bb\u4fee\u8865\u6f0f\u6d1e\u66f4\u6709\u6548\u3002<\/p>\n

85.In the business world, the rearview mirror is always clearer than the windshield.
\n\u5728\u5546\u4e1a\u4e16\u754c\u4e2d\uff0c\u540e\u89c6\u955c\u603b\u662f\u6bd4\u6321\u98ce\u73bb\u7483\u66f4\u6e05\u6670\u3002<\/p>\n

86.Every saint has a past. Every sinner has a future.
\n\u6bcf\u4e2a\u5723\u4eba\u90fd\u6709\u8fc7\u53bb\u3002\u6bcf\u4e2a\u7f6a\u4eba\u90fd\u6709\u672a\u6765\u3002<\/p>\n

87.[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
\n[\u9ec4\u91d1] \u5728\u975e\u6d32\u6216\u5176\u4ed6\u5730\u65b9\u4ece\u5730\u4e0b\u6316\u51fa\u6765\u3002\u7136\u540e\u6211\u4eec\u628a\u5b83\u7194\u5316\uff0c\u6316\u53e6\u4e00\u4e2a\u6d1e\uff0c\u518d\u57cb\u56de\u53bb\uff0c\u5e76\u652f\u4ed8\u4eba\u4eec\u7ad9\u5728\u90a3\u91cc\u5b88\u536b\u3002\u5b83\u6ca1\u6709\u4efb\u4f55\u5b9e\u7528\u4ef7\u503c\u3002\u4efb\u4f55\u4ece\u706b\u661f\u4e0a\u89c2\u5bdf\u7684\u4eba\u90fd\u4f1a\u611f\u5230\u56f0\u60d1\u3002<\/p>\n

88. If you buy things you do not need, soon you will have to sell things you need.
\n\u5982\u679c\u4f60\u4e70\u4e86\u4e0d\u9700\u8981\u7684\u4e1c\u897f\uff0c\u5f88\u5feb\u4f60\u5c31\u4f1a\u4e0d\u5f97\u4e0d\u5356\u6389\u9700\u8981\u7684\u4e1c\u897f\u3002<\/p>\n

89.calling someone who trades actively in the market an investor \u201cis like calling someone who repeatedly engages in one-night stands a romantic.
\n\u79f0\u4e00\u4e2a\u5728\u5e02\u573a\u4e0a\u79ef\u6781\u4ea4\u6613\u7684\u4eba\u4e3a\u6295\u8d44\u8005\u201c\u5c31\u50cf\u79f0\u4e00\u4e2a\u53cd\u590d\u8fdb\u884c\u4e00\u591c\u60c5\u7684\u4eba\u4e3a\u6d6a\u6f2b\u4e3b\u4e49\u8005\u3002\u201d
\n-Warren Buffett, The Essays of Warren Buffett: Lessons for Corporate America<\/p>\n

90.Gold is a way of going long on fear, and it has been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in a year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money, but the gold itself doesn’t produce anything.
\n\u9ec4\u91d1\u662f\u4e00\u79cd\u5bf9\u6050\u60e7\u7684\u957f\u671f\u6295\u8d44\u65b9\u5f0f\uff0c\u65f6\u4e0d\u65f6\u5730\u5b83\u786e\u5b9e\u662f\u4e00\u4e2a\u4e0d\u9519\u7684\u9009\u62e9\u3002\u4f46\u4f60\u771f\u7684\u5f97\u5e0c\u671b\u4eba\u4eec\u5728\u4e00\u5e74\u6216\u4e24\u5e74\u540e\u6bd4\u73b0\u5728\u66f4\u5bb3\u6015\u3002\u5982\u679c\u4ed6\u4eec\u53d8\u5f97\u66f4\u5bb3\u6015\uff0c\u4f60\u5c31\u8d5a\u94b1\uff1b\u5982\u679c\u4ed6\u4eec\u53d8\u5f97\u4e0d\u90a3\u4e48\u5bb3\u6015\uff0c\u4f60\u5c31\u4e8f\u94b1\uff0c\u4f46\u9ec4\u91d1\u672c\u8eab\u5e76\u4e0d\u4ea7\u751f\u4efb\u4f55\u4e1c\u897f\u3002<\/p>\n

91.An idiot with a plan can beat a genius without a plan.
\n\u4e00\u4e2a\u6709\u8ba1\u5212\u7684\u50bb\u74dc\u53ef\u4ee5\u6253\u8d25\u4e00\u4e2a\u6ca1\u6709\u8ba1\u5212\u7684\u5929\u624d\u3002<\/p>\n

92.If you wait till you know everything it’s too late
\n\u5982\u679c\u4f60\u7b49\u5230\u77e5\u9053\u4e00\u5207\u518d\u884c\u52a8\uff0c\u90a3\u5c31\u592a\u665a\u4e86\u3002<\/p>\n

93.It is better to be approximately right than precisely wrong.
\n\u6a21\u7cca\u7684\u6b63\u786e\u603b\u6bd4\u7cbe\u786e\u7684\u9519\u8bef\u8981\u597d\u3002
\n-Warren Buffett, The Essays of Warren Buffett : Lessons for Corporate America<\/p>\n

94.A good business is not always a good purchase – although it’s a good place to look for one.
\n\u4e00\u5bb6\u597d\u7684\u751f\u610f\u5e76\u4e0d\u603b\u662f\u4e00\u4e2a\u597d\u7684\u6295\u8d44\u2014\u2014\u5c3d\u7ba1\u5b83\u662f\u5bfb\u627e\u4e00\u4e2a\u7684\u597d\u5730\u65b9\u3002
\n-Warren Buffett, The Essays of Warren Buffett : Lessons for Corporate America<\/p>\n

95.Our basic principle is that if you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.
\n\u6211\u4eec\u7684\u57fa\u672c\u539f\u5219\u662f\uff0c\u5982\u679c\u4f60\u60f3\u5c04\u51fb\u7a00\u6709\u4e14\u5feb\u901f\u79fb\u52a8\u7684\u5927\u8c61\uff0c\u4f60\u5e94\u8be5\u603b\u662f\u643a\u5e26\u4e00\u652f\u88c5\u6ee1\u5b50\u5f39\u7684\u67aa\u3002<\/p>\n

96.Charlie and I believe our four criteria are essential if directors are to do their job \u2014 which, by law, is to faithfully represent owners. Yet these criteria are usually ignored. Instead, consultants and CEOs seeking board candidates will often say, \u201cWe’re looking for a woman,\u201d or \u201ca Hispanic,\u201d or \u201csomeone from abroad,\u201d or what have you. It sometimes sounds as if the mission is to stock Noah’s ark. Over the years I’ve been queried many times about potential directors and have yet to hear anyone ask, \u201cDoes he think like an intelligent owner?\u201d The questions I instead
\n\u67e5\u7406\u548c\u6211\u575a\u4fe1\uff0c\u5982\u679c\u8463\u4e8b\u4eec\u8981\u5c65\u884c\u4ed6\u4eec\u7684\u804c\u8d23\u2014\u2014\u6839\u636e\u6cd5\u5f8b\uff0c\u662f\u5fe0\u5b9e\u5730\u4ee3\u8868\u6240\u6709\u8005\uff0c\u90a3\u4e48\u8fd9\u56db\u4e2a\u6807\u51c6\u662f\u5fc5\u4e0d\u53ef\u5c11\u7684\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u6807\u51c6\u901a\u5e38\u88ab\u5ffd\u89c6\u3002\u76f8\u53cd\uff0c\u5bfb\u6c42\u8463\u4e8b\u4f1a\u5019\u9009\u4eba\u7684\u987e\u95ee\u548cCEO\u4eec\u5e38\u5e38\u4f1a\u8bf4\uff0c\u201c\u6211\u4eec\u5728\u627e\u4e00\u4e2a\u5973\u6027\u201d\uff0c\u6216\u8005\u201c\u4e00\u4e2a\u897f\u73ed\u7259\u88d4\u201d\uff0c\u6216\u8005\u201c\u4e00\u4e2a\u6765\u81ea\u56fd\u5916\u7684\u4eba\u201d\uff0c\u6216\u8005\u8bf8\u5982\u6b64\u7c7b\u7684\u8bdd\u3002\u6709\u65f6\u542c\u8d77\u6765\u597d\u50cf\u4efb\u52a1\u662f\u50a8\u5907\u8bfa\u4e9a\u65b9\u821f\u3002\u591a\u5e74\u6765\uff0c\u6211\u591a\u6b21\u88ab\u8be2\u95ee\u6f5c\u5728\u8463\u4e8b\u7684\u60c5\u51b5\uff0c\u4f46\u4ece\u672a\u542c\u5230\u6709\u4eba\u8be2\u95ee\uff0c\u201c\u4ed6\u662f\u5426\u50cf\u4e00\u4e2a\u660e\u667a\u7684\u6240\u6709\u8005\u90a3\u6837\u601d\u8003\uff1f\u201d\u76f8\u53cd\uff0c\u6211\u88ab\u95ee\u5230\u7684\u95ee\u9898\u662f…
\n-Warren Buffett, Berkshire Hathaway Letters to Shareholders, 2023<\/p>\n

97.Financial staying power requires a company to maintain three strengths under all circumstances: (1) a large and reliable stream of earnings; (2) massive liquid assets; and (3) no significant near-term cash requirements. Ignoring that last necessity is what usually leads companies to experience unexpected problems.
\n\u8d22\u52a1\u6301\u7eed\u80fd\u529b\u8981\u6c42\u516c\u53f8\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\u4fdd\u6301\u4e09\u9879\u4f18\u52bf\uff1a(1) \u5927\u91cf\u4e14\u53ef\u9760\u7684\u6536\u76ca\u6d41\uff1b(2) \u5927\u91cf\u6d41\u52a8\u8d44\u4ea7\uff1b(3) \u6ca1\u6709\u663e\u8457\u7684\u77ed\u671f\u73b0\u91d1\u9700\u6c42\u3002\u5ffd\u89c6\u6700\u540e\u4e00\u9879\u5fc5\u8981\u6027\u901a\u5e38\u4f1a\u5bfc\u81f4\u516c\u53f8\u9762\u4e34\u610f\u60f3\u4e0d\u5230\u7684\u95ee\u9898\u3002<\/p>\n

98.When \u201cdumb\u201d money acknowledges its limitations, it ceases to be dumb.
\n\u5f53\u50bb\u94b1\u627f\u8ba4\u5176\u5c40\u9650\u6027\u65f6\uff0c\u5b83\u5c31\u4e0d\u518d\u662f\u50bb\u74dc\u3002<\/p>\n

99.We prefer: large purchases (at least $5 million of after-tax \u00a0earnings), demonstrated consistent earning power (future projections are of little interest to us, nor are \u201cturn-around\u201d situations), businesses earning good returns on equity while employing little or no debt, management in place (we can’t supply it), simple businesses (if there’s lots of technology, we won’t understand it), an offering price (we don’t want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown).
\n\u6211\u4eec\u504f\u597d\uff1a\u5927\u989d\u8d2d\u4e70\uff08\u7a0e\u540e\u6536\u76ca\u81f3\u5c11\u4e3a500\u4e07\u7f8e\u5143\uff09\uff0c\u5c55\u73b0\u51fa\u4e00\u8d2f\u7684\u76c8\u5229\u80fd\u529b\uff08\u6211\u4eec\u5bf9\u5c06\u6765\u7684\u9884\u6d4b\u4e0d\u611f\u5174\u8da3\uff0c\u4e5f\u5bf9\u201c\u626d\u8f6c\u5c40\u9762\u201d\u7684\u60c5\u51b5\u4e0d\u611f\u5174\u8da3\uff09\uff0c\u5728\u5f88\u5c11\u6216\u6ca1\u6709\u503a\u52a1\u7684\u60c5\u51b5\u4e0b\u83b7\u5f97\u826f\u597d\u80a1\u672c\u56de\u62a5\u7684\u4f01\u4e1a\uff0c\u6709\u73b0\u6210\u7684\u7ba1\u7406\u56e2\u961f\uff08\u6211\u4eec\u63d0\u4f9b\u4e0d\u4e86\uff09\uff0c\u7b80\u5355\u7684\u4e1a\u52a1\uff08\u5982\u679c\u6709\u5927\u91cf\u7684\u6280\u672f\uff0c\u6211\u4eec\u5c06\u65e0\u6cd5\u7406\u89e3\uff09\uff0c\u4e00\u4e2a\u51fa\u4ef7\uff08\u6211\u4eec\u4e0d\u60f3\u6d6a\u8d39\u6211\u4eec\u6216\u5356\u5bb6\u7684\u65f6\u95f4\uff0c\u5f53\u4ef7\u683c\u672a\u77e5\u65f6\uff0c\u5373\u4f7f\u662f\u521d\u6b65\u5730\u8c08\u8bba\u4ea4\u6613\uff09\u3002<\/p>\n

100.Loss of focus is what most worries Charlie and me when we contemplate investing in businesses that in general look outstanding.
\n\u5f53\u67e5\u7406\u548c\u6211\u8003\u8651\u6295\u8d44\u90a3\u4e9b\u770b\u8d77\u6765\u975e\u5e38\u51fa\u8272\u7684\u4f01\u4e1a\u65f6\uff0c\u5931\u53bb\u4e13\u6ce8\u662f\u6211\u4eec\u6700\u62c5\u5fc3\u7684\u4e8b\u60c5\u3002<\/p>\n

101.Habits of happy people: 1. Don’t show off 2. Talk less 3. Learn daily 4. Help less fortunate 5. Laugh more 6. Ignore nonsense 7. No entitlement.
\n101. \u5feb\u4e50\u4eba\u7684\u4e60\u60ef\uff1a1. \u4e0d\u70ab\u8000 2. \u5c11\u8bf4\u8bdd 3. \u6bcf\u5929\u5b66\u4e60 4. \u5e2e\u52a9\u4e0d\u5e78\u7684\u4eba 5. \u591a\u7b11 6. \u5ffd\u7565\u65e0\u8c13 7. \u4e0d\u81ea\u4ee5\u4e3a\u662f\u3002<\/p>\n

102.If you invested in a low-cost index fund–where you don’t put the money in at one time, but average in over 10 years–you’ll do better than 90% of people who start investing at the same time.
\n\u5982\u679c\u4f60\u6295\u8d44\u4e8e\u4e00\u4e2a\u4f4e\u6210\u672c\u7684\u6307\u6570\u57fa\u91d1\u2014\u2014\u5728 10 \u5e74\u5185\u5206\u6279\u6295\u5165\u8d44\u91d1\uff0c\u800c\u4e0d\u662f\u4e00\u6b21\u6027\u6295\u5165\u2014\u2014\u4f60\u5c06\u6bd4 90%\u540c\u65f6\u5f00\u59cb\u6295\u8d44\u7684\u4eba\u8868\u73b0\u5f97\u66f4\u597d\u3002<\/p>\n

103.There seems to be some perverse human characteristic that likes to make easy things difficult.
\n\u4f3c\u4e4e\u6709\u4e00\u79cd\u626d\u66f2\u7684\u4eba\u6027\u7279\u5f81\uff0c\u559c\u6b22\u628a\u7b80\u5355\u7684\u4e8b\u60c5\u53d8\u5f97\u590d\u6742\u3002<\/p>\n

104.I always look at IQ and talent as representing the horsepower of the motor, but that the output\u2015the efficiency with which that motor works\u2015depends on rationality.
\n\u6211\u603b\u662f\u628a\u667a\u5546\u548c\u624d\u80fd\u770b\u4f5c\u662f\u53d1\u52a8\u673a\u7684\u9a6c\u529b\uff0c\u4f46\u8f93\u51fa\u2014\u2014\u5373\u53d1\u52a8\u673a\u5de5\u4f5c\u7684\u6548\u7387\u2014\u2014\u5219\u53d6\u51b3\u4e8e\u7406\u6027\u3002
\n-Warren E. Buffett, on the importance of rationality over IQ, during a Q&A with Bill Gates at The University of Washington, 1998<\/p>\n","protected":false},"excerpt":{"rendered":"

1.Everything that can’t go on forever will end. \u4e00 … <\/p>\n

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