{"id":426,"date":"2025-07-04T11:54:50","date_gmt":"2025-07-04T03:54:50","guid":{"rendered":"http:\/\/101.43.65.133:8899\/?p=426"},"modified":"2025-07-04T17:51:05","modified_gmt":"2025-07-04T09:51:05","slug":"the-oracle-speaks-warren-buffett-in-his-words","status":"publish","type":"post","link":"http:\/\/101.43.65.133:8899\/?p=426","title":{"rendered":"The Oracle Speaks: Warren Buffett in his words"},"content":{"rendered":"
<\/div>

Part1\/ Business Empire<\/h2>\n

1.1 RESEARCHING INVESTMENTS<\/h3>\n

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\u2019d want to know all about it.
\n\u2014Forbes, November 1, 1969<\/p>\n

\u5f53\u6211\u4e70\u4e00\u4e2a\u80a1\u7968\u65f6\uff0c\u6211\u60f3\u5230\u7684\u662f\u4e70\u4e00\u5bb6\u516c\u53f8\uff0c\u5c31\u597d\u50cf\u4f60\u60f3\u4e70\u8857\u9053\u4e0a\u7684\u4e00\u5bb6\u5546\u5e97\uff0c\u5f53\u6211\u60f3\u8981\u4e70\u4e00\u5bb6\u5546\u5e97\u65f6\uff0c\u6211\u5e0c\u671b\u77e5\u9053\u8fd9\u5bb6\u5546\u5e97\u6240\u6709\u7684\u4e00\u5207\u3002
\n–\u798f\u5e03\u65af 1969\u5e7411\u67081\u65e5<\/p>\n

1.2 LIMITING YOUR INVESTMENTS<\/h3>\n

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\u2019d make more money than having one with unlimited punches. You\u2019d make sure you used them for the right things.
\n\u2014University of Notre Dame, spring 1991<\/p>\n

\u9650\u5236\u4f60\u7684\u6295\u8d44\u54c1
\n\u5728\u6295\u8d44\u4e16\u754c\uff0c\u5f53\u4f60\u79bb\u5f00\u5b66\u6821\u65f6\u5982\u679c\u4f60\u6709\u4e00\u5f20\u6253\u5b54\u5361\u7247\uff0c\u8fd9\u5f20\u5361\u7247\u4e0a\u53ea\u670920\u4e2a\u5b54\uff0c\u5f53\u4f60\u7528\u5b8c\u8fd9\u4e9b\u65f6\u4f60\u5c06\u7ed3\u675f\u4f60\u7684\u6295\u8d44\u751f\u6daf\uff0c\u4f60\u5c06\u4f1a\u6bd4\u90a3\u4e9b\u62e5\u6709\u65e0\u9650\u7a7f\u5b54\u5361\u7247\u7684\u4eba\u8d5a\u94b1\u66f4\u591a\u7684\u91d1\u94b1\uff0c\u56e0\u4e3a\u4f60\u4f1a\u5f88\u8c28\u614e\u7684\u786e\u5b9a\u4f60\u5c06\u90a3\u4e9b\u673a\u4f1a\u7528\u5728\u6b63\u786e\u7684\u4e8b\u60c5\u4e0a\u3002
\n\u5723\u6bcd\u5927\u5b66 1991\u5e74\u6625<\/p>\n

1.3 INVESTMENT AND SPORTS<\/h3>\n

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\u2019s 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.
\n\u2014Forbes, November 1, 1974
\n\u6211\u5c06\u6295\u8d44\u79f0\u4e3a\u4e16\u754c\u4e0a\u6700\u4f1f\u5927\u7684\u751f\u610f\uff0c\u56e0\u4e3a\u4f60\u5c06\u4e0d\u9700\u8981\u6325\u6746\u51fb\u7403\uff0c\u4f60\u7ad9\u5728\u7403\u573a\uff0c\u63b7\u7403\u624b\u5411\u4f60\u6254\u6765\u3010\u901a\u7528\u6c7d\u8f66$47!, \u7f8e\u56fd\u94a2\u94c1$39!\u3011\uff0c\u800c\u4e14\u6ca1\u6709\u4eba\u5224\u5b9a\u4f60\u51fa\u5c40\uff0c\u9664\u4e86\u5931\u53bb\u673a\u4f1a\u6ca1\u6709\u5176\u4ed6\u7684\u60e9\u7f5a\u3002\u4e00\u6574\u5929\u4f60\u90fd\u5728\u7b49\u5f85\u4f60\u559c\u6b22\u7684\u7403\uff0c\u5f53\u5916\u91ce\u624b\u778c\u7761\u65f6\uff0c\u4f60\u8d70\u4e0a\u524d\u51fb\u7403\u3002
\n\u798f\u5e03\u65af\uff0c1974\u5e7410\u67081\u65e5<\/p>\n

TED WILLIAMS DESCRIBED in his book, The Science of Hitting, that the most important thing\u2014for a hitter\u2014is to wait for the right pitch. And that\u2019s exactly the philosophy I have about investing. Wait for the right pitch, and wait for the right deal. And it will come. It\u2019s the key to investing.
\n\u2014CBS News, February 8, 2012
\n\u6cf0\u5fb7\u5a01\u5ec9 \u5728\u5b83\u4e66\u91cc\u300a\u51fb\u7403\u7684\u79d1\u5b66\u300b\u8fd9\u6837\u63cf\u8ff0\uff1a\u5bf9\u4e8e\u4e00\u4e2a\u51fb\u7403\u65f6\u6765\u8bf4\u6700\u91cd\u8981\u7684\u4e8b\u60c5\uff0c\u662f\u7b49\u5f85\u4e00\u4e2a\u6b63\u786e\u7684\u7403\uff0c\u800c\u8fd9\u6b63\u662f\u6211\u7684\u6295\u8d44\u54f2\u5b66\u3002\u7b49\u5f85\u90a3\u4e2a\u6b63\u786e\u7684\u7403\uff0c\u7b49\u5f85\u4e00\u4e2a\u5f88\u597d\u7684\u4ea4\u6613\uff0c\u800c\u5b83\u7ec8\u5c06\u51fa\u73b0\uff0c\u8fd9\u662f\u6295\u8d44\u7684\u5173\u952e\u3002
\nCBS\u65b0\u95fb\uff0c2021\u5e742\u67088\u65e5<\/p>\n

GAMES ARE WON by players who focus on the playing field\u2014not 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.
\n\u2014letter to Berkshire Hathaway shareholders, February 2014
\n\u6bd4\u8d5b\u662f\u7531\u90a3\u4e9b\u4e13\u6ce8\u4e8e\u8d5b\u573a\u7684\u9009\u624b\u8d62\u5f97\u7684\uff0c\u800c\u4e0d\u662f\u90a3\u4e9b\u773c\u775b\u76ef\u7740\u79ef\u5206\u724c\u7684\u4eba\u3002\u5982\u679c\u4f60\u80fd\u4eab\u53d7\u4f60\u7684\u5468\u516d\u5468\u65e5\u800c\u4e0d\u53bb\u5173\u6ce8\u80a1\u7968\u4ef7\u683c\uff0c\u4f60\u53ef\u4ee5\u5728\u5de5\u4f5c\u65e5\u8fdb\u884c\u5c1d\u8bd5\u3002
\n–\u7ed9BRK\u80a1\u4e1c\u7684\u4fe1 2014\u5e742\u6708<\/p>\n

DEGREE OF DIFFICULTY counts in the Olympics; it doesn\u2019t count in business. You don\u2019t get any extra points for the fact that something\u2019s very hard to do, so you might as well step over one-foot bars rather than try to jump over seven-foot bars.
\n\u2014CNBC, October 18, 2010
\n\u96be\u5ea6\u7cfb\u6570\u5728\u5965\u6797\u5339\u514b\u4e2d\u8ba1\u5206\uff0c\u4f46\u4e0d\u5728\u5546\u4e1a\u4e2d\u5f97\u5206\u3002\u4f60\u5c06\u4e0d\u4f1a\u5f97\u5230\u989d\u5916\u7684\u79ef\u5206\uff0c\u5373\u4f7f\u662f\u8fd9\u4ef6\u4e8b\u975e\u5e38\u96be\u505a\uff0c\u6240\u4ee5\u4f60\u6700\u597d\u9009\u62e9\u8df3\u8fc7\u4e00\u6b65\u7684\u6805\u680f\u800c\u4e0d\u662f\u5c1d\u8bd5\u53bb\u8df3\u8dc37\u6b65\u7684\u6805\u680f\u3002
\n–CNBC 2010\u5e7410\u670818\u65e5<\/p>\n

1.4 THINKING ABOUT INVESTMENT<\/h3>\n

The best way to think about investments is to be in a room with no one else and to just think. If that doesn\u2019t work, nothing else is going to work.
\n\u2014University of Florida, October 15, 1998
\n\u601d\u8003\u6295\u8d44\u6700\u597d\u7684\u529e\u6cd5\u662f\u72ec\u81ea\u4e00\u4e2a\u4eba\u5f85\u5728\u623f\u95f4\u91cc\u5e76\u53bb\u601d\u8003\uff0c\u5982\u679c\u8fd9\u90fd\u4e0d\u7ba1\u7528\uff0c\u90a3\u6ca1\u6709\u5176\u4ed6\u529e\u6cd5\u80fd\u7ba1\u7528\u3002
\n\u4f5b\u7f57\u91cc\u8fbe\u5dde\u5927\u5b66\uff0c1998\u5e7410\u670815\u65e5<\/p>\n

1.5 THE TEMPERAMENT OF AN INVESTOR<\/h3>\n

SUCCESS IN INVESTING doesn\u2019t correlate with IQ once you\u2019re 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.
\n\u2014BusinessWeek, July 5, 1999
\n\u6295\u8d44\u6210\u529f\u5e76\u4e0d\u4e0e\u4f60\u7684IQ\u9ad8\u4e8e\u5e38\u4eba25\u70b9\u800c\u76f8\u5173\uff0c\u53ea\u8981\u4f60\u6709\u666e\u901a\u7684\u4eba\u7684\u667a\u5546\uff0c\u4f60\u9700\u8981\u7684\u662f\u63a7\u5236\u51b2\u52a8\u7684\u6c14\u8d28\uff0c\u8fd9\u79cd\u51b2\u52a8\u4f1a\u8ba9\u5176\u4ed6\u4eba\u5728\u6295\u8d44\u4e2d\u9677\u5165\u9ebb\u70e6\u3002
\n–\u5546\u4e1a\u5468\u520a 1999\u5e745\u67085\u65e5<\/p>\n

1.6 ORDINARY COMPETENCE, EXTRAORDINARY RESULTS<\/h3>\n

WHAT WE DO is not beyond anybody else\u2019s competence. I feel the same way about managing that I do about investing: It\u2019s just not necessary to do extraordinary things to get extraordinary results.
\n\u2014Fortune, April 11, 1988
\n\u6211\u4eec\u6240\u4f5c\u7684\u5e76\u672a\u8d85\u8d8a\u5176\u4ed6\u4eba\u7684\u80fd\u529b\uff0c\u6211\u611f\u89c9\u7ba1\u7406\u548c\u6295\u8d44\u4e00\u6837\uff0c\u5e76\u4e0d\u9700\u8981\u53bb\u505a\u5353\u8d8a\u7684\u4e8b\u60c5\u624d\u80fd\u83b7\u5f97\u5353\u8d8a\u7684\u7ed3\u679c\u3002
\n–\u8d22\u5bcc 1988\u5e744\u670811\u65e5<\/p>\n

1.7 STUDYING FINANCIAL DATA<\/h3>\n

If merely looking up past financial data would tell you what the future holds, the Forbes 400 would consist of librarians.
\n\u2014letter to Berkshire Hathaway shareholders, February 2009
\n\u5982\u679c\u4ec5\u4ec5\u67e5\u770b\u8fc7\u53bb\u7684\u8d22\u52a1\u6570\u636e\u5c31\u80fd\u544a\u8bc9\u4f60\u672a\u6765\u7684\u8d22\u52a1\u8868\u73b0\uff0c\u90a3\u798f\u5e03\u65af400\u5f3a\u5c06\u7531\u56fe\u4e66\u7ba1\u7406\u5458\u7ec4\u6210\u3002
\n–\u7ed9BRK\u80a1\u4e1c\u7684\u4fe1 2009\u5e742\u6708<\/p>\n","protected":false},"excerpt":{"rendered":"

Part1\/ Business Empire 1.1 RESEARCHING INVESTMENTS WHEN … <\/p>\n

Read more “The Oracle Speaks: Warren Buffett in his words”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[17,7,56],"class_list":["post-426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-warren-e-buffett","tag-17","tag-7","tag-56"],"_links":{"self":[{"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/posts\/426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=426"}],"version-history":[{"count":4,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/posts\/426\/revisions"}],"predecessor-version":[{"id":430,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/posts\/426\/revisions\/430"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=\/wp\/v2\/media\/432"}],"wp:attachment":[{"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=426"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/101.43.65.133:8899\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}