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翻译完了，整合在一起，方便有需要的朋友随时查看。 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。老虎不能发超10000字，我就发前60条。 翻译/达美 注意：括号里是达美的胡言乱语，不是老巴的话。 ———————————— 巴子曰： 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. 头号规矩是不要亏掉本金，第二号规矩是不要忘掉头号规矩。（我不知道要怎么100%做到不亏本金） 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"，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。（这句话听听得了，巴菲特经常做短的其实） 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。你就算很勤奋播种，让九个妹子都大了肚子，你也无法在一个月内生下小孩。（巴式黄腔） 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市场，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？） 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苦果:)） 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，第一局，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。