I have no idea were the market is going to go. I prefer it going down. But my preferences have nothing to do with it. The market knows nothing about my feelings. That is one of the first things you have to learn about a stock.

我不知道市场会怎么走。我更愿意看到市场下跌，这是我的一厢情愿，市场该怎么走还怎么走。市场不懂我的感受。要投资股票，这是你必须学会的一个道理。

You buy 100 shares of General Motors (GM). Now all of a sudden you have this feeling about GM. It goes down, you may be mad at it. Or if it goes up, you may say how smart you were and how you and GM have this love affair. You have got all these feelings. The stock doesn& #39;t know you own it. The stock just sits there; it doesn& #39;t care what you paid or the fact that you own it. Any feeling I have about the market is not reciprocated. I mean it is the ultimate cold shoulder we are talking about here.

你买了100股通用汽车，马上就会对通用汽车有感情。它跌了，你很生气；它涨了，你又会觉得自己很聪明，你和通用汽车是多么适配。这些情绪都来了。股票哪知道你买没买它，它就待在那，不管你买没买，也不管你多少钱买的。不管我对市场产生什么感情，它都不理我，没有比市场更铁石心肠的了。

The NYSE is one big supermarket of companies. And you are going to be buying stocks, what you want to have happen? You want to have those stocks go down, then you will make better buys then. Later on twenty or thirty years from now when you are in a period when you are dis-saving, or when your heirs dis-save for you, then you may care about higher prices.

纽约股票交易所就是一个可以买到各种公司的大超市。你要买股票，你希望出现什么情况？你希望这些股票一直跌，这样你才能买的更合适。等到二三十年之后，当你要把积累的钱拿出来花的时候，或者你的子女帮你花的时候，你才希望股价高。

We want things to go down, but I have no idea what the stock market is going to do. When it goes down, I look harder at what I might buy that day because I know there is more likely to be some merchandise there to use my money effectively in.

我们希望股价下跌，但是我不知道市场会怎么走。股市大跌的时候，我会仔细研究有什么值得买的，大跌的时候更容易买到好货，且更高效地使用手上的资金。