1.What counts for most people in investing is not how much they know, but rather how realistically they define what they don& #39;t know. An investor needs to do very few things right as long as he or she avoids big mistakes.

就投资而言，人们应该注意的，不是他到底知道多少，而是自己到底不知道多少。只要投资人能尽量避免犯重大的错误，他不需要花太多时间去做对的事。

2.We should focus on what will happen, not when.

我们应该集中关注将要发生什么，而不是什么时候发生。

3.Investors today are not benefiting from yesterday& #39;s growth.

今天的投资者不是从昨天的增长中获利的。

4.The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs.

投资和投机之间永远是一线之隔，尤其是当所有市场的参与者都沉浸在欢愉的气氛当中时更是如此。

5.We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it.

我们相信集中持股的做法同样可以大幅降低风险，只要投资人在买进股票之前，能够加强自身对企业的认知，以及对其竞争能力熟悉的程度。

6.The best deals, at the beginning, almost always tell you not to buy them in terms of numbers.

那些最好的买卖，刚开始的时候，从数字上看，几乎都会告诉你不要买。

7.If the market is always effective, then I should be begging on the streets now.

如果市场总是有效，那我现在就应该在街头乞讨了。

8.An overheated stock market as an enterprise pickpockets.

一个过热的股市就是企业的扒手。

9.If you wait for the robin to sing, you will miss the entire spring.

如果你等到知更鸟叫时，你将错过整个春天。

10.The most common cause of low prices is pessimism - some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It& #39;s optimism that is the enemy of the rational buyer.

股价不振的主要原因是悲观的情绪，有时是全面性的，有时则仅限于部分产业或公司。我们很期望能够在这种环境下做生意，不是因为我们天生喜欢悲观，而是如此可以得到便宜的价格买进更多好的公司。乐观是理性投资人最大的敌人。

以上内容为巴菲特经典语录整理

由数字人巴菲特播报

本视频由七华软件用人工智能技术生成