It& #39;s not our natural inclination to sell. We generally sell if we needed money for something else, but that has not been the problem the last 10 or 15 years. 40 years ago, my sales were all because I found something that I liked even better. I hated to sell what I sold but I also didn& #39;t want to borrow money. So I would reluctantly sell something that I thought was terribly cheap to buy something that was even cheaper. Those were the times when I had more ideas than money, now I& #39;ve got more money than ideas.

我们不倾向于卖出。通常，我们卖出的原因是我们需要钱买别的东西，但这在过去10或15年都不是问题。40年前，我的卖出都是因为我找到了更喜欢的东西。我讨厌卖出，但当时的我更不愿意借钱，所以我会不情愿地卖掉我认为非常便宜的东西去买更便宜的东西。那时，我的想法比钱多，现在我的钱比想法多。

Now we sell really when we& #39;re evaluating the economic characteristics of the business. We probably had one view of the long term competitive advantage of the company at the time we bought it, and we may have modified that. Their strengths are every bit of what they were before, but for one reason or another, we think that the strengths may have been eroded to some degree.

现在只有当我们重新评估企业经济特征时，我们才会卖出。我们在投资一家企业时，会对其长期竞争优势有看法，后来我们可能会改变这种看法。他们的优势可能与以前一样，但处于某种原因，我们认为这一优势在一定程度上被削弱了。

Those beliefs change quite gradually, and who knows whether they& #39;re precise, you know whether they& #39;re right even, but that is the reason in general that we sell now. If we got into some terribly cheap market, we might sell some things that we thought were cheap to buy something even cheaper, after we bought lots and lots of equities. But that& #39;s not the occasion right now.

这些想法是逐渐改变的，谁也不知道想法是否精准，甚至连正确都无法做到，但这通常就是我们卖出的原因。如果我们进入某个非常便宜的市场，我们可能会卖掉一些我们大量持有并且很便宜的股票，然后去买更便宜的股票，但现在不是这个情况。

以上内容节选自2002年巴菲特股东大会

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