When I was 11, I picked stocks, I had the whole wrong idea. I was interested in watching stocks, I thought stocks were things that went up and down, and I chartered them. I read books on technical analysis, I read everything. The first 8 years, I thought the important thing was to predict what a stock would do, and predict the stock market.

我11岁开始做股票，我完全错了。我对观察股票很感兴趣，认为它是有涨有跌的东西，我会将它们绘制成图表。我读技术分析方面的书，也阅读很多文章。在最开始的8年，我认为最重要的事情，就是预测一只股票的走势，并预测股票市场。

When I was 19 or 20, I read the book, The Intelligent investor, I realized that I was doing it exactly the wrong way. When l read the book, I rejiggered my mind. From that point, I never bought  another stock, I bought businesses that happened to be publicly traded, I became an owner of the business.

在我19、20岁的时候，我读到了（格雷厄姆的）《聪明投资者》，我意识到自己之前完全用错了方法。当我读这本书的时候，我的思想也开始活跃。从那以后，我再也没有买过股票，只不过我买的公司碰巧都有公开交易，我成为了一家公司的老板。

And I did not care whether a stock went up or down the next day, or the next week, or the next month, or the next year. And I didn& #39;t have any idea what it would do, I didn& #39;t know what the stock market would do, but I knew business.

我并不在乎一只股票在第二天或者下周、下个月、明年是上涨还是下跌，我对此毫无看法，也不知道未来股票市场会变成怎样，但我懂商业，这就够了。

I& #39;m a bright guy, and I& #39;ve spent a lifetime doing it,and I& #39;ve surrounded myself with people that bring out the best in me. And you don& #39;t need to be a genius in what I do, that& #39;s the good thing about it.I am in a game that you probably need 120 points of IQ, but 170 doesn& #39;t do any better than 120, it may do worse. You don& #39;t really need brains, you need the right orientation.

我是一个聪明的人，我在这件事上花了一辈子的时间，我周围的人激发出了我最好的一面。在投资这件事上，你不需要成为天才，这是它的好处。我在玩一个你可能需要智商达到120的游戏，但智商170的人并不一定能做得更好，甚至可能做得更遭。你未必需要聪明的大脑，你需要的是正确的方向。