Shorting is an interesting subject to study because it has ruined so many people. Shorting something that could lead to unlimited losses is quite different from going long, and it can be very tempting.

做空是一个有趣的研究课题，因为它毁掉了很多人。做空一个可能导致无限亏损的东西与做多完全不同，而且它是很具诱惑性的。

Over the course of your career, you& #39;re more likely to find overvalued stocks than undervalued ones, that& #39;s the nature of the stock market. It occasionally holds all sorts of things up so high that securities often sell for 5-10 times their true value, but they rarely sell for 20% or 10% of their true value. As a result, the difference that exists between price and value is much greater when overvalued, so you might think that shorting is easier to make money on a trade. But I don& #39;t think so, shorting is a very, very difficult operation because you are exposed to unlimited losses.

在你的职业生涯中，你更可能发现被高估的股票，而不是被低估的股票，这就是证券市场的性质。它偶尔会把各种东西捧上天，以至于证券经常会以其真实价值的5-10倍的价格出售，但它们很少以其真实价值的20%或10%的价格出售。因此，在高估时，价格和价值之间存在的差异要大很多，所以你可能会认为做空更容易在交易中赚钱。但我不这么认为，做空是一个非常非常困难的操作，因为你会面临无限的损失。

Over the years, those things that we feel we can short, if held for a long period of time, they end up doing very well, the process is painful. In my experience, it& #39;s still easier to make money being long.

这么多年来，那些我们觉得可以做空的事物，如果长期持有的话，它们最终都会表现得非常好，这个过程是很痛苦的。根据我的经验，还是做多头容易赚钱。

以上内容为巴菲特对“做空”的看法

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