The first rule of an investment is: Don’t lose. And the second rule of investment is: Don’t forget the first rule. I mean, if you buy things for far below what they’re worth, and you buy a group of them, you basically don’t lose money.

投资的第一原则是不要赔钱，第二原则是不要忘了第一原则。如果你买入标的的价格，远低于他们的实际价值，然后一口气买很多，你基本上不会赔钱。

If I were on Wall Street, I’d probably be a lot poorer. You get overstimulated on Wall Street. And you hear lots of things. And you may shorten your focus and a short focus is not conducive to long profits.

如果我在华尔街，我可能不会像现在这么成功。在华尔街，你会被过度刺激。每天都会听到很多消息，这会让你的注意力变成短期的，而短期的注意力对长期收益来说并非好事。

And in Omaha I can just focus on what businesses are worth. And I don’t need to be in Washington to figure out what the Washington Post newspaper is worth. And I don’t need to be in New York to figure out what some other company is worth. It’s simple… It’s an intellectual process and the less static there is in an intellectual process, the better off you are.

在奥马哈，我只需要关心每家公司真正的价值是多少。我不需要到华盛顿，就可以知道华盛顿邮报值多少钱。我也不需要去纽约了解其它公司的价值。一切都变得简单。评估公司价值是一个深思熟虑的过程，周围的环境越静态，对这个过程的帮助就越大。

What is the intellectual process? It’s defining your level defining your area of competence and valuing businesses and then within that area of competence. Finding whatever sells it at the cheapest price in relation to value and there are all kinds of things I& #39;m not competent to value. However there are a few that I am comforted to value.

什么是深思熟虑的过程？它指的是，明确你在某些商业领域评估某家公司价值的能力，然后在能力范围内，找出相对于其价值来说，目前股票价格最低的公司。对于很多领域的公司，我都没有能力去评估其价值，但我也有自己擅长的领域。

We get mail in Omaha and we get periodicals and we get all the facts needed to make decisions. And, unlike Wall Street, you’ll notice we don’t have fifty people coming up and whispering in our ear that we should be doing this or that this afternoon. I like the lack of stimulation. We get facts, not stimulation here.

我们在奥马哈也可以收到邮件和期刊，可以收到帮助我们做出正确决定所需要的一切信息。不像在华尔街，街上随随便便就有50个人会在耳边告诉你应该这个或者那个。我不喜欢刺激，我们需要的是信息和事实，不是刺激。