Here in Omaha, we get our mail, we get our periodicals, we get all the facts we need to make a decision. Unlike Wall Street, you& #39;ll notice that we don& #39;t have people coming over here whispering in our ears that we should do this or that this afternoon. I like the lack of excitement. We get facts, not excitement.

在奥马哈，我们可以收邮件，收期刊，我们得到了做决定所需要的所有事实。不像华尔街，你会注意到我们这里没有人过来在我们耳边低语我们今天下午应该做这个或那个。我喜欢缺乏刺激的感觉。我们得到的是事实，而不是刺激。

If I were on Wall Street, I& #39;d probably be a lot poorer. You& #39;re overstimulated on Wall Street, you hear a lot of things, you shorten your attention span, and short-term focus is not conducive to long-term profitability. Here I can focus on the value of the business, I don& #39;t need to go to Washington to figure out the value of the Washington Post, I don& #39;t need to be in New York to figure out the value of other companies, it& #39;s an intellectual process. The less static there is in that intellectual process, really, the better off you are.

如果我在华尔街，我可能会穷得多。你在华尔街受到了过度刺激，你听到了很多事情，你缩短了你的注意力，而短线聚焦不利于长线获利。在这里，我可以专注于企业的价值，我不需要去华盛顿就能算出《华盛顿邮报》的价值，我不需要在纽约就能算出其他的公司的价值，这是一个智力的过程。在这个智力过程中，静态越少，真的，你就过得越好。

The intellectual process is to define your range of competence to evaluate the business and then find the cheapest price associated with the value within that range of competence. There are a lot of things that I am not capable of evaluating, but there are also some that I am capable of evaluating.

智力过程是定义你的能力范围来评估企业，然后在这个能力范围内找到与价值相关的最便宜的价格。有很多事情我都没有能力去评价，但也有一些是我有能力评价的。

以上内容节选自巴菲特答股东问

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