巴菲特名言英文版精選- share4tw.com

下面小編整理巴菲特名言英文版精選。從巴菲特上學習經濟方面的知識
巴菲特名言英文版精選
“What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know. An investor needs to do very few things right as long as he or she avoids big mistakes.”
就投資而言,人們應該注意的,不是他到底知道多少,而是應該注意自己到底有多少是不知道的,投資人不需要花太多時間去做對的事,只要他能夠儘量避免去犯重大的錯誤。
――1992 Letter to Berkshire Hathaway shareholders
“Obviously, every investor will make mistakes. But by confining himself to a relatively few,easy-to-understand cases, a reasonably intelligent, informed and diligent person can judge investment risks with a useful degree of accuracy.”
當然每個投資人都會犯錯,但只要將自己集中在相對少數,容易瞭解的投資個案上,一個理性、知性與耐性兼具的投資人一定能夠將投資風險限定在可接受的範圍之內。
――1993 Letter to Berkshire Hathaway shareholders
“When returns on capital are ordinary, an earn- more- by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign – with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest.”
當資本報酬率平平,這種大堆頭式的賺錢方式跟本沒什麼了不起,你坐在搖椅上也能輕鬆達到這樣的成績,好比只要把你存在銀行戶頭裡的錢,一樣可以賺到加倍的利息,沒有人會對這樣的成果報以掌聲,但通常我們在某位資深主管的退休儀式上歌頌他在任內將公司的盈餘數位提高數倍,卻一點也不會去看看這些事實上是因為公司每年所累積盈餘與複利所產生的效果。
――1985 Chairman's Letter to Shareholders
“We have tried occasionally to buy toads at bargain prices with results that have been chronicled in past reports. Clearly our kissesfell flat. We have done well with a couple of princes – but they were princes when purchased. At least our kisses didn't turn them into toads. And, finally, we have occasionally been quite successful in purchasing fractional interests in easily-identifiable princes at toad-like prices.”
我們曾用划算的價錢買下不少蟾蜍,過去的報告多已提及,很明顯的我們的吻表現平平,我們有遇到幾個王子級的公司,但是早在我們買下時他們就已是王子了,而至少我們的吻沒讓他們變回蟾蜍,而最後我們偶爾也曾成功地以蟾蜍般的價格買到部份王子級公司的部份股權。
――1981 Chairman's Letters to Shareholders
“First, many in Wall Street – a community in which quality control is not prized – will sell investors anything they will buy.”
第一課,不論是什麼東西,只要有人要買,華爾街那幫人都會想辦法弄來賣給你。
――2000 Letter to Shareholders
“The most common cause of low prices is pessimism-some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It's optimism that is the enemy of the rational buyer.”
股價不振最主要的原因是悲觀的情緒,有時是全面性的,有時則僅限於部份產業或是公司,我們很期望能夠在這種環境下做生意,不是因為我們天生喜歡悲觀,而是如此可以得到便宜的價格買進更多好的公司,樂觀是理性投資人最大的敵人。
――1990 Chairman's Letter to Shareholders
“Ben’s Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and Betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?”
葛拉漢的市場先生理論在現今的投資世界內或許顯得有些過時,尤其是在那些大談市場效率理論、動態避險與Beta值的專家學者眼中更是如此,他們會對那些深奧的課題感到興趣是可以理解的,因為這對於渴望投資建議的追求者來說,是相當具吸引力的,就像是沒有一位名醫可以單靠「吃兩顆阿斯匹甯」這類簡單有效的建議成名致富的。
――1987 Chairman's Letter to Shareholders
 
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