巴菲特投資語錄

1.“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” THE TAO OF WARREN BUFFETT 2006

規(guī)則一：永遠(yuǎn)不要虧錢俭尖。規(guī)則二：永遠(yuǎn)不要忘記規(guī)則一。

2.“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” 1989AR

用還行的價格買入一家很棒的公司歧胁，遠(yuǎn)好過用很棒的價格買入一家還行的公司。

3.“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”1996AR

只買那些如果股市關(guān)閉10年你也樂意持有的股票。

4.“Over the 35 years, American business has delivered terrific results. It should therefore have been easy for investors to earn juicy returns: All they had to do was piggyback Corporate America in a diversified, low-expense way. An index fund that they never touched would have done the job. Instead many investors have had experiences ranging from mediocre to disastrous.

There have been three primary causes: first, high costs, usually because investors traded excessively or spent far too much on investment management; second, portfolio decisions based on tips and fads rather than on thoughtful, quantified evaluation of businesses; and third, a start-and-stop approach to the market marked by untimely entries (after an advance has been long underway) and exits (after periods of stagnation or decline). Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and to be greedy only when others are fearful.” 2004AR

過去35年，美國企業(yè)給出了很優(yōu)秀的成績單橘洞。因此，投資人只要以分散且低成本的方式構(gòu)建投資組合——比如買入指數(shù)基金——就可以獲得豐厚的回報说搅。然而實(shí)際情況卻并非如此炸枣，許多投資人的回報要么很平庸，要么慘不忍睹。

究其原因适肠，我認(rèn)為主要有三：第一霍衫、成本太高，比如投資人的交易過于頻繁侯养，或者是花太多的錢在投資管理費(fèi)上敦跌；第二、投資決策往往是基于小道消息或喜歡追逐市場熱點(diǎn)而非經(jīng)過認(rèn)真思考和數(shù)量化的生意評估逛揩；第三柠傍，潛嘗輒止的方法加上在錯誤的時點(diǎn)進(jìn)出（如在股價上漲多時的高點(diǎn)介入，在股價長期盤整或下跌中以低價賣出等）辩稽。投資人必須謹(jǐn)記惧笛，過度的興奮與過高的成本是其大敵。此外逞泄，如果大家一定要堅持選擇進(jìn)出的時機(jī)患整，就應(yīng)當(dāng)學(xué)會在別人貪婪時讓自己害怕，在別人害怕時讓自己貪婪喷众。

5.“Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful”.”1993AR

為什么不把你的資產(chǎn)投在你真正喜歡的公司各谚？如梅韋斯特所說，好東西多多益善到千。