2010-12-26 20:53:17
1、巴菲特序言原文
Preface to the Fourth Edition, by Warren E. Buffett
I read the first edition of this book early in 1950, when I was nine-teen. I thought then that it was by far the best book about investing ever written. I still think it is.
To invest successfully over a lifetime does not require a strato-spheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making deci-sions and the ability to keep emotions from corroding that frame-work. This book precisely and clearly prescribes the proper framework. You must supply the emotional discipline.
If you follow the behavioral and business principles that Gra-ham advocates—and if you pay special attention to the invaluable advice in Chapters 8 and 20—you will not get a poor result from your investments. (That represents more of an accomplishment than you might think.) Whether you achieve outstanding results will depend on the effort and intellect you apply to your invest-ments, as well as on the amplitudes of stock-market folly that pre-vail during your investing career. The sillier the market’s behavior, the greater the opportunity for the business-like investor. Follow Graham and you will profit from folly rather than participate in it.
To me, Ben Graham was far more than an author or a teacher. More than any other man except my father, he influenced my life. Shortly after Ben’s death in 1976, I wrote the following short remembrance about him in the Financial Analysts Journal. As you read the book, I believe you’ll perceive some of the qualities I men-tioned in this tribute.
2崖飘、臺(tái)灣寰宇版翻譯巴菲特的序言
我在1950年代初期稳衬，閱讀了本書的第一版，當(dāng)時(shí)我才十九歲坐漏，我認(rèn)為這是投資領(lǐng)域中最佳的書籍，目前我仍然如此認(rèn)為碧信。
成功地投資生涯不需要杰出的智商赊琳，非比尋常的經(jīng)濟(jì)眼光，或是內(nèi)線消息砰碴，所需要的只是下決策時(shí)的健全智識(shí)架構(gòu)躏筏，以及有能力避免情緒破壞該架構(gòu)，本書明確而清晰地描述該架構(gòu)呈枉，你必須將情緒納入紀(jì)律之中趁尼。
如 果你遵從葛拉罕所倡導(dǎo)的行為與商業(yè)原則，尤其是第八章與第二十章珍貴的建議猖辫，你的投資將不會(huì)出現(xiàn)拙劣的結(jié)果(這是一項(xiàng)遠(yuǎn)超過你想象范圍的成就) 酥泞，你的杰出績(jī)效將取決于運(yùn)用在投資的努力與智識(shí)，以及在你的投資生涯中股票市場(chǎng)所展現(xiàn)的愚蠢程度啃憎，市場(chǎng)行為越愚蠢芝囤，明智的投資機(jī)會(huì)便越多，遵循葛拉罕的教 誨辛萍，你將從愚蠢的行為中受益悯姊，而不會(huì)參與其中。
對(duì)我來說贩毕，班哲明·葛拉罕不僅是一位作家與導(dǎo)師而已悯许，除了我父親，他是影響我一生最大的人辉阶，在班哲明于1976年去世后不久先壕，我在金融分析師雜志發(fā)表了一篇追悼他的文章，閱讀本書時(shí)睛藻，我相信你會(huì)感受到我在贊辭中所提及的一些特質(zhì)启上。
3、內(nèi)地郵電版翻譯
1950年年初店印，我閱讀了本書的第一版冈在，那年我19歲。當(dāng)時(shí)按摘，我認(rèn)為它是有史以來投資論著中最杰出的一本包券。時(shí)至今日纫谅，我仍然認(rèn)為如此。
要想在一生中獲得投資的成功溅固，并不需要頂級(jí)的智商付秕、超凡的商業(yè)頭腦或秘密的信息，而是需要一個(gè)穩(wěn)妥的知識(shí)體系作為決策的基礎(chǔ)侍郭，并且有能力控制自己的情緒询吴，使其不會(huì)對(duì)這種體系造成侵蝕。本書能夠準(zhǔn)確和清晰地提供這種知識(shí)體系亮元，但對(duì)情緒的約束是你自己必須做到的猛计。
如 果你遵從格雷厄姆所倡導(dǎo)的行為和商業(yè)準(zhǔn)則（而且，如果你重點(diǎn)關(guān)注第8章和第12章所給出的極為寶貴的建議）爆捞，那么奉瘤，你將會(huì)獲得不錯(cuò)的投資結(jié)果（這種結(jié)果所 反映出的更多成就，要超出你的想象）煮甥。能否獲得優(yōu)異的投資成果盗温，這既取決于你在投資方面付出的努力和擁有的知識(shí)，也取決于在你的投資生涯中成肘，股市的愚蠢程 度有多大卖局。股市的行為越愚蠢，有條不紊的投資者面對(duì)的機(jī)會(huì)就越大双霍。遵從格雷厄姆的建議吼驶，你就能從股市的愚蠢行為中獲利，而不會(huì)成為愚蠢行為的參與者店煞。
我認(rèn)為蟹演，格雷厄姆并非僅僅是一位作者或老師。他對(duì)我一生的影響顷蟀，僅次于我的父親酒请。格雷厄姆1976年去世后不久，我寫下了下面這篇紀(jì)念短文鸣个，發(fā)表在《金融分析師雜志》上羞反。我相信，當(dāng)你閱讀本書時(shí)囤萤，一定能感受到這篇文章中所提到的關(guān)于格雷厄姆的一些優(yōu)秀品質(zhì)昼窗。
