问题和观点

试试用以下的形式回答，以减少重复的提问。观点：我没见过巴菲特这么说，但这么说我也不会奇怪。当然，美国也有公司会做假帐，可能比例会小些，因为监管更严吧？我个人认为除非你很信任一家公司，否则光看报表就投资是很危险的。但是，我们其实又经常不得不信任一些东西，不然很多事情就没法办了。比如，我们坐飞机时不会…

Source: http://nteswjq.blog.163.com/blog/static/1269981201023013550332/

Questions and views

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2010-03-30 · [Original link](http://nteswjq.blog.163.com/blog/static/1269981201023013550332/) ([archived](https://web.archive.org/web/20100402222116/http://nteswjq.blog.163.com:80/blog/static/1269981201023013550332/))

> This post includes letters from others or quoted material; Duan Yongping's own words are marked separately.

Let me try answering in the following format, to reduce repeated questions.

[Translator's note: a passage quoted from blog reader 8959806's question in the comment section stands here in the original; it is not Duan Yongping's words and is not translated.]

View: I haven't seen Buffett say this, but I wouldn't be surprised if he did. Of course, there are also companies in America that cook their books, maybe in a smaller proportion, because regulation is stricter? I personally think that unless you trust a company very much, investing just by looking at the statements is very dangerous. But actually we often have no choice but to trust some things, otherwise many things couldn't get done. For example, when we fly, we don't check whether today's pilot is a good pilot, and so on.

So we should understand what we're able to understand. Don't touch what you don't trust.

I moved to America for personal and family reasons.

[Translator's note: a passage quoted from blog reader 夏天的风's question stands here in the original; it is not Duan Yongping's words and is not translated.]

View:

Heh, having a lot of money really is a nuisance sometimes.

Maybe I'm lucky; I don't seem to have seen relatives make up reasons to borrow money. My principle is not to lend money to friends and relatives, but in urgent need I can give it to them. My definition of urgent need is things to do with illness and education. I'm not willing to help with business matters, otherwise it's a bottomless pit, and there's no way to tell who should get it and who shouldn't. Every year I put some money into the education of my immediate relatives' children back in my hometown.

[Translator's note: a passage quoted from blog reader rosely007's question stands here in the original; it is not Duan Yongping's words and is not translated.]

View: My understanding is about the same as yours; I think Wall Street's definition is probably along those lines. I don't use these indicators much when investing; strictly speaking, I actually don't know how to use them at all. So I can't say which category the companies I invest in belong to.

[Translator's note: a passage quoted from blog reader BILL's question stands here in the original; it is not Duan Yongping's words and is not translated.]

View: Heh, sometimes I have the same problem. The way I handle it is to try to think about the question with a normal mind: when buying or selling, think more about my own definition of the target's value, try to ignore the influence of the market price, and especially think less about its historical price. Heh, a bit hard. What may comfort you is that I can basically guarantee everyone has this problem to a greater or lesser degree, so please don't be upset about it.

[Translator's note: a passage quoted from blog reader northlight's reply to BILL (paraphrasing Barton Biggs) stands here in the original; it is not Duan Yongping's words and is not translated.]

View: Sometimes I feel the same! Maybe it's because doing it this way makes it easier to have a normal mind, with no baggage. The baggage is often sunk cost.

A little story: once a friend flew into San Francisco and I went to the airport to pick him up. Because I was early, I put an hour's worth of money in the parking meter. As it turned out he was early too, so when we got back to the car there was still more than half an hour left on the meter. So we decided, in order not to waste the money already put in the meter, to sit in the car in the parking lot for another half hour or so.

In real life maybe nobody would really wait in the parking lot, but reportedly a survey showed that 85% of Fortune 500 CEOs admitted to having done something similar. I belong to that 85%.