2012年06月15日

2012年06月15日

> 作者：段永平 · 段永平的网易博客（nteswjq.blog.163.com，博客已停服，据网页存档）· 2012年6月16日 · [原文链接](http://nteswjq.blog.163.com/blog/static/1269981201251605051546/)（[网页存档](https://web.archive.org/web/20120621114800/http://nteswjq.blog.163.com:80/blog/static/1269981201251605051546/)）

> 本文含他人来信或转引内容，段永平本人的话已单独标出。

> 原文中英同行，英文为芒格引文，中文为段永平所写。本页把末条芒格语录「A great business at a fair price…」和他后面的「（个人认为就是未来现金流折现的意思）」分成两行：英文放引用块，中文留正文。

> 〔引文，不是段永平的话。出处：巴菲特、芒格语录（英文，同 2012-06-15《Quotes》所说朋友整理的语录）〕
>
> W.B: We Simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
>
> W.B:  We will only do with your money what we would do with our own.
>
> W.B: We will reject interesting opportunities rather than over-leverage our balance sheet.
>
> W.B: Wide diversification is only required when investors do not understand what they are doing.
>
> W.B: Without passion, you don't have energy. Without energy, you have nothing.
>
> W.B: Working with people who cause your stomach to churn seems much like marrying for money--probably a bad idea under
>
> any circumstances, but absolute madness if you are already rich.

> 〔引文，不是段永平的话。芒格原话（这句见《穷查理宝典》Poor Charlie’s Almanack）。出处：同上语录〕
>
> C.M: A great business at a fair price is superior to a fair business at a great price.

（个人认为就是未来现金流折现的意思）

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