2012年06月15日

June 15, 2012

> By Duan Yongping · his NetEase blog (nteswjq.blog.163.com, now closed; read from web archives) · 2012-06-16 · [Original link](http://nteswjq.blog.163.com/blog/static/1269981201251605051546/) ([archived](https://web.archive.org/web/20120621114800/http://nteswjq.blog.163.com:80/blog/static/1269981201251605051546/))

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

[Translator's note: in the original, English and Chinese run line by line together: the English lines are quotations (Buffett's and Munger's own words), the Chinese is Duan Yongping's. The English quotations are kept below exactly as in the original, set off as block quotes and not translated; only Duan Yongping's Chinese is translated. They are not counted in the ratio.]

> [Quoted in English in the original; not Duan Yongping's words: Buffett and Munger quotes, in English (the same friend-compiled list mentioned in the 2012-06-15 post "Quotes").]
>
> 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.

> [Quoted in English in the original; not Duan Yongping's words: Munger's own words (this line appears in Poor Charlie's Almanack); same list as above.]
>
> C.M: A great business at a fair price is superior to a fair business at a great price.

(I personally think this means discounted future cash flows.)

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