Warren Buffett Quotes

个人理解：改正错误宜早不宜迟，多大的代价都是最小的代价个人理解：不懂不做风险自然小个人理解：如果市场总是有效的，那我赚啥子钱嘛？个人理解：跟着市场跑，结果好不了个人理解：大部分人确实不应该碰股票市场，问题是有多少肯承认自己就是那部分人呢？当然，不管承不承认，结果都是一样的。

来源：http://nteswjq.blog.163.com/blog/static/12699812012101785624550/

Warren Buffett Quotes

> 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11月17日 · [原文链接](http://nteswjq.blog.163.com/blog/static/12699812012101785624550/)（[网页存档](https://web.archive.org/web/20121120080152/http://nteswjq.blog.163.com:80/blog/static/12699812012101785624550/)）

> 本文含他人来信或转引内容，段永平本人的话已单独标出。

> 〔引文，不是段永平的话。出处：巴菲特语录（英文，摘自 quoteswise.com《Warren Buffett Quotes》页 http://www.quoteswise.com/warren-buffett-quotes-3.html）〕
>
> It’s much easier to stay out of trouble now than to get out of trouble later.

个人理解：改正错误宜早不宜迟，多大的代价都是最小的代价

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> Risk comes from not knowing what you are doing.

个人理解：不懂不做风险自然小

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> I’d be a bum on the street with a tin cup if the markets were always efficient.

个人理解：如果市场总是有效的，那我赚啥子钱嘛？

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> Mr Market is there to serve you, not to guide you … It will be disastrous if you fall under his influence.

个人理解：跟着市场跑，结果好不了

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> Indeed, if you aren’t certain that you understand and can value your business far better than Mr Market, you don’t belong in the game.

个人理解：大部分人确实不应该碰股票市场，问题是有多少肯承认自己就是那部分人呢？当然，不管承不承认，结果都是一样的。

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> Price is what you pay, value is what you get.

付出的是价钱，买到的是价值

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> We want managers who tell the truth, and tell themselves the truth – which is more important.

这条讲的就是对的人。投资最重要的3点：right kind of business, right people, right price.前面两点尤其重要，从长期的眼光看（或者

叫未来现金流折现的角度看），价钱合适就可以了。

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> In a business selling a commodity type product it’s impossible to be a lot smarter than your dumbest competitor.

所以说国内的晶硅光伏产业很惨啊，更惨的是，这情况啥时候到头呢？

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> I would rather have a $10 million business making 15% than a $100 million business making 5%.

有谁不是呢？

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> The trick is, when there is nothing to do, do nothing.

老巴还说过，最难的就是do nothing.

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> You don’t get paid for activity. You only get paid for being right.

做得对当然不需要做得多，但很多知道自己很难做对的人以为多做点总会碰上不小心做对的？

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> Money, to some extent, sometimes let you be in more interesting environments. But it can’t change how many people love you or how healthy you are.

钱不是万能的。

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> Money is a by-product of doing something I like doing extremely well.

前段时间在中欧我也说过钱是自己喜欢做的事情的副产品，不知道老巴有没有专利。

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> What we do is not beyond anybody else’s competence. It is just not necessary to do extraordinary things to get extraordinary results.

这句怎么翻好呢？

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> If principles can become dated, they’re not principles.

信誉不是讲讲而已，只有需要付出代价的时候，才知道谁是讲（守）信誉的。原则是不应该有时间性的。

> 〔引文，不是段永平的话。出处：同上巴菲特语录〕
>
> It has been helpful to me to have tens of thousands (of students) turned out of business schools taught that it didn’t do any good to think.
>
> I feel like an oversexed guy in a harem. This is the time to start investing.
>
> Warren Buffett
>
> Valuing a business is part art and part science.
>
> Warren Buffett
>
> Berkshire buys when the lemmings are heading the other way.
>
> Warren Buffett
>
> People would rather be promised a (presumably) winning lottery ticket next week than an opportunity to get rich slowly.
>
> Warren Buffett
>
> http://www.quoteswise.com/warren-buffett-quotes-3.html