44句令人铭记的查理·芒格关于生活和市场的名言

查理·芒格，伯克希尔·哈撒韦（BRK-A，BRK-B）的副董事长，也是投资界的传奇人物，于11月28日以99岁的高龄辞世。为了纪念芒格的伟大遗产，我们编制了一些我们最喜欢的芒格的名言： Charlie Munger, vice chairman of Berkshire Hathaway (BRK-A, BRK-B) and a legend of the investing world, died on Nov. 28 at the age of 99. To commemorate Munger's monumental legacy, we’ve compiled some of our favorite Charlie quotes: 44 memorable Charlie Munger quotes about life and markets On life: “I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.” — 1997 Berkshire Hathaway Annual Meeting "我认为生活是一系列机会成本。你知道，你得嫁给那个方便找到的、愿意嫁给你的最好的人。投资在很大程度上也是这样一个过程。” — 1997年伯克希尔哈撒韦年度股东大会 "Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea." — 2007 USC Law School Commencement Address "当然，还有一件事，生活会有可怕的打击，恶劣的打击，不公平的打击。无关紧要。有些人能够恢复，而有些人则不能。在这里，我认为爱比克泰德的态度是最好的。他认为生活中的每一次不幸都是一个表现良好的机会。生活中的每一次不幸都是一个学到东西的机会，你的责任不是陷入自怜之中，而是以一种建设性的方式利用可怕的打击。这是一个非常好的观念。" — 2007年南加州大学法学院毕业典礼演讲 “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.” — 2019 CNBC interview “你没有很多嫉妒心，你没有很多怨恨，你不超支，尽管有困扰你保持愉快，你与可靠的人打交道，你做你应该做的事。所有这些简单的规则都非常有效，能够让你的生活变得更好。” — 2019年 CNBC 采访 "With everything boomed up so high and interest rates so low, what's going to happen is the millennial generation is going to have a hell of a time getting rich compared to our generation. The difference between the rich and the poor in the generation that's rising is going to be a lot less. So Bernie has won. He did it by accident, but he won." — 2021 Berkshire Hathaway Annual Meeting "随着一切都涨得这么高，利率如此之低，千禧一代要想变富相对于我们这一代来说将会非常困难。正在崛起的一代中，富人和穷人之间的差距会小得多。所以伯尼（可能指 Bernie Sanders）赢了。他是偶然成功的，但他赢了。" — 2021年伯克希尔哈撒韦年度股东大会 On learning "Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well." — 2021 Daily Journal Annual Meeting "没有学习的方法，就像是在一场踢屁股比赛中的独腿者。这样做不会很有效。" — 2021年每日日报年度股东大会 “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” — Poor Charlie's Almanack "在我一生中，我从未遇到过不是一直在阅读的明智之人（涉及广泛主题领域） — 没有一个，一个也没有。你会对沃伦（可能指沃伦·巴菲特）读了多少感到惊讶 — 以及我读了多少。我的孩子们笑话我。他们认为我是一本带有两条腿的书。” —《贫穷查理的年鉴》 “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help — particularly when you have a long run ahead of you.” — 2007 USC Law School Commencement Address “我经常看到一些在生活中崭露头角的人，并不是最聪明的，有时甚至不是最勤奋的，但他们是学习机器。他们每天晚上上床时都比起床时聪明一点，这真的很有帮助 — 尤其是当你面前有一段漫长的路要走时。” — 2007年南加州大学法学院毕业典礼演讲 “I think that a life properly lived is just learn, learn, learn all the time.” — 2017 Berkshire Hathaway Annual Meeting “我认为一个正确生活的秘诀就是始终不断地学习，学习，学习。” — 2017年伯克希尔哈撒韦年度股东大会 “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.” — Poor Charlie's Almanack “获得世间智慧，并相应地调整你的行为。如果你的新行为在短暂时间内让你在同龄人中不受欢迎，那就去他们的。” — 《贫穷查理的年鉴》 “Live within your income and save so that you can invest. Learn what you need to learn.” — Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger “生活在你的收入范围内，储蓄以便投资。学习你需要学习的。” — 《够狠！：与伯克希尔哈撒韦亿万富翁查理·芒格的幕后故事》 On the stock market "I think value investors are going to have a harder time now that there’s so many of them competing for a diminished bunch of opportunities. So my advice to value investors is to get used to making less." — 2023 Berkshire Hathaway Annual Meeting "我认为价值投资者现在将面临更大的困难，因为有很多人在竞争日益减少的机会。所以我给价值投资者的建议是适应收入减少。" — 2023年伯克希尔哈撒韦年度股东大会 "There is so much money now in the hands of so many smart people all trying to outsmart one another. It’s a radically different world from the world we started in." — 2023 Berkshire Hathaway Annual Meeting "现在有这么多钱掌握在这么多聪明人手中，所有人都在努力争取超越对方。这是一个与我们起步的世界截然不同的世界。" — 2023年伯克希尔哈撒韦年度股东大会 "What everybody has learned is that everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least." — Acquired podcast in 2023 "每个人都已经学到的是，每个人都需要在那12家做得比其他所有公司都好的公司中有一些重要的参与。你至少需要其中的两三家。" — 2023年Acquired播客 "I wish everything else in America was working as well as Costco does. Think what a blessing that would be for us all." — 2022 Daily Journal Annual Meeting "我希望美国的其他事情都能像Costco一样运作得那么好。想象一下，那对我们所有人来说将是多么幸运的一件事。" — 2022年每日日报年度股东大会 "I love everything about Costco. I'm a total addict, and I'm never going to sell a share." — 2023 Daily Journal Annual Meeting "我喜欢Costco的一切。我是个彻头彻尾的迷恋者，我永远不会卖掉一股。" — 2023年每日日报年度股东大会 On meme stocks: “What we're getting is wretched excess and danger for the country. A lot of people like a drunken brawl, and so far those are the people that are winning, and a lot of people are making money out of our brawl.” —2021 Daily Journal Annual Meeting 关于“梗股”（meme stocks）：“我们正在经历的是可悲的过度和对国家的危险。很多人喜欢看醉酒的乱斗，到目前为止，那些人是赢家，很多人正在从我们的混战中赚钱。” — 2021年每日日报年度股东大会 On investing "One of the inane things [that gets] taught in modern university education is that a vast diversification is absolutely mandatory in investing in common stocks. That is an insane idea. It's not that easy to have a vast plethora of good opportunities that are easily identified. And if you've only got three, I'd rather it be my best ideas instead of my worst. And now, some people can't tell their best ideas from their worst, and in the act of deciding an investment already is good, they get to think it's better than it is. I think we make fewer mistakes like that than other people. And that is a blessing to us." — 2023 Berkshire Hathaway Annual Meeting "[在现代大学教育中教授的] 荒谬之一是，在投资普通股时，绝对需要进行广泛的分散投资。这是一个疯狂的想法。要轻松找到大量容易识别的好机会并不容易。而且，如果你只有三个机会，我宁愿它是我的最佳想法而不是最糟糕的。现在，有些人分辨不出他们的最佳想法和最糟糕的想法，而在决定一项投资已经是好的时候，他们可能认为它比实际情况要好。我认为我们在这方面犯的错误比其他人少。这对我们来说是一种幸运。" — 2023年伯克希尔哈撒韦年度股东大会 “I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” — 2021 Daily Journal Annual Meeting “我发现更容易找到四五个投资，我有相当合理的机会认为它们远远超过平均水平。我认为找到五个比找到一百个容易得多。我认为那些主张广泛分散投资的人 — 顺便说一下，我把它称为‘过分分散’ — 这个词我是从别人那里抄袭来的 — 而我更喜欢拥有我认为我了解一些的两三只股票，我认为我有优势。” — 2021年每日日报年度股东大会 “If you’re going to invest in stocks for the long term or real estate, of course there are going to be periods when there’s a lot of agony and other periods when there’s a boom. And I think you just have to learn to live through them. As Kipling said, treat those two imposters just the same. You have to deal with daylight and night. Does that bother you very much? No. Sometimes it’s night and sometimes it’s daylight. Sometimes it’s a boom. Sometimes it’s a bust. I believe in doing as well as you can and keep going as long as they let you.” — 2021 Daily Journal Annual Meeting “如果你打算长期投资股票或房地产，当然会有一些时期充满痛苦，而其他时期则会繁荣。我认为你只需要学会度过这些时期。正如基普林所说，对待这两个冒牌者一样。你必须应对白天和黑夜。这让你很困扰吗？不。有时是黑夜，有时是白天。有时是繁荣，有时是衰退。我相信要尽力做到最好，并且只要他们允许，就继续前进。” — 2021年每日日报年度股东大会 “Mimicking the herd invites regression to the mean (merely average performance).” — Poor Charlie's Almanack "模仿群体会导致回归均值（仅仅是普通的表现）。” — 《贫穷查理的年鉴》 "I think that the modern investor, to get ahead, almost has to get in a few stocks that are way above average. They try and have a few Apples and Googles or so on, just to keep up, because they know that a significant percentage of all the gains that come to all the common stockholders combined is going to come from a few of these supercompetitors." — 2023 Wall Street Journal interview "我认为，现代投资者要想取得成功，几乎必须投资一些远远超过平均水平的股票。他们努力持有一些苹果、谷歌之类的股票，只是为了跟上脚步，因为他们知道，所有普通股股东共同获得的所有收益中，有很大一部分将来自这些超级竞争者中的几个。” — 2023年《华尔街日报》采访 “There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —Worldly Wisdom by Charlie Munger 1995-1998 "对于个人而言，有很大的优势是能够找到几个好的投资机会，然后坐视不动：你支付给经纪人的费用更少。你听到的废话更少。而且，如果成功的话，政府税收系统会给你每年叠加额外的1、2或3个百分点。” — 查理·芒格1995-1998《世间智慧》 “I have a friend who’s a fisherman. He says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”— 2020 Daily Journal Annual Meeting "我有一个朋友是渔夫。他说，‘在捕鱼中取得成功有一个简单的规则，就是要在有鱼的地方捕鱼。’ 你想在有优惠的地方投资。就这么简单。如果你所在的地方捕鱼真的很差，你可能应该考虑找另一个地方捕鱼。” — 2020年每日日报年度股东大会 "I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'" — "A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business," 1994 speech at USC Business School "我认为我们陷入投资管理的愚蠢局面的原因最好通过我讲述的一个故事来说明，这是关于一个卖渔具的人的。我问他，‘天哪，它们是紫色和绿色的。鱼真的会上这些鱼饵吗？’ 他说，‘先生，我不是卖给鱼的。’" — 1994年在南加州大学商学院的演讲《关于与投资管理和业务相关的基础、世间智慧的一堂课》 “The world is full of foolish gamblers and they will not do as well as the patient investors.” — 2018 Weekly in Stocks interview “这个世界充满了愚蠢的赌徒，他们的表现不会像耐心的投资者那样好。” — 2018年《每周股市访谈》 “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.” — Poor Charlie's Almanack “坐拥大量现金而什么都不做需要坚韧的性格。我之所以取得现在的成就，并不是因为追求平庸的机会。” — 《贫穷查理的年鉴》 “Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.” — Poor Charlie's Almanack “理解复利的威力和获取它的困难是理解许多事物的核心。” — 《贫穷查理的年鉴》 On new technologies "The electric vehicle is coming big time, and that’s a very interesting development. At the moment, it's imposing huge capital costs and huge risks, and I don't like huge capital costs and huge risks." — 2023 Berkshire Hathaway Annual Meeting "电动汽车正大规模涌现，这是一个非常有趣的发展。目前，它正在带来巨大的资本成本和巨大的风险，而我不喜欢巨大的资本成本和巨大的风险。" — 2023年伯克希尔哈撒韦年度股东大会 "I am personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well." — 2023 Berkshire Hathaway Annual Meeting "我个人对一些关于人工智能的夸大宣传持怀疑态度。我认为老式的智能运作得相当不错。" — 2023年伯克希尔哈撒韦年度股东大会 On Big Tech regulation: "I would not break them up. They've got their little niches. Microsoft maybe has a nice niche, but it doesn't own the Earth. I like these high-tech companies. I think capitalism should expect to get a few big winners by accident." — 2023 "Acquired" podcast 对于大科技公司的监管观点：“我不会让它们分裂。它们各自有自己的小领域。微软可能有一个不错的领域，但它并未占据整个地球。我喜欢这些高科技公司。我认为资本主义应该预计会偶然涌现一些大赢家。” — 2023年《Acquired》播客 “We now have computer algorithms trading with other computers. And people buying stocks who know nothing, being advised by people who know even less. It’s an incredibly crazy situation ... All this activity makes it easier for us.” — 2022 Berkshire Hathaway Annual Shareholders Meeting "现在我们有计算机算法与其他计算机进行交易。人们购买股票，对股市一无所知，还接受那些了解更少的人的建议。这是一个令人难以置信的疯狂局面......所有这些活动使我们更容易操作。” — 2022年伯克希尔哈撒韦年度股东大会 "We are going to miss these newspapers terribly. Each newspaper... was an independent bastion of power. The economic position was so impregnable … and the ethos of a journalist was to try to tell it like it is. And they really were a branch of the government — they called them the Fourth Estate, meaning the fourth branch of the government. It arose by accident. Now about 95% of [newspapers are] going to disappear and go away forever. And what do we get in substitute? We get a bunch of people who attract an audience because they’re crazy .... "我们会非常怀念这些报纸。每一份报纸…都是独立的权力堡垒。其经济地位是如此坚不可摧…而新闻工作者的伦理是试图真实地报道事实。他们确实是政府的一个分支 —— 人们称之为第四权，意味着政府的第四个分支。这是偶然发生的。现在大约95%的报纸将会消失，永远消失。而我们得到的替代品是什么呢？我们得到了一群因为疯狂而吸引观众的人..." I have my favorite crazies, and you have your favorite crazies, and we get together and all become crazier as we hire people to tell us what we want to hear. This is no substitute for Walter Cronkite and all those great newspapers of yesteryear. We have suffered a huge loss here. It’s nobody’s fault. It’s the creative destruction of capitalism, but it’s a terrible thing that’s happened to our country." — 2022 Daily Journal Annual Meeting 我有我喜欢的疯子，你也有你喜欢的疯子，我们聚在一起，通过雇人告诉我们想要听到的东西，使我们都变得更疯狂。这无法替代昔日的瓦尔特·克朗凯特和所有那些伟大的报纸。我们在这里遭受了巨大的损失。这不是谁的错。这是资本主义的创造性破坏，但这对我们国家来说是一件可怕的事情。” — 2022年每日日报年度股东大会 On crypto "A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity." — 2023 Wall Street Journal op-ed "加密货币既不是货币，也不是商品，更不是证券。相反，它是一种赌博合同，几乎百分之百有利于庄家，签订地通常是一个只由各州在宽松程度上竞争进行传统监管的国家。" — 2023年《华尔街日报》专栏文章 "I am not proud of my country for allowing this crap — well, I call it crypto shit. It's worthless, it's crazy, it's not good, it'll do nothing but harm, it's antisocial to allow it." — 2023 Daily Journal Annual Meeting “我对我的国家允许这种垃圾感到不骄傲 — 嗯，我称之为加密垃圾。它毫无价值，疯狂，不好，只会带来危害，允许它存在是不道德的。” — 2023年每日日报年度股东大会 "I think the people that oppose my position are idiots. And so I don’t think there is a rational argument against my position." — 2023 Daily Journal Annual Meeting “我认为那些反对我的立场的人是白痴。所以我认为没有理性的论据反对我的立场。” — 2023年每日日报年度股东大会 "When you’re dealing with something as awful as crypto shit, it's just unspeakable. I’m ashamed of my country that so many people believe in this kind of crap and the government allows it to exist." — 2023 Daily Journal Annual Meeting "当你处理像加密垃圾这样可怕的东西时，它简直是无法言说的。我为我的国家感到羞愧，因为有这么多人相信这种垃圾，而政府允许它存在。" — 2023年每日日报年度股东大会 "I'm proud of the fact that I avoided it. It's like some venereal disease. I just regard it as beneath contempt. Some people think it's modernity, and they welcome a currency that's so useful in extortions and kidnappings [and] tax evasion." — 2022 Berkshire Hathaway Annual Meeting "我为自己能够避免涉足其中而感到自豪。这就像某种性病一样。我认为它是不值一提的。有些人认为它是现代的象征，他们欢迎一种在勒索、绑架和逃税中非常有用的货币。" — 2022年伯克希尔哈撒韦年度股东大会 "When you have your own retirement account and your friendly adviser suggests you put all the money into bitcoin, just say no." — 2022 Berkshire Hathaway Annual Meeting "当你拥有自己的养老账户，而你友好的顾问建议你把所有的钱都投入比特币时，只需坚决拒绝。" — 2022年伯克希尔哈撒韦年度股东大会 "I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So, I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization." — 2021 Berkshire Hathaway Annual Shareholders Meeting "我讨厌比特币的成功，我不欢迎一种对绑架者、勒索者等有用的货币。我也不喜欢仅仅因为有人凭空发明了一种新的金融产品而额外支付了数以十亿计的美元。所以，我认为我应该谦逊地说，我觉得整个发展都是令人讨厌的，违背了文明的利益。" — 2021年伯克希尔哈撒韦年度股东大会 On the US economy and business: “What makes capitalism work is the fact that if you’re an able-bodied young person, if you refuse to work, you suffer a fair amount of agony, and because of that agony, the whole economic system works ... You take away that hardship and say, ‘You can stay home and get more than if you come in to work,’ that’s quite disruptive to an economic system like ours. The next time we do this, I don’t think we ought to be so liberal.” — 2022 Daily Journal Annual Meeting “资本主义能够运转的原因在于，如果你是一个有能力的年轻人，如果你拒绝工作，你将遭受相当大的痛苦，正是由于这种痛苦，整个经济体系得以运作...... 你减轻这种困境，说‘你可以呆在家里，比出去工作还要挣得多’，这对我们这样的经济体系是相当破坏性的。下一次我们这样做的时候，我认为我们不应该那么宽松。” — 2022年每日日报年度股东大会 "Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk."—2003 Herb Kay Undergraduate Lecture, University of California, Santa Barbara Economics Department "通常，我不使用正式的预测。我不让别人为我做这些，因为我不喜欢在桌子上呕吐，但我经常看到它们以非常愚蠢的方式制作，很多人无论它们有多愚蠢，都相信它们。在美国，将一个愚蠢的预测放在桌子上是一种有效的销售技巧。" — 2003年赫伯·凯本科演讲，加州大学圣巴巴拉分校经济系 “Capitalism without failure is like religion without hell.” — Tao of Charlie Munger "没有失败的资本主义就像没有地狱的宗教一样。" — 《查理·芒格之道》 On mental models and decision-making frameworks: “We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.” — 2010 Berkshire Hathaway Annual Meeting "当某事运作得非常好时，我们已经有足够的常识继续做下去。我想说我们正在展示生活中可以称之为基本算法的东西 — 重复有效的事物。" — 2010年伯克希尔哈撒韦年度股东大会 “I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” — 2020 CalTech Distinguished Alumni Award interview "我花了一辈子的时间试图避免自己的心理偏见。A）我会让自己深感自己的错误。B）我尽量保持简单和基本。我喜欢工程概念中的安全边际。我是一位非常实际务实的思考者。我只是试图避免愚蠢。我有一种处理很多问题的方式 —— 我把它们放在我称之为‘太难堆’的地方，然后就把它们丢在那里。我并不试图在我的‘太难堆’中取得成功。” — 2020年加州理工学院杰出校友奖访谈 Bonus compilation from Warren Buffett From Berkshire Hathaway chairman and CEO Warren Buffett in the latest Berkshire Hathaway letter to shareholders, published in February: 从伯克希尔哈撒韦董事长兼首席执行官沃伦·巴菲特在最新一封于二月份发表的伯克希尔哈撒韦股东信中： "Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully — some might add bluntly — stated. "查理和我思考的方式几乎相似。但我用一页的篇幅来解释的东西，他总结在一句话中。而且，他的版本总是推理得更清晰，也更巧妙 —— 有些人可能还会说更直接地陈述。" Here are a few of his thoughts, many lifted from a very recent podcast: • The world is full of foolish gamblers, and they will not do as well as the patient investor. • 这个世界充满了愚蠢的赌徒，他们的表现不会像耐心的投资者那样好。 • If you don’t see the world the way it is, it’s like judging something through a distorted lens. • 如果你不能看到世界的真实面貌，就像是透过一片扭曲的镜头来评判某事。 • All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary — and then behave accordingly. • 我只想知道我会在哪里死，这样我就永远不会去那里。还有一个相关的想法：早点写下你期望的讣告 —— 然后相应地行事。 • If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results. • 如果你不在乎自己是否理性，你就不会努力改进。然后你会保持非理性，得到糟糕的结果。 • Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage. • 耐心可以学会。拥有长时间的注意力和集中精力在一件事上的能力是一个巨大的优势。 • You can learn a lot from dead people. Read of the deceased you admire and detest. • 你可以从死去的人身上学到很多东西。阅读你敬佩和厌恶的已故人物。 • Don’t bail away in a sinking boat if you can swim to one that is seaworthy. • 如果你有能力游到一个安全的船上，就不要在下沉的船上等死。 • A great company keeps working after you are not; a mediocre company won’t do that. • 一家优秀的公司在你离开后依然运转；而一家平庸的公司则无法做到这一点。 • Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time. • 沃伦和我不关注市场的泡沫。我们寻找优质的长期投资，并坚定地持有它们很长一段时间。 • Ben Graham said, 'Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.' If you keep making something more valuable, then some wise person is going to notice it and start buying. • 本·格雷厄姆曾说，'每天，股市是一台投票机；从长期来看，它是一台称重机。' 如果你持续使某物更有价值，那么一些聪明的人就会注意到它并开始购买。 • There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice. • 在投资中，没有100%确定的事情。因此，使用杠杆是危险的。一连串美好的数字乘以零始终等于零。不要指望两次致富。 • You don’t, however, need to own a lot of things in order to get rich. • 然而，要致富并不需要拥有很多东西。 • You have to keep learning if you want to become a great investor. When the world changes, you must change. • 如果你想成为一名出色的投资者，你必须不断学习。当世界发生变化时，你必须改变自己。 • Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never. • 几十年来，沃伦和我都不喜欢铁路股，但世界发生了变化，最终美国拥有了对美国经济至关重要的四家巨大铁路公司。我们对这种变化反应较慢，但总比永不为晚好。 • Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: 'Warren, think more about it. You’re smart and I’m right.' • 最后，我将添加查理数十年来一直作为决策的决定性因素的两句简短的话：“沃伦，再好好想想。你很聪明，而我是对的。” And so it goes. I never have a phone call with Charlie without learning something. And, while he makes me think, he also makes me laugh." 事情就是这样。每次与查理通话，我总是学到一些东西。而且，在他促使我思考的同时，他也总能让我笑。