股神巴菲特的10大投资建议 一百年人生经验的分享



Warren Edward Buffett,华伦·爱德华·巴菲特,1930年8月30日出生于美国内布拉斯加州的奥马哈(Omaha,Nebraska),美国投资家、企业家及慈善家,世界上最成功的投资者。

巴菲特是波克夏·哈萨威公司的最大股东、董事长及行政总裁。巴菲特常被称为“奥玛哈的神谕”(The Oracle of Omaha),并以长期的价值投资与简朴生活闻名。

他也是著名的慈善家,并承诺捐出99%的财富,主要交由比尔及梅琳达·盖茨基金会来运用。巴菲特此一大手笔的慈善捐赠,创下了美国有史以来的纪录。

2012年4月17日,巴菲特发表声明称自己已被诊断患前列腺癌,同年9月完成治疗。 由于巴菲特投资股票的眼光独到又奇特,信奉所谓“价值投资法”,投资哪种产业的股票该产业就会走红。因此巴菲特被众多投资人尊称为“股神”。 2022年5月,波克夏·海瑟威公司股东以接近9比1的比例投票支持巴菲特继续担任董事长和执行长。

The future is never clear 未来从来不是清晰的

Uncertainty actually is the friend of the buyer of long-term values.
不确定性,其实是长期价值投资者的朋友。

— Forbes, Aug. 6, 1979

Follow the rules 遵守规则

Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.
规则第一条是永远不要赔钱,第二条是永远不要忘记第一条。

— 1985 televised interview with the economics broadcaster George Goodman

Go long 长期投资(剪花还是浇水?)

[Our] favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. [American investor] Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds.
[我们的]最喜欢的持有期是永远。我们是与那些当公司表现良好就急于卖出股票获取利润相反的人,我们会顽强地坚守那些令人失望的企业。 [美国投资者]彼得·林奇(Peter Lynch)恰当地将这种行为比作剪花和浇水。

— Letter to shareholders for the year 1988

Invest in companies you believe in 投资你相信的公司

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
用合理的价格购买一个出色的公司远远胜过以一个低廉的价格购买一个平庸的公司。

— Letter to shareholders for the year 1989

Stay cool 保持冷静!

The sillier the market’s behavior, the greater the opportunity for the businesslike investor.
市场行为越古怪,商业投资者的机会越大。

— Preface, “The Intelligent Investor,” 2003

It’s during hard times that the winners — and losers — get exposed 在艰难时期 赢家或者输家才真正暴露出来

You only learn who has been swimming naked when the tide goes out.
只有当潮水退去 你才知道谁在裸泳

— Letter to shareholders for the year 2007

Be skeptical. If something looks too good to be true …保持怀疑。当有些事情看起来太好而不像是真的。。。

A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.
一条简单的规则决定我的购买行为:当别人贪婪的时候我会颤抖,当别人颤抖的时候我会贪婪。

— The New York Times, Oct. 16, 2008

Price dips are an opportunity to increase your positions 股价下跌,是你增加仓位的机会。

Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
无论我们是在谈论袜子还是股票,我都喜欢在降价时购买优质的商品。

— Letter to shareholders for the year 2008

Don’t buy a stock unless you think it’s undervalued 不要买股票,除非你认为它被低估了。

Just buy something for less than it’s worth.
只买那些价格低于它的实际价值的东西。

— Lecture to Notre Dame faculty, 1991

Use a bucket, not a spoon 使用一个桶,而不是一个调羹

Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold.
每隔大约十年,乌云就会笼罩经济的天空,但会短暂地下金子。

— Letter to shareholders for the year 2016

Don’t be a fearmonger 不要做一个恐惧者

Fear is the most contagious disease you can imagine. It makes the virus look like a piker. (A piker is one who gambles with small amounts of money.)
恐惧是你可以想象的最具传染性的疾病。 它使病毒看起来像派克人。(派克人是指用少量钱赌博的人。)

— Shareholder meeting, 2020

Trust in American ingenuity 相信美国的创造力

American magic has always prevailed, and it will do so again.
美国奇迹一直占上风,而且它将再次如此!

— Shareholder meeting, 2020