I have no idea were the market is going to go. I prefer it going down. But my preferences have nothing to do with it. The market knows nothing about my feelings. That is one of the first things you have to learn about a stock.

我不知道市場會怎么走。我更愿意看到市場下跌，這是我的一廂情愿，市場該怎么走還怎么走。市場不懂我的感受。要投資股票，這是你必須學(xué)會的一個道理。

You buy 100 shares of General Motors (GM). Now all of a sudden you have this feeling about GM. It goes down, you may be mad at it. Or if it goes up, you may say how smart you were and how you and GM have this love affair. You have got all these feelings. The stock doesn& #39;t know you own it. The stock just sits there; it doesn& #39;t care what you paid or the fact that you own it. Any feeling I have about the market is not reciprocated. I mean it is the ultimate cold shoulder we are talking about here.

你買了100股通用汽車，馬上就會對通用汽車有感情。它跌了，你很生氣；它漲了，你又會覺得自己很聰明，你和通用汽車是多么適配。這些情緒都來了。股票哪知道你買沒買它，它就待在那，不管你買沒買，也不管你多少錢買的。不管我對市場產(chǎn)生什么感情，它都不理我，沒有比市場更鐵石心腸的了。

The NYSE is one big supermarket of companies. And you are going to be buying stocks, what you want to have happen? You want to have those stocks go down, then you will make better buys then. Later on twenty or thirty years from now when you are in a period when you are dis-saving, or when your heirs dis-save for you, then you may care about higher prices.

紐約股票交易所就是一個可以買到各種公司的大超市。你要買股票，你希望出現(xiàn)什么情況？你希望這些股票一直跌，這樣你才能買的更合適。等到二三十年之后，當(dāng)你要把積累的錢拿出來花的時候，或者你的子女幫你花的時候，你才希望股價高。

We want things to go down, but I have no idea what the stock market is going to do. When it goes down, I look harder at what I might buy that day because I know there is more likely to be some merchandise there to use my money effectively in.

我們希望股價下跌，但是我不知道市場會怎么走。股市大跌的時候，我會仔細(xì)研究有什么值得買的，大跌的時候更容易買到好貨，且更高效地使用手上的資金。