We really want to do is buy businesses that we would be happy to own forever. We can& #39;t find a lot of those now. And back when I started, I had way more ideas than money so I was just constantly having to sell what was the least attractive stock in order to buy something I just discovered that looked even cheaper. 

我們特別想買入我們?cè)敢庥肋h(yuǎn)持有的公司。我們現(xiàn)在找不到很多這樣的公司。我剛開始做投資的時(shí)候，找到的投資機(jī)會(huì)特別多，錢很少。在發(fā)現(xiàn)了更便宜的股票之后，為了買下來，總是要從手里的股票中挑一個(gè)最不看好的賣出去。

But that is not our problem really now. So we hope we are buying businesses that we are just as happy holding five years from now as now. And if we ever found a huge acquisition, then maybe we would have to sell something. Maybe to make that acquisition but that would be a very pleasant problem to have.

現(xiàn)在不一樣了。我們希望自己買入的公司，現(xiàn)在看好，五年后一樣看好。如果找到了大規(guī)模的收購機(jī)會(huì)，為了籌措資金，我們可能進(jìn)行一些賣出交易，有這樣的問題是好事。

We never buy something with a price target in mind. We never buy something at 30 saying if it goes to 40 we& #39;ll sell it or 50 or 60 or 100. We just don& #39;t do it that way. Anymore than when we buy a private business like See& #39;s Candy for $25 million. We don& #39;t ever say if we ever get an offer of $50 million for this business we will sell it. That is not the way to look at a business.

不管買哪家公司，我們買的時(shí)候都不設(shè)定價(jià)格目標(biāo)。例如，我們是30買的，從沒想過漲到40、50、60 或100就賣了，從來沒這樣過。當(dāng)年的喜詩糖果是一家私人公司，我們花2500 萬買下來了，買了之后就沒想賣。我們沒盤算說，要是有人出5000萬，我們就把喜詩糖果賣出去。這不是考量生意的正確方式。

The way to look at a business is this going to keep producing more and more money over time? And if the answer to that is yes, you don’t need to ask any more questions.

看一家公司正確的思維方式是，長期來看，這家公司是否能越來越賺錢？如果答案是能，別的問題都用不著問了。

以上內(nèi)容節(jié)選自巴菲特1998年在佛羅里達(dá)大學(xué)的演講

由數(shù)字人巴菲特播報(bào)

本視頻由七華軟件用人工智能技術(shù)生成