1.A climate of fear is the best friend. Those who invest only when commentators are optimistic end up paying a heavy price for meaningless reassurances.

恐懼的氣氛是最好的朋友。那些只在評(píng)論員樂觀時(shí)才投資的人最終會(huì)為毫無意義的保證付出沉重的代價(jià)。

2.When we buy a stock, we have to stick to the margin of safety; if our calculated value is only a little higher than its price, we will not consider buying it.

我們?cè)谫I股票時(shí)，必須要堅(jiān)持安全邊際，若是我們所計(jì)算出來的價(jià)值只比其價(jià)格高一點(diǎn)，我們不會(huì)考慮買進(jìn)。

3.Patience is key, impatience will ruin your money.

耐心是關(guān)鍵，急躁會(huì)毀了你的錢。

4.We believe that the term "value investing" itself is redundant. If "investing" is not an act of seeking value, or at least not enough to justify the amount paid, then what is "investing"?

我們認(rèn)為“價(jià)值投資”這個(gè)詞本身是多余的。如果“投資”不是一種尋求價(jià)值的行為，至少不足以證明支付的金額是合理的，那么“投資”是什么？

5.Our policy is to concentrate our holdings. We buy "big" when we decide, rather than buying a little of this and a little of that and then not caring about it afterwards.

我們的政策是集中持股。當(dāng)我們決定了后便買進(jìn)“一大筆”，而非這也買一點(diǎn)那也買一點(diǎn)，但事后卻漠不關(guān)心。

6.We believe that concentration of holdings can also significantly reduce risk, provided that the investor strengthens his or her knowledge of the company and familiarity with its competitive capabilities before buying shares.

我們相信集中持股的做法同樣可以大幅降低風(fēng)險(xiǎn)，只要投資人在買進(jìn)股份之前，能夠加強(qiáng)本身對(duì)于企業(yè)的認(rèn)知以及對(duì)于其競爭能力熟悉的程度。

7.We look for businesses that have a long-term competitive advantage in a stable industry.

我們尋找的生意，需要在一個(gè)穩(wěn)定行業(yè)中具有長期競爭優(yōu)勢(shì)。

8.In my opinion, the people who get things done are not the "most powerful" but the most efficient.

在我看來，能做好事情的人并不是“馬力最大的”，是效率最高的。

9.Patience to buy, determination to sell.

買進(jìn)靠耐心，賣岀靠決心。

10.A person& #39;s intuition is often very accurate, and this is especially important for stock investing.

一個(gè)人的直覺往往是非常準(zhǔn)確的，對(duì)股票投資來說，這一點(diǎn)特別重要。

11.Don& #39;t give up what is attractive today because you think you will find something better tomorrow.

不要因?yàn)槟阏J(rèn)為明天會(huì)找到更好的東西而放棄今天有吸引力的東西。

12.When reviewing my on-again, off-again investment track record, I& #39;ve come to the conclusion that acquisitions are akin to marriages: sure, they& #39;re delightful at first, but then reality starts to veer away from the pre-marriage expectations.

回顧我時(shí)好時(shí)壞的投資記錄時(shí)，我得出的結(jié)論是，收購就好比婚姻：當(dāng)然，一開始婚姻是令人開心的，但隨后，現(xiàn)實(shí)開始偏離婚前的期望。