I know what the chewing business will look like ten years from now. The Internet is not going to change how we chew gum and nothing much else is going to change how we chew gum.

雖然我不擁有口香糖的公司，但是我知道10年后他們的發(fā)展會(huì)怎樣。互聯(lián)網(wǎng)是不會(huì)改變我們嚼口香糖的方式的，事實(shí)上，沒什么能改變我們嚼口香糖的方式。

You give me a billion dollars and tell me to go into the chewing gum business and try to make a real dent in Wrigley& #39;s. I can’t do it. That is how I think about businesses. I say to myself, give me a billion dollars and how much can I hurt the guy? Give me 10 billion dollars and how much can I hurt Coca-Cola around the world? I can& #39;t do it. Those are good businesses. Now give me some money and tell me to hurt somebody in some other fields, and I can figure out how to do it. 

如果你給我10個(gè)億，讓我進(jìn)入口香糖的生意，打開一個(gè)缺口，我無法做到。這就是我考量一個(gè)生意的基本原則。給我10個(gè)億，我能對(duì)競(jìng)爭(zhēng)對(duì)手有多少打擊？給我100個(gè)億，我對(duì)全世界的可口可樂的損失會(huì)有多大？我做不到，因?yàn)?，他們的生意穩(wěn)如磐石。給我些錢，讓我去占領(lǐng)其他領(lǐng)域，我卻總能找出辦法把事情做到。

So I want a simple business, easy to understand, great economics now, honest and able management, and then I can see about in a general way where they will be ten years from now. If I can& #39;t see where they will be ten years from now, I don& #39;t want to buy it. Basically, I don& #39;t want to buy any stock where if they close the NYSE tomorrow for five years, I won& #39;t be happy owning it.

所以，我要找的生意就是簡(jiǎn)單，容易理解，經(jīng)濟(jì)上行得通，誠(chéng)實(shí)，能干的管理層。這樣，我就能看清這個(gè)企業(yè)10年的大方向。如果我做不到這一點(diǎn)，我是不會(huì)買的?；旧蟻碇v，我只會(huì)買那些，即使紐約證交所從明天起關(guān)門五年，我也很樂于擁有的股票。

People buy a stock and they look at the price next morning and they decide to see if they are doing well or not doing well. It is crazy. You are not buying a stock, you are buying part ownership in a business. You will do well if the business does well, if you didn’t pay a totally silly price.

人們買股票，根據(jù)第二天早上股票價(jià)格的漲跌，決定他們的投資是否正確，這簡(jiǎn)直是扯淡。你買的不是股票，你買的是一部分企業(yè)生意。企業(yè)好，你的投資就好，只要你的買入價(jià)格不是太離譜。