Here in Omaha, we get our mail, we get our periodicals, we get all the facts we need to make a decision. Unlike Wall Street, you& #39;ll notice that we don& #39;t have people coming over here whispering in our ears that we should do this or that this afternoon. I like the lack of excitement. We get facts, not excitement.

在奧馬哈，我們可以收郵件，收期刊，我們得到了做決定所需要的所有事實。不像華爾街，你會注意到我們這里沒有人過來在我們耳邊低語我們今天下午應(yīng)該做這個或那個。我喜歡缺乏刺激的感覺。我們得到的是事實，而不是刺激。

If I were on Wall Street, I& #39;d probably be a lot poorer. You& #39;re overstimulated on Wall Street, you hear a lot of things, you shorten your attention span, and short-term focus is not conducive to long-term profitability. Here I can focus on the value of the business, I don& #39;t need to go to Washington to figure out the value of the Washington Post, I don& #39;t need to be in New York to figure out the value of other companies, it& #39;s an intellectual process. The less static there is in that intellectual process, really, the better off you are.

如果我在華爾街，我可能會窮得多。你在華爾街受到了過度刺激，你聽到了很多事情，你縮短了你的注意力，而短線聚焦不利于長線獲利。在這里，我可以專注于企業(yè)的價值，我不需要去華盛頓就能算出《華盛頓郵報》的價值，我不需要在紐約就能算出其他的公司的價值，這是一個智力的過程。在這個智力過程中，靜態(tài)越少，真的，你就過得越好。

The intellectual process is to define your range of competence to evaluate the business and then find the cheapest price associated with the value within that range of competence. There are a lot of things that I am not capable of evaluating, but there are also some that I am capable of evaluating.

智力過程是定義你的能力范圍來評估企業(yè)，然后在這個能力范圍內(nèi)找到與價值相關(guān)的最便宜的價格。有很多事情我都沒有能力去評價，但也有一些是我有能力評價的。

以上內(nèi)容節(jié)選自巴菲特答股東問

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