77条关于投资与人生的经典名言
"Be fearful when others are greedy and greedy when others are fearful."
— Warren Buffett
"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."
— Warren Buffett
"Price is what you pay. Value is what you get."
— Warren Buffett
"When the facts change, I change my mind. What do you do, sir?"查看深度解读 →
"Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks."查看深度解读 →
"Have the courage to act when opportunity presents itself. Hesitation leads to missed opportunities."查看深度解读 →
"I never try to buy at the bottom and I always buy too early. But that doesn't matter because I have long-term goals."查看深度解读 →
"If you like spending six to eight hours per week working on investments, do it. If you don't, then dollar-cost average into index funds."查看深度解读 →
"Do your homework before buying anything. Thorough research is the best way to avoid risk."查看深度解读 →
"In the short run, the market is a voting machine but in the long run, it is a weighing machine."查看深度解读 →
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."查看深度解读 →
"A climate of fear is your friend when investing; a euphoric world is your enemy."查看深度解读 →
"The best thing that happens to us is when a great company gets into temporary trouble."查看深度解读 →
"Diversification is protection against ignorance. It makes little sense if you know what you are doing."查看深度解读 →
"The stock market is a no-called-strike game. You don't have to swing at everything — you can wait for your pitch."查看深度解读 →
"Do not save what is left after spending, but spend what is left after saving."查看深度解读 →
"The idea that you can time the market is just not true... You can't do it."查看深度解读 →
"I am a better investor because I am a businessman, and a better businessman because I am an investor."查看深度解读 →
"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years."查看深度解读 →
"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."查看深度解读 →
"In business, I look for economic castles protected by unbreachable moats."查看深度解读 →
"What an investor needs is the ability to correctly evaluate selected businesses. Note that word 'selected': You don't have to be an expert on every company."查看深度解读 →
"The three most important words in investing are margin of safety. You don't try to buy businesses worth $83 million for $80 million. You leave yourself an enormous margin."查看深度解读 →
"We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely."查看深度解读 →
"I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will."查看深度解读 →
"I call investing the greatest business in the world because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you."查看深度解读 →
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."查看深度解读 →
"Never invest in a business you cannot understand. Risk comes from not knowing what you're doing."查看深度解读 →
"The stock market is designed to transfer money from the active to the patient. Be fearful when others are greedy, and greedy when others are fearful."查看深度解读 →
"We have long felt that the only value of stock forecasters is to make fortune tellers look good. Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future."查看深度解读 →
"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."查看深度解读 →
"In looking for people to hire, look for three qualities: integrity, intelligence, and energy. And if they don't have the first, the other two will kill you."查看深度解读 →
"The only value of stock forecasters is to make fortune-tellers look good."查看深度解读 →
"The power of dividends reinvested is often overlooked by investors."查看深度解读 →
"Time is the friend of the wonderful company, the enemy of the mediocre."查看深度解读 →
"The stock market is designed to transfer money from the Active to the Patient."查看深度解读 →
"My wealth has come from a combination of living in America, some lucky genes, and compound interest."查看深度解读 →
"Our favorite holding period is forever. If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes."查看深度解读 →
"I want to be able to make mistakes, to pay too much sometimes, and still do fine over time."查看深度解读 →
"We will always be prepared for the thousand-year flood. In fact, if it occurs we will be selling life jackets to the unprepared."查看深度解读 →
"Only when the tide goes out do you discover who's been swimming naked."查看深度解读 →
"Wide diversification is only required when investors do not understand what they are doing."查看深度解读 →
"Cash combined with courage in a crisis is priceless."查看深度解读 →
"I've seen more people fail because of liquor and leverage — leverage being borrowed money — than any other reason."查看深度解读 →
"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."查看深度解读 →
"Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars... and yet the Dow rose from 66 to 11,497."查看深度解读 →
"If you're already rich, what's the point of risking what you have and need for what you don't have and don't need?"查看深度解读 →
"The world is not driven by greed. It's driven by envy."查看深度解读 →
"Someone's sitting in the shade today because someone planted a tree a long time ago."查看深度解读 →
"If you cannot control your emotions, you cannot control your money."查看深度解读 →
"You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."查看深度解读 →
"The most important quality for an investor is temperament, not intellect."查看深度解读 →
"Be fearful when others are greedy and greedy when others are fearful."查看深度解读 →
"Mr. Market is there to serve you, not to guide you. It is his pocketbook, not his wisdom, that you will find useful."查看深度解读 →
"The most dangerous thing for a young investor is early success."查看深度解读 →
"There seems to be some perverse human characteristic that likes to make easy things difficult."查看深度解读 →
"What counts for most people in investing is not how much they know, but rather how realistically they define what they don't know."查看深度解读 →
"We have a very small field. We don't try to be good at everything."查看深度解读 →
"I call investing the greatest business in the world because you never have to swing. You stand at the plate, the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you."查看深度解读 →
"I just sit in my office and read all day. That's all I do."查看深度解读 →
"Risk comes from not knowing what you're doing."查看深度解读 →
"Know your circle of competence, and stick within it. The size of that circle is not very important; knowing its boundaries, however, is vital."查看深度解读 →
"Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don't have the first, the other two will kill you."查看深度解读 →
"An economic franchise arises from a product or service that: (1) is needed or desired; (2) is thought by its customers to have no close substitute; and (3) is not subject to price regulation."查看深度解读 →
"The best business is a royalty on the growth of others, requiring little capital itself."查看深度解读 →
"I look for businesses that are like the only bridge over a river."查看深度解读 →
"The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed."查看深度解读 →
"The single most important decision in evaluating a business is pricing power. If you've got the power to raise prices without losing business to a competitor, you've got a very good business."查看深度解读 →
"When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."查看深度解读 →
"Never invest in a business you cannot understand."查看深度解读 →
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."查看深度解读 →
"In business, I look for economic castles protected by unbreachable moats."查看深度解读 →
"Every dollar of retained earnings should create at least one dollar of market value."查看深度解读 →
"When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."查看深度解读 →
"It is better to be approximately right than precisely wrong."查看深度解读 →
"Owner earnings are the relevant item for valuation purposes — not reported earnings."查看深度解读 →
"Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."查看深度解读 →
"We insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we're not interested in buying."查看深度解读 →
"Intrinsic value is the discounted value of the cash that can be taken out of a business during its remaining life."查看深度解读 →
"Price is what you pay, value is what you get. They are not the same thing."查看深度解读 →
"Be fearful when others are greedy and greedy when others are fearful."
我们精选了77条经过验证的Warren Buffett名言，每条都附有出处和深度分析。
Warren Buffett frequently discusses value investing, risk management, and long-term thinking.