投资者说（564）：沃伦·巴菲特

1.投资者只能通过仔细评估事实并持续遵守纪律来赚钱。
Investors can only make money by carefully evaluating the facts and consistently adhering to discipline.

2.投资的关键不是评估一个行业的影响力，而是考察特定企业的竞争优势，尤其是这种优势能否持久。
The key to investing is not assessing the influence of an industry, but examining the competitive advantages of specific companies—especially whether those advantages are sustainable.

3.如果坏消息导致股价下跌，我第一反应是，会不会改变公司的长期估值。
If bad news causes a stock price to fall, my first reaction is to ask whether it will change the company’s long-term valuation.

4.价值投资永远不会过时。在未来的50到100年之间，你不会发现任何关于投资的新东西。
Value investing will never go out of style. Over the next 50 to 100 years, you won’t discover anything new about investing.

5.有时候，把钱放在不该放的地方导致的机会成本会拖累收益。
Sometimes, the opportunity cost of putting money where it shouldn’t be can drag down returns.

6.基金就像漂在池塘上的鸭子，水（市场）涨起来时跟着涨，水落下时跟着落。
A fund is like a duck floating on a pond: it rises when the water (the market) rises, and it falls when the water falls.

7.时间始终是赢家。
Time is always the winner.

8.你不需要希腊符号（复杂的公式），你只需要理解企业的本质。
You don’t need Greek letters (complex formulas); you just need to understand the essence of a business.

9.改进永远不嫌晚，就像棒球手不会放弃比赛，就因为挥棒落空。
It’s never too late to improve, just as a baseball player doesn’t give up the game because he missed a swing.

10.买到一家伟大的企业，比等待便宜一点的价格重要太多。
Buying a great company is far more important than waiting for a slightly lower price.