沃伦巴菲特关于股市“泡沫舞会”一段经典语录

出处： 沃伦·巴菲特（Warren Buffett）2000年致伯克希尔·哈撒韦公司股东的信

中文：

“他们明白，流连于盛宴最终只会落得南瓜与老鼠的下场。但他们依然不愿错过这场狂欢的每一分钟。于是，这些晕眩的参与者都计划在午夜前一秒离场。问题在于：他们跳舞的那个房间里，时钟没有指针。”

“投资与投机之间的界限从来都不清晰，而当大多数市场参与者近来都尝到甜头时，这条界限就变得更加模糊。没有什么比不劳而获的大笔金钱更能麻痹理性了。”

英文：

“They know that overstaying the festivities – that is, continuing to speculate in companies whose valuations are far beyond the prospective cash that will exist – will eventually bring on a return to pumpkin and mice. But they nevertheless hate to miss a minute of this party. And so the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”

“The line between investing and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed successes. Nothing sedates rationality like large doses of effortless money.”