译文由在下瞎乱翻的，力图参照原文味道，不另外加戏了。毕竟我也是伪夹头，自然有些地方是不够专业的。有些中文语录流行甚广，我就不假思索直接照抄了。
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Mr. Buffett Quotes on Investing 巴菲特投资语录
1.“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” THE TAO OF WARREN BUFFETT 2006
规则一：永远不要亏钱。规则二：永远不要忘记规则一。
2.“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” 1989AR
用还行的价格买入一家很棒的公司，远好过用很棒的价格买入一家还行的公司。
3.“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”1996AR
只买那些如果股市关闭10年你也乐意持有的股票。
4.“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” 2004AR
我们只不过试着在别人贪婪的时候恐惧，而在别人恐惧的时候贪婪。
5.“Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful”.”1993AR
为什么不把你的资产投在你真正喜欢的公司？如梅韦斯特所说，好东西多多益善。
6. “Only when the tide goes out do you discover who’s been swimming naked.”2001AR
只有退潮时，你才会发现谁在裸泳。
7. “Stop trying to predict the direction of the stock market, the economy or elections.”1988AR
不要努力去预测股市，经济以及选举的走向。
8. “Never invest in a business you can’t understand.”2002 AR
永远不要投资你不能理解的公司。
9. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.” PANEL DISCUSSION FOR IOUSA DOCUMENTARY 2008AR
我在尽力买这样的股票，它们生意太好了，就算是一个傻瓜都能经营好，因为它们迟早会碰到一个傻瓜经营者。
10. “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”2008AR
不管是谈到袜子还是股票，我都喜欢买高品质的打折货。
11. “Our favorite holding period is forever.”1988AR
我们最喜欢的持有期是永远。
12. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”1989AR
我不指望跳过七英尺高的栅栏，我环顾四周寻找可以跨过的一英尺高的栅栏。
13. “If a business does well, the stock eventually follows.”1999AR
如果一个企业经营很好，股价最终会跟上来。
14. “Price is what you pay. Value is what you get.”2008AR
价格是你所付出的，价值是你所得到的。
15. “Wide diversification is only required when investors do not understand what they are doing.”1993AR
只有当投资者不理解他们自己在做什么时，才需要做广泛的分散投资。
16. “Risk comes from not knowing what you’re doing.”INTERVIEW
风险来自于不知道自己在做什么。
17. “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
要把市场波动当成你的朋友，而不是敌人； 要在傻傻持有中获利，而不是参与其中。
18. “If you are in a poker game and after 20 minutes you don’t know who the patsy is, then you’re the patsy.”1987AR
如果你在玩扑克牌，20分钟后你都不知道谁是韭菜，那么你就是韭菜。
19. “Buy companies with strong histories of profitability and with a dominant business franchise.”
买公司，就要买那些有良好的盈利记录的，同时在行业里占据主导地位的。
20. “It is not necessary to do extraordinary things to get extraordinary results.”1994AR
不一定得做非凡的事情，才能获得非凡的成果。
21. “Risk can be greatly reduced by concentrating on only a few holdings.”1976AR
只需通过专注几只的持有股，就可以极大地降低风险。
22. “The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.”1994AR
投资的关键因素便是确定企业的内在价值，以及支付合理或者打折后的价格。
23. “Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market.”
除非你能看着你的持股跌个50％而不惊慌失措，否则你就不该踏入股市。
24. “Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be mis-appraised.”THE TAO OF WARREN BUFFETT 2006
当优秀的企业遭遇罕见的困境而导致被市场误判时，巨大的投资机会也就出现了。
25. “In the short term, the market is a popularity contest. In the long term, the market is a weighing machine.”1987AR
短期而言，市场是一场人气赛；长期而言，市场是一台称重机。
26. “Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.”1996 2002AR
很多成功可以归因于不操作。绝大多数的投资者不能抵抗不断买入卖出的诱惑。
27. “The advice ‘you never go broke taking a profit’ is foolish.”1987AR
＂落袋为安，永不破产＂是愚蠢的建议。
28. “Never risk what you have and need, for what you don’t have and don’t need.”INTERVIEW
永远不要为了你没有的非需品，拿你拥有的必需品去冒险。
29. “There seems to be some perverse human characteristic that likes to make things difficult.”THE TAO OF WARREN BUFFET 2006
人类好像有一种变态的特征，就是喜欢把事情弄得很复杂。
30. “You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.” THE SMALL CAP INVESTOR BY IAN WYATT CHAPTER 2 QUOTE BY BUFFETT
机会来了，你就会去做事情。我人生中有过这样的时期，一阵子思如泉涌，一阵子又灵感枯竭。下周想到一个点子，我就干点事。如果想不到，我毛事都不干。
31. “Losing some money is an inevitable part of investing and there is nothing you can do to prevent it.”
亏钱是投资中不可避免的组成部分，你根本就无法防范。
32. “Avoiding the dumb things is the most important. Learn more, know limitations, avoid the dumb things.”2001AR
最重要的是避免干蠢事。多学点，知道不足，避免犯浑。
33. “I read a lot: daily publications, annual reports, 10Ks, 10Qs, business magazines, etc.”MBA TALK
我阅读了大量的内容：日报，年报，年度和季度的报表，商业杂志，等等。
34. “Emotional makeup is more important than technical skill.”VARIOUS SPEECHES, TALKS, INTERVIEWS
情绪上的弥补比专业上的技能更为重要。
35. “We will reject interesting opportunities rather than over-leverage our balance sheet.”1983AR
我们会拒绝掉一些有意思的投资机会，也不愿过度杠杆化我们的资产负债表。
36. “The best thing is to learn from other guys’ mistakes.”MBA TALK
从别人的错误里汲取教训是最好的学习方法。
37. “The most common cause of low prices is pessimism.”1990AR
产生低价的最常见的原因就是悲观。
38. “Problems in a company are like cockroaches in the kitchen. You will never find just one.”
公司里的问题就像厨房里的蟑螂，你不会只发现一个。
39. “The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’” THE TAO OF WARREN BUFFETT 2006
股市是一个“无需 先听令，后击打”的游戏。你不一定非得看到什么就挥棒，你可以等待专门给你的投掷。问题是，当你是一个资金经理时，你的粉丝会不停地喊叫：挥棒啊，你这个笨蛋！
40. “You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ. VARIOUS MBA TALKS AND INTERVIEWS
你不必是一个火箭科学家。投资不是一个智商160的人击败一个智商130的人的游戏。
41. “Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like. BUSINESS WEEK 1999
我们盈利的途经更多的是依赖不变，而不是变化。对于我来说，箭牌口香糖就是缺少变化的。我认为它不会受到互联网的冲击。这种生意就是我喜欢的。
42. “Time is the friend of the wonderful business, the enemy of the mediocre.”1989AR
时间是优秀生意的朋友，是平庸生意的敌人。
43. “Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a fly epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”2008AR
44. “Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.” BUFFETT: THE MAKING OF AN AMERICAN CAPITALIST 1995
永远不要指望卖出好价格。只要买入价够诱人，一个正常的卖出价同样会有不错的收益。
45. “We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.” 1998 BERKSHIRE HATHAWAY ANNUAL MEETING
我们得到回报不是因为交易积极，而只是行事正确。至于我们要等待多久，那可没有什么期限。
46. “We’re more comfortable in that kind of business. It means we miss a lot of very big winners. But we wouldn’t know how to pick them out anyway. It also means we have very few big losers – and that’s quite helpful over time. We’re perfectly willing to trade away a big payoff for a certain payoff.” 1999 BERKSHIRE HATHAWAY ANNUAL MEETING
对于那种生意，我们更为舒心。这意味着我们会错失很多赚大钱的机会，但毕竟我们也不懂得怎么选中它们。这也意味着我们很少有亏大钱的时候，时间一长，这对我们可是很有裨益的。我们心甘情愿地用一个可能很大的收益来换取一个确定的收益。
47. “It’s simply to say that managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.”1982AR
简单地说，资金经理和投资者投应该明白，对于企业估值来说，会计数据只是入手之处，而不是总结依据。
48. “When returns on capital are ordinary, an earn-more-by-putting-up-more record is no great managerial achievement. You can get the same result personally while operating from your rocking chair. just quadruple the capital you commit to a savings account and you will quadruple your earnings. You would hardly expect hosannas for that particular accomplishment. Yet, retirement announcements regularly sing the praises of CEOs who have, say, quadrupled earnings of their widget company during their reign – with no one examining whether this gain was attributable simply to many years of retained earnings and the workings of compound interest.”1985AR
当资产回报率很一般的时候，投得多，赚得多，这种盈利记录算不上什么了不起的管理绩效。
你躺在摇椅上运作，自己就可以得到同样的结果。你往存款账户里加四倍本金，就会多得四倍的利息收入。对于这种成就，你根本就不会想到被人唱赞美诗。然而，在很多CEO退休时，我们就经常听到这种赞颂，在他们的领导下，他们的小零件公司的盈利增加了四倍，没有人核查这种收益是否仅仅源自于多年的留存收益和复合利息。
49. “Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised. “1994AR
内在价值可以简单地定义为：一个企业在其剩余的生命周期里可取现金的贴现价值。不过，内在价值的计算不是这么简单。从定义上可以看出，内在价值只是一个估值，而不是一个精确的数值；另外，如果利率变动了，或者未来现金流预测调整了，这个估值也必须跟着变。
50. “The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities—that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future—will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, 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. “2000AR
投资与投机之间的界线，从来都不是明朗清晰的，而当市场上大部分的参与者都在享受胜利时，这个界线会变得更为模糊。不费吹灰之力赚个盆满钵满，没有什么能比这更让人心平气的了。那样一番令人兴奋的经历之后，通常有理智的人会不知不觉进入灰姑娘在舞会上的行为模式。他们知道在这种热闹喜庆当中逗留过久，也就是说，继续在那些相对于未来现金流估值巨大的公司上投机，那些美好最终都会变回南瓜和老鼠。但是面对一场绝佳的狂欢派对，他们一分钟也不愿错过。因此，这些晕头晕脑的参与者都计划在午夜前的几秒内离场。但是，问题来了：他们狂舞的房间内，时钟是没有指针的。
52. “We enjoy the process far more than the proceeds”INTERVIEW
我们享受投资的过程，远胜过收益。
53. “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.”1980AR
当一个美名远扬的优秀管理团队去应付一个臭名昭著的经济糟糕的企业时，结果一般是企业的名声丝毫无损，继续一团糟。
54. “a stock is the right to own a little piece of a business. A stock is worth a certain fraction of what you would be willing to pay for the whole business.”THE SNOWBALL 2009AR
股票就是拥有一个公司的一小块的所有权。股票的价值就是你愿意购买整个企业的那一小部分。
55. “use a margin of safety. Investing is built on estimates and uncertainty. A wide margin of safety ensures that the effects of good decisions are not wiped out by errors.1990AR
使用安全边际。投资是建立在预估和不确定上的。一个宽泛的安全边际会确保好的投资决策的成果不会因犯错而荡然无存。
56. Mr. Market is your servant, not your master. Graham postulated a moody character called Mr. Market, who offers to buy and sell stocks every day, often at prices that don’t make sense. Mr market’s moods should not influence your view of price. However, from time to time he does offer the chance to buy low and sell high.” 1993AR
市场先生是你的仆人，而不是你的主人。格雷厄姆老师假定了一个情绪多变的角色叫市场先生，他每天买卖股票，经常出价不合常理。你对价格的看法不应该受市场先生的情绪影响。但是，他时不时会提供你低买高卖的机会
