股神巴菲特關於投資與人生的 100 句經典語錄

一說到投資界的神話，相信不管是誰，第一時間想到的，都會是我們的股神，沃倫·巴菲特（Warren Buffet）。

巴菲特對於生活、投資、成功、領導力、金錢等各種人生經驗都有著自己的見解。他每說出口的話，總是成為了我們可以借鑒的金句，很準確地抓住了他投資和生活方法的精髓。

為什麼大家都愛聽巴菲特的語錄？

根據福布斯（Forbes）的統計，截止2022年，巴菲特的財富積累已經超過了 1,155 億美元，使他成為美國最富有的人之一。

作為伯克希爾哈撒韋公司（Berkshire Hathaway）的首席執行官，巴菲特遵循一套他用來投資、獲得資本和做出其他生活決定的價值觀。這一套價值觀成就了今天的他。

精選股神巴菲特的 100 句經典語錄

這裡我們準備了 100 句巴菲特關於投資和成功的語錄，希望能夠鼓舞人心，讓你能夠了解這世界上最富有和最成功的人之一的思想。

當你在投資中，遇到困惑的時候，可以看一看，幫助自己保持冷靜；

當你在生活中，跌入低谷的時候，可以讀一讀，讓你重新振奮起來。

語錄 1：

“Remember that the stock market is a manic depressive.”

「請記住，股市有躁狂抑鬱症。」

語錄 2：

“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.”

「如果你發現自己在一艘長期洩漏的船上的話，那麼，更換船隻可能會比修補洩漏來得更有效率。」

語錄 3：

“The most important thing to do if you find yourself in a hole is to stop digging.”

「如果你發現自己陷入困境之洞的話，最重要的事情就是要停止繼續挖洞。」

語錄 4：

“Price is what you pay. Value is what you get.”

「價格，是你付出的；價值，是你得到的。」

語錄 5：

“Beware the investment activity that produces applause; the great moves are usually greeted by yawns.”

「你要當心會引起掌聲的投資活動；因為偉大的創舉通常伴隨著哈欠。」

語錄 6：

“For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.”

「對於投資者而言，一家優秀公司股票的過高購買價格，可能會抵消隨後十年有利的業務發展。」

語錄 7：

“Risk comes from not knowing what you are doing.”

「風險，來自於你不知道自己在做什麼。」

語錄 8：

“Never invest in a business you cannot understand.”

「永遠不要投資你不了解的生意。」

語錄 9：

“If returns are going to be 7 or 8 percent and you’re paying 1 percent for fees, that makes an enormous difference in how much money you’re going to have in retirement.”

「如果回報率是 7% 或 8%，而你只支付 1% 的費用，那你退休後的金錢所得將會有很大的差別。」

語錄 10：

“In the business world, the rearview mirror is always clearer than the windshield.”

「在商業世界裡，後視鏡總是比擋風玻璃更清晰。」

語錄 11：

“Time is the friend of the wonderful company, the enemy of the mediocre.”

「時間是優秀公司的朋友，平庸公司的敵人。」

語錄 12：

“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”

「投資的關鍵不是評估一個行業將會對社會產生多大影響，或是它將會增長多少，而是確定任何特定公司的競爭優勢，或甚是，確定該優勢的持久性。」

語錄 13：

“The three most important words in investing are margin of safety.”

「投資中，最重要的詞語就是，安全邊際。」

語錄 14：

“On the margin of safety, which means, don’t try and drive a 9,800-pound truck over a bridge that says it’s, you know, capacity: 10,000 pounds. But go down the road a little bit and find one that says, capacity: 15,000 pounds.”

「在安全範圍內，這意味著，在駕駛一輛重達 9,800 磅的卡車時，不要試圖經過一座承重量只達10,000 磅的橋。但是，你要沿著路繼續走，找一座承重量達15,000 磅的橋。」

語錄 15：

“It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.”

「以合理的價格收購一家優秀的公司，比以合理的價格收購一家普通的公司要好得多。」

語錄 16：

“If a business does well, the stock eventually follows.”

「如果一家企業做得好，它的股票最終也會隨之起伏。」

語錄 17：

“All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.”

「投資就是在好時機挑選好的股票，然後只要它們仍然是好公司，就一直持股下去。」

語錄 18：

“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

「買股票的話，就要買如果市場關閉 10 年，你仍會非常樂意持有的股票。」

語錄 19：

“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

「今天有人坐在樹蔭下乘涼，因為很久以前有人種了一棵樹。」

語錄 20：

“It is a terrible mistake for investors with long-term horizons — among them pension funds, college endowments, and savings-minded individuals — to measure their investment ‘risk’ by their portfolio’s ratio of bonds to stocks.”

「對於具有長期眼光的投資者——其中包括對養老基金、大學捐贈基金和有儲蓄意識的個人——來說，通過他們投資組合中的債券與股票比率來衡量他們的投資‘風險’是一個可怕的錯誤。」

語錄 21：

“Successful investing takes time, discipline, and patience. No matter how great the talent or effort, some things just take time: You can’t produce a baby in one month by getting nine women pregnant.”

「成功的投資需要時間、紀律和耐心。不管有再大的才華和努力，有些事情只是需要時間：你不可能讓九個女人懷孕，然後要她們在一個月內生下一個孩子。」

語錄 22：

“Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic.”

「把一個在市場上積極交易的人稱為投資者，就像把一個反复參與一夜情的人稱為浪漫主義者一樣。」

語錄 23：

“The stock market is designed to transfer money from the active to the patient.”

「股票市場旨在將資金從活躍者轉移到忍耐者身上。」

語錄 24：

“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”

「如果你不考慮擁有一支股票 10 年，那就不要考慮擁有它 10 分鐘。」

語錄 25：

“Our favorite holding period is forever.”

「我們最喜歡的持有期是永遠。」

語錄 26：

“An investor should act as though he had a lifetime decision card with just twenty punches on it.”

「一個投資者應該表現得好像他一生只有一張決策卡，上面只有二十格。」

語錄 27：

“Do not take yearly results too seriously. Instead, focus on four or five-year averages.”

「不要把年度結果看得太重。相反，關註四五年的平均值。」

語錄 28：

“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.”

「比起簡單的行為，商學院更常獎勵困難的複雜行為，但簡單的行為其實更有效。」

語錄 29：

“Why not invest your assets in the companies you really like? As Mae West said, ‘Too much of a good thing can be wonderful.’”

「為什麼不把你的資產投資於你真正喜歡的公司呢？正如 Mae West 所說的，『太多的好事可能是美妙的。』」

語錄 30：

“There seems to be some perverse human characteristic that likes to make easy things difficult.”

「似乎有一些反常的人類特徵，喜歡把簡單的事情變得困難。」

語錄 31：

“The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”

「對投資者來說，最重要的品質是氣質，而不是智力。你需要一種既不能從人群中獲得極大樂趣或反對的氣質。」

語錄 32：

“Success in investing doesn’t correlate with IQ … what you need is the temperament to control the urges that get other people into trouble in investing.”

「投資的成功與智商無關……你需要的是控制那些讓其他人在投資中陷入困境的衝動的氣質。」

語錄 33：

“The stock market is a no-called-strike game. You don’t have to swing at everything — you can wait for your pitch.”

「股市是一場沒有三振的遊戲。你不必在任何事情上都揮桿——你可以耐心等待投球。」

語錄 34：

“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.”

「你不需要成為一名火箭科學家。投資並不是智商 160 擊敗智商 130 的遊戲。」

語錄 35：

“What counts for most people in investing vs saving is not how much they know, but rather how realistically they define what they don’t know.”

「對於大多數人來說，投資與儲蓄的重要不是他們知道多少，而是他們如何現實地定義他們所不知道的東西。」

語錄 36：

“There is nothing wrong with a ‘know nothing’ investor who realizes it. The problem is when you are a ‘know nothing’ investor but you think you know something.”

「意識到自己『一無所知』的投資者，並沒有錯。更大的問題在於，當你是一個『一無所知』的投資者時，你還是認為自己知道一些事情。」

語錄 37：

“I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.”

「我堅持每天都要花很多時間坐下來思考。這在美國商業中非常罕見。我閱讀和思考。因此，與大多數商界人士相比，我做更多的閱讀和思考，做出更少的衝動決定。我這樣做是因為我喜歡這樣的生活。」

語錄 38：

“Buy a stock the way you would buy a house. Understand and like it such that you’d be content to own it in the absence of any market.”

「像買房子一樣買股票。了解並喜歡它，這樣你就可以不受任何市場的影響，滿足地擁有它。」

語錄 39：

“It takes 20 years to build a reputation and five minuted to ruin it. If you think about that you’ll do things differently.”

「建立聲譽需要 20 年，而毀掉它只需要 5 分鐘。如果你有考慮到這一點，你就會做不同的事情了。」

語錄 40：

“You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.”

「你只需要在能力範圍內評估一家公司。你的能力範圍大小不是很重要；然而，了解它的邊界是至關重要的。」

語錄 41：

“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”

「只要你不做錯太多事情，你一生中只需要做很少對的事情。」

語錄 42：

“Wide diversification is only required when investors do not understand what they are doing.”

「只有當投資者不了解他們在做什麼時，才需要廣泛的多元化。」

語錄 43：

“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”

「機會，來之不易。下黃金雨時，拿出水桶，而不是頂針。」

語錄 44：

“You never know who’s swimming naked until the tide goes out.”

「在潮水退去之前，你永遠不知道誰在裸泳。」

語錄 45：

“For 240 years it’s been a terrible mistake to bet against America, and now is no time to start.”

「240年來，做空美國一直是一個可怕的錯誤，現在不是開始的時候。」

語錄 46：

“I always knew I was going to be rich. I don’t think I ever doubted it for a minute. ”

「我一直都知道我會變得富有。我從來沒有懷疑過它，一分鐘也沒有。」

語錄 47：

“I won’t say if my candidate doesn’t win, and probably half the time they haven’t, I’m going to take my ball and go home.”

「我不會說，如果我的候選人沒有獲勝，而且可能有一半的時間他們沒有獲勝，我就會帶著我的球回家。」

語錄 48：

“Widespread fear is your friend as an investor because it serves up bargain purchases.”

「廣泛的恐懼是你作為投資者的朋友，因為它提供了廉價購買。」

語錄 49：

“Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

「無論我們談論的是襪子還是股票，我都喜歡在降價時購買優質商品。」

語錄 50：

“The best thing that happens to us is when a great company gets into temporary trouble…We want to buy them when they’re on the operating table.”

「發生在我們身上的最好的事情是，當一家偉大的公司陷入暫時的麻煩……我們想在他們上手術台時購買它們。」

語錄 51：

“Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”

「當其他人都對股票感興趣時，大多數人都會對股票感興趣。最好感興趣的時候，其實是在沒有其他人感興趣的時候。你買辦法買到流行的東西並且做得好。」

語錄 52：

“The most common cause of low prices is pessimism—sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It’s optimism that is the enemy of the rational buyer.”

「導致低價最常見的原因是悲觀情緒——有時普遍存在，有時特定於公司或行業。我們想在這樣的環境下做生意，不是因為我們喜歡悲觀主義，而是因為我們喜歡它產生的價格。樂觀是理性買家的敵人。」

語錄 53：

“After 25 years of buying and supervising a great variety of businesses, Charlie [Munger] and I have not learned how to solve difficult business problems. What we have learned is to avoid them.”

「經過 25 年的收購和監督各種各樣的業務，查理 [芒格] 和我還沒有學會如何解決棘手的業務問題。我們學到的是，避免它們。」

語錄 54：

“Speculation is most dangerous when it looks easiest.”

「當看起來最簡單的時候，猜測是最危險的。」

語錄 55：

“Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick ‘no’.”

「保持簡單，不要為了全壘打而亂揮棒。當被承諾快速獲利時，快速回答一句『不』。」

語錄 56：

“Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game.”

「所有擲硬幣的人中，有一半會贏得他們的第一次投擲；如果繼續玩遊戲，那些獲勝者都不會獲得利潤。」

語錄 57：

“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.”

「當機會來臨時，你就會做事。在我的生活中，我曾有過很多想法出現的時期，也經歷過很長一段時間的枯竭期。如果我下周有想法，我就會做點什麼。如果沒有，我就不會做任何該死的事情。」

語錄 58：

“If past history was all that is needed to play the game of money, the richest people would be librarians.”

「如果玩金錢遊戲只需要過去的歷史，那麼最富有的人就是圖書館員。」

語錄 59：

“The investor of today does not profit from yesterday’s growth.”

「今天的投資者不會從昨天的增長中獲利。」

語錄 60：

“What we learn from history is that people don’t learn from history.”

「我們從歷史中學到的是，人們不會從歷史中吸取教訓。」

語錄 61：

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

「我們只是試圖在別人貪婪時感到恐懼，在別人恐懼時才貪婪。」

語錄 62：

“Money is not everything. Make sure you earn a lot before speaking such nonsense.”

「金錢不是萬能的。在說這種廢話之前，請先確保你賺了很多錢。」

語錄 63：

“Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”

「今天，持有現金等價物的人感覺很舒服。他們不應該。他們選擇了一種糟糕的長期資產，一種幾乎不支付任何費用並且肯定會貶值的資產。」

語錄 64：

“So smile when you read a headline that says ‘Investors lose as market falls.’ Edit it in your mind to ‘Disinvestors lose as market falls—but investors gain.’ Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other.”

「所以，當你看到標題寫著‘投資者因市場下跌而虧損’時，請微笑。在你的腦海中將其編輯為‘投資者因市場下跌而虧損——但投資者會獲利。’儘管作家經常忘記這個真理，但有一個買家就會有一個賣家，而傷害一個人的事情也必然會幫助到另一個人。」

語錄 65：

“What the wise do in the beginning, fools do in the end.”

「智者先行，愚者終行。」

語錄 66：

“Predicting rain doesn’t count, building the ark does.”

「預測下雨，不如建造方舟。」

語錄 67：

“The years ahead will occasionally deliver major market declines — even panics — that will affect virtually all stocks. No one can tell you when these traumas will occur.”

「未來幾年偶爾會出現重大的市場下跌——甚至是恐慌——這將影響幾乎所有股票。沒有人能告訴你這些創傷何時會發生。」

語錄 68：

“This does not bother Charlie [Munger] and me. Indeed, we enjoy such price declines if we have funds available to increase our positions.”

「這不會影響查理 [芒格] 和我。事實上，如果我們有資金可以增加我們的頭寸，我們就會享受這樣的價格下跌。」

語錄 69：

“The best chance to deploy capital is when things are going down.”

「部署資本的最佳機會是在情況不景氣的時候。」

語錄 70：

“It’s been an ideal period for investors: A climate of fear is their best friend. Those who invest only when commentators are upbeat end up paying a heavy price for meaningless reassurance.”

「對於投資者來說，這是一個理想的時期：恐懼的氣氛是他們最好的朋友。那些只在評論員樂觀時投資的人，最終會為毫無意義的保證付出沉重的代價。」

語錄 71：

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.”

「最好和比你優秀的人一起出去玩。挑選那些行為比你好的同伴，你就會朝著那個方向漂移。」

語錄 72：

“Of the billionaires I have known, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars.”

「在我認識的億萬富翁中，金錢只是帶出了他們的基本特徵。如果他們在有錢之前是混蛋，那麼他們只是擁有十億美元的混蛋。」

語錄 73：

“It’s nice to have a lot of money, but you know, you don’t want to keep it around forever. I prefer buying things. Otherwise, it’s a little like saving sex for your old age.”

「有很多錢很好，但你知道，你不想永遠保留它。我更喜歡買東西。否則，這有點像為你的晚年保存性行為。」

語錄 74：

“Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”

「為公司賠錢，我會理解的。為公司失去一絲名譽，我會變得冷酷無情。」

語錄 75：

“If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.”

「如果你到了我這個年紀，還是沒有人記得你的好，那不管你的銀行賬戶有多大，你的生活就是一場災難。」

語錄 76：

“Basically, when you get to my age, you’ll really measure your success in life by how many of the people you want to have love you actually do love you.”

「基本上，當你到了我這個年紀，你衡量生活成功的標準會是，你想要愛的人中有多少人真正愛你。」

語錄 77：

“When you combine ignorance and leverage, you get some pretty interesting results.”

「當你把無知和槓桿結合起來時，你會得到一些非常有趣的結果。」

語錄 78：

“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.”

「贏得比賽的人，是那些專注於比賽場地的球員，而不是那些眼睛只盯著記分牌的球員。」

語錄 79：

“Honesty is a very expensive gift. Don’t expect it from cheap people.”

「誠實是一種非常昂貴的禮物。不要指望廉價的人會這樣做。」

語錄 80：

“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.”

「華爾街是人們乘坐勞斯萊斯汽車向乘坐地鐵的人尋求建議的唯一地方。」

語錄 81：

“When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.”

「當數万億美元由收取高額費用的華爾街人士管理時，獲得巨額利潤的通常是經理，而不是客戶。」

語錄 82：

“If you’ve been playing poker for half an hour and you still don’t know who the patsy is, you’re the patsy.”

「如果你打了半個小時牌，還不知道誰是小屁孩，那你就是那個小屁孩。」

語錄 83：

“If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.”

「如果你是人類中最幸運的 1%，那麼你應該為其他 99% 的人考慮。」

語錄 84：

“The difference between successful people and really successful people is that really successful people say no to almost everything.”

「成功人士和真正成功人士的區別在於，真正成功的人對幾乎所有事情都說不。」

語錄 85：

“You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”

「你必須控制自己的時間，那就是通過說不。你不能讓人們隨意設定你在生活中的議程。」

語錄 86：

“In the world of business, the people who are most successful are those who are doing what they love.”

「在商界，最成功的人是那些做自己喜歡做的事的人。」

語錄 87：

“It is not necessary to do extraordinary things to get extraordinary results.”

「沒有必要做非凡的事情來獲得非凡的結果。」

語錄 88：

“You know… you keep doing the same things and you keep getting the same result over and over again.”

「你知道……你一直在做同樣的事情，而且一遍又一遍地得到同樣的結果。」

語錄 89：

“Tell me who your heroes are and I’ll tell you who you’ll turn out to be.”

「告訴我你的英雄是誰，我會告訴你你會變成誰。」

語錄 90：

“The best thing I did was to choose the right heroes.”

「我做的最好的事情，就是選擇了對的英雄。」

語錄 91：

“I learned to go into business only with people whom I like, trust, and admire.”

「我學會了只和我喜歡、信任和欽佩的人做生意。」

語錄 92：

“Investors should remember that excitement and expenses are their enemies.”

「投資者應該記住，興奮和開支是他們的敵人。」

語錄 93：

“The most important investment you can make is in yourself.”

「你能做的最重要的投資就是在你自己身上。」

語錄 94：

“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.”

「在尋找人才時，你要尋找三個品質：正直、智慧和精力。如果他們沒有第一個，另外兩個就會殺了你。」

語錄 95：

“Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”

「每天讀 500 頁的書。這就是知識的運作方式。它建立起來，就像複利一樣。你們所有人都可以做到，但我保證你們中沒有多少人會做到。」

語錄 96：

“One can best prepare themselves for the economic future by investing in your own education. If you study hard and learn at a young age, you will be in the best circumstances to secure your future.”

「一個人可以通過投資自己的教育來最好地為未來經濟做好準備。如果你在年輕時努力學習，你將處於最好的環境中，以確保你的未來。」

語錄 97：

“Imagine that you had a car and that was the only car you’d have for your entire lifetime. Of course, you’d care for it well, changing the oil more frequently than necessary, driving carefully, etc. Now, consider that you only have one mind and one body. Prepare them for life, care for them. You can enhance your mind over time. A person’s main asset is themselves, so preserve and enhance yourself.”

「想像一下，你有一輛汽車，那是你一生中唯一擁有的汽車。當然，你會好好照顧它，更頻繁地更換機油，小心駕駛等等。現在，考慮到你只有一個思想和一個身體。為他們的生活做好準備，照顧他們。隨著時間的推移，你可以增強你的思想。一個人的主要資產是自己，所以要保護和提升自己。」

語錄 98：

“I had a great teacher in life, my father. But I had another great teacher in terms of profession in terms of Ben Graham. I was lucky enough to get the right foundation very early on. And then basically I didn’t listen to anybody else. I just look in the mirror every morning and the mirror always agrees with me. And I go out and do what I believe I should be doing. And I’m not influenced by what other people think.”

“我有一位偉大的老師，我的父親。但我還有另一位在專業方面很棒的老師，格雷厄姆。我很幸運很早就得到了正確的基礎。然後基本上我沒有聽別人的。我只是每天早上都照鏡子，鏡子總是和我一樣。我出去做我認為我應該做的事情。而且我不受其他人想法的影響。”