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- Eric_TBSEric_TBS
  ·2022-04-14
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  Night Reading | 40 Quotes from Warren Buffett, Highly Recommended by Duan Yongping
  巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了
  Night Reading | 40 Quotes from Warren Buffett, Highly Recommended by Duan Yongping
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21:17","market":"sh","language":"zh","title":"Night Reading | 40 Quotes from Warren Buffett, Highly Recommended by Duan Yongping","url":"https://stock-news.laohu8.com/highlight/detail?id=2225584750","media":"正和岛","summary":"巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了","content":"<p><html><head></head><body><b>Buffett said that regardless of whether a company is large-cap, small-cap, mid-cap, or ultra-small-cap, we only consider these few things: Can we understand the company's business? Do we like the management of this company? Is the price of this company cheap?</b>In 1998, Buffett gave a very insightful speech at the University of Florida School of Business, which has since been called the most classic speech of Buffett's life, bar none.<b>Duan Yongping highly recommends the content of this speech, and it is said that he has already watched it 10 times.</b></p><p>Please be tricky when asking questions; the harder your questions are, the more fun they will be.</p><p>It's worth mentioning that during his nearly hour-and-a-half-long speech, Buffett himself did not deliver a lengthy speech, but instead devoted most of the time to the students in the audience, allowing them to ask the questions they cared about most.</p><p>\"What kind of company do you like?”</p><p>\"How much should it cost to buy a company?\"</p><p>\"Could you tell me about the mistakes you make in business?”</p><p>The sharp questions did not deter this \"stock market guru.\" He answered the students' questions with humor and wit, and also used the questions to deeply analyze his stock selection criteria, portfolio construction, and way of thinking.</p><p><b>Huang Zheng previously said, \"I found that what Buffett said was actually very simple, even my mother could understand it. Common sense is obvious and easy to understand, but the prejudices and personal interests we have formed due to growth and learning have blinded us.\"</b></p><p>As Huang Zheng said, Buffett is extremely good at explaining important investment philosophies to everyone in very simple and easy-to-understand metaphors. This was the case twenty years ago. Vivid examples and vivid expressions made this speech a classic among classics, and it is still very enlightening when revisited today.</p><p>The original speech was quite long.<b>We have compiled 40 key points into an article.</b>It covers investment philosophies, business judgments, and hopes for young people, and I believe you will find it inspiring after reading it.</p><p>01</p><p>Don't do anything outside the safe margin.</p><p>01. Suppose you hand me a gun with 1,000 magazines or 1 million magazines, only one of which contains a bullet. You say, \"Point the gun at your temple, pull the trigger, how much do you want?\" I won't do it. I won't do it no matter how much money you give me.</p><p>If I win, I don't need that money; If I lose, the result goes without saying. I don't want to do such things at all, but in the financial field, people often do such things without thinking.</p><p>02. Suppose you have $100 million at the beginning of the year. If you don't leverage, you can earn 10%. The success rate of leveraging is 99%, and you can earn 20%. At the end of the year, you have $110 million or $120 million. Does it make a difference? There's no difference.</p><p>If you die at the end of the year, the person writing the obituary might make a typo; even though you have 120 million, he wrote it as 110 million.</p><p>What's the use of the extra money you earn? It's completely useless. It's useless to you, your family, or anyone else.</p><p>03. We have basically never borrowed money. Of course, our insurance company has a float, but I have never borrowed money at all.</p><p>I didn't borrow money when I only had 10,000 yuan. Is it different if I don't borrow money? I was happy investing when I had little money.</p><p>I don't care whether I have 10,000, 100,000, or 1 million. Unless you encounter an emergency, such as a serious illness and urgently need money.</p><p>04. If you have 1 yuan now and think that when you have 2 yuan in the future, you will be happier than you are now, you may be wrong. Don't think that earning 10 or 20 times the amount can solve all the problems in life. Such thinking can easily lead you astray.</p><p>Borrowing money when you shouldn't, or being impatient for quick success, taking shortcuts, or doing things you shouldn't have done, will leave you with no place to go back in the future.</p><p>02</p><p>A business that can be understood is a good business.</p><p>05. American economist Henry Kaufman famously said:</p><p>\"There are two kinds of people who go bankrupt: those who know nothing and those who know everything.\"</p><p>I hope everyone can take this as a warning.</p><p>06. I like businesses I can understand. When I use this criterion to filter, 90% of the companies are filtered out.</p><p>There are some things you can't do even if you know you don't understand them.</p><p>07. I don't like easy business. Business is easy, but it will attract competitors. I like businesses with a moat.</p><p>I hope to have a castle of priceless value, a duke who guards it with both virtue and talent, and a wide moat around it.</p><p>I often<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The subsidiary's manager said that the moat should be widened. Throw crocodiles and sharks into the moat to keep competitors out.</p><p>This depends on service, product quality, cost, and sometimes patents or business locations. This is the kind of business I'm looking for.</p><p>Where can I find such a business? I look for good business in those simple products.</p><p>It's actually easy to understand. With the current economic situation good and the management team competent and virtuous, I can roughly see what such businesses will be like ten years from now. Some businesses, I can't predict what will happen ten years from now, so I won't buy them.</p><p>Like<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>,Lotus,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>These companies, I just don't understand what their moat will be like ten years from now.</p><p>Gates is the best business genius I've ever met.<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It also has a huge lead, but I really don't know what Microsoft will be like ten years from now, nor can I know exactly what Microsoft's competitors will be like ten years from now.</p><p>However, I know what the chewing gum business will be like ten years from now. No matter how the internet develops, it won't change our chewing gum habits. It seems like nothing can change our chewing gum habits. There will definitely be more new varieties of chewing gum, but will the white and yellow arrows disappear? No. No.</p><p>I imagined to myself, if I had a billion dollars, could I hurt this company? Give me $10 billion so I can be global and...<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Competition can hurt me.<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Do you? I can't do that. This kind of business is good business.</p><p>08. At all times, you must know what you are doing in order to make good investments. We must understand the business. We can understand some businesses, but not all businesses.</p><p>09. Regardless of whether a company is large-cap, small-cap, mid-cap, or ultra-small-cap, we only consider the following points:</p><p>Can we understand this company's business? Do we like the management of this company? Is the price of this company cheap?</p><p>03</p><p>Buying stocks is buying a company.</p><p>A market decline presents a good opportunity.</p><p>10. If the companies you invest in don't make money, you'll have a hard time making money either.</p><p>11. After buying stocks, people are completely confused by staring at the stock price early the next morning, hoping that the stock price will determine whether their investment is good or not.</p><p>Buying stocks is buying companies; this is the most basic principle Graham taught me.</p><p>Remember, you're not buying stock, you're buying part ownership of the company. As long as the company is doing well and the price you buy it at isn't outrageously high, your returns will be similar. Investing in stocks is that simple.</p><p>12. I prefer to see the market fall. When there is a sharp drop, it is easier to buy good goods and make good use of money. Investing in stocks is a principle you must learn first.</p><p>13. When you want to buy something, you must have a reason. If you can't give a reason, don't buy it.</p><p>14. Some people treat buying stocks like watching horse racing, which is fine. But if you are investing, investing is putting money in and ensuring that you can get back your money at a suitable rate of return in the future.</p><p>15. Our focus is not on achieving extremely high returns, but on always remembering that we will never lose money.</p><p>16. Most<a href=\"https://laohu8.com/S/300785\">Worth buying</a>Companies that you think are too expensive in terms of numbers and are reluctant to buy, but still really want to buy.</p><p>04</p><p>Protect your circle of competence</p><p>Identify good business</p><p>17. If you can't understand a business at a glance, you still won't understand it even after a month or two.</p><p>To understand a business, you must have sufficient background knowledge and be clear about what you know and what you don't know; this is key. This is what I often mean by my circle of competence: you need to be clear about your own circle of competence.</p><p>18. Everyone has their own circle of competence. The important thing is not how big the circle of competence is, but whether you stay within it.</p><p>If there are thousands of companies on the motherboard, your circle of competence only covers 30 of them, as long as you know which 30 companies they are.</p><p>19. As long as it's good business, nothing else matters. As long as it's good business, I don't care about big or small things, nor do I think about what will happen this year or next.</p><p>Good business, you can see what it will be like in the future, but you don't know when.</p><p>When you look at a business, focus solely on what it will do in the future; don't worry too much about when. Once you see through the future of your business, it doesn't really matter when it will happen.</p><p>20. For my partner Charlie Munger and I, the biggest mistake we made wasn't doing anything wrong, but not doing what we should have done.</p><p>In the midst of these mistakes, we know a lot about business and should have taken action, but somehow we just hesitated and didn't do anything.</p><p>21. I don't study macro issues. The most important thing in investing is to figure out what is important and knowable. If something is unimportant and unknowable, then leave it alone.</p><p>22. The typical tactic of consulting firms is this: they first bring their economists out for a walk, talk about the big macroeconomic landscape, and then analyze it from the top down. We think that's all nonsense.</p><p>23. When we decide whether to buy a company or not, we never base our decisions on how we feel about macroeconomic issues. We don't look at forecasts about interest rates or company earnings; looking at them is useless.</p><p>05</p><p>Be a friend of time</p><p>Making money without any hassle</p><p>24. Find a good investment opportunity in a year, then hold it until its full potential is released.</p><p>In an environment where people are shouting quotes every five minutes, and where others are constantly shoving various reports in front of you, it's hard to hold on. Wall Street makes money by causing trouble, but you make money by not causing trouble.</p><p>25. If everyone here traded their portfolios with each other every day, everyone would eventually go bankrupt, and all the money would end up in the pockets of middlemen.</p><p>To put it another way, you all hold investment portfolios composed of ordinary companies, and you remain motionless for 50 years. In the end, you will all be very rich, and your securities firms will go bankrupt. A brokerage firm is like a doctor; the more times they ask you to change your dressing, the more they earn.</p><p>If he gives you a medicine that cures your illness, he can only make a deal, a transaction, and then that's it. If he can convince you that taking different medicines every day is good for your health, which is good for him and good for the medicine seller, you will lose a lot of money. Your health won't improve, and you'll lose money.</p><p>26. Stay away from any environment that encourages you to act recklessly.</p><p>27. No matter which company we buy, we never set a price target when we buy.</p><p>For example, we bought it at 30, and we never thought we would sell it as soon as it rose to 40, 50, 60, or 100. We never did that.</p><p>We hope that the companies we buy into, which we are optimistic about now, will be just as optimistic five years from now.</p><p>28. The correct way to think about a company is whether it can make more and more money in the long run. If the answer is yes, there's no need to ask any other questions.</p><p>29. Time is the friend of good business and the enemy of bad business.</p><p>If you hold a bad business for a long time, no matter how cheap you buy it, you will only get poor returns in the end. If you hold a good business for a long time, even if you buy it at a higher price, you will still achieve excellent returns as long as you hold it for a long time.</p><p>06</p><p>Diversified investment business</p><p>No more than 6</p><p>30. If you are not a professional investor and do not pursue the goal of achieving excess returns through managing funds, I think you should highly diversify your investments.</p><p>31. If you really understand business, you shouldn't own more than six businesses.</p><p>If you can find six good businesses, you're scattered enough that you don't need to scatter any more, and you can make a lot of money.</p><p>I guarantee that if you don't invest your money in the business you are most optimistic about, but instead start a seventh business, you will definitely fall into a ditch. Few people make their fortune on the seventh best idea, and many people make their fortune on the best idea.</p><p>32. If you asked me if I could invest all my money in one company and stay put for twenty years, I would choose...<a href=\"https://laohu8.com/S/PG\">Procter and Gamble</a>Still Coca-Cola, actually<a href=\"https://laohu8.com/S/PG\">Procter and Gamble</a>While Coca-Cola's product line is more diversified, I think it's more certain than Procter & Gamble's.</p><p>Procter & Gamble can be ranked among the top 5% of companies I am most optimistic about. Procter & Gamble will not be defeated by competitors, but looking ahead to the next two or three decades, I am more optimistic about Coca-Cola's sales growth potential and pricing power between Procter & Gamble and Coca-Cola.</p><p>33. I still prefer businesses where the product itself sells well.</p><p><a href=\"https://laohu8.com/S/MCD\">McDonald's</a>In recent years, there have been more and more promotional activities, which are increasingly relying on promotions rather than on the product itself selling well.</p><p>In comparison, I prefer Gillette. People buy the Font 3 because they like the product itself, not because they want to get some free gifts.</p><p>Every night, think about how one or two hundred million men grow beards. When you sleep, if men's beards keep growing, you can sleep soundly. Think about it again, women all have two legs, which is even better. This method is much more effective than counting sheep; if you're looking for one, look for this kind of business.</p><p>07</p><p>Some advice for young people</p><p>34. The shackles of habit are so light at first that they are hard to notice, but later they become so heavy that they cannot be broken free.</p><p>35. If someone makes me sick, but I could make $100 million with them, I would flatly refuse. Otherwise, what's the difference between marrying for money?</p><p>You should never get married for money, especially if you're already very rich.</p><p>36. I have a job I love, and I loved it back when I thought earning $1,000 was a lot of money.</p><p>Classmates, do what you love. If you always do jobs you don't like just to make your work experience look better on your resume, then you're really confused.</p><p>37. Whatever job you want to do after you become financially free, you should do it now; that is the ideal job.</p><p>38. Doing a job you don't like, doesn't it feel a bit like saving sex when you're young and saving it for when you're older?</p><p>Sooner or later, you should all start doing what you really want to do.</p><p>39. We never dwell on the past. We feel that there is so much to look forward to in the future, so why dwell on the past?</p><p>Don't dwell on the past; there's no point in dwelling on it. Life can only be about moving forward.</p><p>40. Spend your whole life doing what you love and meeting people you love.</p><p></body></html></p>","source":"zhenghedao","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Night Reading | 40 Quotes from Warren Buffett, Highly Recommended by Duan Yongping</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNight Reading | 40 Quotes from Warren Buffett, Highly Recommended by Duan Yongping\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">正和岛</strong><span class=\"h-time small\">2022-04-13 21:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Buffett said that regardless of whether a company is large-cap, small-cap, mid-cap, or ultra-small-cap, we only consider these few things: Can we understand the company's business? Do we like the management of this company? Is the price of this company cheap?</b>In 1998, Buffett gave a very insightful speech at the University of Florida School of Business, which has since been called the most classic speech of Buffett's life, bar none.<b>Duan Yongping highly recommends the content of this speech, and it is said that he has already watched it 10 times.</b></p><p>Please be tricky when asking questions; the harder your questions are, the more fun they will be.</p><p>It's worth mentioning that during his nearly hour-and-a-half-long speech, Buffett himself did not deliver a lengthy speech, but instead devoted most of the time to the students in the audience, allowing them to ask the questions they cared about most.</p><p>\"What kind of company do you like?”</p><p>\"How much should it cost to buy a company?\"</p><p>\"Could you tell me about the mistakes you make in business?”</p><p>The sharp questions did not deter this \"stock market guru.\" He answered the students' questions with humor and wit, and also used the questions to deeply analyze his stock selection criteria, portfolio construction, and way of thinking.</p><p><b>Huang Zheng previously said, \"I found that what Buffett said was actually very simple, even my mother could understand it. Common sense is obvious and easy to understand, but the prejudices and personal interests we have formed due to growth and learning have blinded us.\"</b></p><p>As Huang Zheng said, Buffett is extremely good at explaining important investment philosophies to everyone in very simple and easy-to-understand metaphors. This was the case twenty years ago. Vivid examples and vivid expressions made this speech a classic among classics, and it is still very enlightening when revisited today.</p><p>The original speech was quite long.<b>We have compiled 40 key points into an article.</b>It covers investment philosophies, business judgments, and hopes for young people, and I believe you will find it inspiring after reading it.</p><p>01</p><p>Don't do anything outside the safe margin.</p><p>01. Suppose you hand me a gun with 1,000 magazines or 1 million magazines, only one of which contains a bullet. You say, \"Point the gun at your temple, pull the trigger, how much do you want?\" I won't do it. I won't do it no matter how much money you give me.</p><p>If I win, I don't need that money; If I lose, the result goes without saying. I don't want to do such things at all, but in the financial field, people often do such things without thinking.</p><p>02. Suppose you have $100 million at the beginning of the year. If you don't leverage, you can earn 10%. The success rate of leveraging is 99%, and you can earn 20%. At the end of the year, you have $110 million or $120 million. Does it make a difference? There's no difference.</p><p>If you die at the end of the year, the person writing the obituary might make a typo; even though you have 120 million, he wrote it as 110 million.</p><p>What's the use of the extra money you earn? It's completely useless. It's useless to you, your family, or anyone else.</p><p>03. We have basically never borrowed money. Of course, our insurance company has a float, but I have never borrowed money at all.</p><p>I didn't borrow money when I only had 10,000 yuan. Is it different if I don't borrow money? I was happy investing when I had little money.</p><p>I don't care whether I have 10,000, 100,000, or 1 million. Unless you encounter an emergency, such as a serious illness and urgently need money.</p><p>04. If you have 1 yuan now and think that when you have 2 yuan in the future, you will be happier than you are now, you may be wrong. Don't think that earning 10 or 20 times the amount can solve all the problems in life. Such thinking can easily lead you astray.</p><p>Borrowing money when you shouldn't, or being impatient for quick success, taking shortcuts, or doing things you shouldn't have done, will leave you with no place to go back in the future.</p><p>02</p><p>A business that can be understood is a good business.</p><p>05. American economist Henry Kaufman famously said:</p><p>\"There are two kinds of people who go bankrupt: those who know nothing and those who know everything.\"</p><p>I hope everyone can take this as a warning.</p><p>06. I like businesses I can understand. When I use this criterion to filter, 90% of the companies are filtered out.</p><p>There are some things you can't do even if you know you don't understand them.</p><p>07. I don't like easy business. Business is easy, but it will attract competitors. I like businesses with a moat.</p><p>I hope to have a castle of priceless value, a duke who guards it with both virtue and talent, and a wide moat around it.</p><p>I often<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>The subsidiary's manager said that the moat should be widened. Throw crocodiles and sharks into the moat to keep competitors out.</p><p>This depends on service, product quality, cost, and sometimes patents or business locations. This is the kind of business I'm looking for.</p><p>Where can I find such a business? I look for good business in those simple products.</p><p>It's actually easy to understand. With the current economic situation good and the management team competent and virtuous, I can roughly see what such businesses will be like ten years from now. Some businesses, I can't predict what will happen ten years from now, so I won't buy them.</p><p>Like<a href=\"https://laohu8.com/S/ORCL\">Oracle bone script</a>,Lotus,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>These companies, I just don't understand what their moat will be like ten years from now.</p><p>Gates is the best business genius I've ever met.<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>It also has a huge lead, but I really don't know what Microsoft will be like ten years from now, nor can I know exactly what Microsoft's competitors will be like ten years from now.</p><p>However, I know what the chewing gum business will be like ten years from now. No matter how the internet develops, it won't change our chewing gum habits. It seems like nothing can change our chewing gum habits. There will definitely be more new varieties of chewing gum, but will the white and yellow arrows disappear? No. No.</p><p>I imagined to myself, if I had a billion dollars, could I hurt this company? Give me $10 billion so I can be global and...<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Competition can hurt me.<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Do you? I can't do that. This kind of business is good business.</p><p>08. At all times, you must know what you are doing in order to make good investments. We must understand the business. We can understand some businesses, but not all businesses.</p><p>09. Regardless of whether a company is large-cap, small-cap, mid-cap, or ultra-small-cap, we only consider the following points:</p><p>Can we understand this company's business? Do we like the management of this company? Is the price of this company cheap?</p><p>03</p><p>Buying stocks is buying a company.</p><p>A market decline presents a good opportunity.</p><p>10. If the companies you invest in don't make money, you'll have a hard time making money either.</p><p>11. After buying stocks, people are completely confused by staring at the stock price early the next morning, hoping that the stock price will determine whether their investment is good or not.</p><p>Buying stocks is buying companies; this is the most basic principle Graham taught me.</p><p>Remember, you're not buying stock, you're buying part ownership of the company. As long as the company is doing well and the price you buy it at isn't outrageously high, your returns will be similar. Investing in stocks is that simple.</p><p>12. I prefer to see the market fall. When there is a sharp drop, it is easier to buy good goods and make good use of money. Investing in stocks is a principle you must learn first.</p><p>13. When you want to buy something, you must have a reason. If you can't give a reason, don't buy it.</p><p>14. Some people treat buying stocks like watching horse racing, which is fine. But if you are investing, investing is putting money in and ensuring that you can get back your money at a suitable rate of return in the future.</p><p>15. Our focus is not on achieving extremely high returns, but on always remembering that we will never lose money.</p><p>16. Most<a href=\"https://laohu8.com/S/300785\">Worth buying</a>Companies that you think are too expensive in terms of numbers and are reluctant to buy, but still really want to buy.</p><p>04</p><p>Protect your circle of competence</p><p>Identify good business</p><p>17. If you can't understand a business at a glance, you still won't understand it even after a month or two.</p><p>To understand a business, you must have sufficient background knowledge and be clear about what you know and what you don't know; this is key. This is what I often mean by my circle of competence: you need to be clear about your own circle of competence.</p><p>18. Everyone has their own circle of competence. The important thing is not how big the circle of competence is, but whether you stay within it.</p><p>If there are thousands of companies on the motherboard, your circle of competence only covers 30 of them, as long as you know which 30 companies they are.</p><p>19. As long as it's good business, nothing else matters. As long as it's good business, I don't care about big or small things, nor do I think about what will happen this year or next.</p><p>Good business, you can see what it will be like in the future, but you don't know when.</p><p>When you look at a business, focus solely on what it will do in the future; don't worry too much about when. Once you see through the future of your business, it doesn't really matter when it will happen.</p><p>20. For my partner Charlie Munger and I, the biggest mistake we made wasn't doing anything wrong, but not doing what we should have done.</p><p>In the midst of these mistakes, we know a lot about business and should have taken action, but somehow we just hesitated and didn't do anything.</p><p>21. I don't study macro issues. The most important thing in investing is to figure out what is important and knowable. If something is unimportant and unknowable, then leave it alone.</p><p>22. The typical tactic of consulting firms is this: they first bring their economists out for a walk, talk about the big macroeconomic landscape, and then analyze it from the top down. We think that's all nonsense.</p><p>23. When we decide whether to buy a company or not, we never base our decisions on how we feel about macroeconomic issues. We don't look at forecasts about interest rates or company earnings; looking at them is useless.</p><p>05</p><p>Be a friend of time</p><p>Making money without any hassle</p><p>24. Find a good investment opportunity in a year, then hold it until its full potential is released.</p><p>In an environment where people are shouting quotes every five minutes, and where others are constantly shoving various reports in front of you, it's hard to hold on. Wall Street makes money by causing trouble, but you make money by not causing trouble.</p><p>25. If everyone here traded their portfolios with each other every day, everyone would eventually go bankrupt, and all the money would end up in the pockets of middlemen.</p><p>To put it another way, you all hold investment portfolios composed of ordinary companies, and you remain motionless for 50 years. In the end, you will all be very rich, and your securities firms will go bankrupt. A brokerage firm is like a doctor; the more times they ask you to change your dressing, the more they earn.</p><p>If he gives you a medicine that cures your illness, he can only make a deal, a transaction, and then that's it. If he can convince you that taking different medicines every day is good for your health, which is good for him and good for the medicine seller, you will lose a lot of money. Your health won't improve, and you'll lose money.</p><p>26. Stay away from any environment that encourages you to act recklessly.</p><p>27. No matter which company we buy, we never set a price target when we buy.</p><p>For example, we bought it at 30, and we never thought we would sell it as soon as it rose to 40, 50, 60, or 100. We never did that.</p><p>We hope that the companies we buy into, which we are optimistic about now, will be just as optimistic five years from now.</p><p>28. The correct way to think about a company is whether it can make more and more money in the long run. If the answer is yes, there's no need to ask any other questions.</p><p>29. Time is the friend of good business and the enemy of bad business.</p><p>If you hold a bad business for a long time, no matter how cheap you buy it, you will only get poor returns in the end. If you hold a good business for a long time, even if you buy it at a higher price, you will still achieve excellent returns as long as you hold it for a long time.</p><p>06</p><p>Diversified investment business</p><p>No more than 6</p><p>30. If you are not a professional investor and do not pursue the goal of achieving excess returns through managing funds, I think you should highly diversify your investments.</p><p>31. If you really understand business, you shouldn't own more than six businesses.</p><p>If you can find six good businesses, you're scattered enough that you don't need to scatter any more, and you can make a lot of money.</p><p>I guarantee that if you don't invest your money in the business you are most optimistic about, but instead start a seventh business, you will definitely fall into a ditch. Few people make their fortune on the seventh best idea, and many people make their fortune on the best idea.</p><p>32. If you asked me if I could invest all my money in one company and stay put for twenty years, I would choose...<a href=\"https://laohu8.com/S/PG\">Procter and Gamble</a>Still Coca-Cola, actually<a href=\"https://laohu8.com/S/PG\">Procter and Gamble</a>While Coca-Cola's product line is more diversified, I think it's more certain than Procter & Gamble's.</p><p>Procter & Gamble can be ranked among the top 5% of companies I am most optimistic about. Procter & Gamble will not be defeated by competitors, but looking ahead to the next two or three decades, I am more optimistic about Coca-Cola's sales growth potential and pricing power between Procter & Gamble and Coca-Cola.</p><p>33. I still prefer businesses where the product itself sells well.</p><p><a href=\"https://laohu8.com/S/MCD\">McDonald's</a>In recent years, there have been more and more promotional activities, which are increasingly relying on promotions rather than on the product itself selling well.</p><p>In comparison, I prefer Gillette. People buy the Font 3 because they like the product itself, not because they want to get some free gifts.</p><p>Every night, think about how one or two hundred million men grow beards. When you sleep, if men's beards keep growing, you can sleep soundly. Think about it again, women all have two legs, which is even better. This method is much more effective than counting sheep; if you're looking for one, look for this kind of business.</p><p>07</p><p>Some advice for young people</p><p>34. The shackles of habit are so light at first that they are hard to notice, but later they become so heavy that they cannot be broken free.</p><p>35. If someone makes me sick, but I could make $100 million with them, I would flatly refuse. Otherwise, what's the difference between marrying for money?</p><p>You should never get married for money, especially if you're already very rich.</p><p>36. I have a job I love, and I loved it back when I thought earning $1,000 was a lot of money.</p><p>Classmates, do what you love. If you always do jobs you don't like just to make your work experience look better on your resume, then you're really confused.</p><p>37. Whatever job you want to do after you become financially free, you should do it now; that is the ideal job.</p><p>38. Doing a job you don't like, doesn't it feel a bit like saving sex when you're young and saving it for when you're older?</p><p>Sooner or later, you should all start doing what you really want to do.</p><p>39. We never dwell on the past. We feel that there is so much to look forward to in the future, so why dwell on the past?</p><p>Don't dwell on the past; there's no point in dwelling on it. Life can only be about moving forward.</p><p>40. Spend your whole life doing what you love and meeting people you love.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA\">正和岛</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ee8356647b06585ac937a0f45e6aeb17","relate_stocks":{"BK4176":"多领域控股","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BRK.A":"伯克希尔","BK4581":"高盛持仓","BRK.B":"伯克希尔B","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"https://mp.weixin.qq.com/s/_If2Jbd9zIFKl-lKJJqdaA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225584750","content_text":"巴菲特说，不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？1998年，巴菲特在佛罗里达大学商学院做了一场超有内涵的演讲，这次演讲后来被称为是巴菲特一生中最经典的演讲，没有之一。段永平强烈推荐这次的演讲内容，据说已经看了10遍。请各位提问时一定要刁钻，你们问的问题越难，才越好玩。”值得一提的是，近一个半小时的演讲中，巴菲特本人并没有长篇大论，而是把大部分时间交给了现场的同学，让他们提出自己最为关心的问题。“您喜欢什么样的公司？”“到底该花多少钱买一家公司？”“能否讲讲您在商业中犯的错误？”一个个犀利的问题并没有难倒这位“股神”，他既幽默风趣的回答了学生们的提问，又借着问题深入剖析了自己的选股标准、组合构建和思维方式。黄峥此前说过，“我发现巴菲特讲的东西其实特别简单，连我母亲都能听懂。常识显而易见、容易理解，但我们因为成长、学习形成的偏见和个人利益的诉求蒙蔽了我们。”如黄峥所言，巴菲特极其擅长把重要的投资哲理用非常通俗易懂的比喻来告诉大家，二十年前便是如此，一个个生动的案例加上形象化的表达，让这场演讲成为经典中的经典，今天重温下来，依然极具启迪意义。演讲原文较长，我们从中整理了40条精华内容摘编成文，涉及投资理念、生意判断以及对年轻人的希冀，相信读后一定会对你有所启发。01别做安全边际以外的事01. 假设你递给我一把枪，里面有1000个弹仓、100万个弹仓，其中只有一个弹仓里有一颗子弹，你说：“把枪对准你的太阳穴，扣一下扳机，你要多少钱？”我不干。你给我多少钱，我都不干。要是我赢了，我不需要那些钱；要是我输了，结果不用说了。这样的事，我一点都不想做，但是在金融领域，人们经常做这样的事，都不经过大脑。02. 假设年初你有1亿美元，如果不上杠杆，能赚10%，上杠杆的成功率是99%，能赚20%，年末时你有1.1亿美元，还是1.2亿美元，有区别吗？没一点区别。要是年末你死了，写讣告的人可能有个笔误，虽然你有1.2亿，但他写成了1.1亿。多赚的钱有什么用？一点用没有。对你、对你的家人，对别人，都没用。03. 我们基本上没借过钱，当然我们的保险公司里有浮存金，但是我压根没借过钱。我只有1万块钱的时候都不借钱，不借钱不一样吗？我钱少的时候做投资也很开心。我根本不在乎我到底是有1万、10万，还是100万。除非遇上了急事，比如生了大病急需用钱。04. 如果你现在有1块钱，以为将来有2块钱的时候，自己能比现在过得更幸福，你可能想错了，别以为赚10倍或20倍能解决生活中的所有问题，这样的想法很容易把你带到沟里去。在不该借钱的时候借钱，或者急功近利、投机取巧，做自己不该做的事，将来都没地方买后悔药。02能看懂的生意才是好生意05. 美国经济学家亨利·考夫曼有这么一句名言：“破产的有两种人，一种是什么都不知道的，一种是什么都知道的。”希望大家能引以为戒。06. 我喜欢我能看懂的生意，我用这一条筛选，90%的公司都被过滤掉了。有些东西明知道自己不懂，就不能做。07. 我不喜欢很容易的生意，生意很容易，会招来竞争对手，我喜欢有护城河的生意。我希望拥有一座价值连城的城堡，守护城堡的公爵德才兼备，而且这座城堡周围有宽广的护城河。我经常对伯克希尔子公司的管理者说，加宽护城河。往护城河里扔鳄鱼、鲨鱼，把竞争对手挡在外面。这要靠服务、靠产品质量、靠成本，有时候要靠专利或营业地点。我要找的就是这样的生意。在哪能找到这样的生意呢？我从那些简单的产品里寻找好生意。其实很容易理解，当前的经济状况良好，管理层德才兼备，这样的生意，我能大概看出来它们十年后会怎样。有的生意，我看不出来十年后会怎样，我不买。像甲骨文、莲花、微软这些公司，我就搞不懂它们的护城河十年之后会怎样。盖茨是我遇到过的最优秀的商业奇才，微软也拥有巨大的领先优势，但我真不知道微软十年后会怎样，也无法确切地知道微软的竞争对手十年后会怎样。不过，我知道口香糖生意十年后会怎样，互联网再怎么发展，都不会改变我们嚼口香糖的习惯，好像没什么能改变我们嚼口香糖的习惯。肯定会有更多新品种的口香糖出现，但白箭和黄箭会消失吗？不会。我自己设想，要是我有10亿美元，能伤着这家公司吗？给我100亿美元，让我在全球和可口可乐竞争，我能伤着可口可乐吗？我做不到。这样的生意是好生意。08. 无论什么时候，都要知道自己在做什么，这样才能做好投资。必须把生意看懂了，有的生意是我们能看懂的，但不是所有生意我们都能看懂。09. 我们不管一家公司是大盘、小盘、中盘、还是超小盘，我们只考虑这么几点：这家公司的生意我们能不能看懂？这家公司的管理层我们喜不喜欢？这家公司的价格是否便宜？03买股票就是买公司市场下跌是好机会10. 如果你投资的公司本身都不赚钱，你也很难赚钱。11. 人们买完股票后，第二天一早就盯着股价，看股价决定自己的投资做得好不好，糊涂到家了。买股票就是买公司，这是格雷厄姆教给我的最基本的道理。记住，你买的不是股票，而是公司的一部分所有权。只要公司生意好，而且你买的价格不是高得离谱，你的收益也差不了，投资股票就这么简单。12. 我更愿意看到市场下跌，大跌的时候更容易买到好货，更容易把钱用好，要投资股票，这是你必须首先学会的一个道理。13. 自己要买什么，一定要有个理由，说不出来理由的，别买。14. 有的人把买股票当成看赛马，那无所谓了，但如果你是在投资的话，投资是把资金投进去，确定将来能以合适的收益率收回资金。15. 我们想的不是怎么获得超高的回报率，而是始终牢记永远不亏钱。16. 最值得买的公司，是那些你觉得从数字上看很贵，舍不得买，但还是很想买的公司。04守住能力圈认定好生意17. 一门生意，要是你不能一眼看懂，再花一两个月的时间，你还是看不懂。要看懂一门生意，必须有足够的背景知识才行，而且要清楚自己知道什么，不知道什么，这是关键。我常说的能力圈就是这个意思，要清楚自己的能力圈。18. 每个人都有自己的能力圈，重要的不是能力圈有多大，而是待在能力圈的范围之内。如果主板中有几千家公司，你的能力圈只涵盖其中的 30 家，只要你清楚是哪30家，就可以了。19. 只要是好生意，别的什么东西都不重要。只要是好生意，我就不管那些大事小事，也不考虑今年明年如何之类的问题。好生意，你能看出来它将来会怎样，但是不知道会是什么时候。看一个生意，你就一门心思琢磨它将来会怎么样，别太纠结什么时候。把生意的将来能怎么样看透了，到底是什么时候，就没多大关系了。20. 对于我和我的合伙人查理·芒格来说，我们犯过的最大的错误不是做错了什么，而是该做的没做。在这些错误中，我们对生意很了解，本来应该行动，但不知道怎么了，我们就在那犹豫来犹豫去，什么都没做。21. 我不研究宏观问题，投资中最紧要的是弄清什么事是重要的、可知的。如果一件事是不重要的、不可知的，那就别管了。22. 一般的咨询机构的套路是这样的，先把他们的经济学家拉出来溜两圈，讲一些大的宏观格局，然后自上而下地分析，我们觉得那些都是胡扯。23. 我们在决定买不买一家公司时，从来不把我们对宏观问题的感觉作为依据。我们不看关于利率或公司盈利的预测，看了没用。05做时间的朋友靠不折腾赚钱24. 一年找到一个好的投资机会，然后一直持有，等待它的潜力充分释放出来。在一个人们每五分钟就来回喊报价的环境里，在一个别人总把各种报告塞到你面前的环境里，很难做到持有不动。华尔街靠折腾赚钱，你靠不折腾赚钱。25. 要是在座的各位每天都相互交易自己的投资组合，所有人最后都会破产，所有的钱最后都会进到中间商的口袋里。换个做法，你们都持有一般公司组成的投资组合，50年里你们都一动不动，最后你们都会很有钱，你们的券商会破产。券商像这样一个医生，他让你换药的次数越多，他赚的越多。他要是给你一种药，把你的病根治了，他只能做成一笔买卖，一笔交易，然后就没了。如果他能让你相信每天换各种药吃对健康有益，这对他有好处，对卖药的有好处，你会亏很多钱。你的身体好不了，还会破财。26. 任何刺激你瞎折腾的环境，都要远离。27. 不管买哪家公司，我们买的时候都不设定价格目标。例如，我们是30买的，从没想过涨到40、50、60或100就卖了，从来没这样过。我们希望自己买入的公司，现在看好，五年后一样看好。28. 看一家公司正确的思维方式是，长期来看，这家公司是否能越来越赚钱？如果答案是能，别的问题都用不着问了。29. 时间是好生意的朋友，烂生意的敌人。如果长期持有一个烂生意，就算买得再便宜，最后也只能取得很烂的收益。如果长期持有好生意，就算买得贵了一些，只要长期持有，还是会取得出色的收益。06分散投资的生意不应超过6个30. 如果不是职业投资者，不追求通过管理资金实现超额收益率的目标，我觉得应该高度分散投资。31. 要是你真能看懂生意，你拥有的生意不应该超过六个。要是你能找到六个好生意，就已经足够分散了，用不着再分散了，而且你能赚很多钱。我敢保证，你不把钱投到你最看好的那个生意，而是再去做第七个生意，肯定会掉到沟里。靠第七个最好的主意发家的人很少，靠最好的主意发家的人很多。32. 要是你问我，我要是把我的所有资金都投入到一家公司，二十年不动，我会选宝洁还是可口可乐，其实宝洁的产品线更多元化，但是比较起来，我认为可口可乐的确定性比宝洁的确定性高。宝洁可以入选我最看好的公司中的前5%，宝洁不会被竞争对手打垮，但是从将来二三十年看，在宝洁和可可口乐之间，我更看好可口可乐的销量增长潜力和定价权。33. 我还是更喜欢产品本身卖得好的生意。麦当劳这几年的促销活动越来越多，它越来越依赖促销，而不是靠产品本身卖得好。相比之下，我更喜欢吉列，人们买锋速3是因为他们喜欢锋速3这个产品本身，不是为了得到什么赠品才买的。每天晚上，想想一两亿男人的胡子都在长，你睡觉的时候，男人们的胡子一直在长，你就能睡得很踏实。再想想，女人们都有两条腿，这更好了。这个方法比数绵羊管用多了，要找就找这样的生意。07给年轻人的几点建议34. 习惯的枷锁，开始的时候轻的难以察觉，到后来却重的无法摆脱。35. 要是有个人让我倒胃口，但是和他走到一起，我能赚1亿美元，我会断然拒绝，要不和为了钱结婚有什么两样？无论什么时候，都不能为了钱结婚，要是已经很有钱了，更不能这样。36. 我有一份我热爱的工作，当年我觉得赚1,000美元是一大笔钱的时候，我就喜欢我的工作。同学们，做你们喜欢的工作，要是你总做那些自己不喜欢的工作，只是为了让简历上的工作经历更漂亮，那你真是糊涂了。37. 你财富自由之后想做什么工作，现在就该做什么工作，这样的工作才是理想的工作。38. 做自己不喜欢的工作，不觉得有点像年轻的时候把性生活省下来，留到岁数大的时候再用吗？或早或晚，你们都应该开始做自己真心想做的事。39. 我们从来不想已经过去的事，我们觉得未来有那么多值得期待的，何必对过去耿耿于怀。不纠结过去的事，纠结也没用，人生只能向前看。40. 一辈子都做自己喜欢的事，交自己喜欢的人。","news_type":1,"symbols_score_info":{"BRK.A":1,"BRK.B":1}},"isVote":1,"tweetType":1,"viewCount":1900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}