1. 风险、是来自于你不知道你在做什么。

1. Risk comes from the fact that you don't know what you're doing.

2. 投资对于我来说，既是一种运动，也是一种娱乐。

2. Investment is both a sport and a form of entertainment for me.

3. 竞争并不是推动人类前进的动力，嫉妒才是。

3. Competition is not the driving force that propels humanity forward; jealousy is.

4. 你们到了我这个年纪的时候就会发现，衡量自己成功的标准就是有多少人在真正关心你、爱你。

4. When you reach my age, you will find that the measure of your success is how many people truly care for you and love you.

5. 评价一个人时，应重点考察四项特征：善良、正直、聪明、能干。如果不具备前两项，那后面两项会害了你。里根也曾说：如果你正直，这比什么都重要；如果你不善良，什么也都不重要了。直面自心，做一个善良正直胸怀坦荡的人！

5. When evaluating a person, one should focus on four key traits: kindness, integrity, intelligence, and ability. If the first two are lacking, the latter two can be detrimental. Reagan also said: "If you are honest, that is more important than anything else; if you are not kind, nothing else matters." Face your own heart and be a kind, honest, and open-minded person!

6. 别人贪婪的时候我恐惧、别人恐惧时我贪婪。

6. When others are greedy, I am fearful; when others are fearful, I am greedy.

7. 对于大多数投资者而言，重要的不是他到底知道什么，而是他们是否真正明白自己到底不知道什么。

7. For most investors, what is important is not what they actually know, but whether they truly understand what they do not know.

8. 股市就是买便宜货，不到便宜的价格就不要买，熊市才更有投资价值，只投资熟知的项目，更重要的是持有。

8. The stock market is about buying cheap goods; don't buy unless the price is right. Bear markets are more valuable for investment. Only invest in projects you are familiar with, and more importantly, hold on to them.

9. 一个杰出的企业可以预计到，将来可能会发生什么，但不一定知道何时会发生。重心需要放在什么上面，而不是何时上。如果对什么的判断是正确的，那么对何时大可不必过虑。

9. An outstanding enterprise can anticipate what might happen in the future, but it may not necessarily know when it will happen. The focus should be on what is needed, rather than when. If the judgment of what is correct is accurate, then there is no need to worry excessively about when.

10. 人生中最重要的投资决策是，跟什么人结婚。只有在选择未来伴侣这件事上犯了错，你才会真的损失很多。而且这个损失，不仅仅是金钱上的。

10. The most important investment decision in life is who to marry. Only when you make a mistake in choosing your future partner will you truly lose a lot. And this loss is not just monetary.

11. 价廉物美：投资成功的关键在于，当市场价格大大低于经营企业的价值时，买入优秀企业的股票。

11. Value for money: The key to successful investment lies in buying stocks of excellent companies when the market price is significantly lower than the value of the operating enterprise.

12. 假如你缺乏自信，心虚与恐惧会导致你投资惨败。缺乏自信的投资人容易紧张，而且经常会在股价下跌时卖出股票。然而这种行为简直形同疯狂，就如你刚花了10万美元买了一栋房子，然后立刻就告诉经纪人，只要有人出价8万美元就卖了。

12. If you lack confidence, feelings of guilt and fear can lead to a惨败 in your investments. Investors who lack confidence tend to be nervous and often sell stocks when the stock price falls. However, this behavior is simply crazy, just like if you had just spent $100,000 on a house and then immediately told the broker that you would sell it for only $80,000 if someone offered that amount.

13. 人生的志向往往神秘莫测，极少有人能够沿着直线靠近它们，也不会有人在找寻它们的过程中一帆风顺。

13. The aspirations of life are often mysterious and elusive, and few people can approach them in a straight line, nor will anyone find them without encountering smooth sailing in the process of seeking them.

14. 当我发现自己处在一个洞穴之中时，最重要的事情就是停止挖掘。

14. When I found myself in a cave, the most important thing was to stop digging.

15. 当适当的气质与适当的智力结构相结合时，你就会得到理性的行为。

15. When the appropriate temperament is combined with the appropriate intellectual structure, you will get rational behavior.

16. 如果你无法左右局面，那么错失一次机会也不是什么坏事。

16. If you can't influence the situation, then missing an opportunity is not necessarily a bad thing.

17. 伴侣是人生最大的投资。在选择伴侣上，如果你错了，将让你损失很多，不仅仅是金钱方面。

17. A partner is the biggest investment in life. If you make a mistake in choosing a partner, it will cost you a lot, not just in terms of money.

18. 人们买股票后根据第二天早上价格的涨跌，决定他们的投资是否正确，简直是扯淡。

18. It's absurd to think that people can determine the correctness of their investment based on the price increase or decrease the next morning after buying stocks.

19. 通过定期投资于指数基金，那些门外汉投资者都可以获得超过多数专业投资大师的业绩！

19. By regularly investing in index funds, even amateur investors can achieve performance that surpasses that of most professional investment experts!

20. 现在远离麻烦，要比以后摆脱麻烦容易得多。

20. It is much easier to avoid trouble now than to get rid of it later.

21. 决定卖掉公司所持有的麦当劳股票是一项严重的错误，总而言之，假如我在股市开盘期间常常溜去看电影的话，你们去年应该赚得更多。

21. Deciding to sell the McDonald's stock held by the company was a serious mistake. In summary, if I had frequently slipped away to go to the movies during market hours, you should have made more money last year.

22. 在拖拉机问世的时候做一匹马，或在汽车问世的时候做一名铁匠，都不是一件有趣的事。

22. It wouldn't be an interesting thing to be a horse when the tractor was invented, or to be a blacksmith when the car was invented.

23. 投资股票的第一原则：不要赔钱。

23. The first principle of investing in stocks: Don't lose money.

24. 民主制度很好，但是却不适用于投资决策。

24. The democratic system is good, but it is not suitable for investment decisions.

25. 我们不因大人物，或大多数人的赞同而心安理得，也不因他们的反对而担心。

25. We do not feel justified or secure in our actions due to the approval of the great or the majority, nor do we worry because of their opposition.

26. 我是个现实主义者，我喜欢目前自己所从事的一切，并对此始终深信不疑。作为一个彻底的实用现实主义者，我只对现实感兴趣，从不抱任何幻想，尤其是对自己。

26. I am a realist, and I like everything I am currently doing, and I always believe in this deeply. As a thoroughgoing pragmatist, I am only interested in reality, never harboring any illusions, especially about myself.

27. 只有在退潮的时候，你才知道谁一直在光着身子游泳。

27. It is only during low tide that you find out who has been swimming in the nude all along.

28. 不要以价格决定是否购买股票、而是要取决于这个企业的价值。

28. Do not decide whether to buy stocks based on price, but rather on the value of the company.

29. 假如观念会过时、那就不足以成为观念。

29. If an idea is subject to obsolescence, then it is not sufficient to be an idea.

30. 当人们忘记二加二等于四这种最基本的常识时，就该是脱手离场的时候了。

30. It's time to cut losses and get out of the game when people forget the most basic fact that two plus two equals four.

31. 习惯的链条在重到断裂之前，总是轻到难以察觉。

31. The chain of habits is always light enough to go unnoticed before it becomes heavy enough to break.

32. 利率就像是投资上的地心引力一样。

32. Interest rates are like the gravitational force in investment.

33. 事实在于，人们充满了贪婪、恐惧或者愚蠢的念头，这一点是可以预测的。而这些念头导致的结果却是不可预测的。

33. The fact is that people are filled with greedy, fearful, or foolish thoughts, which is predictable. However, the outcomes of these thoughts are unpredictable.

34. 许多人盲目投资，等于是玩通宵牌，却从未看清自己手中的牌。

34. Many people invest blindly, which is like playing cards all night long, yet they have never really seen the cards in their hands.

35. 我阅读我所注意公司的年度报表，同时也要阅读它的竞争对手的年度报告。

35. I read the annual reports of the companies I am interested in, as well as the annual reports of their competitors.

36. 真正的成功是由内而外的，并有我们的特质和行为所决定。它来自我们的能力，热情，拼搏以及坚持所产生的神秘化学反应。真正的成功靠我们亲自赢得，它的价值也只有我们自己可以断定。外界可以对我们施以金钱奖励，但不能用这种根深蒂固，更带有功利主义色彩的成功来同化我们。

36. True success is an inner-to-outer process, determined by our character and behavior. It stems from a mysterious chemical reaction that involves our abilities, passion, perseverance, and tenacity. True success is earned by us personally, and its value can only be assessed by ourselves. The outside world can reward us with money, but it cannot assimilate us with this deeply rooted and more功利istic success.

37. 如果你不得不进行太多的调查研究，那就肯定有什么地方出错了。

37. If you have to conduct too much research and investigation, it is definitely something is wrong.

38. 游荡的人，未必都是迷路的人。我的意思是有些游荡的人，就是迷路的人！但是很多情况下，徘徊在选择的迷宫中并不意味着迷失，而是通往正途的一条必经之路。

38. Not all wandering people are lost. What I mean is that some wandering people are indeed lost! However, in many cases, wandering in the labyrinth of choices does not mean being lost, but rather it is a necessary path to the right way.

39. 只要想到隔天早上会有亿男性需要刮胡子，我每晚都能安然入睡。

39. Just thinking about the billions of men who will need to shave the next morning, I can sleep soundly every night.

40. 开始存钱并及早投资，这是最值得养成的习惯。

40. Starting to save and investing early on is the most worthwhile habit to cultivate.

41. 每一个人都应该为自己的人生感到自豪，因为打造人生是每一个人生命所享有的机会，这个机会有着深远而有神圣的意义。人生有我们打造。没有人替代我们做什么，也没有人有权力告诉我们应该这样去做。我们设定自己的目标，我们定义自己的成功。我们无法选择人生的起点，但却可以选择自己成为什么样的人。

41. Everyone should be proud of their own life, because crafting one's life is an opportunity that every individual possesses in their life, an opportunity that holds profound and sacred significance. Life is crafted by us. No one can substitute for us in doing anything, and no one has the power to tell us how we should do it. We set our own goals, and we define our own success. We cannot choose the starting point of life, but we can choose to become what kind of person we want to be.

42. 不同的人理解不同的行业。最重要的事情是知道你自己理解哪些行业，以及什么时候你的投资决策正好在你自己的能力圈内。

42. Different people understand different industries. The most important thing is to know which industries you understand yourself, and when your investment decisions align with your own circle of competence.

43. 一只能数到十的马是只了不起的马，却不是了不起的数学家，同样的一家能够合理运用资金的纺织公司是一家了不起的纺织公司，但却不是什么了不起的企业。

43. A horse that can count up to ten is an extraordinary horse, but not an extraordinary mathematician. Similarly, a textile company that can make reasonable use of funds is an extraordinary textile company, but not an extraordinary enterprise.

44. 绩优企业受制于市场逆转、股价不合理而下跌时、大好的投资机会及将来临。

44. When high-performing companies are constrained by market reversals and irrational stock price declines, it presents excellent investment opportunities and the prospect of future growth.

45. 如果某人相信了空头市场即将来临而卖出手中不错的投资，那么这人会发现，通常卖出股票后，所谓的空头市场立即转为多头市场，于是又再次错失良机。

45. If someone believes that a bear market is approaching and sells their good investments, this person will find that, typically, after selling the stocks, the so-called bear market immediately turns into a bull market, thus missing another good opportunity once again.

46. 只要不是过于急于求成，合理投资能使你非常富有。

46. As long as you're not overly eager for quick results, reasonable investment can make you very wealthy.

47. 如果人们被自己的选择权所困扰，那不是选择太多，而是因为他们缺乏一种清醒的判断和足够的意志力。

47. If people are troubled by their right to choose, it's not because there are too many choices, but rather because they lack a clear judgment and sufficient willpower.

48. 风险来自你不知道自己在做些什么。股市向上帝一样，会帮助自助的人，但和上帝不同的是，他绝不会宽恕那些不懂自己在做什么的人。

48. Risk comes from not knowing what you are doing. The stock market, like God, will help those who help themselves, but unlike God, he will never forgive those who do not understand what they are doing.

49. 如果说人生由我们打造，那么关键的是我们必须自己再造人生。

49. If life is shaped by us, then the key is that we must reshape our lives ourselves.

50. 假如我在一个五兆的市场中还不能赚钱、要我相信跑到几千里外的另一个市场能赚到钱、这种想法未免太天真了。

50. If I can't make money in a market of five trillion, it's too naive to believe that I can make money in another market thousands of miles away.

51. 经理人在思索会计原则时，一定要谨记林肯总统最常讲的一句俚语：如果一只狗连尾巴也算在内的话，总共有几条腿？

51. When the manager is contemplating accounting principles, it is essential to remember the most frequently quoted colloquialism by President Lincoln: If a dog has its tail counted, how many legs does it have in total?

52. 如果我们必须借助穆迪（Moody）或史坦普的信用评分来决定投资与否、不如将钱交给这两家公司操作算了。

52. If we have to rely on Moody's or Standard & Poor's credit ratings to decide whether or not to invest, then it might as well give the money to these two companies to handle.

53. 你不得不自己动脑。我总是吃惊于那么多高智商的人也会没有头脑的模仿。在别人的交谈中、没有得到任何好的想法。

53. You have to use your own brain. I am always surprised that so many highly intelligent people would also be brainless imitators. They get no good ideas from others' conversations.

54. 考察企业的持久性，最重要的事情是看一个企业的竞争力。

54. When examining a company's sustainability, the most important thing is to look at the competitiveness of the company.

55. 如果你不断的跟着风向转、那你就不可能会发财。

55. If you keep following the wind direction, you will never get rich.

56. 如果你给我亿美元用以交换可口可乐这种饮料在世界上的领先权，我会把钱还给你，并对你说‘这可不成’。

56. If you gave me billions of dollars to exchange for the leading position of this beverage, Coca-Cola, in the world, I would return the money to you and say, 'That won't do.'

57. 金钱多少对于你我没有什么大的区别。我们不会改变什么、只不过是我们的妻子会生活得好一些。

57. The amount of money doesn't make much difference between you and me. We won't change anything, it's just that our wives will live better.

58. 如果你是一个银行家，不必要求在你的行业里数一数二。你要做的事是：管理你的资产，负债和成本。银行就像保险家，是一个商品企业，经营者的一举一动经常是企业最引人注意的一个特色。

58. If you are a banker, you do not have to be among the top two in your industry. What you need to do is manage your assets, liabilities, and costs. A bank, like an insurer, is a commodity business, and the actions of the operators are often the most eye-catching feature of the company.

59. 自认对市场震荡起伏敏感而杀进杀出的投资人、反而不如以不变应万变的投资人容易赚钱。

59. Investors who perceive themselves as sensitive to market fluctuations and constantly jumping in and out of the market are actually less likely to make money than those who adopt a strategy of staying the course in the face of change.

60. 在你了解的企业上画一个圈，然后剔除掉那些缺乏内在价值，好的管理和没有经过困难考验的不合格的企业。

60. Draw a circle around the enterprises you are familiar with, and then eliminate those that lack inherent value, good management, and those that have not been tested by difficulties.

61. 人不是天生就具有这种才能的，即始终能知道一切。但是那些努力工作的人有这样的才能。他们寻找和精选世界上被错误定价的赌注。

61. People are not born with the ability to always know everything. However, those who work hard possess this talent. They seek out and select underpriced bets in the world.

62. 我建议你们不要去经纪人那里套小道消息，因为他们并不值得信赖。大多数小道消息也没有什么价值。但是有的主意，比如说我们的主意，却是非常私有化的，这点我和我的老师不一样。

62. I suggest you do not seek inside information from agents, as they are not trustworthy. Most inside information is not very valuable. However, some ideas, such as our ideas, are very proprietary, which is something my teacher and I differ on.

63. 我们欢迎市场下跌，因为它使我们能以新的、令人感到恐慌的便宜价格拣到更多的股票。

63. We welcome the market downturn, as it allows us to pick up more stocks at new, panic-inducing low prices.

64. 为什么要努力工作？因为它是赢得自尊的最可靠途径，并且可能是唯一的途径。为什么要努力奋斗？因为它可以激发我们的最大潜能，让我们认清自我，告诉我们有何东西可以奉献给他人，能够成就多少事情。

64. Why should we work hard? Because it is the most reliable way to win self-respect, and may even be the only way. Why should we strive? Because it can unleash our maximum potential, help us understand ourselves, and tell us what we can offer to others, and how much we can achieve.

65. 只有自己可以对自己的内心进行剖析，没有人能够代替我，也没有人能够代替你，我们每个人都必须自己确定那份**所在，即使它会将我们引向竞技场中的有利高地。

65. Only one can dissect one's own innermost thoughts, no one can replace me, no one can replace you, each of us must determine that place within ourselves, even if it leads us to advantageous heights in the arena.

66. 你需要一种性情，不管是群居还是独处，你都能够做到从容自若、宠辱不惊。你知道自己是正确的，因为别人的态度对你不会产生影响，你只是基于事实和自己的判断做出决定。

66. You need a temperament, whether you are in a group or alone, to remain composed and undisturbed by praise or blame. You know you are right because others' attitudes do not affect you; you simply make decisions based on facts and your own judgment.