1. 别看到星巴克生意好就去买星巴克的股票。买熟悉的好公司，这话只对了一半。另一半是还要价格合适。

1. Don't just buy Starbucks stock because you see that it's doing well. Buying familiar good companies is only half right. The other half is that the price must be appropriate.

2. 买那些股价接近净资产值的公司股票，这类公司还要有恰当的市盈率和强健的财务。这可使你免于对股价波动的担忧。这些公司的数量比想象要多，看看公用事业。

2. Purchase stocks of companies whose share prices are close to their net asset value, and these companies should also have appropriate price-to-earnings ratios and robust financials. This can alleviate your concerns about stock price fluctuations. There are more such companies than one might imagine; take the utility sector as an example.

3. 死前悔罪的谬误就在这里：忏悔是长期修行、自律的果实，只靠恐惧感是做不好的。《权力与荣耀》

3. The error of repenting at the last moment lies here: Confession is the fruit of long-term cultivation and self-discipline, which cannot be achieved solely through a sense of fear. "Power and Glory"

4. 在大家恐惧时贪婪，在大家贪婪时恐惧。行不行？这个策略的问题是熊市无底，牛市无顶。

4. Be greedy when others are afraid, and be afraid when others are greedy. Is this strategy feasible? The problem with this strategy is that there is no bottom in bear markets and no top in bull markets.

5. 一个成功的投资者不需要很高的智商或丰富的商业知识，他们所需要的是一个不感情用事的冷静头脑与用合理的价格购买优良的股票。

5. A successful investor does not need a high IQ or extensive business knowledge; what they need is a calm, emotionless mind and the ability to purchase excellent stocks at reasonable prices.

6. 截至1972年，美国政府雇员保险公司股票的涨幅已超过28000%，许多投资人将其当成传家宝来代代相传。

6. By 1972, the stock of the United States Government Employees Insurance Company had increased by over 28,000%, with many investors treating it as a family heirloom to pass down through generations.

7. 定投产品比较理想的是指数基金，包括股指和债券组合。

7. The most ideal fixed investment products are index funds, including stock index and bond portfolios.

8. 任何超过40倍PE的股票都是有风险的，无论它有多高的成长！

8. Any stock with a PE ratio over 40 is risky, regardless of how high its growth rate is!

9. 莫因渴望你没有的，而错过你已拥有的；要知道，你现在拥有的，也曾是你渴望的。 ------- 伊壁鸠鲁

9. Do not let your longing for what you do not have cause you to miss what you already possess; know that what you have now was once what you longed for. ------- Epicurus

10. 当时的感觉就好像是：所有过去的男人和所有未来的男人都把他们的影子投到了现在。《恋情的终结》

10. The feeling at the time was as if: all the men of the past and all the men of the future cast their shadows onto the present. "The End of Love."

11. 性欲并不是最坏的事。只是因为任何一天，任何一个时候，性欲都会变成爱，我们才必须避免它。当我们爱上我们的罪时，我们就要下地狱了。《权力与荣耀》

11. Sexuality is not the worst thing. It is because at any time, any moment, sexuality can turn into love, that we must avoid it. When we fall in love with our sins, we are headed for hell. - "Power and Glory"

12. 这段童年经历造成了格雷厄姆对于股市的“阴影”，也直接影响了其投资理念的形成。有后人曾分析， 安全边际理念与其说是为了争取赚钱，还不如说是为了尽可能地保证本金安全、尽量少赔钱。

12. This childhood experience created a "shadow" in Graham's view of the stock market, and directly influenced the formation of his investment philosophy. Some later analysts have suggested that the concept of safety margin is more about ensuring the safety of the principal and minimizing losses as much as it is about making profits.

13. 牛市是普通投资者亏损的主要原因。

13. The bull market is the main reason for the losses of ordinary investors.

14. >> 格雷厄姆·格林

14. >> Graham Greene

15. 我的第一个自由意志行动将会是相信自由意志。”

15. My first act of free will will be to believe in free will."

16. 格雷厄姆—纽曼公司在为客户扳回1929年至1930年的损失之后，就再也不曾让客户亏过一分钱。

16. Graham-Newman Company has never allowed its clients to lose a single cent since reversing their losses from 1929 to 1930.

17. 你迟早总得选一边站的，如果你还想当个人的话。《文静的美国人》

17. You will have to pick a side sooner or later if you still want to be an individual. "The Quiet American."

18. 归根结底，这并不是一件多么严重的事;既然他早已听任自己沉沦下去，如今再加上一点小小的痛苦，也就不值得注意力。《权力与荣耀》

18. In the end, this is not a very serious matter; since he has long allowed himself to sink into decline, adding a little more pain now is not worth paying attention to. "Power and Glory"

19. 事后的悲哀在事情发生以前就沉重地压在他心头了。《问题的核心》

19. The sorrow of the aftermath weighed heavily on his heart even before the event occurred. "The Core of the Issue."

20. >> 我们发觉，自己内心深处最想要的，是自由的灵魂，对谁都不用负责。我们随心所欲地行事，不管这欲是疯狂的还是不道德的、可耻的甚或犯罪的。有些人的牛仔裤口袋里还插着一本破破烂烂的《查拉图斯特拉如是说》。

20. >>> We find that deep down, what we most desire is a free soul, not accountable to anyone. We act according to our whims, regardless of whether these whims are mad, immoral, shameless, or even criminal. Some people even carry a tattered copy of "Thus Spoke Zarathustra" in the pocket of their jeans.

21. 最理想的便宜货是业内领先的大公司，其价格低于历史均价，且其市盈率低于历史平均市盈率。这很难遇到。

21. The ideal bargain is a leading company in the industry, whose price is below the historical average and whose price-to-earnings ratio is also below the historical average. This is a hard-to-find opportunity.

22. 投机者的首要兴趣是预测并从市场波动中获利;投资者的首要兴趣是以合适的价格买合适的资产。

22. The primary interest of speculators is to predict and profit from market fluctuations; the primary interest of investors is to purchase suitable assets at appropriate prices.

23. >> 生命的意义不是找到的，而是自己创造的，这种观点颇称我心意。事实上，它似乎还是绝对不可或缺的。

23. >> The meaning of life is not found, but created by oneself, and this view resonates with my heart. In fact, it seems to be absolutely indispensable.

24. 投资组合最好不要有中小盘股，因为他们在牛市中总是被高估。进取型投资者只有在确信买得便宜时才能介入。

24. It is best to avoid small and medium-sized stocks in a portfolio, as they are always overvalued in bull markets. Aggressive investors should only get involved when they are confident that they are getting a good deal.

25. >> 人到了生命的这一头时，总是很容易忽略那些这头才独有的快乐，而其中之一当然就是沉静安宁、不慌不忙的思考。

25. >> When people reach this stage of life, they often tend to overlook the unique joys that come with it, and one of them is certainly the tranquility and calmness of thoughtful contemplation.

26. 结果就是，他从来都没有彻底地活着——他从来没有真正活过。

26. The result is that he never truly lived—never really lived at all.

27. 作为一代宗师，他的思想在投资领域产生了极为巨大的震动，影响了三代全球最顶尖的投资大师，包括沃伦·巴菲特、约翰·奈夫、约翰·博格等。

27. As a master of a generation, his thoughts have caused an extremely significant impact in the field of investment, influencing three generations of the world's top investment masters, including Warren Buffett, John Neff, John Bogle, and others.

28. 买股票是买一宗生意的一部分;市场总是在过度兴奋和过度悲观间摇摆，智慧的投资者是从过度悲观的人那里买来，卖给过度兴奋的人;你自己的表现远比证券的表现本身更能影响投资收益。

28. Buying stocks is buying a part of a business; the market is always swinging between excessive excitement and excessive pessimism. Wise investors buy from those who are overly pessimistic and sell to those who are overly excited; your own performance is far more influential on investment returns than the performance of the securities themselves.

29. 带小孩的寡妇如果愿意投入时间和精力，可以做进取型投资者，但永远不要尝试靠投机去获得额外的收入。

29. A widowed woman with children can be an aggressive investor if she is willing to invest time and effort, but she should never try to make extra income through speculation.

30. 即便是聪明的投资者也可能需要坚强的意志才能置身于“羊群”之外。

30. Even smart investors may need strong willpower to stay out of the "herd."

31. 大众不可能靠准确预测股市方向挣钱。

31. It is impossible for the public to make money by accurately predicting the direction of the stock market.

32. 对于高增长型公司，无法估计其现有盈利的市盈率，也无法估计其未来盈利的市盈率。

32. For high-growth companies, it is impossible to estimate the price-to-earnings ratio of their current profits, nor is it possible to estimate the price-to-earnings ratio of their future profits.

33. 人只要快乐，就能受得了任何纪律的约束：破坏工作习惯的是不快乐。《恋情的终结》

33. As long as a person is happy, they can endure any form of discipline: it is unhappiness that disrupts work habits. "The End of Love."

34. 这本书对这场美国股市的大股灾进行了总结，引导人们要理性投资，强调投资就是先要保证本金的安全，正好迎合了当时投资者“安全第一”的心理。

34. This book summarizes the great stock market crash in the United States, guiding people to invest rationally and emphasizing that the first priority of investment is to ensure the safety of the principal, which exactly caters to the investors' psychology of "safety first" at that time.

35. >> 存在先于本质。” ——让-保罗·萨特（1905-

35. >> Existence precedes essence.” — Jean-Paul Sartre (1905-1980)

36. 每一个投资大师的背后都有一段传奇的人生，格雷厄姆也不例外。他创立的“价值投资”理论，最关键的要点有两个， 一是注重安全边际，二是关注投资价值 ，这两点都和他个人的经历有关。

36. Behind every investment master is a legendary life story, and Graham is no exception. The two most crucial points of his "value investment" theory are: one, focusing on safety margin, and two, paying attention to investment value. Both of these points are related to his personal experiences.

37. 市场总是会过度低估那些不热门公司，正如会过度高估那些热门公司一样。

37. The market always overestimates those less popular companies, just as it overestimates those more popular ones.

38. 不管多么小心，你无法不犯错误，只能恪守安全边际，也就是说，不管股票多么来劲绝不高买，你才能控制住犯错的后果。

38. No matter how careful you are, you cannot avoid making mistakes. You can only adhere to safety margins, which means that no matter how attractive the stock is, you should never overpay for it. This way, you can control the consequences of your mistakes.

39. 安全边际：以四毛的价格买值一元的股票，保留有相当大的折扣，从而类减低风险。

39. Safety Margin: Buying a stock worth one yuan at the price of 40 cents, retaining a significant discount, thus reducing the risk.

40. 现在已然衰朽者，将来可能重放异彩;如今倍受青睐者，未来可能日渐衰败

40. What is now worn-out may shine again in the future; what is now favored may decline gradually in the future.

41. Every time I find the meaning of life, they change it

41. Every time I find the meaning of life, they change it.

42. 选股七原则：规模够大;财务稳健;发放红利至少20年;近10年未有亏损;近10年盈利增加至少1/3;股价低于1.5倍净资产;股价低于近三年平均盈利15倍。

42. Seven Principles for Stock Selection: Sufficiently large scale; financially sound; dividend distribution for at least 20 years; no losses in the past 10 years; at least a 1/3 increase in profits over the past 10 years; stock price lower than 1.5 times the net assets; stock price lower than 15 times the average earnings over the past three years.

43. 如今活跃在华尔街的数十位上亿的投资管理人都自称为格雷厄姆的信徒，也正因如此，他还有一个“华尔街教父”的美誉。就连股神巴菲特都曾说：“我血管里流淌的80%是格雷厄姆的血。”可见格雷厄姆对他的影响真的是十分之深刻。

43. Today, dozens of investment managers on Wall Street, with assets under management worth over a billion dollars, call themselves followers of Graham, and for this reason, he is also known as the "Father of Wall Street." Even the "Oracle of Omaha," Warren Buffett, has said, "80% of the blood flowing through my veins is Graham's." This shows just how profoundly Graham has influenced him.

44. 以往她一直是用“你”来称呼我的，打电话时老是说：“是你吗？你能吗？你会吗？你做吗？”弄得我每次总有那么几分钟像个傻瓜似的想：世界上只有一个“你”，那就是我。《恋情的终结》

44. She has always addressed me with "you" in the past, and on the phone, she would always say, "Is that you? Can you? Will you? Do you?" It always made me feel like an idiot for a few minutes each time, thinking: There is only one "you" in the world, and that is me. "The End of Love."

45. 市场短期爱选美，长期爱测体重。

45. The market favors beauty contests in the short term and weight measurements in the long term.

46. 股市从短期来看是“投票机”，从长期来看则是“称重机”。

46. The stock market is a "voting machine" in the short term and a "scale" in the long term.

47. We are all in the gutter, but some of us are looking at the stars

47. We are all in the gutter, but some of us are looking at the stars.

48. 只有在蛮荒之地，在几乎与世隔绝的地方，才能显现文明世界的宗教观与原始力量的驱逐，才能突出愚昧的虔诚同世俗偏见的无所不在的杀伤力。《一个自行发完病毒的病例》

48. It is only in the wilderness, in places almost cut off from the world, that the religious views of the civilized world and the expulsion of primitive forces can be revealed, and the omnipresent destructive power of blind devotion and secular prejudice can be highlighted. "A Case of a Self-Extinguishing Virus."

49. 谁也没想到，墓地突然沉浸在巨大的痛苦里。他们已经习惯于小孩夭折的事，可是对世界其他地方早已熟知的一件事他们却还没有习惯，那就是希望破灭。《权力与荣耀》

49. No one expected that the graveyard would suddenly be immersed in immense suffering. They had become accustomed to the death of children, but they had not yet gotten used to something that was well-known to the rest of the world, that is, the shattering of hope. "Power and Glory"

50. 恐惧与死亡并不是最坏的事。有时候叫生活继续下去反而是个错误。《权力与荣耀》

50. Fear and death are not the worst things. Sometimes, it's a mistake to keep life going. "Power and Glory."

51. 格雷厄姆的精彩投资语录成长股是有，暴涨的成长股也有，但平均而言普通投资者买并享受到成长股带来暴利的机会，相当于树上长钞票。?>

51. Graham's excellent investment quote: There are growth stocks, there are also stocks that skyrocket, but on average, the opportunity for ordinary investors to buy and enjoy the huge profits brought by growth stocks is akin to money growing on trees.

52. 然而在他13岁的时候，母亲突然开始沉迷炒股，拿出了家里多年的积蓄，满仓入市，而可惜的是 ，她一买入股票股市就大跌近50%，她在美国钢铁公司上亏掉了所有的积蓄，还欠了不少债。

52. However, when he was 13 years old, his mother suddenly became addicted to stock trading and used the family's savings accumulated over the years to enter the market fully. Unfortunately, as soon as she bought the stocks, the stock market plummeted by nearly 50%, and she lost all her savings at U.S. Steel Corporation, incurring a significant amount of debt.

53. 什么是优质股票呢？它可以是一支股票，可以是指数型ETF，也可以是几个股票的组合。

53. What is a quality stock? It can be a single stock, an index ETF, or a combination of several stocks.

54. 人们越开心，他们的友谊、婚姻、工作表现、健康和收入就会越令人满意。

54. The happier people are, the more satisfying their friendships, marriages, work performance, health, and income will be.

55. 为什么出名：斯坦布尔火车，事情的中心，第三个人

55. Why famous: Istanbul train, the center of things, the third person