1. 其实这两种记分卡，分别代表了两种不同的人生态度。被外部记分卡左右的人，光顾着迎合别人的要求，就容易被环境所左右。

1. In fact, these two scorecards represent two different attitudes towards life. Those who are swayed by the external scorecards are so busy trying to meet others' requirements that they are easily influenced by the environment.

2. 举个例子。刚才我们说到，巴菲特有很多和一般投资人不一样的地方，比方说，不爱热闹、不喜欢开会、手机老关机、一上班就钻在办公室看书。其实不光在工作上，在生活上也是。比方说，巴菲特每天都要喝可乐，可乐我们都知道，那是高糖高热量的饮料，医生不让他喝，他不听，他解释说，经过计算，人类死亡率最低的年龄是6岁，所以他要学习6岁小孩的生活习惯，多吃点糖，这样他心里有安全感。他不但爱喝可乐，还一言不合就投资，这些年投资了不少食品相关的企业，著名的有可口可乐、百威啤酒、汉堡王，还有DQ冰激凌，现在网上还能找到好多巴菲特吃雪糕的照片。

2. For example. As we mentioned just now, Warren Buffett has many differences from ordinary investors, such as not liking to be in the spotlight, not enjoying meetings, frequently turning off his mobile phone, and immersing himself in reading books in the office as soon as he arrives at work. It's not just in his work; it's also reflected in his personal life. For instance, Warren Buffett drinks cola every day. We all know that cola is a high-sugar, high-calorie beverage, and doctors advised him not to drink it, but he didn't listen. He explained that after calculation, the age with the lowest mortality rate in humans is 6 years old, so he wants to learn the lifestyle of a 6-year-old child, consume more sugar, so he feels secure mentally. Not only does he love drinking cola, but he also invests without hesitation. Over the years, he has invested in many food-related companies, including famous ones like Coca-Cola, Anheuser-Busch, Burger King, and DQ ice cream. There are still many photos of Warren Buffett eating ice cream online.

3. 巴菲特追求的确定性一是来自于公司内在价值的持续增长。

3. The certainty Buffett seeks comes first from the continuous growth of the intrinsic value of the company.

4. 短期股市的预测是毒药，应该要把他们摆在最安全的地方，远离儿童以及那些在股市中的行为像小孩般幼稚的投资人。

4. Predictions about the short-term stock market are poison, and they should be kept in the safest place, far away from children and those investors who behave like children in the stock market.

5. 永葆童真与好奇心意味着，保持童真，对这个世界保持开放性和好奇，你就会在生活中找到满足感和快乐。

5. To preserve innocence and curiosity means to maintain innocence, to remain open and curious towards this world, and you will find satisfaction and happiness in life.

6. 在这次午餐上，巴菲特就告诉作者，最好的学习方法就是和正确的人在一起，和更优秀的人在一起，你就会不知不觉地进步。所以说，这个真理还讲出了学习的另一条路，就是和牛人交朋友，把自己丢到牛人圈子里。因为牛人总是扎堆儿出现，牛人的朋友大多也是牛人。有牛人为我们做榜样，我们就有了一个足够高的参照点。

6. During this lunch, Buffett told the author that the best way to learn is to be with the right people, to be with those who are more excellent, and you will unconsciously improve. Therefore, this truth also points out another path of learning, which is to make friends with outstanding individuals, and immerse yourself in the circle of such people. Because outstanding individuals often gather together, and most of their friends are also outstanding. With outstanding individuals as our role models, we have a sufficiently high benchmark.

7. 相信美好的东西会以其自然的节奏出现在眼前。

7. Believe that the good things will appear in front of you in their natural rhythm.

8. 其实，科学家很早就发现，一件事儿不管多大，都很难给我们带来长时间的感受。比如，你意外挣了一笔钱，刚开始肯定特别高兴，但是没过多久幸福感就消失了。其实，我们长时间的幸福感，不是来源于生活中的大事，而是来源于生活中不断出现的小幸福。

8. In fact, scientists have long discovered that no matter how big an event is, it's hard to bring us a long-lasting feeling. For example, if you unexpectedly earn a sum of money, you would certainly be very happy at first, but the happiness would fade away soon. In reality, our long-term happiness does not come from major events in life, but from the continuous appearance of small joys in life.

9. 有的企业有高耸的护城河，里头还有凶猛的鳄鱼、海盗与鲨鱼守护着，这才是你应该投资的企业。

9. Some companies have towering moats, with fierce crocodiles, pirates, and sharks guarding them inside. These are the companies you should invest in.

10. 1987年的股灾之前，美国股市连续上涨5年，是一场空前的大牛市。1984年到1986年，美国股市持续大涨，累计涨幅246倍，道琼斯指数从不到1000点上涨到是让人吃惊的2258点。

10. Before the stock market crash of 1987, the U.S. stock market had been on a continuous uptrend for five years, marking an unprecedented bull market. From 1984 to 1986, the U.S. stock market experienced a sustained surge, with an accumulated increase of 246 times, and the Dow Jones Industrial Average rose from less than 1,000 points to a staggering 2,258 points.

11. 经验是一所宝贵的学校，但愚蠢的人只有在这里才能学到知识。

11. Experience is a valuable school, but only the foolish can learn knowledge here.

12. 但是这也潜藏着危险。精确的目标将使我们对其他选择视而不见。当目标搁浅，当愿望幻灭，我们就会被迫擦拭自己的眼睛，并放眼于更广阔的世界。

12. However, this also harbors dangers. Precise targets can make us blind to other choices. When the target is stranded, when desires are dashed, we are compelled to wipe our eyes and look to a broader world.

13. 那么，巴菲特为什么不这么做呢？其实，巴菲特遵循的就是这第二个真理，远离疯狂人群与噪音。让公司总部远离华尔街，就是要远离疯狂的人群，不被外界信息干扰；公司不放在闹市区，就是不想有太多人拜访，不想在无效的社交上浪费时间；办公室装修得不豪华，就是不想有东西扰乱自己的思维，影响自己安静思考；办公桌小一点，就是不想放什么杂物，影响自己读书看报；办公室没电脑，不看大盘，就是为了遵循自己的投资原则，要长期持有。

13. Then, why doesn't Buffett do that? In fact, Buffett follows this second truth: staying away from the madness of crowds and noise. Keeping the company headquarters away from Wall Street is to stay away from the crazy crowd and not be disturbed by external information; not locating the company in a bustling city area is to avoid too many visitors and not waste time on ineffective socializing; not decorating the office extravagantly is to avoid anything that might distract one's thinking and hinder quiet contemplation; having a smaller desk is to avoid clutter that might distract from reading and newspapers; not having computers in the office and not looking at the stock market is to adhere to his investment principles and to hold on to investments for the long term.

14. 坚持自己的原则意味着，无论是做投资、还是经营好一家公司，都要把握住那些最根本的原则，这样我们才不会偏离主干道。

14. Sticking to one's principles means that whether it is to make investments or to run a company well, one must grasp those most fundamental principles, so that we will not deviate from the main road.

15. 巴菲特就给作者说了他自己选择朋友的一个办法。假如一个房子里有100个人，他会先选出10个他想要合作的，再选出10个他坚决不合作的，剩下的80个人有待观察，只把时间和精力集中在少数拿得准、信得过的人身上。这个方法虽然简单，但是特别有用，你想，100个人，一个一个认识得到什么时候，所以不如选择10个最牛的、价值观最相投的，只和他们产生连接。其他的也不都一棒子打死，不下定义，以后再说。

15. Warren Buffett shared with the author his own method for choosing friends. If there were 100 people in a house, he would first select 10 individuals he wants to collaborate with, then 10 individuals he is determined not to collaborate with, and the remaining 80 people would be subject to further observation. He would focus his time and energy on a small number of people he is sure about and can trust. Although this method is simple, it is particularly useful. Think about it, how long would it take to get to know 100 people one by one? Therefore, it is better to choose the top 10 individuals who are the most outstanding and share the most values, and only connect with them. The others are not all rejected outright; no definitive judgments are made, and more can be said about them later.

16. 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。

16. When you reach my age, you'll find that the measure of your success is how many people truly care about you and love you.

17. 用我的想法和你们的钱，我们会做得很好。

17. With my ideas and your money, we will do very well.

18. 但就在人们陶醉在股市连续5年持续上涨的喜悦之中时，一场股灾突然降临了。1987年10月19日，这是历史第一个黑色星期一，一天之内，道琼斯指数跌了508 点，跌幅高达226％。

18. But as people were immersed in the joy of the stock market's continuous increase over five consecutive years, a stock market crash suddenly struck. On October 19, 1987, this was the first "Black Monday" in history, in which the Dow Jones Index dropped by 508 points in one day, with a decline of 226%.

19. 市场就像上帝一样，帮助那些自己帮助自己的人，但与上帝不一样的地方是，他不会原谅那些不知道自己在做什么的人。

19. The market, like God, helps those who help themselves, but unlike God, it does not forgive those who do not know what they are doing.

20. 优势就像是一个望远镜。从一端观望的话，你可以放眼无边的宇宙；但从另一端望去，你的世界就缩成一个窄条。既然人生由我们打造i，那么望远镜朝哪里转就应该由我们自己决定。

20. Advantages are like a telescope. When viewed from one end, you can gaze at the boundless universe; but from the other end, your world is compressed into a narrow strip. Since life is shaped by us, it is up to us to decide which way to turn the telescope.

21. 接下来，我会为你详细讲解，从巴菲特身上，作者学到的5个真理。这5个真理分别是：坚持自己的原则、远离疯狂人群与噪音、永葆童真与好奇心、培养有价值的人际关系以及忠实于自己。

21. Next, I will explain in detail the five truths that the author learned from Buffett. These five truths are: sticking to one's own principles, keeping away from the madness of crowds and noise, maintaining innocence and curiosity, cultivating valuable interpersonal relationships, and being faithful to oneself.

22. 巴菲特的炒股赚钱秘诀是什么：简而言之，就是“选择具有持续竞争优势的公司股票，在公司股价低于公司价值的时候买进并长期持有”。关键点有三个，一是具有持续竞争优势的公司；二是股价低于价值；三是长期持有。股市中的绝大部分人很难做到第二和第三点。因为人性的贪婪和恐惧使股民们在“长期持有”方面望而却步。

22. What is Warren Buffett's secret to making money in stock trading? In short, it is "to choose stocks of companies with sustainable competitive advantages, buy them when the stock price is lower than the company's value, and hold them for the long term." There are three key points: first, companies with sustainable competitive advantages; second, stock prices lower than value; and third, long-term holding. The vast majority of people in the stock market find it difficult to achieve the second and third points. Because human greed and fear make investors hesitate to "hold for the long term."

23. 不是贪婪，而是嫉妒推动着世界前进。

23. It is not greed, but envy that drives the world forward.

24. 当一些大企业暂时出现危机或股市下跌，出现有利可图的交易价格时，应该毫不犹豫买进它们的股票。

24. When some large companies temporarily face a crisis or the stock market falls, and there are profitable trading prices, one should not hesitate to buy their stocks.

25. 但对于每个人来说，天灾是相同的，但天灾引发的损失是不同的。那些事先有了妥善防范的人，受的损失相对而言小得多，而且恢复正常也快得多。

25. However, natural disasters are the same for everyone, but the losses caused by them are different. Those who have taken proper precautions beforehand suffer much smaller losses, and it is also much quicker for them to return to normal.

26. 好了，以上就是第四个真理：培养有价值的人际关系。总结一下，朋友对我们的影响其实是非常大的，所以我们要慎重交友，最好多跟牛人交朋友，从他们身上学习提升自己。

26. Well, that's the fourth truth: Cultivating valuable interpersonal relationships. To sum up, the influence of friends on us is actually very significant, so we should be cautious in making friends and it's best to make more friends with accomplished individuals, learning from them to improve ourselves.

27. 股票预测专家惟一的价值，就是让算命先生看起来还不错。

27. The only value of stock prediction experts is to make fortune tellers look good.

28. 2003三年美国股市大跌91%、119%、221%，累计跌幅超过一半。这三年股灾期间巴菲特的业绩上涨10%以上，以60%的优势大幅度战胜市场。

28. In 2003, the U.S. stock market plummeted by 91%, 119%, and 221% respectively, with the cumulative decline exceeding half. During these three years of stock market disasters, Buffett's performance increased by over 10%, significantly outperforming the market by a margin of 60%.

29. 接下来我们来看第二个真理：远离疯狂人群与噪音。

29. Next, let's look at the second truth: Stay away from the crazy crowd and noise.

30. 总之，巴菲特就是通过保持童真，保持好奇心，积攒每一个小幸福，找到生活和工作的平衡的。巴菲特就说过这么一句话，我每天都跳着踢踏舞去公司，不过不是去上班，我是要去教堂画壁画儿！

30. In summary, Buffett achieves a balance between life and work by maintaining innocence, curiosity, and accumulating every little happiness. Buffett once said, "I dance a tap dance every day to go to the company, but not to work, I'm going to the church to paint murals!"

31. 例如0538云南白药，你可以仔细看一看它上市以来的月线图，你就会发现，该股自上市以来，一直在上涨，目前已经创出历史新高。就是因为该公司具有持续的竞争优势，假如该股上市就买进并长期持有，股价已经上涨了100倍，如果加上历年分红，该股实际上涨了近800倍。这就是股神巴菲特告诉我们的秘诀。

31. For example, 0538 Yunnan Baiyao. You can take a close look at its monthly chart since its listing, and you will find that the stock has been on the rise since its debut, and it has already set a new historical high. This is because the company has a sustained competitive advantage. If you had bought the stock upon its listing and held it for the long term, the stock price would have increased by 100 times. Including the dividends over the years, the actual increase in the stock value would be nearly 800 times. This is the secret that the stock god Warren Buffett has told us.

32. 巴菲特追求的盈利确定性二是来自于安全边际，也就是买入价格和内在价值之间的差距。巴菲特坚信，安全边际是投资成功的基石，只有足够的安全边际才能提供足够的投资安全保障：“铺设桥梁时，你坚持可承受载重量为3万磅，但你只准许载重1万磅的卡车通过。相同的原则也适用于投资领域”。

32. The second source of profit certainty that Buffett pursues comes from the safety margin, which is the gap between the purchase price and the intrinsic value. Buffett firmly believes that the safety margin is the cornerstone of investment success, and only sufficient safety margin can provide adequate investment security: "When building a bridge, you ensure it can withstand a load of 30,000 pounds, but you only allow trucks weighing 10,000 pounds to pass through. The same principle applies to the investment field."