巴菲特：做投资，别想着坑人！

1.从长期来看，揣测市场波动赚不着钱，我们不猜涨跌，不直接猜，也不间接猜。

In the long run, speculation about market fluctuations do not earn money, we do not guess up or down, not directly, not indirectly.

2.做投资，别想着坑人，指望最后让傻子接盘，这么做长远不了。

Do investment, do not think of pitfalls, count on the end to let the fool take over, so do the long term can not.

3.在极其低贱的价格买入，平价卖出也能获得喜人的收益，这多有成就感。

Buy at extremely low prices, sell at parity can also get a pleasant return, which is more than a sense of accomplishment.

4.我们能投入40%的仓位，肯定是遇到了特别罕见的情况。正因为罕见，抓准了机会，才要下重注。

We can put 40% of the position, must have encountered a particularly rare situation. It is precisely because of the rarity and the opportunity to capture it that we have to bet heavily.

5.从短期看，价格的决定因素是供求关系，盈利能力和资产只能间接影响价值，未必能主导股价。

In the short term, the determining factor of price is supply and demand; profitability and assets can only indirectly affect value and may not dominate the share price.

6.我认为评价表现应该看五年，至少要看三年，低于三年的业绩没有意义。

I believe that performance should be evaluated over a five-year period, or at least three years, and performance below three years is meaningless.

7.在时机掌控方面，我们总是在买的时候比卖的时候做的好很多。

In terms of timing control, we always do much better when we buy than when we sell.

8.我们一般不借钱，借钱的话，都是用于套利。

We don't usually borrow money, and if we do, it's for arbitrage.

9.我肯定不会预测宏观经济或股市行情明后年会怎么样，我根本不知道。

I'm certainly not going to predict what the macroeconomic or stock market conditions will be like next year or the year after; I simply don't know.

10.我始终相信，在下跌或平盘的行情中，我们的业绩会跑赢指数，在上涨的行情中，我们能跟上指数涨幅就很好了。

I always believe that in a down or flat market, we will outperform the index, and in an up market, we will do well to keep up with the index gains.