来源：雪球App，作者： 郭伟松_鑫鑫投资，（https://xueqiu.com/2524803655/240397203）

作者 | Jean Chen       来源｜Words Ring

1

The big money is not in the buying and the selling but in the waiting.

大钱不在买和卖，而在等待。

2

Those who keep learning, will keep rising in life.

那些不断学习的人，将在生活中不断上升。

3

Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted independence. I desperately wanted it.

像沃伦一样，我也有相当大的致富热情，不是因为我想要法拉利——我想要独立。我拼命地想要。

4

There isn’t a single formula. You need to know a lot about business and human nature and numbers… It is unreasonable to expect that there is a magic system that will do it for you.

没有一个单一的公式。你需要了解很多关于商业、人性和财务的知识......期望有一个神奇的系统能为你做到这一点是不合理的。

5

There are three ways to go broke: liquor, ladies, and leverage.

破产有三种方式：酒，女人，和杠杆。

6

There is no better teacher than history in determining the future… There are answers worth billions of dollars in a history book.

在决定未来方面，没有比历史更好的老师......在一本历史书中，有价值数十亿美元的答案。

7

We have three baskets for investing: yes, no, and too tough to understand.

我们的投资有三个篮子：有，没有，和太难理解。

8

Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?

嫉妒是一种非常愚蠢的罪，因为它是唯一一种你永远不可能有任何乐趣的罪。有很多痛苦而没有乐趣。你为什么要上那辆手推车？

9

Knowing what you don’t know is more useful than being brilliant.

知道你不知道的东西比辉煌更有用。

10

Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day if you live long enough like most people, you will get out of life what you deserve.

每一天都要努力成为比你醒来时更聪明一点的人。日复一日，到最后如果你像大多数人一样活得足够长，你将从生活中得到你应得的东西。

11

I constantly see people rise in life who aren't the smartest, sometimes not even the most diligent, but they're learning machines. They go to bed every night a little wiser than they were when they got up & boy does that help, particularly when you have a long run ahead of you.

我经常看到有人在生活中崛起，他们不是最聪明的，有时甚至不是最勤奋的，但他们是学习的机器。他们每天晚上睡觉时都比起床时更有智慧，这对他们很有帮助，尤其是当你有很长的路要走时。

12

Live within your income and save so that you can invest. Learn what you need to learn.

在你的收入范围内生活并储蓄，以便你可以投资。学习你需要学习的东西。

13

It’s remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

像我们这样的人通过努力做到持续不傻，而不是努力做到非常聪明，获得了多少长期优势，这很了不起。

14

Take one simple idea and take it seriously.

给一个简单的想法，认真对待。

15

In my whole life, I have known no wise people who didn’t read all the time – none, zero.

在我的一生中，我认识的聪明人中没有不一直读书的——没有，零。

16

A great business at a fair price is superior to a fair business at a great price.

一个平价的伟大企业优于一个高价的普通企业。

17

If you can get really good at destroying your own wrong ideas, that's a great gift.

如果你能真正善于摧毁自己的错误想法，这就是一个很好的礼物。

18

You’d be amazed at how much Warren reads and how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.

你会对沃伦和我的阅读量感到惊讶。我的孩子们嘲笑我。他们认为我是一本书，有几条腿伸出来。

19

People calculate too much and think too little.

人们计算的太多，思考的太少。

20

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

通过贪婪的阅读，发展成为一个终身的自学者；培养好奇心，争取每天都变得聪明一点。

21

Go to bed smarter than when you woke up.

睡觉时要比醒来时更聪明。

22

All I want to know is where I'm going to die so I'll never go there.

我只想知道我将在哪里死去，这样我就不会去那里了。

23

I think that every time you see the word EBITDA, you should substitute the words "bullshit earnings".

我认为，每当你看到息税折旧摊销前利润这个词时，你应该用”胡说八道的收益“这个词来代替。

24

We have three baskets: in, out, and too tough. … We have to have a special insight, or we’ll put it in the “too tough” basket.

我们有三个篮子：进去，出来，和太艰难。我们必须有特别的洞察力，否则我们会把它放在 "太艰难 "的篮子里。

25

Do the work on your desk. Do well with what you already have and more will come in.

做好你桌子上的工作。做好你已有的工作，就会有更多的人进来。

26

To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.

要得到你想要的东西，你必须配得上你想要的东西。这个世界还没有疯狂到可以奖励一大堆不值得的人。

27

It's not supposed to be easy. Anyone who finds it easy is stupid.

这不应该是容易的。任何认为它容易的人都是愚蠢的。

28

When you mix raisins and turds, you still get turds.

当你把葡萄干和粪便混在一起时，你还是会得到粪便。

29

You don’t have to be brilliant, only a little bit wiser than the other guy on average, for a long time.

你不需要很出色，只需要在相当长的时间里平均比别人聪明一点。

30

Acknowledging what you don’t know is the dawning of wisdom.

承认你不知道的事情是智慧的曙光。

31

It takes character to sit with all that cash and do nothing. I didn't get to the top where I am by going after mediocre opportunities.

拿着这么多钱什么都不做，这需要性格。我不是通过追求平庸的机会而达到现在的高度的。

32

If you keep learning all the time you have a huge advantage.

如果你一直保持学习，你就有巨大的优势。

33

Being something & doing something that no one had done before are two different things.

做一件事和做一件以前没有人做过的事是两回事。

34

A majority of life's errors are caused by forgetting what one is really trying to do.

生活中的大部分错误都是由于忘记了自己真正要做的事情而造成的。

35

The best thing a human can do is to help another human being know more.

一个人所能做的最好的事情就是帮助另一个人了解更多。

36

The habit of committing far more time to learning and thinking than to doing is no accident.

投入学习和思考的时间远远多于做事的时间，这种习惯并非偶然。

37

One of the greatest ways to avoid trouble is to keep it simple...the system often goes out of control.

避免麻烦的最大方法之一是保持简单……系统经常失控。

38

Opportunity comes to the prepared mind.

机会是给有准备的人的。

39

I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could.

我没有注意到学术学科的界限，我只是抓住了所有我能抓住的大想法。

40

I try to get rid of people who confidently answer questions about which they don't have any real knowledge.

我试图摆脱那些自信地回答他们没有任何实际知识的问题的人。

41

I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself.

我相信掌握其他人曾经想出的最好办法的办法。我不相信只是坐下来，试图自己去梦想这一切。

42

Simplicity has a way of improving performance by enabling us to better understand what we are doing.

简化有一种提高绩效的方式，让我们能够更好地理解我们正在做的事情。

43

You should avoid sloth and unreliability.

你应该避免懒惰和不可靠。

44

Envy, resentment, and self-pity are disastrous modes of thought. Self-pity gets fairly close to paranoia, and paranoia is one of the very hardest things to reverse.

嫉妒、怨恨和自怜是灾难性的思维模式。自怜相当接近偏执狂，而偏执狂是最难扭转的事情之一。

45

Those of us who have been fortunate have a duty to give back. Whether one gives a lot as one goes along as I do, or a little and then a lot (when one dies) as Warren does, is a matter of personal preference.

我们这些幸运的人有责任给予回报。是像我一样边走边捐，还是像沃伦一样先捐一点，然后再捐很多（当他死后），这是个人喜好的问题。

46

We recognized early on that smart people do very dumb things, and we wanted to know why and who, so that we could avoid them.

我们很早就认识到，聪明人会做非常愚蠢的事情，我们想知道为什么，是谁，这样我们就可以避免这些事情。

47

Live within your income and save so you can invest. Learn what you need to learn.

在你的收入范围内生活，储蓄，以便你可以投资。学习你需要学习的东西。

48

It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that.

作为一个投资者，等待才有助于你，而很多人就是不能忍受等待。如果你没有得到延迟满足的基因，你必须非常努力地工作来克服这一点。

49

All intelligent investing is value investing, acquiring more than you are paying for.

所有明智的投资都是价值投资，获取的东西比你付出的多。

50

A lot of people with high IQs are terrible investors because they've got terrible temperaments.

很多高智商的人是糟糕的投资者，因为他们有糟糕的脾气。

51

The liabilities are always 100 percent good. It's the assets you have to worry about.

负债总是百分之百的好。你要担心的是资产。

52

The most famous composer in the world but was utterly miserable most of the time, and of the reasons was that he always overspent his income. This was Mozart. If Mozart couldn't get by with this kind of asinine conduct, I don't think you should try.

世界上最有名的作曲家，但在大多数时间里却完全是个苦命人，其中的原因是他总是透支自己的收入。这就是莫扎特。如果莫扎特不能挺过这种愚蠢的生活方式，我想你也不应该尝试。

53

We're not interested in taking a substantial chance of taking a lot of very decent people back to 'Go' so we can have one more zero on our net worth.

我们没有兴趣冒很大的风险，把很多非常体面的人带回去'走'，这样我们的净资产就能多一个零。

54

Mimicking the herd invites regression to the mean.

模仿羊群的做法会招致向平均值的倒退。

55

You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas.

你必须强迫自己考虑对立的论点。特别是当他们挑战你最喜爱的想法时。

56

Warren Buffett and I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.

沃伦·巴菲特和我坚持几乎每天都有大量的时间可以用来坐下来思考。这在美国企业中是非常不常见的。我们阅读和思考。

57

Our game is to recognize a big idea when it comes along when one doesn't come along very often.

我们的游戏是在一个不经常出现的大想法出现时认识它。

58

Ninety-nine percent of the troubles that threaten our civilization come from too optimistic, therefore we should have a system where accounting is way more conservative.

威胁我们文明的 99%的麻烦来自于太过乐观，因此我们应该有一个系统，让会计变得更加保守。

59

We try to operate in a seamless web of deserved trust and be careful of whom we trust.

我们试图在一个应得的信任的无缝网络中运作，并谨慎对待我们的信任对象。

60

Assume life will be really tough and then ask if you can handle it. If the answer is yes, you've won.

假设生活会非常艰难，然后问自己是否能应付。如果答案是肯定的，你就赢了。

61

Just because you like it does not mean that the world will necessarily give it to you.

你喜欢并不意味着世界一定会给你。

62

I would argue that passion is more important than brainpower.

我想说的是，激情比脑力更重要。

63

Is there such a thing as a cheerful pessimist? That's what I am.

有这样一个开朗的悲观主义者吗？我就是这样的人。

64

Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat.

请记住，声誉和诚信是你最宝贵的资产，它可以在一瞬间失去。

65

Always take the high road, it's far less crowded.

始终走高路，它远没有那么拥挤。

66

You need patience, discipline, and agility to take losses and adversity without going crazy.

你需要耐心、纪律和敏捷性来承受损失和逆境而不至于发疯。

67

No wise pilot, no matter how great his talent and experience, fails to use a checklist.

任何明智的飞行员，无论他的才能和经验有多棒，都不会不使用检查表。

68

There is no way you can live an adequate life without making mistakes.

你不可能在不犯错误的情况下过上富足的生活。

69

Invert, always invert: Turn a situation or problem upside down. Look at it backward.

倒置，总是倒置。把一个情况或问题颠倒过来。倒着看。

70

All I want to know is where I'm going to die, so I'll never go there.

我只想知道我将在哪里死去，所以我不会去那里。

71

Worldly wisdom consists of a set of mental models framed as a latticework to help solve critical business problems.

世俗的智慧由一套心理模型组成，作为一个格子结构来帮助解决关键的商业问题。

72

Good businesses are ethical businesses. A business model that relies on trickery is doomed to fail.

好的企业是有道德的企业。依靠欺骗的商业模式是注定要失败的。

73

If you’re going to live a long time, you have to keep learning - what you formerly knew is never enough. So if you don’t learn to constantly revise your earlier conclusions and get better ones, you’re like a one-legged man in an ass-kicking contest.

如果你要活得长久，你必须不断学习——你以前知道的东西永远不够。因此，如果你不学会不断修正你以前的结论并得到更好的结论，你就像一个在踢屁股比赛中独腿的人。

74

A majority of life's errors are caused by forgetting what one is really trying to do.

生活中的大部分错误都是由于忘记了自己真正要做的事而造成的。

75

I met the towering intellectuals in books, not in the classroom, which is natural. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control.

我在书中遇到了高大的知识分子，而不是在课堂上，这很自然。我的家庭对这些东西很感兴趣，通过纪律、知识和自我控制来获得进步。

76

Wall Street has too much wealth and political power.

华尔街拥有太多的财富和政治权力。

77

I've seen so much folly and stupidity on the part of our major philanthropic groups, including the world bank. I really have more confidence in building up more capitalistic ventures like Costco.

我已经看到我们的主要慈善团体，包括世界银行，有太多的愚蠢行为。我真的对建立像开市客这样的资本主义企业更有信心

78

It's like the slaughter of the innocents. It makes the people who run Las Vegas seem like good people.

这就像对无辜者的屠杀。这让拉斯维加斯赌场老板看起来像是好人。

79

Everywhere there is a large commission, there is a high probability of a rip-off.

凡是有大笔佣金的地方，就很有可能出现宰客的情况。

80

Some people are extraordinarily good at knowing the limits of their knowledge because they have to be.

有些人特别善于了解自己的知识极限，因为他们必须这样做。

81

The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor.

自然界的铁律是。有付出就有收获。如果你想让蚂蚁来，你就在地上放糖。

82

Part of what you must learn is how to handle mistakes and new facts that change the odds. Life, in part, is like a poker game wherein you have to learn to quit sometimes when holding a much-loved hand.

你必须学习的部分内容是如何处理错误和改变赔率的新事实。生活，在某种程度上，就像一场扑克游戏，你必须学会有时在握有一手很好的牌时退出。

83

Another thing, of course, is that life will have terrible blows in it, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't.

当然，另一件事是，生活中会有可怕的打击，可怕的打击，不公平的打击。这并不重要。而有些人恢复了，有些人却没有。

84

Confucius said that real knowledge is knowing the extent of one's ignorance. Aristotle and Socrates said the same thing. Is it a skill that can be taught or learned? It probably can, if you have enough of a stake riding on the outcome.

孔子说，真知是知道自己无知的程度。亚里士多德和苏格拉底也说过同样的话。它是一种可以被教授或学习的技能吗？也许可以，如果你在结果上有足够的利益。

85

Wisdom acquisition is a moral duty. It's not something you do just to advance in life...You are not going to get very far in life based on what you already know. You're going to advance in life by what you learn after you leave here.

智慧的获得是一种道德责任。它不只是你为了在生活中进步而做的事情......根据你已经知道的东西，你不会在生活中走得很远。你要通过你离开这里后所学到的东西来提升人生。

86

One solution fits all is not the way to go. All these cultures are different. The right culture for the Mayo Clinic is different from the right culture at a Hollywood movie studio. You can't run all these places with a cookie-cutter solution.

没有包治百病的药方。所有这些文化氛围都是不同的。梅奥诊所的正确处事之道与好莱坞电影公司的是不同的。你不可能用一个统一的解决方案来管理所有这些地方。

87

There's a tendency to think our present politicians are much worse than we had in the past. But we tend to forget how awful our politicians were in the past.

人们倾向于认为我们现在的政客比过去的政客要差很多。但我们往往会忘记我们的政客在过去是多么可怕。

88

Most people are too fretful, they worry too much. Success means being very patient but aggressive when it's time.

大多数人都太焦躁了，他们担心得太多了。成功意味着要非常有耐心，但在时机成熟时要积极进取。

89

You don't have to have the ability that quantum mechanics requires. You just have to know a few simple things and really know them.

你不需要具备量子力学所要求的能力。你只需要知道一些简单的事情，并且真正了解它们。

90

Don't drift into self-pity because it doesn't solve any problems.

不要陷入自怨自艾，因为它不能解决任何问题。

91

There is not more money to be made from the law, but less time to enjoy it.

不是有更多的钱可以从法律中赚取，而是有更少的时间可以享受。

92

If something is too hard, we move on to something else. What could be simpler than that?

如果某件事情太难，我们就转到其他事情上。还有什么能比这更简单的呢？

93

The best armor of old age is a well-spent life perfecting it.

老年最好的盔甲是用良好的生活来完善它。

94

I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.

我认为，即使不喜欢，也应该承认现实；事实上，尤其是不喜欢的时候。

95

If you can’t stomach 50% declines in your investment, you will get the mediocre returns you deserve.

如果你不能忍受你的投资跌幅 50%，你将获得你应得的平庸回报。

96

The first $100,000 is a b!tch.

第一个 10 万美元是一个 b!tch（译注：b!tch 在这里是感叹和强调，意思是第一桶金它很重要，但最终也没那么根本性的重要。）

97

To get there a person must consistently underspend his income. Getting wealthy is like rolling a snowball. It helps to start on top of a long hill start early and try to roll that snowball for a very long time. It helps to live a long life.

为了达目的，一个人必须持续地让消费低于他的收入。致富就像滚雪球。从一个长长的山顶上开始，尽早开始，并努力在很长一段时间内滚动雪球是有帮助的。这有助于活得更久。

98

The first rule of compounding: Never interrupt it unnecessarily.

复利的第一条规则：永远不要不必要地中断它。

99

To a man with a hammer, everything looks like a nail.

对一个拿着锤子的人来说，一切看起来都像钉子。