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本页汇编媒体与书籍中发表的语录,供教育之用。它不推荐任何具体投资,也不保证未来的收益。过去的教训在未来是否同样适用并无保证,所有投资决策都必须在你自己的判断与责任下做出。
沃伦·巴菲特
Warren Buffett1930~伯克希尔·哈撒韦董事长
价值投资的在世传奇。被称为「奥马哈的先知」,他 65 年多来实现了超越标普500 的复利收益。
“Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.”
💡 The core philosophy that preserving principal comes before chasing returns
“The stock market is a device for transferring money from the impatient to the patient.”
💡 Only long-term investors, not short-term speculators, win in the market
“Price is what you pay. Value is what you get.”
💡 Distinguishing price from value is the starting point of value investing
“Be fearful when others are greedy, and greedy when others are fearful.”
💡 The essence of contrarian investing: act against the crowd's emotions
“Our favorite holding period is forever.”
💡 An ultra-long-term philosophy: there's no reason to sell a great company
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
💡 The shift from mentor Graham's 'cheap stock' strategy to a 'great company' strategy (1989)
“Time is the friend of the wonderful business, the enemy of the mediocre.”
💡 A good business grows stronger as time passes
“Never invest in a business you cannot understand.”
💡 Invest only within your circle of competence
“The best investment you can make is in yourself.”
💡 Investment in your knowledge and skills can never be taken away
“Someone's sitting in the shade today because someone planted a tree a long time ago.”
💡 A metaphor for the power of compounding and the fruits of long-term investing
“I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.”
💡 From a lecture at Yale University (2008)
“Wide diversification is only required when investors do not understand what they are doing.”
💡 Concentrating on a few you understand beats diversifying across many you don't
本杰明·格雷厄姆
Benjamin Graham1894~1976价值投资之父 · 巴菲特的导师
现代价值投资的奠基人。他凭借《证券分析》(1934)与《聪明的投资者》(1949)将投资推进为一门科学学科。沃伦·巴菲特称他为导师,并称他的书为「我一生中最好的书」。
“In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”
💡 The difference between the short-term popularity vote (price) and long-term value weighing (earnings)
“The investor's chief problem—and even his worst enemy—is likely to be himself.”
💡 The insight that emotional decision-making is the greatest investment risk
“The intelligent investor is a realist who sells to optimists and buys from pessimists.”
💡 Contrarian investing grounded in facts, not emotion
“Buy not on optimism, but on arithmetic.”
💡 Make investment decisions with numbers and data, not emotion
“The margin of safety is always dependent on the price paid.”
💡 The core principle that even the best company is risky if bought too expensively
“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”
💡 The clearest definition distinguishing investment from speculation
“The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.”
💡 Independent analysis, not crowd psychology, is the standard for investing
“To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.”
💡 Index funds can beat average, but excess returns are hard to achieve
“Mr. Market is your servant, not your guide.”
💡 Use market price swings as opportunities, but don't be ruled by them
两位大师共同强调的原则
彻底分析
依据数字与事实判断,而非情绪
确保安全边际
只在价格低于价值时买入
长期持有
不被短期波动左右,耐心等待
掌控自己
克服贪婪与恐惧这两个最大的敌人
能力圈
只投资你理解的企业
化危机为机遇
在别人恐惧时勇敢
📋 结果基于历史数据计算,过去的收益不代表未来的收益。
📋 本服务旨在帮助理解投资、供教育之用,并非投资建议。