[老巴在今年股东大会上收集了一些芒格的语录，当时网上有很多人在翻译和转发，各种版本其实也大同小异，看过的基本上本文也不用再看了。我只是想在喧嚣之后自己再过一遍。]

• The world is full of foolish gamblers, and they will not do as well as the patient investor.

世上多愚蠢之赌徒，然难与耐心之投资者比肩矣。

(资料图)

• If you don’t see the world the way it is, it’s like judging something through a distorted lens.

夫不识世道，正如以畸镜察物也。

• All I want to know is where I’m going to die, so I’ll never go there. And a related thought:

Early on, write your desired obituary – and then behave accordingly.

吾但求知葬身何地，以永避之。

亦如：先自书讣告，留所欲之名于世，后照此行事。

• If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results.

如漠视理智，自不往之；则长居非理，终于恶果。

• Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.

耐心可习得。专注于一物且定力长久，实乃超群之长。

• You can learn a lot from dead people. Read of the deceased you admire and detest.

已故之人，亦可传授良多，悉心研读，不论爱憎。

• Don’t bail away in a sinking boat if you can swim to one that is seaworthy.

如可游往他船轻松而远航，勿留于沉舟劳力而舀水。

• A great company keeps working after you are not; a mediocre company won’t do that.

人作而息，伟大之企业长作不息，然庸企非也。

• Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time.

吾与沃兄皆不贪市场短期之泡沫，但求长期投资之坚守。

• Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.

格师有云，“股市每日之变似投票器，长期而言则如称重机”。如内值每日有增，必有智者察之而购入。

• There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice.

世无万无一失之定数，故用杠杆者险矣。纵有万千，一环崩坏，则全盘皆空。莫图再富。

• You don’t, however, need to own a lot of things in order to get rich.

然，尔无需博采以致富。

• You have to keep learning if you want to become a great investor. When the world changes, you must change.

欲达投资大成，需长学不殆，与世俱进。

• Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change, but better late than never.

余与沃兄不喜铁路股票达数十载，然世事已变，吾国已拥四轨，成经济命脉。我等察之甚晚，然胜不察。

• “Warren, think more about it. You’re smart and I’m right.”

“沃兄三思，君智而吾然。”