<p>我不会撒谎。听到沃伦·巴菲特计划辞去 <strong>伯克希尔哈撒韦</strong> 首席执行官的职务，这真是一次情感上的经历。这确实标志着一个时代的结束。</p>
<p>这位先生在股市上已经风光了几十年。根据 CNN 的一篇报道，巴菲特在他的投资生涯中创造了 550 万% 的回报。考虑到这么多的时间和经验，我们都可以从这位奥马哈的先知那里学习一些投资智慧。以下是他的五条建议。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1ODgvd2FycmVuLWJ1ZmZldHQtdG1mLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1ODgvd2FycmVuLWJ1ZmZldHQtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>1. 投资美国</h2>
<p>在《纽约时报》的一篇社论中，巴菲特谈到了投资美国。当你查看伯克希尔的持股时，绝大多数股票（占总资本的百分比）都是美国公司。尽管目前在贸易战和消费者高价格方面存在一些困扰，但美国仍然是世界上最大的经济体， arguably 是最具创新性的地方。还有哪里更适合投资你的资金呢？</p>
<h2>2. “一个简单的规则支配我的购买：当别人贪婪时要恐惧，当别人恐惧时要贪婪。”</h2>
<p>这句话非常有意义，完全合情合理。每个人都希望有水晶球告诉他们何时转为现金，何时重仓股票。在许多方面，这归结为看到市场在估值方面何时过热。</p>
<p>当然，这是一种对非常复杂动态的过于简化。然而，当你观察巴菲特时，他的一些最大举动发生在他在糟糕的情况下出手。他在 2008 年金融危机中买入了股票，目前手中持有近 3500 亿美元的巨额现金，这表明公司可能为未来的某个事件做好了准备。</p>
<h2>3. 以合理的价格购买优秀公司</h2>
<p>他主要归功于从长期合作伙伴查理·芒格那里学习，但巴菲特提倡以 “合理的价格购买优秀公司，而不是以优秀的价格购买普通公司。” 有时，很容易被一只低于账面价值交易的股票所吸引，但你也必须问自己，为什么它会低于账面价值交易。</p>
<p>巴菲特对 <strong>苹果</strong> 进行了巨额投资，获得了丰厚的回报，但这并不一定是最便宜的股票。他看到了品牌的力量以及它在 iPhone 的实用性方面所做的事情。</p>
<h2>4. 将股票视为企业</h2>
<p>我记得在 CNBC 上看到巴菲特谈到投资者如果将股票视为企业，而不仅仅是股价，会更有利。这可能是他在讨论股市时最重要的观点。</p>
<p>通常，这对于交易者尤其如此。很容易被投资的价格波动所吸引。<strong>沃尔玛</strong> 下跌 10%，我们就买入。沃尔玛上涨 10%，我们就卖出。但股票为什么会波动呢？</p>
<p>我们应该做的是研究企业本身在做什么，并决定它是否会随着时间的推移继续增长和产生收益。我们应该关注企业所处的行业，以及该行业是否有增长的潜力。价格波动总是存在的。最终，决定长期趋势的还是企业本身在做什么。</p>
<h2>5. 为此，打好长期战</h2>
<p>这一简单策略的一个延伸是，你应该只投资那些你不需要的资金，并且可以静置一段时间。巴菲特以长期持有股票而闻名。他已经持有 <strong>可口可乐</strong> 几十年了。</p>
<p>长期投资的主要论点是，它能让你更好地了解股价的表现。好的股票随着时间的推移而上涨，即使短期内波动不定。试图判断一只股票在两周或几个月内会如何表现，很快就会变成一场愚蠢的冒险。一个糟糕的季度可能会引发波动。如果你相信巴菲特的教导，一个好的投资者不会对短期波动产生情绪。</p>
<p>展望未来，我们只能希望巴菲特宣布的接班人格雷格·阿贝尔能够将所有这些智慧很好地运用。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

<p>沃伦·巴菲特即将退休，辞去伯克希尔哈撒韦首席执行官一职，这标志着投资历史上的一个重要时刻。他强调了五个关键教训：1）主要投资于美国公司，因为美国仍然是一个领先的经济体。2）在他人贪婪时要谨慎，反之亦然。3）以合理的价格购买优秀公司。4）将股票视为企业，而不仅仅是价格。5）关注长期投资，因为优秀的股票会随着时间的推移而增值，尽管短期内可能会有波动。巴菲特的接班人格雷格·阿贝尔预计将继续传承这一投资智慧</p>

<p>I won't lie. It was an emotional experience to hear that Warren Buffett plans to step down as CEO of <strong>Berkshire Hathaway</strong>. It truly marks the end of an era.</p>
<div class="lb-trans"><p>我不会撒谎。听到沃伦·巴菲特计划辞去 <strong>伯克希尔哈撒韦</strong> 首席执行官的职务，这真是一次情感上的经历。这确实标志着一个时代的结束。</p>
</div><p>The man has been rocking the stock market for decades. According to a piece by CNN, Buffett created returns of 5,500,000% during his investment career. Given all that time and experience, there is some investment wisdom we could all stand to learn from the Oracle of Omaha. Here are five pieces of his advice.</p>
<div class="lb-trans"><p>这位先生在股市上已经风光了几十年。根据 CNN 的一篇报道，巴菲特在他的投资生涯中创造了 550 万% 的回报。考虑到这么多的时间和经验，我们都可以从这位奥马哈的先知那里学习一些投资智慧。以下是他的五条建议。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1ODgvd2FycmVuLWJ1ZmZldHQtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817588%2Fwarren-buffett-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>1. Invest in America</h2>
<div class="lb-trans"><h2>1. 投资美国</h2>
</div><p>In a <em>New York Times</em> op-ed, Buffett wrote about investing in America. When you look at Berkshire's holdings, the vast majority of its stocks (as a percentage of total capital in play) are American companies. Despite some of the current woes over trade wars and high prices on consumers, America remains the largest economy in the world, and arguably the most innovative. Where better to invest your dollars?</p>
<div class="lb-trans"><p>在《纽约时报》的一篇社论中，巴菲特谈到了投资美国。当你查看伯克希尔的持股时，绝大多数股票（占总资本的百分比）都是美国公司。尽管目前在贸易战和消费者高价格方面存在一些困扰，但美国仍然是世界上最大的经济体， arguably 是最具创新性的地方。还有哪里更适合投资你的资金呢？</p>
</div><h2>2. &#34;A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.&#34;</h2>
<div class="lb-trans"><h2>2. “一个简单的规则支配我的购买：当别人贪婪时要恐惧，当别人恐惧时要贪婪。”</h2>
</div><p>This quote is incredibly meaningful, and makes perfect sense. Everyone wants that crystal ball telling them when to go to cash, and when to be heavily involved in stocks. In many ways, it comes down to seeing when the market is getting ahead of itself from a valuation standpoint.</p>
<div class="lb-trans"><p>这句话非常有意义，完全合情合理。每个人都希望有水晶球告诉他们何时转为现金，何时重仓股票。在许多方面，这归结为看到市场在估值方面何时过热。</p>
</div><p>That, of course, is an oversimplification of a very complex dynamic. However, when you watch Buffett, some of his biggest moves have happened when he swoops in when things are bad. He bought up stocks in the 2008 financial crisis, and is currently sitting on a massive pile of cash of nearly $350 billion, indicating that the company is prepared perhaps for an event in the future.</p>
<div class="lb-trans"><p>当然，这是一种对非常复杂动态的过于简化。然而，当你观察巴菲特时，他的一些最大举动发生在他在糟糕的情况下出手。他在 2008 年金融危机中买入了股票，目前手中持有近 3500 亿美元的巨额现金，这表明公司可能为未来的某个事件做好了准备。</p>
</div><h2>3. Buy wonderful companies at fair prices</h2>
<div class="lb-trans"><h2>3. 以合理的价格购买优秀公司</h2>
</div><p>He has largely attributed it to learning from longtime partner Charlie Munger, but Buffett advocates buying &#34;wonderful companies at fair prices, rather than fair companies at wonderful prices.&#34; Sometimes, it's easy to get caught up in a stock that is trading below book value, but you also have to ask yourself why is it trading below book value.</p>
<div class="lb-trans"><p>他主要归功于从长期合作伙伴查理·芒格那里学习，但巴菲特提倡以 “合理的价格购买优秀公司，而不是以优秀的价格购买普通公司。” 有时，很容易被一只低于账面价值交易的股票所吸引，但你也必须问自己，为什么它会低于账面价值交易。</p>
</div><p>Buffett made a huge bet on <strong>Apple</strong> that paid off handsomely, but it wasn't necessarily the cheapest stock. He saw the value in the power of its brand, and what it was doing with the utility of an iPhone.</p>
<div class="lb-trans"><p>巴菲特对 <strong>苹果</strong> 进行了巨额投资，获得了丰厚的回报，但这并不一定是最便宜的股票。他看到了品牌的力量以及它在 iPhone 的实用性方面所做的事情。</p>
</div><h2>4. Think of stocks as businesses</h2>
<div class="lb-trans"><h2>4. 将股票视为企业</h2>
</div><p>I remember watching Buffett on CNBC speaking to the point that investors would be much better off if they thought of stocks as businesses, rather than just a share price. This might be his most important point in his discussions of the stock market.</p>
<div class="lb-trans"><p>我记得在 CNBC 上看到巴菲特谈到投资者如果将股票视为企业，而不仅仅是股价，会更有利。这可能是他在讨论股市时最重要的观点。</p>
</div><p>Oftentimes, this is especially true for traders. It's easy to get caught up in the price action of an investment. <strong>Walmart</strong> goes down 10%, so we buy. Walmart goes up 10%, so we sell. But why is the stock moving?</p>
<div class="lb-trans"><p>通常，这对于交易者尤其如此。很容易被投资的价格波动所吸引。<strong>沃尔玛</strong> 下跌 10%，我们就买入。沃尔玛上涨 10%，我们就卖出。但股票为什么会波动呢？</p>
</div><p>What we should be doing is studying what the business itself is doing, and deciding whether it will keep growing and producing earnings over time. We should be looking at what industry a business is in, and whether that industry stands to grow. Price volatility will always be there. It's what the business is doing that determines long-term trends at the end of the day.</p>
<div class="lb-trans"><p>我们应该做的是研究企业本身在做什么，并决定它是否会随着时间的推移继续增长和产生收益。我们应该关注企业所处的行业，以及该行业是否有增长的潜力。价格波动总是存在的。最终，决定长期趋势的还是企业本身在做什么。</p>
</div><h2>5. To that end, play the long game</h2>
<div class="lb-trans"><h2>5. 为此，打好长期战</h2>
</div><p>A tangent to this simple strategy is that you should only invest money that you don't need, and can sit on for a while. Buffett is notorious for holding stocks for long periods of time. He's owned <strong>Coca-Cola</strong> for decades.</p>
<div class="lb-trans"><p>这一简单策略的一个延伸是，你应该只投资那些你不需要的资金，并且可以静置一段时间。巴菲特以长期持有股票而闻名。他已经持有 <strong>可口可乐</strong> 几十年了。</p>
</div><p>The main argument for long-term investing is that it gives you a much better picture of how the share price is going to perform. Good stocks rise through time, even if they are erratic short term. Trying to gauge what a stock will do in two weeks, or even a few months, can become a fool's errand very quickly. One bad quarter can induce volatility. If you believe in Buffett's teachings, a good investor doesn't get emotional about short-term moves.</p>
<div class="lb-trans"><p>长期投资的主要论点是，它能让你更好地了解股价的表现。好的股票随着时间的推移而上涨，即使短期内波动不定。试图判断一只股票在两周或几个月内会如何表现，很快就会变成一场愚蠢的冒险。一个糟糕的季度可能会引发波动。如果你相信巴菲特的教导，一个好的投资者不会对短期波动产生情绪。</p>
</div><p>Looking ahead, we can only hope that Greg Abel, Buffett's announced successor as CEO, will be able to put all this wisdom to good use.</p>
<div class="lb-trans"><p>展望未来，我们只能希望巴菲特宣布的接班人格雷格·阿贝尔能够将所有这些智慧很好地运用。</p>
</div>

5 Investing Lessons From Warren Buffett

- 沃伦·巴菲特计划辞去伯克希尔·哈撒韦首席执行官职务。  
- 他分享了五条投资建议，包括投资美国和长期持有优质公司股票。  
- 巴菲特的成功源于对市场的深刻理解和理性的投资策略。  

沃伦·巴菲特的五个投资经验