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[老巴在今年股東大會上收集了一些芒格的語錄，當時網上有很多人在翻譯和轉發，各種版本其實也大同小異，看過的基本上本文也不用再看了。我只是想在喧囂之后自己再過一遍。]

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

(資料圖片)

世上多愚蠢之賭徒，然難與耐心之投資者比肩矣。

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

夫不識世道，正如以畸鏡察物也。

? 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：先自書訃告，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.

如漠視理智，自不往之；則長居非理，終于惡果。

? 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.

耐心可習得。專注于一物且定力長久，實乃超群之長。

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

已故之人，亦可傳授良多，悉心研讀，不論愛憎。

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

如可游往他船輕松而遠航，勿留于沉舟勞力而舀水。

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

人作而息，偉大之企業長作不息，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.

吾與沃兄皆不貪市場短期之泡沫，但求長期投資之堅守。

? 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.

格師有云，“股市每日之變似投票器，長期而言則如稱重機”。如內值每日有增，必有智者察之而購入。

? 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.

世無萬無一失之定數，故用杠桿者險矣。縱有萬千，一環崩壞，則全盤皆空。莫圖再富。

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

然，爾無需博采以致富。

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

欲達投資大成，需長學不殆，與世俱進。

? 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.

余與沃兄不喜鐵路股票達數十載，然世事已變，吾國已擁四軌，成經濟命脈。我等察之甚晚，然勝不察。

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

“沃兄三思，君智而吾然。”

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