巴菲特：尽管评估股票所需的数学计算并不困难，但即便是经验丰富、聪明睿智的分析师，在估算未来的“息票”时也很容易出错。在伯克希尔，我们试图通过两种方式来解决这一问题。
首先，我们试图持有我们自信可以理解的业务。这意味着它们必须相对简单且业务稳定。如果一项业务非常复杂或不断变化，我们还没有聪明到可以预测它未来的现金流。顺便说一句，这一难题并没有让我们产生困扰。对大多数人来说，投资最重要的不是他们知道多少，而是他们如何现实地定义自己不知道什么。投资者只须做少数正确的事情，以及避免犯重大错误，就能获得不错的成绩。
其次，同样重要的是，我们坚持在购买价格上留有安全边际。如果我们计算普通股的价值只略高于其价格，我们就没有兴趣购买。我们坚信，本·格雷厄姆着力强调的安全边际原则，是投资成功的基石。
原文：Though the mathematical calculations required to evaluate equities are not difficult, an analyst—even one who is experienced and intelligent—can easily go wrong in estimating future “coupons.” At Berkshire, we attempt to deal with this problem in two ways. First, we try to stick to businesses we believe we understand. That means they must be relatively simple and stable in character. If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows. Incidentally, that shortcoming doesn’t bother us. What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know. An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying. We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success.
英文释义：1.“incidentally”意为“顺便提一句”；
2.“slightly”意为“稍微”；
3.“cornerstone”意为“基石”。
首先，我们试图持有我们自信可以理解的业务。这意味着它们必须相对简单且业务稳定。如果一项业务非常复杂或不断变化，我们还没有聪明到可以预测它未来的现金流。顺便说一句，这一难题并没有让我们产生困扰。对大多数人来说，投资最重要的不是他们知道多少，而是他们如何现实地定义自己不知道什么。投资者只须做少数正确的事情，以及避免犯重大错误，就能获得不错的成绩。
其次，同样重要的是，我们坚持在购买价格上留有安全边际。如果我们计算普通股的价值只略高于其价格，我们就没有兴趣购买。我们坚信，本·格雷厄姆着力强调的安全边际原则，是投资成功的基石。
原文：Though the mathematical calculations required to evaluate equities are not difficult, an analyst—even one who is experienced and intelligent—can easily go wrong in estimating future “coupons.” At Berkshire, we attempt to deal with this problem in two ways. First, we try to stick to businesses we believe we understand. That means they must be relatively simple and stable in character. If a business is complex or subject to constant change, we’re not smart enough to predict future cash flows. Incidentally, that shortcoming doesn’t bother us. What counts for most people in investing is not how much they know, but rather how realistically they define what they don’t know. An investor needs to do very few things right as long as he or she avoids big mistakes.
Second, and equally important, we insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying. We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success.
英文释义：1.“incidentally”意为“顺便提一句”；
2.“slightly”意为“稍微”；
3.“cornerstone”意为“基石”。
巴菲特：我们还有一个庞大的投资组合，在某些情况下，其市值可能会急剧下降（如1987年10月19日发生的那样）。然而，无论发生什么，伯克希尔都将拥有稳定的净资产、现金流和流动性，能够轻松应对任何不利局面。任何其他方法都是危险的。多年来，很多聪明人已经通过艰难的方式了解到，一连串令人印象深刻的数字乘以零，终究是等于零。我不想亲身体验这个方程式的效果，我更不想承担将这种惩罚强加于他人的责任。（巴菲特 2005年）
原文：We also own a large investment portfolio whose market value could fall dramatically and quickly under certain conditions (as happened on October 19, 1987). Whatever occurs, though, Berkshire will have the net worth, the earnings streams and the liquidity to handle the problem with ease. Any other approach is dangerous. Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero. That is not an equation whose effects I would like to experience personally, and I would like even less to be responsible for imposing its penalties upon others.（2005）
释义：1.“dramatically”意为“显著地”；
2.“string”意为“一串”。
原文：We also own a large investment portfolio whose market value could fall dramatically and quickly under certain conditions (as happened on October 19, 1987). Whatever occurs, though, Berkshire will have the net worth, the earnings streams and the liquidity to handle the problem with ease. Any other approach is dangerous. Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero. That is not an equation whose effects I would like to experience personally, and I would like even less to be responsible for imposing its penalties upon others.（2005）
释义：1.“dramatically”意为“显著地”；
2.“string”意为“一串”。
时间像一把横扫的镰刀，收割着我们曾经拥有的美好和岁月的纯真。我们是最棒的。有你在，我不怕倾盆大雨。每当深夜，总有一个记忆在敲打心灵的小门，我们变成了年轻时的样子。
Time is like a sweeping sickle, harvesting the beauty we once had and the innocence of the years. We are the best. With you around, I'm not afraid of the downpour. Every night, there is always a memory knocking at the door of the heart, and we become what we were when we were young.
Time is like a sweeping sickle, harvesting the beauty we once had and the innocence of the years. We are the best. With you around, I'm not afraid of the downpour. Every night, there is always a memory knocking at the door of the heart, and we become what we were when we were young.
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