2019-06-25芒格警句31-60

31.We strive to make money by keeping in mind common sense rather than by knowing cutting-edge knowledge.

我们努力做到通过牢记常识，而不是通过知晓尖端知识赚钱。

32.We find that "systems" that are superior in business often have variables that are almost ridiculously maximized or minimized.

我们发现那些在生意中优胜的“系统”往往有些变量被近乎荒谬地最大化或者最小化。

33.Whether it is for private business owners or shareholders of listed companies, the standard of reference when buying and selling should be the intrinsic value of the enterprise rather than the record of past transactions. This is the most basic concept of value, and I think it will never be outdated.

不管是对于私有企业主还是上市公司的股东，进行买卖时参考的标准应该是企业内在价值而不是过往成交的纪录，这是最基本的价值概念，而且我认为永远也不会过时。

34.Admitting that you don't understand something means that the dawn of wisdom is coming.

承认自己不懂某样东西意味着智慧的曙光即将来临。

35.Even if you don't like reality, you must admit the reality -- in fact, the more you don't like it, the more you should admit the reality.

即使你不喜欢现实，也要承认现实 --- 其实越是你不喜欢，你越应该承认现实。

36.What you need to do is just look for a special area of competence and put your energy in it.

你需要做的，只是寻找一块特殊的能力领域，并把精力放在那里面就可以了。

37.Commercial and sports competitions are different, and it is good to compete with weak opponents. Smart investors are looking for advantages and opportunities that are beneficial to them.

商业和体育竞技不同，和弱对手竞争是有好处的。明智的投资者都在寻找对自己有利的、不公平的优势和机会。

38.Reputation and integrity are your most valuable asset, and can be lost in an instant.

声誉和正直是你最有价值的财产，而且能够在瞬间化为乌有。

39.If you want to improve your cognitive ability, forgetting the mistakes you made in the past is absolutely impossible.

如果想提高你的认知能力，忘记过去犯过的错误是坚决不行的。

40.Many of the opportunities in life last only for a short period of time, and they continue because (someone else) is temporarily inconvenient (take it). For each of us, we will not come when we are not lost, so you should be ready to act and be mentally prepared.

生命中的很多机遇都只会持续一小段时间，它们持续是因为（别人）暂时不便（攫取它）。对于我们每个人，机不可失时不再来，所以你最好随时预备好行动并且有足够的思想准备。

41.We often hear these questions from the children who are motivated. This is a very "smart" question. You are asking a wealthy old man: "How can I be you? How can I become you quickly?"

我们经常从那些上进的孩子们那儿听到这些问题。这是个很“聪明”的问题，你对着一个有钱老头问：“我怎么才能成为你呢？怎么才能迅速地成为你呢？”

42.We all love reading a lot, and smart people are like this, but this is not enough. You should also have a attitude of critical acceptance and rational application. Most people did not catch the correct focus when they read the book. After reading it, they would not use it.

我们都爱大量阅读，聪明人都这样，但这还不够，你还应该有一种批判接受、合理应用的态度。大部分人看书都没有抓到正确的重点，看完了又不会学以致用。

43.You have to be careful about the ideological concept that is too strong. If you have only one thought in your head, it is very dangerous.

你要当心过于强烈的意识形态观念。如果你脑子里只有一个念头的话那是非常危险的。

44.Everyone invests with their own marginal utility. This includes his psychology. If losses will make you sad – and some losses are inevitable – you should probably take a cautious approach to investing and keep saving. I don't think there is a way to invest for everyone.

每个人都以自己的边际效用来投资。这其中包括了他的心理。如果亏损将让你变得可悲——而一些亏损是不可避免的——你或许应该采取谨慎的投资方法，并不断储蓄。我不认为有一种适合所有人的投资方法。

45.If you want to get what you want, you have to make yourself worthy of it. Trust, success and admiration are all achieved through hard work.

如果你想获得想要的东西，那就得让自己配得上它。信任，成功和钦佩都是靠努力获得的。

46.Whether you are correct or wrong does not depend on whether you agree with you. You are correct because your information and reasoning are correct.

你是正确的或是错误的，并不取决于大家是否同意你。你是正确的，是因为你的资料和推理是正确的。

47.Understanding the true nature of investment can also make you a good business manager and vice versa.

能理解投资的真髓也能让你成为一个好的企业管理者，反之亦然。

48.We prefer to put a lot of money into places where we don't need to make other decisions.

我们偏爱把大量的金钱投放到那些不需要我们再做什么其他决策的地方。

49.Smart and hardworking people don't necessarily make catastrophic professional mistakes because of overconfidence, because they often think that they have superhuman talents and methods, and choose some more difficult voyages for themselves.

聪明而勤奋的人未必不会因为过度自信而犯灾难性的专业错误，因为他们往往以为自己拥有超人的才华和方法，而给自己选择了一些更困难的航程。

50.The determination of the cards on the handles is not acceptable, but the lack of preparation and hasty decisions are unforgivable because these factors are controllable.

把手上的牌打好的决心，糟糕的结果是可以接受的，但准备不足和仓促决策是不可原谅的，因为这些因素是可以控制的。

51.For me, dividing stocks into “value stocks” and “growth stocks” is a trick. This kind of division allows fund managers to talk about it, and allows analysts to label themselves, but in my eyes, all reliable investments are value investments.

对于我而言，把股票分成“价值股”和“成长股”就是瞎搞。这种分法可以让基金经理们借以夸夸其谈、也可以让分析师们给自己贴个标签，但是在我眼中，所有靠谱的投资都是价值投资。

52.No one can quickly become a great investor. If you plan to become an investor, study hard and keep improving. The key is self-discipline, hard work and practice. It's like playing golf - you have to work hard.

没有谁能够很快成为一名伟大的投资者。如果你打算成为一名投资者，努力学习，不断进步。关键是自律、勤奋和练习。那就像打高尔夫球——你必须努力练习。

53.When anyone gives you the opportunity to make big money without taking risks, you don't have to pay attention to them. By following this sentence, you will avoid many tragedies.

当任何人给你机会，不承担风险的赚大钱，你不用理会他们。遵守这句话，你将避免许多悲剧。

54.Like Buffett, I have a strong desire to get rich. Not because I like Ferrari or anything, but I like independence. I am extremely eager for independence.

和巴菲特一样，我有很强的致富欲望。不是因为我喜欢法拉利什么的，而是我喜欢独立。我极度渴望独立。

55.I think it is a reliable learning method to master the knowledge that others have already compiled. I don't recognize the way that the door is built to drive the results. No one can be so smart.

我觉得先好好掌握别人已经整理好的知识才是靠谱的学习方法。我不认可那种闭门造车自己鼓捣出结果的方法。没人能那么聪明。

56.Buffett and I did not succeed in predicting the macro economy and betting on it today.

巴菲特和我不是因为成功预测了宏观经济并且依此下注才获得今天的成功的。

57.There is a general investment adviser who may not agree with the fact: If you are very rich and others are increasing their wealth faster than you, then what? It’s not a tragedy that there is always someone’s wealth added faster than you.

有一个一般的投资顾问或许不赞同的事实：如果你非常富有，而别人财富增值的速度快过你，那又如何？总有人的财富增值快过你，这不是一个悲剧。

58.“Volatility is a concept that has been over-polishing. You should not be trapped in volatility.” “Some very good companies are very volatile, and some bad companies are very stable.”

“波动性是一个被过分打磨的概念。你不应该受困于波动性。”“一些非常好的公司回报非常的波动，而一些糟糕的公司表现非常的稳定。”

59.All investment assessments begin with a measure of risk. This will include a reasonable margin of safety, avoiding permanent loss of capital and insisting on a reasonable return on the risks assumed.

所有的投资评估都以衡量风险开始。这将包含合理的安全边际、避免资本永久性的损失和坚持为所承担的风险获得合理的回报。

60.The partners I have met in my life are extremely hardworking. I think I was able to partner with them, in part because I tried to be worthy of them, partly because I chose them very savvy, and partly because I was lucky.

我这辈子遇到的合伙人都极其勤奋。我想我之所以能够和他们合伙，部分原因在于我努力做到配得起他们，部分原因在于我很精明地选择了他们，还有部分原因是我运气好。