1，我不需要多高深的学识和才智也能知道，这笔投资不会走下坡路，而且它有潜力越做越好。
'I needed no unusual Knowledge or intelligence toconclude that the Investment had no downside and potentially had substantialupside.'
2，获得令人满意的投资回报并不需要你成为一名专家。但如果你不是的话，你必须认清自己的局限并遵循一套可行的方法。
'You don't Need to be an expert in Order toachieve satisfactory Investment returns. But if you aren't, you must recognizeyour Limitations and follow a course certain to work reasonably well.'
3，保持简单，不要孤注一掷、以卵击石。
'Keep things simple and don't swing for thefences.'
4，当有人向你保证能获得短期暴利时，立即说“不”。
'When promised quick profits, respond with a quick'no.''
5，如果你不能大致估算出某一资产未来的收益，那就忘了它吧，继续前行。没有人有能力评估出每一处资产的可能性。
'If you don't feel comfortable making a roughestimate of the Asset's future Earnings, just forget it and move on. No one hasthe Ability to evaluate every Investment possibility.'
6，比赛场上的赢家是那些将注意力集中在赛场上的选手，而不是紧盯着计分板的人。
'Games are won by players Who focus on the playingfield -- not by those whose eyes are glued to the scoreboard.'
7，形成宏观观点或者听别人对宏观经济或者市场的预测都是浪费时间。
'Forming Macro opinions or listening to the Macroor Market predictions of others is a waste of time.'
8，对股票投资者来说，其所持仓位的估值会剧烈波动应该是一个巨大的优势，对一些投资者来说，确实是这样的。
'It should be an enormous advantage for Investorsin Stocks to have those wildly fluctuating valuations placed on their holdings-- and for some Investors, it is.'
9，股票投资者常常受到市场其他参与者的影响，他们的反复无常以及不理性行为也会导致自己失去理性。
'Owners of Stocks...too often let the capriciousand irrational Behavior of their fellow ownersCause them to behave irrationallyas well.'
10，(我和芒格)一起工作的54年里，我们从来没有因为宏观经济或者政治环境，或者其他人的看法而放弃一项有吸引力的收购。实际上，当我们做决定时，我们从来没考虑过这些因素。
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'In the 54 years (Charlie Munger and I) haveworked together, we have never forgone an attractive purchase because of theMacro or political environment, or the views of other people. In fact, thesesubjects never come Up when we make decisions.'
11，我知道我们的能力边界在哪里，也就从不逾界。
'We recognize the perimeter of our 'circle ofCompetence' and stay well inside of it.'
12，非专业人士的目标不应该是挑选到最牛的股票，而是应该投资跨行业的投资组合，这些股票合起来就能够获得高收益。低成本的标普500指数基金就能够达到这个目标。
'The Goal of the nonprofessional should not be topick winners...but should rather be to own aCross section of businesses that inaggregate are bound to do well. A low-cost S&P 500 Index fund will achievethis Goal.'
13，在市场处于高位的时候，投资者可以长期持有股票，永远不要在市场出现负面消息以及股价远低于高点的时候卖出。
'The antidote to (buying when the Market is high)is for an Investor to accumulate Shares over a long period and never sell whenthe News is bad and Stocks are well off their highs.'
14，相较于那些精明老道却看不见自己一点点缺点的专业人士，经验不足但清楚知道自己的不足之处的投资者有可能获得更好的长期回报。
'The unsophisticated Investor Who is realisticabout His shortcomings is likely to obtain better long-term results than theknowledgeable professional Who is blind to even a single weakness.'
15，(那些建议和交易)导致的摩擦成本可能很高，总体而言，这对投资者全无好处。
'The resulting frictional costs (from advice andtrading) can be huge and, for Investors in the aggregate, devoid ofbenefit.'
16，所以别理这些叽叽喳喳的废话，保持成本最小化，就像投资农场一场投资你的股票。
'So ignore the chatter, keep your costs minimal,and invest in Stocks as you would a farm.'
17，在读《聪明的投资者》之前，我尝试着自己画图，用一些市场指标来预测股票的走势…我听股评家的点评。这些都很有趣，但我依然觉得我没有任何收获。
'Before reading (The Intelligent Investor)...Itried my hand at charting and using Market indicia to predict Stock moments...Ilistened to commentators. All of this was fun, but I couldn't shake the feelingthat I wasn't getting anywhere.'
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