An intelligent investing is value investing, acquiring more than you are paying for.
查理·芒格
美国投资家

查理·芒格(Charlie Thomas Munger,1924年1月1日—2023年11月28日),美国投资家,出生于美国内布拉斯加州的奥马哈。沃伦·巴菲特的黄金搭档,有“幕后智囊”和“最后的秘密武器”之称,伯克希尔·哈撒韦公司副主席,曾担任蓝筹印花公司的主席。

Generally speaking, envy, resentment, and self-pity are disastrous modes of thoughts.Self-pity gets fairly close to paranoia, and paranoia is one of the very hardest things to reverse.

一般来说,嫉妒、怨恨和自怜都是灾难性的思想模式。自怨自艾与偏执狂相当接近,而偏执狂是最难扭转的。

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查理·芒格

People should take away less than they're worth when they are favored by life...I would argue that when you rise high enough in American Business you've got a moral duty to be underpaid.

当人们受到生活的眷顾时,他们应该拿走比他们价值更低的东西......我认为,当你在美国商业界升到足够高的位置时,你就有道义上的责任接受低薪。

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Those of us who have been fortunate have a duty to give back.Whether one gives a lot as one goes along as I do, or a little and then a lot (when one dies) as Warren does, is a matter of personal preference.

我们这些幸运的人有责任回馈社会。至于是像我这样边走边捐,还是像沃伦那样先捐一点,然后(死后)再捐很多,这是个人喜好问题。

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No man is fit to hold office who isn't perfectly willing to leave it at any time...

如果一个人不完全愿意随时离职,就不适合担任公职......

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Acknowledging what you don't know is the dawning of wisdom.

承认你不知道什么是智慧的曙光。

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查理·芒格

We recognized early on that smart people do very dumb things, and we wanted to know why and who, so that we could avoid them.

我们很早就认识到,聪明人会做非常愚蠢的事情,我们想知道为什么,是谁,这样我们就能避免这些事情。

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We have a passion for keeping things simple.

我们热衷于把事情简单化。

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Live within your income and save so you can invest.Learn what you need to learn.

量入为出,储蓄投资。学习你需要学习的东西。

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It's waiting that helps you as an investor and a lot of people just can't stand to wait.If you didn't get the deferred -gratification gene, you've got to work very hard to overcome that.

作为投资者,等待对你有帮助,但很多人就是无法忍受等待。如果你没有延迟满足的基因,你就必须努力克服。

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A great business at a fair price is superior to a fair business at a great price.

价格合理的伟大企业胜过价格便宜的好企业。

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查理·芒格

An intelligent investing is value investing, acquiring more than you are paying for.

聪明的投资是价值投资,获得的比你付出的更多。

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查理·芒格

The big money is not in buying or selling, but in the waiting.

赚大钱不在于买卖,而在等待。

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A lot of people with high IQs are terrible investors because they've got terrible temperaments.

很多智商高的人都是糟糕的投资者,因为他们的性格太糟糕了。

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When you borrow a man's car, always return it with a tank of gas.

借车时,一定要加满油再还。

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the most famous composer in the world but was utterly miserable most of the time, and of the reasons was because he always overspent his income.This was Mozart.If Mozart couldn't get by with this kind of asinine conduct, I don't think you should try.

他是世界上最有名的作曲家,但大部分时间都非常痛苦,其中一个原因就是他总是透支自己的收入。这个人就是莫扎特。如果有这种行为的莫扎特都过的不好,我想你也不应该尝试。

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We're not interested in taking a substantial chance of taking a lot of very decent people back to 'Go' so we can have one more zero on our net worth.

我们没有兴趣冒着很大的风险,把很多非常正派的人的钱财归零的方式让自己的净资产多一个零。

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The liabilities are always percent good.It's the assets you have to worry about.

负债总是百分之百的好。你要担心的是资产。

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Take a simple idea, and take it seriously.

一个简单的想法,要认真对待。

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Mimicking the herd invites regression to the mean.

模仿羊群会导致向均值回归。

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查理·芒格

Wall Street has too much wealth and political power.

华尔街拥有太多的财富和政治权力。

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It's like the slaughter of the innocents.It makes the people who run Las Vegas seem like good people.

这就像屠杀无辜。这让经营拉斯维加斯的人看起来像好人。

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