Mimicking the herd invites regression to the mean.
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。

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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查理·芒格

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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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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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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查理·芒格

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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查理·芒格

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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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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I've seen so much folly and stupidity on the part of our major philanthropic groups, including the world bank.I really have more confidence in building up the more capitalistic ventures like Costco.

我看到我们的主要慈善团体,包括世界银行,有太多的愚蠢和愚昧。我真的对建立 Costco 这样的资本主义企业更有信心。

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We both (Warren Buffett) insist on a lot of time being available almost every day to just sit and think.That is very uncommon in American business.We read and think.

我们俩(沃伦-巴菲特)都坚持几乎每天都有大量时间坐下来思考。这在美国商界非常罕见。我们阅读和思考。

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Our game is to recognize a big idea when it comes along when one doesn't come along very often.

我们的任务是,当一个伟大的想法出现时,我们就能意识到它的存在,因为这种想法并不常见。

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Ninety-nine percent of the troubles that threaten our civilization come from too optimistic, therefore we should have a system where the accounting is a way more conservative.

威胁我们文明的99%的麻烦都来自于过于乐观,因此我们应该有一个更加保守的会计制度。

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A lot of people think if you just had more process and more compliance- checks and double-checks and so forth-you could create a better world.We just try to operate in a seamless web of deserved trust and be careful of whom we trust.

很多人认为,如果有更多的程序和更多的合规性--检查和双重检查等等--就能创造一个更好的世界。我们只是试图在一个无缝的信任网络中运作,并谨慎对待我们所信任的人。

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Everywhere there is a large commission, there is a high probability of a rip-off.

凡是有高额佣金的地方,就很有可能存在欺诈行为。

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查理·芒格

Part of what you must learn is how to handle mistakes and new facts that change the odds.Life, in part, is like a poker game wherein you have to learn to quit sometimes when holding a much-loved hand.

你必须学会的一部分是如何处理错误和改变胜算的新事实。生活在某种程度上就像一场扑克游戏,当你拿着一手心爱的牌时,有时必须学会放弃。

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In my whole life, I have known no wise people...who didn't read all the time --none, zero.You'd be amazed at how much Warren reads --at how much I read...They think I'm a book with a couple of legs sticking out.

在我的一生中,我认识的智者......没有一个不是一直在读书的--没有,没有。你会惊讶于沃伦读了多少书--我读了多少书......他们认为我是一本伸出两条腿的书。

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查理·芒格