Risk comes from not knowing what you're doing.

风险来自于不知道自己在做什么。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

以公平的价格购买一家优秀的公司远比以优秀的价格购买一家普通的公司要好得多。

The true investor welcomes volatility... a wildly fluctuating market means that irrationally low prices will periodically be attached to solid businesses.

真正的投资者欢迎波动性……一个剧烈波动的市场意味着不合理的低价将周期性地附着于稳健的企业。

In the short run, the market is a voting machine but in the long run, it is a weighing machine.

短期内，市场是一个投票机，但长期来看，它是一个称重机。

I believe it's essential to understand the psychology of the market and the psychology of the investor.

我相信理解市场心理和投资者心理是至关重要的。

The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

市场是一个永远在不可持续的乐观（使股票过于昂贵）和不合理的悲观（使股票过于便宜）之间摇摆的钟摆。聪明的投资者是现实主义者，他们向乐观主义者出售并从悲观主义者那里购买。

The individual investor should act consistently as an investor and not as a speculator.

个人投资者应该始终如一地作为投资者而不是投机者行事。

The four most dangerous words in investing are: 'this time it's different.'

投资中最危险的四个字是：“这次不同。”

The stock market is a device for transferring money from the impatient to the patient.

股票市场是一种将钱从急躁的人转移到耐心的人的工具。

The most important quality for an investor is temperament, not intellect.