巴菲特：我19岁时，学到了投资的真谛！

I think Graham's advice is timeless. It's interesting that The Intelligent Investor, a book that was first published in 1949, is still at #200-400 on Amazon's bestseller list 66 years later, while other people's books from the same time period are perhaps 100,000 or 200,000 later.

我认为格雷厄姆的建议是永不过时的。有趣的是，《聪明的投资者》这本书，首次出版于1949年，而在66年后的今天，这本书依然在亚马逊畅销书排行榜的200-400名，而同时期其他人的书或许已经在10万或者20万之后了。

Value investing doesn't change over time, this is simple but powerful, I have yet to hear a better philosophy than value investing. The same principles don't change, as Munger says, if you don't believe in value investing, then what do you believe in? If you're not looking for value, then what are you looking for?

价值投资不会因时间而改变，这个道理很简单，但很强大，我还没听过比价值投资更好的理念。同样的原则不会变，就像芒格说的，如果你不相信价值投资，那你还相信什么呢？如果你不寻求价值，那你在寻找什么呢？

You won't find anything new about investing in the next 50-100 years, investing is buying a business, you have to know how to value that business, you need to know how the market works, if you don't understand the business, don't buy it. Value investing is all about the judgment of value. Graham articulated this so well, so simply, so powerfully. I learned this from Graham when I was about 19 or 20 years old, and realized the true meaning of investing, and it has served me well to this day.

在未来50-100年，你不会发现任何关于投资的新东西，投资就是购买一个生意，你必须要懂得如何给这个生意估值，你需要知道市场是怎么运作的，如果你不懂这个生意，就不要去买。价值投资，就是对价值的判断。格雷厄姆很好地阐述了这点，如此简单，如此强大，我在19、20岁左右，从格雷厄姆那里学到了这点，领悟了投资的真谛，并受用至今。

以上内容节选自巴菲特对价值投资的看法

由数字人巴菲特播报

本视频由七华软件用人工智能技术生成