巴菲特：我19歲時，學到了投資的真諦！

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.

我認爲格雷厄姆的建議是永不過時的。有趣的是，《聰明的投資者》這本書，首次出版於1949年，而在66年後的今天，這本書依然在亞馬遜暢銷書排行榜的200-400名，而同時期其他人的書或許已經在10萬或者20萬之後了。

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?

價值投資不會因時間而改變，這個道理很簡單，但很強大，我還沒聽過比價值投資更好的理念。同樣的原則不會變，就像芒格說的，如果你不相信價值投資，那你還相信什麼呢？如果你不尋求價值，那你在尋找什麼呢？

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.

在未來50-100年，你不會發現任何關於投資的新東西，投資就是購買一個生意，你必須要懂得如何給這個生意估值，你需要知道市場是怎麼運作的，如果你不懂這個生意，就不要去買。價值投資，就是對價值的判斷。格雷厄姆很好地闡述了這點，如此簡單，如此強大，我在19、20歲左右，從格雷厄姆那裏學到了這點，領悟了投資的真諦，並受用至今。

以上內容節選自巴菲特對價值投資的看法

由數字人巴菲特播報

本視頻由七華軟件用人工智能技術生成