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Carolyn93
2021-09-21
hehe nice
Carolyn93
2021-09-21
👌I am new
Carolyn93
2021-05-17
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3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote>
Carolyn93
2021-05-02
nice
抱歉，原内容已删除
Carolyn93
2021-04-30
Tell me your opinion about this news...
21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote>
Carolyn93
2021-04-30
Nice trade
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11:05","market":"us","language":"en","title":"3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199537372","media":"fool","summary":"The stock market had some rough days this past week or so, due to an unexpectedly low jobs number an","content":"<p>The stock market had some rough days this past week or so, due to an unexpectedly low jobs number and an unexpectedly higher inflation report. A little volatility is nothing to worry about, but some experts suggest a larger, more sustainedcorrection could be looming, given the historically high valuations and other patterns following a major market drop like we had last year.</p><p><blockquote>由于就业人数意外减少和通胀报告意外上升，股市在过去一周左右经历了一些艰难的日子。一点波动没什么好担心的，但一些专家表示，考虑到历史高位的估值以及去年市场大幅下跌后的其他模式，更大、更持续的调整可能即将到来。</blockquote></p><p>But the crash of 2020, when the market lost 33% of its value in about a month, reinforced some valuable investing lessons. Here are three good reasons not to worry about another stock market crash.</p><p><blockquote>但2020年的崩盘，市场在大约一个月内损失了33%的价值，强化了一些宝贵的投资教训。这里有三个不用担心另一次股市崩盘的好理由。</blockquote></p><p>1. Patience will be rewarded</p><p><blockquote>1.耐心会有回报</blockquote></p><p>From Feb. 19, 2020, when the<b>S&P 500</b>closed at 3,386, to March 23, when it closed at 2,257, the market lost 33% of its value. That is a staggering drop and represented one of the steepest, fastest declines into a bear market in U.S. history. But it was also one of the shortestbear marketsever, as the market recovered its full value by Aug. 17, when it closed at 3,382. In less than six months, the losses had been erased -- and then some.</p><p><blockquote>自2020年2月19日起，<b>标普500</b>收于3386点，到3月23日收于2257点，市场价值损失了33%。这是一个惊人的跌幅，也是美国历史上熊市中最陡峭、最快的跌幅之一。但它也是最短的熊市之一，因为该市场在8月17日收于3,382点时恢复了全部价值。不到六个月的时间，损失就被抹去了——甚至更多。</blockquote></p><p>Just over a year later, as of May 13, 2021, the S&P 500 was at around 4,100. That's an 83% increase from the low on March 23, 2020. So, if you panicked and dumped stocks after that market meltdown, you would have not only locked in your losses, but also missed out on the gains that would have come with patience.</p><p><blockquote>仅仅一年多后，截至2021年5月13日，标普500在4100左右。这比2020年3月23日的低点增长了83%。因此，如果你在市场崩溃后恐慌并抛售股票，你不仅会锁定损失，还会错过耐心带来的收益。</blockquote></p><p>2. There are great buying opportunities</p><p><blockquote>2、买入机会大</blockquote></p><p>There's a famous saying by Warren Buffett that is oft repeated, and for good reason: Be fearful when others are greedy, and greedy when others are fearful. That's another way of saying: Look for opportunities to buy good companies when others are dumping stocks because that's when you will find the best deals. Take last March, for example --<b>Walt Disney</b>stock plummeted nearly 40% from Feb. 19 to March 23, when it hit a low of $85 per share.</p><p><blockquote>沃伦·巴菲特有一句名言经常被重复，而且理由很充分：当别人贪婪时要恐惧，当别人恐惧时要贪婪。这是另一种说法：当其他人抛售股票时，寻找购买好公司的机会，因为那时你会找到最好的交易。以去年三月为例--<b>迪斯尼</b>从2月19日到3月23日，该股暴跌近40%，跌至每股85美元的低点。</blockquote></p><p>Smart investors jumped onDisneystock when it was trading that low, because they knew the media and entertainment giant would bounce back in a big way. By November, it had gotten back to $140 per share, returning to where it was pre-crash. Disney stock is currently trading at around $171, which is double its bottom in March 2020.</p><p><blockquote>聪明的投资者在迪士尼股票交易如此之低时买入了迪士尼股票，因为他们知道这家媒体和娱乐巨头将大幅反弹。到11月，股价已回到每股140美元，回到了崩盘前的水平。迪士尼股票目前交易价格约为171美元，是2020年3月底部的两倍。</blockquote></p><p>Now, not all companies have come back as strong as Disney, so it is important to do your research. But when you see established market leaders like Disney drop, you should definitely view it as anopportunity, not a problem.</p><p><blockquote>现在，并不是所有的公司都像迪士尼一样强大，所以做好研究很重要。但当你看到像迪士尼这样的老牌市场领导者下跌时，你绝对应该将其视为机会，而不是问题。</blockquote></p><p>3. You're invested for the long term</p><p><blockquote>3.你的投资是长期的</blockquote></p><p>When bear markets growl, it can be scary. But just like you would if you confronted a real bear in the wild, you walk away slowly and don't do anything rash. There is no point in reacting to a blip or a bear-size growl, because you should be investing for the long term.</p><p><blockquote>当熊市咆哮时，可能会很可怕。但是就像你在野外遇到一只真正的熊一样，你慢慢走开，不要做任何鲁莽的事情。对昙花一现或熊熊般的咆哮做出反应是没有意义的，因为你应该进行长期投资。</blockquote></p><p>Over the years, there have been numerous bear markets, categorized as market drops of 20% or more, and many more market corrections, a drop of 10% or more. Yet the S&P 500, through all the dips and turns, has had an average annual return of 8% over the past 30 years. Over the last 10 years, the benchmark has returned about 11.8% on an annualized basis through May 13. Some stocks, like Disney, which has had an annualized return of about 17% over the past 10 years, have done a lot better than the benchmark.</p><p><blockquote>多年来，出现了无数次熊市，分为市场下跌20%或以上，以及更多的市场调整，下跌10%或以上。然而，标普500经历了所有的跌宕起伏，在过去30年里的平均年回报率为8%。过去10年，截至5月13日，该基准的年化回报率约为11.8%。一些股票，如迪士尼，过去10年的年化回报率约为17%，其表现远好于基准。</blockquote></p><p>Market corrections can be hard on the nerves, but if you remember these three points, they are a lot less worrisome.</p><p><blockquote>市场调整可能会让人心烦意乱，但如果你记住这三点，它们就不那么令人担忧了。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-05-17 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market had some rough days this past week or so, due to an unexpectedly low jobs number and an unexpectedly higher inflation report. A little volatility is nothing to worry about, but some experts suggest a larger, more sustainedcorrection could be looming, given the historically high valuations and other patterns following a major market drop like we had last year.</p><p><blockquote>由于就业人数意外减少和通胀报告意外上升，股市在过去一周左右经历了一些艰难的日子。一点波动没什么好担心的，但一些专家表示，考虑到历史高位的估值以及去年市场大幅下跌后的其他模式，更大、更持续的调整可能即将到来。</blockquote></p><p>But the crash of 2020, when the market lost 33% of its value in about a month, reinforced some valuable investing lessons. Here are three good reasons not to worry about another stock market crash.</p><p><blockquote>但2020年的崩盘，市场在大约一个月内损失了33%的价值，强化了一些宝贵的投资教训。这里有三个不用担心另一次股市崩盘的好理由。</blockquote></p><p>1. Patience will be rewarded</p><p><blockquote>1.耐心会有回报</blockquote></p><p>From Feb. 19, 2020, when the<b>S&P 500</b>closed at 3,386, to March 23, when it closed at 2,257, the market lost 33% of its value. That is a staggering drop and represented one of the steepest, fastest declines into a bear market in U.S. history. But it was also one of the shortestbear marketsever, as the market recovered its full value by Aug. 17, when it closed at 3,382. In less than six months, the losses had been erased -- and then some.</p><p><blockquote>自2020年2月19日起，<b>标普500</b>收于3386点，到3月23日收于2257点，市场价值损失了33%。这是一个惊人的跌幅，也是美国历史上熊市中最陡峭、最快的跌幅之一。但它也是最短的熊市之一，因为该市场在8月17日收于3,382点时恢复了全部价值。不到六个月的时间，损失就被抹去了——甚至更多。</blockquote></p><p>Just over a year later, as of May 13, 2021, the S&P 500 was at around 4,100. That's an 83% increase from the low on March 23, 2020. So, if you panicked and dumped stocks after that market meltdown, you would have not only locked in your losses, but also missed out on the gains that would have come with patience.</p><p><blockquote>仅仅一年多后，截至2021年5月13日，标普500在4100左右。这比2020年3月23日的低点增长了83%。因此，如果你在市场崩溃后恐慌并抛售股票，你不仅会锁定损失，还会错过耐心带来的收益。</blockquote></p><p>2. There are great buying opportunities</p><p><blockquote>2、买入机会大</blockquote></p><p>There's a famous saying by Warren Buffett that is oft repeated, and for good reason: Be fearful when others are greedy, and greedy when others are fearful. That's another way of saying: Look for opportunities to buy good companies when others are dumping stocks because that's when you will find the best deals. Take last March, for example --<b>Walt Disney</b>stock plummeted nearly 40% from Feb. 19 to March 23, when it hit a low of $85 per share.</p><p><blockquote>沃伦·巴菲特有一句名言经常被重复，而且理由很充分：当别人贪婪时要恐惧，当别人恐惧时要贪婪。这是另一种说法：当其他人抛售股票时，寻找购买好公司的机会，因为那时你会找到最好的交易。以去年三月为例--<b>迪斯尼</b>从2月19日到3月23日，该股暴跌近40%，跌至每股85美元的低点。</blockquote></p><p>Smart investors jumped onDisneystock when it was trading that low, because they knew the media and entertainment giant would bounce back in a big way. By November, it had gotten back to $140 per share, returning to where it was pre-crash. Disney stock is currently trading at around $171, which is double its bottom in March 2020.</p><p><blockquote>聪明的投资者在迪士尼股票交易如此之低时买入了迪士尼股票，因为他们知道这家媒体和娱乐巨头将大幅反弹。到11月，股价已回到每股140美元，回到了崩盘前的水平。迪士尼股票目前交易价格约为171美元，是2020年3月底部的两倍。</blockquote></p><p>Now, not all companies have come back as strong as Disney, so it is important to do your research. But when you see established market leaders like Disney drop, you should definitely view it as anopportunity, not a problem.</p><p><blockquote>现在，并不是所有的公司都像迪士尼一样强大，所以做好研究很重要。但当你看到像迪士尼这样的老牌市场领导者下跌时，你绝对应该将其视为机会，而不是问题。</blockquote></p><p>3. You're invested for the long term</p><p><blockquote>3.你的投资是长期的</blockquote></p><p>When bear markets growl, it can be scary. But just like you would if you confronted a real bear in the wild, you walk away slowly and don't do anything rash. There is no point in reacting to a blip or a bear-size growl, because you should be investing for the long term.</p><p><blockquote>当熊市咆哮时，可能会很可怕。但是就像你在野外遇到一只真正的熊一样，你慢慢走开，不要做任何鲁莽的事情。对昙花一现或熊熊般的咆哮做出反应是没有意义的，因为你应该进行长期投资。</blockquote></p><p>Over the years, there have been numerous bear markets, categorized as market drops of 20% or more, and many more market corrections, a drop of 10% or more. Yet the S&P 500, through all the dips and turns, has had an average annual return of 8% over the past 30 years. Over the last 10 years, the benchmark has returned about 11.8% on an annualized basis through May 13. Some stocks, like Disney, which has had an annualized return of about 17% over the past 10 years, have done a lot better than the benchmark.</p><p><blockquote>多年来，出现了无数次熊市，分为市场下跌20%或以上，以及更多的市场调整，下跌10%或以上。然而，标普500经历了所有的跌宕起伏，在过去30年里的平均年回报率为8%。过去10年，截至5月13日，该基准的年化回报率约为11.8%。一些股票，如迪士尼，过去10年的年化回报率约为17%，其表现远好于基准。</blockquote></p><p>Market corrections can be hard on the nerves, but if you remember these three points, they are a lot less worrisome.</p><p><blockquote>市场调整可能会让人心烦意乱，但如果你记住这三点，它们就不那么令人担忧了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/16/3-reasons-not-to-worry-about-a-stock-market-crash/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/05/16/3-reasons-not-to-worry-about-a-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199537372","content_text":"The stock market had some rough days this past week or so, due to an unexpectedly low jobs number and an unexpectedly higher inflation report. A little volatility is nothing to worry about, but some experts suggest a larger, more sustainedcorrection could be looming, given the historically high valuations and other patterns following a major market drop like we had last year.But the crash of 2020, when the market lost 33% of its value in about a month, reinforced some valuable investing lessons. Here are three good reasons not to worry about another stock market crash.1. Patience will be rewardedFrom Feb. 19, 2020, when theS&P 500closed at 3,386, to March 23, when it closed at 2,257, the market lost 33% of its value. That is a staggering drop and represented one of the steepest, fastest declines into a bear market in U.S. history. But it was also one of the shortestbear marketsever, as the market recovered its full value by Aug. 17, when it closed at 3,382. In less than six months, the losses had been erased -- and then some.Just over a year later, as of May 13, 2021, the S&P 500 was at around 4,100. That's an 83% increase from the low on March 23, 2020. So, if you panicked and dumped stocks after that market meltdown, you would have not only locked in your losses, but also missed out on the gains that would have come with patience.2. There are great buying opportunitiesThere's a famous saying by Warren Buffett that is oft repeated, and for good reason: Be fearful when others are greedy, and greedy when others are fearful. That's another way of saying: Look for opportunities to buy good companies when others are dumping stocks because that's when you will find the best deals. Take last March, for example --Walt Disneystock plummeted nearly 40% from Feb. 19 to March 23, when it hit a low of $85 per share.Smart investors jumped onDisneystock when it was trading that low, because they knew the media and entertainment giant would bounce back in a big way. By November, it had gotten back to $140 per share, returning to where it was pre-crash. Disney stock is currently trading at around $171, which is double its bottom in March 2020.Now, not all companies have come back as strong as Disney, so it is important to do your research. But when you see established market leaders like Disney drop, you should definitely view it as anopportunity, not a problem.3. You're invested for the long termWhen bear markets growl, it can be scary. But just like you would if you confronted a real bear in the wild, you walk away slowly and don't do anything rash. There is no point in reacting to a blip or a bear-size growl, because you should be investing for the long term.Over the years, there have been numerous bear markets, categorized as market drops of 20% or more, and many more market corrections, a drop of 10% or more. Yet the S&P 500, through all the dips and turns, has had an average annual return of 8% over the past 30 years. Over the last 10 years, the benchmark has returned about 11.8% on an annualized basis through May 13. Some stocks, like Disney, which has had an annualized return of about 17% over the past 10 years, have done a lot better than the benchmark.Market corrections can be hard on the nerves, but if you remember these three points, they are a lot less worrisome.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101617365,"gmtCreate":1619906045657,"gmtModify":1634209273015,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/101617365","repostId":"2131555528","repostType":4,"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103587479,"gmtCreate":1619793708191,"gmtModify":1634209874036,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/103587479","repostId":"1114554743","repostType":4,"repost":{"id":"1114554743","kind":"news","pubTimestamp":1619790825,"share":"https://www.laohu8.com/m/news/1114554743?lang=zh_CN&edition=full","pubTime":"2021-04-30 21:53","market":"us","language":"en","title":"21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114554743","media":"Yahoo","summary":"Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May","content":"<p>Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May 1, with Warren Buffett reuniting with his long-time business partner Charlie Munger, who is based in California, after a year apart.</p><p><blockquote>伯克希尔哈撒韦公司（BRK-A、BRK-B）年度股东大会将于5月1日在洛杉矶举行，沃伦·巴菲特将与分居一年后的加州长期商业伙伴查理·芒格重聚。</blockquote></p><p> In a normal year, thousands of people make the pilgrimage to Omaha, Nebraska, to listen to Buffett, 90, and Munger, 97, answer questions for hours as they sip Coca-Colas and nibble on peanut brittle from See's Candies. Munger, Berkshire Hathaway’s vice chairman, is adored for his expansive knowledge and his maxims about business, investing, and life as well as his colorful language and humor. Famously, he would often say, after Buffett finished speaking, “I have nothing further to add.” Last year, due to the coronavirus pandemic, the Berkshire Hathaway annual meeting went virtual, with Buffett answering questions from afar in an empty CHI Health Center Arena without Munger.</p><p><blockquote>在正常的一年里，成千上万的人前往内布拉斯加州的奥马哈朝圣，听90岁的巴菲特和97岁的芒格回答问题几个小时，一边啜饮可口可乐，一边啃喜诗糖果的花生糖。伯克希尔·哈撒韦公司副董事长芒格因其广博的知识和关于商业、投资和生活的格言以及丰富多彩的语言和幽默而受到崇拜。众所周知，在巴菲特说完之后，他经常说：“我没有什么要补充的了。”去年，由于冠状病毒大流行，伯克希尔·哈撒韦公司的年会变成了虚拟会议，巴菲特在没有芒格的空荡荡的CHI健康中心竞技场远距离回答问题。</blockquote></p><p> While Buffett is the more public and recognizable face for Berkshire Hathaway, the iconic conglomerate as it stands today was built to Munger’s blueprint of moving beyond so-called “cigar-butt” investing to “buying wonderful businesses at fair prices,” according to a shareholder letter commemorating the company’s 50th anniversary. Though Buffett credits Munger for his success, he also emphasizes that his friend and business partner has made him a “better person.”</p><p><blockquote>虽然巴菲特是伯克希尔哈撒韦公司更公开、更容易辨认的面孔，但这家标志性企业集团今天的地位是按照芒格的蓝图建立的，即超越所谓的“雪茄屁股”投资，转向“以公平的价格收购出色的企业”。纪念公司成立50周年的股东信。尽管巴菲特将他的成功归功于芒格，但他也强调，他的朋友和商业伙伴让他成为了一个“更好的人”。</blockquote></p><p> And so to commemorate the reunion of these two investing legends and long-time partners and friends, we’ve compiled some of our favorite Munger quotes:</p><p><blockquote>因此，为了纪念这两位投资传奇人物以及长期合作伙伴和朋友的重聚，我们整理了一些我们最喜欢的芒格名言：</blockquote></p><p> <b>On learning</b></p><p><blockquote><b>论学习</b></blockquote></p><p> “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“在我的一生中，我从来没有认识过不一直读书的智者（在广泛的主题领域）——没有，零。你会惊讶于沃伦读了多少书——以及我读了多少书。我的孩子们嘲笑我。他们认为我是一本伸出两条腿的书。”<i>——可怜的查理年鉴</i></blockquote></p><p> \"Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well.\"<i>—2021 Daily Journal AGM</i></p><p><blockquote>“没有学习的方法，你就像一个踢屁股比赛的独腿人。只是不会很好地发挥作用。”<i>-2021年度日报股东周年大会</i></blockquote></p><p> “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help—particularly when you have a long run ahead of you.”<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“我经常看到一些人在生活中崛起，他们并不是最聪明的，有时甚至不是最勤奋的，但他们是学习机器。他们每天晚上睡觉时都比起床时聪明一点，这很有帮助——尤其是当你还有很长的路要走的时候。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “I think that a life properly lived is just learn, learn, learn all the time.”<i>—2017 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为正确的生活就是不断学习、学习、学习。”<i>—2017年伯克希尔哈撒韦年会</i></blockquote></p><p> “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“获得世俗的智慧，并相应地调整你的行为。如果你的新行为让你在同龄人中暂时不受欢迎，那就让他们见鬼去吧。”<i>——可怜的查理年鉴</i></blockquote></p><p> “Live within your income and save so that you can invest. Learn what you need to learn.”<b><i>—</i></b><i>Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</i></p><p><blockquote>“量入为出，存钱，这样你就可以投资。学习你需要学习的东西。”<b><i>—</i></b><i>太对了！：伯克希尔·哈撒韦亿万富翁查理·芒格的幕后花絮</i></blockquote></p><p> <b>On investing and business:</b></p><p><blockquote><b>关于投资和商业：</b></blockquote></p><p> “Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“理解复利的力量和获得复利的难度是理解很多事情的核心和灵魂。”<i>——可怜的查理年鉴</i></blockquote></p><p> “There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —<i>Worldly Wisdom by Charlie Munger 1995 - 1998</i></p><p><blockquote>“对于个人来说，进入一个可以进行一些伟大投资并坐在屁股上的职位有巨大的优势：你向经纪人支付的费用更少。你听到的废话也更少。如果成功的话，政府税收系统每年会给你额外的1、2或3个百分点的复利。”—<i>查理·芒格的《世俗智慧》1995-1998</i></blockquote></p><p> “I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”—2020 Daily Journal AGM</p><p><blockquote>“我有一个渔夫朋友，他说，‘我有一个钓鱼成功的简单规则。在有鱼的地方钓鱼。’你想在有便宜货的地方钓鱼。就这么简单。如果你所在的地方钓鱼真的很糟糕，你可能应该寻找另一个地方钓鱼。”—2020 Daily Journal年度股东大会</blockquote></p><p> “Mimicking the herd invites regression to the mean (merely average performance).”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“模仿群体会导致回归均值（仅仅是平均表现）。”<i>——可怜的查理年鉴</i></blockquote></p><p> “The world is full of foolish gamblers and they will not do as well as the patient investors.”<i>—2018 Weekly in Stocks interview</i></p><p><blockquote>“这个世界充满了愚蠢的赌徒，他们不会像耐心的投资者那样做得好。”<i>-2018年每周股票访谈</i></blockquote></p><p> “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“拿着那么多钱无所事事需要性格。我不是靠追求平庸的机会才有今天的成就的。”<i>——可怜的查理年鉴</i></blockquote></p><p> “I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” —<i>2021 Daily Journal AGM</i></p><p><blockquote>“我发现找到四到五项投资要容易得多，而且我有相当合理的机会是正确的，它们远高于平均水平。我认为找到五项比找到100项容易得多。我认为那些主张所有这些多元化的人——顺便说一句，我将其看涨期权为‘去恶化’——这是我从某人那里复制的——我更愿意拥有两到三只我认为我了解一些并且我认为我有优势的股票。”—<i>2021年度日报年度股东大会</i></blockquote></p><p></p><p> \"Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.\"<i>—2003 Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department</i></p><p><blockquote>“通常我不会用正式的投影，我不让别人帮我做，因为我不喜欢在桌子上呕吐，但我一直看到他们是用非常愚蠢的方式做的，而且很多人相信他们，不管他们有多愚蠢。在美国，把一个愚蠢的投影放在桌子上是一种有效的销售技巧。”<i>2003年加州大学圣巴巴拉分校经济系Herb Kay本科生讲座</i></blockquote></p><p> \"I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'\" —\"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business,\" 1994 speech at USC Business School</p><p><blockquote>“我认为我们在投资管理方面陷入如此愚蠢的原因最好地说明了我讲的一个卖渔具的人的故事。我问他，‘天哪，它们是紫色和绿色的。鱼真的会接受这些鱼饵吗？’他说，‘先生，我不卖给鱼。’”-1994年在南加州大学商学院的演讲：“关于投资管理和商业的基本世俗智慧的一课”</blockquote></p><p> “Capitalism without failure is like religion without hell.” —<i>Tao of Charlie Munger</i></p><p><blockquote>“没有失败的资本主义就像没有地狱的宗教。”—<i>查理·芒格之道</i></blockquote></p><p> <b>On mental models and decision-making frameworks:</b></p><p><blockquote><b>论心智模型与决策框架：</b></blockquote></p><p> “We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.”<i>—2010 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“当某件事工作得很好时，我们有足够的判断力继续做下去。我想说，我们正在展示一种可能被称为生命基本算法的东西——重复有效的东西。”<i>-2010年伯克希尔哈撒韦年会</i></blockquote></p><p> “I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” —<i>2020 CalTech Distinguished Alumni Award interview</i></p><p><blockquote>“我花了一生的时间试图避免自己的精神偏见。a.）我对自己的错误嗤之以鼻。B.）我尽可能地保持简单和基本。而且，我喜欢安全边际的工程概念。我是一个非常阻塞和处理的思考者。我只是尽量避免犯傻。我有处理很多问题的方法——我把它们放在我看涨期权的“太难的一堆”里，然后把它们留在那里。我并不是想在我的‘太难堆’中取得成功。”-<i>2020加州理工学院杰出校友奖访谈</i></blockquote></p><p> <b>On life:</b></p><p><blockquote><b>关于生活：</b></blockquote></p><p> “I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.”<i>—1997 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为生活就是一系列的机会成本。你知道，你必须嫁给最好的人，他很容易找到谁会拥有你。投资也是一个类似的过程。”<i>——1997年伯克希尔哈撒韦公司年会</i></blockquote></p><p> \"Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.\"<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“当然，另一件事是生活中会有可怕的打击，可怕的打击，不公平的打击。没关系。有些人康复了，有些人没有。在这方面，我认为爱比克泰德的态度是最好的。他认为生活中的每一次不幸都是表现良好的机会。生活中的每一次不幸都是学习的机会，你的责任不是沉浸在自怜中，而是以建设性的方式利用可怕的打击。这是一个非常好的主意。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.”<i>—2019 CNBC interview</i></p><p><blockquote>“你没有太多的嫉妒，你没有太多的怨恨，你不会超支你的收入，尽管你有麻烦，你仍然保持快乐，你与可靠的人打交道，你做你应该做的事情。所有这些简单的规则都能让你的生活变得更好。”<i>-2019年CNBC采访</i></blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-30 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May 1, with Warren Buffett reuniting with his long-time business partner Charlie Munger, who is based in California, after a year apart.</p><p><blockquote>伯克希尔哈撒韦公司（BRK-A、BRK-B）年度股东大会将于5月1日在洛杉矶举行，沃伦·巴菲特将与分居一年后的加州长期商业伙伴查理·芒格重聚。</blockquote></p><p> In a normal year, thousands of people make the pilgrimage to Omaha, Nebraska, to listen to Buffett, 90, and Munger, 97, answer questions for hours as they sip Coca-Colas and nibble on peanut brittle from See's Candies. Munger, Berkshire Hathaway’s vice chairman, is adored for his expansive knowledge and his maxims about business, investing, and life as well as his colorful language and humor. Famously, he would often say, after Buffett finished speaking, “I have nothing further to add.” Last year, due to the coronavirus pandemic, the Berkshire Hathaway annual meeting went virtual, with Buffett answering questions from afar in an empty CHI Health Center Arena without Munger.</p><p><blockquote>在正常的一年里，成千上万的人前往内布拉斯加州的奥马哈朝圣，听90岁的巴菲特和97岁的芒格回答问题几个小时，一边啜饮可口可乐，一边啃喜诗糖果的花生糖。伯克希尔·哈撒韦公司副董事长芒格因其广博的知识和关于商业、投资和生活的格言以及丰富多彩的语言和幽默而受到崇拜。众所周知，在巴菲特说完之后，他经常说：“我没有什么要补充的了。”去年，由于冠状病毒大流行，伯克希尔·哈撒韦公司的年会变成了虚拟会议，巴菲特在没有芒格的空荡荡的CHI健康中心竞技场远距离回答问题。</blockquote></p><p> While Buffett is the more public and recognizable face for Berkshire Hathaway, the iconic conglomerate as it stands today was built to Munger’s blueprint of moving beyond so-called “cigar-butt” investing to “buying wonderful businesses at fair prices,” according to a shareholder letter commemorating the company’s 50th anniversary. Though Buffett credits Munger for his success, he also emphasizes that his friend and business partner has made him a “better person.”</p><p><blockquote>虽然巴菲特是伯克希尔哈撒韦公司更公开、更容易辨认的面孔，但这家标志性企业集团今天的地位是按照芒格的蓝图建立的，即超越所谓的“雪茄屁股”投资，转向“以公平的价格收购出色的企业”。纪念公司成立50周年的股东信。尽管巴菲特将他的成功归功于芒格，但他也强调，他的朋友和商业伙伴让他成为了一个“更好的人”。</blockquote></p><p> And so to commemorate the reunion of these two investing legends and long-time partners and friends, we’ve compiled some of our favorite Munger quotes:</p><p><blockquote>因此，为了纪念这两位投资传奇人物以及长期合作伙伴和朋友的重聚，我们整理了一些我们最喜欢的芒格名言：</blockquote></p><p> <b>On learning</b></p><p><blockquote><b>论学习</b></blockquote></p><p> “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“在我的一生中，我从来没有认识过不一直读书的智者（在广泛的主题领域）——没有，零。你会惊讶于沃伦读了多少书——以及我读了多少书。我的孩子们嘲笑我。他们认为我是一本伸出两条腿的书。”<i>——可怜的查理年鉴</i></blockquote></p><p> \"Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well.\"<i>—2021 Daily Journal AGM</i></p><p><blockquote>“没有学习的方法，你就像一个踢屁股比赛的独腿人。只是不会很好地发挥作用。”<i>-2021年度日报股东周年大会</i></blockquote></p><p> “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help—particularly when you have a long run ahead of you.”<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“我经常看到一些人在生活中崛起，他们并不是最聪明的，有时甚至不是最勤奋的，但他们是学习机器。他们每天晚上睡觉时都比起床时聪明一点，这很有帮助——尤其是当你还有很长的路要走的时候。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “I think that a life properly lived is just learn, learn, learn all the time.”<i>—2017 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为正确的生活就是不断学习、学习、学习。”<i>—2017年伯克希尔哈撒韦年会</i></blockquote></p><p> “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“获得世俗的智慧，并相应地调整你的行为。如果你的新行为让你在同龄人中暂时不受欢迎，那就让他们见鬼去吧。”<i>——可怜的查理年鉴</i></blockquote></p><p> “Live within your income and save so that you can invest. Learn what you need to learn.”<b><i>—</i></b><i>Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</i></p><p><blockquote>“量入为出，存钱，这样你就可以投资。学习你需要学习的东西。”<b><i>—</i></b><i>太对了！：伯克希尔·哈撒韦亿万富翁查理·芒格的幕后花絮</i></blockquote></p><p> <b>On investing and business:</b></p><p><blockquote><b>关于投资和商业：</b></blockquote></p><p> “Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“理解复利的力量和获得复利的难度是理解很多事情的核心和灵魂。”<i>——可怜的查理年鉴</i></blockquote></p><p> “There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —<i>Worldly Wisdom by Charlie Munger 1995 - 1998</i></p><p><blockquote>“对于个人来说，进入一个可以进行一些伟大投资并坐在屁股上的职位有巨大的优势：你向经纪人支付的费用更少。你听到的废话也更少。如果成功的话，政府税收系统每年会给你额外的1、2或3个百分点的复利。”—<i>查理·芒格的《世俗智慧》1995-1998</i></blockquote></p><p> “I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”—2020 Daily Journal AGM</p><p><blockquote>“我有一个渔夫朋友，他说，‘我有一个钓鱼成功的简单规则。在有鱼的地方钓鱼。’你想在有便宜货的地方钓鱼。就这么简单。如果你所在的地方钓鱼真的很糟糕，你可能应该寻找另一个地方钓鱼。”—2020 Daily Journal年度股东大会</blockquote></p><p> “Mimicking the herd invites regression to the mean (merely average performance).”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“模仿群体会导致回归均值（仅仅是平均表现）。”<i>——可怜的查理年鉴</i></blockquote></p><p> “The world is full of foolish gamblers and they will not do as well as the patient investors.”<i>—2018 Weekly in Stocks interview</i></p><p><blockquote>“这个世界充满了愚蠢的赌徒，他们不会像耐心的投资者那样做得好。”<i>-2018年每周股票访谈</i></blockquote></p><p> “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“拿着那么多钱无所事事需要性格。我不是靠追求平庸的机会才有今天的成就的。”<i>——可怜的查理年鉴</i></blockquote></p><p> “I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” —<i>2021 Daily Journal AGM</i></p><p><blockquote>“我发现找到四到五项投资要容易得多，而且我有相当合理的机会是正确的，它们远高于平均水平。我认为找到五项比找到100项容易得多。我认为那些主张所有这些多元化的人——顺便说一句，我将其看涨期权为‘去恶化’——这是我从某人那里复制的——我更愿意拥有两到三只我认为我了解一些并且我认为我有优势的股票。”—<i>2021年度日报年度股东大会</i></blockquote></p><p></p><p> \"Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.\"<i>—2003 Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department</i></p><p><blockquote>“通常我不会用正式的投影，我不让别人帮我做，因为我不喜欢在桌子上呕吐，但我一直看到他们是用非常愚蠢的方式做的，而且很多人相信他们，不管他们有多愚蠢。在美国，把一个愚蠢的投影放在桌子上是一种有效的销售技巧。”<i>2003年加州大学圣巴巴拉分校经济系Herb Kay本科生讲座</i></blockquote></p><p> \"I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'\" —\"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business,\" 1994 speech at USC Business School</p><p><blockquote>“我认为我们在投资管理方面陷入如此愚蠢的原因最好地说明了我讲的一个卖渔具的人的故事。我问他，‘天哪，它们是紫色和绿色的。鱼真的会接受这些鱼饵吗？’他说，‘先生，我不卖给鱼。’”-1994年在南加州大学商学院的演讲：“关于投资管理和商业的基本世俗智慧的一课”</blockquote></p><p> “Capitalism without failure is like religion without hell.” —<i>Tao of Charlie Munger</i></p><p><blockquote>“没有失败的资本主义就像没有地狱的宗教。”—<i>查理·芒格之道</i></blockquote></p><p> <b>On mental models and decision-making frameworks:</b></p><p><blockquote><b>论心智模型与决策框架：</b></blockquote></p><p> “We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.”<i>—2010 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“当某件事工作得很好时，我们有足够的判断力继续做下去。我想说，我们正在展示一种可能被称为生命基本算法的东西——重复有效的东西。”<i>-2010年伯克希尔哈撒韦年会</i></blockquote></p><p> “I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” —<i>2020 CalTech Distinguished Alumni Award interview</i></p><p><blockquote>“我花了一生的时间试图避免自己的精神偏见。a.）我对自己的错误嗤之以鼻。B.）我尽可能地保持简单和基本。而且，我喜欢安全边际的工程概念。我是一个非常阻塞和处理的思考者。我只是尽量避免犯傻。我有处理很多问题的方法——我把它们放在我看涨期权的“太难的一堆”里，然后把它们留在那里。我并不是想在我的‘太难堆’中取得成功。”-<i>2020加州理工学院杰出校友奖访谈</i></blockquote></p><p> <b>On life:</b></p><p><blockquote><b>关于生活：</b></blockquote></p><p> “I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.”<i>—1997 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为生活就是一系列的机会成本。你知道，你必须嫁给最好的人，他很容易找到谁会拥有你。投资也是一个类似的过程。”<i>——1997年伯克希尔哈撒韦公司年会</i></blockquote></p><p> \"Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.\"<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“当然，另一件事是生活中会有可怕的打击，可怕的打击，不公平的打击。没关系。有些人康复了，有些人没有。在这方面，我认为爱比克泰德的态度是最好的。他认为生活中的每一次不幸都是表现良好的机会。生活中的每一次不幸都是学习的机会，你的责任不是沉浸在自怜中，而是以建设性的方式利用可怕的打击。这是一个非常好的主意。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.”<i>—2019 CNBC interview</i></p><p><blockquote>“你没有太多的嫉妒，你没有太多的怨恨，你不会超支你的收入，尽管你有麻烦，你仍然保持快乐，你与可靠的人打交道，你做你应该做的事情。所有这些简单的规则都能让你的生活变得更好。”<i>-2019年CNBC采访</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/21-brilliant-quotes-from-legendary-investor-and-polymath-charlie-munger-133315723.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/21-brilliant-quotes-from-legendary-investor-and-polymath-charlie-munger-133315723.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114554743","content_text":"Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May 1, with Warren Buffett reuniting with his long-time business partner Charlie Munger, who is based in California, after a year apart.\nIn a normal year, thousands of people make the pilgrimage to Omaha, Nebraska, to listen to Buffett, 90, and Munger, 97, answer questions for hours as they sip Coca-Colas and nibble on peanut brittle from See's Candies. Munger, Berkshire Hathaway’s vice chairman, is adored for his expansive knowledge and his maxims about business, investing, and life as well as his colorful language and humor. Famously, he would often say, after Buffett finished speaking, “I have nothing further to add.” Last year, due to the coronavirus pandemic, the Berkshire Hathaway annual meeting went virtual, with Buffett answering questions from afar in an empty CHI Health Center Arena without Munger.\nWhile Buffett is the more public and recognizable face for Berkshire Hathaway, the iconic conglomerate as it stands today was built to Munger’s blueprint of moving beyond so-called “cigar-butt” investing to “buying wonderful businesses at fair prices,” according to a shareholder letter commemorating the company’s 50th anniversary. Though Buffett credits Munger for his success, he also emphasizes that his friend and business partner has made him a “better person.”\nAnd so to commemorate the reunion of these two investing legends and long-time partners and friends, we’ve compiled some of our favorite Munger quotes:\nOn learning\n“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”—Poor Charlie's Almanack\n\"Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well.\"—2021 Daily Journal AGM\n“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help—particularly when you have a long run ahead of you.”—2007 USC Law School Commencement Address\n“I think that a life properly lived is just learn, learn, learn all the time.”—2017 Berkshire Hathaway Annual Meeting\n“Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”—Poor Charlie's Almanack\n“Live within your income and save so that you can invest. Learn what you need to learn.”—Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger\nOn investing and business:\n“Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”—Poor Charlie's Almanack\n“There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —Worldly Wisdom by Charlie Munger 1995 - 1998\n“I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”—2020 Daily Journal AGM\n“Mimicking the herd invites regression to the mean (merely average performance).”—Poor Charlie's Almanack\n“The world is full of foolish gamblers and they will not do as well as the patient investors.”—2018 Weekly in Stocks interview\n“It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”—Poor Charlie's Almanack\n“I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” —2021 Daily Journal AGM\n\"Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.\"—2003 Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department\n\"I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'\" —\"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business,\" 1994 speech at USC Business School\n“Capitalism without failure is like religion without hell.” —Tao of Charlie Munger\nOn mental models and decision-making frameworks:\n“We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.”—2010 Berkshire Hathaway Annual Meeting\n“I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” —2020 CalTech Distinguished Alumni Award interview\nOn life:\n“I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.”—1997 Berkshire Hathaway Annual Meeting\n\"Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.\"—2007 USC Law School Commencement Address\n“You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.”—2019 CNBC interview","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103585731,"gmtCreate":1619793592323,"gmtModify":1634209875342,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"Nice trade","listText":"Nice trade","text":"Nice trade","images":[{"img":"https://static.tigerbbs.com/17af71e7e94294a2f9f532b11b60be26","width":"1125","height":"1918"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103585731","isVote":1,"tweetType":1,"viewCount":1465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":103587479,"gmtCreate":1619793708191,"gmtModify":1634209874036,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/103587479","repostId":"1114554743","repostType":4,"repost":{"id":"1114554743","kind":"news","pubTimestamp":1619790825,"share":"https://www.laohu8.com/m/news/1114554743?lang=zh_CN&edition=full","pubTime":"2021-04-30 21:53","market":"us","language":"en","title":"21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114554743","media":"Yahoo","summary":"Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May","content":"<p>Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May 1, with Warren Buffett reuniting with his long-time business partner Charlie Munger, who is based in California, after a year apart.</p><p><blockquote>伯克希尔哈撒韦公司（BRK-A、BRK-B）年度股东大会将于5月1日在洛杉矶举行，沃伦·巴菲特将与分居一年后的加州长期商业伙伴查理·芒格重聚。</blockquote></p><p> In a normal year, thousands of people make the pilgrimage to Omaha, Nebraska, to listen to Buffett, 90, and Munger, 97, answer questions for hours as they sip Coca-Colas and nibble on peanut brittle from See's Candies. Munger, Berkshire Hathaway’s vice chairman, is adored for his expansive knowledge and his maxims about business, investing, and life as well as his colorful language and humor. Famously, he would often say, after Buffett finished speaking, “I have nothing further to add.” Last year, due to the coronavirus pandemic, the Berkshire Hathaway annual meeting went virtual, with Buffett answering questions from afar in an empty CHI Health Center Arena without Munger.</p><p><blockquote>在正常的一年里，成千上万的人前往内布拉斯加州的奥马哈朝圣，听90岁的巴菲特和97岁的芒格回答问题几个小时，一边啜饮可口可乐，一边啃喜诗糖果的花生糖。伯克希尔·哈撒韦公司副董事长芒格因其广博的知识和关于商业、投资和生活的格言以及丰富多彩的语言和幽默而受到崇拜。众所周知，在巴菲特说完之后，他经常说：“我没有什么要补充的了。”去年，由于冠状病毒大流行，伯克希尔·哈撒韦公司的年会变成了虚拟会议，巴菲特在没有芒格的空荡荡的CHI健康中心竞技场远距离回答问题。</blockquote></p><p> While Buffett is the more public and recognizable face for Berkshire Hathaway, the iconic conglomerate as it stands today was built to Munger’s blueprint of moving beyond so-called “cigar-butt” investing to “buying wonderful businesses at fair prices,” according to a shareholder letter commemorating the company’s 50th anniversary. Though Buffett credits Munger for his success, he also emphasizes that his friend and business partner has made him a “better person.”</p><p><blockquote>虽然巴菲特是伯克希尔哈撒韦公司更公开、更容易辨认的面孔，但这家标志性企业集团今天的地位是按照芒格的蓝图建立的，即超越所谓的“雪茄屁股”投资，转向“以公平的价格收购出色的企业”。纪念公司成立50周年的股东信。尽管巴菲特将他的成功归功于芒格，但他也强调，他的朋友和商业伙伴让他成为了一个“更好的人”。</blockquote></p><p> And so to commemorate the reunion of these two investing legends and long-time partners and friends, we’ve compiled some of our favorite Munger quotes:</p><p><blockquote>因此，为了纪念这两位投资传奇人物以及长期合作伙伴和朋友的重聚，我们整理了一些我们最喜欢的芒格名言：</blockquote></p><p> <b>On learning</b></p><p><blockquote><b>论学习</b></blockquote></p><p> “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“在我的一生中，我从来没有认识过不一直读书的智者（在广泛的主题领域）——没有，零。你会惊讶于沃伦读了多少书——以及我读了多少书。我的孩子们嘲笑我。他们认为我是一本伸出两条腿的书。”<i>——可怜的查理年鉴</i></blockquote></p><p> \"Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well.\"<i>—2021 Daily Journal AGM</i></p><p><blockquote>“没有学习的方法，你就像一个踢屁股比赛的独腿人。只是不会很好地发挥作用。”<i>-2021年度日报股东周年大会</i></blockquote></p><p> “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help—particularly when you have a long run ahead of you.”<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“我经常看到一些人在生活中崛起，他们并不是最聪明的，有时甚至不是最勤奋的，但他们是学习机器。他们每天晚上睡觉时都比起床时聪明一点，这很有帮助——尤其是当你还有很长的路要走的时候。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “I think that a life properly lived is just learn, learn, learn all the time.”<i>—2017 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为正确的生活就是不断学习、学习、学习。”<i>—2017年伯克希尔哈撒韦年会</i></blockquote></p><p> “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“获得世俗的智慧，并相应地调整你的行为。如果你的新行为让你在同龄人中暂时不受欢迎，那就让他们见鬼去吧。”<i>——可怜的查理年鉴</i></blockquote></p><p> “Live within your income and save so that you can invest. Learn what you need to learn.”<b><i>—</i></b><i>Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</i></p><p><blockquote>“量入为出，存钱，这样你就可以投资。学习你需要学习的东西。”<b><i>—</i></b><i>太对了！：伯克希尔·哈撒韦亿万富翁查理·芒格的幕后花絮</i></blockquote></p><p> <b>On investing and business:</b></p><p><blockquote><b>关于投资和商业：</b></blockquote></p><p> “Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“理解复利的力量和获得复利的难度是理解很多事情的核心和灵魂。”<i>——可怜的查理年鉴</i></blockquote></p><p> “There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —<i>Worldly Wisdom by Charlie Munger 1995 - 1998</i></p><p><blockquote>“对于个人来说，进入一个可以进行一些伟大投资并坐在屁股上的职位有巨大的优势：你向经纪人支付的费用更少。你听到的废话也更少。如果成功的话，政府税收系统每年会给你额外的1、2或3个百分点的复利。”—<i>查理·芒格的《世俗智慧》1995-1998</i></blockquote></p><p> “I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”—2020 Daily Journal AGM</p><p><blockquote>“我有一个渔夫朋友，他说，‘我有一个钓鱼成功的简单规则。在有鱼的地方钓鱼。’你想在有便宜货的地方钓鱼。就这么简单。如果你所在的地方钓鱼真的很糟糕，你可能应该寻找另一个地方钓鱼。”—2020 Daily Journal年度股东大会</blockquote></p><p> “Mimicking the herd invites regression to the mean (merely average performance).”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“模仿群体会导致回归均值（仅仅是平均表现）。”<i>——可怜的查理年鉴</i></blockquote></p><p> “The world is full of foolish gamblers and they will not do as well as the patient investors.”<i>—2018 Weekly in Stocks interview</i></p><p><blockquote>“这个世界充满了愚蠢的赌徒，他们不会像耐心的投资者那样做得好。”<i>-2018年每周股票访谈</i></blockquote></p><p> “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“拿着那么多钱无所事事需要性格。我不是靠追求平庸的机会才有今天的成就的。”<i>——可怜的查理年鉴</i></blockquote></p><p> “I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” —<i>2021 Daily Journal AGM</i></p><p><blockquote>“我发现找到四到五项投资要容易得多，而且我有相当合理的机会是正确的，它们远高于平均水平。我认为找到五项比找到100项容易得多。我认为那些主张所有这些多元化的人——顺便说一句，我将其看涨期权为‘去恶化’——这是我从某人那里复制的——我更愿意拥有两到三只我认为我了解一些并且我认为我有优势的股票。”—<i>2021年度日报年度股东大会</i></blockquote></p><p></p><p> \"Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.\"<i>—2003 Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department</i></p><p><blockquote>“通常我不会用正式的投影，我不让别人帮我做，因为我不喜欢在桌子上呕吐，但我一直看到他们是用非常愚蠢的方式做的，而且很多人相信他们，不管他们有多愚蠢。在美国，把一个愚蠢的投影放在桌子上是一种有效的销售技巧。”<i>2003年加州大学圣巴巴拉分校经济系Herb Kay本科生讲座</i></blockquote></p><p> \"I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'\" —\"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business,\" 1994 speech at USC Business School</p><p><blockquote>“我认为我们在投资管理方面陷入如此愚蠢的原因最好地说明了我讲的一个卖渔具的人的故事。我问他，‘天哪，它们是紫色和绿色的。鱼真的会接受这些鱼饵吗？’他说，‘先生，我不卖给鱼。’”-1994年在南加州大学商学院的演讲：“关于投资管理和商业的基本世俗智慧的一课”</blockquote></p><p> “Capitalism without failure is like religion without hell.” —<i>Tao of Charlie Munger</i></p><p><blockquote>“没有失败的资本主义就像没有地狱的宗教。”—<i>查理·芒格之道</i></blockquote></p><p> <b>On mental models and decision-making frameworks:</b></p><p><blockquote><b>论心智模型与决策框架：</b></blockquote></p><p> “We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.”<i>—2010 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“当某件事工作得很好时，我们有足够的判断力继续做下去。我想说，我们正在展示一种可能被称为生命基本算法的东西——重复有效的东西。”<i>-2010年伯克希尔哈撒韦年会</i></blockquote></p><p> “I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” —<i>2020 CalTech Distinguished Alumni Award interview</i></p><p><blockquote>“我花了一生的时间试图避免自己的精神偏见。a.）我对自己的错误嗤之以鼻。B.）我尽可能地保持简单和基本。而且，我喜欢安全边际的工程概念。我是一个非常阻塞和处理的思考者。我只是尽量避免犯傻。我有处理很多问题的方法——我把它们放在我看涨期权的“太难的一堆”里，然后把它们留在那里。我并不是想在我的‘太难堆’中取得成功。”-<i>2020加州理工学院杰出校友奖访谈</i></blockquote></p><p> <b>On life:</b></p><p><blockquote><b>关于生活：</b></blockquote></p><p> “I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.”<i>—1997 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为生活就是一系列的机会成本。你知道，你必须嫁给最好的人，他很容易找到谁会拥有你。投资也是一个类似的过程。”<i>——1997年伯克希尔哈撒韦公司年会</i></blockquote></p><p> \"Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.\"<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“当然，另一件事是生活中会有可怕的打击，可怕的打击，不公平的打击。没关系。有些人康复了，有些人没有。在这方面，我认为爱比克泰德的态度是最好的。他认为生活中的每一次不幸都是表现良好的机会。生活中的每一次不幸都是学习的机会，你的责任不是沉浸在自怜中，而是以建设性的方式利用可怕的打击。这是一个非常好的主意。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.”<i>—2019 CNBC interview</i></p><p><blockquote>“你没有太多的嫉妒，你没有太多的怨恨，你不会超支你的收入，尽管你有麻烦，你仍然保持快乐，你与可靠的人打交道，你做你应该做的事情。所有这些简单的规则都能让你的生活变得更好。”<i>-2019年CNBC采访</i></blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n21 brilliant quotes from legendary investor and polymath Charlie Munger<blockquote>传奇投资者和博学的查理·芒格的21句精彩名言</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-30 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May 1, with Warren Buffett reuniting with his long-time business partner Charlie Munger, who is based in California, after a year apart.</p><p><blockquote>伯克希尔哈撒韦公司（BRK-A、BRK-B）年度股东大会将于5月1日在洛杉矶举行，沃伦·巴菲特将与分居一年后的加州长期商业伙伴查理·芒格重聚。</blockquote></p><p> In a normal year, thousands of people make the pilgrimage to Omaha, Nebraska, to listen to Buffett, 90, and Munger, 97, answer questions for hours as they sip Coca-Colas and nibble on peanut brittle from See's Candies. Munger, Berkshire Hathaway’s vice chairman, is adored for his expansive knowledge and his maxims about business, investing, and life as well as his colorful language and humor. Famously, he would often say, after Buffett finished speaking, “I have nothing further to add.” Last year, due to the coronavirus pandemic, the Berkshire Hathaway annual meeting went virtual, with Buffett answering questions from afar in an empty CHI Health Center Arena without Munger.</p><p><blockquote>在正常的一年里，成千上万的人前往内布拉斯加州的奥马哈朝圣，听90岁的巴菲特和97岁的芒格回答问题几个小时，一边啜饮可口可乐，一边啃喜诗糖果的花生糖。伯克希尔·哈撒韦公司副董事长芒格因其广博的知识和关于商业、投资和生活的格言以及丰富多彩的语言和幽默而受到崇拜。众所周知，在巴菲特说完之后，他经常说：“我没有什么要补充的了。”去年，由于冠状病毒大流行，伯克希尔·哈撒韦公司的年会变成了虚拟会议，巴菲特在没有芒格的空荡荡的CHI健康中心竞技场远距离回答问题。</blockquote></p><p> While Buffett is the more public and recognizable face for Berkshire Hathaway, the iconic conglomerate as it stands today was built to Munger’s blueprint of moving beyond so-called “cigar-butt” investing to “buying wonderful businesses at fair prices,” according to a shareholder letter commemorating the company’s 50th anniversary. Though Buffett credits Munger for his success, he also emphasizes that his friend and business partner has made him a “better person.”</p><p><blockquote>虽然巴菲特是伯克希尔哈撒韦公司更公开、更容易辨认的面孔，但这家标志性企业集团今天的地位是按照芒格的蓝图建立的，即超越所谓的“雪茄屁股”投资，转向“以公平的价格收购出色的企业”。纪念公司成立50周年的股东信。尽管巴菲特将他的成功归功于芒格，但他也强调，他的朋友和商业伙伴让他成为了一个“更好的人”。</blockquote></p><p> And so to commemorate the reunion of these two investing legends and long-time partners and friends, we’ve compiled some of our favorite Munger quotes:</p><p><blockquote>因此，为了纪念这两位投资传奇人物以及长期合作伙伴和朋友的重聚，我们整理了一些我们最喜欢的芒格名言：</blockquote></p><p> <b>On learning</b></p><p><blockquote><b>论学习</b></blockquote></p><p> “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“在我的一生中，我从来没有认识过不一直读书的智者（在广泛的主题领域）——没有，零。你会惊讶于沃伦读了多少书——以及我读了多少书。我的孩子们嘲笑我。他们认为我是一本伸出两条腿的书。”<i>——可怜的查理年鉴</i></blockquote></p><p> \"Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well.\"<i>—2021 Daily Journal AGM</i></p><p><blockquote>“没有学习的方法，你就像一个踢屁股比赛的独腿人。只是不会很好地发挥作用。”<i>-2021年度日报股东周年大会</i></blockquote></p><p> “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help—particularly when you have a long run ahead of you.”<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“我经常看到一些人在生活中崛起，他们并不是最聪明的，有时甚至不是最勤奋的，但他们是学习机器。他们每天晚上睡觉时都比起床时聪明一点，这很有帮助——尤其是当你还有很长的路要走的时候。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “I think that a life properly lived is just learn, learn, learn all the time.”<i>—2017 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为正确的生活就是不断学习、学习、学习。”<i>—2017年伯克希尔哈撒韦年会</i></blockquote></p><p> “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“获得世俗的智慧，并相应地调整你的行为。如果你的新行为让你在同龄人中暂时不受欢迎，那就让他们见鬼去吧。”<i>——可怜的查理年鉴</i></blockquote></p><p> “Live within your income and save so that you can invest. Learn what you need to learn.”<b><i>—</i></b><i>Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</i></p><p><blockquote>“量入为出，存钱，这样你就可以投资。学习你需要学习的东西。”<b><i>—</i></b><i>太对了！：伯克希尔·哈撒韦亿万富翁查理·芒格的幕后花絮</i></blockquote></p><p> <b>On investing and business:</b></p><p><blockquote><b>关于投资和商业：</b></blockquote></p><p> “Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“理解复利的力量和获得复利的难度是理解很多事情的核心和灵魂。”<i>——可怜的查理年鉴</i></blockquote></p><p> “There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —<i>Worldly Wisdom by Charlie Munger 1995 - 1998</i></p><p><blockquote>“对于个人来说，进入一个可以进行一些伟大投资并坐在屁股上的职位有巨大的优势：你向经纪人支付的费用更少。你听到的废话也更少。如果成功的话，政府税收系统每年会给你额外的1、2或3个百分点的复利。”—<i>查理·芒格的《世俗智慧》1995-1998</i></blockquote></p><p> “I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”—2020 Daily Journal AGM</p><p><blockquote>“我有一个渔夫朋友，他说，‘我有一个钓鱼成功的简单规则。在有鱼的地方钓鱼。’你想在有便宜货的地方钓鱼。就这么简单。如果你所在的地方钓鱼真的很糟糕，你可能应该寻找另一个地方钓鱼。”—2020 Daily Journal年度股东大会</blockquote></p><p> “Mimicking the herd invites regression to the mean (merely average performance).”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“模仿群体会导致回归均值（仅仅是平均表现）。”<i>——可怜的查理年鉴</i></blockquote></p><p> “The world is full of foolish gamblers and they will not do as well as the patient investors.”<i>—2018 Weekly in Stocks interview</i></p><p><blockquote>“这个世界充满了愚蠢的赌徒，他们不会像耐心的投资者那样做得好。”<i>-2018年每周股票访谈</i></blockquote></p><p> “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”<i>—Poor Charlie's Almanack</i></p><p><blockquote>“拿着那么多钱无所事事需要性格。我不是靠追求平庸的机会才有今天的成就的。”<i>——可怜的查理年鉴</i></blockquote></p><p> “I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” —<i>2021 Daily Journal AGM</i></p><p><blockquote>“我发现找到四到五项投资要容易得多，而且我有相当合理的机会是正确的，它们远高于平均水平。我认为找到五项比找到100项容易得多。我认为那些主张所有这些多元化的人——顺便说一句，我将其看涨期权为‘去恶化’——这是我从某人那里复制的——我更愿意拥有两到三只我认为我了解一些并且我认为我有优势的股票。”—<i>2021年度日报年度股东大会</i></blockquote></p><p></p><p> \"Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.\"<i>—2003 Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department</i></p><p><blockquote>“通常我不会用正式的投影，我不让别人帮我做，因为我不喜欢在桌子上呕吐，但我一直看到他们是用非常愚蠢的方式做的，而且很多人相信他们，不管他们有多愚蠢。在美国，把一个愚蠢的投影放在桌子上是一种有效的销售技巧。”<i>2003年加州大学圣巴巴拉分校经济系Herb Kay本科生讲座</i></blockquote></p><p> \"I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'\" —\"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business,\" 1994 speech at USC Business School</p><p><blockquote>“我认为我们在投资管理方面陷入如此愚蠢的原因最好地说明了我讲的一个卖渔具的人的故事。我问他，‘天哪，它们是紫色和绿色的。鱼真的会接受这些鱼饵吗？’他说，‘先生，我不卖给鱼。’”-1994年在南加州大学商学院的演讲：“关于投资管理和商业的基本世俗智慧的一课”</blockquote></p><p> “Capitalism without failure is like religion without hell.” —<i>Tao of Charlie Munger</i></p><p><blockquote>“没有失败的资本主义就像没有地狱的宗教。”—<i>查理·芒格之道</i></blockquote></p><p> <b>On mental models and decision-making frameworks:</b></p><p><blockquote><b>论心智模型与决策框架：</b></blockquote></p><p> “We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.”<i>—2010 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“当某件事工作得很好时，我们有足够的判断力继续做下去。我想说，我们正在展示一种可能被称为生命基本算法的东西——重复有效的东西。”<i>-2010年伯克希尔哈撒韦年会</i></blockquote></p><p> “I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” —<i>2020 CalTech Distinguished Alumni Award interview</i></p><p><blockquote>“我花了一生的时间试图避免自己的精神偏见。a.）我对自己的错误嗤之以鼻。B.）我尽可能地保持简单和基本。而且，我喜欢安全边际的工程概念。我是一个非常阻塞和处理的思考者。我只是尽量避免犯傻。我有处理很多问题的方法——我把它们放在我看涨期权的“太难的一堆”里，然后把它们留在那里。我并不是想在我的‘太难堆’中取得成功。”-<i>2020加州理工学院杰出校友奖访谈</i></blockquote></p><p> <b>On life:</b></p><p><blockquote><b>关于生活：</b></blockquote></p><p> “I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.”<i>—1997 Berkshire Hathaway Annual Meeting</i></p><p><blockquote>“我认为生活就是一系列的机会成本。你知道，你必须嫁给最好的人，他很容易找到谁会拥有你。投资也是一个类似的过程。”<i>——1997年伯克希尔哈撒韦公司年会</i></blockquote></p><p> \"Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.\"<i>—2007 USC Law School Commencement Address</i></p><p><blockquote>“当然，另一件事是生活中会有可怕的打击，可怕的打击，不公平的打击。没关系。有些人康复了，有些人没有。在这方面，我认为爱比克泰德的态度是最好的。他认为生活中的每一次不幸都是表现良好的机会。生活中的每一次不幸都是学习的机会，你的责任不是沉浸在自怜中，而是以建设性的方式利用可怕的打击。这是一个非常好的主意。”<i>-2007年南加州大学法学院毕业典礼演讲</i></blockquote></p><p> “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.”<i>—2019 CNBC interview</i></p><p><blockquote>“你没有太多的嫉妒，你没有太多的怨恨，你不会超支你的收入，尽管你有麻烦，你仍然保持快乐，你与可靠的人打交道，你做你应该做的事情。所有这些简单的规则都能让你的生活变得更好。”<i>-2019年CNBC采访</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/21-brilliant-quotes-from-legendary-investor-and-polymath-charlie-munger-133315723.html\">Yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/21-brilliant-quotes-from-legendary-investor-and-polymath-charlie-munger-133315723.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114554743","content_text":"Berkshire Hathaway’s (BRK-A,BRK-B) annual shareholders meeting will take place in Los Angeles on May 1, with Warren Buffett reuniting with his long-time business partner Charlie Munger, who is based in California, after a year apart.\nIn a normal year, thousands of people make the pilgrimage to Omaha, Nebraska, to listen to Buffett, 90, and Munger, 97, answer questions for hours as they sip Coca-Colas and nibble on peanut brittle from See's Candies. Munger, Berkshire Hathaway’s vice chairman, is adored for his expansive knowledge and his maxims about business, investing, and life as well as his colorful language and humor. Famously, he would often say, after Buffett finished speaking, “I have nothing further to add.” Last year, due to the coronavirus pandemic, the Berkshire Hathaway annual meeting went virtual, with Buffett answering questions from afar in an empty CHI Health Center Arena without Munger.\nWhile Buffett is the more public and recognizable face for Berkshire Hathaway, the iconic conglomerate as it stands today was built to Munger’s blueprint of moving beyond so-called “cigar-butt” investing to “buying wonderful businesses at fair prices,” according to a shareholder letter commemorating the company’s 50th anniversary. Though Buffett credits Munger for his success, he also emphasizes that his friend and business partner has made him a “better person.”\nAnd so to commemorate the reunion of these two investing legends and long-time partners and friends, we’ve compiled some of our favorite Munger quotes:\nOn learning\n“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”—Poor Charlie's Almanack\n\"Without the method of learning, you're like a one-legged man in an ass-kicking contest. It's just not going to work very well.\"—2021 Daily Journal AGM\n“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help—particularly when you have a long run ahead of you.”—2007 USC Law School Commencement Address\n“I think that a life properly lived is just learn, learn, learn all the time.”—2017 Berkshire Hathaway Annual Meeting\n“Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.”—Poor Charlie's Almanack\n“Live within your income and save so that you can invest. Learn what you need to learn.”—Damn Right! : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger\nOn investing and business:\n“Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”—Poor Charlie's Almanack\n“There are huge advantages for an individual to get into a position where you make a few great investments and just sit on your ass: You are paying less to brokers. You are listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.” —Worldly Wisdom by Charlie Munger 1995 - 1998\n“I have a friend who’s a fisherman he says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. That simple. If the fishing is really lousy where you are you should probably look for another place to fish.”—2020 Daily Journal AGM\n“Mimicking the herd invites regression to the mean (merely average performance).”—Poor Charlie's Almanack\n“The world is full of foolish gamblers and they will not do as well as the patient investors.”—2018 Weekly in Stocks interview\n“It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”—Poor Charlie's Almanack\n“I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they're way above average. I think it's much easier to find five than it is to find 100. I think the people who argue for all this diversification — by the way, I call it ‘deworsification’ — which I copied from somebody — and I'm way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.” —2021 Daily Journal AGM\n\"Usually, I don’t use formal projections. I don’t let people do them for me because I don’t like throwing up on the desk, but I see them made in a very foolish way all the time, and many people believe in them, no matter how foolish they are. It’s an effective sales technique in America to put a foolish projection on a desk.\"—2003 Herb Kay Undergraduate Lecture University of California, Santa Barbara Economics Department\n\"I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.'\" —\"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business,\" 1994 speech at USC Business School\n“Capitalism without failure is like religion without hell.” —Tao of Charlie Munger\nOn mental models and decision-making frameworks:\n“We’ve had enough good sense when something is working very well to keep doing it. I’d say we’re demonstrating what might be called the fundamental algorithm of life — repeat what works.”—2010 Berkshire Hathaway Annual Meeting\n“I spent a lifetime trying to avoid my own mental biases. A.) I rub my own nose into my own mistakes. B.) I try and keep it simple and fundamental as much as I can. And, I like the engineering concept of a margin of safety. I’m a very blocking and tackling kind of thinker. I just try to avoid being stupid. I have a way of handling a lot of problems — I put them in what I call my ‘too hard pile,’ and just leave them there. I’m not trying to succeed in my ‘too hard pile.’” —2020 CalTech Distinguished Alumni Award interview\nOn life:\n“I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.”—1997 Berkshire Hathaway Annual Meeting\n\"Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.\"—2007 USC Law School Commencement Address\n“You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people and you do what you’re supposed to do. All these simple rules work so well to make your life better.”—2019 CNBC interview","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192746437,"gmtCreate":1621234148529,"gmtModify":1634193160926,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/192746437","repostId":"1199537372","repostType":4,"repost":{"id":"1199537372","kind":"news","pubTimestamp":1621220749,"share":"https://www.laohu8.com/m/news/1199537372?lang=zh_CN&edition=full","pubTime":"2021-05-17 11:05","market":"us","language":"en","title":"3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199537372","media":"fool","summary":"The stock market had some rough days this past week or so, due to an unexpectedly low jobs number an","content":"<p>The stock market had some rough days this past week or so, due to an unexpectedly low jobs number and an unexpectedly higher inflation report. A little volatility is nothing to worry about, but some experts suggest a larger, more sustainedcorrection could be looming, given the historically high valuations and other patterns following a major market drop like we had last year.</p><p><blockquote>由于就业人数意外减少和通胀报告意外上升，股市在过去一周左右经历了一些艰难的日子。一点波动没什么好担心的，但一些专家表示，考虑到历史高位的估值以及去年市场大幅下跌后的其他模式，更大、更持续的调整可能即将到来。</blockquote></p><p>But the crash of 2020, when the market lost 33% of its value in about a month, reinforced some valuable investing lessons. Here are three good reasons not to worry about another stock market crash.</p><p><blockquote>但2020年的崩盘，市场在大约一个月内损失了33%的价值，强化了一些宝贵的投资教训。这里有三个不用担心另一次股市崩盘的好理由。</blockquote></p><p>1. Patience will be rewarded</p><p><blockquote>1.耐心会有回报</blockquote></p><p>From Feb. 19, 2020, when the<b>S&P 500</b>closed at 3,386, to March 23, when it closed at 2,257, the market lost 33% of its value. That is a staggering drop and represented one of the steepest, fastest declines into a bear market in U.S. history. But it was also one of the shortestbear marketsever, as the market recovered its full value by Aug. 17, when it closed at 3,382. In less than six months, the losses had been erased -- and then some.</p><p><blockquote>自2020年2月19日起，<b>标普500</b>收于3386点，到3月23日收于2257点，市场价值损失了33%。这是一个惊人的跌幅，也是美国历史上熊市中最陡峭、最快的跌幅之一。但它也是最短的熊市之一，因为该市场在8月17日收于3,382点时恢复了全部价值。不到六个月的时间，损失就被抹去了——甚至更多。</blockquote></p><p>Just over a year later, as of May 13, 2021, the S&P 500 was at around 4,100. That's an 83% increase from the low on March 23, 2020. So, if you panicked and dumped stocks after that market meltdown, you would have not only locked in your losses, but also missed out on the gains that would have come with patience.</p><p><blockquote>仅仅一年多后，截至2021年5月13日，标普500在4100左右。这比2020年3月23日的低点增长了83%。因此，如果你在市场崩溃后恐慌并抛售股票，你不仅会锁定损失，还会错过耐心带来的收益。</blockquote></p><p>2. There are great buying opportunities</p><p><blockquote>2、买入机会大</blockquote></p><p>There's a famous saying by Warren Buffett that is oft repeated, and for good reason: Be fearful when others are greedy, and greedy when others are fearful. That's another way of saying: Look for opportunities to buy good companies when others are dumping stocks because that's when you will find the best deals. Take last March, for example --<b>Walt Disney</b>stock plummeted nearly 40% from Feb. 19 to March 23, when it hit a low of $85 per share.</p><p><blockquote>沃伦·巴菲特有一句名言经常被重复，而且理由很充分：当别人贪婪时要恐惧，当别人恐惧时要贪婪。这是另一种说法：当其他人抛售股票时，寻找购买好公司的机会，因为那时你会找到最好的交易。以去年三月为例--<b>迪斯尼</b>从2月19日到3月23日，该股暴跌近40%，跌至每股85美元的低点。</blockquote></p><p>Smart investors jumped onDisneystock when it was trading that low, because they knew the media and entertainment giant would bounce back in a big way. By November, it had gotten back to $140 per share, returning to where it was pre-crash. Disney stock is currently trading at around $171, which is double its bottom in March 2020.</p><p><blockquote>聪明的投资者在迪士尼股票交易如此之低时买入了迪士尼股票，因为他们知道这家媒体和娱乐巨头将大幅反弹。到11月，股价已回到每股140美元，回到了崩盘前的水平。迪士尼股票目前交易价格约为171美元，是2020年3月底部的两倍。</blockquote></p><p>Now, not all companies have come back as strong as Disney, so it is important to do your research. But when you see established market leaders like Disney drop, you should definitely view it as anopportunity, not a problem.</p><p><blockquote>现在，并不是所有的公司都像迪士尼一样强大，所以做好研究很重要。但当你看到像迪士尼这样的老牌市场领导者下跌时，你绝对应该将其视为机会，而不是问题。</blockquote></p><p>3. You're invested for the long term</p><p><blockquote>3.你的投资是长期的</blockquote></p><p>When bear markets growl, it can be scary. But just like you would if you confronted a real bear in the wild, you walk away slowly and don't do anything rash. There is no point in reacting to a blip or a bear-size growl, because you should be investing for the long term.</p><p><blockquote>当熊市咆哮时，可能会很可怕。但是就像你在野外遇到一只真正的熊一样，你慢慢走开，不要做任何鲁莽的事情。对昙花一现或熊熊般的咆哮做出反应是没有意义的，因为你应该进行长期投资。</blockquote></p><p>Over the years, there have been numerous bear markets, categorized as market drops of 20% or more, and many more market corrections, a drop of 10% or more. Yet the S&P 500, through all the dips and turns, has had an average annual return of 8% over the past 30 years. Over the last 10 years, the benchmark has returned about 11.8% on an annualized basis through May 13. Some stocks, like Disney, which has had an annualized return of about 17% over the past 10 years, have done a lot better than the benchmark.</p><p><blockquote>多年来，出现了无数次熊市，分为市场下跌20%或以上，以及更多的市场调整，下跌10%或以上。然而，标普500经历了所有的跌宕起伏，在过去30年里的平均年回报率为8%。过去10年，截至5月13日，该基准的年化回报率约为11.8%。一些股票，如迪士尼，过去10年的年化回报率约为17%，其表现远好于基准。</blockquote></p><p>Market corrections can be hard on the nerves, but if you remember these three points, they are a lot less worrisome.</p><p><blockquote>市场调整可能会让人心烦意乱，但如果你记住这三点，它们就不那么令人担忧了。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Reasons Not to Worry About a Stock Market Crash<blockquote>不用担心股市崩盘的3个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-05-17 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The stock market had some rough days this past week or so, due to an unexpectedly low jobs number and an unexpectedly higher inflation report. A little volatility is nothing to worry about, but some experts suggest a larger, more sustainedcorrection could be looming, given the historically high valuations and other patterns following a major market drop like we had last year.</p><p><blockquote>由于就业人数意外减少和通胀报告意外上升，股市在过去一周左右经历了一些艰难的日子。一点波动没什么好担心的，但一些专家表示，考虑到历史高位的估值以及去年市场大幅下跌后的其他模式，更大、更持续的调整可能即将到来。</blockquote></p><p>But the crash of 2020, when the market lost 33% of its value in about a month, reinforced some valuable investing lessons. Here are three good reasons not to worry about another stock market crash.</p><p><blockquote>但2020年的崩盘，市场在大约一个月内损失了33%的价值，强化了一些宝贵的投资教训。这里有三个不用担心另一次股市崩盘的好理由。</blockquote></p><p>1. Patience will be rewarded</p><p><blockquote>1.耐心会有回报</blockquote></p><p>From Feb. 19, 2020, when the<b>S&P 500</b>closed at 3,386, to March 23, when it closed at 2,257, the market lost 33% of its value. That is a staggering drop and represented one of the steepest, fastest declines into a bear market in U.S. history. But it was also one of the shortestbear marketsever, as the market recovered its full value by Aug. 17, when it closed at 3,382. In less than six months, the losses had been erased -- and then some.</p><p><blockquote>自2020年2月19日起，<b>标普500</b>收于3386点，到3月23日收于2257点，市场价值损失了33%。这是一个惊人的跌幅，也是美国历史上熊市中最陡峭、最快的跌幅之一。但它也是最短的熊市之一，因为该市场在8月17日收于3,382点时恢复了全部价值。不到六个月的时间，损失就被抹去了——甚至更多。</blockquote></p><p>Just over a year later, as of May 13, 2021, the S&P 500 was at around 4,100. That's an 83% increase from the low on March 23, 2020. So, if you panicked and dumped stocks after that market meltdown, you would have not only locked in your losses, but also missed out on the gains that would have come with patience.</p><p><blockquote>仅仅一年多后，截至2021年5月13日，标普500在4100左右。这比2020年3月23日的低点增长了83%。因此，如果你在市场崩溃后恐慌并抛售股票，你不仅会锁定损失，还会错过耐心带来的收益。</blockquote></p><p>2. There are great buying opportunities</p><p><blockquote>2、买入机会大</blockquote></p><p>There's a famous saying by Warren Buffett that is oft repeated, and for good reason: Be fearful when others are greedy, and greedy when others are fearful. That's another way of saying: Look for opportunities to buy good companies when others are dumping stocks because that's when you will find the best deals. Take last March, for example --<b>Walt Disney</b>stock plummeted nearly 40% from Feb. 19 to March 23, when it hit a low of $85 per share.</p><p><blockquote>沃伦·巴菲特有一句名言经常被重复，而且理由很充分：当别人贪婪时要恐惧，当别人恐惧时要贪婪。这是另一种说法：当其他人抛售股票时，寻找购买好公司的机会，因为那时你会找到最好的交易。以去年三月为例--<b>迪斯尼</b>从2月19日到3月23日，该股暴跌近40%，跌至每股85美元的低点。</blockquote></p><p>Smart investors jumped onDisneystock when it was trading that low, because they knew the media and entertainment giant would bounce back in a big way. By November, it had gotten back to $140 per share, returning to where it was pre-crash. Disney stock is currently trading at around $171, which is double its bottom in March 2020.</p><p><blockquote>聪明的投资者在迪士尼股票交易如此之低时买入了迪士尼股票，因为他们知道这家媒体和娱乐巨头将大幅反弹。到11月，股价已回到每股140美元，回到了崩盘前的水平。迪士尼股票目前交易价格约为171美元，是2020年3月底部的两倍。</blockquote></p><p>Now, not all companies have come back as strong as Disney, so it is important to do your research. But when you see established market leaders like Disney drop, you should definitely view it as anopportunity, not a problem.</p><p><blockquote>现在，并不是所有的公司都像迪士尼一样强大，所以做好研究很重要。但当你看到像迪士尼这样的老牌市场领导者下跌时，你绝对应该将其视为机会，而不是问题。</blockquote></p><p>3. You're invested for the long term</p><p><blockquote>3.你的投资是长期的</blockquote></p><p>When bear markets growl, it can be scary. But just like you would if you confronted a real bear in the wild, you walk away slowly and don't do anything rash. There is no point in reacting to a blip or a bear-size growl, because you should be investing for the long term.</p><p><blockquote>当熊市咆哮时，可能会很可怕。但是就像你在野外遇到一只真正的熊一样，你慢慢走开，不要做任何鲁莽的事情。对昙花一现或熊熊般的咆哮做出反应是没有意义的，因为你应该进行长期投资。</blockquote></p><p>Over the years, there have been numerous bear markets, categorized as market drops of 20% or more, and many more market corrections, a drop of 10% or more. Yet the S&P 500, through all the dips and turns, has had an average annual return of 8% over the past 30 years. Over the last 10 years, the benchmark has returned about 11.8% on an annualized basis through May 13. Some stocks, like Disney, which has had an annualized return of about 17% over the past 10 years, have done a lot better than the benchmark.</p><p><blockquote>多年来，出现了无数次熊市，分为市场下跌20%或以上，以及更多的市场调整，下跌10%或以上。然而，标普500经历了所有的跌宕起伏，在过去30年里的平均年回报率为8%。过去10年，截至5月13日，该基准的年化回报率约为11.8%。一些股票，如迪士尼，过去10年的年化回报率约为17%，其表现远好于基准。</blockquote></p><p>Market corrections can be hard on the nerves, but if you remember these three points, they are a lot less worrisome.</p><p><blockquote>市场调整可能会让人心烦意乱，但如果你记住这三点，它们就不那么令人担忧了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/16/3-reasons-not-to-worry-about-a-stock-market-crash/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/05/16/3-reasons-not-to-worry-about-a-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199537372","content_text":"The stock market had some rough days this past week or so, due to an unexpectedly low jobs number and an unexpectedly higher inflation report. A little volatility is nothing to worry about, but some experts suggest a larger, more sustainedcorrection could be looming, given the historically high valuations and other patterns following a major market drop like we had last year.But the crash of 2020, when the market lost 33% of its value in about a month, reinforced some valuable investing lessons. Here are three good reasons not to worry about another stock market crash.1. Patience will be rewardedFrom Feb. 19, 2020, when theS&P 500closed at 3,386, to March 23, when it closed at 2,257, the market lost 33% of its value. That is a staggering drop and represented one of the steepest, fastest declines into a bear market in U.S. history. But it was also one of the shortestbear marketsever, as the market recovered its full value by Aug. 17, when it closed at 3,382. In less than six months, the losses had been erased -- and then some.Just over a year later, as of May 13, 2021, the S&P 500 was at around 4,100. That's an 83% increase from the low on March 23, 2020. So, if you panicked and dumped stocks after that market meltdown, you would have not only locked in your losses, but also missed out on the gains that would have come with patience.2. There are great buying opportunitiesThere's a famous saying by Warren Buffett that is oft repeated, and for good reason: Be fearful when others are greedy, and greedy when others are fearful. That's another way of saying: Look for opportunities to buy good companies when others are dumping stocks because that's when you will find the best deals. Take last March, for example --Walt Disneystock plummeted nearly 40% from Feb. 19 to March 23, when it hit a low of $85 per share.Smart investors jumped onDisneystock when it was trading that low, because they knew the media and entertainment giant would bounce back in a big way. By November, it had gotten back to $140 per share, returning to where it was pre-crash. Disney stock is currently trading at around $171, which is double its bottom in March 2020.Now, not all companies have come back as strong as Disney, so it is important to do your research. But when you see established market leaders like Disney drop, you should definitely view it as anopportunity, not a problem.3. You're invested for the long termWhen bear markets growl, it can be scary. But just like you would if you confronted a real bear in the wild, you walk away slowly and don't do anything rash. There is no point in reacting to a blip or a bear-size growl, because you should be investing for the long term.Over the years, there have been numerous bear markets, categorized as market drops of 20% or more, and many more market corrections, a drop of 10% or more. Yet the S&P 500, through all the dips and turns, has had an average annual return of 8% over the past 30 years. Over the last 10 years, the benchmark has returned about 11.8% on an annualized basis through May 13. Some stocks, like Disney, which has had an annualized return of about 17% over the past 10 years, have done a lot better than the benchmark.Market corrections can be hard on the nerves, but if you remember these three points, they are a lot less worrisome.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860603734,"gmtCreate":1632160615228,"gmtModify":1632802425342,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"hehe nice","listText":"hehe nice","text":"hehe nice","images":[{"img":"https://static.tigerbbs.com/17b8eb36ecfaf08c30935c3c3353b955","width":"1125","height":"2130"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860603734","isVote":1,"tweetType":1,"viewCount":1377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":860603406,"gmtCreate":1632160549205,"gmtModify":1632802425465,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"👌I am new","listText":"👌I am new","text":"👌I am new","images":[{"img":"https://static.tigerbbs.com/4c41725b57de1be1465721bb54f00aa2","width":"1125","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860603406","isVote":1,"tweetType":1,"viewCount":2481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":101617365,"gmtCreate":1619906045657,"gmtModify":1634209273015,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/101617365","repostId":"2131555528","repostType":4,"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103585731,"gmtCreate":1619793592323,"gmtModify":1634209875342,"author":{"id":"3582887233283721","authorId":"3582887233283721","name":"Carolyn93","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582887233283721","idStr":"3582887233283721"},"themes":[],"htmlText":"Nice trade","listText":"Nice trade","text":"Nice trade","images":[{"img":"https://static.tigerbbs.com/17af71e7e94294a2f9f532b11b60be26","width":"1125","height":"1918"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103585731","isVote":1,"tweetType":1,"viewCount":1465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}
