I think Graham& #39;s advice is timeless. It& #39;s interesting that The Intelligent Investor, a book that was first published in 1949, is still at #200-400 on Amazon& #39;s bestseller list 66 years later, while other people& #39;s books from the same time period are perhaps 100,000 or 200,000 later.

我認(rèn)為格雷厄姆的建議是永不過(guò)時(shí)的。有趣的是，《聰明的投資者》這本書(shū)，首次出版于1949年，而在66年后的今天，這本書(shū)依然在亞馬遜暢銷書(shū)排行榜的200-400名，而同時(shí)期其他人的書(shū)或許已經(jīng)在10萬(wàn)或者20萬(wàn)之后了。

Value investing doesn& #39;t change over time, this is simple but powerful, I have yet to hear a better philosophy than value investing. The same principles don& #39;t change, as Munger says, if you don& #39;t believe in value investing, then what do you believe in? If you& #39;re not looking for value, then what are you looking for?

價(jià)值投資不會(huì)因時(shí)間而改變，這個(gè)道理很簡(jiǎn)單，但很強(qiáng)大，我還沒(méi)聽(tīng)過(guò)比價(jià)值投資更好的理念。同樣的原則不會(huì)變，就像芒格說(shuō)的，如果你不相信價(jià)值投資，那你還相信什么呢？如果你不尋求價(jià)值，那你在尋找什么呢？

You won& #39;t find anything new about investing in the next 50-100 years, investing is buying a business, you have to know how to value that business, you need to know how the market works, if you don& #39;t understand the business, don& #39;t buy it. Value investing is all about the judgment of value. Graham articulated this so well, so simply, so powerfully. I learned this from Graham when I was about 19 or 20 years old, and realized the true meaning of investing, and it has served me well to this day.

在未來(lái)50-100年，你不會(huì)發(fā)現(xiàn)任何關(guān)于投資的新東西，投資就是購(gòu)買一個(gè)生意，你必須要懂得如何給這個(gè)生意估值，你需要知道市場(chǎng)是怎么運(yùn)作的，如果你不懂這個(gè)生意，就不要去買。價(jià)值投資，就是對(duì)價(jià)值的判斷。格雷厄姆很好地闡述了這點(diǎn)，如此簡(jiǎn)單，如此強(qiáng)大，我在19、20歲左右，從格雷厄姆那里學(xué)到了這點(diǎn)，領(lǐng)悟了投資的真諦，并受用至今。

以上內(nèi)容節(jié)選自巴菲特對(duì)價(jià)值投資的看法

由數(shù)字人巴菲特播報(bào)

本視頻由七華軟件用人工智能技術(shù)生成