——选自一本尚未在国内出版的小书《巴菲特之Tao》(2006.12.26出版)
嘎子翻译
You can't make a good deal with a bad person.
和一个道德品质败坏的人，无法完成一桩好交易。 所以要避开和不信任的人做伙伴。如果你不信任一家公司就不应该投资这家公司。
It's easier to stay out of trouble than it is to get out of trouble.
与其杀死毒龙，不如避开毒龙。 为什么翻成毒龙？直译是：避开麻烦比解决麻烦要容易。老巴还说过另一个很有趣的句子：如果你
在坑里就别再往下挖了。
The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.
市场就象上帝，只帮助那些努力的人；但与上帝不同，市场不会宽恕那些不清楚自己在干什么的人。
My idea of a group decision is to look in the mirror.
在我决策之前，我会掂量一下自己的分量（给自己准确的定位，在自己的能力圈内作判断）。
The reaction of weak management to weak operations is often weak accounting.
对于企业而言，糟糕的运作加上混乱的管理，结果常常是一笔糊涂帐。
You can always juice sales by going down-market, but it's hard to go back upmarket.
当市场下跌时，你轻易的将好东西打折变卖，但是一旦市场向上，再想买回来，难之又难。
You have to think for yourself. It always amazes me how high-IQ people mindlessly imitate. I never get good ideas talking to other people.
你必须独立思考。我常常惊讶于：一些智商极高的人在市场上无意识的跟随大众，和这些人聊天对于我毫无益处。
In looking for someone to hire, you look for three qualities: integrity, intelligence, and energy. But the most important is integrity because if they don't have that, the other two qualities, intelligence and energy, are going to kill you.
在你雇佣人之前，你需要确认他的三项素质：正直诚实，聪明能干，精力充沛。但是最重要的是正直诚实，因为如果他不正直诚实而又具备了聪明能干和精力充沛，你的好日子也就到头了。 就是做对的事情和把事情做对的概念。
Never ask a barber if you need a haircut.
千万不要问理发师是否需要理发。
A public-opinion poll is no substitute for thought.
一个公开的民意测验无法代替思考。 每天股市都是在做民意测验。
If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well.
如果你在小事上无原则，那么大事上一样没有原则。 勿以恶小而为之。
The fact that people are full of greed, fear, or folly is predictable. The sequence is not predictable.
人性的弱点总是充满贪婪、恐惧或者是愚蠢，这是完全可以预测的，但是我们无法预测这种人性弱点的发生顺序。
We also believe candor benefits us as managers. The CEO who misleads others in public may eventually mislead himself in private.
我相信，坦诚的公司的管理层会使投资人受益。那些在公开场所误导别人的CEO最终会在私下里误导自己。
What we learn from history is that people don't learn from history.
我在历史中学到的唯一东西就是：大众从未从历史中汲取教训。 所以投资总是有机会的。
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