The first rule of an investment is: Don’t lose. And the second rule of investment is: Don’t forget the first rule. I mean, if you buy things for far below what they’re worth, and you buy a group of them, you basically don’t lose money.

投資的第一原則是不要賠錢，第二原則是不要忘了第一原則。如果你買入標(biāo)的的價格，遠(yuǎn)低于他們的實際價值，然后一口氣買很多，你基本上不會賠錢。

If I were on Wall Street, I’d probably be a lot poorer. You get overstimulated on Wall Street. And you hear lots of things. And you may shorten your focus and a short focus is not conducive to long profits.

如果我在華爾街，我可能不會像現(xiàn)在這么成功。在華爾街，你會被過度刺激。每天都會聽到很多消息，這會讓你的注意力變成短期的，而短期的注意力對長期收益來說并非好事。

And in Omaha I can just focus on what businesses are worth. And I don’t need to be in Washington to figure out what the Washington Post newspaper is worth. And I don’t need to be in New York to figure out what some other company is worth. It’s simple… It’s an intellectual process and the less static there is in an intellectual process, the better off you are.

在奧馬哈，我只需要關(guān)心每家公司真正的價值是多少。我不需要到華盛頓，就可以知道華盛頓郵報值多少錢。我也不需要去紐約了解其它公司的價值。一切都變得簡單。評估公司價值是一個深思熟慮的過程，周圍的環(huán)境越靜態(tài)，對這個過程的幫助就越大。

What is the intellectual process? It’s defining your level defining your area of competence and valuing businesses and then within that area of competence. Finding whatever sells it at the cheapest price in relation to value and there are all kinds of things I& #39;m not competent to value. However there are a few that I am comforted to value.

什么是深思熟慮的過程？它指的是，明確你在某些商業(yè)領(lǐng)域評估某家公司價值的能力，然后在能力范圍內(nèi)，找出相對于其價值來說，目前股票價格最低的公司。對于很多領(lǐng)域的公司，我都沒有能力去評估其價值，但我也有自己擅長的領(lǐng)域。

We get mail in Omaha and we get periodicals and we get all the facts needed to make decisions. And, unlike Wall Street, you’ll notice we don’t have fifty people coming up and whispering in our ear that we should be doing this or that this afternoon. I like the lack of stimulation. We get facts, not stimulation here.

我們在奧馬哈也可以收到郵件和期刊，可以收到幫助我們做出正確決定所需要的一切信息。不像在華爾街，街上隨隨便便就有50個人會在耳邊告訴你應(yīng)該這個或者那個。我不喜歡刺激，我們需要的是信息和事實，不是刺激。