一年一度的伯克希尔哈撒韦股东大会（也称巴菲特股东大会）于美国中部时间5月2日-5月4日在巴菲特的故乡奥马哈召开。共有4万多人前往一睹股神的风采。下面我们就一起来学习下巴菲特的17条投资箴言。

"I needed no unusual knowledge or intelligence to concludethat the investment had no downside and potentially had substantialupside."

1.我不需要多高深的学识和才智也能知道，这笔投资不会走下坡路，而且它有潜力越做越好。

"You don't need to be an expert in order to achievesatisfactory investment returns. But if you aren't, you mustrecognize your limitations and follow a course certain to workreasonably well."

2，获得令人满意的投资回报并不需要你成为一名专家。但如果你不是的话，你必须认清自己的局限并遵循一套可行的方法。

"Keep things simple and don't swing for the fences."

3，保持简单，不要孤注一掷、以卵击石。

"When promised quick profits, respond with a quick 'no.'"

4，当有人向你保证能获得短期暴利时，立即说“不”。

"If you don't feel comfortable making a rough estimate of theasset's future earnings, just forget it and move on. No one has theability to evaluate every investment possibility."

5，如果你不能大致估算出某一资产未来的收益，那就忘了它吧，继续前行。没有人有能力评估出每一处资产的可能性。

"Games are won by players who focus on the playing field --not by those whose eyes are glued to the scoreboard."

6，比赛场上的赢家是那些将注意力集中在赛场上的选手，而不是紧盯着计分板的人。

"Forming macro opinions or listening to the macro or marketpredictions of others is a waste of time."

7，形成宏观观点或者听别人对宏观经济或者市场的预测都是浪费时间。

"It should be an enormous advantage for investors in stocks tohave those wildly fluctuating valuations placed on their holdings-- and for some investors, it is."

8，对股票投资者来说，其所持仓位的估值会剧烈波动应该是一个巨大的优势，对一些投资者来说，确实是这样的。

"Owners of stocks...too often let the capricious andirrational behavior of their fellow owners cause them to behaveirrationally as well."

9，股票投资者常常受到市场其他参与者的影响，他们的反复无常以及不理性行为也会导致自己失去理性。

"In the 54 years (Charlie Munger and I) have worked together,we have never forgone an attractive purchase because of the macroor political environment, or the views of other people. In fact,these subjects never come up when we make decisions."

10，(我和芒格)一起工作的54年里，我们从来没有因为宏观经济或者政治环境，或者其他人的看法而放弃一项有吸引力的收购。实际上，当我们做决定时，我们从来没考虑过这些因素。

"We recognize the perimeter of our 'circle of competence' andstay well inside of it."

11，我知道我们的能力边界在哪里，也就从不逾界。

"The goal of the nonprofessional should not be to pickwinners...but should rather be to own a cross section of businessesthat in aggregate are bound to do well. A low-cost S&P 500index fund will achieve this goal."

12，非专业人士的目标不应该是挑选到最牛的股票，而是应该投资跨行业的投资组合，这些股票合起来就能够获得高收益。低成本的标普500指数基金就能够达到这个目标。

"The antidote to (buying when the market is high) is for aninvestor to accumulate shares over a long period and never sellwhen the news is bad and stocks are well off their highs."

13，在市场处于高位的时候，投资者可以长期持有股票，永远不要在市场出现负面消息以及股价远低于高点的时候卖出。

"The unsophisticated investor who is realistic about hisshortcomings is likely to obtain better long-term results than theknowledgeable professional who is blind to even a singleweakness."

14，相较于那些精明老道却看不见自己一点点缺点的专业人士，经验不足但清楚知道自己的不足之处的投资者有可能获得更好的长期回报。

"The resulting frictional costs (from advice and trading) canbe huge and, for investors in the aggregate, devoid ofbenefit."

15，(那些建议和交易)导致的摩擦成本可能很高，总体而言，这对投资者全无好处。

"So ignore the chatter, keep your costs minimal, and invest instocks as you would a farm."

16，所以别理这些叽叽喳喳的废话，保持成本最小化，就像投资农场一场投资你的股票。

"Before reading (The Intelligent Investor)...I tried my handat charting and using market indicia to predict stock moments...Ilistened to commentators. All of this was fun, but I couldn't shakethe feeling that I wasn't getting anywhere."

17，在读《聪明的投资者》之前，我尝试着自己画图，用一些市场指标来预测股票的走势…我听股评家的点评。这些都很有趣，但我依然觉得我没有任何收获。