1.“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” THE TAO OF WARREN BUFFETT 2006

规则一：永远不要亏钱。规则二：永远不要忘记规则一。

2.“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” 1989AR

用还行的价格买入一家很棒的公司，远好过用很棒的价格买入一家还行的公司。

3.“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”1996AR

只买那些如果股市关闭10年你也乐意持有的股票。

4.“Over the 35 years, American business has delivered terrific results. It should therefore have been easy for investors to earn juicy returns: All they had to do was piggyback Corporate America in a diversified, low-expense way. An index fund that they never touched would have done the job. Instead many investors have had experiences ranging from mediocre to disastrous.

There have been three primary causes: first, high costs, usually because investors traded excessively or spent far too much on investment management; second, portfolio decisions based on tips and fads rather than on thoughtful, quantified evaluation of businesses; and third, a start-and-stop approach to the market marked by untimely entries (after an advance has been long underway) and exits (after periods of stagnation or decline). Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and to be greedy only when others are fearful.” 2004AR

过去35年，美国企业给出了很优秀的成绩单。因此，投资人只要以分散且低成本的方式构建投资组合——比如买入指数基金——就可以获得丰厚的回报。然而实际情况却并非如此，许多投资人的回报要么很平庸，要么惨不忍睹。

究其原因，我认为主要有三：第一、成本太高，比如投资人的交易过于频繁，或者是花太多的钱在投资管理费上；第二、投资决策往往是基于小道消息或喜欢追逐市场热点而非经过认真思考和数量化的生意评估；第三，潜尝辄止的方法加上在错误的时点进出（如在股价上涨多时的高点介入，在股价长期盘整或下跌中以低价卖出等）。投资人必须谨记，过度的兴奋与过高的成本是其大敌。此外，如果大家一定要坚持选择进出的时机，就应当学会在别人贪婪时让自己害怕，在别人害怕时让自己贪婪。

5.“Why not invest your assets in the companies you really like? As Mae West said, “Too much of a good thing can be wonderful”.”1993AR

为什么不把你的资产投在你真正喜欢的公司？如梅韦斯特所说，好东西多多益善。