巴菲特被最广泛传颂的那句:“别人恐惧我贪婪,别人贪婪我恐惧”,实际上是多年来传播者演化出的缩略版。他的原句表达更克制,含义也要丰富得多。最早的来源是1986年的伯克希尔哈撒韦致股东的信。
英文原文:
What we do know, however, is that occasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community.
The timing of these epidemics will be unpredictable. And the market aberrations produced by them will be equally unpredictable, both as to duration and degree.
Therefore, we never try to anticipate the arrival or departure of either disease.
Our goal is more modest: we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
中文翻译:
我们知道的是,在投资市场中,永远存在的现象:会偶然爆发两种非常疯狂的传染病:恐惧和贪婪。
传染病的爆发时机无法预测,它们所造成的市场失灵也同样无法预测——不论是存续时长,还是程度,都如此。
因此,我们从不试图参与这两种传染病的爆发,或消退。
我们的目标更加保守(modest)一些:即当别人贪婪的时候,我们尽量恐惧一些;并且只有在别人恐惧的时候,贪婪一些。
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