"I needed no unusual knowledge or intelligence to conclude that the investment had no downside and potentially had substantial upside."
2，獲得令人滿意的投資回報並不需要你成為一名專家。但如果你不是的話，你必須認清自己的局限並遵循一套可行的方法。
"You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well."
3，保持簡單，不要孤注一擲、以卵擊石。
"Keep things simple and don't swing for the fences."
4，當有人向你保證能獲得短期暴利時，立即說“不”。
"When promised quick profits, respond with a quick 'no.'"
5，如果你不能大致估算出某一資產未來的收益，那就忘了它吧，繼續前行。沒有人有能力評估出每一處資產的可能性。
"If you don't feel comfortable making a rough estimate of the asset's future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility."
6，比賽場上的贏家是那些將注意力集中在賽場上的選手，而不是緊盯著計分板的人。
"Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard."
7，形成宏觀觀點或者聽別人對宏觀經濟或者市場的預測都是浪費時間。
"Forming macro opinions or listening to the macro or market predictions of others is a waste of time."
8，對股票投資者來說，其所持倉位的估值會劇烈波動應該是一個巨大的優勢，對一些投資者來說，確實是這樣的。
"It should be an enormous advantage for investors in stocks to have those wildly fluctuating valuations placed on their holdings -- and for some investors, it is."
9，股票投資者常常受到市場其他參與者的影響，他們的反復無常以及不理性行為也會導致自己失去理性。
"Owners of stocks...too often let the capricious and irrational behavior of their fellow owners cause them to behave irrationally as well."
10，（我和芒格）一起工作的54年裡，我們從來沒有因為宏觀經濟或者政治環境，或者其他人的看法而放棄一項有吸引力的收購。實際上，當我們做決定時，我們從來沒考慮過這些因素。
"In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions."
11，我知道我們的能力邊界在哪裡，也就從不逾界。
"We recognize the perimeter of our 'circle of competence' and stay well inside of it."
12，非專業人士的目標不應該是挑選到最牛的股票，而是應該投資跨行業的投資組合，這些股票合起來就能夠獲得高收益。低成本的標普500指數基金就能夠達到這個目標。
"The goal of the nonprofessional should not be to pick winners...but should rather be to own a cross section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal."
13，在市場處於高位的時候，投資者可以長期持有股票，永遠不要在市場出現負面消息以及股價遠低於高點的時候賣出。
"The antidote to (buying when the market is high) is for an investor to accumulate shares over a long period and never sell when the news is bad and stocks are well off their highs."
14，相較于那些精明老道卻看不見自己一點點缺點的專業人士，經驗不足但清楚知道自己的不足之處的投資者有可能獲得更好的長期回報。
"The unsophisticated investor who is realistic about his shortcomings is likely to obtain better long-term results than the knowledgeable professional who is blind to even a single weakness."
15，（那些建議和交易）導致的摩擦成本可能很高，總體而言，這對投資者全無好處。
"The resulting frictional costs (from advice and trading) can be huge and, for investors in the aggregate, devoid of benefit."
16，所以別理這些嘰嘰喳喳的廢話，保持成本最小化，就像投資農場一場投資你的股票。
"So ignore the chatter, keep your costs minimal, and invest in stocks as you would a farm."
17，在讀《聰明的投資者》之前，我嘗試著自己畫圖，用一些市場指標來預測股票的走勢…我聽股評家的點評。這些都很有趣，但我依然覺得我沒有任何收穫。
"Before reading (The Intelligent Investor)...I tried my hand at charting and using market indicia to predict stock moments...I listened to commentators. All of this was fun, but I couldn't shake the feeling that I wasn't getting anywhere."
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