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Warren Buffett's 23 Most Brilliant Insights About Investing

  1. Buying a stock is about more than just the price. 
  2. You don't have to be a genius to invest well.
  3. But, master the basics. 
  4. Don't buy a stock just because everyone hates it. 
  5. Bad things aren't obvious when times are good.
  6. Always be liquid.
  7. The best time to buy a company is when it's in trouble. 
  8. Stocks have always come out of crises. 
  9. Don't be fooled by that Cinderella feeling you get from great returns.
  10. Think long-term. 
  11. Forever is a good holding period. 
  12. Buy businesses that can be run by idiots. 
  13. Be greedy when others are fearful.
  14. You don't have to move at every opportunity.
  15. Ignore politics and macroeconomics when picking stocks.
  16. The more you trade, the more you underperform. 
  17. Price and value are not the same. 
  18. There are no bonus points for complicated investments. 
  19. A good businessperson makes a good investor.
  20. Higher taxes aren't a dealbreaker.
  21. Companies that don't change can be great investments.
  22. Time will tell.
  23. This is the most important thing. "Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1"

  • 要正確預測未來股價、營收成長是很難的,所以股價長跌勢不可預測的,這就是統計學家或經濟學家所提出的隨機漫步(random walk)
  • 投資的原則越簡單越好
  • 股價不代表其真實價值,運用本益比來協助判斷
  • 不要購買股價高過其價值的股票
  • How to Value a Business, and How to Think About Market Prices是兩個最基本且重要的課題
  • 長期持有的報酬率,遠大於一直殺進殺出的投資人
  • 找個笨蛋都能會經營的產業
  • 汰弱留強,好的股票繼續持有,不好的股票就賣掉
  • 長期來說,股市報酬率會是正數
  • 危機入市
  • 不要跟著群眾一窩蜂,在人們恐懼時貪婪,在人們貪婪時恐懼

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