Price is what you pay. Value is what you get.

価格と価値の違いについて

Be fearful when others are greedy and greedy when others are fearful.

みんなが恐れているときに貪欲になり、貪欲なときに恐れを抱け。

恐怖と貪欲

It takes 20 years to build a reputation and five minuted to ruin it. If you think about that, you'll do things differently.

名声を築くのには20年掛かり、失うのには5分しか掛からない。

Risk comes from not knowing what you're doing.

リスクはあなたが何をやっているかを理解していないときに発生する。

You only have to do a very few things right in your life so long as you don't do too many things wrong.

少しのことを正しくやれば十分である。多くの間違ったことをしない限りは。

Never ask a barber if you need a haircut.

散髪が必要かどうかを床屋に聞いてはいけない。

利害関係者に助言を求めてはいけない。バイアスのかかった答えが返ってくる。

Chains of habit are too light to be felt until they are too heavy to be broken.

習慣の鎖は軽すぎて感じることができない。それが壊せないほど重くなるまでは。

It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

素晴らしい企業を適正価格で買う方が、普通の企業を安く買うより良い。

英語ではfairとwonderfulが入れ替わる構造だが、その構造を保ったまま日本語にするのが難しい

良い企業を普通の値段で買う方が、普通の企業を良い値段で買うよりも良い。

Time is the friend of the wonderful company, the enemy of the mediocre.

時は優良企業にとっては味方だが、普通の企業にとっては敵である。

If a business does well, the stock eventually follows.

Our favorite holding period is forever.

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.

I think you are out of your mind if you keep taking jobs that you don't like because you think it will look good on your resume. Isn't that a little like saving up sex for your old age?

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.

The stock market is a no-called-strike game. You don't have to swing at everything — you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, "Swing, you bum!"

A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.

I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.

遅かれ早かれバカが社長になるので、バカでもできるビジネスの株を買う

Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.

Success in investing doesn't correlate with I.Q. once you're above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.

普通の知性があるなら、必要なのは衝動を抑える能力だ

The dumbest reason in the world to buy a stock is because it's going up.