華倫‧巴菲特語錄

「投資的基本觀念就是，要把股票看作是一家公司，善用市場波動，並設定『安全邊際』。100年之後，這些觀念都還會是


投資的基石。」——華倫‧巴菲特

“The basic ideas of investing are to look at stocks as a business, use a market’s fluctuations to your advantage, and seek a Margin of

Safety. A hundred years from now, these will still be the cornerstones of investing.”

--Warren Buffett





「任何人只要說投資的資金規模不會減損績效，就是在推銷。我所創下的最高投報率，是在1950年代，我徹底擊敗了道瓊

指數，你應該去看看那些數據的，不過我那時投資的錢都是小數目。手上沒有太多錢，是一個很大的結構性優勢。如果用

100萬美元投資，我想我可以讓你賺到一年50%的報酬。別懷疑，我知道我行的，我可以保證。我認識一些人，可以運用

500萬美元，一年賺到50%的報酬，但是10億美元就沒辦法了。那些厲害的人有個問題，就是他們吸收過多的資金，因此抵

銷了自己的優勢。」——華倫‧巴菲特

“Anyone who says that size does not hurt investment performance is selling. The highest rates of return I’ve ever achieved were in

the 1950s. I killed the Dow. You ought to see the numbers. But I was investing peanuts then. It’s a huge structural advantage not to

have a lot of money. I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that. I know guys who can

make 50% a year with $5 million, but not with $1 billion. The problem with guys that do well is they attract so much money that it

neutralizes their advantage.” --Warren Buffett