20世紀(jì)80年代

????1983年8月22日：《來自巴菲特董事長的信》

????“市場就像上帝一樣，會幫助那些自助者。但與上帝不同，市場不會饒恕那些不知道自己在做什么的人。”

????1983年12月26日：《你能跑贏股市嗎？》

????巴菲特說，在投資中，“你需要等待最佳時機(jī)。”

????1986年1月20日：《傷腦筋的并購費(fèi)》

????“巴菲特非常聰明，”并購大師布魯斯?沃瑟斯坦回憶說。“得小心別被他盯上。”

????1986年9月29日：《一切都該留給子孫嗎？》

????“會有人說，挑選奧運(yùn)冠軍隊員的最佳方式就是選那些20年前奪得冠軍的子女們嗎？如果社會競爭這樣進(jìn)行，（那就）太瘋狂了。”

????1987年12月7日：《對于指數(shù)期貨的早期恐懼》

????“我們不需要更多的人來參與美國股市早已認(rèn)定可有可無的工具，券商也不該鼓勵人們參與此類投資…我們需要明智地配置投資資本，不是杠桿化的市場押注。”

????1988年4月11日：《巴菲特內(nèi)幕》

????“當(dāng)一位聲名卓著的經(jīng)理接管一家基本面數(shù)據(jù)糟糕的公司時，安然無恙的是公司的名聲，這一點(diǎn)很少有例外。”

????1989年10月30日：《誰將成為新的巴菲特？》

????“你不需要一名火箭科學(xué)家。投資不是智商160打敗智商130的游戲……當(dāng)別人都出于短期的貪婪或恐懼而做出決定時，理性至關(guān)重要。這就是賺錢的時候。”

1980s

????Aug. 22, 1983: Letters from chairman Buffett

????"The market, like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do."

????Dec. 26, 1983: Can you beat the stock market?

????In investing, says Buffett, "you wait for the 3 and 0 pitch."

????Jan. 20, 1986: Merger fees that bend the mind

????"Buffett is so smart," remembers Bruce Wasserstein, "that you had to be careful to avoid being picked."

????Sept. 29, 1986: Should you leave it all to the children?

????"Would anyone say the best way to pick a championship Olympic team is to select the sons and daughters of those who won 20 years ago? [That would be] a crazy way for a society to compete."

????Dec. 7, 1987: Early fears about index futures

????"We do not need more people gambling in nonessential instruments identified with the stock market in this country, nor brokers who encourage them to do so … We need the intelligent commitment of investment capital, not leveraged market wagers."

????April 11, 1988: The inside story of Warren Buffett

????"With few exceptions, when a manager with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact."

????Oct. 30, 1989: Are these the new Warren Buffetts?

????"You don't need a rocket scientist. Investing is not a game where the 160 IQ guy beats the guy with the 130 IQ … Rationality is essential when others are making decisions based on short-term greed or fear. That is when the money is made."