We really want to do is buy businesses that we would be happy to own forever. We can& #39;t find a lot of those now. And back when I started, I had way more ideas than money so I was just constantly having to sell what was the least attractive stock in order to buy something I just discovered that looked even cheaper. 

我们特别想买入我们愿意永远持有的公司。我们现在找不到很多这样的公司。我刚开始做投资的时候，找到的投资机会特别多，钱很少。在发现了更便宜的股票之后，为了买下来，总是要从手里的股票中挑一个最不看好的卖出去。

But that is not our problem really now. So we hope we are buying businesses that we are just as happy holding five years from now as now. And if we ever found a huge acquisition, then maybe we would have to sell something. Maybe to make that acquisition but that would be a very pleasant problem to have.

现在不一样了。我们希望自己买入的公司，现在看好，五年后一样看好。如果找到了大规模的收购机会，为了筹措资金，我们可能进行一些卖出交易，有这样的问题是好事。

We never buy something with a price target in mind. We never buy something at 30 saying if it goes to 40 we& #39;ll sell it or 50 or 60 or 100. We just don& #39;t do it that way. Anymore than when we buy a private business like See& #39;s Candy for $25 million. We don& #39;t ever say if we ever get an offer of $50 million for this business we will sell it. That is not the way to look at a business.

不管买哪家公司，我们买的时候都不设定价格目标。例如，我们是30买的，从没想过涨到40、50、60 或100就卖了，从来没这样过。当年的喜诗糖果是一家私人公司，我们花2500 万买下来了，买了之后就没想卖。我们没盘算说，要是有人出5000万，我们就把喜诗糖果卖出去。这不是考量生意的正确方式。

The way to look at a business is this going to keep producing more and more money over time? And if the answer to that is yes, you don’t need to ask any more questions.

看一家公司正确的思维方式是，长期来看，这家公司是否能越来越赚钱？如果答案是能，别的问题都用不着问了。

以上内容节选自巴菲特1998年在佛罗里达大学的演讲

由数字人巴菲特播报

本视频由七华软件用人工智能技术生成