I think Graham& #39;s advice is timeless. It& #39;s interesting that The Intelligent Investor, a book that was first published in 1949, is still at #200-400 on Amazon& #39;s bestseller list 66 years later, while other people& #39;s books from the same time period are perhaps 100,000 or 200,000 later.

我认为格雷厄姆的建议是永不过时的。有趣的是，《聪明的投资者》这本书，首次出版于1949年，而在66年后的今天，这本书依然在亚马逊畅销书排行榜的200-400名，而同时期其他人的书或许已经在10万或者20万之后了。

Value investing doesn& #39;t change over time, this is simple but powerful, I have yet to hear a better philosophy than value investing. The same principles don& #39;t change, as Munger says, if you don& #39;t believe in value investing, then what do you believe in? If you& #39;re not looking for value, then what are you looking for?

价值投资不会因时间而改变，这个道理很简单，但很强大，我还没听过比价值投资更好的理念。同样的原则不会变，就像芒格说的，如果你不相信价值投资，那你还相信什么呢？如果你不寻求价值，那你在寻找什么呢？

You won& #39;t find anything new about investing in the next 50-100 years, investing is buying a business, you have to know how to value that business, you need to know how the market works, if you don& #39;t understand the business, don& #39;t buy it. Value investing is all about the judgment of value. Graham articulated this so well, so simply, so powerfully. I learned this from Graham when I was about 19 or 20 years old, and realized the true meaning of investing, and it has served me well to this day.

在未来50-100年，你不会发现任何关于投资的新东西，投资就是购买一个生意，你必须要懂得如何给这个生意估值，你需要知道市场是怎么运作的，如果你不懂这个生意，就不要去买。价值投资，就是对价值的判断。格雷厄姆很好地阐述了这点，如此简单，如此强大，我在19、20岁左右，从格雷厄姆那里学到了这点，领悟了投资的真谛，并受用至今。

以上内容节选自巴菲特对价值投资的看法

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