When I was 11, I picked stocks, I had the whole wrong idea. I was interested in watching stocks, I thought stocks were things that went up and down, and I chartered them. I read books on technical analysis, I read everything. The first 8 years, I thought the important thing was to predict what a stock would do, and predict the stock market.

我11歲開始做股票，我完全錯(cuò)了。我對(duì)觀察股票很感興趣，認(rèn)為它是有漲有跌的東西，我會(huì)將它們繪制成圖表。我讀技術(shù)分析方面的書，也閱讀很多文章。在最開始的8年，我認(rèn)為最重要的事情，就是預(yù)測(cè)一只股票的走勢(shì)，并預(yù)測(cè)股票市場(chǎng)。

When I was 19 or 20, I read the book, The Intelligent investor, I realized that I was doing it exactly the wrong way. When l read the book, I rejiggered my mind. From that point, I never bought  another stock, I bought businesses that happened to be publicly traded, I became an owner of the business.

在我19、20歲的時(shí)候，我讀到了（格雷厄姆的）《聰明投資者》，我意識(shí)到自己之前完全用錯(cuò)了方法。當(dāng)我讀這本書的時(shí)候，我的思想也開始活躍。從那以后，我再也沒有買過股票，只不過我買的公司碰巧都有公開交易，我成為了一家公司的老板。

And I did not care whether a stock went up or down the next day, or the next week, or the next month, or the next year. And I didn& #39;t have any idea what it would do, I didn& #39;t know what the stock market would do, but I knew business.

我并不在乎一只股票在第二天或者下周、下個(gè)月、明年是上漲還是下跌，我對(duì)此毫無看法，也不知道未來股票市場(chǎng)會(huì)變成怎樣，但我懂商業(yè)，這就夠了。

I& #39;m a bright guy, and I& #39;ve spent a lifetime doing it,and I& #39;ve surrounded myself with people that bring out the best in me. And you don& #39;t need to be a genius in what I do, that& #39;s the good thing about it.I am in a game that you probably need 120 points of IQ, but 170 doesn& #39;t do any better than 120, it may do worse. You don& #39;t really need brains, you need the right orientation.

我是一個(gè)聰明的人，我在這件事上花了一輩子的時(shí)間，我周圍的人激發(fā)出了我最好的一面。在投資這件事上，你不需要成為天才，這是它的好處。我在玩一個(gè)你可能需要智商達(dá)到120的游戲，但智商170的人并不一定能做得更好，甚至可能做得更遭。你未必需要聰明的大腦，你需要的是正確的方向。