When I was 11， I picked stocks，当我11岁的时候，我选了股票，我完全错了。I was interested in watching stocks，我对观察股票很感兴趣。And I thought stocks were things，that went up and down，and，我认为股票是有涨有跌的东西，我将它们绘制成图表。
I chartered them，我读技术分析方面的书。I read books on technical analysis，我读了爱德华兹和米奇。我想那是当时的经典。
·I read 时常 露面 and hundreds of pages 成百上千页，我一遍又一遍地读那篇文章。And I read everything，我什么都读。And I thought，我想。
·The first 8 years，I thought the important thing，前八年我认为最重要的事情。
·Was to predict what a stock would do，是预测一只股票的走势。And predict the stock market，并预测股票市场。
·然后在我19、20岁的时候读了本·格雷厄姆的书。And then i read ben rou4 for the stostos 20，我意识到我完全用错了方法。
·I was doing it exactly the wrong way，But didn't hurt that I had that background and everything，我有那样的背景和切，这也没什么坏处。
·当我读这本书的时候，我的思想也开始活跃起来。
·When I read the book，聪明的投资者。And from that point，I never bought another stock，从那以后，我再也没有买过股票，我买的公司碰巧是。
·That happened to be publicly 荣宝，公开交易。But I became an owner of the business，但我成了一家公司的老板。
And I did not care whether a stock，我并不在乎是否有一只股票60287，第二天或下个星期会涨或跌，或者下个月，或者明年，我完全不知道它会有什么用，我不知道股票市场会怎样，但我懂商业。
I'm a bright guy，我是一个聪明的人，谁对他的工作特别感兴趣。我花了一辈子做这件事，我周围都是人，激发出我最好的一面，在我做的事情上你不需要成为天才，这是它的好处。如果我研究物理，还有很多其他学科，我也会跑，但我在玩一个你可能需要的游戏，You probably need 120 points of IQ，you know，120分的智商，但是并不比120好多少。
It may do worse - probably do worse，结果可能更糟可能更糟，但是，You don't really need brains，你真的不需要大脑，你需要什么？你需要正确的方向。
You know，90% of the people pull that figure out the air，but 90% of the people，你认识90%的人，我在凭空想象一个数字，但是90%的人，That buy stocks don't think of them the right way，买股票的人对股票的看法不正确。
They think about something that they hope goes up next week，他们想的是他们希望下周上涨。
And think about the market as something they hope goes up and if it's down they feel worse i feel better and you think about i think about what the company's going to be worth 10 or 20 years from now 我会考虑公司的价值。
And I hope it goes down when I buy it because I'll buy more 我希望我买的时候它会下跌。
I try to keep my competitive spirit in a game where I can win is 我尽量保持我的我获胜的精神和游戏。
I do know this when i want to do something i always want to do it but i put my whole net worth and said he Service spacired：我把我的家放在工作和城市服务的首选，一百一十四美元七十五美分。
I've never since that day 从1942年3月11日那天起，我就再也没有。
You know March 1th，1942。I have never had less than 80% of my money 我的钱从来没有少过80%。
In American business 在美国商界，You can call them stocks all right 你可以称它们为股票或股票。
But I see them as American business 但我认为他是美国企业。
I've owned a piece of American business 我拥有美国企业至少80%的股份。
At least 80% at all times，I've just-在任何时候，我只是我不想拥有其他任何东西。
I don't want to own anything else I want to own a home and you know things my family wants and all that 我想拥有自己的房子。
你知道我家人想要什么什么的？But owning 5 homes doesn't mean anything to me，because I'm...拥有五套房子对我来说毫无意义，因为I'm going to be happy with one home，And there's a certain amount of things that go wrong with everything and I got two homes，I know I've got more happiness with everything and I don't have more happiness.
如果我有两个家，我知道我有更多的问题，而我却没有更多的快乐，是什么带给你幸福？-What brings you the happiness？-What makes me happiest is 让我最快乐的是我正在做的事情。-What brings you the happiness？- What makes me happiest is 我所做的有两点是我喜欢的。I enjoy two things about it one is what i enjoy two things about it.我知道随着时间的推移我会赢的。I know I'll win over time that doesn't mean I'll beat everybody else or anything like that，but I'll look the NS else. or anything like that，I'm in the game that's very very easy if you have the right else. 非常非常简单，如果你有权利的话，Lessons in your mind about what you're buying 在你的脑海中留下关于你要买什么的教训。
I'm not buying stocks，I'm like this is a buying stocks，I'm buying 7500 of 我买的不是股票。这是一个压倒性的美国企业，最高点病人病人 a concern business，And i'm happy when i'm doing it. 而且我做的时候很开心。i'm happier when stocks are going down，because i can buy more of them.with the same amount of money，我可以用同样的钱买更多的。
I'd be happy if i was a farmer。如果我是一个农民，我会很高兴的。
I'd want farmland to go down，我希望耕地减少，这样我就能买更多。这是有道理的。我告诉你我真正喜欢的第二件事，我喜欢被人信任，我宁愿和搭档一起做我该做的事。With partners，Than do it sitting in a room myself，总比自己坐在房间里做要好。尽管那样我可能会赚更多的钱。