9.投機是一種危險行為
We feel that through constant communication company philosophy to attract and maintain quality shareholder base， in order to achieve the purpose of self—screening. For example， an advertised concert of opera， concert with another rock and roll—call， will attract a different audience to appreciate. The same through publicity and communication， we hope to attract to agree with our business philosophy and expectations of the shareholders （as important to convince those who do not agree with moving away from us）， we hope to those who tend to long—term investment in the company as their own shareholders join our cause treated in the same way， we attach importance to the company"s operating results rather than short—term price fluctuations.
People sooner or later will not buy the stock based on the value of the same reasons to sell stocks， they added only unreasonable fluctuations in the company"s share price to deviate from the value side. Therefore， we try to avoid a move that would bring short—term speculators， and adopt policies that will attract long—term value investors. Ironic that the stock market is too great importance volatility the broker called liquidity realizable， praised the high turnover rate company. Investors must have knowledge， that is， everything Makers favorable certain detrimental overheating stock market is no different with casino gamblers.
——摘自1984年巴菲特寫給全體股東的年報
譯文
我們認為，可以通過不斷地溝通公司經營理念以吸引並保持高質量的股東基礎，以達到自我篩選的目的。例如，一場標榜為廣告歌劇的音樂會，和其他一場標榜為搖滾樂的演唱會，它們各自都會吸引不同的觀眾群來欣賞。相同地，通過不斷地對外宣傳和溝通交流，我們非常希望能夠吸引到認同我們公司經營理念與期望的股東（重要的是要說服那些遠離我們的人）同意。對此，我們非常期望那些傾向於長期投資，並且將公司當成是自身事業一樣看待的股東加入到我們的隊伍中，我們重視公司的經營業績，而不是短期的價格波動。
人們如果不是基於價值而買進股票早晚也會基於相同原因將手中的股票出手，這些人的加入在很大程度上會致使公司的股價偏離價值麵而出現不合理的價格波動。因此，我們會避免那些可能招來短期投機客的舉動，采取各種措施，目的就是吸引長線價值型投資者。股票投資市場上具有諷刺一點的是過於重視價格的變動性，在很多時候，經紀商被稱為流動性與變現性，對那些高周轉率的公司大加讚揚。但投資人一定要有清醒的認知，那就是對莊家有利的事情必然對普通投資者不利，而投資過熱的股市和賭場從本質上講沒有什麼兩樣。
投資解讀