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大量的金钱在赶时髦中损失掉，又有大量的金钱在非常乏味的投资中赚回来。

喜欢买别人不要的股票。虽然独来独往、无人伴行会有些孤独，但是只有这时才可能得到最有价值的东西。他就是要买这些已经被挤掉大部分风险的股票。

一旦你认为自己找到了开启市场的钥匙，总会有人来更换把门的锁。成功的投资需要想象力、独立思考、忍耐力和一点叛逆精神，而非机械地跟从法则。

不要管别人怎么说，也不论有多少人反对，反正只要是自己喜欢的，就去追寻，这样就会成功。

当我21岁开始接触投资市场时，我就知道这是我这辈子最有兴趣的领域。因为喜欢，所以有热情；因为充满热情，所以我花很多时间在做研究，研究竞争对手、研究市场信息、研究所有可能影响投资结果的因素。　　找到热情所在，就找得到机会

But to actually identify the best growth stocks, you have to take a step beyond looking for the companies with the highest projected growth rates. After all, if the market starts to lose faith in the company's prospects, the fall can be horrendous. So, we can establish that the best growth stocks offer both huge upside potential and a margin of safety. As such, they should satisfy three conditions.

1. A good growth rate

2. Sustainability

Big institutions have the resources, but we have the potential for extraordinary returns.

One of the keys to becoming a successful investor is to think like a business owner, rather than simply the owner of shares. When you begin to think like an owner, you no longer focus on the short-term fluctuations of share prices, but instead on the factors that will make the business grow and prosper. And believe me, if you pick successful businesses and buy them at cheap prices, you'll make a fortune over the long term. Thinking like an ownerSo, if you were a business owner, what sort of business would you like to own? Well, you'd obviously want to own a business that throws off a lot of cash, since the whole point of a business is to make money. What's more, you'd want the cash it generates to grow over time. In addition, you'd want the business to have characteristics that enable it to keep making money for a long time. You would want minimal competition, because competitors will try to steal your customers, and potentially drive down your margins by competing on price. Ideally, the company would be a natural monopoly, where customers have no choice but to buy from you. This would allow you to increase prices -- and increase your profits -- without losing business. If you own a company that generates lots of cash, has consistent growth, and is a natural monopoly, you have a profit machine.

Investments you don't make are every bit as important as those that you do. Often you may find a stock that meets all your criteria, except where there is one small detail that makes you uncomfortable. With 11,000 stocks from which to choose, it's usually best to pass. Small cracks have a way of turning into big problems.

Over time, the investments that you don't make are every bit as important as those that you do. The longer that I manage money, the more I realize that success comes from cultivating the self-control to say no to all but the best investment ideas, knowing that with patience and diligence eventually a better pitch will float your way. 

In looking for the basics of a great stock idea, I often find attractive stocks with just one little, nagging concern that I find I just can't live with. In the past, I occasionally shrugged off such "little" negatives as insignificant, especially if I really liked the story. I have learned my lesson. More often than you think, that one little thing will turn into a big, ugly thing. If there was one thing investors learned in 2002, it should have been to pay attention to the little cracks in the foundation. You never know when one of them will swallow you up. With the benefit of experience, I have learned to not be so forgiving.

时机并不重要

身边就是信息来源。 ¨ 不偏执于某个行业或概念 ¨ 增长股，再生股，特性股，周期股的结合

¨ 重要的是选股。真正重要的是选股。 

My best investments usually involve an opinion about a company that the rest of the world doesn't share or adamantly disbelieves or doesn't focus on.

focus on inventory control and return on capital.

And that wasn't psychologically congenial to me either, because I have no discipline. I just sort of wander around the overall in search of things.

I had read a bunch of stuff on investing ever since I had gotten interested: Supermoney, about Ben Graham and Warren Buffett; Graham's Intelligent Investor; Security Analysis; David Dreman's Psychology in the Stock Market. Combine those books and those approaches, and what you have is basically a contrarian, value-based methodology, which, psychologically, was very compatible with the way I tended to think about things. I tend to think stocks are more attractive at lower prices rather than higher prices.

What is the return on marginal capital for InterActive's group of businesses

China is a huge secular story. By that I mean the long-term direction of the market is clear, even though in the short term there may be setbacks. It's cyclically extended, it looks like. And just as you pointed out, there's so much written about it that, I think, this has probably led to some overextension of investment into areas that probably don't warrant it. The Chinese economy is about the same size as the Italian economy. People don't get too worried about what Italy's doing. Of course, China's got a faster growth rate. And the combination of China, India, Russia, Brazil, Eastern Europe, Southeast Asian economies, that total complex of economies, together, is gonna be the source of most of the world's growth.

are there companies that are in China now — investing in China, or have huge growth prospects in China — that the market isn't paying any attention to?

buying low-expectation stocks, buying higher-dividend-yielding stocks, staying away from things with high expense ratios, and most important, the key thing would be — as Warren Buffett says — you need to be fearful when others are greedy, and greedy when others are fearful. So when the market's been down for a while, and it looks bad, then you should be more aggressive, and when it's been up for a while, then you should be less aggressive. And I think also, most importantly, people need to think long term. People tend to react and not anticipate. And what they react to is what they wish they'd done a year ago, or two years ago.

And the last thing I'll say is that the whole growth/value distinction has become rigidified. Most value people tend to own stocks that are cyclically underpriced. Most growth people own stocks that are secularly underpriced: #2things that can grow for long periods of time. > Our portfolios historically tended to be, though I wouldn't say they are now, better diversified along both cyclical and secular lines. And our portfolio tries to look at underpricing or mispricing along both of those dimensions so that we're not caught in one or the other.

things that can grow for long periods of time.

had read a bunch of stuff on investing ever since I had gotten interested: Supermoney, about Ben Graham and Warren Buffett; Graham's Intelligent Investor; Security Analysis; David Dreman's Psychology in the Stock Market. Combine those books and those approaches, and what you have is basically a contrarian, value-based methodology, which, psychologically, was very compatible with the way I tended to think about things. I tend to think stocks are more attractive at lower prices rather than higher prices.

And that wasn't psychologically congenial to me either, because I have no discipline. I just sort of wander around the overall in search of things.

The key thing would be — as Warren Buffett says — you need to be fearful when others are greedy, and greedy when others are fearful. So when the market's been down for a while, and it looks bad, then you should be more aggressive, and when it's been up for a while, then you should be less aggressive."

"Well, if you do what other people do, you get the results that other people get.So by diversifying your sources of information, you get insights, analogies and metaphors, and you see connections that other people might not see."