小贴士001：沃伦·巴菲特投资基础（投资播客）

这是投资者播客的第一集。

This is episode one of the investors podcast.

来自马里兰州贝莱尔的直播。

Broadcasting from Bel Air, Maryland.

这是投资者播客。

This is the investors podcast.

他们会把复杂的事情变得极其简单。

They'll take complex things and make them seem insanely simple.

他们会让你枯燥的通勤变得激动人心。

They make your boring drive to work feel exhilarating.

他们会给你可操作的投资策略。

They give you actionable investing strategies.

你的主持人是普雷斯顿·派施和

Your host, Preston Pysch and

斯蒂格，好的。

Stig Alright.

大家最近怎么样？

How's everybody doing?

我是普雷斯顿·派施，你们的投资者播客主持人。

This is Preston Pysch, and I'm your host for the investors podcast.

我旁边是我的联合主持人，斯蒂格·布罗德森。

I'm accompanied by my cohost, Stig Brodersen.

大家好。

Hello, everyone.

普雷斯顿和我都非常高兴你们选择今天和我们在一起。

Preston and I are just so pleased that you chose to spend the day with us.

好了，各位。

Alright, guys.

那我们就开始第一期节目吧，本期我们有两个环节。

So let's go ahead and kick off this first show, and we have two segments for the first show.

第一个环节，我们会简单介绍一下我们是谁，以及做这个播客的目标。

Segment one, we're gonna give you a brief introduction of who we are and our goals for the podcast.

然后，在进入第二部分时，我们将讨论是什么让沃伦·巴菲特成为今天这位伟大的投资者。

And then when we move into the second segment, we're gonna be talking about what it is that's made Warren Buffett the great investor that he is, today.

对于在座的各位，沃伦·巴菲特是一位非常著名的股票投资者，积累了大约660亿美元的财富。

And for anyone out there, Warren Buffett is a very famous stock investor who's amassed about $66,000,000,000.

所以，我们首先将要讨论的就是他。

So that's who we're gonna be talking about first.

那么，斯蒂格，我们就开始介绍自己和节目的目标吧。

So, Stig, let's go ahead and, start off the intro and the goals here.

来，介绍一下你自己。

So go ahead and introduce yourself.

好的，各位。

Okay, guys.

谢谢你的介绍，普雷斯顿。

So thanks for the introduction, Preston.

我叫斯蒂格·布罗德森。

My name is Stig Brodersen.

我毕业于霍华德大学，主修估值。

I have a background in valuation from Howard University.

我曾经在交易大厅做过商品交易员。

I had also been a commodities trader at the trading floor, actually.

目前，我是一名大学教授。

Right now, I'm a college professor.

我教授会计学。

I'm teaching accounting.

我教授经济学，但最重要的是股票投资。

I'm teaching economics, but most importantly, stock investing.

好的。

Alright.

斯蒂格。

Stig.

完美。

Perfect.

所以，我的自我介绍，我叫普雷斯顿·皮施。

So, my introduction, my name is Preston Pisch.

我毕业于西点军校，获得航空航天工程学位。

I graduated from West Point with a degree in aerospace engineering.

后来，我对投资产生了浓厚兴趣，特别是沃伦·巴菲特所采用的投资方法。

Later on, I really took up a lot of interest in investing and particularly investing, with the approach that Warren Buffett uses.

多年来，我研读了本杰明·格雷厄姆的所有著作，他是沃伦·巴菲特的导师，巴菲特将自己在股市的成功归功于他。

Through the years, I've studied every book that, Benjamin Graham, who is one of Warren Buffett's professors that he attributes to, all of his success in the stock market.

我研读了本杰明·格雷厄姆和斯蒂格所写的所有这些书籍。

I've studied all those books that Benjamin Graham has written and so has Stig.

我们两人共同创办了一个名为 buffetsbooks.com 的网站。

And between the two of us, we, started a website online called buffetsbooks.com.

这个网站的目的是将这些复杂的书籍简化，让普通人更容易理解。

And the aim of the site was to take all these complex books and make them simple and easy for people to understand.

于是，我们创建了这个网站。

And so we created this website.

我们写了几本书。

We've written a couple books.

因此，我们现在推出一个播客，让你在开车上班或任何不需要坐在电脑前学习的时候，通过另一种媒介来获取这些信息。

And so now we're standing up a podcast to, give you a different medium to learn this information as you're driving to work or any other time that you don't have to sit down at a computer and learn.

除了教我们的听众如何像沃伦·巴菲特一样投资外，我们还将进行许多访谈，并讨论亿万富翁们的著作。

So in addition to teaching our listeners how to invest like Warren Buffett, we're also going to conduct many interviews and have discussions about books by billionaires.

所以，Stig 和我想把这些集数称为‘亿万富翁读书会’系列。

So, Stig and I would like to refer to these episodes as the billionaires book club episodes.

大约每两周，Stig 和我都会选择一位非常有趣的亿万富翁企业家或极其成功的投资者，讨论那些让他们取得巨大财务成就的书籍、核心观点和整体理念。

About every other week, Stig and I will choose a very interesting billionaire entrepreneur or a highly successful investor and have a discussion about the books and high points and overall philosophy that has made that particular person such a financial success.

总之，我们的目标是教你如何像沃伦·巴菲特一样思考和投资。

So in summary, our goal is to teach you how to think and invest exactly like Warren Buffett.

除此之外，我们还想探索其他亿万富翁的思维模式和理念，突出他们最有价值的建议和成功秘诀。

And in addition to that, we want to explore the thought patterns and ideas of other billionaires and highlight their most valued guidance and secrets to their success.

这就是我们在这里想要实现的目标。

So that's what we're trying to accomplish here.

好的。

Alright.

那么，我们继续进入第二部分。

So let's go ahead and move into the, second segment.

在第二部分中，我们将向你讲解基础知识。

So in the second segment, what we're gonna do is we're gonna talk to you about the basics.

我们会从最基础开始教你，为你打下坚实的基础，让你学会如何像沃伦·巴菲特那样投资。

We're gonna teach you from the ground level up, give you a really good foundation on how it is that you can invest exactly like Warren Buffett.

明白吗？

Okay?

我们为你列出的第一条投资建议是：你要把那些市值数十亿美元的大公司，当作你所在小镇上的一家小企业来对待。

So the first point that we've got order for you to invest just like this billionaire is that you have to treat these big multi billion dollar companies the same way that you would treat a small business just in like your local town.

这是第一个关键点。

So that's the first leap.

这是你需要理解的第一件事。

That's the first thing that you've got to understand.

如果你不以这种方式看待它，你就很难像他以及其他使用这种价值投资方法的亿万富翁那样投资，而这种方法是巴菲特的教授本杰明·格雷厄姆传授给他们的。

And if you don't treat it in that respect, you're gonna have a hard time investing like him and some other, you know, billionaires that use this value based approach that Buffett's professor Benjamin Graham had taught them.

所以在继续之前，我们先更详细地谈谈这一点。

So before we go any further, let's go ahead and talk about that in a little bit more detail.

让我们试着弄清楚你所在小镇上一家小企业的价值是多少，然后我们再逐步扩展到更大的企业，最终探讨如何评估股票。

Let's go ahead and say that, let's try to figure out what the value of a small business in your local town would be, and then we'll kinda step it from there into a larger scale business, and then ultimately how you would value stock.

明白吗？

Okay?

当你观察你所在小镇上的一家小企业时，如果你打算去购买一家小企业，你第一个会问的问题是什么？

So when you look at a small business in in your local town, if you were gonna go and you were gonna buy a small business, what would be one of the first questions that you would ask?

比如说，你打算在美国的一个小镇上购买一家企业。

So stick like, let's say that I you know, you're trying to buy a business in a local town here in The US.

如果你打算购买这家企业，你第一个会问老板的问题是什么？

What would be one of the first questions that you would ask the owner of that of that business if you were trying to buy it?

好的，各位。

Okay, guys.

我得坦白告诉你，我主要关心的是利润。

I I really need to level with you here because I am mainly interested in profit.

我想我和这里的其他人一样。

I guess I'm like everybody else here.

如果我需要买东西，如果需要收购一家公司，我第一个问题总是会问：这家公司能赚多少钱？

If I need to buy something, if I need to buy a business, I would always ask as a first question, how much profit is is the company making?

好的。

Okay.

所以这显然是一个很好的问题。

So that's a that's obviously a a great question.

对吧？

You know?

所以你会审视这家企业，看看它的经营状况，就像Stig说的，作为投资者，如果你准备拥有这家企业——我们就说它是主街上的一家咖啡店——你首先想了解的事情之一就是，如果它根本不盈利，你是不会去买的。

So you you would look at the business, you would see what it's doing, and like Stig said, one of the first things you wanna know as an investor, if you're getting ready to own this business, let's just call it a coffee shop on Main Street, you're not going to go and buy this coffee shop if it's not even profitable.

明白吗？

Okay?

我现在就可以告诉你，这听起来可能是个非常基础的问题，似乎不值一提，哦，这很明显。

And I can tell you right now that might sound like a really basic question and something that doesn't seem like it'd be, oh, well, that's that's obvious.

但这并不明显，因为当你进入股市、观察企业时，你会发现有30%甚至更高的企业根本无利可图。

But it's not obvious because when you go onto the stock market and you look at businesses, you know, you might find that 30% or even higher are not even profitable.

明白吗？

Okay?

我认为很多人根本不知道，他们真的不理解这一点。

And I think a lot of people have no idea and they they really don't understand that.

所以斯蒂格提出了一个问题：这家小企业能赚多少钱？

So Stig asked the question, how much money is this small business making?

这家咖啡店能赚多少钱？

How much is this is this coffee shop making?

明白。

Okay.

所以让我随便编个数字来回应他。

And so let me just come up with a generic figure to go back to him.

我的咖啡店在支付所有员工工资后，每年能赚1万美元。

Well, my coffee shop is making $10,000 a year after all of my employees are paid.

这笔钱就躺在我的现金账户和银行账户里。

That's the money that's sitting in my cash account, in my bank account.

那里有1万美元的利润躺着呢。

There's $10,000 of profit sitting there.

那么，Stig，当你听到这个回答时，你会怎么处理呢？

So then, Stig, how would you, you know, how would you handle that when you think about that response?

嗯，是的。

Well, yeah.

首先，我需要确认这每年确实是1万美元。

So first of all, I would need to make sure that it's 10,000 every year.

当然，在生活中，没有什么是确定的。

And of course, here in life, there are no certainties.

但我们是否预期这家咖啡店能长期稳定经营？

But do we expect the coffee shop to be something that we can hold for the long run?

普雷斯顿，我们期望每年都有1万美元吗？

Preston, do we expect 10,000 every year?

是的。

Yeah.

我认为，就我们这里讨论的基本情景而言，是的。

And I think that for, the basic scenario that we're talking here, yes.

让我们假设每年都是这样，比如去年是9500美元。

Let's let's make that assumption that every year, let's say, like, last year, it was 9,500.

今年是10500美元。

This year, it was 10,500.

你基本上每年都在1万美元这个水平上下波动。

And you're kind of you're right in between that 10,000 mark every year.

就这个小镇而言，你是唯一的咖啡店，你根本看不到竞争对手出现的可能性，这样能让这个情景保持简单易懂。

As far as, like, in the town, you're the only coffee shop, you don't really see the potential for competitors, just to kinda keep this scenario really basic and understandable.

好的。

Okay.

所以，如果我每年通过经营这家咖啡店能赚1万美元，我可能会说值10万美元。

So if I could make $10,000 every year by owning this coffee shop, I would probably say something like a 100,000.

我想我会乘以10。

I guess I would multiply it by 10.

这是一个非常好的经验法则。

That's a really good rule of thumb.

好的。

Okay.

所以斯蒂格在这里做的是，在投资中，你通常会听到一个叫市盈率的概念，我们不会深入探讨太多术语，因为后续剧集会详细讲解。

So what Stig did here is, in investing, you'll typically hear things called a PE ratio, and we're not gonna get too in-depth into some of the terminology because we'll do that in following episodes.

但市盈率就是价格与收益的比率，也就是价格除以收益。

But, what the PE ratio is is the price compared to the earnings, the price divided by the earnings.

当我们谈论利润和投资时，这可能是你最需要理解的关键术语之一，你一定要从这一集中掌握这一点。

So when we talk about profit and investing, this is probably one of the most important terms that you can understand, and this is something that you definitely wanna take away from this episode.

利润，也就是企业的最终收益，通常被称为收益或净利润。

The profit, the bottom line, what the company's making, that is often referred to as earnings or net income.

所以这两个术语是你绝对必须理解的。

So those are two terms that you absolutely gotta understand.

别忘了，当你听到收益或净利润时，意思就是利润。

And don't forget, because when you hear earnings or net income, that means profit.

那就是底线。

That's that bottom line.

明白吗？

Okay?

在这种情况下，市盈率或价格与收益比是10。

So in this situation, the PE or the price to earnings, that is 10.

这意味着我花了10万美元，一年能收回1万美元。

So that means I am spending $100,000 to get 10,000 back in one year.

或者说，公司每赚一美元利润，我就花了10美元的成本。

Or you can also just say, cost me $10 for every dollar of the profit in the company.

我们先休息一下，听听今天赞助商的话。

Let's take a quick break and hear from today's sponsors.

当你经营一家小企业时，雇对人能带来天壤之别。

When you're running a small business, hiring the right person can make all the difference.

合适的员工能提升团队水平，提高生产力，推动你的业务更上一层楼。

The right hire can elevate your team, boost your productivity, and take your business to the next level.

但找到这样的人本身可能就像一份全职工作。

But finding that person can feel like a full time job in itself.

这就是LinkedIn招聘的用武之地。

That's where LinkedIn jobs comes in.

他们的全新AI助手通过为你匹配真正符合需求的顶尖候选人，消除了招聘中的猜测成分。

Their new AI assistant takes the guesswork out of hiring by matching you with top candidates who actually fit what you're looking for.

它不再让你逐份翻阅简历，而是根据你的标准筛选应聘者，突出最匹配的人选，帮你节省数小时时间，并在合适人选出现时快速行动。

Instead of sifting through piles of resumes, it filters applicants based on your criteria and highlights the best matches, saving you hours and helping you move fast when the right person comes along.

最棒的是，这些优秀候选人本来就活跃在LinkedIn上。

The best part is that those great candidates are already on LinkedIn.

事实上，通过LinkedIn聘用的员工，至少留任一年的可能性比通过主要竞争对手聘用的员工高出30%。

In fact, employees hired through LinkedIn are 30% more likely to stick around for at least a year compared to those hired through the leading competitor.

一次就招对人。

Hire right the first time.

在 linkedin.com/studybill 免费发布职位，然后推广以使用 LinkedIn Jobs 的新 AI 助手，更轻松快捷地找到顶尖候选人。

Post your job for free at linkedin.com/studybill, then promote it to use LinkedIn jobs new AI assistant, making it easier and faster to find top candidates.

免费发布职位请访问 linkedin.com/studybill。

That's linkedin.com/studybill to post your job for free.

条款和条件适用。

Terms and conditions apply.

比特币挖矿一直被认为复杂、风险高，难以评估为真正的投资。

Bitcoin mining has a reputation for being complicated, risky, and hard to evaluate as a real investment.

如果你正在考虑 2026 年进行挖矿，真正重要的是正常运行时间、维修以及该运营是否像一家正规企业那样运作。

If you're considering mining in 2026, what actually matters isn't headline profitability, it's uptime, repairs, and whether the operation is run like a real business.

这就是我一直在使用 Simple Mining 的原因。

That's why I've been using Simple Mining.

他们位于爱荷华州锡达福尔斯，提供全方位托管服务，你实际拥有自己的矿机，自行选择矿池，并直接将比特币发送到你的钱包。

They're based in Cedar Falls, Iowa, and they run a white glove hosting operation where you actually own your own miners, choose your own pool, and have Bitcoin sent directly to your own wallet.

他们入选了《Inc》5000强榜单，成为爱荷华州增长最快的企业，管理着超过4万台矿机。

They were featured on the Inc 5,000 list as the fastest growing company in Iowa with over 40,000 machines under management.

最突出的是执行力。

What stands out is execution.

他们拥有排名第一的ASIC维修中心，且在前十二个月内维修服务免费。

They've had the number one rated ASIC repair center, and for the first twelve months, repairs are included.

如果挖矿利润变薄，你可以随时暂停，没有任何罚款。

If mining margins get tight, you can pause with no penalties.

如果你想调整或升级矿机规模，还可以通过他们的交易平台出售设备，而不会被套牢。

And if you want to resize or upgrade your fleet, there's a marketplace to resell equipment instead of being stuck.

为了帮助人们评估当前挖矿是否真的值得，他们制作了一份名为《20.26美元比特币挖矿蓝图》的简明指南。

To help people think through whether mining actually makes sense right now, they put together a short resource called the $20.26 Bitcoin mining blueprint.

这份指南详细剖析了投资者在配置挖矿资产时常犯的五个错误，以及如何在投入资金前避免这些陷阱。

It walks through the five mistakes investors make when allocating to mining and how to avoid them before deploying capital.

如果觉得有趣，你可以免费获取这份指南，访问 simplemining.io/preston。

If it sounds interesting, you can get it for free at simplemining.io/preston.

那是 simplemining.io/preston。

That's simplemining.iopreston.

亿万富翁投资者通常不会把资金存放在高收益储蓄账户中。

Bill Billion dollar investors don't typically park their cash in high yield savings accounts.

相反，他们常常使用机构投资者常用的被动收入策略之一——私人信贷。

Instead, they often use one of the premier passive income strategies for institutional investors, private credit.

如今，得益于拥有超过6亿美元投资并提供7.97%分配率的Fundrise收入基金，这种被动收入策略已向所有规模的投资者开放。

Now the same passive income strategy is available to investors of all sizes, thanks to the Fundrise Income Fund, which has more than $600,000,000 invested and a 7.97% distribution rate.

随着传统储蓄利率下降，私人信贷在近几年成长为万亿美元资产类别也就不足为奇了。

With traditional savings yields falling, it's no wonder private credit has grown to be a trillion dollar asset class in the last few years.

访问 fundrise.com/wsb，只需几分钟即可投资Fundrise收入基金。

Visit fundrise.com/wsb to invest in the Fundrise Income Fund in just minutes.

该基金2025年的总回报率为8%，自成立以来的平均年总回报率为7.8%。

The fund's total return in 2025 was 8% and the average annual total return since inception is 7.8%.

过往表现不预示未来结果，当前分配率截至2025年1月30日。

Past performance does not guarantee future results, current distribution rate as of twelvethirty onetwenty twenty five.

投资前请仔细阅读投资材料，包括投资目标、风险、费用和开支。

Carefully consider the investment material before investing, including objectives, risks, charges, and expenses.

更多信息请参阅 fundrise.com/income 上的收入基金招募说明书。

This and other information can be found in the income funds prospectus at fundrise.com/income.

这是一则付费广告。

This is a paid advertisement.

好的。

All right.

我们继续回到节目。

Back to the show.

明白了。

Okay.

当你进行投资时，你可能会听到同事经常说：‘这个公司的市盈率是多少？’

So whenever you're investing and so you might hear people at work, they're constantly saying, oh, what's the PE ratio?

那家公司的市盈率是多少？

What's the PE on that company?

这正是我们刚才所描述的。

Well, that's exactly what we just described.

明白吗？

Okay?

这是公司的股价与收益之比。

That's the price to the earnings of the company.

你真正需要思考的是，当你说到市盈率是10时，这个比率代表了什么？

And the thing that you really got to think about is what does that ratio represent when you say the PE is 10?

这就是倍数。

Well, that's the multiple.

这意味着你愿意为这家公司支付其收益或利润的10倍。

That's 10 times the earnings or the profit that you're willing to pay for the company.

所以，当你从这个角度来看时，就能快速理解你的回报率。

So when you look at it that in that light, what you can do is you can quickly understand what's your return.

明白吗？

Okay?

如果这1万美元的利润或收益年复一年保持不变，而他支付了10万美元来拥有它，那么他的回报率就是10%，因为1万除以10万等于10%。

If that $10,000 of profit or earnings remains constant year after year and he paid a $100,000 to own it, well, his return is 10% because 10,000 divided by a 100,000 is 10%.

所以你可以很快明白，当你在主街上购买一家小企业时，你首先想知道的是这家企业能赚多少钱，否则你根本不会买。

So you can quickly see how, you know, whenever you're buying that small business on Main Street, the first thing you wanna know is how much money is this thing gonna make or you're just not gonna buy it.

我的意思是，如果他想买下这家公司，知道利润是1万美元，但他却花了30万美元，那他从一开始就拉低了自己的未来回报，因为他 owning 这家咖啡店的回报率只有3%或4%，原因就是他付了太高了。

I mean, if if he was trying to buy this company and he knew that the profit was 10,000 and maybe he paid 300,000 for it, Well, he's already handicapped his future return because he's only gonna make a three or 4% return by owning that coffee shop because of the high price that he would have paid.

这正是沃伦·巴菲特与其他投资者截然不同的地方，他总是做这种价值评估。

So that's the thing that really sets Warren Buffett apart from any other investor is he always does this value equation.

他在出手购买之前，先弄清楚这家公司到底值多少钱。

He figures out what is this company worth before he goes out and buys it.

而很多人从来不会迈出这一步。

And that's what a lot of people they never make that step.

明白吗？

Okay?

他们会去买一只股票，买它只是因为喜欢，或者比如说，因为它是苹果手机，我真的很喜欢放在我口袋里的苹果手机。

They'll go and buy a stock, and they'll buy that stock because they like it or because it you know, if it's an Apple phone, I really like my Apple phone in my pocket.

所以他们只是去买苹果股票，却从不思考：这家公司到底值多少钱？

And so they'll just go buy Apple, but they never think about, well, how much is this company worth?

我买这家公司的理由是什么？

What am I buying this company for?

当你在主街上做这种投资时，面对一家小企业，你首先问的问题就是：它值多少钱？

And when you're doing that on on Main Street, you're doing that with that small business, the first question you ask is, what's it worth?

但不幸的是，在股票投资中，人们最后才会问这个问题。

And unfortunately, in stock investing, that's the last question people ask.

这正是沃伦·巴菲特与众不同的地方：他首先问这个问题，而不是最后才问。

And that's what sets Warren Buffett apart from them is he asked that question first instead of last.

他看待股票就像看待你本地小镇上的任何一家小企业一样。

And he treats it just like any other small business that you would find in your local town.

所以，斯蒂格，你有什么想补充的吗？

So, Stig, you had something that you wanted to add?

是的。

Yeah.

所以我们谈到，提出第一个问题非常重要，那就是这家公司赚了多少钱？

So we we talked about that it's really important to ask the first question here, which is how much money is the company making?

但正如普雷斯顿所说，在那之后你需要问的问题是，为了获得这些收益我需要支付多少？

But as Preston is saying, the the question you need to ask just after that is how much do I need to pay for that?

而这正是市盈率发挥作用的地方。

And this is really where this price to earnings, comes into the picture.

所以沃伦·巴菲特的做法是寻找市盈率较低的公司。

So what Warren Buffett is doing is that he wants to find company with a low price to earnings ratio.

现在，显然我们有很多不同的指标，但其中最重要的一点就是尽可能选择最低的市盈率。

Now, clearly, we have a lot of different metrics here, but this is one of the most important one, to, to have the lowest price to earnings as possible.

而且，随着我们进入后续的节目，我们会进一步定义这一点，因为这听起来虽然极其简单，但确实相当简单。

And and, know, as we get into further episodes, we're gonna further define this because it's just not I mean, we've made this sound extremely simple, you know, and and it is pretty simple.

但要对一家公司做出合理的估值，还需要更多的指标。

But there are further metrics in order to come up with a proper valuation of a company.

我只是不希望人们一看到这些信息就立刻行动，而不去观看后续节目或做更多研究。

I just don't want people to go out and just start acting on some of this information, without going into further episodes or or doing more research.

但重要的是，你必须先弄清楚它值多少钱。

But the important part is you have to figure out what's it worth, okay, first.

其次，你得问，卖家愿意以什么价格出售？

And then second of all, you have to say, well, what's the person willing to sell it for?

因为，你知道，你可能会觉得，我愿意以10倍收益的价格购买这家小企业，这样能给我带来10%的回报。

Because, you know, you might determine, hey, I'm willing to pay 10 times earnings for this small business, which would give me a 10% return.

但如果你去问老板，他却想卖30万美元，那你立刻就能明白，由于这个卖家要价，如果你按这个价格买入，你的回报率已经被压低到3%了。

But if you go to the owner and they wanna sell it for 300,000, you know right then and there that because of that purchase price that the person wants to sell it for, if you buy it at that price point, you're already handicapped to a 3% return on your money.

所以，每次你投资、购买任何东西时，都要这样思考。

So you got to think of investing anytime you buy anything.

你首先得用这种思路来考虑问题。

You need to think in those terms first.

我将获得多少回报？

What is the return that I'm going to get?

首要的，就是 upfront 这一点。

First and foremost, that's upfront.

明白吗？

Okay?

因为你知道，如果你投资的东西风险很高，却只能获得3%或1%的回报，你的分析就可以到此为止了。

Because you know that if you're going to get a 3% return or a 1% return on something that's high risk, your analysis can stop right there.

你不需要再花任何时间去研究它了。

You don't have to spend any more of your time in order to research that.

可以直接放弃。

Can just cut all ties.

所以，是的，西格，你请说。

So, yeah, go ahead, Sig.

对。

Yeah.

这正是股票投资的美妙之处。

And that's really the beauty about stock investing.

你不必非得买入。

You don't have to buy.

我认为沃伦·巴菲特将这种情况称为：你不必对每一个投球都挥棒。

I think Warren Buffett refers to this as you don't have to swing in every pitch.

所以，如果你不喜欢这个价格，如果你只想购买市盈率低于10的公司股票，这意味着你能获得10%的回报，那么你可以选择只购买这些公司，或者等待真正优质的企业变得非常便宜时再出手。

So if you don't like the price, if you really only want to buy, shares in companies with a price earnings below 10, which means you'll get a 10% return, then you can just choose to buy these companies, or you can just wait till really good companies are very cheap.

是的。

Yeah.

而且快速说一下，我们之前给了你一个场景，假设价格更高，也就是30倍市盈率，30万美元。

So and real fast, let's and we gave you a a scenario where the price would have been higher, which would have been 30 times earnings at 300,000.

但假设这个人回来后，愿意以5万美元的价格出售。

But let's just say that the price that the person came back, let's say they were willing to sell it for $50,000.

好吗？

Okay?

所以现在，你的情况完全不一样了，因为你投入5万美元，能赚1万美元，回报率达到了20%。

So right there, now you're now you're in a completely different situation where you're gonna get 20% return on your money because you're gonna make $10,000 on the purchase price of 50,000.

所以，不深入太多细节，我认为你真正理解了我们想表达的核心：你必须清楚公司的利润与你支付的价格之间的关系。

So without talking into too much of the specifics, I think you really understand what we're trying to get at here is you have to understand what the profit of the company is versus what you're paying for it.

这正是沃伦·巴菲特看待事物的首要方式。

And that is first and foremost how Warren Buffett sees things.

接下来我们要讨论的是，一家公司的单股与拥有该公司全部股份完全相同。

So the next thing that we want to talk about here is we want to talk about how one share of a business is exactly the same as owning all of the shares of the business.

明白吗？

Okay?

这正是沃伦·巴菲特的思维与其他许多投资者的不同之处：当他买入一股可口可乐股票时，他会把这一股的 ownership 看作是拥有公司全部股份一样。

And that's the next thing that separates Warren Buffett's thinking from the rest of, you know, a lot of investors is when he buys one share of Coca Cola, he looks at that ownership of that one share as in the same exact light as if he owned every single share of the business.

明白吗？

Okay?

当你做出这一跃、这一转变时，对于股票投资的理解就会产生质的飞跃，因为你开始把这一股股票的价值，当作整个企业本身来评估。

And when you make that leap, when you make that jump, it's literally like a quantum leap in understanding for, stock investing because what you're gonna start doing is you're gonna value that one share as if it's an if it's an entire business itself.

明白吗？

Okay?

说吧，斯蒂格。

Go ahead, Stig.

是的

Yeah.

所以，沃伦·巴菲特所做的，是做出商业决策。

So what what, Warren Buffett is doing is that he is making business decisions.

他不是在做股票决策。

He's not making stock decisions.

我认为区分这两者非常重要。

And I think to distinguish between those two, I think that's really, really important.

所以，如果他购买可口可乐的股票，例如，他是在做出一项商业决策，认为可口可乐是一家优秀的企业。

So if he buys stock in Coca Cola, for instance, he is making a business decision that he likes Coca Cola, that he thinks is a great business.

这与股票投资其实并不相同。

And that's really not the same as doing stock investing.

不过，这又取决于你如何定义股票投资。

Well, again, that depends on how you define that.

当很多人想到股票投资时，他们会想：好吧，我以100美元买进一只股票，希望一周后它能涨到110美元。

When a lot of people are thinking about stock investing, they think, Okay, I buy a stock for $100 Hopefully, it will increase to $110 in a week from now.

但沃伦·巴菲特并不是这样看待的。

But that's not how Warren Buffett looks at it.

他关注的是这家企业。

He looks at the business.

如果他喜欢这家企业，并且这家企业能盈利，那么他最终还是会通过股价上涨从中受益。

And if he likes the business, and if that business generates profit, well, he will benefit that with a with a higher stock price later on anyway.

是的。

Yeah.

所以我认为很多人不理解的是，股票到底是什么。

So I think what a lot of people don't understand is what is a share.

明白吗？

Okay?

股票其实就是对企业股权的按比例所有权。

And what a share is is it's a proportional ownership of equity in a business.

所以回到我们主街上的那家咖啡店。

So going back to our main street, coffee shop.

明白吗？

Okay?

那个咖啡店，假设斯蒂格花十万美元买下了它。

That coffee shop, let's say, Stig was purchasing that coffee shop for a $100,000.

我们再假设，把这家公司拆分成许多股份。

Let's also say that there are that that we take that company, that one company, and we divide it up into a bunch of shares.

明白吗？

Okay?

我们把它拆分成一万份股份。

Let's divide it up into 10,000 shares.

从比例价值的角度来看，一股和拥有全部一万股是一样的。

So one share is the same as owning all 10,000 shares from a proportional valuation standpoint.

所以，如果我们把这家价值十万美金的公司拆分，假设他花十万美元买下了这家公司。

So if we would divide that 100,000 company, let's say he bought that business for a $100,000.

如果把它分成一万份股份，那么每股的价格就是十美元。

If we divide it into 10,000 shares, each share is gonna be worth $10 a share based on that purchase price.

所以人们会觉得有点困惑，比如说，如果它在股票市场上，你可以用11美元买下它。

So that's how things get a little confusing for people is they would let's say that it was on the stock market and you could buy it for $11.

如果你能用11美元买下这一股，那公司的估值就立即变成了11万美元。

Well, if you could buy that one share for $11 that basically changed the valuation of the company to a $110,000 immediately.

明白吗？

Okay?

而人们往往在这里迷失了方向，他们没有以同样的比例眼光来看待单股价格，就像你评估整个企业那样。

And that's where people will kind of lose sight of this, is they they don't treat that individual share price in the same proportional light that you would value the entire business.

但当你明白一股就等同于拥有全部股份时，这一切就开始变得不同了。

But when you understand that one share is the same as owning all the shares, all of that starts to change.

明白吗？

Okay?

一切都是成比例的。

It's all proportional.

我认为这是因为股票只是公司的一部分，很多人很难理解这一点。

And I think that's that's because when it's a share, it's only part of the company, and I think that that's difficult for for many people to get a grasp on.

比如说，你想买一辆车。

So say that you want to buy a car, for instance.

有些人可能觉得这辆车值一万或一万一千美元，但大多数人对一辆车的大概价值都有个概念。

Well, some people might think that the car is worth 10,000 or 11,000, but most people have a general idea of how much is a car worth.

当你购买一家公司的部分股权时，比如买下苹果公司百万分之一的股份，那这到底值多少钱呢？

When you're buying a fraction of a company, say that you're buying one millionth of Apple, Well, how much is that really worth?

这对人们来说要评估就难多了。

And that's much harder for people to evaluate.

说得太对了。

That's spot on.

这正是你需要真正理解的关键部分。

That's exactly, the part that that you really need to understand.

从这一集里我们要强调的核心观点就是这一点。

Taking away from this episode, that's what we need to hammer home is that point right there.

一股股票和所有股票完全一样，你需要评估你认为这一股值多少钱。

One share is exactly the same as all the shares, and you need to do the valuation of what you think that that one share is worth.

当你这样做的时候，你就会以同样的思路、同样的视角来思考，就像斯提格精辟地说的那样，沃伦·巴菲特在做出商业决策时也是这么想的。

And when you do that, you're going to be thinking in this same space, the same light that that Warren Buffett thinks whenever he makes a business decision, as Stig so eloquently said.

让我们稍作休息，听听今天赞助商的信息。

Let's take a quick break and hear from today's sponsors.

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好的。

Alright.

回到节目。

Back to the show.

所以，当你在购买股票时，接下来要考虑的是，既然我们已经理解了这一概念——一股就相当于拥有整个企业。

So the next thing that that you're looking at whenever you're buying stock is now that we understand this idea that one share is the same thing as owning the entire business.

现在，我们突然开始想要购买优质的企业。

Now all of a sudden, we wanna start buying quality businesses.

我们想要购买负债较少的企业。

We wanna buy businesses that have low amounts of debt.

我们想要购买稳定的企业。

We wanna buy stable businesses.

我们想要购买自己能理解的企业。

We wanna buy businesses that we understand.

当你真正理解了股票所代表的含义时，你会发现这太惊人了，因为你的整个思维模式、看待事物的方式，都会立即发生转变，不再像你以前那样投资。

And so whenever you understand what it is that a share actually represents, it's amazing because your whole mindset, the way that you see things truly start to take a an an immediate turn from the way that you might have been previously investing.

所以让我们快速谈谈投资中的质量方面。

So let's quickly talk about this quality aspect of investing.

当你购买一家企业时，你希望它有很多竞争对手，产品利润率很低吗？

So whenever you're buying a business, do you want a business that has a lot of competitors, that has a product that has low margins?

我认为答案显然是不希望。

And I think the answer is obviously no.

当你购买一家高质量的公司，它拥有良好的品牌，你相信它在未来二十年仍会存在，这样的企业才值得拥有，也才能持续为你带来你大致能预估的回报，就像那家咖啡店一样，这时你才能真正看到长期的成功。

So when you buy a company that that is high quality, that has a good brand, that you feel is gonna be around for the next twenty years, that's a business that's worth owning, and that's a business that's gonna continue to give you those returns that you have a general idea of what you think you're gonna get back, like the coffee shop, and that's when you can really start seeing long term success.

斯蒂格，我注意到你好像有个观点想说。

And Stig, I saw you had a point you wanted to say.

是的。

Yeah.

如果你听过沃伦·巴菲特的访谈，你经常会听到他谈到‘护城河’。

If you ever listen to an interview with Warren Buffett, you will often hear him, talk about moat.

当他谈论护城河时，这实际上就是竞争优势的另一种说法。

When he's talking about moats, this is actually another word for a competitive advantage.

普雷斯顿之前提到，我们是否希望一家公司有很多竞争对手？

Preston was saying before, do we want a company that has a lot of competitors?

显然，我们不希望这样。

Well, clearly, we don't.

但归根结底，几乎所有公司都有竞争对手。

But in the end of the day, almost all companies have their competitors.

但如果你有护城河，那就没那么重要了，我认为可口可乐就是一个例子，普雷斯顿。

But if you have a moat, it doesn't matter as much, and I think that Coca Cola could be an example of of that, Preston.

是的。

Yeah.

当斯蒂格提到护城河时，巴菲特所说的护城河，可以追溯到中世纪，那时城堡周围会挖一条护城河，因为任何想要攻占城堡的人，都会因为护城河而无法轻易靠近，这样在他们射箭或进行其他攻击时，就很难对城堡构成威胁。

Well and so when Stig says a moat, what what Buffett's referring to as a moat, when you go back into, like, the medieval times and you had a castle, the way that they would defend the castle is they they put a moat around the, outside of the of the perimeter of the castle because anyone who was trying to come and conquer that castle, the moat provided more standoff range so that whenever they're shooting archery or things like that, it was difficult to attack that castle.

所以护城河越宽，别人想要攻击你就越困难。

So the the wider the moat, the more difficult it was for somebody to come and attack you.

因此，当巴菲特说护城河时，他的意思是：这家公司是否具备某种防御机制来保护自己免受竞争对手的威胁？

And so when Buffett calls it a moat, what he's saying is, does this company have some type of defense mechanism to it to protect it from competitors?