9. 投机是一种危险行为
原文
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年巴菲特写给全体股东的年报
译文
我们认为，可以通过不断地沟通公司经营理念以吸引并保持高质量的股东基础，以达到自我筛选的目的。例如，一场标榜为广告歌剧的音乐会，和其他一场标榜为摇滚乐的演唱会，它们各自都会吸引不同的观众群来欣赏。相同地通过不断地对外宣传和沟通交流，我们非常希望能够吸引到认同我们公司经营理念与期望的股东（重要的是要说服那些远离我们的人）同意。对此，我们非常期望那些倾向于长期投资并且将公司当成是自身事业一样看待的股东加入到我们的队伍中，我们重视公司的经营业绩，而不是短期的价格波动。
人们如果不是基于价值而买进股票早晚也会基于相同原因将手中的股票出手，这些人的加入在很大程度上致使公司的股价偏离价值面而出现不合理的价格波动。因此，我们会避免那些可能招来短期投机客的举动，采取各自措施，目的就是吸引长线价值型投资者。股票投资市场上具有讽刺一点的是过于重视价格的变动性，在很多时候，经纪商被称为流动性与变现性，对那些高周转率的公司大加赞扬。但投资人一定要有清醒的认知，那就是对庄家有利的事情必然对普通投资者不利，而投资过热的股市和赌场从本质上讲没有什么两样。
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