Naturally, you would think about worlds most expensive companies like Amazon or apple.

自然，你會想到世界上最昂貴的公司，如亞馬遜或蘋果。

Believe it or not, this company is twice smaller than Apple and yet it's the stock price is

不管你信不信，這家公司的規模比蘋果公司小一倍，但它的股價卻是

multiple times higher.

高了好幾倍。

It's probably more expensive than your mortgage.

它可能比你的抵押貸款更貴。

In fact, you would have to save every penny you earn for 6 straight years to be able to

事實上，你必須連續6年把賺到的每一分錢都存起來，才能夠

buy this stock.

買入這隻股票。

In other words, if you want to invest with Warren Buffet, you should have at least 322

換句話說，如果你想和巴菲特一起投資，你應該至少有322個。

200 dollars to buy a single stock.

200元買一隻股票。

That's not surprising considering that the stock price has increased by almost 8 thousand

考慮到股價已經上漲了近8千，這並不令人意外

since the company was founded.

自公司成立以來，。

Graph If you would have invest just a thousand dollars

圖 如果你能投資一千塊錢就好了

back then in Berkshire Hathaway, you would have made around 10 million dollars by 2014.

當年在伯克希爾哈撒韋公司，到2014年你會賺到1000萬美元左右。

Of course, we can't go back in time and invest in this company but what we can do is learn

當然，我們不可能回到過去，投資這家公司，但我們能做的是學習

how to invest like him.

如何像他一樣投資。

and in this video, we are going to breakdown his two most important rules of investing.

而在這個視頻中，我們將分析他的兩個最重要的投資規則。

The first one is - Never Lose Money!

第一個是--永遠不虧錢!

I know that it sounds quite absurd as if Buffett is making fun of us, but if you give it a

我知道這聽起來很荒謬，好像巴菲特在取笑我們，但如果你給它一個

closer look there are logical reasons why most people lose money in the stock market,

仔細一看，大多數人在股市中賠錢是有邏輯原因的。

and your job is to simply avoid these traps by understanding the rules of the game that

而你的工作就是簡單地避開這些陷阱，通過了解遊戲規則，讓你的工作變得更簡單。

many investors neglect.

很多投資者忽略了。

If you take a look at the companies that are traded in the market, they have a price tag,

如果你看一看市場上交易的公司，他們有一個價格標籤。

but because no one can afford that, even you Jeff, they are broken down into many many

但因為沒有人能夠負擔得起，即使是你傑夫，他們被分解成許多許多。

stocks, but the key question here is, does this company really worth 925 billion dollars.

股，但這裡的關鍵問題是，這家公司真的值9250億美元嗎。

The answer is No.

答案是否定的。

You see there is a big difference between the price and value.

你看價格和價值之間有很大的區別。

The stock price jumps up and down every single day, even slightly negative news that could

股價每天都在上下跳動，即使是稍微負面的消息，也可能是

be even fake can drive the price down However not the value because the value is what the

但不是價值，因為價值是什麼？

company really worth.

公司真正值得。

For instance, Apple released iPhone XR at the end of 2018, and sales weren't as high

比如，蘋果在2018年底發佈了iPhone XR，銷量並沒有那麼高。

as people expected, as a result of that, Apple got a lot of negative press, which drove

正如人們所預料的那樣，結果，蘋果公司得到了很多負面新聞，這推動了

the stock price down from 230 dollars to 160 dollars within 3 months.

股價在3個月內從230美元跌至160美元。

That's a really big jump!

這是一個非常大的跳躍！

But did the company became 30 or 40 percent less valuable in such a short period of time!

但是，公司在這麼短的時間內，價值是不是變低了三四成!

Of course No, even though iPhone sales were down, the company recorded higher profit compared

當然不是，雖然iPhone銷量下降，但公司利潤卻比iPhone高。

to the previews year! that's exactly why the stock price jumped back to over 200 dollars.

到預告年！這正是股價跳回200多元的原因。

when the entire world was talking about how Warren buffet lost billions of dollar because

當整個世界都在談論如何 沃倫-巴菲特失去了數十億美元，因為。

he invested in Apple, he didn't give a damn.

他投資了蘋果，他沒有給一個該死的。

He even wanted the stock to decrease further so that he can buy more of it.

他甚至想讓股票進一步下跌，這樣他就可以買更多的股票。

Because he understands the difference between value and price.

因為他明白價值和價格的區別。

In fact, He once said: Risk comes from not knowing what you are doing.

其實，他曾經說過。風險來自於不知道自己在做什麼。

In other words, Warren doesn't like taking the risk because he knows that you might lose

換句話說，沃倫不喜歡冒險，因為他知道你可能會失去

money when you take the risk which violates his first rule of investing: Never lose money.

錢時，你承擔的風險，這違反了他的第一個投資規則。永遠不要賠錢

So he only invests in businesses that are clearly undervalued.

所以他只投資那些明顯被低估的企業。

Of course, you can't completely eliminate the risk but you can decrease it to its bare

當然，你不可能完全消除風險，但你可以把風險降低到最低限度。

minimum.

最低限度：

In 2002, Buffett came across a company called, PetroChina, after looking at its financial

2002年，巴菲特在看了一家叫，中石油的公司的財務後，發現它的財務

statements, it was clear that this company worth around a hundred billion dollars, but

報表，很明顯，這家公司價值千億左右，但。

when he looked at its stock price, the company was valued only at 30 billion

當他看其股價時，該公司的估值只有300億。

dollars, he knew that its a golden opportunity.

美元，他知道這是個黃金機會。

and based on the political climate, Buffett anticipated that oil prices will either rise

而根據政治氣候，巴菲特預計，油價或將上漲

or at least stay stable.

或至少保持穩定。

So he invested almost half a billion dollars in this company (488M).

所以他在這家公司投資了近5億美金（488M）。

Guess what happened, with the rise of oil price, the company didn't only reach a 100

你猜怎麼著，隨著油價的上漲，公司不僅達到了100

billion dollar valuation as buffet thought, it skyrocketed to 275 billion dollars.

億美金的估值，正如buffet所想的那樣，它暴漲到2750億美金。

Buffet sold his share and made 3.6 billion dollars.

巴菲特賣掉自己的股份，賺了36億美元。

Not bad, right!?

不錯吧！？

All right, we are clear about the first rule, but what about the second one!

好了，第一條規則我們清楚了，但是第二條規則呢!

Never forget rule one!

永遠不要忘記規則一！

I know that it sounds absurd, but if you take a look at any company Buffett has invested,

我知道這聽起來很荒謬，但如果你看看巴菲特投資的任何一家公司。

you will notice that he followed the exact same philosophy!

你會發現，他遵循的是完全相同的理念!

and since it made him worlds the richest investor, I think it works!

既然讓他成為了世界上最富有的投資者，我想這是行得通的!

So, Good luck!

所以，祝你好運！