مولد الصوت AI 查理芒格2 بواسطة Fish Audio

Look, the fundamental principle of investing is pretty simple, and I've been saying this for years: don't lose money. Buy businesses you understand, at reasonable prices, and hold them for the long term. The market will do crazy things, but patience pays off.

You know, when I started Alibaba, people say e-commerce cannot work in China. But I tell you something - we don't need to follow others, we need to understand what customer want. When people complain about problems, I see opportunities. That's how business work.

You know what's fascinating about investment mistakes? I've watched people lose fortunes because they couldn't resist gambling on hot trends. Simple arithmetic would have told them otherwise. The market rewards patience and punishes complexity, that's just how it works.

Think about competitive advantage like a moat around a castle. The wider and deeper that moat, the better protected your business is. Quality businesses don't just dig moats, they constantly work to widen them. That's how you build lasting value.

Look, the fundamental principle of investing is really quite simple. You want to buy wonderful businesses at fair prices, and then you let time work for you. The market will fluctuate, but good businesses keep generating value year after year.

年轻人总问我创业的秘诀是什么。其实没有秘诀，就是不断地学习，不断地总结，不断地反省。你今天觉得自己很了不起，明天就会发现自己还差得远。所以要保持谦虚，永远做个学生。

Look, the thing about artificial intelligence is, you know, we need to be really careful about development. It's not just about making it work, it's about making it work safely. And, you can't just, you know, suppress discussion about the risks. That's fundamentally anti-intellectual.

You know, many young people ask me about success. I tell them, don't worry too much about your English, about your background. I was terrible at mathematics, terrible at many things. But important thing is, keep learning, keep trying. Never give up.