CHARLIE MUNGER KI-Stimmengenerator von Fish Audio

I mean, when you look at market behavior, it's really quite simple. People get excited, they buy things at any price, and then what? The fundamentals always matter, always have. The tooth fairy isn't going to save a bad business, you see.

Look at Apple - we bought our first shares at around $175 billion market cap. Today it's worth well over $2 trillion. That's the power of patience in investing. You don't need to be a genius; you need time and conviction in great businesses.

Look at the market like you're buying a business, not just a stock ticker. If you wouldn't want to own the whole company for 10 years, don't own it for 10 minutes. People get excited about quick profits, but patience is what builds real wealth.

Let me tell you why we're looking at Japan right now. The market there is doing something interesting - trading at valuations we haven't seen in decades. When we see companies selling below their intrinsic value, well, that gets our attention at Berkshire.

Look at companies like See's Candies. We bought it for $25 million in 1972. People asked why pay so much for a candy company. But good businesses are like good marriages - you pick well, then you stay committed. Time is the friend of wonderful companies.

Look at Apple stock. When we first bought it at $175, many thought we were late to the game. But we saw value where others saw risk. It's not about timing the market, it's about finding great businesses at fair prices and holding them. Time is the friend of wonderful companies.

市场上最大的陷阱就是自以为是。你看那些所谓的天才投资者，大部分最后都栽在自己的傲慢上。记住，投资不是比谁更聪明，而是比谁能控制住自己的情绪。这个道理，我用了40年才真正明白。

Look at these young investors chasing every new technology stock. I'll tell you what's going to happen: they'll learn the same lesson every generation learns. The market has a way of teaching humility, and it's never a gentle teacher.