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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.

Look, everyone wants to get rich quick in the stock market. That's precisely why most people lose money. Here's what works: Buy good businesses, hold them forever, and don't do anything stupid. The rest is just noise and salesmanship.

Look, when people ask me about investing today, I tell them something very simple. You see, the market isn't about timing, it's about time. Now, what do I mean by that? Well, good businesses, they're like good friends - you stick with them through thick and thin.

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.

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.

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.

You know, I've always said the best investment you can make is in yourself. The skills you develop, the knowledge you gain - those are assets no market crash can take away. It's the one investment that truly compounds over a lifetime.

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。