Preface to the Fourth Edition,
by Warren E. Buffett I read the first edition of this book early in 1950, when I was nineteen. I thought then that it was by far the best book about investing ever written. I still think it is.

序言至第四版，
由沃伦·巴菲特著 我在1950年初阅读了本书的第一版，那时我19岁。我当时就认为这是迄今为止关于投资最佳的著作。我至今仍持相同看法。

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must supply the emotional discipline.

在一生中成功投资不需要超常的智商、非凡的商业洞察力或内幕消息。所需的是一个健全的智力框架来做出决策，以及保持情绪不腐蚀该框架的能力。这本书精确而清晰地规定了恰当的框架。你必须提供情感上的自律。

If you follow the behavioral and business principles that Graham advocates—and if you pay special attention to the invaluable advice in Chapters 8 and 20—you will not get a poor result from your investments. (That represents more of an accomplishment than you might think.) Whether you achieve outstanding results will depend on the effort and intellect you apply to your investments, as well as on the amplitudes of stock-market folly that prevail during your investing career. The sillier the market’s behavior, the greater the opportunity for the business-like investor. Follow Graham and you will profit from folly rather than participate in it. To me, Ben Graham was far more than an author or a teacher. More than any other man except my father, he influenced my life. Shortly after Ben’s death in 1976, I wrote the following short remembrance about him in the Financial Analysts Journal. As you read the book, I believe you’ll perceive some of the qualities I mentioned in this tribute.

如果你遵循格雷厄姆所倡导的行为和商业原则，并且特别关注第8章和第20章中的宝贵建议，你的投资不会得到糟糕的结果。（这代表的成就可能比你想象的要大。）你是否能够取得杰出的成果将取决于你对投资所付出的努力和智慧，以及在你的投资生涯中股市愚行的幅度。市场行为越愚蠢，对于像商人一样投资的人就有越大的机会。跟随格雷厄姆，你将从愚蠢中获利，而不是参与其中。对我来说，本·格雷厄姆远不止是一位作家或教师。除了我父亲之外，没有任何人比他更影响我的生活。本去世后不久的1976年，我在《金融分析师杂志》上写下了关于他的这篇简短回忆。当你阅读这本书时，我相信你会感受到我在这篇颂词中提到的一些品质。

市场行为越愚蠢，对于像商人一样投资的人就有越大的机会👍👍👍

如何扑捉和观察到“市场行为”什么时候开始“愚蠢”，并利用这个愚蠢。如此简单的真理！