On Saturday morning, Berkshire Hathaway released CEO and legendary investor Warren Buffett’s annual letter to shareholders. Buffett followers read the letters closely for the investing wisdom he dispenses in his annual missives. But over the years, along with his market knowledge, Buffett has also come to be known for his folksy one-liners. For example, in 2001, on being lucky versus being good at investing, he wrote in his annual letter, “After all, you only find out who is swimming naked when the tide goes out.” In last year’s letter he wrote, “A bull market is like sex. It feels best just before it ends.”

    This year’s letter doesn’t disappoint. Here are the best Buffett one-liners in this year’s essay.

    周六早上，伯克希尔哈撒韦公司公布了首席执行官、传奇投资人沃伦•巴菲特的2015年度致股东信。巴菲特的粉丝们仔细拜读了这封信，希望能从中分享一些投资智慧。不过多年以来，和他的市场知识一样为人称道的，还有他的连珠妙语。比如2001年，针对投资需要技术和运气的问题，他在当年的致股东的信中写道：“只有在退潮时，你才会发现谁在裸泳。”在去年的信中，他写道：“牛市就像性爱，感觉最好的时候就是快完的时候。”

    今年巴菲特的信也没有令人失望，以下是便是信中的几处金句：

    On how experience in business can make you a better investor, and vice versa

    "'There are certain things that cannot be adequately explained to a virgin either by words or pictures.'" (Buffett quoting a Peter Arno cartoon.)

    关于商业经验可以让你成为一个更好的投资人，反之亦然

    “有些事无论用言语或图片，都没法充分地向一个处女解释清楚”。（巴菲特引述彼得•阿尔诺的一部动画片。）

    Why managers have to be objective when investing

    "If horses had controlled investment decisions, there would have been no auto industry."

    为什么经理人投资的时候要客观

    “如果当年让马控制了投资决策，汽车行业根本就不会出现。”

    Why Wall Street always wants more deals

    "Don't ask the barber whether you need a haircut."

    为什么华尔街总是想要更多交易

    “不要问理发师你是不是需要理发了。”

    On whether he's run out of places to invest

    "Berkshire now owns 9 1/2 companies that would be listed on the Fortune 500 were they independent (Heinz is the 1/2). That leaves 490 1/2 fish in the sea. Our lines are out."

    关于他是否已经没有投资空间了

    “伯克希尔公司拥有的九家半公司如果独立出来的话，都可以名列‘财富500强’（亨氏食品就是那半家）。也就是说大海里还有四百九十半条鱼，但我们把鱼线用光了。”

    How CEOs can avoid killing a good business

    "He must never forget Charlie's plea: 'Tell me where I'm going to die, so I'll never go there.'"

    关于CEO如何能避免扼杀一笔好生意

    “他必须永不忘记查理的名言：‘告诉我，我会死在哪儿，这样我就永远不会到那去。’”（财富中文网）

    译者：朴成奎