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衍生物极少能被投资者很好地理解，
而且，投资者有可能陷入因过度借贷投机而招致的危险。
当你借债中夹杂着物质的成分时，
结局可能会变得很“有趣”。
Derivatives are seldom well understood byinvestors and they tend to involve heavy leverage.
When you combine ignoranceand borrowed money,
the consequences can get interesting.
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格雷厄姆倡导的并非卓越投资，他也不是一时的风云人物。
他所倡导的是稳健投资，我认为，
只要不是过于急于求成，稳健投资能使你非常富有。
而且，更妙的是它不会使你贫穷。
Graham wasn't about brilliant investmentsand he wasn't about fads or fashion. He was about sound investing, and I thinksound investing can make you very wealthy if you're not in too big of a hurry.
And it never makes you poor, which is better.
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《华盛顿邮报》的记者鲍勃·伍德沃德问我如何分析股票。
“投资就是写报道。”我告诉他。
设想他自己被指派写一份关于他自家报纸详尽深入的报道，
他就会问许多问题，并发掘出许多事实材料，
这样他会因此了解《华盛顿邮报》。
投资也是如此。
Washington Post reporter Bob Woodward onceasked me how I analyzed stocks.
“Investing is reporting.”I told him to imaginehe had been assigned an in-depth article about his own paper.
He'd ask a lot ofquestions and dig up a lot of facts.
He'd know The Washington Post.
And that'sall there is to it.
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不要把你拥有的股票的业绩太往心里去。
毕竟股票并不知道你拥有它。
Don't take the performance of your stockspersonally.
After all, a stock doesn't know you own it.
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架设桥梁时，你坚持载重量为3万磅，
但你只准许1万磅的卡车穿梭其间。
相同的原则也适用于投资领域。
When you build a bridge,
you insist it cancarry 30,000 pounds,
butyou only drive 10,000-pound trucks across it.
And that same principle works in investing.
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