1.Begin with a prayer. If you begin with a prayer, you can think more clearly and make fewer mistakes.

1.信仰有助于投资。如果你从祈祷开始，你就能想的更清楚，少犯错误。

2.Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor¹. The real challenge is making investment decisions that are better than those of the professionals who manage the big institutions.

2.领先投资市场是一项很难的任务。它的难度不是做出比普通的投资者更好的决策这么简单，真正的挑战是要做出比那些运作大公司的专业人士更好的投资决策。

3.Invest - don't trade or speculate. The stock market is not a casino, but if you move in or out of stocks every time they move a point or two, the market will be your casino. And you may lose eventually - or frequently.

3.投资——不要交易或投机。股市不是赌场。但如果每次股票变动一两个点你就买进或卖出，股市就变成你的赌场了。你可能最终会彻底失败——或者经常失败。

4.Buy value, not market trends or the economic outlook. Ultimately, it is the individual stocks that determine the market, not vice² versa. Individual stocks can rise in a bear market and fall in a bull market. So buy individual stocks, not the market trend or economic outlook.

4.注重股票价值，而不是股市走向或经济前景。说到底，是一支支股票决定了股市走向，而不是相反。即使是熊市也有股票上涨，牛市也有股票下跌。所以买股票要注重个股的价值，而不是股市走向或经济前景。

5.When buying stocks, search for bargains among quality stocks. Determining quality in a stock is like reviewing a restaurant. You don't expect it to be 100% perfect, but before it gets three or four stars you want it to be superior.

5.买股票的时候，在优质股票中寻找特价的。确定股票的品质就像考察餐厅一样。你不会指望它百分之百的完美，但在它达到三星或四星的评定行之前你会希望它表现良好。

6.Buy low. So simple in concept. So difficult in execution. When prices are high, a lot of investors³ are buying a lot of stocks. Prices are low when demand is low. Investors have pulled back, people are discouraged and pessimistic. But if you buy the same securities everyone else is buying, you will have the same results as everyone else. By definition, you cannot outperform the market.

6.低价买入。理论上非常简单，但执行起来却如此之难。当价格很高时，一群投资者购买大量的股票。当需求减少价格下降时，投资者们撤退了，人们变得胆小又悲观。但如果你和其他人买同样的股票，你只能和其他人得到同样的结果。按照我们的原则2，你不能领先市场。

7.There's no free lunch. Never invest on sentiment. Never invest solely⁴ on a tip. You would be surprised how many investors do exactly this. Unfortunately there is something compelling about a tip. Its very nature suggests inside information, a way to turn a fast profit.

7.天底下没有免费的午餐。别听信空穴来风。不要在小道消息上孤注一掷。你要是知道有多少投资者这么干可能会惊讶的。不幸的是小道消息总有点煽动性。它们非常自然的暗示有内部消息可以快速赢得利润。