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网友评论与大道回复
网友:【巴菲特谈杠杆的瘾】
巴菲特(2010):毫无疑问,有些人通过借钱变得非常富有。然而,这也是一条致贫之路。当杠杆奏效时,它会放大你的收益。你老婆会觉得你很聪明,你的邻居会觉得你很厉害。但是,杠杆是会上瘾的。一旦尝到了它带来的甜头,很少有人愿意回归更保守的做法。正如我们在小学三年级都学到过的——有些人在2008年又重新学到了这一点——任何一连串的正数,无论这些数字多么惊人,只要乘以一个零,就会烟消云散。历史告诉我们,杠杆往往会导致归零,即便使用者是绝顶聪明的人。
Buffett(2010):Unquestionably, some people have become very rich through the use of borrowed money. However, that’s also been a way to get very poor. When leverage works, it magnifies your gains. Your spouse thinks you’re clever, and your neighbors get envious. But leverage is addictive. Once having profited from its wonders, very few people retreat to more conservative practices. And as we all learned in third grade–and some relearned in 2008–any series of positive numbers, however impressive the numbers may be, evaporates when multiplied by a single zero. History tells us that leverage all too often produces zeroes, even when it is employed by very smart people.
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#段永平##巴菲特##投资##杠杆#
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