以下为访谈实录

　　问   美国上市的一些中国明星股保持上扬态势。 例如阿里巴巴，京东，新浪和微博。 越来越多的人对这些股票感兴趣。 考虑到价值投资所强调的安全边际 ，您认为目前面对这些公司如何把握才恰当。

　　There are some stellar Chinese stocks listed in the US that keep going up and up。 For example， Alibaba， JD， Tecent ，Sina and Weibo。   1’35’’ More and more people are interested in these stocks。 Applying the principles of “margin of safety” of value-investing， how do you think people should approach these companies

　　答   那很难做到。 七八年前，我遇到了马云， 一起吃饭。 他是一个了不起的商人，我可以意识到。 但我不太了解他的业务，来判断是不是买入。 当然，我得等它上市才能买。 毫无疑问， 他把阿里巴巴经营得非同寻常。 但是，我不持有任何股份，因为我不太了解这个方面5年或10年的竞争情况。 我对亚马逊的杰夫·贝佐斯也犯了同样的错误。杰夫·贝佐斯和马云， 他们非常出色， 建立了非凡的业务。我看着他们所做的事并没有从中赚钱，  但我很佩服他们所做的事。

　　Well， it’s very hard to do。 I met Jack Ma， mmhhh， 7 or 8 years ago， and I had dinner with him couple of years ago。 He’s a terrific businessperson， and I can recognize that。 But I don’t… I didn’t know much about his business to make a judgment on buying it。 Of course， I wasn’t able to buy it for a while until it went public。 But， there’s no question that…。 I mean he’s done something extraordinary with Alibaba。 But， I don’t own any because I don’t really know that much about the competitive situation 5 or 10 years down the road。 I made same mistake with Jeff Bezos at Amazon。 They’re… Those two fellows – Jeff Bezos and Jack Ma – I mean they are remarkable people who have built extraordinary businesses。 And I’ve watched them do it and I haven’t made any money with them。 But I do admire what they’ve done。

　　我认为最好的事情是， 你们的经济蓬勃发展。这是中国过去15年发生的一个奇迹。而大多数人都不会自己选择股票。我的意思是说，人们不知如何为自己接生，如何为自己补牙，人们总得寻找专业的的人，他们不能成为一切的专家。我能做出的最好的猜测是，如果他们只是在一揽子不错的公司投入适量的钱，持续做20年或30年，他们就会做得很好。 这比他们总是要找大牛股 ，或者不断买进卖出，要好得多。这在美国和中国没有什么不同。美国的大多数投资者 - 我相信在中国是也是这样的 - 如果他们只是购买整个中国经济的一部分，并拥有20个不同的股票，会做得更好。 我不知道他们是否有良好的指数基金。但是，如果他们有一个代表中国经济的低成本指数基金，而且持续投入一部分储蓄，那么年年如此呢？不要试图高点卖，低点买。因为这太难了。只是持续购买。他们将在20，30或40年后获得非常好的财富。

　　I think the best thing to do… I mean you’ve got a wonderful economy。 It’s a miracle what’s happened in the last 15 years in China。 And， most people are not going to be able to pick stocks themselves。 I mean， they， they don’t know how to deliver babies themselves， they don’t know how to put fillings in teeth。 I mean most people go to somebody else for most activities。 They can’t be an expert in everything。 And my best guess is that if they just put a modest amount of money in some broad array of Chinese companies and just keep doing it for 20 years or 30 years， they’ll do very nicely。 And they’ll probably do a lot better than if they try to pick winners， or pick certain times to buy stocks and other times to sell stocks。 That’s no different in the United States than in China。 Most investors in the United States – and I believe it will be true in China – will do better if they just buy a part of the whole economy， the whole Chinese economy。 And own maybe 20 different stocks。 Or maybe… I don’t know if they have good index funds over there。 But if they have a low-cost index fund that represents the Chinese economy， and they just keep putting a portion of their savings every month into that – just keep doing that year after year – don’t try to pick the tops to sell and lows to buy。 Because that’s too hard to do。 Just keep buying。 They will end up with a very nice amount of wealth 20， 30 or 40 years from now。