25年前，巴菲特在大学的一场演讲，至今仍是投资者的精神底稿

Core Insights - The article emphasizes the timeless relevance of Warren Buffett's investment philosophy, particularly the importance of focusing on a company's intrinsic value rather than short-term stock price fluctuations [3][4]. Group 1: Life Philosophy - Character is the core determinant of long-term success, with qualities like integrity and responsibility being essential for cultivating beneficial habits [4]. - Investment and business selection fundamentally represent a "vote for people," highlighting the importance of character in mitigating risks and generating compound returns [4]. Group 2: Investment Philosophy - The principle of "buying a company" underscores that stocks represent ownership in a business, necessitating a focus on long-term value rather than short-term price movements [5][6]. - Long-termism is crucial, as time benefits good businesses, allowing overvaluations to correct while poor businesses yield mediocre returns regardless of purchase price [6]. - The essence of value investing is to buy simple, durable, and trustworthy companies at reasonable prices and hold them long-term [7]. Group 3: Investment Strategy - The investment strategy should focus on businesses that are easily understandable, filtering out 90% of complex industries [8]. - A safety margin is vital in risk management, avoiding high-risk decisions even with a high probability of success [9][10]. - Leverage should be avoided, as it amplifies risk and creates an asymmetry between potential gains and losses [10]. Group 4: Market Behavior - Investors should ignore market noise and focus on holding quality companies, akin to patient farming [12]. - Market downturns present opportunities to acquire quality assets at lower prices, with Buffett expressing a preference for market declines for potential excess returns [13]. - Ignoring macroeconomic predictions and focusing on company fundamentals is essential for sound investment decisions [14]. Group 5: Historical Lessons - Acknowledging past mistakes is crucial, with Buffett noting that the biggest errors often stem from missed opportunities rather than poor decisions [16]. Group 6: Career and Happiness - Passion for work is more important than monetary gain, with Buffett advising individuals to pursue careers they love [17]. - True happiness transcends material wealth, emphasizing the importance of autonomy and character in achieving a fulfilling life [18]. Conclusion - The ultimate value of Buffett's teachings lies in the principle that simplicity is eternal, with concepts like value investing, economic moats, and zero leverage remaining applicable in 2025 [19].