Q：What is the most important improvement you make during the investments?

Warren Buffett：I was focusing on technical analysis when I was young. The intelligent investor, the book written by Benjamin Graham, reset my whole investment thinking. It taught me how to think about stock market. From my perspective, there are two courses that should be taught in all business schools: how to think about stock market and how to value stocks. Margin of safety is always the principle of investment.

The formula of investing never changes. First, how sure you are? Second, how soon it will to get you there? Third, what to do to achieve it?

Investing is buying a piece of business. You could buy business with one million dollars in Omaha. What will you invest? Maybe a fast-food restaurant since people need to have food every day. Go through the ideas in your mind, look at things, and grab information. That is why investing is amazing: you only need to make decisions rather than do it by yourself. Since the market prices change every day, opportunities are always there. Mr. Market is there to serve you. You should utilize it when he goes crazy rather than let him take pressure on you.

问：有哪些事情对您的投资产生了重要的影响？

巴菲特：本杰明·格雷厄姆（Benjamin Graham）的《聪明的投资者》(The intelligent investor)对我的影响很大。我刚开始投资的时候一直侧重技术分析，而这本书彻底改变了我的投资思路，教会我如何理解股票市场。在我看来，商学院教投资只需要两门课：一是如何思考股票市场。二是如何对股票进行估值。投资策略的准则就在于安全边际(margin of safety)。

投资的秘诀从未改变。你可以问问自己，首先，你对这笔投资有多肯定？其次，你需要多久达到预想的目标？第三，具体要怎样做？

投资就是买一盘生意。一百万美金可以让你在奥马哈投资三个项目，你会投资什么？你可能会投资快餐店，因为奥马哈的人们每天都需要吃饭。如此种种，你会有一个思路。这也是投资的乐趣所在——你只需要做出决定，而不需要自己亲手去做生意。同时，由于市场价格每天都在改变，也就意味着每一天投资都有不同的机会。你要利用市场先生（Mr.Market）的疯狂或愚蠢，而不是被他所影响。