Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of change, not a high rate of change.

  • -- Mohnish Pabrai 莫尼斯·帕波莱

快速变化的行业是投资者的敌人。从这个角度看,科技企业,尤其是生物技术企业是个问题。所有行业都与变化打交道,但理想情况下,你应该投资于变化率较低的企业,而不是变化率较高的企业。

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They flooded liquidity in the marketplace but the mortgage rate is based much more on expectations of inflation. So if the average investor believes that there is inflation coming, they'll move that rate up.

它们向市场注入了大量流动性,但抵押贷款利率更多地是基于通胀预期。因此,如果普通投资者认为通胀即将到来,他们会将利率上调。

It's not unusual for a would-be entrepreneur to get turned down half a dozen times before finding a willing investor - yet in most companies, it takes only one 'nyet' to kill a project stone dead.

一个想成为企业家的人在找到一个愿意投资的人之前被拒绝五六次并不罕见——然而在大多数公司,只要一个“尚未”就能彻底扼杀一个项目。

As long as I am mayor of this city the great industries are secure.

只要我是这个城市的市长,伟大的工业就不会受到威胁。