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。

From now on, the technology companies that succeed will be those that have developed skills at listening and a sophisticated understanding of their customers' industries.

从现在开始,成功的科技公司将是那些具备倾听技巧和对客户所在行业有深刻理解的公司。

The fact that industries wax and wane is a reality of any economic system that wants to remain dynamic and responsive to people's changing tastes.

任何一个想要保持活力并对人们不断变化的品味做出反应的经济体系,都必须面对产业兴衰的现实。

I'm primarily just an investor.

我基本上只是一个投资者。