股市是投票機
2008《雪球─巴菲特傳》
The Market as a Voting Machine
In the short run, the martket is a voting machine. In the long run, it is a weighing machine. Weight counts eventually. But votes count in the short term. And it is a very undemocratic way of voting. Unfortunately, they have no literacy tests in terms of voting qualifications.
The Snowball:Warren Buffett and the Business of Life, 2008
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