二月份巴菲特说:(1)与他年轻时代比，今天的股市呈现更多的赌场行为；（2）今天的股民的水平及情绪稳定性与前辈比毫无进步。

我们每人照一下镜子：更象投资者，还是更象赌徒？

如何区分投资者与赌徒？巴老说，投资依靠资产的现金流赚钱，投机依靠别人以更高价购买该资产赚钱。

Buffett:＂All investment is, is laying out some money now to get more money back in the future. Now, there’s two ways of looking at getting the money back. One is from what the asset itself will produce. That’s investment. [The other] is from what somebody else will pay you for it later on, irrespective of what the asset produces. And I call that speculation.”

老巴二月份原话：

Warren Buffett: markets now exhibit far more casino-like behavior than they did when I was young,” Buffett wrote, adding that “though the stock market is massively larger than it was in our early years, today’s active participants are neither more emotionally stable nor better taught than when I was in school.”