巴菲特最新访谈再谈指数基金：普通人不具备挑选个股的能力。
I think it's the same thing that makes mostsense practically all of the time，and that is to consistently，fully played 50 标准普尔500指数低成本指数基金。
美国三大股指之纳斯达克指数)：90%阳光达克指数：90%阳光达克指数：90%自由指数：90%阳光三分之二，风雨无阻地坚持去买。
尤其是市场行情不好的时候，因为干扰的因素一直存在。when you see bad headlines in newspapers，当你在报纸上看到糟糕的新闻头条时，maybe to say well，或许你会说。maybe I should skip a year or something is right.要不我接下来这一年就不买了。
just keep buying american business is going to do fine over time.不要去管买就对了。未来美国的企业肯定会做得很好。so you know the investment universe，所以你的投资也会越来越好。is going to do very well.the Dow Jones Jones Industrial went 道琼斯工业平均指数：from 66 to 11497 in one century。在一个世纪内从66上涨到11497。and and since that century is自21世纪以来，it's more or less doubled again.差不多又翻了一番，美国的企业正在做得越来越好。
the trick is not to pick the right company，诀窍并不是要挑选合适的公司。because most people aren'tequipped to do that.因为普通人不具备挑选个股的能力。and plenty of times I make mistakes on that.很多时候我都会犯错误。
the trick is诀窍是to essentially by all the big companies 通过购买标准普尔500指数基金，through the S&P 500就投资了所有的大公司。and to do it consistently坚持购买。And to do it in a very very low cost way，并以尽量低的成本去购买。
because cost really matter，如果投资的回报，将是7%或8%，而你需要支付1%的手续费，成本的多少就会造成很大的不同，这将决定我退休后能有多少钱。
