二月份巴菲特說:(1)與他年輕時代比，今天的股市呈現更多的賭場行為；（2）今天的股民的水平及情緒穩定性與前輩比毫無進步。

我們每人照一下鏡子：更象投資者，還是更象賭徒？

如何區分投資者與賭徒？巴老說，投資依靠資產的現金流賺錢，投機依靠別人以更高價購買該資產賺錢。

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.”

老巴二月份原話：

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.”