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2014ͷص17Ͷ

Դ 1088 ʱ䣺2014-5-27 С


    


        ͷΪֵĴ桰Сÿһ¹ɶĹܻΪͶǵıضƱʦTodd Wenningڸ˲Ƽ˰ͷڽ31շĹмֵ17ͶԣҵʺԼͶ֮

ͼƬ 

1.ҲҪѧʶͲҲ֪Ͷʲ·DZԽԽá
I needed no unusual knowledge or intelligence to conclude that the investment had no downside and potentially had substantial upside.


2.ͶʻرҪΪһרҡ㲻ǵĻԼľ޲ѭһ׿еķ
You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well.


3.ּ򵥣Ҫעһѻʯ
Keep things simple and don't swing for the fences.


4.㱣֤ܻöڱʱ˵
When promised quick profits, respond with aquick "no".


5.㲻ܴ¹ijһʲδ棬ǾɣǰСûÿһʲԡ
If you don't feel comfortable making a rough estimate of the asset's future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility.


6.ϵӮЩעϵѡ֣ǽżƷְˡ
Games are won by players who focus on the playing fieldnot by those whose eyes are glued to the scoreboard.


7.γɺ۹۵˶Ժ۾ûгԤⶼ˷ʱ䡣
Forming macro opinions or listening to the macroor market predictions of others is a waste of time.


8.ԹƱͶ˵ֲλĹֵҲӦһ޴ƣһЩͶ˵ȷʵġ
It should be an enormous advantage for investors in stocks to have those wildly fluctuating valuations placed on their holdingsand for some investors, it is.


9.ƱͶ߳ܵгߵӰ죬ǵķ޳ԼΪҲᵼԼʧȥԡ
Owners of stocks too often let the capricious and irrational behavior of their fellow owners cause them to behave irrationally as well.


10.Һâһ54ǴûΪ۾ûλ˵ĿһչʵϣʱǴûǹЩء
In the 54 years (Charlie Munger and I) haveworked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.


11.֪ǵ߽ҲʹӲ硣
We recognize the perimeter of our "circle of competence" and stay well inside of it.


12.רҵʿĿ겻ӦѡţĹƱӦͶʿҵͶϣЩƱܹø档ͳɱı500ָܹﵽĿꡣ
The goal of the nonprofessional should not be to pick winnersbut should rather be to own a cross section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal.


13.гڸλʱͶ߿ԳڳйƱԶҪгָϢԼɼԶߵʱ
The antidote to (buying when the market is high)is for an investor to accumulate shares over a long period and never sell whenthe news is bad and stocks are well off their highs.


14.ЩϵȴԼһȱרҵʿ鲻㵫֪ԼIJ֮Ͷпܻøõijڻر
The unsophisticated investor who is realistic about his shortcomings is likely to obtain better long-term results than the knowledgeable professional who is blind to even a single weakness.


15.ЩͽףµĦɱܸܺߣԣͶȫ޺ô
The resulting frictional costs (from advice andtrading) can be huge and, for investors in the aggregate, devoid of benefit.


16.ԱЩߴߴķϻֳɱСͶũһͶĹƱ
So ignore the chatter, keep your costs minimal,and invest in stocks as you would a farm.


17.ڶͶߡ֮ǰҳԼͼһЩгָԤƱơҵĵЩȤȻûκջ
Before reading "The Intelligent Investor"I tried my hand at charting and using market indicia to predict stock moments...I listened to commentators. All of this was fun, but I couldn't shake the feeling that I wasn't getting anywhere.
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