塞思·卡拉曼
经典名言
共 33 条名言
投资者唯一最大的优势就是长期视角。如果你的时间框架是三年而不是三个月，你就已经击败了市场上90%的参与者。
价值投资的本质是逆向思维与计算器的结合。用计算器算清楚值多少钱，用逆向思维在别人恐惧时扣动扳机——两者缺一不可。
大多数投资者主要关注回报——我能赚多少——而很少关注风险——我会亏多少。但风险控制才是在市场中长期存活的前提。没有存活，一切回报都是空谈。
最好的投资机会往往出现在投资项目看起来最糟糕的时候。当所有人都说'这个没法看了'，也许就是你应该认真看一看的时候了。
等待'胖球'（好打的球）是投资成功的关键之一。你不是在打板球——没有三振出局的规则。你可以无限期地等待，直到最好的机会出现。
价值投资的核心是以低于内在价值的价格买入资产。
The core of value investing is buying assets at prices below their intrinsic value.
买得便宜是安全边际的来源。
Buying at a discount to intrinsic value is the source of margin of safety.
没有投资应该被视为神圣不可侵犯——当更好的机会出现时，即使要承受损失也应换仓。
No investment should be considered sacred when a better one comes along.
现金在牛市中让人焦虑，但在熊市中它就是你最好的朋友。永远不要因为持有现金而感到不安——知道何时出手比时刻满仓重要得多。现金就是干火药。
Cash is anxiety-inducing in a bull market, but in a bear market it's your best friend. Never feel uneasy about holding cash — knowing when to strike is far more important than being always fully invested. Cash is dry powder.
自下而上的投资者不从宏观预测开始。他们从一家一家公司的分析开始——先确定这家公司在这个价格下值不值得买，然后再看宏观环境是否构成重大风险。
Bottom-up investors don't start with macro forecasts. They start with company-by-company analysis — first determine if this company at this price is a buy, then check if the macro environment poses a major risk.
安全边际不是一个抽象概念，而是一道具体的数学题。你买一家公司花了100块，你算出来它值150块——那50块的差距就是你的安全边际。这个差距越大，你需要正确的概率就越低。
Margin of safety isn't an abstract concept — it's a concrete math problem. You buy a company for $100, and you calculate it's worth $150 — that $50 gap is your margin of safety. The bigger the gap, the lower the probability you need to be right.
知道何时卖出和知道何时买入同样重要。最简单的卖出规则是：当股价超过了你对内在价值的估计时卖出。不是因为它涨了，而是因为安全边际消失了。
Knowing when to sell is as important as knowing when to buy. The simplest selling rule is: sell when the price exceeds your estimate of intrinsic value. Not because it went up, but because the margin of safety has disappeared.
华尔街的研究报告不是你投资的起点，而是你形成独立观点之后用来核对的参考。永远先做自己的功课，再看别人怎么想。顺序不能颠倒。
Wall Street research reports are not the starting point of your investment — they're a reference to check after you've formed your own independent view. Always do your own homework first, then see what others think. The order cannot be reversed.
大多数投资者的注意力都放在回报上，而真正的专业人士首先考虑的是风险。
Most investors are primarily oriented toward return. Professionals are focused on risk first.
价值投资在本质上就是逆向投资，不受欢迎的证券才可能被低估。
Value investing is at its core the marriage of a contrarian streak and a calculator.
大多数投资者首先关注的是回报，而成功的投资者首先关注的是风险。
Most investors are primarily oriented toward return, how much they can make. Few are focused on risk, how much they can lose.
投资者应该为价格下跌而兴奋，而不是恐慌——除非公司本身出了问题。
A value investor should be delighted, not distressed, when prices decline — provided the underlying value is intact.
价值投资者的首要目标不是赚钱，而是避免亏损。
Avoiding loss should be the primary goal of every investor.
价值投资是纪律与耐心的结合，在一个追求即时满足的世界里，它注定是少数人的选择。
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon.
价值投资者的目标不是战胜市场，而是在下跌时亏得比别人少。
Value investors' primary goal is not to make money, it is to not lose money.
价值投资在本质上是把逆向思维与计算器结合起来。
Value investing is at its core the marriage of a contrarian streak and a calculator.
价值投资在本质上就是逆向投资，它要求你在众人抛售时买入。
Value investing is at its core the marriage of a contrarian streak and a calculator.
投资者对短期业绩的执着，是长期回报最大的敌人。
The single greatest edge an investor can have is a long-term orientation.
投资中最重要的不是你买什么，而是你用什么价格买。
The most important thing in investing is not what you buy, but at what price you buy.
不要试图在市场上'做聪明的事'，只要在别人做蠢事的时候买入。
Stop trying to be clever in the market; buy when others are making stupid mistakes.
价值投资的核心在于以低于内在价值的价格买入，从而为错误和不确定性留出空间。
Value investing is the discipline of buying securities at a significant discount from their currently ascertainable intrinsic value, creating a margin of safety for the investor's errors and the future's uncertainties.
大多数投资者失败的原因不是他们的分析不够好，而是他们无法承受等待的痛苦。
Most investors fail not because their analysis is poor, but because they cannot bear the pain of waiting.
指数化投资是一种既危险又有缺陷的策略，当这股风潮吹过之后，流行指数中的指标股的价格几乎肯定会像那些被剔除出指数的股票那样出现下跌。
Indexing is a dangerous and flawed strategy, and when the craze passes, the prices of popular index stocks will almost certainly fall as much as the prices of stocks that were removed from the index.
价值投资，说到底就是持续地寻找被低估的便宜货。
Value investing is at bottom the search for bargains.
在别人恐慌抛售时买入廉价资产，需要独立思考与勇气。
Buying when others panic-sell requires independent thinking and courage.
投资者的首要目标应该是回避亏损。
The primary goal of every investor should be the avoidance of loss.
价值投资者不断将潜在新投资与现有持仓比较，以确保只持有最被低估的机会。
Value investors continually compare potential new investments with current holdings to ensure they own only the most undervalued opportunities.
风险不是波动，而是永久损失本金的可能性。
Risk is not volatility; it is the possibility of permanent loss of capital.