约翰·邓普顿

英语中最昂贵的四个词是这次不同了。

The four most expensive words in the English language are: this time it's different.

在最悲观的时候买入在最乐观的时候卖出。

Buy at the point of maximum pessimism; sell at the point of maximum optimism.

投资必须多元化不要把所有鸡蛋放在同一个篮子里。

Diversify your investments. Don't put all your eggs in one basket.

行情总在绝望中诞生，在半信半疑中成长，在憧憬中成熟，在希望中毁灭。

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.

如果你想比大众拥有更好的投资表现，那么你的投资行为必须有别于大众。

If you want to have a better performance than the crowd, you must do something different from the crowd.

买入被低估的资产是获得出色投资收益最确定而且风险最小的方法。

Buying undervalued assets is the most certain and least risky way to achieve superior investment returns.

不要永远钟情于哪一类资产，保持灵活，开阔思维，保持怀疑。

Don't become so wedded to one type of asset that you lose flexibility. Keep your mind open and skeptical.

找到更好的廉价股替代之时，就是卖出原资产之时。

The time to sell an asset is when you have found a better bargain.

分散投资可以有效降低风险，但永远不要忘记风险。

Diversification can reduce risk, but never forget about risk.

最贵的四个字就是：'这次不同。'

The four most expensive words in investing are: 'This time it's different.'

卖出当在崩溃之前，而非崩溃之后。

Sell before the crash, not after.

牛市在悲观中诞生，在怀疑中成长，在乐观中成熟，在狂欢中死亡。

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.

没有任何一种投资项目能始终保持良好态势，始终保持开放接纳的心态。

There is no investment that always stays in good shape. Always keep an open mind to different investments.

'这次不一样'，是英语中最昂贵的四个字。

The four most expensive words in the English language are 'this time it's different.'

如果你想比大众有更好的表现，就必须与大众不同行事。

It is impossible to produce superior performance unless you do something different from the majority.

投资中最昂贵的五个字是：这次不一样。

The four most expensive words in the English language are 'this time it's different'.

想要取得比大众更好的业绩，你就必须做与大众不同的事。

It is impossible to produce superior performance unless you do something different from the majority.

如果你的投资组合和别人的一样，你的业绩也只会和别人一样。

It is impossible to produce superior performance unless you do something different from the majority.

行情总是在最悲观的时刻诞生，在极度乐观的时刻消亡。最悲观的时刻，正是买进的最佳时机。

The time of maximum pessimism is the best time to buy.

如果你和大众买入相同的证券，你的回报就只能和大众一样。

If you buy the same securities as other people, you will have the same results as other people.

悲观情绪达到顶点时，正是最佳的买入时机。

The time of maximum pessimism is the best time to buy.

要想在投资上胜过别人，就必须做一些与大众不同的事。

To buy when others are despondently selling and to sell when others are enthusiastically buying requires the greatest fortitude.

投资中最危险的一句话是：这次不一样。

The four most dangerous words in investing are: 'this time it's different.'

如果你想比大众表现得更好，你的做法就必须和大众不一样。

It is impossible to produce superior performance unless you do something different from the majority.

如果你想比大众有更好的表现，你的做法就必须和大众不一样。

If you want to have a better performance than the crowd, you must do things differently from the crowd.

投资时最重要的问题不是'哪里前景最好'，而是'哪里前景最糟'。

People are always asking me where the outlook is good, but that's the wrong question. The right question is: Where is the outlook most miserable?

如果你想获得比大众更好的表现，你的行为就必须与大众不同。

If you want to have a better performance than the crowd, you must do things differently from the crowd.

没有任何一种投资方法能够永远有效，所以你必须不断改变。

No investment method will be superior at all times, so you must be flexible.

牛市诞生于悲观主义，成长于怀疑主义，成熟于乐观主义，死于狂喜。

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.

在别人悲观时买入，在别人狂热时卖出。

Buy when others are fearful and sell when others are greedy.

风险来自于不知道自己在做什么。

The greatest risk of all is not knowing what you're doing.

在别人不看好时买入，在别人看好时卖出。

Buy when others are despondent and sell when they are exuberant.

在周期底部悲观是错的，在周期顶部乐观也是错的。但大多数人恰恰在这个时候乐观，在那个时候悲观。

The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.

投资的真正秘诀是：找到低价的好资产，然后等待它回归合理价值。这需要时间和耐心。

The real secret of investing is to buy when prices are low and wait for them to return to fair value. That takes time and patience.

分散投资是保护无知者的最好方式。

Diversification is the only free lunch in investing.

最悲观的时候是买入的最佳时机，最乐观的时候是卖出的最佳时机。

The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.

分散投资是保护无知的盾牌。如果你知道自己在做什么，分散就没有那么大的意义。

Diversification is a protection against ignorance. It makes little sense if you know what you're doing.

在别人最绝望地抛售时买入，在最狂热地抢购时卖出，需要极大的勇气。

To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude.

投资中最危险的四个字，是"这次不同"。

The four most dangerous words in investing are 'this time it's different.'

牛市生于悲观，长于怀疑，成于乐观，死于狂热。

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.

最大悲观时刻，是最好的买入时机。

The time of maximum pessimism is the best time to buy.

在别人绝望抛售时买入、狂热买入时卖出，需要极大的勇气。

To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude.

街头溅血时是买入的最佳时机。

The time to buy is when there's blood in the streets.

英语里最昂贵的四个词是：'这次不一样。'

The four most expensive words in the English language are 'This time it's different.'

极度悲观的时刻，往往是最好的买入时机。

The time of maximum pessimism is the best time to buy.

行情在绝望中诞生，在犹豫中成长，在乐观中成熟，在亢奋中死亡。

别人抛售的时候，就是你买入的最好时机。

The time of maximum pessimism is the best time to buy.

最悲观的时刻就是最佳买入时机。

The time of maximum pessimism is the best time to buy.

如果你想比大多数人表现更好，你就必须做大多数人不做的事。

投资需要纪律，而不是情绪。

牛市诞生于悲观，成长于怀疑，成熟于乐观，死于狂热。

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.

在别人绝望地抛售时买入，在别人狂热地买入时卖出，需要最大的勇气。

To buy when others are despondently selling and to sell when others are avidly buying requires the greatest fortitude.

为了买到便宜货，你必须在全球范围寻找。

To find bargains, you must search worldwide.

当最广为人知的资产类别——比如三年前的科技股——失宠以后,大众往往会撤离,让出大幅折价。

When the best-known asset class like tech three years ago falls out of favor, the herd often moves on, leaving huge discounts behind.

在投资中,如果你不承受一定的不适感,你就只能拿到平庸的回报。

If you can't tolerate some discomfort in investing, you'll only earn mediocre returns.

在投资中,有一句古老的忠告:在别人都对你冷落的时候,价格最便宜。

There is an old investment adage: prices are lowest when others are cold to you.

耐心就是为投资付出了时间;最终市场会把财富交给真正愿意等待的人。

Patience is paying time; the market eventually hands wealth to those who truly wait.

我认为成功的投资在于逆流而上,而不在于逆着潮汐的浪花。

I think successful investing means swimming against the tide, not the whitecaps of the tide.

凡是众人推荐的'必涨股'或'必跌股',大概率被过度定价或低估。

Whatever the crowd recommends as 'must-buy' or 'must-sell,' is almost always over- or under-priced.

我寻找的是一幅画面,但我只在价格低于价值一美分时去买卖。

I look for a picture, but I only buy or sell when the price is less than value by a penny.

投资中最危险的事是'这一次不一样'这四个字。

The four most dangerous words in investing are 'this time it's different.'

人们总是问我前景最好的地方在哪里，但这问题问错了，你应该问：前景最悲观的地方在哪里？

People are always asking me where the outlook is good, but that's the wrong question. The right question is: Where is the outlook most miserable?

市场不是被理性推动的,但赚钱的机会常常来自那些非理性时刻。

Markets aren't driven by reason, but profit opportunities often come from irrational moments.

避免投资错误的唯一方法是不投资，但这却是你所能犯的最大错误。

The only way to avoid investment mistakes is not to invest, but that would be the biggest mistake of all.

如果你买和别人一样的证券，你就会得到和别人一样的结果。

If you buy the same securities everyone else is buying, you will have the same results as everyone else.

以远低于其价值的价格购买股票，而不管这种股票是成长型还是传统型。

Buy stocks for less than they are worth, regardless of whether they are growth or traditional.

投资只有一种真实的衡量:扣除税和通胀之后的回报。

There is only one real measure of investing: real return after taxes and inflation.

在别人沮丧抛售的时候买入需要勇气,而勇气本身就是别人不愿为之的。

It takes courage to buy when others are despondently selling, and that's exactly why most people can't do it.

对于一个放松的长期持有者来说，他比那些频繁换手的交易者做得更好。

The relaxed investor is usually better informed, more understanding of essential values, more patient, and less emotional.

分散投资——在股票和债券中，如同在许多其他事情中一样，数量带来安全。

Diversify. In stocks and bonds, as in much else, there is safety in numbers.

跑赢市场是纪律的考验，而不是智力的比拼。

Outperforming the market is a test of discipline, not intelligence.

持有现金也是一种看法,只是很多人没有意识到。

Holding cash is also a point of view, only many people don't realize it.

股票投资中,永远在怀疑、悲观的时候最有价值。

In stock investing, the time of maximum value is always in doubt and pessimism.

投资有两种反应:选择一只股票进入,然后打起精神。

There are two types of responses in investing: choose a stock and then stiffen your spine.

如果你开始时祈祷，你能想得更清楚，犯更少的错。

If you begin with a prayer, you can think more clearly and make fewer mistakes.

在投资界最危险的四个字是『这次不同了』。

The four most expensive words in investing are: this time it's different.

假如你对所有问题都有答案，你甚至都不知道问题是些什么。

An investor who has all the answers doesn't even understand the questions.

投资者如果已经有了所有答案，那么他甚至都没有理解问题。

An investor who has all the answers doesn't even understand the questions.

在全世界范围内搜索，你会找到比只看一个国家更多的便宜货。

If you search worldwide, you will find more bargains and better bargains.

如果你和大多数人买同样的股票，你会得到和大多数人一样的结果。

If you buy the same securities as other people, you will have the same results.

把焦点放在价值上，因为大多数投资者都把焦点放在预测和趋势上。

Focus on value because most investors focus on outlooks and trends.

业绩最佳的，总是个人，而不是委员会。

The best performance is produced by a person, not a committee.

最低点买入是天才的事，普通人只需要在低点附近买入并坚持。

持有现金不丢人——但在错误的时候持有现金才是真正的错。

熊市永远是暂时的。

Bear markets have always been temporary.

如果你和其他人买入同样的股票，你得到的只能是和他们一样的收益。

除非你与绝大多数人做得不同，否则绝无可能创造出更好的收益。

当任何选股方法成为主流，便应转用其他方法。

应在短线投资者卖出后买入股票，在短线投资者买入后卖出。

不要因为犯了投资错误而耿耿于怀，更不要为了弥补上次损失而孤注一掷。

投资最大的敌人，是自己的情绪——恐惧让你卖在低点，贪婪让你买在高点。

股价的波动幅度大致与价格的平方根成比例。

在别人沮丧地卖出时买入，在别人贪婪地买入时卖出，这需要无比坚定，但也会给你最大的回报。

如果放眼全球，你会比只研究单一国家时发现更多、更好的廉价股票。

当你买进股票时，你必须考虑：如果市场明天关闭并不再开市，你将如何看待这笔投资？

极度悲观之时，正是买入的最佳时机。

The time of maximum pessimism is the best time to buy.