安东尼·波顿

逆向投资最难的地方在于：你必须在感觉最糟糕的时候买入，在感觉最好的时候卖出。

The hardest part of contrarian investing is that you have to buy when it feels worst and sell when it feels best.

最好的投资机会往往在没人关注的地方。

当一只股票的利空消息已经出尽，而价格仍在下跌，往往就是买入时机。

When all the bad news is out and the price keeps falling, it's often time to buy.

在市场中，最重要的不是你有多聪明，而是你愿意承认错误的速度有多快。

In markets, what matters most is not how smart you are, but how quickly you admit mistakes.

最好的投资机会常常藏在那些没人愿意看的角落里。

The best investment opportunities often hide in corners no one wants to look at.

如果你是房间里最聪明的人，那你就进错了房间。

If you're the smartest person in the room, then you're in the wrong room.

我从不试图预测市场，我只是试图在价格远低于价值时买入。

I never try to predict the market. I just try to buy when price is far below value.

投资中最重要的不是你知道什么，而是你清楚自己不知道什么。

In investing, what matters most is not what you know, but what you know you don't know.

好的投资往往看起来无聊，而坏的投资往往令人兴奋。

Good investments often look boring; bad investments often look exciting.

在市场最悲观的时候买入，需要的不是勇气，而是纪律。

Buying at peak pessimism requires not courage, but discipline.

每一次危机都是一次学习的机会，前提是你能活下来。

Every crisis is a learning opportunity, provided you survive it.

投资人最重要的品质是独立思考，而不是智商。

The most important quality for an investor is independent thinking, not IQ.

大多数所谓的专家都不是。许多专家从不改变观点。

Many supposed experts are not. Many experts never change their view.

市场是未来贴现的高手，永远不要低估这一点。

The stock market is an excellent discounter of the future – never underestimate this.

我们所有人都高估了自己的投资能力。

We all think we are better at investment than we are.

当你手里握着鱼时，你得知道何时该拉线，何时该放线。

When you have a fish on the line you have to know when to pull them in and when to give them more line.

不要和市场趋势反着干，也不要盲目顺着它。

Don't try to fight the market trend, but don't blindly follow it.

没有哪种单一估值指标能给你全部答案。

I'm often asked what my favourite valuation measure is. My answer is that I don't have one.

将估值大大低于历史的资产买入，会显著增加赚钱的概率。

Buying when valuations are low against history substantially increases your chance of making money.

一旦买了股票，我们就会关闭接受『当初决策错了』的心智。

Once we buy shares, we become less open to the idea that our decision to buy was wrong.

少于十年的估值历史往往会误导你。

Less than ten-year data I find can be misleading as they will not contain enough variety of business conditions.

我们赚钱时过于保守，亏钱时过于放松。

We are too conservative when we take gains and too relaxed in running losses.