只投资少数你真正理解的公司,而不是凑满你的第三十或第五十个选择。
It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to your thirtieth or fiftieth favorite pick...
只投资少数你真正理解的公司,而不是凑满你的第三十或第五十个选择。
It just seems logical that sticking to investing in only a small number of companies that you understand well, rather than moving down the list to your thirtieth or fiftieth favorite pick...
这句话究竟在说什么
格林布拉特反对'为了分散而分散':当你把清单越往下翻、买越不熟的公司,风险反而上升。宁可重仓少数真正懂的'前几名',也不要用不懂的第50名凑数。集中+理解,胜过分散+无知。
给普通投资者的可执行清单
一个真实故事 / 场景化情节
格林布拉特在哥大授课时反复强调:他早期就是因为只做自己能吃透的特殊事件(spin-off、并购套利),才实现高回报。那些为'凑够分散'而买的第30名以后的标的,往往是最容易踩雷的。
这句话在该大师思想体系里的位置
格林布拉特:'**只投资少数你真正理解的公司,而非凑满第五十个选择。**' 巴菲特:'**风险来自于你不知道自己在做什么。**'
你不需要做对很多事情,重要的是避免犯重大的错误。我们从不试图在7英尺高的栏上跳过去,我们寻找的是1英尺高的、我们能跨过去的栏。
You don't have to be right on everything. You just have to avoid the big mistakes. We don't jump over seven-foot bars. We look for one-foot bars that we can step over.
你最大的竞争优势不在于你知道什么,而在于你清楚地知道你不知道什么。承认无知是智慧的开端。
Your greatest competitive advantage lies not in what you know, but in knowing clearly what you don't know. Acknowledging ignorance is the beginning of wisdom.
永远不要投资你拿蜡笔画不出来的公司。
Never invest in any idea you can't illustrate with a crayon.
关注你所在行业的公司,这些是你最可能了解的公司。
Focus on companies in your industry; these are the ones you are most likely to understand.