了解你拥有的,并知道你拥有它的原因。
Know what you own, and know why you own it.
了解你拥有的,并知道你拥有它的原因。
Know what you own, and know why you own it.
这句话究竟在说什么
买之前写清'逻辑',跌时才不慌。林奇要求每个持仓都有一句话能说清的买入理由:是业绩反转、行业景气还是估值修复?理由在,持有就稳;理由破,就卖。误读是'买了就研究'——研究应在下单前完成,而不是套牢后。
给普通投资者的可执行清单
一个真实故事 / 场景化情节
林奇管理的麦哲伦基金13年年化约29%,秘诀之一就是'先懂后买'。他要求研究员把公司讲得像给家人解释一样清楚,含糊其辞的一律不投——清晰的逻辑是扛过波动的底气。
这句话在该大师思想体系里的位置
格雷厄姆:'你既不因人群反对而对错,只因数据推理正确才对。'
你不必在每场游戏中都参与。事实上,只参与那些你明显有优势的游戏,是长期获胜的唯一途径。
You don't have to play every game. In fact, only playing the games where you have a clear edge is the only path to long-term victory.
业余投资者只要花一点时间研究自己熟悉的行业,完全有能力战胜华尔街的专业基金经理。
The amateur investor has a huge advantage over the professional — all they need to do is spend a little time researching what they already know.
了解世界的最好方式,就是亲自去看看。
The best way to understand the world is to go out and see it for yourself.
你得有多大毛病才会去投资一家让你焦虑的公司啊?
What kind of problem do you have to invest in a company that makes you anxious?