你不必多聪明,只要长期比对手平均聪明一点点。
You don't have to be brilliant, only a little bit wiser than the other guys, on average, over a long period of time.
你不必多聪明,只要长期比对手平均聪明一点点。
You don't have to be brilliant, only a little bit wiser than the other guys, on average, over a long period of time.
这句话究竟在说什么
芒格在说'长期+小优势'的复利威力。你不需要每次都赢、不需要比所有人聪明,只要在足够长的时间里,平均比市场参与者理性一点点,时间就会把这点优势放大成巨大差距。误读是追求'一击必杀'的灵感;他要的是可持续的微小正确。
给普通投资者的可执行清单
一个真实故事 / 场景化情节
伯克希尔1965—2022年年化回报约19.8%,标普500约9.9%,看似每年只多10个点,但57年下来1美元变成近4万倍,而指数仅约250倍。差距不是某年神准,而是几十年'平均聪明一点点'的累积。
这句话在该大师思想体系里的位置
芒格:'**复利的第一条规则是:除非必要,永远别打断它。**'
投资者因为准备回调或预测回调而损失的钱,远比回调本身造成的损失多得多。
Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.
理解复利的力量和获得它的难度,是理解许多事情的核心。
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.
市场注意力总是在寻找新的增长点。
如果你不觉得去年的自己是个傻瓜,那说明你今年没有学到足够多的东西。
If you don't look back on yourself and think how stupid I was a year ago, then you haven't learned much.