Let me add a few thoughts about your own investments. Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.
對於各位個人的投資方式，讓我提供一點心得給各位參考，大部分的投資人，不管法人或是散戶，可能會認為投資股票最好的方式是直接去買手續費低廉的指數型基金，當然這樣的做法所得到的結果(在扣除相關手續費用之後)，應該可以很輕易地擊敗市場上大部分的投資專家。
Should you choose, however, to construct your own portfolio, there are a few thoughts worth remembering. Intelligent investing is not complex, though that is far from saying that it is easy. What an investor needs is the ability to correctly evaluate selected businesses. Note that word "selected": You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.
其實你也可以選擇建立自己的投資組合，但有幾點是大家必須特別注意的，智慧型投資並不複雜，當然它也不是一件容易的事，投資人真正需要具備的是給予所選擇的企業正確評價的能力，請特別注意"所選擇"這個字，你不必像很多專家一樣同時研究許多家公司，相反的你要做的只是選擇少數幾家在你能力範圍之內的公司就好，能力範圍的大小並不重要，要緊的是你要很清楚自己的能力範圍。
To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.
投資要成功，你不需要研究什麼是Beta值、效率市場、現代投資組合理論、選擇權定價或是新興市場，事實上大家最好不要懂得這一些理論，當然我這種看法與目前以這些課程為主流的學術界有明顯不同，就我個人認為，有志從事投資的學生只要修好兩門課程-亦即"如何給予企業正確的評價"以及"思考其與市場價格的關係"即可。
Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value.
身為一位投資人，大家其實只要以合理的價格買進一些很容易了解且其盈餘在未來五到十年內會大幅成長的企業的部份股權，當然一段時間下來，你會發現只有少數幾家公司符合這樣的標準，所以要是你真的找到這樣的公司，那就一定要買進足夠份量的股權，在這期間，你必須盡量避免自己受到外界誘惑而偏離這個準則，如果你不打算持有一家公司股份十年以上，那最好連十分鐘你都不要擁有它，在慢慢找到這樣盈餘加總能持續累積的投資組合後，你就會發現其市值也會跟著穩定增加。
沒有留言:
張貼留言