巴菲特：成功的投资者都具有这个特点
巴菲特：成功的投资者都具有这个特点When it comes toinvesting, knowing what you need to know is more important than just knowingthings.说到投资，知道自己需要什么比了解投资产品更重要。 You Don'tNeed to Have an Opinion on Every Stock or Investment你不需要懂每一只股票或投资产品One of the thingsthat successful investors tend to have in common is that they do not have anopinion on every stock in the Universe.成功的投资者共有的一个特点就是他们并不懂全球所有股票。The majorbrokerage firms, asset management groups, and commercial banks seem to feellike it is necessary to attach a rating to everything security that is traded.大型经纪公司、资产管理集团和商业银行好像都感觉有必要对所有安全交易进行评级。Some popularfinancial talk show hosts take pride in espousing their view on virtually everybusiness that’s traded.有些著名的财经访谈节目主持人对能评价所有的交易业务引以为傲。While this can beuseful when looking at corporate bonds and discovering whether they trade moretoward the AAA rating or junk bond side of the spectrum, in a lot of cases,this obsession with metrics is somewhat nonsensical.虽然这在观察企业债券并弄清是把钱投在了AAA级投资产品还是投在了垃圾债券时很有用，但在很多情况下，对指标的迷信有点荒谬。Investing is notan exact science. Paraphrasing two of the industries’ priests, you don't need to know a man's exactweight to know that he is fat, nor do you need to know a basketball player'sexact height to know he is very tall.投资并非精密科学。借用两位行业专家的话，你不需要知道一个人的具体体重就能知道他很胖，你也不需要知道一个篮球球员的具体身高就能知道他很高。If you focus ononly acting in those few instances where you have a clear winner and watch foropportunities that come along every once in a while, sometimes years apart, youare likely to do better than the Wall Street analysts that stay up nightstrying to decide if Union Pacific is worth $50 or $52.如果你只关注几种投资产品，确定自己稳赚，并找准偶尔出现的机会，有时是多年不遇的时机，你就能比华尔街分析师做得还要好，他们可能还要熬几宿来确定美国联合太平洋铁路公司的股票值$50还是$52。Instead, you waittill the stock is trading at $28 then pounce. When you find a truly excellentbusiness, you are often best served through near total passivity and holdinguntil death.你就可以等着直到该股票以$28交易时就下手，你发现真正好的商机时，通常是在几乎完全被动的情况下一辈子持有这只股票就能大赚一笔。This approach hasminted a lot of secret millionaires, including janitors earning near minimumwage and sitting atop $8,000,000 fortunes.这个方法造就了大批神秘百万富翁，包括门卫都能赚着最低工资，却坐拥8百万美元的资产。Why do investorsfind it so hard to admit that they don't have a clear-cut opinion about aspecific business at the current market price? Often, pride and, to some degreemental discomfort over the unknown, is the culprit.为什么投资者不愿意承认他们对于目前市场价格的某个特定投资产品并不十分清楚呢？通常是自尊心以及在某种程度上对未知的心理不适在作祟。For moreinformation on how to overcome these forces, read Rationality: The Investor’s Secret Weapon.想要获取更多关于如何克服这些阻力的信息，请阅读《Rationality: TheInvestor’s Secret Weapon》。Know Every Company(Or at Least, a Whole Lot of Them!)了解每家公司（或至少大多数公司！）Even if you don'thave an opinion on the specific attractiveness of most stocks at any givenmoment, you should know as many businesses as you can across as many sectorsand industries as you can. 即使在特定时期你不懂大多数股票的特定优势，你也应该尽可能多了解多个行业和产业的公司。This means beingfamiliar with things like return on equity and return on assets. 这意味着你能熟悉股本回报率和资产回报率这样的东西。It meansunderstanding why two businesses that appear similar on the surface can havevery different underlying economic engines; what separates a good business froma great business.也能理解为什么两个产品表面上看起来差不多，却有着截然不同的潜在经济引擎，这也是好的产品和优秀产品的区别所在。When asked whatadvice he would give a young investor trying to enter the business today,Warren Buffett said that he would systematically get to know as many businessesas he could because that bank of knowledge would serve as a tremendous assetand competitive advantage.沃伦•巴菲特在被问及会给现在想进入商界的年轻投资者什么建议时，曾说过他会系统地尽可能多了解一些投资产品，因为这一知识库将成为巨大资产和竞争优势。For example, whensomething happened that you thought would increase the profits of coppercompanies, if you knew the industry ahead of time, including the relativeposition of the different firms, you'd be able to act much more quickly andwith a much more complete understanding of the full picture, than if you had tobecome familiar with not only the industry but all of the players within itover a compressed period of time. 比如有你觉得会提高铜矿企业利润的事情发生时，如果你提前了解了这一产业，包括不同企业的相对地位，就比你在有限时间内要熟悉这一产业以及所有产业内的公司能更快采取行动，思虑得也更周全。(Realize thatthere are no shortcuts for this step if your aim is mastery. When the host ofthe television show responded to Buffett, "But there are 24,000 publiclytraded companies!" Warren responded, "Start with the A’s").（你要明白，想要掌控全局就没有捷径可走。当电视节目主持人反问巴菲特：“但上市公司有24,000家呢！”，巴菲特回答说：“从行业领先的开始了解吧。”）大连华工创新科技股份有限公司拥有全球领先技术、十年品质保证、贴心的售前售后服务，优秀的研发团队，保证客户不同的需求。有意者请登录www.hgcx.cn或致电0411-39525022密封点胶机,胶条发泡机,聚氨酯涂胶机,机柜密封打胶机,双组份淋胶机,板材刷胶机,断桥铝门窗注胶机涂胶机密封点胶机 机柜密封 机器人涂胶机 胶条发泡机 断桥铝注胶机 穿条发泡 板材刷胶机 汽车涂胶机 全自动点胶机 PU发泡机 密封胶条设备 汽车后视镜，倒车镜玻璃粘接设备视频Website： HGIT Dispensing system dispensing machine for Cabinets CNC PU Seal Pouring Machine Foam sealing gasket machine Injection (Potting) Machine barrier-strip foam technique Customized production solutions Foam sealing machine (FIPFG) Warm Edge Spacer Forming Machine PU foam dispensing machine Glue Dispensing Robot strip feeding PU foam Foam in Place Gasket machine 1K PU foam dispensing machine
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