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添加时间:2020-04-15 15:17:37 浏览次数: 作者:未知
  • hen it comes to investing, knowing what you need to know is more important than just knowing things.


    You Don't Need 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 things that successful investors2 tend to have in common is that they do not have an opinion on every stock in the Universe.


    The major brokerage firms, asset management groups, and commercial banks seem to feel like it is necessary to attach a rating to everything security that is traded.


    Some popular financial talk show hosts take pride in espousing3 their view on virtually every business that's traded.


    While this can be useful when looking at corporate4 bonds and discovering whether they trade more toward the AAA rating or junk bond side of the spectrum5, in a lot of cases, this obsession6 with metrics is somewhat nonsensical.


    Investing is not an exact science. Paraphrasing7 two of the industries' priests, you don't need to know a man's exact weight to know that he is fat, nor do you need to know a basketball player's exact height to know he is very tall.


    If you focus on only acting8 in those few instances where you have a clear winner and watch for opportunities that come along every once in a while, sometimes years apart, you are likely to do better than the Wall Street analysts9 that stay up nights trying to decide if Union Pacific is worth $50 or $52.


    Instead, you wait till the stock is trading at $28 then pounce10. When you find a truly excellent business, you are often best served through near total passivity and holding until death.


    This approach has minted a lot of secret millionaires, including janitors11 earning near minimum wage and sitting atop $8,000,000 fortunes.


    Why do investors find it so hard to admit that they don't have a clear-cut opinion about a specific business at the current market price? Often, pride and, to some degree mental discomfort12 over the unknown, is the culprit.


    For more information on how to overcome these forces, read Rationality: The Investor1'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: The Investor'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't have an opinion on the specific attractiveness of most stocks at any given moment, you should know as many businesses as you can across as many sectors13 and industries as you can.


    This means being familiar with things like return on equity14 and return on assets.


    It means understanding why two businesses that appear similar on the surface can have very different underlying15 economic engines; what separates a good business from a great business.


    When asked what advice he would give a young investor trying to enter the business today, Warren Buffett said that he would systematically16 get to know as many businesses as he could because that bank of knowledge would serve as a tremendous asset and competitive advantage.


    For example, when something happened that you thought would increase the profits of copper17 companies, if you knew the industry ahead of time, including the relative position of the different firms, you'd be able to act much more quickly and with a much more complete understanding of the full picture, than if you had to become familiar with not only the industry but all of the players within it over a compressed period of time.


    (Realize that there are no shortcuts18 for this step if your aim is mastery. When the host of the television show responded to Buffett, "But there are 24,000 publicly traded companies!" Warren responded, "Start with the A's").


     10级    双语 


    1 investor [ɪnˈvestə(r)] aq4zNm   第8级
    • My nephew is a cautious investor. 我侄子是个小心谨慎的投资者。
    • The investor believes that his investment will pay off handsomely soon. 这个投资者相信他的投资不久会有相当大的收益。
    2 investors [ɪn'vestəz] dffc64354445b947454450e472276b99   第8级
    n.投资者,出资者( investor的名词复数 )
    • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
    • a cash bonanza for investors 投资者的赚钱机会
    3 espousing [ɪˈspaʊzɪŋ] 216c37c1a15b0fda575542bd2acdfde0   第10级
    v.(决定)支持,拥护(目标、主张等)( espouse的现在分词 )
    4 corporate [ˈkɔ:pərət] 7olzl   第7级
    • This is our corporate responsibility. 这是我们共同的责任。
    • His corporate's life will be as short as a rabbit's tail. 他的公司的寿命是兔子尾巴长不了。
    5 spectrum [ˈspektrəm] Trhy6   第7级
    • This is a kind of atomic spectrum. 这是一种原子光谱。
    • We have known much of the constitution of the solar spectrum. 关于太阳光谱的构成,我们已了解不少。
    6 obsession [əbˈseʃn] eIdxt   第7级
    • I was suffering from obsession that my career would be ended. 那时的我陷入了我的事业有可能就此终止的困扰当中。
    • She would try to forget her obsession with Christopher. 她会努力忘记对克里斯托弗的迷恋。
    7 paraphrasing [ˈpærəˌfreɪzɪŋ] fdeefb30a32393bb604e0572639b2621   第9级
    v.释义,意译( paraphrase的现在分词 )
    • I'm paraphrasing but this is honestly what he said. 我是在转述,但这的确是他说的意思。 来自柯林斯例句
    8 acting [ˈæktɪŋ] czRzoc   第7级
    • Ignore her, she's just acting. 别理她,她只是假装的。
    • During the seventies, her acting career was in eclipse. 在七十年代,她的表演生涯黯然失色。
    9 analysts ['ænəlɪsts] 167ff30c5034ca70abe2d60a6e760448   第9级
    分析家,化验员( analyst的名词复数 )
    • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
    • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
    10 pounce [paʊns] 4uAyU   第10级
    • Why do you pounce on every single thing I say? 干吗我说的每句话你都要找麻烦?
    • We saw the tiger about to pounce on the goat. 我们看见老虎要向那只山羊扑过去。
    11 janitors [ˈdʒænɪtəz] 57ca206edb2855b724941b4089bf8ca7   第9级
    n.看门人( janitor的名词复数 );看管房屋的人;锅炉工
    • The janitors were always kicking us out. 守卫总是将~踢出去。 来自互联网
    • My aim is to be one of the best janitors in the world. 我的目标是要成为全世界最好的守门人。 来自互联网
    12 discomfort [dɪsˈkʌmfət] cuvxN   第8级
    • One has to bear a little discomfort while travelling. 旅行中总要忍受一点不便。
    • She turned red with discomfort when the teacher spoke. 老师讲话时她不好意思地红着脸。
    13 sectors ['sektəs] 218ffb34fa5fb6bc1691e90cd45ad627   第7级
    n.部门( sector的名词复数 );领域;防御地区;扇形
    • Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
    • Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》
    14 equity [ˈekwəti] ji8zp   第8级
    • They shared the work of the house with equity. 他们公平地分担家务。
    • To capture his equity, Murphy must either sell or refinance. 要获得资产净值,墨菲必须出售或者重新融资。
    15 underlying [ˌʌndəˈlaɪɪŋ] 5fyz8c   第7级
    • The underlying theme of the novel is very serious. 小说隐含的主题是十分严肃的。
    • This word has its underlying meaning. 这个单词有它潜在的含义。
    16 systematically [ˌsɪstə'mætɪklɪ] 7qhwn   第7级
    • This government has systematically run down public services since it took office.这一屆政府自上台以来系统地削减了公共服务。
    • The rainforest is being systematically destroyed.雨林正被系统地毀灭。
    17 copper [ˈkɒpə(r)] HZXyU   第7级
    • The students are asked to prove the purity of copper. 要求学生们检验铜的纯度。
    • Copper is a good medium for the conduction of heat and electricity. 铜是热和电的良导体。
    18 shortcuts [ˈʃɔ:tˌkʌts] ebf87251d092a6de9c12cc3e85c1707a   第8级
    n.捷径( shortcut的名词复数 );近路;快捷办法;被切短的东西(尤指烟草)
    • In other words, experts want shortcuts to everything. 换句话说,专家需要所有的快捷方式。 来自About Face 3交互设计精髓
    • Offer shortcuts from the Help menu. 在帮助菜单中提供快捷方式。 来自About Face 3交互设计精髓

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