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下面是沃爾特·施洛斯 1994 年寫的股市賺錢的 16 個要訣。按自己的理解翻譯的，網(wǎng)上有這段文字的翻譯，我覺得很多第一句話就翻得不太對…… On common stocks March 10,1994 Walter & Edwin Schloss Associates, L. P. Factors needed to make money in the stock market 1. Price is the most important factor to use in relation to value. 2. Try to establish the value of the company. Remember that a share of stock represents a part of a business and is not just a piece of paper. 3. Use book value as a starting point to try and establish the value of the enterprise. Be sure that debt does not equal 100% of the equity. (Capital and surplus for the common stock). 4. Have patience. Stocks don't go up immediately. 5. Don‘t buy on tips or for a quick move. Let the professionals do that, if they can. Don't sell on bad news. 6. Don’t be afraid to be a loner but be sure that you are correct in your judgment. You can't be 100% certain but try to look for weaknesses in your thinking. Buy on a scale and sell on a scale up. 7. Have the courage of your convictions once you have made a decision. 8. Have a philosophy of investment and try to follow it. The above is a way that I‘ve found successful. 9. Don't be in too much of a hurry to sell. If the stock reaches a price that you think is a fair one, then you can sell but often because a stock goes up say 50%, people say sell it and button up your profit. Before selling try to reevaluate the company again and see where the stock sells in relation to its book value. Be aware of the level of the stock market. Are yields low and P-E ratios high. If the stock market historically high. Are people very optimistic etc? 10 When buying a stock, I find it helpful to buy near the low of the past few years. A stock may go as high as 125 and then decline to 60 and you think it attractive. 3 years before the stock sold at 20 which shows that there is some vulnerability in it. 11. Try to buy assets at a discount than to buy earnings. Earnings can change dramatically in a short time. Usually assets change slowly. One has to know much more about a company if one buys earnings. 12. Listen to suggestions from people you respect. This doesn’t mean you have to accept them. Remember it's your money and generally it is harder to keep money than to make it. Once you lose a lot of money it is hard to make it back. 13. Try not to let your emotions affect your judgment. Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks. 14. Remember the work compounding. For example, if you can make 12% a year and reinvest the money back, you will double your money in 6 yrs, taxes excluded. Remember the rule of 72. Your rate of return into 72 will tell you the number of years to double your money. 15. Prefer stocks over bonds. Bonds will limit your gains and inflation will reduce your purchasing power. 16. Be careful of leverage. It can go against you. 股市賺錢要訣 沃爾特和埃德溫施洛斯有限合伙人公司 1994 年 3 月 10 日 1. 最重要的因素是價格，與價值相比是高是低。 2. 要確定公司的價值是多少。記住，股票代表企業(yè)的部分所有權(quán)，不只是一紙憑證。 3. 從凈資產(chǎn)入手，估算并確定企業(yè)的價值。負(fù)債一定不能等于 100% 的凈資產(chǎn)（普通股的股本和盈余留存）。 4. 有耐心。股票不會立即上漲。 5. 不聽消息或抓短線。專業(yè)人員要是有這個本事，你別模仿。別因為壞消息賣出。 6. 不害怕孤獨(dú)，但要確定自己的判斷正確。你無法 100% 確定，要尋找自己的邏輯中有什么弱點(diǎn)。下跌時分批買入，上漲時分批賣出。 7. 一旦做了決定，要有勇氣相信自己的判斷。 8. 找到并追隨合適的投資理念。我說的方法是適合我的。 9. 賣出時別太急。你可以在股票漲到了你認(rèn)為合理的價格時賣出。許多時候只是因為股票漲了，比如漲了 50%，人們就說賣掉鎖定利潤。賣出之前，要重新評估公司，比較價格與凈資產(chǎn)價值。要注意股市的估值水平：是不是股息率較低、市盈率較高？股市是否處于歷史高位？人們是否非常樂觀？ 10. 買入股票時，我發(fā)現(xiàn)最好在過去幾年的低位附近買入?？赡苡幸恢还善弊罡邼q到 125，然后跌到 60，你就動心了。三年前，這只股票的價格是 20。這說明這只股票現(xiàn)在還是有下跌的風(fēng)險。 11. 要打折買入資產(chǎn)，而不是買盈利。盈利的短期變化可能非常大，而資產(chǎn)一般變化緩慢。要是按盈利買入，對公司的理解就得深得多。 12. 你敬重的人給出了建議要傾聽，接不接受你自己決定。記住，錢是你自己的錢，賺錢容易守財難。一旦虧了很多錢，很難再賺回來。 13. 不要讓情緒影響判斷。買賣股票，最不該有的情緒或許就是貪婪和恐懼。 14. 記住復(fù)利原理。例如，你每年賺 12%，并將收益繼續(xù)投資，不考慮稅費(fèi)，資金會在 6 年以后翻倍。記住 72 法則：用 72 除以你的年收益率就可以知道，資金翻倍要幾年時間。 15. 股票比債券好。債券收益有限，通脹會降低購買力。 16. 小心杠桿，小心搬起石頭砸自己的腳。 |
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