1.Begin with a prayer. If you begin with a prayer, you can think more clearly and make fewer mistakes.
1.信仰有助于投資。如果你從祈禱開始，你就能想的更清楚，少犯錯誤。
2.Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor. The real challenge is making investment decisions that are better than those of the professionals who manage the big institutions.
2.投資市場是一項很難的任務(wù)。它的難度不是做出比普通的投資者更好的決策這么簡單，真正的挑戰(zhàn)是要做出比那些運(yùn)作大公司的專業(yè)人士更好的投資決策。
3.Invest - don't trade or speculate. The stock market is not a casino, but if you move in or out of stocks every time they move a point or two, the market will be your casino. And you may lose eventually - or frequently.
3.投資——不要交易或投機(jī)。股市不是*。但如果每次股票變動一兩個點你就買進(jìn)或賣出，股市就變成你的*了。你可能最終會徹底失敗——或者經(jīng)常失敗。
4.Buy value, not market trends or the economic outlook. Ultimately, it is the individual stocks that determine the market, not vice versa. Individual stocks can rise in a bear market and fall in a bull market. So buy individual stocks, not the market trend or economic outlook.
4.注重股票價值，而不是股市走向或經(jīng)濟(jì)前景。說到底，是一支支股票決定了股市走向，而不是相反。即使是熊市也有股票上漲，牛市也有股票下跌。所以買股票要注重個股的價值，而不是股市走向或經(jīng)濟(jì)前景。
5.When buying stocks, search for bargains among quality stocks. Determining quality in a stock is like reviewing a restaurant. You don't expect it to be 100% perfect, but before it gets three or four stars you want it to be superior.
5.買股票的時候，在優(yōu)質(zhì)股票中尋找特價的。確定股票的品質(zhì)就像考察餐廳一樣。你不會指望它的完美，但在它達(dá)到三星或四星的評定行之前你會希望它表現(xiàn)良好。
6.Buy low. So simple in concept. So difficult in execution. When prices are high, a lot of investors are buying a lot of stocks. Prices are low when demand is low. Investors have pulled back, people are discouraged and pessimistic. But if you buy the same securities everyone else is buying, you will have the same results as everyone else. By definition, you cannot outperform the market.
6.低價買入。理論上非常簡單，但執(zhí)行起來卻如此之難。當(dāng)價格很高時，一群投資者購買大量的股票。當(dāng)需求減少價格下降時，投資者們撤退了，人們變得膽小又悲觀。但如果你和其他人買同樣的股票，你只能和其他人得到同樣的結(jié)果。按照我們的原則2，你不能市場。
7.There's no free lunch. Never invest on sentiment. Never invest solely on a tip. You would be surprised how many investors do exactly this. Unfortunately there is something compelling about a tip. Its very nature suggests inside information, a way to turn a fast profit.
7.天底下沒有免費(fèi)的午餐。別聽信空穴來風(fēng)。不要在小道消息上孤注一擲。你要是知道有多少投資者這么干可能會驚訝的。不幸的是小道消息總有點煽動性。它們非常自然的暗示有內(nèi)部消息可以快速贏得利潤。
1.信仰有助于投資。如果你從祈禱開始，你就能想的更清楚，少犯錯誤。
2.Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor. The real challenge is making investment decisions that are better than those of the professionals who manage the big institutions.
2.投資市場是一項很難的任務(wù)。它的難度不是做出比普通的投資者更好的決策這么簡單，真正的挑戰(zhàn)是要做出比那些運(yùn)作大公司的專業(yè)人士更好的投資決策。
3.Invest - don't trade or speculate. The stock market is not a casino, but if you move in or out of stocks every time they move a point or two, the market will be your casino. And you may lose eventually - or frequently.
3.投資——不要交易或投機(jī)。股市不是*。但如果每次股票變動一兩個點你就買進(jìn)或賣出，股市就變成你的*了。你可能最終會徹底失敗——或者經(jīng)常失敗。
4.Buy value, not market trends or the economic outlook. Ultimately, it is the individual stocks that determine the market, not vice versa. Individual stocks can rise in a bear market and fall in a bull market. So buy individual stocks, not the market trend or economic outlook.
4.注重股票價值，而不是股市走向或經(jīng)濟(jì)前景。說到底，是一支支股票決定了股市走向，而不是相反。即使是熊市也有股票上漲，牛市也有股票下跌。所以買股票要注重個股的價值，而不是股市走向或經(jīng)濟(jì)前景。
5.When buying stocks, search for bargains among quality stocks. Determining quality in a stock is like reviewing a restaurant. You don't expect it to be 100% perfect, but before it gets three or four stars you want it to be superior.
5.買股票的時候，在優(yōu)質(zhì)股票中尋找特價的。確定股票的品質(zhì)就像考察餐廳一樣。你不會指望它的完美，但在它達(dá)到三星或四星的評定行之前你會希望它表現(xiàn)良好。
6.Buy low. So simple in concept. So difficult in execution. When prices are high, a lot of investors are buying a lot of stocks. Prices are low when demand is low. Investors have pulled back, people are discouraged and pessimistic. But if you buy the same securities everyone else is buying, you will have the same results as everyone else. By definition, you cannot outperform the market.
6.低價買入。理論上非常簡單，但執(zhí)行起來卻如此之難。當(dāng)價格很高時，一群投資者購買大量的股票。當(dāng)需求減少價格下降時，投資者們撤退了，人們變得膽小又悲觀。但如果你和其他人買同樣的股票，你只能和其他人得到同樣的結(jié)果。按照我們的原則2，你不能市場。
7.There's no free lunch. Never invest on sentiment. Never invest solely on a tip. You would be surprised how many investors do exactly this. Unfortunately there is something compelling about a tip. Its very nature suggests inside information, a way to turn a fast profit.
7.天底下沒有免費(fèi)的午餐。別聽信空穴來風(fēng)。不要在小道消息上孤注一擲。你要是知道有多少投資者這么干可能會驚訝的。不幸的是小道消息總有點煽動性。它們非常自然的暗示有內(nèi)部消息可以快速贏得利潤。