再读一遍几位投资大师对股市投资的经典语录

An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return.

Operations not meeting these requirements are speculative. — Benjamin Graham, Security Analysis, 1934

From Chapter 20 of Benjamin Graham's book The Intelligent Investor:

"Investment is most intelligent when it is most businesslike.

It is amazing to see how many capable businessmen try to operate in Wall Street with complete disregard of all the sound principles through which they have gained success in their own undertakings. Yet every corporate security may best be viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise. And if a person sets out to make profits from security purchases and sales, he is embarking on a business venture of his own, which must be run in accordance with accepted business principles if it is to have a chance of success."

"有人鼓吹长线投资,把长线投资吹得天花乱坠.其实长线的风险不比短线小多少.以巴菲特吹得最牛的可口可乐为例.如果你是1998年高位$44买进的.2003年最低跌到$19.2009年最低跌到$18.如果是小钱,那无所谓.如果是大钱,你能守得住吗?18年过去了,应该算长线了吧!可口可乐今天的收市价是$41.67.这18年你不过是每年拿2-3%的红利而已,股价至今还是负的.这是长线投资一个算是比较成功的例子.如果你买错股票做长线,过几年那就不是一个惨字了得."

1998年的时候，KO的ＰＥ值在６０以上。这是个什么概念呢？大致相当于用１．５％ＣＡＰ买入出租房。如果有一位网友在读了老朽关于出租房的贴子后，用1.5%CAP的价格买入出租房，然后过了些年，他的投入没有回报，大家觉得这位网友是否有资格指责老朽的误导呢？如果你觉得这里没有老朽的任何责任，那么同样的事情发生在股市上，谁应该承担责任？

It is amazing to see how many capable businessmen try to operate in Wall Street with complete disregard

of all the sound principles through which they have gained success in their own undertakings.
 

2011年，老巴印度之行的谈话

“If you look at the typical stock on the New York Stock Exchange, its high will be, perhaps, for the last 12 months will be 150 percent of its low so they’re bobbing all over the place. All you have to do is sit there and wait until something is really attractive that you understand.”

“There’s almost nothing where the game is stacked more in your favor like the stock market”

“What happens is people start listening to everybody talk on television or whatever it may be or read the paper, and they take what is a fundamental advantage and turn it into a disadvantage. There’s no easier game than stocks. You have to be sure you don’t play it too often”

“天天跟新闻读报，太费心费神了。 ”

世界上最伟大的投资大师告示你不要胡乱听取各类废话，你为什么还是那么的迷恋追从各类的废话？

卡尔•伊坎在 DealBook Conference 2015 的访谈：说实话，你说有哪个人真能知道哪只股票会涨、哪只会跌。这样的人，我根本没见过。

Warren Buffett — 'Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.'

、

最成功的投资大师都不去预测未来，可是有许许多多的普通人还是认为只有能预测未来。为什么？

我在这里看到抱怨股市的人，全部是投机者，没有一个是投资者？

我感到庆幸，我也感到惋惜！