加拿大华人论坛 加拿大生活信息炒股的TZ看过来. Buffett 1987 letter to shareholders

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Ben Graham, my friend and teacher, long ago described the mental attitude toward market fluctuations that I believe to be most conducive to investment success. He said that you should imagine market quotations as coming from a remarkably accommodating fellow named Mr. Market who is your partner in a private business. Without fail, Mr. Market appears daily and names a price​at which he will either buy your interest or sell you his. ​Even though the business that the two of you own may have economic characteristics that are stable, Mr. Market’s quotations will be anything but. For, sad to say, the poor fellow has incurable emotional problems. At times, he feels euphoric and can see only the favorable factors affecting​the business. When in that mood, he names a very high buy-sell price because he fears that you will snap up his interest and rob him of imminent gains.​At other times he is depressed and can see nothing but trouble ahead for both the business and the world. On these occasions he will name a very low price, since he is terrified that you will unload your interest on him.​Mr. Market has another endearing characteristic: He doesn’t mind being ignored. If his quotation is uninteresting to you today, he will be back with a new one tomorrow.​Transactions are strictly at your option. Under these conditions, the more manic-depressive his behavior, the better for you.​But, like Cinderella at the ball, you must heed one warning or everything will turn into pumpkins and mice: Mr. Market is there to serve you, not to guide you. It is his pocketbook, not his wisdom, that you will find useful.​If he shows up someday in a particularly foolish mood, you are free to either ignore him or to take advantage of him, but it will be disastrous if you fall under his influence. Indeed, if you aren’t certain that you understand and can value your business far better than Mr. Market, you don’t​belong in the game. As they say in poker, “If you’ve been in the game 30 minutes and you don’t know who the patsy is, you’re the patsy.”​Ben’s Mr. Market allegory may seem out-of-date in today’s investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising “Take two aspirins”?​In my opinion, investment success will not be produced by arcane formulae, computer programs or signals flashed by the price behavior of stocks and markets. Rather, an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace. In my own effort to stay insulated, I have found it highly useful to keep Ben’s Mr. Market concept firmly in mind.​

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回复: 炒股的TZ看过来. Buffett 1987 letter to shareholders这世界上看巴菲特的书和信的人太多了。 但是又有谁真的能做到他的投资原则。 “别人贪婪的时候我恐惧， 别人恐惧的时候我贪婪。” 今年的股票让我身边的人损失惨重， 严重的时候， 一天一个宝马扔河里。

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