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第四版「聰明的投資者」的序言 一隻牛的投資日記

http://feigan.blogspot.hk/2012/12/blog-post.html
Warren E. Buffet:
To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book ( The Intelligent Investor) precisely and clearly prescribes the proper framework. You must supply the emotional discipline.

If you follow the behavioral and business principles that Graham advocates--and if you pay special attention to the invaluable advice in Chapters 8 and 20--you will not get a poor result from your investments.

Whether you achieve outstanding results will depend on the effort and intellect you apply to your investments, as well as on the amplitudes of stock -market folly that prevail during your investing career.


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以上幾句是摘自巴菲特在Financial Analysts Journal, Nov/Dec 1976, 發表的文章,也是第四版「聰明的投資者」的序言。我個人體會是,

如果我們想要這世人最後是投資成功,秘訣是:
  • 對的策略
這書(The Intelligent Investor)所說的就是對的策略,尤其是第8和20篇。
 
我個人認為「 keep emotions from corroding that framework」
無非就是「信」。如果你不相信這個策略,稍微風吹草動,你就會起心動念,朝令夕改。

想要達到標青的成績,除了努力和聰明,還要看時勢。
三者之間,應先專注在努力,其餘的就相信一切都是好因緣。


時勢即系你這一生能有幾場金融風暴?
 When it's raining gold, reach for a bucket, not a thimble.
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