The $65 billion gain is nonetheless real – rest assured of that. But only $36 billion came from Berkshire’soperations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code. 作者:
Curry 時間: 2018-2-24 22:12
(節錄自#1)The bet illuminated another important investment lesson: Though markets are generally rational, they occasionally do crazy things. Seizing the opportunities then offered does not require great intelligence, a degree in economics or a familiarity with Wall Street jargon such as alpha and beta. What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals. A willingness to look unimaginative for a sustained period – or even to look foolish – is also essential.這次打賭讓我們得到另一個重要的教訓。雖然市場通常是理性的，但偶爾也會變得瘋狂。抓住市場機會並不需要大智慧，不需要經濟學學位或熟悉華爾街的術語，比如alpha與beta。投資者真正需要的是不要理睬大眾的恐懼與貪婪，而要把注意力集中在幾個簡單的基本面上。願意被其它人在很長時間裡認為沒有想像力，甚至愚蠢也是必要的。
This table offers the strongest argument I can muster against ever using borrowed money to own stocks.
There is simply no telling how far stocks can fall in a short period. Even if your borrowings are small and your
positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.
In the next 53 years our shares (and others) will experience declines resembling those in the table. No one
can tell you when these will happen. The light can at any time go from green to red without pausing at yellow.
When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped
by debt. That’s the time to heed these lines from Kipling’s If:
“If you can keep your head when all about you are losing theirs . . .
If you can wait and not be tired by waiting . . .
If you can think – and not make thoughts your aim . . .
If you can trust yourself when all men doubt you...
Yours is the Earth and everything that’s in it.”作者:
polyperry 時間: 2018-2-25 16:46
