投资随想:A股适合价值投资吗?
上次在雪球看到这个愚蠢主题讨论后写了篇骂文,今天偶然发现,芒格的书上的这幅插图,已经完整深刻的表达了我对这个经久不衰的愚蠢问题的真实感受。
附骂文:
A股适合价值投资吗?就让我再骂一次这经久不衰的愚蠢问题。
A股适合价值投资吗?这个问题愚蠢之极,A股简直是价值投资者的天堂,对这个问题有疑问的,基本完全不懂什么叫投资。每次看到这个愚蠢的问题,都想骂几句,下面把我几年前写的几段东西照搬过来,凑个骂数:
投资不是投资于价值,那投的什么?在任何股市,有哪个股票的价格能长期背离其价值?这个问题就好比:“哇,这里这么多黄金,但是怎么有很多猪在不断那里叼起,吐出黄金?这些黄金还适合我捡吗?”任何股市的基石都是投资于公司的股权,股票背后都是实实在在的公司股份,股市不适合价值投资?股市难道适合投机和赌博?有几个人靠投机和赌博在股市长存的?
有很多人哀叹中国不适合价值投资,而我一直认为,从竞争的角度分析一下,可推断出:事实上,猪越多的市场越适合价值投资。优点主要有二:1.猪越多,产生大机会的概率越大。2.猪越多,猪的逐渐减少的过程,本身也是一个收割的过程。而投资者需要的只是更多的耐心。
巴菲特其实早就亲自回答了这个问题:
Such markets are ideal for any investor - small or large - so long as he sticks to his investment knitting. Volatility caused by money managers who speculate irrationally with huge sums will offer the true investor more chances to make intelligent investment moves. He can be hurt by such volatility only if he is forced, by either financial or psychological pressures, to sell at untoward times.
上次在雪球看到这个愚蠢主题讨论后写了篇骂文,今天偶然发现,芒格的书上的这幅插图,已经完整深刻的表达了我对这个经久不衰的愚蠢问题的真实感受。
附骂文:
A股适合价值投资吗?就让我再骂一次这经久不衰的愚蠢问题。
A股适合价值投资吗?这个问题愚蠢之极,A股简直是价值投资者的天堂,对这个问题有疑问的,基本完全不懂什么叫投资。每次看到这个愚蠢的问题,都想骂几句,下面把我几年前写的几段东西照搬过来,凑个骂数:
投资不是投资于价值,那投的什么?在任何股市,有哪个股票的价格能长期背离其价值?这个问题就好比:“哇,这里这么多黄金,但是怎么有很多猪在不断那里叼起,吐出黄金?这些黄金还适合我捡吗?”任何股市的基石都是投资于公司的股权,股票背后都是实实在在的公司股份,股市不适合价值投资?股市难道适合投机和赌博?有几个人靠投机和赌博在股市长存的?
有很多人哀叹中国不适合价值投资,而我一直认为,从竞争的角度分析一下,可推断出:事实上,猪越多的市场越适合价值投资。优点主要有二:1.猪越多,产生大机会的概率越大。2.猪越多,猪的逐渐减少的过程,本身也是一个收割的过程。而投资者需要的只是更多的耐心。
巴菲特其实早就亲自回答了这个问题:
Such markets are ideal for any investor - small or large - so long as he sticks to his investment knitting. Volatility caused by money managers who speculate irrationally with huge sums will offer the true investor more chances to make intelligent investment moves. He can be hurt by such volatility only if he is forced, by either financial or psychological pressures, to sell at untoward times.
#Englishidioms#
sit pretty
To be or remain in an ideal situation or advantageous position.
I think it's pretty disgusting that your company sat pretty while millions of people lost their homes as a result of your negligence.
sitting pretty
In an ideal living situation (typically because one is financially comfortable) or advantageous position.
With all the money you inherited from Aunt Myrtle, you'll be sitting pretty for the rest of your life.
I'll be sitting pretty for the rest of the semester if I can ace this test.
sit pretty
To be or remain in an ideal situation or advantageous position.
I think it's pretty disgusting that your company sat pretty while millions of people lost their homes as a result of your negligence.
sitting pretty
In an ideal living situation (typically because one is financially comfortable) or advantageous position.
With all the money you inherited from Aunt Myrtle, you'll be sitting pretty for the rest of your life.
I'll be sitting pretty for the rest of the semester if I can ace this test.
【早安】
未来有几个名字;对于软弱的人来说,未来叫做不可能;对游离不定的人来说,未来叫做未知;对于深思熟虑且有勇气的人来说,未来叫做理想。
The future has several names. For the weak, it is the impossible. For the fainthearted, it is the unknown. For the thoughtful and valiant, it is the ideal.
维克多‧雨果 (1802-1885) 是法国浪漫主义作家代表人物,为诗人、小说家,剧作家,他的小说以《孤星泪》及《钟楼怪人》最为著名,前者后来被改编为音乐剧《悲惨世界》。他的作品多与当代政治、社会及艺术议题有关。 https://t.cn/zRCHNZb
未来有几个名字;对于软弱的人来说,未来叫做不可能;对游离不定的人来说,未来叫做未知;对于深思熟虑且有勇气的人来说,未来叫做理想。
The future has several names. For the weak, it is the impossible. For the fainthearted, it is the unknown. For the thoughtful and valiant, it is the ideal.
维克多‧雨果 (1802-1885) 是法国浪漫主义作家代表人物,为诗人、小说家,剧作家,他的小说以《孤星泪》及《钟楼怪人》最为著名,前者后来被改编为音乐剧《悲惨世界》。他的作品多与当代政治、社会及艺术议题有关。 https://t.cn/zRCHNZb
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