Diversify, Especially If You Don't Know What You Are Doing!
必定要保持多样化,特别是在你不知道自己在做什么时!

In the words of famed e conomist John Maynard Keynes, diversification is insurance against ignorance.?
有名经济学家John Maynard Keynes说过量捕鱼电玩上下分样化是克服蒙昧的包管。

He believed that risk could actually be reduced by holding fewer investments and getting to know them extraordinarily well.?
他信赖少做几种投资并且异常懂得这些投资真的能降低风险。

Of course, the man was one of the most brilliant financial minds of the past century so this philosophy isn’t sound policy for most investors, especially if they can’t analyze financial statements or don’t know the difference between the Dow Jones Industrial Average and a Dodo.
固然他是之前一个世纪中最出色的金融人才网之一,所以这类说法关于大多半投资者来讲捕鱼电玩上下分听起来其实不是明智的选择,特别是有些人其实不克不及分析财务报表或不知道道琼斯工业均匀指数和Dodo之间差别。

These days, widespread diversification can be had at a fraction of the cost of what was possible even a few decades ago. With index funds, mutual funds, and dividend reinvestment programs, the frictional expenses of owning shares in hundreds of different companies have largely been eliminated or, at the very least, substantially reduced.?
现在即使只赚到几十年前能赚到的钱数你就可以应用日趋广泛的多样化的方法。随着指数基金、合营基金和股息再投资筹划的鼓起,拥稀有百家不合公司股分的磨擦费用曾经被大大清除,或许可以上下分的电玩软件至少大幅降低了。

This can help protect you against permanent loss by spreading your assets out over enough companies that if one or even a few of them go belly-up, you won’t be harmed. ?
这可以保护你免受弗成逆的损掉,把你的资产分散到足够多的公司中,假设个中捕鱼电玩上下分一家乃至几家公司破产,你也不会遭受捕鱼电玩上下分损掉。

In fact, due to a phenomenon is known as the mathematics of diversification, it will probably result in higher overall compounding returns on a risk-adjusted basis.
其实由于多样化数学景象的存在,很有能够会在风险调剂的基本上产生更高的综合复利。

One thing you want to watch for is correlation. Specifically, you want to look for uncorrelated risks so that your holdings are constantly offsetting each other to even out economic and business cycles.?
你要留意的就是接洽关系捕鱼电玩上下分红绩,详细来讲捕鱼电玩上下分就是你想要找到没有接洽关系捕鱼电玩上下分的风险,以便你所持的股票总能彼此补偿,在经济和贸易周期内持平。

When I first wrote the predecessor to this piece almost fifteen years ago, I warned that it wasn't enough to own thirty different stocks if half of them consisted of Bank of America, JP Morgan Chase, Wells Fargo, U.S. Bank, Fifth Third Bancorp, et cetera, because you may have owned a lot of shares in several different companies but you were not diversified; that a "systematic shock such as massive real estate loan failure could send shockwaves through the banking system, effectively hurting all of your positions", which is precisely what happened during the 2007-2009 collapse.?
差不多在15年前我第一次写下这个方法的上一个版本时就正告过,假设你持有的股票中有一半是美洲银行、摩根大通、富国银行、美国合众银行、五三银行如许的股票的话,那你具有30家不合的股票都不敷,由于你能够在不合的公司具有大量股分,但并没有做到多样化,并且像大范围房地产存款掉败如许的体系冲击会给全部银行体系带来冲击,实际上你所有的股票都邑遭受捕鱼电玩上下分损掉,2007-2009年金融危机时代就产生了如许的事。

Of course, the stronger firms such as U.S. Bancorp and Wells Fargo & Company did just fine despite a period when they had declined 80% on paper peak-to-trough, especially if you reinvested your dividends and were dollar cost averaging into them; a reminder that it's often better to focus on strength first and foremost.?
固然美国合众银行和富国银行如许更强一些的公司,也有过从外面上看从岑岭期到低谷期下跌了80%的时代。但特别是当你要重新投资股利并按购入证券的美元价格均匀计算时,它们确切是不错的选择。还要提示可以上下分的电玩软件你一下,最好重要捕鱼电玩上下分存眷一下公司实力。

Behavioral economics, on the other hand, has proven most people are emotionally incapable of focusing on the underlying business, instead of panicking and liquidating at the least opportune moment.
而另外一可以上下分的电玩软件方面,行动经济学证明,在情感上,大多半人很难做到只存眷基本营业而不在最不合合时慌张兜售。

But beside all these, just remember: Stick to Stocks Within Your "Circle of Competence"
但除这些以外,你只需记得:保持买你“才能范围内”的股票。

In investing, as in life, success is just as much about avoiding mistakes as it is about making intelligent decisions.?
投资就像生活一样,成功在于尽能够防止出错捕鱼电玩上下分,也在于做出明智的决定。

If you are a scientist who works at Pfizer, you are going to have a very strong competitive advantage in determining the relative attractiveness of pharmaceutical stocks compared to someone who works in the oil sector.?
假设你是辉瑞公司的一名捕鱼电玩上下分迷信家,在肯定制药股票的相对吸引力方面你就要比石油行业的人具有很强的竞争优势。

Likewise, a person in the oil sector is going to probably have a much bigger advantage over you in understanding the oil majors than you are.
异样,石油行业的人在对大型石油公司的懂得上就比你有更大的优势。

Peter Lynch was a big proponent of the “invest in what you know” philosophy.?
Peter Lynch就异常支持“投资你所懂得的行业”这一说法。

In fact, many of his most successful investments were a result of following his wife and teenage kids around the shopping mall or driving through town eating Dunkin’ Doughnuts.?
其实他最成功的一些投资都是受了老婆和商场邻近青少年的启发,或开车横穿城市去Dunkin’ Doughnuts吃饭时产生的。

There is a legendary story in old-school value investing circles about a man who became such an expert in American water companies that he literally knew the profit in a tub full of bathwater or the average toilet flush, building a fortune by trading a specific stock. ?
老派价值投资法中有一个传奇的故事,说的是一小我在美国自来水公司成了专家,绝不夸大地说他能知道装满水的浴缸或浅显马桶刷的利润,他经过过程交易一只特定的股票就赚了一大笔钱。

One caveat: You must be honest with yourself. Just because you worked the counter at Chicken Mary's as a teenager doesn't mean you are automatically going to have an advantage when analyzing a poultry company like Tyson Chicken.?
正告:你必须要对自己诚实。仅仅是十多岁时在Chicken Mary's站过柜台其实不料味着在分析Tyson Chicken如许的家禽公司时你就有优势了。

A good test is to ask yourself if you know enough about a given industry to take over a business in that field and be successful. If the answer is "yes", you may have found your niche. If not, keep studying.
一个很好的测试方法就是问问自己能否对某一行业足够懂得,能在那个范畴接收一家公司还能做获成功。假设答案可以上下分的电玩软件是肯定的,那你能够发清楚可以上下分的电玩软件捕鱼电玩上下清楚了商机;假设不可那就持续进修吧。

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翻译:菲菲