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初学者股票投资-《聪明的投资者》书评 – 译学馆
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初学者股票投资-《聪明的投资者》书评

INVESTING IN STOCKS FOR BEGINNERS - THE INTELLIGENT INVESTOR BY BENJAMIN GRAHAM ANIMATED BOOK REVIEW

你是否想过要投资股票市场?
Have you ever thought about investing in thestock market?
今天我们将重温
Well today we are going
本杰明 格拉哈姆的《聪明的投资人》一书
over the book” The Intelligent Investor” by Benjamin Graham.
沃伦 巴菲特说这是有史以来关于投资写的最好的一本书
Warren Buffett said that this is the best book ever written about investing.
巴菲特说他19岁时读了这本书
Buffett read this book when he was 19,
那时他去哥伦比亚大学上学 本杰明成了
went to Columbia University and Benjamin became
他的老师
his teacher.
所以如果地球上最聪明的人说这本书是一本伟大的读物
So if the richest man on the planet says that a book is a great read,
我认为它是值得
I think it’s worth
你在这本书上投资的
investing your time in the book.
(把你的时间投资在他身上?)
(get it investing your time?)
好吧
Okay..
首先你需要明白投资事实上是什么
First you need to understand what investingactually is.
在你需要知道所有知识之前你首先要知道
All you need to know to get started is
资产种类有三大类
that there are three big types of investments called
投资
asset classes.
它们是:股票,债券,现金
And they are: Stocks, Bonds and Cash.
股票是指一个公司的所有权
Stock is just ownership in a company,
并且在股票市场有两种方式
and there are 2 ways to make or lose money in
赚钱或输钱
the stock market.
当你拥有一股时
You see when you own a stock,
你事实上拥有了这个公司的一部分
you actually own a piece of a company.
并且随着这个公司价值的增长,这个公司股票的价钱也随之增长
And as the value of that company increases, the stock price goes up.
但是如果这个公司的价值下降,
But If the value of the company decreases,
这个股票的价格也随之下降
the stock price goes down as well.
股票价格的跌涨决定了盈利或亏损的数量
These ups and downs determine the amount ofprofit or loss.
第二种赚钱的方式是
The second way to make money is when
这个公司以股息的形式
the company shares its yearly profit with you in the form
与你分享年利润。
of dividend.
股票价格会戏剧化的上涨和下跌
Stock prices can go up and down dramatically
以各种各样的理由
for all kinds of reasons as a result stocks
因为股票是你计划的投资中最有风险的。然而
are the riskiest types of investments in yourplan. However,
有一种投资方式
there is a way to invest
不会置你于失去一切的风险中,那就是:
in the market that doesn ’ t leave you at risk of losing everything:
聪明的投资
Intelligent Investing.
通过投资会赚取很多钱
There is a lot of money to be made throughinvesting.
但也会亏损很多
But also a lot to lose.
财经历史充满了投资者的故事,像巴菲特
Finance history is full of stories of investors like Warren Buffett, who,
通过投资在
by investing in
正确的公司,赚取巨大数量的钱最为回报
the right companies, earned vast amounts ofmoney in return.
但同时也有和幸运的故事至少一样多的不幸故事
And there are just as many — if not more — stories of misfortune,
人们
in which people
下错了赌注以失去一切为结束
place the wrong bets and end up losing itall.
有三个适用于聪明投资的原则:首先
There are three principles that apply to allintelligent investors: First,
聪明的投资者要分析
intelligent investors analyze the
这个公司的长远发展和商业原则
long-term development and business principles of the
再考虑买股票
companies in which they’re considering investingbefore buying any stock.
一个股票的长远价值不是任意的。相反
A stock’s long-term value is not arbitrary. Rather,
它直接取决于公司对于其运行的支持程度。所以
it depends directly on how well the company behind it performs. So,
确保了解这个公司的财务结构
be sure to examine the company ’ s financial structure,
管理质量和
the quality of its management and
它是否能支付稳定的股息
whether it pays steady dividends.
聪明的投资人贯彻分析方法为了获得安全和稳定的回报
Intelligent investors use thorough analyses in order to secure safe and steady returns.
投机是非常困难的
This is very different from speculating,
投资者会更容易专注于短期的
in which investors focus on short-term gains
可能由于市场变动造成的收益
made possible by market fluctuations.
因此投机是很有风险的,只是由于没有人能够预言未来
Speculations are thus very risky, simply because nobody can predict the future.
例如,一个投机者可能听到一个谣言
For example, a speculator might hear a rumor
关于苹果将很快发行新的受欢迎的产品
that Apple will soon release a new hit product,
这可能会刺激他购买更多的苹果股票
and would then be motivated to buy lots ofApple stocks.
如果他是幸运的,
If he ’ s lucky,
那么他的知识将会得到回报,他会赚钱
then this knowledge will pay off and he ’ ll make money.
如果他是不幸的 这个谣言被证明是错误的
If he ’ s unlucky and the rumor proves wrong,
他就会损失很多
then he stands to lose a lot.
与之相比,聪明的投资者专注于定价
In contrast, intelligent investors focus onpricing.
这些投资者只会在股票价格低于其固有的价值时才会购买
These investors buy stock only when its price is below its intrinsic value.
不要掉入只看短期盈利的陷阱中
Don’t fall into the trap of only lookingat short-term earnings.
相反我们应该通过审查这个公司的财务历史看到大的图景
Look instead at the big picture by examining the company ’ s financial history.
这些步骤将会让你更好的了解
These steps will give you a better idea
一个公司如何更好在市场运营
of how well a company performs independent of
其价值的独立性
its value on the market.
例如,公司现在并不普及(因此股票价格会低)
For instance, a company that isn’t currentlypopular (and therefore has low share price)
但是它显示了有前途的记录,并且已经有持续的盈利
but shows promising records, i.e., has earned consistent profits,
但可能估价过低
is likely undervalued,
因此可能做出谨慎的投资。第二
and would thus make a prudent investment. Second,
聪明的投资者会保护他们自己免于严重的损失通过多样化
intelligent investors protect themselvesagainst serious losses by diversifying their
投资
investments.
绝不要把你所有的钱都投资于一只股票
Never put all your money on one stock,
不论它显得多么有前途
no matter how promising it appears!
仅仅想象你会感到多么惊恐
Just imagine the horror you would feel
如果你把所有投资投入到这个有前途的公司
if the promising company that you poured all
却有关于骗税丑闻的新闻
your investments into shows up in the news for a tax fraud scandal.
你的投资将会立刻损失掉它的价值
Your investment will lose its value immediately,
所有的时间和金钱将会永远损失掉
and all that time and money will be lost forever.
通过多样化投资,你确保自己不会立刻损失掉所有
By diversifying, you ensure that you won’tlose everything at once.
并且会进一步把你从投资市场的精神压力中释放出来
And to further remove you from the emotional stress
你应该
of investing with the market, you should
在投资时坚持一套严格的准则
always stick to a strict formula when investing.
格拉哈姆把它叫做投资准则
Graham calls it formula investing,
但是它更多的作为美元成本平均法被大众广泛地知道
but it ’ s more widely known as dollar cost averaging.
它的意思是
What it means is
你简单地设定了你每月或每个季度将要投资的固定预算
that you simply set a fixed budget you ’ re going to invest every month
然后投资
or quarter, and then invest that
你预先挑中的股票,不论
into the stocks you ’ ve previously picked – no matter
价格是多少 第三
the price. Third,
聪明的投资者明白他们不会得到非凡的收益
intelligent investors understand thatthey won’t pull in extraordinary profits,
而是安全稳定的收入
but safe and steady revenues.
聪明的投资者的目标是满足他个人的需要
The target for the intelligent investor is to meet his personal needs,
而不是为了胜过
not to outperform
华尔街专业的股票经纪人
the professional stockbrokers on Wall Street.
我们不会做的比那些一生做交易的人更好
We can ’ t do better than those who trade for a living,
并且我们不应该旨在
and we shouldn ’ t be aiming
以任何方式获得快速的钱;追求美元符号只会使我们变得贪婪和粗心
for fast money anyway; chasing dollar signs only makes us greedy and careless.
不论你是否刚刚开始
Whether you are just starting out,
还是你投资已经有些时候了你应该总是
or you’ve been investing for quite some time you always
想要走聪明的投资者的道路
want to walk the path of the Intelligent Investor.
可能你不回在一个星期成为亿万富翁
Maybe you won’t become a billionaire
但是我保证你也能让你的投资变得
in a week but I guarantee you too can turn your
谦逊,有稳定的收益
investments into modest — but steady — profits.

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你想要成为一个聪明的投资者吗?如何成为聪明的投资者?来看看这本书吧

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