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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

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

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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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