投资大师约翰·邓普顿16条投资箴言

　　1.Begin with a prayer. If you begin with a prayer, you can think more clearly and make fewer mistakes.

　　1.信仰有助于投资。如果你从祈祷开始，你就能想的更清楚，少犯错误。

　　2.Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor¹. The real challenge is making investment decisions that are better than those of the professionals who manage the big institutions.

　　2.领先投资市场是一项很难的任务。它的难度不是做出比普通的投资者更好的决策这么简单，真正的挑战是要做出比那些运作大公司的专业人士更好的投资决策。

　　3.Invest - don't trade or speculate. The stock market is not a casino, but if you move in or out of stocks every time they move a point or two, the market will be your casino. And you may lose eventually - or frequently.

　　3.投资——不要交易或投机。股市不是赌场。但如果每次股票变动一两个点你就买进或卖出，股市就变成你的赌场了。你可能最终会彻底失败——或者经常失败。

　　4.Buy value, not market trends or the economic outlook. Ultimately, it is the individual stocks that determine the market, not vice² versa. Individual stocks can rise in a bear market and fall in a bull market. So buy individual stocks, not the market trend or economic outlook.

　　4.注重股票价值，而不是股市走向或经济前景。说到底，是一支支股票决定了股市走向，而不是相反。即使是熊市也有股票上涨，牛市也有股票下跌。所以买股票要注重个股的价值，而不是股市走向或经济前景。

　　5.When buying stocks, search for bargains among quality stocks. Determining quality in a stock is like reviewing a restaurant. You don't expect it to be 100% perfect, but before it gets three or four stars you want it to be superior.

　　5.买股票的时候，在优质股票中寻找特价的。确定股票的品质就像考察餐厅一样。你不会指望它百分之百的完美，但在它达到三星或四星的评定行之前你会希望它表现良好。

　　6.Buy low. So simple in concept. So difficult in execution. When prices are high, a lot of investors³ are buying a lot of stocks. Prices are low when demand is low. Investors have pulled back, people are discouraged and pessimistic. But if you buy the same securities everyone else is buying, you will have the same results as everyone else. By definition, you cannot outperform the market.

　　6.低价买入。理论上非常简单，但执行起来却如此之难。当价格很高时，一群投资者购买大量的股票。当需求减少价格下降时，投资者们撤退了，人们变得胆小又悲观。但如果你和其他人买同样的股票，你只能和其他人得到同样的结果。按照我们的原则2，你不能领先市场。

　　7.There's no free lunch. Never invest on sentiment. Never invest solely⁴ on a tip. You would be surprised how many investors do exactly this. Unfortunately there is something compelling about a tip. Its very nature suggests inside information, a way to turn a fast profit.

　　7.天底下没有免费的午餐。别听信空穴来风。不要在小道消息上孤注一掷。你要是知道有多少投资者这么干可能会惊讶的。不幸的是小道消息总有点煽动性。它们非常自然的暗示有内部消息可以快速赢得利润。

　　8.Do your homework or hire wise experts to help you. People will tell you: Investigate before you invest. Listen to them. Study companies to learn what makes them successful.

　　8.做做功课或者雇一些明智的专家来帮你。会有人告诉你：投资之前先做调查。听他们的话。研究你的同行了解是什么使他们成功。

　　9.Diversify⁵ - by company, by industry. In stocks and bonds, there is safety in numbers. No matter how careful you are, you can neither predict nor control the future. So you must diversify.

　　9.分散投资——投资不同的公司、不同的行业。投资股票或者债券，分散投资可以降低风险。不管你多么小心，你都不能预知或控制未来，所以你必须分散投资。

　　10.Invest for maximum total real return. This means the return after inflation. This is the only rational objective for most long-term investors.

　　10.追求真实回报的最大化。这指的是通胀之后的回报。对大多数长线投资者来说，这是唯一合理的目标。

　　11.Learn from your mistakes. The only way to avoid mistakes is not to invest - which is the biggest mistake of all. So forgive yourself for your errors and certainly don't try to recoup your losses by taking bigger risks. Instead, turn each mistake into a learning experience.

　　11.从错误中吸取教训。避免错误唯一的方法是不投资——而这却是最大的错误。所以原谅自己的错误。当然不要为了挽回损失冒更大的风险。而要把每一个错误都转化为学习的经验。

　　12.Aggressively monitor your investments. Remember, no investment is forever. Expect and react to change. And there are no stocks that you can buy and forget. Being relaxed doesn't mean being complacent⁶.

　　12.积极监控你的投资。记住，没有一项投资是一劳永逸的。要对变化做出预计和反应。没有一支股票可以买了就抛在脑后。放松不意味着自鸣得意。

　　13.An investor who has all the answers doesn't even understand all the questions. A cocksure approach to investing will lead, probably sooner than later, to disappointment if not outright⁷ disaster. The wise investor recognizes that success is a process of continually seeking answers to new questions.

　　13.不要满足于解决现有问题的答案。自满迟早会导致灾难降临。明智的投资者知道成功是不断探索新问题的答案的过程。

　　14.Remain flexible and open-minded about types of investment. There are times to buy blue-chip stocks, cyclical stocks, convertible⁸ bonds, and there are times to sit on cash. The fact is there is no one kind of investment that is always best.

　　14.对投资产品保持弹性和开放的态度。有时适合买蓝筹股，有时适合买周期性股票，有时应该买可转换债券，也有的时候只适合持币观望。事实在于没有任何一种投资可以永远坚挺。

　　15.Don't panic Sometimes you won't have sold when everyone else is selling, and you will be caught in a market crash. Don't rush to sell the next day. Instead, study your portfolio⁹. If you cannot find more attractive stocks, hold on to what you have.

　　15. 有时大家都在卖股票，你没有卖，被套牢了，这个时候不要惊慌。不要在第二天狂抛。相反，好好研究手里的证券。如果找不到更合适的股票投资，就把手中已有的握牢。

　　16.Don't be fearful or negative too often. There will, of course, be corrections, perhaps even crashes. But over time our studies indicate, stocks do go up and up. In this century or the next, it's “Buy low, sell high.”

　　16.不要过分恐惧或态度消极。股市当然会有动荡，甚至可能会崩溃。但是我们的研究标明，股票总体还是会一涨再涨的。无论是这个世纪或是下个世纪，记住“低买，高卖。”

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