stampede - 逃竄/蜂擁/jun隊潰敗

Price fluctuations have only one significant meaning for the true

investor. They provide him with an opportunity to buy wisely

when prices fall sharply and to sell wisely when they advance提升 a

great deal.

The speculator’s primary interest lies in anticipating and profiting

from market fluctuations. ★The investor’s primary interest lies in

acquiring and holding suitable securities at suitable prices.

★★★

Never buy a stock immediately after a substantial rise or

sell one immediately after a substantial drop.

Good managements produce a good average market price,?

and bad managements produce bad market prices.

★★★

Would you willingly allow a certifiable lunatic to come by at least five

times a week to tell you that you should feel exactly the way he feels?

Would you ever agree to be euphoric歡欣的 just because he is———or miserable

just because he thinks you should be? Of course not.?

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You’d insist on your right to take control of your own emotional life,?

based on your experiences and your beliefs.?

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But, when it comes to their financial lives, ★millions?

of people let Mr. Market tell them how to feel and what to

do———despite the obvious fact that, from time to time,?

he can get nuttier多堅果的/狂熱的 than a fruitcake.

The cheaper stocks got, the less eager people?

became to buy them———because they were imitating模仿?

Mr. Market, instead of ★thinking for themselves.

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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead,

you should do business with him—but only to the extent that it serves

your interests.

-

Mr. Market’s job is to provide you with prices; your job

is to decide whether it is to your advantage to act on them. You do not

have to trade with him just because he constantly begs you to.

By refusing to let Mr. Market be your master, you transform him into

your servant. After all, even when he seems to be destroying values,

he is creating them elsewhere.

p232-投資專業(yè)人士(pros)的困局(這類人的投資取向大多不值得參考)

Instead, recognize that investing intelligently is about controlling

the controllable. You can’t control whether the stocks or funds you buy

will outperform勝過 the market today,this month, or this year; in

the short run, your returns will always be hostage人質(zhì) to Mr. Market and

his whims突發(fā)奇想. But you can control:

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?your brokerage傭金 costs, by trading rarely, patiently, and cheaply

?your ownership所有(權)costs, by refusing to buy mutual funds with

excessive★過渡的 annual expenses

?your expectations, by using realism, not fantasy, to forecast your

returns

?your risk, by deciding how much of your total assets to put at

hazard風險 in the stock market, by diversifying, and by rebalancing

?your tax bills, by holding stocks for at least one year and, whenever?

possible, for at least five years, to lower your capital-gains liability

?and, most of all, your own behavior.

But investing isn’t about beating others at their game. It’s about?

controlling yourself at your own game.?

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The challenge for the intelligent?

investor is not to find the stocks that will go up the most and down?

the least, but rather to prevent yourself from being your own worst?

enemy———from buying high just because Mr. Market says “Buy!” and from?

selling low just because Mr. Market says “Sell!”