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约翰·邓普顿爵士的投资秘笈

2017-05-11 来源: 私木合伙人
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约翰·邓普顿(1912—2008)全球投资之父 、史上最成功的基金经理邓普顿爵士是邓普顿集团的创始人,一直被誉为全球最具智慧以及最受尊崇的投资者之一。福布斯资本家杂志称他为"全球投资之父"及"历史上最成功的基金经理之一"。受到英国女王伊丽莎白二世的青睐,于1987授予其爵士爵位以表彰其功绩。2006年,他被美国《纽约时报》评选为“20世纪全球十大顶尖基金经理人”。

既然邓普顿爵士能在投资史上留下了浓墨重彩的一笔,他的投资法则也必定有其独到之处。下文是这位投资界众人的学习膜拜对象的所言所感。

一、投资总净收益最大化

Invest for maximum total real return:Templeton advises investors to be aware of how taxes and inflation erode returns and to avoid putting too much into fixed-income securities, which often fail to retain the purchasing power of the dollars spent to obtain them.

邓普顿建议投资者多关注税收和通货膨胀对利润带来的侵蚀,避免投资太多固定收益证券,因为这样往往会导致花费进去的货币失去购买力。

二、投资,不要交易或投机

Invest – don't trade or speculate:This tidbit echoes the words of Jack Bogle to investors: get out of the casino. Templeton warns that over-action can eat into potential profits and eventually results in steady losses.

这条珍闻附和着杰克伯格对投资者的话:走出赌场。邓普顿说,过度行动可能会获得潜在的利润,但最终会吞下持续亏损的苦果。

三、对各种投资类型保持灵活和开放的态度

Remain flexible and open-minded about types of investment:No one investment vehicle, whether it's bonds, stocks, or futures, works best all the time. That being said, Templeton notes that the S&P 500 has "outperformed inflation, Treasury bills, and corporate bonds in every decade except the '70s."

没有一个投资工具,无论是债券、股票,还是期货,能一直保持高效。也就是说,邓普顿指出,标普500指数长久以来“表现都好于通货膨胀、国债和企业债券,每个年代都是如此除了70年代。”

四、低买

Buy low:While this advice might seem obvious, it often means that you'll have to go against the crowd. When equities are popular and in demand, their prices are generally higher. Opportunities to buy low usually only come when people are pessimistic about the market's performance.

虽然这个建议似乎是众所周知,但它往往意味着你不得不面对趋势反其道而行之。当股票广受欢迎并受到买家追捧时,他们的价格普遍较高。低买的机会通常只发生在人们对市场的表现持悲观态度时。

五、当购买股票时,在优质股票中寻找便宜货

When buying stocks, search for bargains among quality stocks:Templeton advocates identifying sales leaders, technological leaders, and trusted brands when selecting stocks to ensure a company is well-positioned and well-rounded before purchasing its stock.

在购买一家公司的股票前,坦普尔曼主张识别这家公司的销售主管,技术主管,和值得信赖的品牌,以确保公司是定位明确和全面成熟的。

六、购买价值,而不是市场趋势或经济展望

Buy value, not market trends or the economic outlook:Templeton emphasizes that individual stocks determine the market and not the other way around. The market can disconnect with economic reality - something we're well aware of in the present day, when equities have outperformed the economy at large.

邓普顿强调,是股票在决定着市场,而不是市场决定着股票。我们如今都很清楚-市场可以断开与现实经济的联系,当股票在宏观上超越了经济的表现。

七、多样化.在股票,债券,和其他许多形式中,都有数字化的安全范围

Diversify. In stocks and bonds, as in much else, there is safety in numbers:There's a few advantages to portfolio diversification: you're less likely to endure a major loss due to a freak event that devastates one company, and you also have a larger selection of investment vehicles from which to choose.

投资组合多样化有几个优势:你不太需要承受股票持有公司因突发事件而产生的重大损失,并且你也有大量的投资工具供你选择。

八、好好进行研究或聘请睿智的专家来帮助你

Do your homework or hire wise experts to help you:Sir John insists that you must be aware of what you're buying. In the case of stocks, you are either buying earnings (if you expect growth) or assets (if you expect an acquisition). He warns that there are less opportunities to identify acquisition targets due to corporate raiders.

约翰爵士坚持强调你必须意识到你买的是什么。在股票的情况下,你要么购买盈利(如果你期望增长)或资产(如果你希望收购)。他警告说,由于企业蓄意收购者,能确定收购目标的良机并不多。

九、积极监控你的投资

Aggressively monitor your investments:Templeton notes that "there are no stocks that you can buy and forget." Markets are in a state of perpetual flux, and change instantaneously. If you're not aware of the changes, you're probably losing money.

邓普顿指出,“没有一支股票你会买入并忘记”。市场有一个永动的状态,瞬息万变。如果你没有发现这些变化,你可能会因此赔钱。

十、不要惊慌

Don't panic:Even if everyone around you is selling, sometimes the best idea is to take a breath and hold on to your portfolio. In the event of a sell-off, only divest if you have identified more attractive stocks to pick up.

即使你周围的每个人都在出售,有时最好的想法是深吸一口气,并抓稳你的投资组合。在普遍抛售的情况下,只有在你已经锁定更具吸引力的股票时,才能放开现持有的股票。

十一、从你的错误中学习

Learn from your mistakes:The stock market is a lot like university: it can cost a lot of money to learn a few lessons. So don't make the same mistakes twice. Learn from them, and they'll turn into profit-making opportunities the next time.

股市很像大学:它可能会花很多钱来学习一些经验教训(课程)。所以不要两次都跌在同一个坑里。从错误中学习,他们在将来会提供给你盈利的机会。

十二、从祈祷开始

Begin with a prayer:Templeton believes this helps a person clear his or her mind and make fewer errors during a trading session or in stock selection.

邓普顿认为,这有助于一个人的心在交易过程或股票选择中一片清明,少犯错误。

十三、战胜市场是一项艰巨的任务

Outperforming the market is a difficult task:This is one of Templeton's depressing rules; in effect, it's a reality check. The largest hedge funds produce some extremely volatile returns from year to year, and some have produced negative returns. And those are the experts!

这是邓普顿的悲观规则之一;实际上,这能将你拉回现实。最大的对冲基金年复一年的回报都非常不稳定,甚至有些已经产生了负回报。这些可都是专家!

十四、一个拥有所有答案的投资者 甚至不理解所有的问题

An investor who has all the answers doesn't even understand all the questions:In biblical terms, pride comes before the fall. Likewise, overconfidence or certainty in one's investment style or knowledge of the market will inevitably end in failure.

在圣经术语中,骄傲在跌倒之前来临。同样的,一个人对自己的投资风格市场知识过度自信,结果必将以失败告终。

十五、天下没有免费的午餐

There's no free lunch:This is Templeton's list of "don'ts": Never invest on sentiment, on a tip, or on an IPO just to 'save' commission.

这是邓普顿的“绝不”清单:永远不要因情感而投资,因推荐而投资,或因IPO而投资,只是为了“省”佣金。

十六、不要过度地害怕或消极

Do not be fearful or negative too often:While there have been plenty of bumps along the road, Templeton acknowledges that for "100 years optimists have carried the day in U.S. stocks." In his opinion, globalization is bullish for equities, and he thinks stocks will continue to "go up...and up...and up."

虽然路途上的颠簸有很多,邓普顿承认,“100年来,乐观主义者引领着美国股票前进。”在他看来,全球化能让股票“牛”起来,他认为股市将继续“涨…再涨…一直涨。”

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