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1944 年出生的Peter Lynch是世界公认的投资大师，在他出任麦哲伦基金（Magellan Fund）的基金经理人的13年间，麦哲伦基金管理的资产由2,000万美元成长至140亿美元，基金投资人超过100万人，成为富达的旗舰基金，基金的年平均复利报酬率达29.2%。投资大师箴言系列第一篇，我们跟大家重温一下他的投资智慧。'Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what's actually happening to the companies in which you've invested.'没有人能准确预测汇率、经济和股市未来的方向。在做决策时，投资者应该忽略这些外部因素，而把精力集中在你所投公司的基本情况。“The simpler it is, the better I like it.” A simple but effective investment plan will always be better than a complicated one because the simpler one has less room for errors. Also, the simpler the business model of a company, the easier it is to understand and evaluate – and that will help you make better investment decisions.
“越是简单，我越是喜欢”。一个简单而有效的投资计划总要比一个复杂的投资计划好，因为更简单所以出错的可能更少。此外，一家公司的商业模式越简单，它就更容易被理解和评估，这将有助于你做出更好的投资决策。 ''The GNP six months out is just malarkey. How is the sneaker industry doing? That's real economics.'六个月的国民生产总值不是特别具有参考意义。具体的行业发展（譬如运动鞋行业的近况）的研究才具备实际意义。''To make money, you must find something that nobody else knows, or do something that others won't do because they have rigid mind-sets.''
如果你想赚钱，就需要找到一些别人不知道的东西，或者做别人因为思维固化而不会做的事。 'A share of a stock is not a lottery ticket. lt's part ownership of a business.'你所持有的股票其意义并不是一纸彩票。股票背后的真实意义是对一个公司的所有权。'Investing without research is like playing stud poker and never looking at the cards.''
没有深入的研究就进行投资就像玩扑克牌却从不看牌一样。 'Owning stocks is like having children-don't get involved with more than you can handle. The part-time stock picker probably has time to follow 8-12 companies.''持有股票就像养育孩子一样。不要企图去涉猎超出自己的精力与能力范围之外的情况。通常来说，一个业余的股票交易者只能追踪8到12个公司。'Everyone has the brain power to follow the stock market. If you made it through fifth-grade math, you can do it.'
每个人都脑力去研究股票市场。只要达到小学5年级的数学水平，你就可以做到。'People seem more comfortable investing in something about which they are entirely ignorant.'' 'If you can't convince yourself 'When I'm down 25 percent, -I'm a buyer' and banish forever the fatal thought 'When I'm down 25 percent, I'm a seller,' then you'll never make a decent profit in stocks.'' And 'Bargains are the holy grail of the true stock picker. We see the latest correction not as a disaster, but as an opportunity to acquire more shares at low prices. This is how great fortunes are made over time.''
一定要说服自己在市场下降25%时进行买入。如果你认为在市场下降25%的时候应该尽快卖出的话，那么你永远不能在股市中获得可观的利润。大跌是低价买入更多好股票的机会，而不是一场灾难。这就是长期赚的大钱的秘密所在。'A market player has 50 percent of his portfolio in cash at the bottom of the market. When the market moves up, he can miss most of the move.''如果在市场处于底部时，一个市场的参与者在他的投资组合中持有超过50%的现金。那么当市场反弹上升时，他也就错过了大部分盈利的机会。 'Only invest what you could afford to lose without that loss having any effect on your daily life in the foreseeable future.''
只投资你能输的起的部分。不要让损失影响了你未来的日常生活。
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