导言：寻找好股票是一项艰苦工作

导言：寻找好股票是一项艰苦工作

1、（选股难）是个坏消息。好消息是优选个股的基本原则很易懂，个人投资者可用的选股工具也很便宜—你无需昂贵的软件或昂贵的咨询费就可以做得很好。你所需要的就是耐心、会计知识和好的策略，以及合理的怀疑。这些要求都没有超出一般人的能力范围。

That's the bad news. The good news is that the basic principles of successful stock-picking aren't difficult to understand, and the tools for finding great stocks are available to everyone at a very low cost-you don't need expensive software or high-priced advice to do well in the stock market. All you need are patience, an understanding of accounting and competitive strategy, and a healthy dose of skepticism. None of these is out of the average person's grasp.

2、投资的过程也很简单：分析公司和为股票定价。如果你能够分清一个好公司和一个好投资的区别—二者有很大差别—你已经比很多其他投资者强很多了。

The basic investment process is simple: Analyze the company and value the stock. If you avoid the mistake of confusing a great company with a great investment-and the two can be very different-you'll already be ahead of many of your investing peers.

3、记住：买入一只个股表明你已经部分拥有了一个生意。将股票看作生意，你就会更注意那些有意义的东西—如现金流—而不再那么重视那些没意义的东西—如某个时期股价的波动。

Remember that buying a stock means becoming part owner in a business. By treating your stocks as businesses, you'll find yourself focusing more on the things that matter-such as free cash flow-and less on the things that don't-such as whether the stock went up or down on a given day.

4、这一规律（公司基本面决定股票价格）只适用于股票的长期表现—短期内，导致股票价格的变化的原因很多，基本上与公司基本面没有关系。我们强烈建议将注意力集中在公司业务的长期表现上，而不是无法预测的股价短期波动上。

This principle applies only over a long time period-in the short term, stock prices can (and do) move around for a whole host of reasons that have nothing whatsoever to do with the underlying value of the company. We firmly advocate focusing on the long-term performance of businesses because the short-term price movement of a stock is completely unpredictable.

5、回想九十年代末期互联网狂欢时节，那些优秀但不刺激的生意，如保险公司、银行和不动产公司股票，尽管它们背后代表的生意并没有改变，但却以非常低的价格进行交易。

Think back to the Internet mania of the late 1990s. Wonderful (but boring) businesses such as insurance companies, banks, and real estate stocks traded at incredibly low valuations, even though the intrinsic worth of these businesses hadn't really changed.

6、本书的目的是教会你如何独立思考，屏蔽日常的杂音并将自己的投资建立在长期投资基础之上。

My goal in this book is to show you how to think for yourself, ignore the day-to-day noise, and make profitable long-term investment decisions.

（备注：读书笔记的先后顺序为《聪明的投资者》《安全边际》和《成功投资五原则》，前面所熟知的内容，在后面笔记里也许不会出现，所以按以上书目顺序阅读非常重要。）