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The guru of God of investing, WarrenBuffett — Benjamin Graham once said before 投资之神的大师，沃伦巴菲特-本杰明格雷厄姆曾经说过 “ The main problem, as well as the biggestenemy encountered by investors, may be himself.” “主要问题，以及投资者遇到的最大敌人，可能是他自己。” Throughout the investment journey, we willfind that the emotion of human will decide who are winners and losers, not howmuch knowledge and skills of investments we acquired. 在整个投资过程中，我们会发现，人的情感将决定谁是赢家和输家，而不是我们获得了多少投资知识和技能。 In the investment world, every investoraims to increase the rate of return of their portfolio. Nevertheless, theemotion and thoughts of investors induced contrast in approaches (meaning: dothe opposite way which they supposed to do). In this story, discussions willhighlight the “wrongdoings” by investors. Hopefully, my loyal readers willsucceed throughout the investment journey. 在投资界，每个投资者的目标都是提高投资组合的回报率。然而，投资者的情绪和想法却在方法上引起了对比（意思是：做他们应该做的相反的事情）。在这个故事中，讨论将突出投资者的“错误行为”。希望忠实的读者在整个投资过程中都能成功。 Mistake 1: Over-Confident 错误一：过于自信 A non-investment related street survey hasbeen conducted in the US which requires respondent evaluates the sense ofhumour of himself/herself. Consequently, [about 95% of the respondents thinktheir sense of humour above average]. Additionally, other surveys reveal that 在美国进行了一项与投资无关的街头调查，要求受访者评价自己的幽默感。因此，[大约95%的受访者认为他们的幽默感高于平均水平]。另外，其他调查显示 “100% of men think they possess very goodinterpersonal relationship” “100%的男性认为自己拥有非常好的人际关系” “94% of the people believe their motornerve (meaning: sports ability) is above average.” “94%的人认为他们的运动神经（即运动能力）高于平均水平。” “42% of the employees in a firm thinksthere are the TOP 5% of outstanding employees” “42%的公司员工认为有5%的优秀员工” and etc. 等等。 Human nature always follows the norm of“Myself is smarter, more talented than anyone”. Besides, we always attributesuccess to ourselves, blaming others if failed. If you use the same methodologyof thinking in investment, ie. when making losses, blame the timing wasn’tright; when making a profit, assume ourselves are excellent in investmentskills and ability. If we have this type of mindset while not seeking furtherimprovement as well as not willing to sacrifice time to evaluate thefundamentals of a company, it will cause scourge (meaning: can be understood asmaking losses) along our investment journey. Time by time, even worse we willthink of “investment is a money game”. 人性总是遵循“我比任何人都聪明，更有才华”的准则。此外，我们总是把成功归因于自己，如果失败了就责怪别人。如果你在投资中使用同样的思维方法，即在亏损时，指责时机不对；在盈利时，假设自己在投资技能和能力方面都很优秀。如果我们有这种心态，同时又不寻求进一步的改善，也不愿意牺牲时间来评估一家公司的基本面，那么它将在我们的投资过程中造成灾难（意思是：可以理解为亏损）。一次又一次，更糟糕的是，我们会认为“投资是一场金钱游戏”。 Advice: Don’t be over-confident, can beknown from your close friends and family members. 建议：不要过于自信，可以从你的亲密朋友和家人那里知道。 Mistake 2: Anchoring Effect on CurrentPrice 错误二：对当前价格的锚定效应 Let me ask you a simple question, “What doyou think if the current price is at a lower price?” The majority of theinvestors consistently think that the current price is at a lower price basedon a company’s historical price. However, if investors want to get rid of thecurrent price is at a lower price or more precisely “undervalue”, we need tocompare the current price with the future price. If the future price were to behigher than the current price, then we can say the current price is at a lowerprice. In other words, for those investors who determine the current price isat a lower price based on historical price, they might have chosen a decliningperformance (ie. net profit drop drastically) company to invest. 让我问你一个简单的问题，“如果现在的价格比较低，你怎么看？“大多数投资者一贯认为，根据一家公司的历史价格，目前的价格是较低的。然而，如果投资者想摆脱目前的价格是在一个较低的价格或更准确地说是“低估”，我们需要比较当前的价格与未来的价格。如果未来的价格高于现在的价格，那么我们可以说现在的价格是在一个较低的价格。换言之，对于那些根据历史价格确定当前价格较低的投资者，他们可能会选择业绩下降（即净利润大幅下降）的公司进行投资。 Mistake 3: Error in Decision Making 错误3：决策失误 When investors interested to buy a companyshares (ie. Apple), we will easily induce to look for related news or otherpeople analysis to support our decision making. On the other side, investorsare less frequent to think or analyze the risk and possibility of error indecision making. In other words, this will lead to decision making oninvestments are more towards emotion rather than rationality. Still remember atfirst I highlighted “emotion” is the key to decide investors earn a profit ormakes losses. Hence, emotion is a NO in investment as emotional investors areproved to be losers in the investment world. 当投资者有兴趣购买一家公司的股票（如苹果），我们将很容易诱导寻找相关的新闻或其他人的分析，以支持我们的决策。另一方面，投资者很少考虑或分析风险和决策失误的可能性。换言之，这将导致投资决策更倾向于情感而非理性。还记得一开始我强调的“情绪”是决定投资者盈利或亏损的关键。因此，情绪是投资中的禁忌，因为情绪投资者被证明是投资界的失败者。 Let’s put it this way, “Over-Confident +Anchoring Effect on Current Price will strengthen Error in Decision Making.Consequently, our investment strategy will diverge and deviate from the correctpathway. 我们这样说吧，“对当前价格的过度自信+锚定效应将加强决策失误。因此，我们的投资策略将会偏离正确的路径。 Mistake 4: Forget about Sunk Cost 错误四：忘记沉没成本 Philip Fisher, the Father of GrowthInvesting once said, 成长投资之父菲利普费舍尔曾经说过， “ More money has probably been lost byinvestors holding a stock they really did not want until they could ‘at leastcome out even’ than from any other single reason. If to these actual losses areadded the profits that might have been made through the proper reinvestment ofthese funds if such reinvestment had been made when the mistake was first realized,the cost of self-indulgence becomes truly tremendous”. 持有一只他们真正不想要的股票的投资者损失的钱可能比任何其他原因都多，除非他们至少可以“甚至出局”。如果将这些实际损失加上这些基金的适当再投资可能产生的利润，如果这种再投资是在第一次认识到错误时产生的，那么自我放纵的成本将变得非常巨大”。 It simply means that investors have a habitof holding “paper loss shares” (meaning: shares which are currently at loss butnot yet sold). In other words, the investor has lost the “opportunity = sunkcost” which should breakeven or cut loss and buy other potential shares. Thisphenomenon could be explained by if the investor sells off his shares, it ismentally equal to admitting mistakes made in the first place. 这仅仅意味着投资者有持有“账面损失股票”的习惯（意思是：目前处于亏损但尚未出售的股票）。换言之，投资者已经失去了“机会=沉没成本”，这应该是盈亏平衡或减少损失，并购买其他潜在的股票。这种现象可以解释为，如果投资者抛售自己的股票，在精神上就等于承认当初犯下的错误。 Investors DON‘T WANT TO ADMIT their mistakes,that SIMPLE!! 投资者不想承认他们的错误，很简单！！ How to effectively solve the mistakes asstated above?👀 如何有效地解决上述错误？👀 Our minds and thoughts are very complex,but to get rid of the mistakes as discussed is very simple. 我们的头脑和思想是非常复杂的，但要摆脱所讨论的错误是非常简单的。 Prolong the decision making on investment 延长投资决策时间 During this information technology ishighly convenient today, we can observe the ups and downs of the share priceper second!! This will lead to a wrong conception of “Investment opportunitieswill only occur in a very short period of time”. Hence, this will induce us tomake a decision within minutes and even within seconds. As a result, we willmake a wrong decision based on price fluctuation not the value of the company. 在这个信息技术高度便捷的今天，我们可以观察到股价每秒的起伏！！这将导致“投资机会只会在很短的时间内出现”的错误观念。因此，这将促使我们在几分钟甚至几秒钟内做出决定。因此，我们会根据价格波动而不是公司价值做出错误的决定。 Advice: Find a trustworthy partner. Eachand every time before you made a decision, discuss it with your partner. Forexample, Warren Buffet also has a partner, Charlie Munger. The purpose ofhaving a partner is to let your partner become the “opposition side”, each andevery time queries your investment decision. Your partner will let you knowwhat are the shortcomings of your decision and in the meantime help you a handin making a rational not emotional decision. 建议：找一个值得信赖的伴侣。每次你做决定之前，都要和你的搭档讨论一下。例如，沃伦·巴菲特还有一位合伙人查理·芒格。拥有一个合伙人的目的是让你的合伙人成为“反对方”，每一次都会质疑你的投资决策。你的伴侣会让你知道你的决定有什么缺点，同时帮助你做一个理性而不是情绪化的决定。 Thank you for your interest if you readuntil here. I’ll be much appreciated if you can provide feedback so that I canprovide the utmost knowledge and value I’ve to you!! I treat every reader as mybest friend and hope they will succeed in investing! Stay tuned for my nextstory…. I will end this story with a quote: 谢谢你的兴趣，如果你读到这里。如果您能提供反馈，我将不胜感激，这样我就可以向您提供我所拥有的最大的知识和价值！！我把每一位读者都当作我最好的朋友，希望他们能成功投资！请继续关注我的下一个故事…。我将用一句话来结束这个故事： 风险的是投资者，而不是投资 This article is for informational purposesonly, it should not be considered Financial or Legal Advice. Not allinformation will be accurate. Consult a financial professional before makingany major financial decisions. 本文仅供参考，不应视为财务或法律建议。并非所有信息都是准确的。在做出任何重大财务决策之前，请咨询财务专业人士。 |
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