跌市的心態


近來讀了John Coates -The Hour Between Dog And Wolf,又翻閱 並節錄Benjamin Graham fourth edition -The Intelligent Investor的一段精華。

The investor who permits himself to stamped or unduly worried by unjustified stock market declines in his holdings is perversely transforming his basic advtanage into basic disadvtanage, that man would be better off if the stock had not market quotation at all, for he would then be spared metal anguish cause him by other persons' mistake of jugement.

大意是： 投資者因不合理的市場下跌導致手中股票價格讓自己陷入或過分擔心會將投資者本身的優勢變為劣勢，最好遠離報價市場，以免僅留下別人判斷錯誤引發的心理創傷。


The sillier the market's behavior,the greater opportunity for business-like investor.(BUFFET)

巴菲特的進化：創業型投資者機會來源於市場愚笨行為。


John Coates 的狗狼時分（The Hour Between Dog And Wolf）在生理/心理上全方面解析上述現象。


前提是：  Margin of safety(安全邊際)， From PE to ROE instead of EBITDA.

本篇較抽象，是今年的心得，下次有機會舉例。