2011年6月12日 星期日

Walter Schloss: Factors needed to make money in the stock market--在股市賺錢必要的因素

Walter Schloss(right) and Son Edwin Schloss(left)
  1. 相對於某個基本價值,價格是最重要的因素。
  2. 嘗試找出一個公司的基本價值。請記住,每股股票代表一個企業的一部分,不只是一張紙。
  3. 使用賬面價值(淨值)作為出發點來確立價值的企業。要確定債務不等於 100%的股東權益。
  4. 要有耐心。股價不會立即漲上去。
  5. 不要聽小道消息而購買股票或是為了賺短線而購買股票。如果專業人士能夠這樣做,就讓他們去做吧。也不要因為一個壞消息就急急忙忙的賣股票。
  6. 不要害怕做個孤獨者,但一定要確定你的判斷是正確的。你雖不能百分之百確定,但總要盡量尋找出你的想法的弱點。買入要分批買入,賣出也就分批賣出。
  7. 一旦你已經做出了決定,就要有勇氣堅持你的信念。
  8. 有一種投資哲學並且努力遵循這個投資哲學。以上這些是我自己體驗行得通的方式。
  9. 不要在太急於出售。如果股票價格達到你認為是公平合理的價位,那麼你當然可以賣。但往往因為股票上漲了50%,大家就想也不想賣掉它,以便讓利潤落袋為安。在賣出前應當嘗試著重新評估公司的價值,看股價相對其帳面價值(淨值)是如何。也需要注意股市的高低。股市是否是低殖利率和高本益比率嗎?如果股市相對於歷史是在高水平,是否人人都非常樂觀?
  10. 當購買股票時,我發現在過去數年低點的附近買入是有幫助的。 一隻股票可能會漲到高達125塊一股,然後開始下降到60塊一股,你以為它蠻有吸引力的。但假如3年前這股票20塊就可以買到,這就表明了這一隻股票的股價還是可能有一些下跌的空間。
  11. 嘗試以折扣價來購買資產而不是購買收益。在很短的時間內,一個公司的收益可能發生顯著變化。通常資產的變動就緩慢多了。假如果一個人買的是公司的收益,這一個人就必須知道更多有關公司的事。
  12. 聽取你尊重的人的建議。這並不意味著你必須接受他們的建議。記住,這是你的錢。一般而言保守錢財是比賺取錢財更難。一旦你損失了很多錢,就很難賺回來。
  13. 盡量不要讓自己的情緒影響你的判斷。在買賣股票上,恐懼和貪婪是可能是最糟糕的情緒。
  14. 記住複利的功效。舉例而言,如果你能每年以12%再投資時,先排除繳稅,你的錢每6年將增加一倍。記住72定律。您的收益率會告訴你增加一倍的錢要多少年。
  15. 偏愛股票超過於債券。債券將限制你的收益而通貨膨脹率將降低你的購買力。
  16. 要小心財務槓桿。它可以對你大大的不利。

  1. Price is the most important factor to use in relation to value
  2. Try establish the value of the company. Remember that a share of stock represents a part of a business and is not just a piece of paper
  3. Use book value as a starting point to try and establish the value of the enterprise. Be sure that debt does not equal 100% of the equity
  4. Have patience. Stocks don’t go up immediately
  5. Don’t buy on tips or for a quick move. Let the professionals do that, if they can. Don’t sell on bad news.
  6. Don’t be afraid to be a loner but be sure that your correct in your judgment. You can’t be 100% certain but try to look for weakness in your thinking. Buy on a scale and sell on a scale up.
  7. Have the courage of your convictions once you have made a decision.
  8. Have a philosophy of investment and try to follow it. The above is a way that I have found successful.
  9. Don’t be in too much of a hurry to sell. If the stock reaches a price that you think is a fair one, then you can sell but often because a stock goes up say 50%, people say sell it and button up your profit. Beofre selling try to reevaluate the company again and see where the stock sells in relation to its book value. Be aware of the level of the stock market. Are yield low and P-E ratios high? If the stock market historically high, are people very optimistic?
  10. When buying a stock, I find it helpful to buy near the low of the past few years. A stock may go as high as 125 and then decline to 60 and you think it attractive. 3 years before the stock sold at 20, which shows that there is some vulnerability in it?
  11. Try to buy assets at a discount than to buy earnings. Earnings can change dramatically in a short time. Usually assets change slowly. One has to know much more about a company if one buys earnings.
  12. Listen to suggestions from people you respect. This doesn’t mean you have to accept them. Remember it is your money and generally it is harder to keep money than to make it. Once you lose a lot of money, it is hard to make it back.
  13. Try not to let your emotion affect your judgment. Fear and greed are probably the worst emotions to have in connection with purchase and sale of stocks.
  14. Remember the work compounding. For example, if you can make 12% a year and reinvest the money back, you will double your money in 6 ears, taxes excluded. Remember the rule of 72. Your rate of return into 72 will tell you the number of years to double your money.
  15. Prefer stocks over bonds. Bonds will limit your gains and inflation will reduce your purchasing power.
  16. Be careful of leverage. It can go against you.