Sitting tight: The investment strategy of maintaining positions through market volatility without succumbing to the urge to trade, relying on long-term compounding rather than frequent decision-making. Jesse Livermore, the greatest speculator of the early twentieth century, said it most clearly: It was never my thinking that made the big money for me. It was always … Read more
The Buffett Indicator is the ratio of total stock market capitalization to gross domestic product (GDP), used to gauge whether equities are undervalued (below 75%), overvalued (above 115%), or in bubble territory (above 150%). Source: Wikimedia Commons In a 2001 Fortune interview, Warren Buffett called the ratio of total stock market capitalization to GDP “probably … Read more
The Sustine et Abstine signal grading system is an investment methodology that empirically ranks technical chart patterns by historical win rate and uses those grades in conjunction with fundamental valuation to enforce disciplined, high-probability trade timing. Value investing and technical analysis are usually treated as opposing schools. Graham disciples scorn chart-readers; technicians dismiss fundamental analysis … Read more
John Templeton’s investment philosophy centers on buying value during times of maximum pessimism when fear drives prices below intrinsic worth. In 1939, with Europe sliding toward war and financial markets in a state of generalised dread, a twenty-six-year-old investment analyst named John Templeton called his broker and placed an unusual order. He wanted to buy … Read more
Impartial Spectator: Adam Smith’s concept of an imagined neutral observer used to evaluate one’s own conduct from a fair and disinterested perspective. Source: Wikimedia Commons Almost everyone who invokes Adam Smith has read The Wealth of Nations — or at least the chapters about the invisible hand and the division of labor. Almost no one … Read more
Stoic Investing: The practice of applying the Stoic dichotomy of control—focusing solely on one’s analytical process, temperament, and character while releasing attachment to external market outcomes—to achieve long-term investment discipline and peace of mind. Source: Wikimedia Commons Marcus Aurelius never managed a portfolio. He managed an empire — and wrote his most important thoughts not … Read more
Walter Schloss investing approach: A long-only, highly diversified value strategy that buys stocks trading at steep discounts to book value and holds them patiently for mean reversion, relying solely on audited balance sheets and extreme discipline. Walter Schloss never visited a company. He never spoke to management. He didn’t use a computer until he was … Read more
彼得·林奇投资法：融合日常观察与基本面分析，将股票别为缓增、稳增、速增、周期、困境反转、隐蔽资产六类，以捕捉华尔街未尝留意之高增长机遇的一种投资哲学。 彼得·林奇执掌富达麦哲伦基金凡十三载（1977-1990），初时资产仅二千万美元，终至一百四十亿，年化收益率达百分之二十九点二。 然其最令人瞩目者，非此业绩，乃其方法。 一、投资于所能理解者 林奇有言：”Invest in what you know.” 此言常被曲解为“日用饮食之物即可购其股票”。非也。林奇之意在于：日常生活与职业历练，实为常人未察之信息优势。 彼尝举一例：购物中心之职员，每日目睹何店门庭若市，何店门可罗雀，此类实时数据，华尔街分析师无从获致。若此人留意某新设服饰店终日客满，进而查阅该公司财报——此即林奇所谓“投资于所能理解者”。 二、六类股票 林奇将股票析为六类： 类型 特征 林奇之态度 缓增股 体量庞大，年增约百分之二至四 通常不取 稳增股 体量庞大，年增约百分之十至十二 防御性持有 速增股 体量尚小，年增约百分之二十至二十五 利润主要来源 周期股 随经济周期起伏 择时 FAQ 彼得·林奇的投资理念是什么？ 彼得·林奇主张“投资你了解的”，意指个人在生活与工作中积累的行业认知，可转化为选股优势。他建议观察消费趋势，辅以财务分析，寻觅增长潜力被低估之企业。其要义在于避开繁复的金融模型，直探直观的商业逻辑。 彼得·林奇如何分类股票？ 他将股票析为六类：缓增股（低增长大型股）、稳增股（中等增长且盈利稳定）、速增股（小型高成长）、周期股（随经济波动）、困境反转型（业绩反转）与隐蔽资产型（资产价值被低估）。此种分类有助于制定针对性的买卖策略。 彼得·林奇在富达麦哲伦基金的业绩怎么样？ 林奇管理麦哲伦基金13年（1977-1990），资产由2000万美元增至140亿美元，年化收益率高达29.2%，远超市场平均水平。他凭借灵活运用股票分类与实地调研，实现了惊人的复合增长。 “投资你了解的”具体怎么用？ 并非简单购买熟悉品牌，而是借助职业或生活场景获取一手数据。譬如，商场店员可观察客流量走势，提前发掘热门零售股。关键在于验证这类观察是否与公司财报相符，再行投资决定。 彼得·林奇投资方法的优缺点？ 优点：普通人可践行，避免繁复理论；藉分类简化选股过程。缺点：过度倚赖主观判断，缺乏严格量化风控；六类划分或失之于灵活，难以确立统一标准。然就长期而言，此原则已助无数投资者聚焦价值发现。 彼得·林奇之传奇，不唯年化回报29.2%之惊人成绩，尤在其证明：普通人凭借生活经验与行业认知，亦能超越专业机构。——sustine.top 相关阅读 坦普尔顿的200条人生原则：超越投资的品格哲学 价值投资者如何在牛市中生存：五位传奇同时看错的五年 人际关系中的复利：信任、声誉与社会资本的积累 投资者词典：30个你必须知道的核心术语与释义 投资者的完整旅程：从零到自由的路线图与关键节点
Munger’s Simple Philosophy promotes daily persistence, disciplined self-restraint, and continuous learning as the reliable path to satisfactory life and investment outcomes. Source: Wikimedia Commons If you just get up every morning, and keep plugging, and have some discipline, and keep learning, and it’s amazing how it works out ok. 每日晨起，持之以恒，恪守纪律，勤学不辍——终将见世事大抵尚可。 —— 查理·芒格 此言堪称芒格最为质朴之语。不涉宏大叙事，亦无玄妙公式，唯见九十九岁长者回望平生之诚笃总结。 一、何以“持之以恒”重于“方向抉择” 时下成功之说，多言“选择胜于努力”。芒格则不然。 … Read more