霍华德马克斯：优劣由价定，盈亏看时机！

在投资行业，没有哪类资产或哪个领域，本身就能持续带来高回报。
In the investment industry, no type of asset or sector can deliver consistently high returns on its own.
没有哪类资产，就是因为这类资产本身，就能赚钱。
No asset can earn money simply because of its inherent attributes.
以房地产为例。
Take real estate as an example.
人们说：“买房好啊，可以防通胀。”
People say, "Buying property is good, as it hedges against inflation."
还说 “买房好啊，因为房子越来越少。”
They also say, "Property investment works well because available housing is dwindling."
但是，时机错了，买房照样赚不着钱。
Yet bad timing can easily result in losses from property purchases.
重要的不是投资什么，而是什么时候投，价格是多少。
What counts is not the investment target, but the entry time and buying price.
一个投资本身没有好坏之分。
An investment bears no inherent good or bad qualities.
例如，选出了好公司，保证不了一定能赚钱，例如，1974 年 “漂亮五十” 中的施乐、雅芳、默克等公司。
For example, picking great companies cannot guarantee profits, like Xerox, Avon and Merck among the 1974 Nifty Fifty.
任何一项投资都可能是好，也可能是坏，具体要看投资的时机和买入的价格。
Any investment can be profitable or loss-making, determined by timing and purchase cost.
有句话说得精辟，“只要价格合适，什么债券都是 AAA。”
A classic quote puts it sharply: "At the proper price, every bond is AAA-rated."
没什么证券好到多少钱都不贵，也没什么证券坏到多少钱都不便宜。
No asset is so exceptional that it is expensive at any cost, nor any security so flawed that it never becomes cheap. http://t.cn/AXXSiWTh