It is foolhardy to make a second trade if your first trade shows you a loss. Never average losses. Let that be thought of as a cardinal rule... Investors will say: 'I am not worried about that stock. It's a long-term investment.' But these so-called 'long-term investments' are, in most cases, simply unsuccessful speculations that turned into permanent losses.

经常有投资者对我说：‘我不担心这只股票，它跌了没关系，我打算把它长期锁进保险箱里，把它当成一笔长线投资。’这种说法极其荒谬。这些所谓的‘长线投资’，往往不过是投机失败后不得不吞下的苦果！当他们的第一笔买入已经产生亏损时，他们不仅不认错，反而继续买入去‘摊平损失’。这就像一个赌徒在牌局里不断加大赌注去追逐已经输掉的钱一样愚蠢。 这种人根本不是在投资，他们只是在用自欺欺人的傲慢去挑战市场。——利弗莫尔

Markets are never wrong—opinions often are. The latter are of no value to the investor or speculator unless the market acts in accordance with his ideas... Do not arguments with the tape.

市场永远不会错，而人的观点却经常犯错。对于一个真正的交易者来说，任何试图去解释‘为什么股票会跌’或者去寻找它‘内在价值’的分析，都没有丝毫价值。你必须让市场本身来告诉你该做什么，而不是去告诉市场它应该怎么走。那些固执地死守着自己对某只股票的‘正确观点’、在亏损中苦苦等待市场向他们认错的人，最终唯一的结局就是被市场彻底消灭。——利弗莫尔

Buying a stock simply because it is selling at a low multiple of current earnings, or because it is selling at less than its book value, is an fundamentally flawed approach. It is like choosing a marriage partner or a business associate solely on the basis of who costs the least.

The great fallacy of this 'cheap stock' method is that a company which is stagnant and poorly managed, no matter how cheap its shares may look at the moment, will over time continue to decay. You are not getting a bargain; you are getting a wasting asset."

如果仅仅因为一只股票的价格低于其账面价值、资产净值，或者因为它的市盈率低就去买入，那么这就是在犯一个根本性的错误。这种投资方式就好像一个人在挑选结婚对象或合作伙伴时，仅仅看谁最省钱一样荒谬。

这种‘廉价股’投资法最大的陷阱在于，一个极其平庸、缺乏成长性的企业，哪怕它目前的股价看起来再便宜，随着时间的推移，它的资产和竞争力也会不断缩水。 最终你得到的不是什么‘便宜货’，而是一个不断贬值的资产累赘。——费雪

The investor who allows himself to be dominated by balance-sheet analysis and mechanical formulas for 'margin of safety' is missing the most vital element of all—the human element, the vision of management, and the research potential of the enterprise.

There are too many analysts who can calculate the liquidation value of every single nut and bolt, but have no concept of where the company is going. They cling to seemingly safe, undervalued stocks of dying industries, only to wait for a return to intrinsic value that never comes. This supposed 'safety' is often the most unsafe thing in the market.

那些过度沉迷于资产负债表、试图用数学公式去计算‘安全边际’的人，往往错失了商业世界里真正关键的要素——那就是人的能力、管理层的远见以及公司的研发潜力。

股票市场上有太多的财务分析师，他们能算出每一颗螺丝钉的清算价值，却对公司未来的增长一无所知。他们死守着那些看似安全的、被低估的‘夕阳产业’公司的股票，结果只是在等待一个永远不会到来的内在价值回归。这种所谓的‘安全’，往往是股市里最不安全的东西。——费雪

The old investment canon that 'widows and orphans' should stick to high-yield dividend stocks is an open invitation to disaster. Over time, inflation and corporate decay will destroy the purchasing power of those supposedly safe dividends. It is far safer to own a company with a 1% yield that is growing its earnings at 15% a year, than a company with a 6% yield that is going nowhere. When cash is needed, a small fraction of the growth stock can be sold, providing a far larger and more tax-efficient sum than the rigid dividend check could ever offer.

很多所谓的保守咨询顾问总是建议那些缺乏谋生能力的‘遗孀和孤儿’去买高分红的股票，声称这能提供稳定的生活来源。

这是一个巨大的陷阱。由于通货膨胀和企业竞争力的下滑，那些看似稳定的分红股最终不仅无法保护他们，反而会让他们在不知不觉中破产。与其去买一只股息率 6% 却年年贬值的平庸股票，不如去买一只股息率只有 1% 甚至从不分红、但资产和利润每年增长 15% 的真正成长股。 后者不仅能通过资本利得提供大得多的保护，而且能让你在需要用钱时通过卖出极少的一部分股票，获得远超那点可怜红利的现金。——费雪

For the last 100 years, book value, dividends, or P/E ratios have had little predictive value in identifying America’s most successful companies.

在过去100年里，账面价值、股息率和市盈率，对于发现美国最成功的股票几乎没有预测价值。——欧奈尔

You can’t buy a Mercedes for the price of a Chevrolet, and you can’t buy high-quality growth stocks at a discount price. Many investors buy a stock simply because it has dropped from $100 to $50 and looks 'cheap' or represents 'value.' What they fail to realize is that the stock is down for a reason, and it may well be on its way to 20 dollar or eventually to zero. Buying a stock on the way down is highly dangerous.

在股市里，你不可能用买地摊货的便宜价格买到高质量的优质资产。这就好比你想去高档百货商店用买廉价衬衫的钱去买一件名牌大衣，这根本不符合常理。
很多投资者看到一只股票从 100 美元跌到了 50 美元，就兴奋地觉得它‘太便宜了，有巨大的内在价值’，于是进场抄底。他们没有意识到，这只股票之所以跌掉一半，是因为它的基本面出了大问题，它可能还要继续跌到 20 美元，甚至彻底破产。 买入正在下跌的股票是一件极其危险的事。——欧奈尔

A stock is not a bargain because it is down from $50 to $10. It can just as easily go to $0.”

一只股票不是因为从50美元跌到10美元就变成便宜货了，它同样可能跌到0。——彼得林奇

Investors who chase high yields of 8, 10, or 12 percent are often walking into a trap. Look at the nuclear utilities in the 1980s. They were paying out huge dividends to keep shareholders happy while their nuclear plants were cost overruns by billions. They were borrowing money just to pay the dividend! When the music stopped, the stocks collapsed. The dividend you thought was guaranteed was wiped out along with 80% of your capital. A yield that is too high is a warning, not a gift.

那些整天寻找 8% 甚至 10% 高股息的投资者，就像是在雷区里散步。很多人喜欢买核电公用事业股，觉得‘人们总要用电，股息绝不会少’。但他们没有看到冰山下的危机：为了维持那个能取悦华尔街的高额分红，这些公司不得不大量借债。它们一边在建造成本超支数十亿美元的核电站，一边还在打肿脸充胖子地给股东发分红支票。 最终的结果是毁灭性的，当危机爆发，股价暴跌 80%，之前拿到的那点可怜的股息，在惨烈的本金亏损面前连塞牙缝都不够。记住，如果一个股息率高得不合常理，那不是市场的馈赠，那是市场在向你发出死亡警告。——彼得林奇

Value investors must set buy and sell price targets... Value investors should plan to sell when the reason for the investment no longer applies or when the price reflects full value. Holding an overvalued security, or one where the underlying business has fundamentally deteriorated, hoping for a price rebound, is a speculator’s game.

价值投资者必须设定买入和卖出的价格目标……当投资的最初理由不复存在，或者价格已经反映了其全部价值时，投资者就应当计划退出。如果一只股票的底层业务已经发生了根本性的恶化，你却依然持有它，仅仅寄希望于股价反弹，那这就是投机者的游戏。——塞思·卡拉曼

很多人以为长期持有就是价值投资。但如果一个企业的行业格局变了、管理层烂了、基本面彻底坏了，你还是因为‘不甘心亏损’或者‘迷信长期持有’而死拿不放。这时候，你买卖的依据已经不是这家公司赚不赚钱，而是赌市场会不会再给你一次解套的机会。这不叫价值投资，这叫披着价投外衣的顽固投机。——李录