约翰·博格尔：别在草堆里找针，直接买下整个草堆

1、别在草堆里找针，直接买下整个草堆。
Don't look for a needle in a haystack. Just buy the whole haystack.

2、不要择时、不要选股、只要指数+长期。
No market timing, no stock picking. Just index funds plus a long-term perspective.

3、投资回报 = 市场总收益 - 成本。成本是唯一永远不会消失的东西，降低成本是获取超额回报最确定的方式。
Investment return = Total market return − Costs. Costs are the only thing that never disappear. Reducing costs is the surest way to achieve superior returns.

4、尽量减少赌场荷官的抽成，管理费、佣金、税费，每一分都在伤害你。
Minimize the croupier's cut at the casino. Management fees, commissions, and taxes — every penny hurts you.

5、风险无法逃避，只能管理、分散、用时间化解。
Risk cannot be avoided. It can only be managed, diversified, and resolved over time.

6、现实预期，拒绝暴富幻想，是控制风险的第一步。
Realistic expectations and rejecting get‑rich‑quick fantasies are the first step in controlling risk.

7、当一个问题有多种解决方案时，选择最简单的那个。
When a problem has multiple solutions, choose the simplest one.

8、坚持到底，无论发生什么，坚持你的投资计划。不要让市场的波动、你的情绪或者贪婪与恐惧改变你的航向。
Stay the course. No matter what happens, stick to your investment plan. Don't let market swings, your emotions, or greed and fear change your direction.

9、过去业绩不代表未来，别用后视镜开车。
Past performance does not guarantee future results. Don't drive using the rearview mirror.

10、每天学习，但多从别人的经验里学，更便宜。
Learn every day, but learn more from the experience of others — it's cheaper.

以上内容为约翰·博格尔语录整理
由数字人约翰·博格尔播报
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