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- vwongvwong
  ·2022-02-05
  Thank you for sharing the interview with us.
  非常抱歉，此主贴已删除
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- vwongvwong
  ·2022-01-18
  Informative article.
  非常抱歉，此主贴已删除
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- vwongvwong
  ·2021-12-23
  Thank you for the summary. Very cute graphics!
  Reminder: trading hours during the Christmas holiday<blockquote>提醒：圣诞假期交易时间</blockquote>
  December 25th (this Saturday) is Christmas Day, investors should find out whether the markets will b
  Reminder: trading hours during the Christmas holiday<blockquote>提醒：圣诞假期交易时间</blockquote>
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- vwongvwong
  ·2021-10-08
  It is really good that such experts are so generous to share from their experience.
  Warren Buffett’s folksy investing advice is just what you need in this unfriendly stock market<blockquote>沃伦·巴菲特平易近人的投资建议正是您在这个不友好的股市中所需要的</blockquote>
  Fundamentals apply, no matter what financial fads are capturing stock investors’ attention. Individ
  Warren Buffett’s folksy investing advice is just what you need in this unfriendly stock market<blockquote>沃伦·巴菲特平易近人的投资建议正是您在这个不友好的股市中所需要的</blockquote>
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you for sharing the interview with us.","listText":"Thank you for sharing the interview with us.","text":"Thank you for sharing the interview with us.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/633651154","repostId":"1127734514","repostType":4,"isVote":1,"tweetType":1,"viewCount":2853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697661587,"gmtCreate":1642462211231,"gmtModify":1642462211430,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587003044588569","idStr":"3587003044588569"},"themes":[],"htmlText":"Informative article.","listText":"Informative article.","text":"Informative article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697661587","repostId":"1183650425","repostType":4,"isVote":1,"tweetType":1,"viewCount":2735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691765459,"gmtCreate":1640246559736,"gmtModify":1640247041644,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587003044588569","idStr":"3587003044588569"},"themes":[],"htmlText":"Thank you for the summary. Very cute graphics!","listText":"Thank you for the summary. Very cute graphics!","text":"Thank you for the summary. Very cute graphics!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691765459","repostId":"1184462074","repostType":4,"repost":{"id":"1184462074","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639986941,"share":"https://www.laohu8.com/m/news/1184462074?lang=zh_CN&edition=full","pubTime":"2021-12-20 15:55","market":"us","language":"en","title":"Reminder: trading hours during the Christmas holiday<blockquote>提醒：圣诞假期交易时间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184462074","media":"Tiger Newspress","summary":"December 25th (this Saturday) is Christmas Day, investors should find out whether the markets will b","content":"<p>December 25th&nbsp;(this Saturday) is&nbsp;Christmas&nbsp;Day,&nbsp;investors should&nbsp;find out whether the markets&nbsp;will be&nbsp;closed&nbsp;during the Christmas holiday.<img src=\"https://static.tigerbbs.com/1cee45d8074351ca462d8a44f47308dd\" tg-width=\"750\" tg-height=\"750\" referrerpolicy=\"no-referrer\"><b>U.S. Stocks</b></p><p><blockquote>12月25日（本周六）是圣诞节，投资者应该了解一下圣诞节假期期间市场是否会休市。<b>美股</b></blockquote></p><p> It will be closed on Dec.24th.</p><p><blockquote>它将于12月24日关闭。</blockquote></p><p> <b>Singapore Stocks</b></p><p><blockquote><b>新加坡股票</b></blockquote></p><p> Its trading hours will be from 9:00&nbsp;am to 12:00&nbsp;pm at local time on Dec.24th.</p><p><blockquote>其交易时间为当地时间12月24日上午9:00至下午12:00。</blockquote></p><p> <b>HongKong Stocks</b></p><p><blockquote><b>港股</b></blockquote></p><p> Its trading hours will be from 9:30&nbsp;am to 12:00&nbsp;pm at local time on Dec.24th,&nbsp;and it will be closed on Dec.27th.</p><p><blockquote>其交易时间为当地时间12月24日上午9:30至下午12:00，12月27日休市。</blockquote></p><p> <b>A-shares(Northbound)</b></p><p><blockquote><b>A股（北向）</b></blockquote></p><p> It will be closed on Dec.24th and Dec.27th.</p><p><blockquote>它将于12月24日和12月27日关闭。</blockquote></p><p> <b>Australian Stocks</b></p><p><blockquote><b>澳洲股票</b></blockquote></p><p> Its normal&nbsp;trading&nbsp;will&nbsp;cease&nbsp;at&nbsp;14:00(Sydney&nbsp;time)&nbsp;on Dec 24th, and it will be closed on Dec.27th and Dec.28th&nbsp;in&nbsp;addition&nbsp;to&nbsp;the&nbsp;Boxing&nbsp;Day.</p><p><blockquote>其正常交易将于12月24日14:00（悉尼时间）停止，除节礼日外，还将于12月27日和12月28日休市。</blockquote></p><p> <b>Background</b></p><p><blockquote><b>背景</b></blockquote></p><p> Christmas&nbsp;is an annual festival commemorating&nbsp;the birth&nbsp;of&nbsp;Jesus Christ, observed primarily on December 25&nbsp;as a religious and cultural celebration among billions of people&nbsp;around the world.</p><p><blockquote>圣诞节是一年一度纪念耶稣基督诞生的节日，主要在12月25日作为全世界数十亿人的宗教和文化庆祝活动。</blockquote></p><p> Christmas&nbsp;Day&nbsp;is a&nbsp;public holiday&nbsp;in&nbsp;many countries,&nbsp;which is&nbsp;celebrated religiously by a majority of Christians,&nbsp;as well as&nbsp;culturally&nbsp;by many non-Christians,&nbsp;and forms an integral part of the&nbsp;holiday season&nbsp;organized around it.</p><p><blockquote>圣诞节在许多国家是一个公共假日，大多数基督徒在宗教上庆祝，许多非基督徒在文化上庆祝，并形成围绕它组织的假日季节的一个组成部分。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: trading hours during the Christmas holiday<blockquote>提醒：圣诞假期交易时间</blockquote></title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: trading hours during the Christmas holiday<blockquote>提醒：圣诞假期交易时间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-20 15:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>December 25th&nbsp;(this Saturday) is&nbsp;Christmas&nbsp;Day,&nbsp;investors should&nbsp;find out whether the markets&nbsp;will be&nbsp;closed&nbsp;during the Christmas holiday.<img src=\"https://static.tigerbbs.com/1cee45d8074351ca462d8a44f47308dd\" tg-width=\"750\" tg-height=\"750\" referrerpolicy=\"no-referrer\"><b>U.S. Stocks</b></p><p><blockquote>12月25日（本周六）是圣诞节，投资者应该了解一下圣诞节假期期间市场是否会休市。<b>美股</b></blockquote></p><p> It will be closed on Dec.24th.</p><p><blockquote>它将于12月24日关闭。</blockquote></p><p> <b>Singapore Stocks</b></p><p><blockquote><b>新加坡股票</b></blockquote></p><p> Its trading hours will be from 9:00&nbsp;am to 12:00&nbsp;pm at local time on Dec.24th.</p><p><blockquote>其交易时间为当地时间12月24日上午9:00至下午12:00。</blockquote></p><p> <b>HongKong Stocks</b></p><p><blockquote><b>港股</b></blockquote></p><p> Its trading hours will be from 9:30&nbsp;am to 12:00&nbsp;pm at local time on Dec.24th,&nbsp;and it will be closed on Dec.27th.</p><p><blockquote>其交易时间为当地时间12月24日上午9:30至下午12:00，12月27日休市。</blockquote></p><p> <b>A-shares(Northbound)</b></p><p><blockquote><b>A股（北向）</b></blockquote></p><p> It will be closed on Dec.24th and Dec.27th.</p><p><blockquote>它将于12月24日和12月27日关闭。</blockquote></p><p> <b>Australian Stocks</b></p><p><blockquote><b>澳洲股票</b></blockquote></p><p> Its normal&nbsp;trading&nbsp;will&nbsp;cease&nbsp;at&nbsp;14:00(Sydney&nbsp;time)&nbsp;on Dec 24th, and it will be closed on Dec.27th and Dec.28th&nbsp;in&nbsp;addition&nbsp;to&nbsp;the&nbsp;Boxing&nbsp;Day.</p><p><blockquote>其正常交易将于12月24日14:00（悉尼时间）停止，除节礼日外，还将于12月27日和12月28日休市。</blockquote></p><p> <b>Background</b></p><p><blockquote><b>背景</b></blockquote></p><p> Christmas&nbsp;is an annual festival commemorating&nbsp;the birth&nbsp;of&nbsp;Jesus Christ, observed primarily on December 25&nbsp;as a religious and cultural celebration among billions of people&nbsp;around the world.</p><p><blockquote>圣诞节是一年一度纪念耶稣基督诞生的节日，主要在12月25日作为全世界数十亿人的宗教和文化庆祝活动。</blockquote></p><p> Christmas&nbsp;Day&nbsp;is a&nbsp;public holiday&nbsp;in&nbsp;many countries,&nbsp;which is&nbsp;celebrated religiously by a majority of Christians,&nbsp;as well as&nbsp;culturally&nbsp;by many non-Christians,&nbsp;and forms an integral part of the&nbsp;holiday season&nbsp;organized around it.</p><p><blockquote>圣诞节在许多国家是一个公共假日，大多数基督徒在宗教上庆祝，许多非基督徒在文化上庆祝，并形成围绕它组织的假日季节的一个组成部分。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184462074","content_text":"December 25th (this Saturday) is Christmas Day, investors should find out whether the markets will be closed during the Christmas holiday.U.S. Stocks\nIt will be closed on Dec.24th.\nSingapore Stocks\nIts trading hours will be from 9:00 am to 12:00 pm at local time on Dec.24th.\nHongKong Stocks\nIts trading hours will be from 9:30 am to 12:00 pm at local time on Dec.24th, and it will be closed on Dec.27th.\nA-shares(Northbound)\nIt will be closed on Dec.24th and Dec.27th.\nAustralian Stocks\nIts normal trading will cease at 14:00(Sydney time) on Dec 24th, and it will be closed on Dec.27th and Dec.28th in addition to the Boxing Day.\nBackground\nChristmas is an annual festival commemorating the birth of Jesus Christ, observed primarily on December 25 as a religious and cultural celebration among billions of people around the world.\nChristmas Day is a public holiday in many countries, which is celebrated religiously by a majority of Christians, as well as culturally by many non-Christians, and forms an integral part of the holiday season organized around it.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":823585276,"gmtCreate":1633649437171,"gmtModify":1633649437244,"author":{"id":"3587003044588569","authorId":"3587003044588569","name":"vwong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587003044588569","idStr":"3587003044588569"},"themes":[],"htmlText":"It is really good that such experts are so generous to share from their experience.","listText":"It is really good that such experts are so generous to share from their experience.","text":"It is really good that such experts are so generous to share from their experience.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/823585276","repostId":"1194460907","repostType":4,"repost":{"id":"1194460907","kind":"news","pubTimestamp":1633610916,"share":"https://www.laohu8.com/m/news/1194460907?lang=zh_CN&edition=full","pubTime":"2021-10-07 20:48","market":"us","language":"en","title":"Warren Buffett’s folksy investing advice is just what you need in this unfriendly stock market<blockquote>沃伦·巴菲特平易近人的投资建议正是您在这个不友好的股市中所需要的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194460907","media":"MarketWatch","summary":"Fundamentals apply, no matter what financial fads are capturing stock investors’ attention.\n\nIndivid","content":"<p>  <b>Fundamentals apply, no matter what financial fads are capturing stock investors’ attention.</b>  Individual investors are back.&nbsp;Throughout 2021, they directly invested billions of dollars in U.S. stocks and real estate. But&nbsp;these assets are now priced&nbsp;at troublingly high levels,&nbsp;and fears of a correction are feeding volatility. Rising U.S. inflation, taxes, and government debt present systemic challenges. Political and social discord prevail. And there’s COVID.</p><p><blockquote><b>无论什么样的金融时尚吸引了股票投资者的注意力，基本面都适用。</b>个人投资者又回来了，2021年全年，他们直接投资了数十亿美元的美股和房地产。但这些资产目前的定价处于令人不安的高位，对调整的担忧加剧了波动。美国通胀、税收和政府债务上升带来了系统性挑战。政治和社会不和谐盛行。还有COVID。</blockquote></p><p> Facing such turmoil, individual investors are eager for guidance. There are few better sources than Berkshire Hathaway’sBRK.A,+0.80%BRK.B,+0.78%Warren Buffett, renowned for a matchless investment record across six volatile decades as well as for his savvy, accessible advice for investors. On point is this gem from 1994:</p><p><blockquote>面对这样的动荡，个人投资者渴望得到指引。很少有比伯克希尔哈撒韦公司的sBRK.A,+0.80%BRK.B,+0.78%沃伦·巴菲特更好的消息来源了，他以在动荡的六个十年中无与伦比的投资记录以及为投资者提供的精明、易懂的建议而闻名。重点是1994年的这颗宝石：</blockquote></p><p> “Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%. But, surprise — none of these blockbuster events made the slightest dent in [fundamental] investment principles.”</p><p><blockquote>“三十年前，没有人能够预见到越南战争的巨大扩张、工资和价格控制、两次石油危机、总统辞职、苏联解体、道指单日下跌508点，或者国库券收益率在2.8%至17.4%之间波动。但是，令人惊讶的是——这些重磅事件都没有对[基本]投资原则产生丝毫影响。”</blockquote></p><p> As unprecedented as these times may seem, from angst to innovation, another Buffett gem reminds us that we’ve been here before. In 2018, Buffett wrote again of how the fundamentals of investing are timeless:</p><p><blockquote>从焦虑到创新，这些时代似乎前所未有，但巴菲特的另一颗宝石提醒我们，我们以前也经历过这里。2018年，巴菲特再次写道，投资的基本面是永恒的：</blockquote></p><p> “Since 1942… the country contended at various times with a long period of viral inflation, a 21% prime rate, several controversial and costly wars, the resignation of a president, a pervasive collapse in home values, a paralyzing financial panic and a host of other problems.”</p><p><blockquote>“自1942年以来……该国在不同时期面临着长期的病毒式通货膨胀、21%的最优惠利率、几场有争议且代价高昂的战争、总统辞职、房价普遍暴跌、令人瘫痪的金融恐慌以及许多其他问题。”</blockquote></p><p> Buffett has always believed that the fundamentals of investing remain intact even in the face of financial fads or innovations, from the tech bubble of the late 1990s to today’s meme stocks or social investing funds.</p><p><blockquote>巴菲特一直认为，即使面对金融时尚或创新，从20世纪90年代末的科技泡沫到今天的模因股票或社会投资基金，投资的基本面仍然完好无损。</blockquote></p><p> The fundamentals of investing are collated in homespun and humorous essays Buffett has been writing for the shareholders of his company, Berkshire Hathaway, for six decades.&nbsp;Since 1996, with Buffett’s support, I have&nbsp;published a collection&nbsp;of the best of these, representing a comprehensive, non-repetitive and compact mini-course useful to any individual investor.</p><p><blockquote>60年来，巴菲特为伯克希尔·哈撒韦公司的股东撰写了朴素而幽默的文章，整理了投资的基本原理。自1996年以来，在巴菲特的支持下，我出版了其中的精华集，代表了一个对任何个人投资者都有用的全面、非重复和紧凑的迷你课程。</blockquote></p><p> In this year’s essay, Buffett warned about the perils of investing by individuals, particularly now in a period brimming with “promoters” telling “stories” that create “illusions” for the gullible. Springing to mind are SPACs, ETFs, ESG funds, and other fashionable offerings. Buffett cautions against “speculators” peddling “enticing ideas” and “calls for action” that “never stop.”</p><p><blockquote>在今年的文章中，巴菲特警告了个人投资的危险，尤其是在一个充斥着“发起人”讲述“故事”的时代，这些故事为容易受骗的人创造了“幻觉”。脑海中浮现的是SPAC、ETF、ESG基金和其他时尚产品。巴菲特警告“投机者”不要兜售“诱人的想法”和“永不停止”的“行动评级”。</blockquote></p><p> Buffett advises avoiding such lures. In contrast, he uses two examples from his own investing experience to highlight the appeal for investing of common sense, simplicity and business focus. The examples are his investments in an Omaha farm (in 1986) and a New York City apartment building (in 1993) in which he earned outsized returns by adhering to just a few fundamentals.</p><p><blockquote>巴菲特建议避免此类诱惑。相比之下，他用自己投资经历中的两个例子来强调常识、简单和商业关注投资的吸引力。例如，他在奥马哈的一个农场（1986年）和纽约市的一栋公寓楼（1993年）的投资，在这些投资中，他通过坚持一些基本原则获得了巨额回报。</blockquote></p><p> First,&nbsp;Buffett has long said&nbsp;the three most important words in investing are “margin of safety.” He refers to the phrase coined by his mentor, Benjamin Graham, who stressed that investment opportunities arise when priced below value. Buffett purchased the farm from a failed banker, and the building from a government receiver.&nbsp;They were eager&nbsp;sellers offering low prices given market conditions. Hunting for such safety is especially important in current highly-priced markets.</p><p><blockquote>首先，巴菲特早就说过，投资最重要的三个词是“安全边际”。他指的是他的导师本杰明·格雷厄姆创造的一句话，格雷厄姆强调，当价格低于价值时，投资机会就会出现。巴菲特从一个失败的银行家手中买下了农场，从一个政府接管人手中买下了这栋大楼。他们都是热切的卖家，在市场条件下提供低价。在当前的高价市场中，寻找这种安全性尤为重要。</blockquote></p><p> Second, Buffett says “keep it simple” and “don’t swing for the fences.” He isn’t an expert in farming or real estate. But he understood enough to estimate revenues and expenses on these assets over a decade-long holding period. Buffett estimated a 10% return, which he judged reasonable for the moderate risk. In fact, both of these investments saw earnings triple estimates and their value quintuple. If you keep it simple, meaning invest in things you understand, you only need basic competence to comfortably make economic estimates.</p><p><blockquote>其次，巴菲特说“保持简单”和“不要犹豫不决”。他不是农业或房地产方面的专家。但他足够了解这些资产在长达十年的持有期内的收入和支出。巴菲特估计回报率为10%，他认为对于中等风险来说这是合理的。事实上，这两项投资的收益都是预期的三倍，价值是预期的五倍。如果你保持简单，也就是说投资于你理解的东西，你只需要基本的能力就可以轻松地做出经济估计。</blockquote></p><p> Finally, Buffett advises to “focus on the playing field, not the scoreboard.”&nbsp; By this he means to study the asset and related business prospects rather than any market price.&nbsp;In stocks, for example, focus on the value of the expected cash flows over the next 10 years, not on today’s closing price; for an office building, focus on the value of the expected rent rolls, not on the sales price of the building down the block.</p><p><blockquote>最后，巴菲特建议“关注竞争环境，而不是记分牌。”他的意思是研究资产和相关的商业前景，而不是任何市场价格。例如，在股票中，关注未来10年的预期现金流价值，而不是今天的收盘价；对于办公楼，关注预期租金的价值，而不是街区内建筑的销售价格。</blockquote></p><p> Individual investors know that investing is not easy and that choppy waters can make things uncomfortable. Following the fundamentals helps, as does the perspective that history provides.</p><p><blockquote>个人投资者知道投资并不容易，波涛汹涌的水域会让事情变得不舒服。遵循基本面是有帮助的，历史提供的视角也是如此。</blockquote></p><p></p><p> <i>Lawrence A.&nbsp;Cunningham&nbsp;is a professor at George Washington University, founder of the&nbsp;Quality Shareholders Group, and publisher, since 1997, of&nbsp;“The Essays of Warren Buffett: Lessons for Corporate America.”&nbsp;Cunningham owns shares of&nbsp;Berkshire Hathaway.</i></p><p><blockquote><i>劳伦斯·A·坎宁安(Lawrence A.Cunningham)是乔治·华盛顿大学教授、优质股东组织创始人，自1997年起出版《沃伦·巴菲特随笔：美国企业界的教训》。坎宁安拥有伯克希尔·哈撒韦公司的股票。</i></blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Warren Buffett’s folksy investing advice is just what you need in this unfriendly stock market<blockquote>沃伦·巴菲特平易近人的投资建议正是您在这个不友好的股市中所需要的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWarren Buffett’s folksy investing advice is just what you need in this unfriendly stock market<blockquote>沃伦·巴菲特平易近人的投资建议正是您在这个不友好的股市中所需要的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-10-07 20:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Fundamentals apply, no matter what financial fads are capturing stock investors’ attention.</b>  Individual investors are back.&nbsp;Throughout 2021, they directly invested billions of dollars in U.S. stocks and real estate. But&nbsp;these assets are now priced&nbsp;at troublingly high levels,&nbsp;and fears of a correction are feeding volatility. Rising U.S. inflation, taxes, and government debt present systemic challenges. Political and social discord prevail. And there’s COVID.</p><p><blockquote><b>无论什么样的金融时尚吸引了股票投资者的注意力，基本面都适用。</b>个人投资者又回来了，2021年全年，他们直接投资了数十亿美元的美股和房地产。但这些资产目前的定价处于令人不安的高位，对调整的担忧加剧了波动。美国通胀、税收和政府债务上升带来了系统性挑战。政治和社会不和谐盛行。还有COVID。</blockquote></p><p> Facing such turmoil, individual investors are eager for guidance. There are few better sources than Berkshire Hathaway’sBRK.A,+0.80%BRK.B,+0.78%Warren Buffett, renowned for a matchless investment record across six volatile decades as well as for his savvy, accessible advice for investors. On point is this gem from 1994:</p><p><blockquote>面对这样的动荡，个人投资者渴望得到指引。很少有比伯克希尔哈撒韦公司的sBRK.A,+0.80%BRK.B,+0.78%沃伦·巴菲特更好的消息来源了，他以在动荡的六个十年中无与伦比的投资记录以及为投资者提供的精明、易懂的建议而闻名。重点是1994年的这颗宝石：</blockquote></p><p> “Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%. But, surprise — none of these blockbuster events made the slightest dent in [fundamental] investment principles.”</p><p><blockquote>“三十年前，没有人能够预见到越南战争的巨大扩张、工资和价格控制、两次石油危机、总统辞职、苏联解体、道指单日下跌508点，或者国库券收益率在2.8%至17.4%之间波动。但是，令人惊讶的是——这些重磅事件都没有对[基本]投资原则产生丝毫影响。”</blockquote></p><p> As unprecedented as these times may seem, from angst to innovation, another Buffett gem reminds us that we’ve been here before. In 2018, Buffett wrote again of how the fundamentals of investing are timeless:</p><p><blockquote>从焦虑到创新，这些时代似乎前所未有，但巴菲特的另一颗宝石提醒我们，我们以前也经历过这里。2018年，巴菲特再次写道，投资的基本面是永恒的：</blockquote></p><p> “Since 1942… the country contended at various times with a long period of viral inflation, a 21% prime rate, several controversial and costly wars, the resignation of a president, a pervasive collapse in home values, a paralyzing financial panic and a host of other problems.”</p><p><blockquote>“自1942年以来……该国在不同时期面临着长期的病毒式通货膨胀、21%的最优惠利率、几场有争议且代价高昂的战争、总统辞职、房价普遍暴跌、令人瘫痪的金融恐慌以及许多其他问题。”</blockquote></p><p> Buffett has always believed that the fundamentals of investing remain intact even in the face of financial fads or innovations, from the tech bubble of the late 1990s to today’s meme stocks or social investing funds.</p><p><blockquote>巴菲特一直认为，即使面对金融时尚或创新，从20世纪90年代末的科技泡沫到今天的模因股票或社会投资基金，投资的基本面仍然完好无损。</blockquote></p><p> The fundamentals of investing are collated in homespun and humorous essays Buffett has been writing for the shareholders of his company, Berkshire Hathaway, for six decades.&nbsp;Since 1996, with Buffett’s support, I have&nbsp;published a collection&nbsp;of the best of these, representing a comprehensive, non-repetitive and compact mini-course useful to any individual investor.</p><p><blockquote>60年来，巴菲特为伯克希尔·哈撒韦公司的股东撰写了朴素而幽默的文章，整理了投资的基本原理。自1996年以来，在巴菲特的支持下，我出版了其中的精华集，代表了一个对任何个人投资者都有用的全面、非重复和紧凑的迷你课程。</blockquote></p><p> In this year’s essay, Buffett warned about the perils of investing by individuals, particularly now in a period brimming with “promoters” telling “stories” that create “illusions” for the gullible. Springing to mind are SPACs, ETFs, ESG funds, and other fashionable offerings. Buffett cautions against “speculators” peddling “enticing ideas” and “calls for action” that “never stop.”</p><p><blockquote>在今年的文章中，巴菲特警告了个人投资的危险，尤其是在一个充斥着“发起人”讲述“故事”的时代，这些故事为容易受骗的人创造了“幻觉”。脑海中浮现的是SPAC、ETF、ESG基金和其他时尚产品。巴菲特警告“投机者”不要兜售“诱人的想法”和“永不停止”的“行动评级”。</blockquote></p><p> Buffett advises avoiding such lures. In contrast, he uses two examples from his own investing experience to highlight the appeal for investing of common sense, simplicity and business focus. The examples are his investments in an Omaha farm (in 1986) and a New York City apartment building (in 1993) in which he earned outsized returns by adhering to just a few fundamentals.</p><p><blockquote>巴菲特建议避免此类诱惑。相比之下，他用自己投资经历中的两个例子来强调常识、简单和商业关注投资的吸引力。例如，他在奥马哈的一个农场（1986年）和纽约市的一栋公寓楼（1993年）的投资，在这些投资中，他通过坚持一些基本原则获得了巨额回报。</blockquote></p><p> First,&nbsp;Buffett has long said&nbsp;the three most important words in investing are “margin of safety.” He refers to the phrase coined by his mentor, Benjamin Graham, who stressed that investment opportunities arise when priced below value. Buffett purchased the farm from a failed banker, and the building from a government receiver.&nbsp;They were eager&nbsp;sellers offering low prices given market conditions. Hunting for such safety is especially important in current highly-priced markets.</p><p><blockquote>首先，巴菲特早就说过，投资最重要的三个词是“安全边际”。他指的是他的导师本杰明·格雷厄姆创造的一句话，格雷厄姆强调，当价格低于价值时，投资机会就会出现。巴菲特从一个失败的银行家手中买下了农场，从一个政府接管人手中买下了这栋大楼。他们都是热切的卖家，在市场条件下提供低价。在当前的高价市场中，寻找这种安全性尤为重要。</blockquote></p><p> Second, Buffett says “keep it simple” and “don’t swing for the fences.” He isn’t an expert in farming or real estate. But he understood enough to estimate revenues and expenses on these assets over a decade-long holding period. Buffett estimated a 10% return, which he judged reasonable for the moderate risk. In fact, both of these investments saw earnings triple estimates and their value quintuple. If you keep it simple, meaning invest in things you understand, you only need basic competence to comfortably make economic estimates.</p><p><blockquote>其次，巴菲特说“保持简单”和“不要犹豫不决”。他不是农业或房地产方面的专家。但他足够了解这些资产在长达十年的持有期内的收入和支出。巴菲特估计回报率为10%，他认为对于中等风险来说这是合理的。事实上，这两项投资的收益都是预期的三倍，价值是预期的五倍。如果你保持简单，也就是说投资于你理解的东西，你只需要基本的能力就可以轻松地做出经济估计。</blockquote></p><p> Finally, Buffett advises to “focus on the playing field, not the scoreboard.”&nbsp; By this he means to study the asset and related business prospects rather than any market price.&nbsp;In stocks, for example, focus on the value of the expected cash flows over the next 10 years, not on today’s closing price; for an office building, focus on the value of the expected rent rolls, not on the sales price of the building down the block.</p><p><blockquote>最后，巴菲特建议“关注竞争环境，而不是记分牌。”他的意思是研究资产和相关的商业前景，而不是任何市场价格。例如，在股票中，关注未来10年的预期现金流价值，而不是今天的收盘价；对于办公楼，关注预期租金的价值，而不是街区内建筑的销售价格。</blockquote></p><p> Individual investors know that investing is not easy and that choppy waters can make things uncomfortable. Following the fundamentals helps, as does the perspective that history provides.</p><p><blockquote>个人投资者知道投资并不容易，波涛汹涌的水域会让事情变得不舒服。遵循基本面是有帮助的，历史提供的视角也是如此。</blockquote></p><p></p><p> <i>Lawrence A.&nbsp;Cunningham&nbsp;is a professor at George Washington University, founder of the&nbsp;Quality Shareholders Group, and publisher, since 1997, of&nbsp;“The Essays of Warren Buffett: Lessons for Corporate America.”&nbsp;Cunningham owns shares of&nbsp;Berkshire Hathaway.</i></p><p><blockquote><i>劳伦斯·A·坎宁安(Lawrence A.Cunningham)是乔治·华盛顿大学教授、优质股东组织创始人，自1997年起出版《沃伦·巴菲特随笔：美国企业界的教训》。坎宁安拥有伯克希尔·哈撒韦公司的股票。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/warren-buffetts-folksy-investing-advice-is-just-what-you-need-in-this-unfriendly-stock-market-11633589615?siteid=yhoof2\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/warren-buffetts-folksy-investing-advice-is-just-what-you-need-in-this-unfriendly-stock-market-11633589615?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1194460907","content_text":"Fundamentals apply, no matter what financial fads are capturing stock investors’ attention.\n\nIndividual investors are back. Throughout 2021, they directly invested billions of dollars in U.S. stocks and real estate. But these assets are now priced at troublingly high levels, and fears of a correction are feeding volatility. Rising U.S. inflation, taxes, and government debt present systemic challenges. Political and social discord prevail. And there’s COVID.\nFacing such turmoil, individual investors are eager for guidance. There are few better sources than Berkshire Hathaway’sBRK.A,+0.80%BRK.B,+0.78%Warren Buffett, renowned for a matchless investment record across six volatile decades as well as for his savvy, accessible advice for investors. On point is this gem from 1994:\n“Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%. But, surprise — none of these blockbuster events made the slightest dent in [fundamental] investment principles.”\nAs unprecedented as these times may seem, from angst to innovation, another Buffett gem reminds us that we’ve been here before. In 2018, Buffett wrote again of how the fundamentals of investing are timeless:\n“Since 1942… the country contended at various times with a long period of viral inflation, a 21% prime rate, several controversial and costly wars, the resignation of a president, a pervasive collapse in home values, a paralyzing financial panic and a host of other problems.”\nBuffett has always believed that the fundamentals of investing remain intact even in the face of financial fads or innovations, from the tech bubble of the late 1990s to today’s meme stocks or social investing funds.\nThe fundamentals of investing are collated in homespun and humorous essays Buffett has been writing for the shareholders of his company, Berkshire Hathaway, for six decades. Since 1996, with Buffett’s support, I have published a collection of the best of these, representing a comprehensive, non-repetitive and compact mini-course useful to any individual investor.\nIn this year’s essay, Buffett warned about the perils of investing by individuals, particularly now in a period brimming with “promoters” telling “stories” that create “illusions” for the gullible. Springing to mind are SPACs, ETFs, ESG funds, and other fashionable offerings. Buffett cautions against “speculators” peddling “enticing ideas” and “calls for action” that “never stop.”\nBuffett advises avoiding such lures. In contrast, he uses two examples from his own investing experience to highlight the appeal for investing of common sense, simplicity and business focus. The examples are his investments in an Omaha farm (in 1986) and a New York City apartment building (in 1993) in which he earned outsized returns by adhering to just a few fundamentals.\nFirst, Buffett has long said the three most important words in investing are “margin of safety.” He refers to the phrase coined by his mentor, Benjamin Graham, who stressed that investment opportunities arise when priced below value. Buffett purchased the farm from a failed banker, and the building from a government receiver. They were eager sellers offering low prices given market conditions. Hunting for such safety is especially important in current highly-priced markets.\nSecond, Buffett says “keep it simple” and “don’t swing for the fences.” He isn’t an expert in farming or real estate. But he understood enough to estimate revenues and expenses on these assets over a decade-long holding period. Buffett estimated a 10% return, which he judged reasonable for the moderate risk. In fact, both of these investments saw earnings triple estimates and their value quintuple. If you keep it simple, meaning invest in things you understand, you only need basic competence to comfortably make economic estimates.\nFinally, Buffett advises to “focus on the playing field, not the scoreboard.”  By this he means to study the asset and related business prospects rather than any market price. In stocks, for example, focus on the value of the expected cash flows over the next 10 years, not on today’s closing price; for an office building, focus on the value of the expected rent rolls, not on the sales price of the building down the block.\nIndividual investors know that investing is not easy and that choppy waters can make things uncomfortable. Following the fundamentals helps, as does the perspective that history provides.\nLawrence A. Cunningham is a professor at George Washington University, founder of the Quality Shareholders Group, and publisher, since 1997, of “The Essays of Warren Buffett: Lessons for Corporate America.” Cunningham owns shares of Berkshire Hathaway.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}