男男搞基小说The Complete TurtleTrader The Legend The Lessons The Results 《真正的海龟交易者——传奇，传授和传承》中英对照版
本翻译内容仅供投资者学习用，不可用于任何商业目的，张轶不负任何法律责任。
张轶翻译制作中英对照版word。版本越新，内容越完美。
版本：2009年01月22日。
校对：网友“鹰寂长空”——一名热心的警察，他为本书做出了大量文字上的美化工作，包括书名。他说这是送给大家的新年礼物。昨天半夜出勤，今天凌晨3点他才下班，上午告诉我，这个版本应该可以了，就匆忙上班去了。
Michael W. Covel
作者：迈克尔·W·卡沃尔
For Jake
献给杰克
Home plate collisions and winning are all that matter
药品生产质量管理规范本垒打和赢钱一样重要
“Every morning in Africa a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed. Every morning a lion wakes up. It knows it must run faster than the slowest gazelle or it will starve to death. It doesn’t matter whether you are a lion or a gazelle. When the sun comes up, you better start running.”
African proverb
“在非洲，每天早晨当羚羊醒来时，它知道它必须比最快的狮子还要快，否则它就会被杀。每天早晨当狮子醒来时，它知道它必须比最慢的羚羊快，否则它就饿死了。你是狮子，还是羚羊，这个不重要。当太阳起来时，你最好快跑。”
非洲格言
目录
Preface (3)
前言 (3)
Acknowledgments (10)
我与妹妹感谢词 (10)
1 Nurture versus Nature (11)
第01章天生的，还是后天培养的 (11)
2 Prince of the Pit (22)
第02章交易场内的王子 (22)
3 The Turtles (46)
第03章海龟们 (46)
4 The Philosophy (73)
第04章理念 (73)
5 The Rules (93)
第05章原则 (93)
6 In the Womb (132)
第06章在酝酿中 (132)
7 Who Got What to Trade (148)
第07章资金分配问题 (148)
8 Game Over (170)
第08章实验结束 (170)
9 Out on Their Own (178)
第09章他们只有靠自己了 (178)
10 Dennis Comes Back to the Game (189)
第10章丹尼斯又回到了交易界 (189)
11 Seizing Opportunity (199)
第11章抓住机会 (199)
12 Failure Is a Choice (216)
第12章失败是一个选择 (216)
吃药能吃绿豆吗
13 Second-Generation Turtles (222)
第13章第二代海龟 (222)
14 Model Greatness (240)
第14章榜样的伟大 (240)
Appendix I Where Are They Now? (245)
附录1 他们现在在哪里？ (245)
东北抗日名将Appendix II Related Websites (252)
附件2 相关的网址 (252)
Appendix III Turtle Performance Data (253)
附录3 海龟的业绩数据 (253)
Appendix IV Turtle Performance While Trading for Richard Dennis (256)
厦门特色美食小吃
附录4 海龟们帮丹尼斯交易时的业绩 (256)
Endnotes (283)
尾注 (283)
About the Author (295)
关于作者 (295)
Preface
前言
“Trading was more teachable than I ever imagined. Even though I was the only one who thought it was teachable . . . it was teachable beyond my wildest imagination.”
Richard Dennis
“交易比想象的要容易传授。即使只有我这么认为……也比我想象的要容易。”
理查德·丹尼斯
This is the story of how a group of ragtag students, many with no Wall Street experience, were trained to be millionaire traders. Think of Donald Trump’s show The Apprentice, played out in the real world with real money and real hiring and firing. However, the apprentices were thrown into the fire and challenged to make money almost immediately, with millions at stake. They weren’t trying to ll ice cream on the streets of New York City. They were trading stocks, bonds, currencies, oil, and dozens of other markets to make millions.
这是一个关于一群混杂学生的故事，他们中间很多人没有在华尔街工作过，这个故事讲他们是如何成为百万富翁的。想想唐纳德·特朗普的真人秀节目《学徒》（张轶注：香港翻译成《飞黄腾达》），真
枪实弹，真实的聘用，真实的炒鱿鱼。这些学徒要去实战，必须立刻赚钱。但本书的主人公不用在纽约街头卖冰激凌。他们交易股票、债券、外汇、原油和很多其它市场，以赚到几百万。
This story blows the roof off the conventional Wall Street success image so carefully crafted in popular culture: prestige, connections, and no place at the table for the little guy to beat the market (and beating the market is no small task). Legendary investor Benjamin Graham always said that analysts and fund managers as a whole could not beat the market becau in a significant n they were the market. On top of that, the academic community has argued for decades about efficient markets, once again implying there is no way to beat market averages.
轮轴原理这个故事打破了华尔街精心塑造的成功者形象：有名望，有关系，而小人物不可能战胜市场（战胜市场是很难的）。传奇投资者本杰明·格雷厄姆经常说分析师加上基金经理都不能战胜市场，因为他们本身就是市场。再说了，学术界几十年来都在争论有效市场，也就是暗示没有办法战胜市场。
Yet making big money, beating the market, is doable if you don’t follow the herd, if you think outside the box. People do have a chance to win in the
market game, but he or she needs the right rules and attitude to play by. And tho right rules and attitude collide head-on with basic human nature.
春天的比喻句如果你不人云亦云，如果你独立思考，赚大钱并战胜市场是可行的。人们有机会在市场中取胜，但是他或她需要正确的原则和态度。正确的原则和态度与人的本性正好相反。
This real-life apprentice story would still be buried had I not randomly picked up the July 1994 issue of Financial World magazine, featuring the article “Wall Street’s Top Players.”On the cover was famed money manager George Soros playing chess. Soros had made $1.1 billion for the year. The article listed the top one hundred paid players on Wall Street for 1993, where they lived, how much they made, and in general how they made it. Soros was first. Julian Robertson was cond, at $500 million. Bruce Kovner was fifth, at $200 million. Henry Kravis of KKR was eleventh at $56 million. Famed traders Louis Bacon and Monroe Trout were on the list, too.
如果我没有无意中翻开1994年7月的《金融世界》杂志并看到了“华尔街顶尖高手”的文章，那么真实的学徒故事就被埋没了。封面是著名的基金经理乔治·索罗斯在下棋。当年索罗斯赚了11亿美元。这篇文章列出了1993年华尔街100位顶尖受薪交易者，包括他们的住址，赚了多少钱，以及他们赚钱的方式。索罗斯排名第一。朱利安·罗伯逊排名第二，他赚了5亿美元。布鲁斯·科夫勒排名第五，他赚了2亿美元。KKR的亨利·克拉维斯排名第十一，他赚了5600万美元。著名的交易者路易斯？培根和蒙罗·特劳特也在名单中。
The rankings (an d earnings) provided a crystal-clear landscape of who was making “Master of the Univer”money. Here were, without a doubt, the top players in the “game.”Unexpectedly, one of them just happened to be living and working outside Richmond, Virginia, two hours from my home.
这个（收益）排名明显地告诉了我们谁赚的钱最多。毫无疑问，他们就是这个游戏的顶尖玩家。没想到，其中有一个人正好就住在弗吉尼亚州里士满郊区，离我家只有2小时的车程。
Twenty-fifth on the list was R. Jerry Parker, Jr., of Chesapeake Capital - and he had just made $35 million. Parker was not yet forty years old. His brief biography described him as a former pupil of Richard Dennis (who?) and noted that he was trained to be a “Turtle”(what?). Parker was described as a then twenty-five-year-old accountant who had attended Dennis’s school in 1983 to learn his “trend-tracking system.”The article also said he was a disciple of Martin Zweig (who?), who just happened to be thirty-third on the highest-paid list that year. At that moment the name “Dennis”was neither more nor less important than “Zweig,”but the implication was that the two men had made Parker extremely rich.
名单上排名第25位的是切萨皮克基金的杰瑞·帕克——他赚了3500万美元。帕克还不到40岁。文字资料说他是理查德·丹尼斯（谁？）的学生，还说他被训练成了一只“海龟”（什么？）。报道说帕克在1983到丹尼斯的学校学习“趋
势跟踪系统”时只是25岁的会计。文章还说他是马丁·史维格（谁？）的徒弟，马丁·史维格正好在当年收入最高的人中排名第32位。当时“丹尼斯”这个名字还没有“史维格”重要，但是看起来好像就是这2个人把帕克塑造得超级富有。
I studied that list intently, and Parker appeared to be the only one in the top hundred advertid as having been “trained.”For someone like mylf, looking for ways to try and earn that kind of money, his biography was immediate inspiration, eve n if there were no real specifics. Here was a man who bragged that he was a product of the “Virginia boondocks,”loved country music, and preferred to keep as far away from Wall Street as possible. This was no typical moneymaking story - that much I knew.
我认真地研究了这个名单，似乎在这100个人中间，帕克是唯一被“训练过”的。像我这样的人，正在想办法赚钱，虽然关于他的介绍不具体，我也立刻受到了启发。这小子吹他是“弗吉尼亚郊区”的人，喜爱乡村音乐，喜欢远离华尔街。这和我通常了解的赚钱故事不一样。
The common wisdom that the only way you could find su ccess was by working in eighty-story steel- and- glass towers in New York, London, Hong Kong, or Dubai was clearly dead wrong. Jerry Parker’s office was absolutely in middle of nowhere, thirty miles outside Richmond in Manakin-Sabot,
Virginia. Soon after reading the magazine, I drove down to e his office, noting its lack of preten, and sat in the parking lot thinking, “Y ou have got to be kidding me. This is where he makes all that money?”
一般人都说，要想找到成功，你就要到纽约、伦敦、香港或迪拜的80层钢筋玻璃大楼上班，很明显，这是错的。杰瑞·帕克的办公室在弗吉尼亚里士满郊区30英里处，并不是什么高楼大厦。看完这本杂志后，我开车去看了他的办公室，我在停车场的时候想：“这不是开玩笑吧。他能在那里赚钱？”
Malcolm Gladwell famously said, “There can be as much value in the blink of an eye as in months of rational analysis.”Seeing Parker’s country office was an electrical impul for me, permanently dispelling the importance of location. But I knew nothing el at the time about Jerry Parker other than what was in that 1994 issue of Financial World. Were there more of the students? How did they become students? What were they taught? And who was this man Dennis who had taught Parker and others?
马尔科姆·格拉德威尔有一句名言：“瞬间行动的价值比几个月理性的分析还要大。”去帕克的郊区办公室让我激动，地点不是重点。但在当时，除了1994年《金融世界》上的报道，我对杰瑞·帕克一无所知。他还有更多的同学吗？他们是如何成为别人的学生的？他们是如何学习的？传授知识给帕克和帕克的同学的那个丹尼斯是谁？
Richard Dennis was an iconoclast, a wildcatting Chicago trader not affiliated with a major investment bank or Fortune 500 firm. As the “locals”were fond of saying on Chicago trading floors, Dennis “bet his left nut.”In 1983, by the time he was thirty-ven, he’d made hundreds of millions of dollars out of an initial
