意识形态
【精译求精系列】：塞斯·卡拉曼《安全边际》中的30个重要思想（上篇）
编者按：
当今的投资界，除了沃伦·巴菲特，最受敬仰的莫过于基金公司Baupost Group的塞斯·卡拉曼了。自从1983年卡拉曼成立了自己的基金公司，他不仅创下无可匹敌的收益率（年复合增长率超过20%），还时常分享他对市场和投资睿智又经典的见解。
塞斯·卡拉曼是《安全边际：为有想法的投资者准备的风险规避型价值投资策略》一书的作者。这本书1991年初次出版后便立即成为了价值投资的经典著作。
这次，格隆汇精译求精团队，将本书的30个重要思想，翻译整理出来，相信他们会帮助各位成为更好，更敏锐的投资者。
脂溢性皮炎脸部怎么治1: Value Investing isn’t Easy
一：价值投资并不简单
Value investing requires a great deal of hard work, unusually strict discipline, and a long-ter
m investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of tho have the proper mindt to succeed.
价值投资需要投入大量精力和努力，非一般严格的纪律，还有长期投资的视野。只有少数人投入了做价值投资者所需的时间和精力，但这里面能建立起合适的投资观并成功的人就更少了。
Like most eighth- grade algebra students, some investors memorize a few formulas or rules and superficially appear competent but do not really understand what they are doing. To achieve long-term success over many financial market and economic cycles, obrving a few rules is not enough.
就像大多数八年级的代数学生一样，一些投资者只是简单地记了几个公式或者规则就觉得自己天下无敌了，但很多时候他们并不知道自己到底在干什么。想要在金融市场和经济周期中获得长期的成功，单纯只靠观察总结出几条规则来是不够的。属猪的幸运数字
Too many things change too quickly in the investment world for that approach to succeed.
It is necessary instead to understand the rationale behind the rules in order to appreciate why they work when they do and don't when they don't.
投资的世界里太多事情变得太快，所以我们需要明白规则背后的基本原理，这样才能知道为什么有些事情会发生，有些事情不。
Value investing is not a concept that can be learned and applied gradually over time. It is either absorbed and adopted at once, or it is never truly learned. Value investing is simple to understand but difficult to implement. Value investors are not super-sophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or asss underlying value.
价值投资不是靠长时间的学习和实践就能学习和掌握的，这种投资理念，要么（天生适合你，所以）你一下子就能学会，要么你一辈子都无法真正得其精髓。理解价值投资很简单，实操却很难。价值投资者也不是精于分析超复杂数据的巫师，他们也不会编写出复杂的电脑模型去发现潜在价值，寻找优质的投资机会。
妇科止血灵
The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, andjudgment to know when it is time to swing.
最难的部分是自律，还有判断。价值投资者需要强大的自律能力去拒绝那些不那么优质的投资诱惑，需要足够的耐心去等待真正优秀的机会，并且可以准确判断现在是不是最佳时机，该出手时就出手。
2: Being a Value Investor
二：价值投资者的特性
The disciplined pursuit of bargains makes value investing very much a risk-aver approach. The greatest challenge for value investors is maintaining the required discipline.
自律，直到找到划算的投资机会再出手，这使价值投资者们看起来很像风险厌恶者。自律对于他们来说是必需的，他们面临的最大挑战就是如何保持这份自律。
Being a value investor usually means standing apart from the crowd, challenging conventional wisdom, and opposing the prevailing investment winds. It can be a very lonely undertaking.
价值投资者意味着总是远离人群，挑战常规，甚至顶着盛行的投资风向逆行，这条路不可谓不孤独。
A value investor may experience poor, even horrendous, performance compared with that of other investors or the market as a whole during prolonged periods of market overvaluation. Yet over the long run the value approach works so successfully that few, if any, advocates of the philosophy ever abandon it.
在长期市场估值偏高的时间段里，价投者的表现有时和其他的投资者、或者整个市场比起来都会不尽如人意，甚至“可怕”。但长期来看，价值投资非常成功，所以你们会发现很少有价投者会放弃这种投资理念。
3: An Investor’s Worst Enemy
三：投资者的最大敌人哪种咖啡好喝
If investors could predict the future direction of the market, they would certainly notchoo to be value investors all the time. Indeed, when curities prices are steadily increasing, a value approach is usually a handicap; out of-favor curities tend to ri less than the public's favorites. When the market becomes fully valued on its way to being overvalued, value investors again farepoorly becau they ll too soon.
产妇月子食谱
如果有投资者可以成功预测市场未来的走向，他们肯定永远都不会去当价值投资者。诚然，当证券的价格稳步上升时，价投本身就是一个缺陷；不受欢迎的证券涨得没有公众喜欢的幅度大。另外，当被高估的市场被正确估值时，价投者也是讨不了巧的，因为他们很快就会需要卖掉手上的票。
The most beneficial time to be a value investor is when the market is falling. This is when downside risk matters and when investors who worried only about what could go right suffer the conquences of undue optimism. Value investors invest with a margin of safety that protects them from large loss in declining markets.
所以，当价投者的最佳时机是市场下行时。那些原先只关注上行因素的投资者们正在吞盲目乐观的苦果，这种时候，任何导致下行的风险因素都会被看得很重，而价投者因为用了一定的安全边际来投资，所以能够保护他们免受市场下行的巨大损失。
Tho who can predict the future should participate fully, indeed on margin using borrowed money, when the market is about to ri and get out of the market before it declines. Unfortunately, many more investors claim the ability to foree the market's direction than actually posss that ability. (I mylf have not met a single one.)
黄门令
