20190217【充实计划】第984期

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思想家的爱情，不止萨特与波伏娃一种

海德格尔和他曾经的学生、后来的情人、终身的挚友阿伦特之间的那种超越了师生关系的爱和友谊，在研究西方现当代哲学和政治学的圈子里早已不是秘密，这本《海德格尔与阿伦特通信集》中的文献证明了这种关系。德国弗莱堡大学哲学系教授，曾任“海德格尔协会”主席的君特·菲加尔（《海德格尔与荣格通信集》编者）如此评价本书：“阅读马丁·海德格尔和汉娜·阿伦特之间往来书信的人，都会被具有非凡强度的通信之魅力迷住。”

汉娜•阿伦特1906年生于德国汉诺威，是二十世纪最伟大、最具原创性的思想家、政治理论家之一，主要著作有《极权主义的起源》等。汉娜·阿伦特从小就喜欢希腊文学与哲学，感到中学的学习枯燥无味，又由于犹太人的身份以及德国社会逐渐显露出来的反犹情绪而颇感压抑，加之1913年她最爱的父亲和祖父的相继离世，使得原本殷实的家境一落千丈，她的少女时光可谓充满了孤独与苦楚。但她还是披荆斩棘一般地进入马堡大学哲学系，遇见了很受学生欢迎的老师海德格尔。海德格尔应该可以算得上是阿伦特思想启蒙最早的和最重要的导师，而阿伦特的美丽与聪颖也迅速吸引了海德格尔的目光，他对阿伦特的追求几乎是一见钟情式的。



*如果你在你十三岁时就遇到了我的话，如果这发生在哪怕只是十年之后的话——困惑于此是徒劳无益的。不，它发生在现在，这时你的生命正默默地在为变成女人的生命而做好准备，这时你想要将你女孩时代的直觉、憧憬、茁壮、欢笑，作为善良、信任、美丽、女人的永远只是赠予之源泉，毫无损失地吸纳进你的生命中来。

……在你之中的一切都不会破碎；你过去曾有的重荷和痛苦都会被荡涤；陌异的东西和已经发生了的事情都会退却。（海德格尔致阿伦特，1925，信2）



马丁•海德格尔1889年生于德国梅斯基尔希，是二十世纪最伟大的哲学家之一。主要著作有《存在与时间》《哲学论稿》等。海德格尔的思想深刻地影响了众多重要的现代西方思想家，这其中自然包括阿伦特在内，经过了开头一两封信的客套，他和她的心很快走到了一起。他们一起读书，一起听贝多芬和巴赫，一起分享哲思；他在“漫长的”等待中给她写诗，在信的结尾“吻你可爱的手”。（1928，信39）



阿伦特的爱情同样炽热，她崇拜他爱慕他，甘愿为他付出一切，但这都改变不了这样一个事实：他年长她十七岁且已婚，又是两个孩子的父亲，他无法也不该阻止一个年轻的姑娘去追求自己的幸福，或者哪怕她只是在彼时彼地做出自己权宜的选择。他们的关系从一开始就笼罩在这样的悲剧色彩里，“我们不能说出我们多么地合二为一，我们只能哭泣”。（阿伦特，《离别》，1925）



*我再也受不了了：在海德堡的大街上茫然地四处乱走，每一刻都期待着与你相遇。我必须和某个人谈论一下你，于是我向雅斯贝尔斯打听你的情况。他是如此地称赞你和你的工作，以至于我几乎都把持不住自己了。……他根据他自己所看到的猜想，你订婚了。

在没有引起他的注意的情况下，我强行结束了交谈，以便独处。

……

我再次开始不断地追寻你，为的是在你那里感受到快乐——直到我充满快乐并离开。

……

你已经读了我的书［《存在与时间》］——这意味着你已经把你的爱与你新的幸福融合在一起了。

把你心灵的所有快乐放入你的手中，以便它在某个时刻划过我的额头，以便我能将你的爱的力量完好无损地保存在我的心中。（海德格尔致阿伦特，1927，信37）

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The business of value investing – Six essential elements to buying companies like Warren Buffett- Charlie Tian 2009
https://bbs.pinggu.org/thread-695143-1-1.html(Page 58-65)
Learn from the Masters, The Sum of Its Parts- A Fundamental Framework, All Investing needs to be Value Investing
阅读到的有价值的内容段落摘录
Fortunately, we don’t all have to be like Buffett and be “wired at birth” for investing. We do need to understand that successful value investing hinges on activities that you are trained not to pursue and often requires that you do the exact opposite of what the majority is doing. As Buffett often says, you pay an expensive price for a cheery consensus.” Some of the best bargains usually are found in industries that are currently under distress, where investment dollars are exiting and not entering. If you want to invest in the cocktail party stock of the year, the idea won’t come cheap. For example, we are taught that a highly diversified portfolio is the soundest approach. For the general individual, this might be an intelligent way to go. But if you’re a serious investor and are devoting serious time to stock selection, then concentration makes the most sense. The wealthiest people on the planet have derived their wealth from a single business: Warren Buffett from Berkshire Hathaway; Bill Gates from Microsoft; Lakshmi Mittal from ArcelorMittal; and on it goes. It’s silly to think that just having a few eggs in your basket is riskier than having more. If you know the business cold, why put money in something else that you don’t know as well? As Buffett suggests, it is better to have a few eggs in your basket and watch them closely than to have many and risk some breaking.
In observing great investors, It is discovered that their investing approach hinges on six elements that comprise the entire investment process. These six elements always go together in selecting investment candidates; in other words, you can’t have a good search strategy (Element 2) without first having a sound investment philosophy (Element 1). Just like crawling before walking, you need to know what you’re looking for before beginning to look. Jumping ahead and investing without understanding what it is you’re looking for often will send you into a crash. At first, the framework looks obvious; all of the individual pieces have been discussed and dissected in other investing literature. Here, it’s the total framework that counts, not the individual components. This is not a checklist that you go through every time you want to pick an investment but rather six essential elements that should truly exist if you are a value - seeking investor. It is surprising how few “value investors” actually invest with this mental framework in mind. Referring back to Graham’s definition of an investment operation, relatively few investors truly take the time to analyze the business and determine whether the price is right so that a satisfactory return is achieved . Investing in this manner is not easy to do. It requires discipline and no emotional attachments. Emotions are the enemy of the disciplined investor. Maintaining discipline minimizes the severity of mistakes. The key to successful investing is not to eliminate mistakes, which are inevitable, but to minimize their impact on the overall investment portfolio. Investors should not take this viewpoint to mean that investing is a rigid science. On the contrary, investment is part art and part science with a little luck thrown in on the side. The framework to be outlined hardly suggests that investing is a rigid discipline. Rather these elements are essential fundamentals that enable each unique investor to succeed in his or her own way. All golf swings are different, but attention to the essential elements of a pure golf swing - keeping your head still, a good shoulder turn, and maintaining plane — all serve to keep the ball flying accurately. Similar to golf, the essential elements in investments all work together to produce a consistent and effective selection strategy. True value investing often requires that you look stupid in the short run. Often you will own shares in businesses that are hated by the majority. With each passing month that goes by without anything positive happening, the criticisms will get louder. You must have complete faith in your decisions or else you will be guided by the crowd. And most important, value investing requires total and complete independence of thought. The ability to sit still for months while your investments do nothing and have all the “smart money” berate you for having completely missed the boat requires a very independent and emotionless state of mind.
During the Internet boom of the late 1990s, Berkshire Hathaway’s stock price was tested as never before under Buffett’s watch. Reporter after reporter was quick to criticize Buffett for not having participated in the Internet boom. In December of 1999, Barron’s ran a cover story titled “What’s wrong Warren?” The first sentence of the article was “After more than 30 years of unrivalled investment success, Warren Buffett may be losing his magic touch. ” What sparked such an opinion? Shares in Berkshire were set to decline for the first time since 1990. Thankfully for Berkshire investors, Buffett spends no time paying attention to what the media thinks about his investments. So for Buffett, his aversion to the Internet companies was simply an exercise in discipline. With billions of dollars at his disposal, he could have easily allocated tens of millions of dollars to a basket of Internet stocks and not affected Berkshire’s performance if they all lost money. But he didn’t do that because doing so would have taken him outside of his circle of competence. This is a very important lesson and one Buffett has alluded to over and over. If you’re not willing to risk millions in an endeavor you don’t fully understand, then you shouldn’t be willing to risk thousands. An intelligent investor seeks to avoid all losses and does not differentiate between a “small” and a “ big ” loss. Just as Tiger Woods adheres to a concise and disciplined set of steps for each and every golf swing, so does the value investor in selecting stocks. In order, these six essential elements are:
1. Commit to a sound investment philosophy.
2. Find a good search strategy.
3. Effectively value a business.
4. Have the discipline to say no.
5. Be patient.
6. Be willing to make a significant bet at the point of maximum pessimism.
This framework — ingrained in the minds of Warren Buffett, Charlie Munger, Mason Hawkins, Seth Klarman, and others — provides a complete mental approach to investing that, if rigorously applied,
will eliminate many unforced errors in investing. All investors make mistakes, but the most successful investors are those who are best able to avoid the unnecessary mistakes and to avoid making the same mistakes twice. Also, when investors apply and commit to pursuing investing based on the six   elements, they are conditioning their minds to be more disciplined in making investment decisions, and a disciplined approach is a much more focused approach.

阅读到的有价值信息的自我思考点评感想
As mentioned earlier, many value investors have come across the individual components of this process. Warren Buffett’s annual reports are littered with references to a sound investment philosophy, patience, and discipline. Buffett’s partner Charlie Munger often extols the virtues of patience. The key to this framework is viewing it as a series of building blocks, or- to borrow a term from Charlie Munger- a latticework within investing. It’s a latticework because you can’t have one without the other. It’s ineffective to develop a good search strategy without first having a sound approach and philosophy. Similarly, you won’t be able to make a big bet during moments of maximum pessimism if you don’t have patience or the ability to value a business. Successful investing is not a rigid science defined by one exact formula; it is a continuous, evolving process of constant learning.
The framework can’t be learned in mere months or years but rather applied over and over again over decades. Warren Buffett has been developing a sound investment philosophy his entire life. The foundation of that philosophy began with Graham’s Intelligent Investor, but Buffett has been perfecting it for decades. Charlie Munger often has praised Buffett as one of the “greatest learning machines.” A rational approach to value investing will deliver the desired outcome over a meaningful period of time. It is dangerous. Investors is often to begin searching for the next great investment without giving serious consideration to what it is they actually are trying to accomplish.  Every investor’s goal is to buy a security at one price and sell it later at a much higher price. But this goal rarely happens in an orderly fashion, and if your mental approach is not defined by a sound investment philosophy, the odds of costly mistakes are greatly enhanced. The path between buying low and selling high is often littered with bumps, and a patient, business-like approach to investing makes a huge difference. Without an orderly fashion and investment action plan that fail to achieve the profit or finally result in an investment loss.

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投资是时间维度上的平衡消费
欧文·费雪在他的《利息理论》里面有一句名言：投资是时间维度上的平衡消费。（Investment is the balancing of consumption over time.）
投资其实就是消费，投资只不过是在时间维度上的平衡消费。这句话非常精彩，一下子就将投资和消费打通了。它们是一回事，只不过是人们为了追求最大的收益，在时间上做的一个平衡而已。
今天的年轻人有很多时间，今朝有酒今朝醉，把所有的时间都用来玩，这是可以的。连续玩一个星期，一个月，一个季度，都是可以的，但是如果一直这么玩下去，将来的日子可能就没这么好过了。
反过来，他们今天稍微吃点苦，多花一点时间来学习，将来的日子会更好过。这是一种平衡消费的观点。要知道，我们每一个人追求的，不是今天的消费最大化，也不是明天的消费最大化，我们要追求的，是终身每一个时间点的收入之和最大化。
这也让我想起阿尔钦在他的教科书里提过的一个有趣问题：我们都知道，要是连饿三天才吃一顿饭，那顿饭会非常香，感受也好极了。但是我们每个人，为什么不会为了追求那种特别美味的感觉，连饿自己三天才吃一顿，而是每天都吃三顿饭呢？
答案在于，我们追求的不是一刹那的最高幸福，我们追求的是幸福总量的最大化。所以我们每天都吃三顿饭，这样会使得幸福总量最大化。
我的思考：
1、时间的作用会反映在各个方面，在投资的概念里，时间是最重要的因子；
2、就是因为有个时间段，所以，我们要考虑全程的效应最大化，不只关注眼前的事情。如果只看眼前，就会落入一种陷阱，持续溃败。救火就是一个例子，防火比救火更重要，而我们经常以救火为荣，如果从全程效益最大化里面考虑，救火是最低级的战术。
3、投资与信心相关。如果对未来有信心，就愿意多投资，如果对未来没有信心，就今朝有酒今朝醉。

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