The Intelligent Investor study note

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长期以来，自己是一个没有长性的人。

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关键词：Intelligent Investor Invest INTEL study

Through chances various, through all vicissitudes, we make our way....
                                                                                          
                                                                                                     Aeneid

尝试各种机会，历经沧桑，我们找到自己的路
                                                                      埃涅阿斯

Preface to the Fourth Edition, by Warren E. Buffett
I read the first edition of this book early in 1950, when I was nineteen. I thought then that it was by far the best book about investing ever written. I still think it is.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What’s needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. This book precisely and clearly prescribes the proper framework. You must supply the emotional discipline.

If you follow the behavioral and business principles that Graham advocates—and if you pay special attention to the invaluable advice in Chapters 8 and 20—you will not get a poor result from your investments. (That represents more of an accomplishment than you might think.) Whether you achieve outstanding results will depend on the effort and intellect you apply to your investments, as well as on the amplitudes of stock-market folly that prevail during your investing career. The sillier the market’s behavior, the greater the opportunity for the business-like investor. Follow Graham and you will profit from folly rather than participate in it. To me, Ben Graham was far more than an author or a teacher. More than any other man except my father, he influenced my life. Shortly after Ben’s death in 1976, I wrote the following short remembrance about him in the Financial Analysts Journal.As you read the book, I believe you’ll perceive some of the qualities I mentioned in this tribute.


第四版序言—沃伦.巴菲特
早在1950年我就读了这本书的第一版。当时我认为这是最好的投资著作，时至今日我仍然这么认为。成功的投资并不需要极高的智商，非凡的商业洞察力，亦或内部消息。真正需要的是健全的决策系统和情绪控制能力，决策系统用以做出决策，而情绪控制能力用于避免情绪失控破坏决策。这本书准确、清晰了描述了决策框架，但情绪控制是你自己必须做到的。


如果你遵从格雷厄姆所倡导的行为和商业准则，并且特别关注了8-20章所给出的金玉良言，你将不太可能有糟糕的投资回报。而能否达到优异的投资回报，则取决于你的努力、拥有的知识，以及在你的投资生涯过程中股票市场的愚蠢程度。股市行为越愚蠢，你的机会越大。遵从格雷厄姆的建议，你将从股市愚蠢行为中获益，而不是参与到愚蠢行为中。对我而言，格雷厄姆不仅仅是一位老师，他对我一生的影响仅次于我的父亲。他于1976年去世后不久，我在《金融分析师杂志》发表了一篇短文纪念他。我相信，当你阅读这本书时一定能感受到这篇文章提及的格雷厄姆的一些优秀品质。

A Note About Benjamin Graham
by Jason Zweig
Who was Benjamin Graham, and why should you listen to him?
Graham was not only one of the best investors who ever lived; he was also the greatest practical investment thinker of all time. Before Graham, money managers behaved much like a medieval guild, guided largely by
superstition, guesswork, and arcane rituals. Graham’s Security Analysis was the textbook that transformed this musty circle into a modern profession.



本杰明·格雷厄姆是谁？为什么要听从他的建议？
格雷厄姆不仅是最好的投资实践家，也是历来最好的投资思想家。在他之前，资金管理活动就像中世纪的行会，充满了迷信、猜测和巫术。这本书将本来乌烟瘴气的圈子转变为现代职业。


And The Intelligent Investoris the first book ever to describe, for individual investors, the emotional framework and analytical tools that are essential to financial success. It remains the single best book on
investing ever written for the general public. The Intelligent Investor was the first book I read when I joined ForbesMagazine as a cub reporter in 1987, and I was struck by Graham’s certainty that, sooner
or later, all bull markets must end badly. That October, U.S. stocks suffered their worst one-day crash in history, and I was hooked. (Today, after the wild bull market of the late 1990s and the brutal bear market
that began in early 2000, The Intelligent Investorreads more prophetically than ever.)


《聪明的投资者》是第一本为个人投资者提供情绪框架和分析工具的著作，这对成功投资而言至关重要。至今，这本书仍然是面向大众的最好的投资著作。《聪明的投资者》是我1987年加入《福布斯杂志》后阅读的第一本书。我被格雷厄姆的论断所吸引，他认为所有的的牛市早晚会转熊。那年十月，美国股市经历了单日最大跌幅，我也被深度套牢。（今天，再经历了20世纪90年代疯狂的牛市，和21世纪初的残酷牛市后，《聪明的投资者》这本书显得比以往更具预测性了）。

Graham came by his insights the hard way: by feeling firsthand the anguish of financial loss and by studying for decades the history and psychology of the markets. He was born Benjamin Grossbaum on May 9, 1894, in London; his father was a dealer in china dishes and figurines. The family moved to New York when Ben was a year old. At first they lived the good life—with a maid, a cook, and a French governess—on upper Fifth Avenue. But Ben’s father died in 1903, the porcelain business faltered, and the family slid haltingly into poverty. Ben’s mother turned their home into a boardinghouse; then, borrowing money to trade stocks “on margin,” she was wiped out in the crash of 1907. For the rest of his life, Ben would recall the humiliation of cashing a check for his mother and hearing the bank teller ask, “Is Dorothy Grossbaum good for five dollars?”

格雷厄姆的见解来之不易：来自于他遭受财务损失后的切肤之痛，以及对数十年市场走势和心理的研究。1894年5月9日，他出生于伦敦，原名叫本杰明·格拉汉姆。他的父亲是瓷器和雕塑经销商。在格雷厄姆一岁时，举家迁往纽约。他们开始生活的很不错—住在第五大道上区，拥有一个女仆、一个厨师以及一位法国管家。但当本杰明的父亲于1903年去世的时候，这一切都变了：瓷器生意逐渐萎缩，家庭也逐步步入贫困。本杰明的母亲不得不家搬到寄宿处，然后借钱从事股票的保证金交易。1907年的股灾将本杰明母亲的本金一扫而光。本杰明时常会想起这段时间遭受的屈辱，他的母亲兑付支票时，银行出纳会问，“多萝西格拉汉姆的名字值5美元吗？”