There are no investors in financial market - 未名空间MITBBS历史存档

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There are no investors in financial market

There are no investors in financial market# Investment - 投资

g*g2009-03-17 07:03

1 楼

There are only speculators. Some successful speculators call themselves
investors, coz that sounds risk-averse and attracts more money, like
Buffet. Some unsuccessful speculators also call themselves investors,
coz they are deep under water, wouldn't cut loss and pray they can
break even one day, and being "investors" makes them feel better.

b*e2009-03-17 07:03

2 楼

I would suggest you read the definition of investment given by Ben Graham.

【在 g*****g 的大作中提到】

: There are only speculators. Some successful speculators call themselves
: investors, coz that sounds risk-averse and attracts more money, like
: Buffet. Some unsuccessful speculators also call themselves investors,
: coz they are deep under water, wouldn't cut loss and pray they can
: break even one day, and being "investors" makes them feel better.

s*n2009-03-17 07:03

3 楼

define the word "investor" first.

【在 g*****g 的大作中提到】

t*n2009-03-17 07:03

4 楼

those who invest but do not put their money in the Market.

【在 s********n 的大作中提到】

: define the word "investor" first.

K*D2009-03-17 07:03

5 楼

those who only sell if the stock cuts dividend or if they need cash.
And usually they don't care much about the sale price. (The total
dividends they've received are much larger than the fluctuation in
the stock price at the time they sell.)

【在 s********n 的大作中提到】

: define the word "investor" first.

m*t2009-03-17 07:03

6 楼

There are no speculators in financial market.
There are only investors. Some successful investors call themselves
speculators, coz that sounds get-rich-quick and attracts more money,
like goodbug. Some unsuccessful investors also call themselves
speculators, coz they are deep under water, wouldn't cut loss and pray
they can break even one day, and being "speculators" makes them
feel smarter.

【在 g*****g 的大作中提到】

g*g2009-03-17 07:03

7 楼

call themselves investors though, and the most common quote is
"it'll get back one day, I don't need the money now".
That's not saying speculators are smarter or losing less money.

u*n2009-03-17 07:03

8 楼

Just my borrowed two cents:
Value investing is a kind of arbitrage between its price and its underline
value.
So, as Ben Graham pointed out "every trade based on fundamentally sound
analysis (to estimate known risk) with favorable odds (to combat known risk
via law of large number) and safety of margin (to combat unknown risk) is a
good investment"

h*y2009-03-17 07:03

9 楼

I will say one more paragraph before I shut up on this.
There are only people who understand business and people who only understand
money in the financial market. Unfortunately, it is much easier to
understand a digit known as the stock price than to understand the
competition landscape, the business strategy, the human resource and
development, the financial & cashflow, and the risk management within the
business. Buffett says I'm a better investor because I'm a businessman, and
I'm a better b

【在 g*****g 的大作中提到】

g*g2009-03-17 07:03

10 楼

Since really few of us have experience in managing business,
and all of us have some experience with money. I guess we
should all stick to speculators. LOL.

understand
and
avoidable
on

【在 h*******y 的大作中提到】

: I will say one more paragraph before I shut up on this.
: There are only people who understand business and people who only understand
: money in the financial market. Unfortunately, it is much easier to
: understand a digit known as the stock price than to understand the
: competition landscape, the business strategy, the human resource and
: development, the financial & cashflow, and the risk management within the
: business. Buffett says I'm a better investor because I'm a businessman, and
: I'm a better b

u*n2009-03-17 07:03

11 楼

In this case, you should stick to intelligent speculating (do little due-
intelligence and make informed bet). Risking our own money without knowing actually
what we are doing = throwing money away, No? What kind of fun is that?
You can at least do arbitragy as bajee (?) promoted. Google "John Paulson"
who did lots arbitragies....

【在 g*****g 的大作中提到】

: Since really few of us have experience in managing business,
: and all of us have some experience with money. I guess we
: should all stick to speculators. LOL.
:
: understand
: and
: avoidable
: on

m*t2009-03-17 07:03

12 楼

//grin
that's true. I was just yanking your chains...

【在 g*****g 的大作中提到】

: call themselves investors though, and the most common quote is
: "it'll get back one day, I don't need the money now".
: That's not saying speculators are smarter or losing less money.

m*t2009-03-17 07:03

13 楼

risk
a
+1. This reminds me of Sklansky's Theorem of Poker:
“Every time you play a hand differently from the way you
would have played it if you could see all your opponents'
cards, they gain; and every time you play your hand the
same way you would have played it if you could see all
their cards, they lose. Conversely, every time opponents
play their hands differently from the way they would have
if they could see all your cards, you gain; and every time
they play their hands the same way they

【在 u*****n 的大作中提到】

: Just my borrowed two cents:
: Value investing is a kind of arbitrage between its price and its underline
: value.
: So, as Ben Graham pointed out "every trade based on fundamentally sound
: analysis (to estimate known risk) with favorable odds (to combat known risk
: via law of large number) and safety of margin (to combat unknown risk) is a
: good investment"

b*e2009-03-17 07:03

14 楼

//sneezing

actually

【在 u*****n 的大作中提到】

: In this case, you should stick to intelligent speculating (do little due-
: intelligence and make informed bet). Risking our own money without knowing actually
: what we are doing = throwing money away, No? What kind of fun is that?
: You can at least do arbitragy as bajee (?) promoted. Google "John Paulson"
: who did lots arbitragies....

b*e2009-03-17 07:03

15 楼

Right, in 1984 (I really like this year) Columbia talk, WB said something
about people understanding value investing. If they can't get it in 10
minutes, they can't get it in 10 years.
I've recommended everybody to read Ben Graham's definition of investment,
and seems they didn't even bother to open their minds and read a single
sentence.
So, jobs for Grahamville's missioner is pretty simple, all you need is to
talk
for 10 minutes. LOL

understand
and
avoidable
on

【在 h*******y 的大作中提到】