[bssd]格林厄姆论止盈# Stock
g*t
1 楼
格林厄姆是所谓“价值投资”的创始人。
然而他显然不是不懂TA。
我认为，反过来他的话里面，书里面，认可的TA的办法
更值得重视。例如下面第二条。还有第三条。
具体的条文可以忽略。但有一条是本质性正确的：你的账户里面
一定要有固定比例的bond/cash。
很多时候，rebalancing是自动的高抛低吸。
50%的钱放在那里没有利用，是一种错觉。
Let me suggest three such rules: (1) The individual investor should act
consistently as an investor and not as a speculator. This means, in sum,
that he should be able to justify every purchase he makes and each price he
pays by impersonal, objective reasoning that satisfies him that he is
getting more than his money's worth for his purchase--in other words, that
he has a margin of safety, in value terms, to protect his commitment. (2)
The investor should have a definite selling policy for all his common stock
commitments, corresponding to his buying techniques. Typically, he should
set a reasonable profit objective on each purchase--say 50 to 100 per cent--
and a maximum holding period for this objective to be realized--say, two to
three years. Purchases not realizing the gain objective at the end of the
holding period should be sold out at the market. (3) Finally, the investor
should always have a minimum percentage of his total portfolio in common
stocks and a minimum percentage in bond equivalents. I recommend at least 25
per cent of the total at all times in each category. A good case can be
made for a consistent 50-50 division here, with adjustments for changes in
the market level. This means the investor would switch some of his stocks
into bonds on significant rises of the market level, and vice-versa when the
market declines. I would suggest, in general, an average seven- or eight-
year maturity for his bond holdings.
然而他显然不是不懂TA。
我认为，反过来他的话里面，书里面，认可的TA的办法
更值得重视。例如下面第二条。还有第三条。
具体的条文可以忽略。但有一条是本质性正确的：你的账户里面
一定要有固定比例的bond/cash。
很多时候，rebalancing是自动的高抛低吸。
50%的钱放在那里没有利用，是一种错觉。
Let me suggest three such rules: (1) The individual investor should act
consistently as an investor and not as a speculator. This means, in sum,
that he should be able to justify every purchase he makes and each price he
pays by impersonal, objective reasoning that satisfies him that he is
getting more than his money's worth for his purchase--in other words, that
he has a margin of safety, in value terms, to protect his commitment. (2)
The investor should have a definite selling policy for all his common stock
commitments, corresponding to his buying techniques. Typically, he should
set a reasonable profit objective on each purchase--say 50 to 100 per cent--
and a maximum holding period for this objective to be realized--say, two to
three years. Purchases not realizing the gain objective at the end of the
holding period should be sold out at the market. (3) Finally, the investor
should always have a minimum percentage of his total portfolio in common
stocks and a minimum percentage in bond equivalents. I recommend at least 25
per cent of the total at all times in each category. A good case can be
made for a consistent 50-50 division here, with adjustments for changes in
the market level. This means the investor would switch some of his stocks
into bonds on significant rises of the market level, and vice-versa when the
market declines. I would suggest, in general, an average seven- or eight-
year maturity for his bond holdings.
