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16 Maxims of Investment 16個投資格言
Sir John Templeton, founder of the Templeton organization, has distilled his years of experience and expertise into the 16 Rules for investment success. Although he has retired and is no longer affiliated with the company, his enduring principles for investment management continue to guide us.
約翰鄧普頓先生是鄧普頓組織的創始人，他提取多年的經驗與專業知識的精華成投資成功的16個法則。雖然他已經退休並且不再和公司有密切關係，他投資管理的持久原則仍舊指導著我們。
1. If you begin with a prayer, you can think more clearly and make fewer mistakes.
倘若你從禱告開始，你能更清楚考慮並且避免錯誤。
2. Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor. The real challenge is making investment decisions that are better than those of the professionals who manage the big institutions.
贏過市場是個難題。挑戰不僅是作出比一般投資者更好的投資決策。真正的挑戰是作出比那些經營大機構的專家們更好的投資決策。
3. Invest - don't trade or speculate. The stock market is not a casino, but if you move in or out of stocks every time they move a point or two, the market will be your casino. And you may lose eventually - or frequently.
投資－不要投機、不短線交易，股市不是賭場，但如果你頻繁的進出股市，那股票市場將成為賭場。最後你也許失去所有或屢次地賠錢。
4. Buy value, not market trends or the economic outlook. Ultimately, it is the individual stocks that determine the market, not vice versa. Individual stocks can rise in a bear market and fall in a bull market. So buy individual stocks, not the market trend or economic outlook.
為價值而購買，而不是市場趨勢或經濟前景。事實上，是市場取決於個別股票，並非股票取決於市場。個別股票可在熊市上升，在牛市下跌。因此買個別股票，不是市場趨勢或經濟前景。
5. When buying stocks, search for bargains among quality stocks. Determining quality in a stock is like reviewing a restaurant. You don't expect it to be 100% perfect, but before it gets three or four stars you want it to be superior.
當購買股票時，在優質股票中尋求最便宜的，確認股票的素質有如評審一家餐廳。你不會預料它十全十美，但在它達致三或四星級前，你希望它的品質優秀。
6. Buy low. So simple in concept. So difficult in execution. When prices are high, a lot of investors are buying a lot of stocks. Prices are low when demand is low. Investors have pulled back, people are discouraged and pessimistic. But if you buy the same securities everyone else is buying, you will have the same results as everyone else. By definition, you cannot outperform the market.
低買。是多麼簡單的概念，卻又多麼難以落實。當股價高漲的時候，投資人拼命買進大量的股票，而股價低迷的時候，投資人卻意興闌珊不想買股。但是，若您在其他人購買時購入同樣的股票，您將獲得跟他們一樣的結果。即是說，你無法超越市場。
7. There's no free lunch. Never invest on sentiment. Never invest solely on a tip. You would be surprised how many investors do exactly this. Unfortunately there is something compelling about a tip. Its very nature suggests inside information, a way to turn a fast profit.
天下沒有白吃午餐。別因投資氣氛而投資。別單憑消息而投資。這樣做的投資人很多，你或許為此感到驚訝。可惜消息往往藏有其吸引之處。消息本身暗示著內部消息，是一個賺快錢的途徑。
8. Do your homework or hire wise experts to help you. People will tell you: Investigate before you invest. Listen to them. Study companies to learn what makes them successful.
做足功課或聘請專家協助。他們會告訴您：在投資前先作分析。聽取他們的意見。研究公司成功的因素。
9. Diversify - by company, by industry. In stocks and bonds, there is safety in numbers. No matter how careful you are, you can neither predict nor control the future. So you must diversify.
多元化－按公司、按行業分散投資。股票及債券有一定程度的安全性。不管你如何小心，你既不能預測也無法控制未來。所以，你必須多元化。
10. Invest for maximum total real return. This means the return after inflation. This is the only rational objective for most long-term investors.
最大總實際回報而投資。這意味著通膨後回報。這是長期投資人的唯一合理目標。
11. Learn from your mistakes. The only way to avoid mistakes is not to invest - which is the biggest mistake of all. So forgive yourself for your errors and certainly don't try to recoup your losses by taking bigger risks. Instead, turn each mistake into a learning experience.
從錯誤中學習。避免錯誤的唯一方法就是不作投資。這亦是最大的錯誤。所以原諒自己的錯誤，別試圖挽回你的損失，採取更大的風險。相反，把每一個錯誤變成一個學習的經驗。
12. Aggressively monitor your investments. Remember, no investment is forever. Expect and react to change. And there are no stocks that you can buy and forget. Being relaxed doesn't mean being complacent.
積極監控您的投資。請記住，任何投資不是永恆的。對轉變作好心理準備及反應。沒有股票是你可以購買而忘記的。放鬆並不意味著滿足。
13. An investor who has all the answers doesn't even understand all the questions. A cocksure approach to investing will lead, probably sooner than later, to disappointment if not outright disaster. The wise investor recognizes that success is a process of continually seeking answers to new questions.
知道所有答案的投資者往往不明白所有的問題。過於自信的投資策略最終若非引致慘敗，便會導致失望。精明的投資者了解到成功是講求不斷為新的問題尋求答案。
14. Remain flexible and open-minded about types of investment. There are times to buy blue-chip stocks, cyclical stocks, convertible bonds, and there are times to sit on cash. The fact is there is no one kind of investment that is always best.
願意接受新投資種類及保持靈活性。有些時候適宜購買績優股、週期性股、可轉換債券﹔而有些時候則應持有現金。事實上，沒有一類投資是永遠最佳的。
15. Don't panic. Sometimes you won't have sold when everyone else is selling, and you will be caught in a market crash. Don't rush to sell the next day. Instead, study your portfolio. If you cannot find more attractive stocks, hold on to what you have.
別驚慌。有時你不用在人人出售股票時，售賣你的股票，否則你將被困在股市風暴中。別急於在翌日出售。相反地，應該研究你的投資組合。倘若未能找到更吸引的股票，保有現有的投資。
16. Don't be fearful or negative too often. There will, of course, be corrections, perhaps even crashes. But over time our studies indicate, stocks do go up and up. In this century or the next, it's "Buy low, sell high."
不要太擔心或過於消極。股市內必然會出現調整，甚至崩潰。但根據我們的研究顯示，股票確實上升至更高水平。直到下個世紀，股市投資的最終法則還是「買低、賣高」。
轉載出處：http://www.franklintempleton.com.hk/hksite/jsp/16_maxims.jsp
- - - - - - - - -
以上。
一部份是我自己翻的，也要了我的命...
殺了我無數的腦細胞。
即將到達腦殘的境界。
不過，如果有地方怪怪的記得跟我說，我盡量改通順一點ˊˋ..
Sir John Templeton, founder of the Templeton organization, has distilled his years of experience and expertise into the 16 Rules for investment success. Although he has retired and is no longer affiliated with the company, his enduring principles for investment management continue to guide us.
約翰鄧普頓先生是鄧普頓組織的創始人，他提取多年的經驗與專業知識的精華成投資成功的16個法則。雖然他已經退休並且不再和公司有密切關係，他投資管理的持久原則仍舊指導著我們。
1. If you begin with a prayer, you can think more clearly and make fewer mistakes.
倘若你從禱告開始，你能更清楚考慮並且避免錯誤。
2. Outperforming the market is a difficult task. The challenge is not simply making better investment decisions than the average investor. The real challenge is making investment decisions that are better than those of the professionals who manage the big institutions.
贏過市場是個難題。挑戰不僅是作出比一般投資者更好的投資決策。真正的挑戰是作出比那些經營大機構的專家們更好的投資決策。
3. Invest - don't trade or speculate. The stock market is not a casino, but if you move in or out of stocks every time they move a point or two, the market will be your casino. And you may lose eventually - or frequently.
投資－不要投機、不短線交易，股市不是賭場，但如果你頻繁的進出股市，那股票市場將成為賭場。最後你也許失去所有或屢次地賠錢。
4. Buy value, not market trends or the economic outlook. Ultimately, it is the individual stocks that determine the market, not vice versa. Individual stocks can rise in a bear market and fall in a bull market. So buy individual stocks, not the market trend or economic outlook.
為價值而購買，而不是市場趨勢或經濟前景。事實上，是市場取決於個別股票，並非股票取決於市場。個別股票可在熊市上升，在牛市下跌。因此買個別股票，不是市場趨勢或經濟前景。
5. When buying stocks, search for bargains among quality stocks. Determining quality in a stock is like reviewing a restaurant. You don't expect it to be 100% perfect, but before it gets three or four stars you want it to be superior.
當購買股票時，在優質股票中尋求最便宜的，確認股票的素質有如評審一家餐廳。你不會預料它十全十美，但在它達致三或四星級前，你希望它的品質優秀。
6. Buy low. So simple in concept. So difficult in execution. When prices are high, a lot of investors are buying a lot of stocks. Prices are low when demand is low. Investors have pulled back, people are discouraged and pessimistic. But if you buy the same securities everyone else is buying, you will have the same results as everyone else. By definition, you cannot outperform the market.
低買。是多麼簡單的概念，卻又多麼難以落實。當股價高漲的時候，投資人拼命買進大量的股票，而股價低迷的時候，投資人卻意興闌珊不想買股。但是，若您在其他人購買時購入同樣的股票，您將獲得跟他們一樣的結果。即是說，你無法超越市場。
7. There's no free lunch. Never invest on sentiment. Never invest solely on a tip. You would be surprised how many investors do exactly this. Unfortunately there is something compelling about a tip. Its very nature suggests inside information, a way to turn a fast profit.
天下沒有白吃午餐。別因投資氣氛而投資。別單憑消息而投資。這樣做的投資人很多，你或許為此感到驚訝。可惜消息往往藏有其吸引之處。消息本身暗示著內部消息，是一個賺快錢的途徑。
8. Do your homework or hire wise experts to help you. People will tell you: Investigate before you invest. Listen to them. Study companies to learn what makes them successful.
做足功課或聘請專家協助。他們會告訴您：在投資前先作分析。聽取他們的意見。研究公司成功的因素。
9. Diversify - by company, by industry. In stocks and bonds, there is safety in numbers. No matter how careful you are, you can neither predict nor control the future. So you must diversify.
多元化－按公司、按行業分散投資。股票及債券有一定程度的安全性。不管你如何小心，你既不能預測也無法控制未來。所以，你必須多元化。
10. Invest for maximum total real return. This means the return after inflation. This is the only rational objective for most long-term investors.
最大總實際回報而投資。這意味著通膨後回報。這是長期投資人的唯一合理目標。
11. Learn from your mistakes. The only way to avoid mistakes is not to invest - which is the biggest mistake of all. So forgive yourself for your errors and certainly don't try to recoup your losses by taking bigger risks. Instead, turn each mistake into a learning experience.
從錯誤中學習。避免錯誤的唯一方法就是不作投資。這亦是最大的錯誤。所以原諒自己的錯誤，別試圖挽回你的損失，採取更大的風險。相反，把每一個錯誤變成一個學習的經驗。
12. Aggressively monitor your investments. Remember, no investment is forever. Expect and react to change. And there are no stocks that you can buy and forget. Being relaxed doesn't mean being complacent.
積極監控您的投資。請記住，任何投資不是永恆的。對轉變作好心理準備及反應。沒有股票是你可以購買而忘記的。放鬆並不意味著滿足。
13. An investor who has all the answers doesn't even understand all the questions. A cocksure approach to investing will lead, probably sooner than later, to disappointment if not outright disaster. The wise investor recognizes that success is a process of continually seeking answers to new questions.
知道所有答案的投資者往往不明白所有的問題。過於自信的投資策略最終若非引致慘敗，便會導致失望。精明的投資者了解到成功是講求不斷為新的問題尋求答案。
14. Remain flexible and open-minded about types of investment. There are times to buy blue-chip stocks, cyclical stocks, convertible bonds, and there are times to sit on cash. The fact is there is no one kind of investment that is always best.
願意接受新投資種類及保持靈活性。有些時候適宜購買績優股、週期性股、可轉換債券﹔而有些時候則應持有現金。事實上，沒有一類投資是永遠最佳的。
15. Don't panic. Sometimes you won't have sold when everyone else is selling, and you will be caught in a market crash. Don't rush to sell the next day. Instead, study your portfolio. If you cannot find more attractive stocks, hold on to what you have.
別驚慌。有時你不用在人人出售股票時，售賣你的股票，否則你將被困在股市風暴中。別急於在翌日出售。相反地，應該研究你的投資組合。倘若未能找到更吸引的股票，保有現有的投資。
16. Don't be fearful or negative too often. There will, of course, be corrections, perhaps even crashes. But over time our studies indicate, stocks do go up and up. In this century or the next, it's "Buy low, sell high."
不要太擔心或過於消極。股市內必然會出現調整，甚至崩潰。但根據我們的研究顯示，股票確實上升至更高水平。直到下個世紀，股市投資的最終法則還是「買低、賣高」。
轉載出處：http://www.franklintempleton.com.hk/hksite/jsp/16_maxims.jsp
- - - - - - - - -
以上。
一部份是我自己翻的，也要了我的命...
殺了我無數的腦細胞。
即將到達腦殘的境界。
不過，如果有地方怪怪的記得跟我說，我盡量改通順一點ˊˋ..
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