精译丨彼得 · 林奇十大投资箴言

彼得 · 林奇是投资界的一个巨星。在他的领导下，当时鲜为人知的麦哲伦基金成为了从1977年到1990年全球范围内数一数二的基金。

在他13年的领导下，麦哲伦基金以1800万美元的基础，打下了140亿美元的江山，以年平均回报率29%的成绩震惊世界。

本期阿尔法合伙人“精译”栏目为大家整理出了投资传奇彼得 · 林奇的十大著名投资语录，深度剖析他的投资理念。

 “If you’re prepared to invest in a company, then you ought to be able to explain why in simple language that a fifth grader could understand, and quickly enough so the fifth grader won’t get bored.” – Before buying the stock of a company, you need to understand it completely. This simple test will help you double check if you really have a valid reason for investing, aside from “because it’s going up.”

“如果你准备投资一家公司，那么你应该能够以简单的理由，让一个五年级的学生也能轻易理解你的投资逻辑，并且能足够快速熟练地表达出，让五年级的学生都‘来不及感到厌倦’。” —— 在决定购买一家公司的股票前，你需要全面地了解它。这个简单的测试将帮助你认清，你是否真的有一个充分的投资理由，而不是“因为它在涨”这个站不住脚的理由。

 “Behind every stock is a company. Find out what it’s doing.” – Most investors often forget that the stocks they are buying or selling are shares of a certain company. Remind yourself constantly that the underlying value of the company will determine the stock price eventually, so do your research and understand the real value of what you are buying.

“每一只股票的背后都是一家公司。搞清楚这家公司在干什么。” —— 大多数投资者通常都忘了他们所购买或出售的股票是一家公司的股份。要时刻提醒自己，一家公司的潜在价值会最终决定其股票的价格，所以你需要好好地研究和了解你所购买公司的真实价值。

“Owning stocks is like having children — don’t get involved with more than you can handle.” – In short, don’t bite more than you can chew. Make sure that you focus on a few companies that you can research and monitor frequently. Investing is not about how many kinds of stocks are in your portfolio, it’s about how well your portfolio is growing.

 “持有股票就像抚养孩子－别做自己能力范围以外的事” —— 简而言之，吃的分量取决于肚子的大小。确保你专注于一些你可以经常研究和观察的公司。投资不是取决于你的投资组合中多少种股票，而是取决于你的投资组合能涨多好。

 “Stocks aren’t lottery tickets. There’s a company attached to every share.” – In a similar light to quote #2, it’s so easy to buy or sell stocks nowadays, just get an online broker, fund it, click here, click there, and voila! You’ve bought yourself some stocks. But now what? You bought what? And why? Come again?

 “股票不是彩票。每一股都是与一家公司相关联的。” —— 这里的论点有点像第二条语录，现如今股票交易变得简单之极，只需要线上登录，找到它，点击这里，点击那里，搞定！你这就给自己买了一些股票。可那又怎么样？你买了什么？为什么呢？周而复始？ 

“In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” – Investing is a numbers game. You cannot and must not expect a perfect game, if you can’t take a loss, then you’re doomed right from the start. Success in investing and in life depends on dealing with failure, cutting losses early, learning from them, and moving on.

“在这个行业中，如果你是个行家，你可能十次中的六次是对的，但不可能十次中九次是对的。” —— 投资就是个数字游戏。你不能，也一定不要期待一场完美的游戏，如果你玩不起，那么你失败的命运一开始就已注定。不管是投资还是生活中的成功都取决于发何面对失败，及时发现并正确面对失败，从中学习，然后继续前进。

  “The person that turns over the most rocks wins the game. And that’s always been my philosophy.” – Investing is all about the thoroughness of your research. The more you understand the companies you invest in, the better your chances of success.

“能把最多的岩石翻个底朝天的人才能在游戏中获胜。这条哲理一直相伴我左右。” —— 投资的本质完全关乎于你研究的彻底性。你越了解你所投资的公司，你成功的机会就越大。

“During the Gold Rush, most would-be miners lost money, but people who sold them picks, shovels, tents and blue-jeans (Levi Strauss) made a nice profit.” – This is a great investing principle that most people tend to overlook. When you identify a booming industry or stock, don’t forget to look at the companies supple menting that industry. For example, when Apple Inc. (AAPL) became successful with the iPhone, a lot of other companies supplying them with technology and raw-materials also made huge money. 

“在淘金热期间，大多数淘金者赔了钱，但卖镐，铲子，帐篷和蓝色牛仔裤（李维斯）的人获得了不错的收益。” —— 这是一个大多数人往往忽视了的伟大的投资原则。当你发现一个蓬勃发展的行业或股票，别忘了关注为这个行业提供支持的公司。例如，当苹果公司的iPhone大红大紫时，很多别的为他们提供技术和原材料的公司也赚了大钱。

“All the math you need in the stock market you get in the fourth grade.” – Investing is not rocket science, if it was, then most university finance professors would be billion aires (which is not the case). Peter Lynch’s favourite valuation model sare pretty simple to calculate, take for example the PEG ratio (which hepo pularized). You just need basic math do get all the important ratios that you need. What you really need to supply to your investing is the elbow grease and discipline to do your research.

“在股票市场上，你只需要四年级数学水平。” —— 投资不是研究建造火箭，如果是，那么很多大学金融教授都是亿万富翁了（这不是个案）。彼得·林奇最喜欢的估值模型计算起来非常简单，例如PEG比率（他推广的）。你只需要基本的数学就能得到所有你需要的重要比例。你投资真正需要的是持之以恒的决心和纪律来做你的研究。

“The natural-born investor is a myth.” – When it comes to investing, hard work and discipline is still the best determining factor for success. Stock market investing is a skill that you could and should learn – that’s why Wealth Lift exists – to help and guide investors toward investment success.

“与生俱来的投资者是一个神话” —— 关于投资这个话题，努力工作和遵守纪律仍然是成功的关键因素。股市投资是一个你可以也应该学习的技能－这就是为什么WealthLift（美国致力于投资扫盲的机构）存在着— 帮助和引导投资者走向成功。

“The simpler it is, the better I like it.” – Like all the super investors that we have studied, Peter Lynch believes in the power of simplicity. A simple but effective investment plan will always be better than a complicated one because the simpler one has less room for errors. Also, the simpler the business model of a company, the easier it is to understand and evaluate – and that will help you make better investment decisions.

“越是简单，我越喜欢。” —— 像所有我们学习了的投资明星，彼得.林奇相信“简单”的力量。一个简单而有效的投资计划总要比一个复杂的投资计划好，因为更简单所以出错的可能更少。此外，一家公司的商业模式越简单，它就更容易被理解和评估，这将有助于你做出更好的投资决策。