施洛斯1999年演讲摘录

（来源：Charlie伴你投资）

以下段落摘录自 “Sixty Five Years on Wall Street” 一文，该文章源于《Grant's Interest Rate Observer》1999年度投资会议上施洛斯的演讲和问答。

…you are going against human nature when you buy companies which are having a problem and one of the things we do in our field is we buy stocks on the way down. So that if we buy a stock at $30 and it goes to $25, we'll buy more.

当你买入那些有问题的公司时，你其实违背了人性。在我们这个领域，我们常常会在股价下跌时买入股票。所以，如果我们以30美元的价格买入一只股票，而它跌到了25美元，我们还会买入更多。

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…you have to have a strong stomach and be willing to take an unrealized loss. Don't sell it, but be willing to buy more when it goes down, which is contrary, really, to what people do in this business.

你必须有很强的心理承受能力，愿意承受未实现的损失。不要卖出，而是在股价下跌时愿意买入更多，这其实与人们在这个行业中的通常做法是相反的。

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QUESTION: Tweedy Browne is very quantitative, And Buffett’s more qualitative. Where are you in that spectrum?

问题： 特威迪·布朗（Tweedy Browne）的投资风格非常注重量化分析，而巴菲特则更偏向于定性分析。您在这两者之间更倾向于哪一方呢？

I'm more in the Tweedy Browne side. Warren is brilliant, there's nobody ever been like him and there never will be anybody like him. But we cannot be like him. You've got to satisfy yourself on what you want to do……

我更倾向于特威迪·布朗这一边。沃伦（巴菲特）是个天才，从来没有人像他一样，以后也不会再有像他这样的人。但我们无法成为他那样的人。你必须让自己满意于自己想要做的事情……

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…you have to invest the way that's comfortable for you. And the way that's comfortable for us is to buy stocks where we have a limited risk and we buy a lot of stocks. Well, Warren, as somebody said, owning a group of stocks is a defense against ignorance, which I actually think that’s to some extent true because we don’t go around visiting companies all over the country and Peter Lynch did.

你必须按照让你自己感到舒服的方式去投资。而让我们感到舒服的方式是买入那些风险有限的股票，而且我们会买入很多股票。嗯，沃伦，正如有人所说，拥有一组股票是对抗信息缺口的一种方式，我实际上认为这在某种程度上是正确的，因为我们不会像彼得·林奇那样到处去拜访全国各地的公司。

注：ingorance 的核心含义是 lack of knowledge or information，指“对某事不了解”或“缺乏知识”，本身是中性的，不带贬义。直接翻译成“无知”并不妥当，在上文的语境中可以理解为对公司真实经营情况的信息缺口。

声明: 本文不构成投资建议