精译丨索罗斯的十大投资箴言及解读_【yuan来如此】

时光飞梭，今天的索罗斯是一个激情四射的投资者，慈善家，民主的理想主义者。也许很多人对索罗斯的某些言论持反对意见，但在投资和哲学上，索罗斯不得不说是一个大师。小编为大家整理出索罗斯的十大有独到之处的箴言：...

众所周知，乔治索罗斯是“击垮英格兰银行的人”。他这个称号的来源还要追溯到1992年。当时他成功狙击英镑，盈利超过十亿美元，一举成名天下。他是“Quantum Endowment Fund”的联合创始人和经理人，管理着超过270亿美元的国际对冲基金。在1944年，纳粹占领了匈牙利，当时索罗斯还只是个少年，但他生存了下来。这对身为犹太人的他是莫大的幸运，也许这也预示了他不凡的人生。之后，他移民到英国，进入了伦敦经济学院；并于1956年搬到了美国，成为了一个股票经纪人。时光飞梭，今天的索罗斯是一个激情四射的投资者，慈善家，民主的理想主义者。也许很多人对索罗斯的某些言论持反对意见，但在投资和哲学上，索罗斯不得不说是一个大师。小编为大家整理出索罗斯的十大有独到之处的箴言：

“Ifinvesting is entertaining, if you’re having fun, you’re probably not making anymoney. Good investing is boring.” – As I discussed in this article, personalemotions have no place in investing. If you want to be successful in thelong-run, base your investment decisions on rationality and discipline.“如果投资是有趣的，如果你乐在其中，那你可能并没什么盈利。好的投资是索然无味的” - 正如我在文章中所说，任何个人情绪在投资上是毫无用处的。如果你想在漫漫投资路上取得成功，你必须把投资决策建立在理性和自律的基础上。

“I’monly rich because I know when I’m wrong…I basically have survived byrecognizing my mistakes.” – Almost every successful investor that I’ve writtenabout knows this. That is, you must recognize and admit your mistakes when youmake them, cut your losses short, and move on to the next logical step

“我富有的唯一原因是能认识到自己的错误……我基本上就是靠承认自己的错误而生存下来。” - 每一个我们所知的投资大师都达成一个共识：当你犯错误时，你必须能认识到自己的错误，把损失降低，然后调整到合理的步骤上来。

“The financial marketsgenerally are unpredictable. So that one has to have different scenarios… Theidea that you can actually predict what’s going to happen contradicts my way oflooking at the market.” – Successful traders abide by this philosophy by heart.Markets truly are random and no one knows where, when, and how prices willmove. The key is to be ready for every scenario that can happen so that you cantake advantage of the opportunities that lay ahead.“金融市场一般都是不可预测的。所以你必须对不同的情况做好准备……所谓的对市场进行预测与我看待市场的观点是完全背道而驰的。” – 成功的投资者对这一观点都铭记于心。市场的的确确是没有规律可循的，没有人知道何时何地，股价将会以何种方式进行变动。关键是要准备好每一种情况发生的可能，这样你才能化危机为机遇。

“Markets are constantly in astate of uncertainty and flux, and money is made by discounting the obvious andbetting on the unexpected.” – Since markets are random, anything can happen,even the “unexpected.” The biggest opportunities lie in those unexpected eventsbecause most people are betting on the obvious, and in the market, most peopleare wrong.“市场总是处在一个不确定和不稳定的状态，并且盈利靠的是对显而易见的情况进行贴现和对不可预料的情况进行押注”- 因为市场是随机的，任何事情都可能发生，甚至“出乎意料”的情况也会成为现实。那些意想不到的事件总是伴随着最大的机会，因为大多数人都在在明面上押注，事实就是，市场证明这些“大多数人”都错了。

“The worse a situationbecomes, the less it takes to turn it around, and the bigger the upside.” –This is true in life as well as in investing. When you hit rock-bottom, everyinch of improvement feels so much better and powerful. If you bought GoldmanSachs (GS) in the midst of the subprime crisis in 2009, you could’ve made morethan thrice your money just a year after.“形势变得更糟，意味着离触底反弹更近了一步，也意味着更大的向上空间。” – 这点在生活中在投资中都是相通的。当你触碰到了谷底的时候，一点点的改善都会让你感觉更好，更强大。如果你在2009次贷危机之中购买了高盛（GS），短短一年就可以让你的投资翻三倍。

“Stock market bubbles don’tgrow out of thin air. They have a solid basis in reality, but reality asdistorted by a misconception.” – Stock market bubbles start with good corporateor economic fundamentals. Things just go out of hand when people’s misguidedgreed comes into play.“股市泡沫不是空穴来风。他们在现实中有着坚实的基础，但现实却被错误的想法所扭曲了。” – 股市泡沫的开始都是在形势一片大好的时候，企业蒸蒸日上，经济基础坚实。当人们被误导的贪婪出现时，事情就变得难以控制了。

“I contend that financialmarkets never reflect the underlying reality accurately; they always distort itin some way or another and the distortions find expression in market prices.” –Just like Warren Buffett, Soros also looks at value over price. They both knowthat price is just noise made by human emotions in the markets. Value, on the otherhand, is the intrinsic worth of an asset.“我认为金融市场从未准确反映事实本质；他们总是这样或那样地歪曲一些事实；扭曲的事实往往都在通过市场价格表现出来。” – 就像沃伦巴菲特，索罗斯也着眼于价值而非价格。他们都知道，价格是人类情绪在市场上的产物。另一方面，也是资产内在价值的体现。

“Unfortunately,the more complex the system, the greater the room for error.” – Obviously, whenit comes to investing, Soros like to KISS (keep it simple, silly). He built a financial empireby adhering to this basic principle, and so should you. A simple but effectiveinvesting system will always beat the crap out of a complex system that doesn’twork.“不幸的是，系统越复杂，出错的概率就越大。”–显然，在投资方面，索罗斯喜欢（保持简单，愚蠢）。他通过坚持这一基本原则，建立了一个金融帝国，何乐而不为。一个简单而有效的投资系统，将永远击溃任何无效的复杂系统。

“Making an investmentdecision is like formulating a scientific hypothesis and submitting it to apractical test. The main difference is that the hypothesis that underlies aninvestment decision is intended to make money and not to establish auniversally valid generalization.” – The simple goal of investing is to makemoney, not to be right all the time. As a trader, I abide by this mantra and itmakes it easy for me to accept losses easily and to stick to my investing plan.

“做出投资决策就像是制定一个科学假设，并对它进行实际测试。主要的区别在于，投资决策的基础是赚钱，而不是科学地向世人证明这个假设是对的。” – 其实投资的目的很简单，就是赚钱。作为一个交易者，我遵守这个信条，这使得我很容易接受损失，也能让我更坚定地贯彻投资计划。

“We try to catch new trendsearly and in later stages we try to catch trend reversals. Therefore, we tendto stabilize rather than destabilize the market. We are not doing this as apublic service. It is our style of making money.” – Again, like Warren Buffet,Soros enters markets based on valuations. He buys when prices are “low” andsells when they are “high,” thereby effectively catching trend reversals.

我们总是试着在尽早发现新的趋势，并在之后的阶段尝试捕捉趋势的逆转。因此，我们倾向于稳定而非破坏市场。我们这么做不是因为这是我们应尽的责任。这只是我们的赚钱方式。” – 就像巴菲特、索罗斯进入市场也是基于估值。当价格“低”时，他买入，当价格“高”时，他卖出，从而也有效地捕捉了趋势逆转。

看完这些语录，大家可以感觉到，索罗斯与巴菲特有非常相似的投资哲学。可能伟大的思想真的是相通的，所以，让我们把这些原则贯彻到我们的投资当中，也许会有意想不到的收获。