--夕饮冰

Value Investor Insight的主编与大家分享了一些价值投资大师的投资智慧语录，录于此以自警。

The differences in strategy and style among value investors are many: Some invest primarily in small-cap stocks while others stick to large-caps; some invest overseas while others stick to U.S. markets; some run concentrated portfolios while others are more diversified; some are activists while others never are; some are long only while others actively short. The list goes on.

价值投资者的战略和风格也相差甚大，如：一些价值投资者只投资小盘股，而有些仅选大盘股；一些价值投资者只做海外市场，而有些仅做美国市场；有些投资组合极为集中，有些则分散；有些人是激进的投资者，有些人则从不；有些只是做多，而有些仅积极做空；其不同之处难以胜数。

At the same time, there are several fundamental characteristics that value investors tend to share as well. We’ve identified an even dozen:

同时，价值投资者有一些共同的基本特点，我们统计一下正好十二项：

» They tend to buy what’s out of favor rather than what’s popular.

他们都倾向于购买失宠的股票而不是热门的股票。

» They focus on intrinsic company value and buy only when there is a substantial margin of safety, rather than trying to guess where the herd will go next.

他们关心公司的内在价值，在有足够的安全边际时再买入，而不是试图猜测羊群般的股民下一步将去哪？

» They understand and profit from reversion to the mean rather than projecting the recent past indefinitely into the future.

他们理解并从低估到合理价位之间获利，而不是期待不确定的未来。

» They understand that beating the market requires a portfolio that looks different

from the market.

他们理解，战胜市场需要一个与市场不同的投资组合。

» They focus on absolute returns, rather than outperforming a benchmark, and on

avoiding permanent losses.

他们关注绝对的回报，而不是胜过一个基准，并且避免永久性的损失。

» They typically invest with a multi-year time horizon rather than focusing on the

month or quarter ahead.

他们投资的时间范围是以年度为标准，而不是月或者季度。

» They pride themselves on in-depth and proprietary analysis in search of “variant

perceptions,” rather than acting on tips or relying on Wall Street analysts.

在寻找“不同的看法”时，他们为自己的深度和个性的分析而自豪，而不是按明牌行动或者信赖那些华尔街分析师们。

» They spend far more time reading things like business publications and financial

reports than watching the ticker or television shows about the market.

他们花更多的时间读商业出版物或财报而不是看分时图和股市相关的电视节目。

» They focus more on analyzing and understanding micro factors, such as a ompany’s

margins and future growth prospects, and less on trying to predict the direction

of interest rates, commodity prices or the overall economy.

他们集中精力分析和了解公司收益和未来成长等微观因素，而很少试图预测利率、商品价格或者宏观经济。

» They cast a wide net, seeking mispriced securities across industries and types and

sizes of companies rather than accepting artificial limitations on market capitalization

or other criteria.

他们广泛撒网，横跨行业、板块和股本大小，寻找定价错误的股票，而不受任何局限。

» They make their own decisions and are willing to be held accountable for them,

not seeking safety in what everyone else is buying or decision-making by committee.

他们做自己的决定，独自承担责任，而不是因别人或者机构已买中寻找安全感。

» They admit their mistakes and seek constantly to learn from them.

他们承认自己的错误并从错误中不断学习。