1、投资很有趣、很刺激，如果你根本不做任何研究的话，那也很危险。

2、作为一个投资者，你的优势不在于从华尔街专家那里获取一些所谓的投资建议。而是你已拥有的一些东西。当你投资你所熟悉的公司或行业的时候，利用你的优势，你可能表现得比专家更为出色。

3、在过去的三十多年，股票市场由一群职业炒家主宰。和一般公众的理解相反，这反而使业余投资者更易于进行投资。你完全可以不理会这些专家，你也能战胜市场。

4、每只股票背后都是一家公司，去看看它到底干点什么？

5、通常，几个月甚至几年内一家公司经营的状况与股价之间没有任何必然的联系。长期而言，公司的经营与股价呈完全的相关性。这个差别是赚钱的关键，而这就需要有耐心而且要选好股票。

6、你必须知道你持有的到底是家什么公司，以及你为什么持有它。“孩子一定会长大成人”这样的话可不可靠。

7、远射总是脱离目标。

8、持有股票就像养育小孩一样——除了你能做的和应该做的，你不要介入过多。业余投资者可能有时间去研究8~12家公司，在条件允许的情况下买卖各种股票。无论什么时候都不要在你的证券组合里有5只以上的股票。

9、如果找不出有投资价值的股票，就暂时把钱存到银行里，直到发现了这样的股票再说。

10、永远不要投资于一个你不了解其财务状况的公司。投资股票最大的损失往往来自于投资于财务状况不良的公司。在买股票之前，千万先检查一下它的资产负债表，看看其财务是否稳健。

11、不要投资于热门行业里的热门公司。冷门的、增长停滞的行业往往出大牛股。

注：（寻找沙漠之花）

12、对于小公司，最好等到它开始盈利的时候，你再去投资。

13、假如你想要投资问题行业，就去买那些该行业中有能力维持经营的公司。买进后就等待行业出现转机。马车行和电子管业当然是永无回生希望的问题行业。

14、如果在一直股票上投入1000美元，你最多损失也只有1000美元，如果你有足够的耐心，一直坚持的话，也许就有机会赚得1万美元甚至50万美元。普通人可以长期盯住少数好股票，基金经理则不得不搞分散投资。股票太多就会失去集中投资的优势。只要找到几只大牛股，你的投资生涯就不算虚度。

15、在每一个行业，每个地区，观察力敏锐的业余投资者可能在专家之前很早就已发现有高成长率的公司。

16、股市的崩盘犹如科罗拉多州1月暴风雪一样寻常。如果你有所准备，就不会对你造成多大影响。股市大跌其实是一个买入股票的大好机会，那时惊恐万分的投资者纷纷抛售股票，股价自然很低，你就可以趁机挑选很多便宜的股票。

17、每个人都有头脑在股市赚钱。但是并不是每个人都有这样的胆魄。如果你很容易在股市恐慌的时候抛售股票，你应该远离股票和股票共同基金。

18、总是有些东西值得担心。不要理会周末的焦虑和新闻播音员最近恐慌性的言论。出售股票只能因为这个公司的基本面发生恶化，而不是担心天会塌下来。

19、没有人能预测利率、未来的经济趋势和股票市场的走向。不要搞这样的预测，关注你所投资的公司的实际情况。

20、如果你研究10家公司，你将会发现有1家公司比你预期的要好得多。如果你研究50家，你将会发现有5家。股市上总有令人惊喜的事情发生——华尔街经常忽视有良好业绩的公司。

21、如果你没有研究过一家公司，你在股市成功的机会就像在玩扑克牌游戏时不看牌就能赌赢一样。

22、如果你持有优质公司的股票，时间就站在你这边，你只要能有耐心——即使你在头5年错过了沃尔玛，但在下一个5年它依旧是值得持有的股票。当你犹豫观望时，时间就是你的对立面。

23、如果你有胆量买股票，但没有时间也没有兴趣做研究，那么你就去买股票共同基金。它是资产多样化的好办法。你最好买上几家基金，每家基金经理有不同的投资风格：增长型、价值型、小盘股、大盘股，等等。投资于6家相同风格的基金不算是多样化。资本利得税会惩罚那些在不同基金之间换来换去的投资者。如果你所投资的一家或几家基金表现不错，就不要轻易放弃，坚持持有它们。

24、过去10年中，美国股市涨幅在全球主要股市中排名第八。你可以将部分资金投资于表现良好的海外基金，这样就可以分享那些经济体的高增长。

25、从长期来看，一个精心选择的股票组合表现总是优于债券组合或货币市场帐户。但投资一个糟糕的股票投资组合，还不如把钱放到床垫底下。

25 Golden Rules of investing

1、Investing is fun, exciting, and dangerous if you don't do any work.

2、Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can outperform the experts if you use your edge by investing in companies or industries you already understand.

3、Over the past three decades, the stock market has come to be dominated by a herd of professional investors. Contrary to popular belief, this makes it easier for the amateur investor. You can beat the market by ignoring the herd.

4、Behind every stock is a company, find out what it's doing.

5、Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100 percent correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.

6、You have to know what you own, and why you own it. "This baby is a cinch to go up!" doesn't count.

7、Long shots almost always miss the mark.

8、Owning stocks is like having children - don't get involved with more than you can handle. The part-time stock picker probably has time to follow 8-12 companies, and to buy and sell shares as conditions warrant. There don't have to be more than 5 companies in the portfolio at any time.

9、If you can't find any companies that you think are attractive, put your money into the bank until you discover some.

10、Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets. Always look at the balance sheet to see if a company is solvent before you risk your money on it.

11、Avoid hot stocks in hot industries. Great companies in cold, no growth industries are consistent big winners.

12、With small companies, your better off to wait until they turn a profit before you invest.

13、If you're thinking about investing in a troubled industry, buy the companies with staying power. Also, wait for the industry to show signs of revival. Buggy whips and radio tubes were troubled industries that never came back.

14、If you invest $1,000 in a stock, all you can lose is $1,000, but you stand to gain $10,000 or even $50,000 over time if you're patient. The average person can concentrate on a few good companies, while the fund manager is forced to diversify. By owning too many stocks, you lose this advantage of concentration. It only takes a handful of big winners to make a lifetime of investing worthwhile.

15、In every industry and every region of the country, the observant amateur can find great growth companies long before the professionals have discovered them.

16、A stock-market decline is as routine as a January blizzard in Colorado. If you're prepared, it can't hurt you. A decline is a great opportunity to pick up the bargains left behind by investors who are fleeing the storm in panic.

17、Everyone has the brainpower to make money in stocks. Not everyone has the stomach. If you are susceptible to selling everything in a panic, you ought to avoid stocks and stock mutual funds altogether.

18、There is always something to worry about. Avoid weekend thinking and ignore the latest dire predictions of the newscasters. Sell a stock because the company's fundamentals deteriorate, not because the sky is falling.

19、Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what's actually happening to the companies in which you've invested.

20、If you study 10 companies, you'll find 1 for which the story is better than expected. If you study 50, you'll find 5. There are always pleasant surprises to be found in the stock market - companies whose achievements are being overlooked on Wall Street.

21、If you don't study any companies, you'll have the same success buying stocks as you do in a poker game if you bet without looking at your cards.

22、Time is on your side when you own shares of superior companies. You can afford to be patient - even if you missed Wal-Mart in the first five years, it was a great stock to own in the next five years. Time is against you when you own options.

23、If you have the stomach for stocks, but neither the time nor the inclination to do the homework, invest in equity mutual funds. Here, it's a good idea to diversify. You should own a few different kinds of funds, with managers who pursue different styles of investing: growth, value, small companies, large companies, etc. Investing in six of the same kind of fund is not diversification.

     The capital gains tax penalizes investors who do too much switching from one mutual fund to another. If you've invested in one fund or several funds that have done well, don't abandon them capriciously. Stick with them.

24、Among the major markets of the world, the U.S. market ranks eighth in total return over the past decade. You can take advantage of the faster-growing economies by investing some of your assets in an overseas fund with a good record.

25、In the long run, a portfolio of well-chosen stocks and/or equity mutual funds will always outperform a portfolio of bonds or a money-market account. In the long run, a portfolio of poorly chosen stocks won't outperform the money left under the mattress.