Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners_老虎社区_美港股上老虎

Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners

MarketWatch2021-08-27

Look for high-quality companies, one stock at a time AGENCE FRANCE-PRESSE/GETTY IMAGES The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

141

ba2blcksheep
·2021-08-29
agree
回复
2
举报
Jojolee
·2021-08-28
Excellent article
回复
2
举报
JohnL
·2021-08-28
Nice
回复
2
举报
tkj
·2021-08-28
Hmm...when he talked about the fool and the bigger fool, I am wondering whether he is referring to the Motley Fool who has been hailing hundreds and thousands of stock price growth....Good analysis on the dilemma faced by people staying at the sideline but I was disappointed that they did not share which are the stocks that are trading 60 cents to the dollar...
回复
3
举报
FrederickL
·2021-08-28
It’s always a gamble …
回复
3
举报
收起
- GeneV:
  👍🏻
  2021-08-28
  回复
  举报
- JohnL:
  Indeed
  2021-08-28
  回复
  举报
replaygoh
·2021-08-28
noted
回复
4
举报
HENRYCSC
·2021-08-27
Good 👍
回复
2
举报
Bull_Lion
·2021-08-27
I find an effective strategy for me is selling Put options at a price where I’m comfortable picking up the stock. And if the price does not hit, I still pick up the premium
回复
4
举报
收起
- Bull_Lion:
  Yes it does 😃
  2021-08-29
  回复
  举报
- KolinRRJ:
  I don't know why my comment became Chinese. I hope it said "Good strategy!"
  2021-08-29
  回复
  举报
- KolinRRJ:
  Good strategy!
  2021-08-29
  回复
  举报
Neelie78
·2021-08-27
Educational!
回复
2
举报
sasa11
·2021-08-27
Good read. V true
回复
6
举报
收起
- 70915099:
  [强]
  2021-09-02
  回复
  举报
Val準凖
·2021-08-27
Everything be careful
回复
2
举报
收起
- 5c99bbf4:
  Some people just want huge quick gains without doing due diligence
  2021-08-27
  回复
  举报
izzugram
·2021-08-27
Like pls thank you!
回复
2
举报
收起
- JeremyKok:
  hi. please like and comment back. thank you.
  2021-08-29
  回复
  举报
- Blackbunny:
  done
  2021-08-27
  回复
  举报
Dyd
·2021-08-27
👍🏻👍🏻👍🏻
回复
点赞
举报
EmmanuelQeen
·2021-08-27
Like pls.. tq
回复
3
举报
收起
- Huatheng:
  Ok
  2021-08-27
  回复
  举报
- izzugram:
  sure
  2021-08-27
  回复
  举报
- JeremyKok:
  hi. please like and comment back. thank you.
  2021-08-29
  回复
  举报
查看更多 1 条评论
TeslaLegend
·2021-08-27
Please like! Thank you.
回复
8
举报
收起
- JeremyKok:
  hi. please like and comment back. thank you.
  2021-08-29
  回复
  举报
jazinfinity
·2021-08-27
Let's chew the bubble gum!
回复
6
举报
收起
- jazinfinity:
  like and comment
  2021-08-27
  回复
  举报
kungpao
·2021-08-27
Good read
回复
2
举报
jw321
·2021-08-27
okay
回复
4
举报
Ha0
·2021-08-27
ok
回复
7
举报
收起
- Teslawonder:
  ok. like and comment my tesla post
  2021-09-01
  回复
  举报
- jw321:
  ok2
  2021-08-27
  回复
  举报

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","thumbnail":"","is_english":true,"pubTime":"2021-08-27 15:09","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1149850459","market":"us","top_or_hot":-1,"title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners","media":"MarketWatch","content":"<div>\nLook for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with ...\n\n<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">网页链接</a>\n\n</div>\n","source":"lsy1603348471595","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-27 15:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page>MarketWatch</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nLook for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with ...\n\n<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".IXIC","symbol_name":"NASDAQ Composite","start_time":0,"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","article_id":"1149850459","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","pubTimestamp":1630048146,"columns":[],"sourceInfo":{"source_id":"lsy1603348471595","name":"MarketWatch"},"weMediaInfo":null,"summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"translate_title":"并不是每只股票都处于泡沫之中。以下是如何找到今天的便宜货和明天的赢家","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9},"content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":813634935,"gmtCreate":1630196678927,"gmtModify":1704956830939,"author":{"id":"4091367214252370","authorId":"4091367214252370","name":"ba2blcksheep","avatar":"https://static.tigerbbs.com/0f415c93d67440eac8b616c14a4e6b2b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"4091367214252370","idStr":"4091367214252370"},"htmlText":"agree","listText":"agree","text":"agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813634935","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":813382067,"gmtCreate":1630131941359,"gmtModify":1704956425816,"author":{"id":"4091616308316100","authorId":"4091616308316100","name":"Jojolee","avatar":"https://static.tigerbbs.com/ff6364fb264c8c37a640e64bbb6dcf38","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"4091616308316100","idStr":"4091616308316100"},"htmlText":"Excellent article","listText":"Excellent article","text":"Excellent article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813382067","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":813924832,"gmtCreate":1630123437926,"gmtModify":1704956310793,"author":{"id":"3570369418287680","authorId":"3570369418287680","name":"JohnL","avatar":"https://static.tigerbbs.com/7b66d4064f2df5806740a5c2fbf75ca6","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3570369418287680","idStr":"3570369418287680"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813924832","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819771262,"gmtCreate":1630111012156,"gmtModify":1704956050010,"author":{"id":"3582020830270271","authorId":"3582020830270271","name":"tkj","avatar":"https://static.tigerbbs.com/b4db3635974ce189ed8129eca6b5b618","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3582020830270271","idStr":"3582020830270271"},"htmlText":"Hmm...when he talked about the fool and the bigger fool, I am wondering whether he is referring to the Motley Fool who has been hailing hundreds and thousands of stock price growth....Good analysis on the dilemma faced by people staying at the sideline but I was disappointed that they did not share which are the stocks that are trading 60 cents to the dollar...","listText":"Hmm...when he talked about the fool and the bigger fool, I am wondering whether he is referring to the Motley Fool who has been hailing hundreds and thousands of stock price growth....Good analysis on the dilemma faced by people staying at the sideline but I was disappointed that they did not share which are the stocks that are trading 60 cents to the dollar...","text":"Hmm...when he talked about the fool and the bigger fool, I am wondering whether he is referring to the Motley Fool who has been hailing hundreds and thousands of stock price growth....Good analysis on the dilemma faced by people staying at the sideline but I was disappointed that they did not share which are the stocks that are trading 60 cents to the dollar...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819771262","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819474706,"gmtCreate":1630104342505,"gmtModify":1704955910248,"author":{"id":"3582151718585472","authorId":"3582151718585472","name":"FrederickL","avatar":"https://static.tigerbbs.com/21ae0da315b7fd514ea9d30bfa0d125a","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3582151718585472","idStr":"3582151718585472"},"htmlText":"It’s always a gamble …","listText":"It’s always a gamble …","text":"It’s always a gamble …","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819474706","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5672320,"gmtCreate":1630113852278,"gmtModify":1635137463784,"authorId":3570741525676370,"author":{"id":3570741525676370,"idStr":"3570741525676370","authorId":3570741525676370,"name":"GeneV","avatar":"https://static.tigerbbs.com/f07571419f8558c92b400555a5813b59","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819474706,"type":1,"supId":0,"prevId":0,"content":"👍🏻","text":"👍🏻","html":"👍🏻"},{"id":5674228,"gmtCreate":1630123450021,"gmtModify":1635137300987,"authorId":3570369418287680,"author":{"id":3570369418287680,"idStr":"3570369418287680","authorId":3570369418287680,"name":"JohnL","avatar":"https://static.tigerbbs.com/7b66d4064f2df5806740a5c2fbf75ca6","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819474706,"type":1,"supId":0,"prevId":0,"content":"Indeed","text":"Indeed","html":"Indeed"}],"langContent":"EN"},{"id":819449853,"gmtCreate":1630101547572,"gmtModify":1704955884676,"author":{"id":"3582963095283492","authorId":"3582963095283492","name":"replaygoh","avatar":"https://static.tigerbbs.com/d47b21291424a3d55039334a8de5cdb9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3582963095283492","idStr":"3582963095283492"},"htmlText":"noted","listText":"noted","text":"noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819449853","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819580544,"gmtCreate":1630077117388,"gmtModify":1704955678043,"author":{"id":"3575091428590185","authorId":"3575091428590185","name":"HENRYCSC","avatar":"https://static.tigerbbs.com/6d47a6dec25b21dc547a5b982674c499","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3575091428590185","idStr":"3575091428590185"},"htmlText":"Good 👍&nbsp;","listText":"Good 👍&nbsp;","text":"Good 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819580544","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819516336,"gmtCreate":1630076793725,"gmtModify":1704955670100,"author":{"id":"3573540190522229","authorId":"3573540190522229","name":"Bull_Lion","avatar":"https://static.tigerbbs.com/97c7d011186160cd333508e7d9191f74","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3573540190522229","idStr":"3573540190522229"},"htmlText":"I find an effective strategy for me is&nbsp;selling Put options at a price where I’m comfortable picking up the stock. And if the price does not hit, I still pick up the premium&nbsp;","listText":"I find an effective strategy for me is&nbsp;selling Put options at a price where I’m comfortable picking up the stock. And if the price does not hit, I still pick up the premium&nbsp;","text":"I find an effective strategy for me is selling Put options at a price where I’m comfortable picking up the stock. And if the price does not hit, I still pick up the premium","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/819516336","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5681158,"gmtCreate":1630207225275,"gmtModify":1631895858058,"authorId":3573540190522229,"author":{"id":3573540190522229,"idStr":"3573540190522229","authorId":3573540190522229,"name":"Bull_Lion","avatar":"https://static.tigerbbs.com/97c7d011186160cd333508e7d9191f74","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819516336,"type":1,"supId":0,"prevId":0,"content":"Yes it does 😃","text":"Yes it does 😃","html":"Yes it does 😃"},{"id":5678006,"gmtCreate":1630168184491,"gmtModify":1630168184491,"authorId":4089691390674800,"author":{"id":4089691390674800,"idStr":"4089691390674800","authorId":4089691390674800,"name":"KolinRRJ","avatar":"https://static.tigerbbs.com/7011069511b27ceab2225c880a41670c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819516336,"type":1,"supId":5678003,"prevId":0,"content":"I don't know why my comment became Chinese. I hope it said \"Good strategy!\"","text":"I don't know why my comment became Chinese. I hope it said \"Good strategy!\"","html":"I don't know why my comment became Chinese. I hope it said \"Good strategy!\""},{"id":5678003,"gmtCreate":1630168128434,"gmtModify":1630168128434,"authorId":4089691390674800,"author":{"id":4089691390674800,"idStr":"4089691390674800","authorId":4089691390674800,"name":"KolinRRJ","avatar":"https://static.tigerbbs.com/7011069511b27ceab2225c880a41670c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819516336,"type":1,"supId":0,"prevId":0,"content":"Good strategy!","text":"Good strategy!","html":"Good strategy!"}],"langContent":"EN"},{"id":819229937,"gmtCreate":1630073290629,"gmtModify":1704955562816,"author":{"id":"3568286699955575","authorId":"3568286699955575","name":"Neelie78","avatar":"https://static.tigerbbs.com/3cb5e48f60a91af90fc0a25100e71866","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3568286699955575","idStr":"3568286699955575"},"htmlText":"Educational!","listText":"Educational!","text":"Educational!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819229937","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819264406,"gmtCreate":1630073195805,"gmtModify":1704955560229,"author":{"id":"3574975730290141","authorId":"3574975730290141","name":"sasa11","avatar":"https://static.tigerbbs.com/12e058ce6727186880f07f79a7025a0d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3574975730290141","idStr":"3574975730290141"},"htmlText":"Good read. V true","listText":"Good read. V true","text":"Good read. V true","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819264406","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5731981,"gmtCreate":1630593528845,"gmtModify":1631888783697,"authorId":3575026186751523,"author":{"id":3575026186751523,"idStr":"3575026186751523","authorId":3575026186751523,"name":"70915099","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819264406,"type":1,"supId":0,"prevId":0,"content":"[强]","text":"[强]","html":"[强]"}],"langContent":"EN"},{"id":819265726,"gmtCreate":1630073138165,"gmtModify":1704955559364,"author":{"id":"3581556348949722","authorId":"3581556348949722","name":"Val準凖","avatar":"https://static.tigerbbs.com/fc78ba8079eaf21b89d9286a3857c533","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3581556348949722","idStr":"3581556348949722"},"htmlText":"Everything be careful&nbsp;","listText":"Everything be careful&nbsp;","text":"Everything be careful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819265726","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5668771,"gmtCreate":1630076744684,"gmtModify":1635137742748,"authorId":3568271286196651,"author":{"id":3568271286196651,"idStr":"3568271286196651","authorId":3568271286196651,"name":"5c99bbf4","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819265726,"type":1,"supId":0,"prevId":0,"content":"Some people just want huge quick gains without doing due diligence","text":"Some people just want huge quick gains without doing due diligence","html":"Some people just want huge quick gains without doing due diligence"}],"langContent":"EN"},{"id":819268772,"gmtCreate":1630073018596,"gmtModify":1704955554704,"author":{"id":"3581557507131184","authorId":"3581557507131184","name":"izzugram","avatar":"https://static.tigerbbs.com/160735b1d8fffb34fc5dea7ed8e0a6f2","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3581557507131184","idStr":"3581557507131184"},"htmlText":"Like pls thank you!","listText":"Like pls thank you!","text":"Like pls thank you!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819268772","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5679285,"gmtCreate":1630198084402,"gmtModify":1631889320490,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819268772,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."},{"id":5668789,"gmtCreate":1630076789861,"gmtModify":1631889320477,"authorId":3582075354763697,"author":{"id":3582075354763697,"idStr":"3582075354763697","authorId":3582075354763697,"name":"Blackbunny","avatar":"https://static.tigerbbs.com/7c19a775624a3a537472a142b0aaf453","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819268772,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"EN"},{"id":819269231,"gmtCreate":1630072883223,"gmtModify":1704955550214,"author":{"id":"3579479350969407","authorId":"3579479350969407","name":"Dyd","avatar":"https://static.tigerbbs.com/2b87e35294ae070b87a67eabcf83f904","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3579479350969407","idStr":"3579479350969407"},"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819269231","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819260674,"gmtCreate":1630072852098,"gmtModify":1704955548318,"author":{"id":"3569477879515338","authorId":"3569477879515338","name":"EmmanuelQeen","avatar":"https://static.tigerbbs.com/229c717db2c50af149c3454594cc38dd","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3569477879515338","idStr":"3569477879515338"},"htmlText":"Like pls.. tq","listText":"Like pls.. tq","text":"Like pls.. tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/819260674","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5667793,"gmtCreate":1630072869505,"gmtModify":1635137801230,"authorId":3566905276489207,"author":{"id":3566905276489207,"idStr":"3566905276489207","authorId":3566905276489207,"name":"Huatheng","avatar":"https://static.tigerbbs.com/59738b973cad55d05e0eda9044f6331e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819260674,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":5667838,"gmtCreate":1630073009452,"gmtModify":1635137798492,"authorId":3581557507131184,"author":{"id":3581557507131184,"idStr":"3581557507131184","authorId":3581557507131184,"name":"izzugram","avatar":"https://static.tigerbbs.com/160735b1d8fffb34fc5dea7ed8e0a6f2","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819260674,"type":1,"supId":5667793,"prevId":0,"content":"sure","text":"sure","html":"sure"},{"id":5679288,"gmtCreate":1630198105502,"gmtModify":1635136886712,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819260674,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."},{"id":5682384,"gmtCreate":1630215320956,"gmtModify":1635136616441,"authorId":3569477879515338,"author":{"id":3569477879515338,"idStr":"3569477879515338","authorId":3569477879515338,"name":"EmmanuelQeen","avatar":"https://static.tigerbbs.com/229c717db2c50af149c3454594cc38dd","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819260674,"type":1,"supId":5679288,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":819176892,"gmtCreate":1630050206316,"gmtModify":1704955174393,"author":{"id":"3572489627147183","authorId":"3572489627147183","name":"TeslaLegend","avatar":"https://static.tigerbbs.com/180ad6f06095bcbf2b6594d26c494752","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3572489627147183","idStr":"3572489627147183"},"htmlText":"Please like! Thank you.","listText":"Please like! Thank you.","text":"Please like! Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819176892","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5679294,"gmtCreate":1630198122277,"gmtModify":1635136886069,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819176892,"type":1,"supId":0,"prevId":0,"content":"hi. please like and comment back. thank you.","text":"hi. please like and comment back. thank you.","html":"hi. please like and comment back. thank you."}],"langContent":"EN"},{"id":819147736,"gmtCreate":1630049505625,"gmtModify":1704955166252,"author":{"id":"3577229603264633","authorId":"3577229603264633","name":"jazinfinity","avatar":"https://static.tigerbbs.com/1208221a570d94e334b2d76cd0baf1d6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3577229603264633","idStr":"3577229603264633"},"htmlText":"Let's chew the bubble gum!","listText":"Let's chew the bubble gum!","text":"Let's chew the bubble gum!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/819147736","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5664668,"gmtCreate":1630049518403,"gmtModify":1631892576042,"authorId":3577229603264633,"author":{"id":3577229603264633,"idStr":"3577229603264633","authorId":3577229603264633,"name":"jazinfinity","avatar":"https://static.tigerbbs.com/1208221a570d94e334b2d76cd0baf1d6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819147736,"type":1,"supId":0,"prevId":0,"content":"like and comment","text":"like and comment","html":"like and comment"}],"langContent":"EN"},{"id":819144630,"gmtCreate":1630049388720,"gmtModify":1704955164350,"author":{"id":"3575091423649914","authorId":"3575091423649914","name":"kungpao","avatar":"https://static.tigerbbs.com/f469169ddf2122a6445250fcaea5382c","vip":1,"crmLevel":13,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3575091423649914","idStr":"3575091423649914"},"htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819144630","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819154906,"gmtCreate":1630048346005,"gmtModify":1704955148314,"author":{"id":"3574053691106982","authorId":"3574053691106982","name":"jw321","avatar":"https://static.tigerbbs.com/1263b51c7856e75fbd5cf4072078ca6e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3574053691106982","idStr":"3574053691106982"},"htmlText":"okay","listText":"okay","text":"okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/819154906","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":819155814,"gmtCreate":1630048280838,"gmtModify":1704955147103,"author":{"id":"3581931608961006","authorId":"3581931608961006","name":"Ha0","avatar":"https://static.tigerbbs.com/686e76fdb92e536941681fe867222e8d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3581931608961006","idStr":"3581931608961006"},"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819155814","repostId":1149850459,"repostType":4,"repost":{"id":"1149850459","kind":"news","pubTimestamp":1630048146,"share":"https://www.laohunote.com/m/news/1149850459?lang=zh_CN&edition=full","pubTime":"2021-08-27 15:09","market":"us","language":"en","title":"Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149850459","media":"MarketWatch","summary":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock mar","content":"Look for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Not every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNot every stock is in a bubble. Here’s how to find today’s bargains and tomorrow’s winners<blockquote>并非所有股票都处于泡沫之中。以下是如何找到今天的特价商品和明天的赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-08-27 15:09\n\n</h4>\n</header>\n<article>\nLook for high-quality companies, one stock at a time<blockquote>寻找优质公司，一次一只股票</blockquote> <img src=\"https://static.tigerbbs.com/92d5fb452d9db7f672a2a9eec51862eb\" tg-width=\"700\" tg-height=\"433\" width=\"100%\" height=\"auto\">AGENCE FRANCE-PRESSE/GETTY IMAGES<blockquote>法新社/盖蒂图片社</blockquote> The stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing&nbsp;“Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.<blockquote>股市处于泡沫之中；这不是什么秘密。大多数投资者忽略了这一点，只是痴迷于乘坐。他们正在玩 “傻瓜策略”--等待一个更大的傻瓜从他们手中买下被高估的股票。为什么不呢，多年来，更大的傻瓜一直成群结队地出现。低利率推高了所有资产的价格，迫使每个人承担越来越大的风险。</blockquote> Then there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).<blockquote>然后是纯粹的、纯粹的贪婪。这个市场泡沫充斥着这种“快速致富”的态度和对错失良机的恐惧；所有的泡泡都是。这一次，社交媒体进一步扭曲了市场，社交媒体似乎是这种行为的一个巨大放大器，可以说是这种行为的延长者，带来了似乎无穷无尽的增量买家（更大的傻瓜）。</blockquote> Market timer’s gambit<blockquote>市场计时器的策略</blockquote> Rational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.&nbsp; They may play&nbsp;“Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.<blockquote>理性的人，不贪婪，喜欢慢慢致富，可能想完全避开这个市场。他们可能会玩 “市场计时器的策略”。他们的论点（表面上）是合乎逻辑的。事情是这样的： “我暂时保持观望，等市场下跌后再进场”。</blockquote> There are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.<blockquote>这种策略有两个问题。第一，市场的非理性可以持续很长时间。第二，虽然理论上听起来不错，但在实践中很难执行。</blockquote> Here is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.<blockquote>举个例子： 假设你投入了 100% 的现金，等待市场调整。你等了很长时间，然后市场下跌了10%。你会觉得有点道理，但市场确实刚刚稳定在几个月前的水平。你要做一个决定：进去还是等待？你当然是谨慎的，市场在下跌，所以你决定等待。</blockquote> The market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.<blockquote>市场又下跌10%。你觉得自己更有道理了。现在，你觉得自己的耐心和过去几年错过的回归是值得的。但是你的直觉告诉你，如果市场下跌了20%，它还可以更低。你等着。</blockquote> You were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.<blockquote>你是对的。市场又下跌10%。经济新闻很难看。市场下滑可能会使经济陷入衰退。或者经济已经陷入衰退。现在你担心了。你决定等待。</blockquote> The market declines&nbsp;another&nbsp;10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.<blockquote>市场又下跌10%。这笔现金现在感觉如此珍贵，以至于你不想放弃它。你觉得你已经想通了。你告诉自己，当消息好转时，你会投资。</blockquote> The news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.&nbsp; Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.<blockquote>消息没有好转。但是奇怪的事情发生了。市场有几个强劲的日子。评论员看涨期权称它们为 “死猫反弹”，预计还会进一步下跌。这几天强劲之后又是几天。突然间，市场又回到了过去20%的跌幅。你为两周前（在现在 “明显 ”的）底部没有投资而感到难过。</blockquote> You get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.<blockquote>你明白了。一旦你完全退出市场，从心理上来说很难重新投入市场。我见过不少自 2000 年以来就一直置身事外的人，他们仍在等待进入市场的机会。想象一下他们经历的心理过山车和留在桌子上的回报。</blockquote> Even if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.<blockquote>即使你一次把握了正确的市场时机，也不可能将其纳入一个可重复的过程。除了把握好经济时机之外，你还必须把握好股市对经济的反应时机。我认识很多曾经成功把握市场时机的人；我不知道有谁做过两次。</blockquote> One stock at a time<blockquote>一次一只股票</blockquote> Investing in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available:&nbsp;“One Stock at a Time.”<blockquote>投资股市不需要走极端的傻瓜策略或市场计时器策略。还有一种不同的游戏： “一次一只股票”。</blockquote> Even in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).<blockquote>即使在这个疯狂高估的市场中，也不是所有的股票都被高估了，并且正在寻找一个更大的傻瓜。带着耐心、长期的时间范围和我们久经考验的价值投资流程，寻找由优秀管理层经营、被严重低估（即有安全边际）的高质量公司。</blockquote> This process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.<blockquote>这个过程并不快速，也不会让你快速致富。它需要平凡的工作和翻很多石头。在我们公司，我们阅读公司财务文件，与管理层、竞争对手交谈，建立我们自己的财务模型，在我们自己之间以及与我们的全球投资者网络讨论这些投资。</blockquote> Investors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.<blockquote>投资者可以从全球数以万计的股票中进行选择。我们公司只需要20到30个。当我们找不到足够多的符合我们严格投资标准的股票时，我们的现金余额会上升，然后随着我们找到新股票而下降。我们不给市场计时；我们重视个股，在便宜时买入，在昂贵时卖出。</blockquote> To sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But&nbsp;we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar —&nbsp;one stock at a time.<blockquote>总而言之：今天的美国股市是一张交易价格接近 2 美元或更高的美元钞票。许多股票的价格是 1 美元，变成 4 美元、6 美元、20 美元。但我们并不拥有市场；相反，我们整理了一个公司投资组合，定价为 30 至 60 美分，一次一只股票。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/not-every-stock-is-in-a-bubble-heres-how-to-find-todays-bargains-and-tomorrows-winners-11630016489?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149850459","content_text":"Look for high-quality companies, one stock at a time\nAGENCE FRANCE-PRESSE/GETTY IMAGES\nThe stock market is in a bubble; this is not a secret. Most investors are ignoring it and just infatuated with the ride. They are playing “Fool’s Gambit” —waiting for a greater fool to buy their overvalued stock from them. And why not, greater fools have been showing up in droves for years. Low interest rates inflated the prices of all assets, forcing everyone to take greater and greater risks.\nThen there is pure, unadulterated greed. This market bubble is filled with this “get rich fast” attitude and the fear of missing out; all bubbles are. This time the market has been further deformed by social media, which seems like an enormous amplifier and arguably prolonger of that behavior, bringing what seems an endless supply of incremental buyers (bigger fools).\nMarket timer’s gambit\nRational people not drunk on greed, who are fine with getting rich slowly, may want to avoid this market altogether.  They may play “Market Timer’s Gambit.” Their argument (on the surface) is logical. It goes like this: “I am going to stay on the sidelines for now and will go in after the market dips”.\nThere are two problems with this strategy. First, market irrationality can last a long time. Second, though it sounds good in theory, in practice it is difficult to execute.\nHere is an example: Let’s say you went 100% in cash waiting for the market to correct. You waited for a long time and then the market declines 10%. You feel slightly vindicated, but the market really just settled to where it was a few months ago. You have a decision to make: Get in or wait? You are of course prudent, and the market is declining, so you decide to wait.\nThe market falls another 10%. You feel a bit more vindicated. Now you feel rewarded for your patience and for the last few years of return you’ve missed out on. But your gut tells you if the market declined 20% and it can go down lower. You wait.\nYou were right. The market declines another 10%. Economic news is ugly. The market decline may send the economy into a recession. Or the economy is already in a recession. Now you are worried. You decide to wait.\nThe market declines another 10%. This cash now feels so dear you don’t want to part with it. You feel like you’ve got this figured out. You tell yourself you’ll invest when the news gets better.\nThe news is not getting better. But a strange thing happens. The market has a few strong days. Commentators call them a “dead cat bounce,” expecting further declines. These few strong days are followed by a few more.  Suddenly the market has retraced the last 20% of the decline. You feel bad that you didn’t invest two weeks ago (at the now “obvious”) bottom.\nYou get the point. Once you are completely out of the market, it is incredibly difficult psychologically to dive back in. I’ve met quite a few people that have stayed out of the market since 2000 and are still waiting for their chance to get in. Just imagine the psychological rollercoaster they went through and the returns they left on the table.\nEven if you got the market timing right once, putting it into a repeatable process is impossible. In addition to getting the timing of the economy right, you have to time the stock market response to the economy. I know many people who timed the market successfully once; I don’t know any who’ve done it twice.\nOne stock at a time\nInvesting in the stock market doesn’t need to reside in the extremes of the Fool’s Gambit or the Market Timer’s Gambit. There is a different game available: “One Stock at a Time.”\nEven in this insanely overvalued market not all stocks are overvalued and in search of a greater fool. Armed with patience, a long-term time horizon and our time-tested value investing process, look for high-quality companies, run by great management, that are significantly undervalued (i.e., have a margin of safety).\nThis process is not fast and furious and won’t get you rich quickly. It requires mundane work and turning over a lot of rocks. At our firm, we read company financial filings, talk to management, competitors, build our own financial models, debate these investments among ourselves and with our global network of investors.\nInvestors can choose from tens of thousands of stocks globally. At our firm, we need only 20 to 30. When we cannot find enough stocks that meet our stringent investment criteria our cash balances go up, then decline as we find new stocks. We don’t time the market; we value individual stocks, buying when they are cheap and selling when they are dear.\nTo sum it up: The U.S. stock market today is a dollar bill trading for close to $2 or more. Many stocks are $1 changing hands for $4, $6, $20. But we don’t own the market; instead we have assembled a portfolio of companies priced attractively at 30- to 60-cents on the dollar — one stock at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5720672,"gmtCreate":1630510659220,"gmtModify":1631892260944,"authorId":3574996021054734,"author":{"id":3574996021054734,"idStr":"3574996021054734","authorId":3574996021054734,"name":"Teslawonder","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819155814,"type":1,"supId":0,"prevId":0,"content":"ok. like and comment my tesla post","text":"ok. like and comment my tesla post","html":"ok. like and comment my tesla post"},{"id":5664553,"gmtCreate":1630048339327,"gmtModify":1631892260931,"authorId":3574053691106982,"author":{"id":3574053691106982,"idStr":"3574053691106982","authorId":3574053691106982,"name":"jw321","avatar":"https://static.tigerbbs.com/1263b51c7856e75fbd5cf4072078ca6e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":819155814,"type":1,"supId":0,"prevId":0,"content":"ok2","text":"ok2","html":"ok2"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":141,"commentSize":19,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}