Most people feel anxious when they are confused but must act regardless. An investor can procrasting(延宕) indefinitely(無限期地) about making an investment. But he cannot escape the decision to take a profit or a loss. He can only rid(擺脫) himself of this anxiety by clarifying his investment philosophy and criteria.
(摘自《當巴菲特遇上索羅斯》第14章)
99年1月1日,東尼下定決心將東協與亞太基金虧損的部位出清。若沒記錯的話,這筆投資是從97年2月開始扣款,同年10月停扣。犯了很多不明智的錯誤。以下援引馬可.泰的贏家心法逐項檢視:
一、買進時的錯誤:
盲從!因未能及時建立自己的投資系統(method,criteria),只因急著想投資理財而盲目跟隨熱門標的。違背了以下種種贏家心法:
NO.4 Develop your own unique investment philosophy.
(The market is always WRONG.)
→追逐熱門標的,人云亦云。
NO.5 Develop your own, personal system for selecting, buying, and selling investments.
(You are what you measure.)
→不知為何買,何時賣?
NO.8 Refuse to make investments that do not meet your criteria.
(If you dont know when to say Yes,Always say NO.)
→投資哲學尚未成熟,未能及時建立自己的投資系統,更不用談如何遵守自訂的投資原則了…
NO.10 Have infinite patience.
(When theres nothing to do, DO nothing!)
→太猴急了,急著想投資、想理財…但是市場永遠在那裡,又不會跑掉!
二、下定決心出清的原因:
雖然虧損部位不大,但沒有明確的策略,"卡"在那裡不上不下,總是讓東尼confused。如今不想再延宕,必定要make a decision…
NO.2 Passionately avoid risk!
→唯一已知的就是:追逐熱門標的,獲利空間有限而下檔風險無窮,既然如此,何苦戀棧!
NO.7 Only invest in what you understand.
→贏家心法在於執著於競爭優勢圈。既然總體經濟與國際情勢不是東尼所擅長,so why not let it be!
NO.12 Know when to sell before you Buy!
→既然買得迷迷糊糊,怎能奢望賣得漂亮?別再存有"萬一…如何如何"的迷思了…