The Intelligent Investor - 02

Those who do not remember the past are condemned被指责 to repeat it.

If you have built castles in the air, your work need not be lost;

that is where they should be. Now put the foundations under them.

Graham announces from the start that this book will not

tell you how to beat the market. No truthful book can.

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Instead, this book will teach you three powerful lessons:

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•how you can minimize the odds of suffering irreversible losses;

•how you can maximize the chances of achieving sustainable gains;

•how you can control the self-defeating behavior that keeps most

investors from reaching their full potential.

But no matter how careful you are, the price of your investments

will go down from time to time. 

★★★This kind of

intelligence has nothing to do with IQ or SAT scores. It simply means

being patient, disciplined, and eager to learn; you must also be able to

harness your emotions and think for yourself.

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This kind of intelligence,

explains Graham, “is a trait more of the character than of the brain.”

By letting the roar咆哮 of the crowd override Newton's own judgment, 

the world’s greatest scientist acted like a fool.

In short, if you’ve failed at investing so far, it’s not because you’re

stupid. It’s because, like Sir Isaac Newton, ★you haven’t developed the

emotional discipline that successful investing requires.

While enthusiasm may be necessary for great accomplishments 

elsewhere, on Wall Street it almost invariably总是 leads to disaster.

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They let other investors’ judgments determine their own. They 

ignored Graham’s warning that “the really dreadful losses” 

always occur after “the buyer forgot to ask ‘How much?’ ”

Make sure you remember this: The people who now claim 

that the next “sure thing”will be health care, or energy, or 

real estate, or gold, are no more likely to be right in the end 

than the hypesters of high tech turned out to be.