The Intelligent Investor - 01

The sillier the market's behavior,the greater the opportunity for the 

business- like investor.

★Core Principles:

1.A stock is not just a ticker symbol or an electronic blip光点;it is an 

ownership interest in an actual business,with an underlying潜在的/基本的

value that does not depend on its share price.

2.The market is a pendulum钟摆 that forever swings between unsustainable

optimism and unjustified pessimism悲观主义. The intelligent investor

is a realist who sells to optimists and buys from pessimists.

3.The future value of every investment is a function of its present

price.The higher the price you pay, the lower your return will be.

4.No matter how careful you are, the one risk no investor can ever 

eliminate is the risk of being wrong.Only by insisting on what Graham called

"margin of safety" ————never overpaying,no matter how exciting an investment

seems to be ———— can you minimize your odds of error.

5.The secret to your financial success is inside yourself.If you become a 

critical thinker who takes no Wall Street "fact" on faith,and you invest with 

patient confidence,you can take steady advantage of even the worst bear 

markets.By developing your discipline and courage,you can refuse to let other

people's mood swings govern your financial destiny. In the end,how your 

investment behave is much less important than how you behave.

------

There are no sure and easy paths to riches on Wall Street or anywhere else.

Obvious prospects前景 for physical growth in a business do not translate

into obvious profits for investors.

The experts do not have dependable ways of selecting and concentrating

on the most promising companies in the most promising industries.

★The investor's cheif problem————and even his worst enemy is likely to be 

himself.

That 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把控 your emotions and think of yourself.

While enthusiasm may be necessary for great accomplishments elsewhere,on

Wall Street it almost invariably总是 leads to disaster.

The intelligent investor dreads担心 a bull market,since it makes stocks 

more costly to buy. And conversely(So long as you keep enough cash on hand

to meet your spending needs),you should welcome a bear market,since it 

puts stocks back on sale.

★★★reckless 鲁莽的