Investor's chief problem

The Intelligent Investor, page xv - Introduction


Graham :

For indeed, the investor's chief problem - and even his worst enemy - is likely to be himself. ("The fault, dear investor, is not in our stars - and not in our stocks - but in ourselves.....")

This has proved the more true over recent decades as it has become more necessary for conservative investors to acquire common stocks and thus to expose themselves, willy-nilly , to the excitement and temptations of the stock market. By arguments, examples, and exhortation, we hope to aid our readers to establish the proper mental and emotional attitudes toward their investment decisions. We have seen much more money made and kept by "ordinary people" who were temperamentally well suited for the investment process than by those who lacked this quality, even though they had an extensive knowledge of finance, accounting, and stock market lore.

Additionally, we hope to implant in the reader a tendency to measure or quantity. For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some other price they would be so dear that they should be sold. The habit of relating what is paid to what is being offered is an invaluable trait in investment. In an article in a women's magazine many years ago we advised the readers to buy their stocks as they bought theirs groceries, not as they bought their perfume. The really dreadful losses of the past few years (and on many similar occasions before) were realized in those common stock issues where the buyer forgot to ask "how much?"

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一只牛﹕
the investor's chief problem - and even his worst enemy - is likely to be himself.
投資人最大的問題﹐最大的敵人﹐其實就是自己﹐不是星星月亮﹐也不是‘他媽的’股票。

We have seen much more money made and kept by "ordinary people" who were temperamentally well suited for the investment process than by those who lacked this quality, even though they had an extensive knowledge of finance, accounting, and stock market lore.


大部份賺錢和存到錢﹐都是“普通人”。

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some other price they would be so dear that they should be sold.

100只股票﹐99只股票是在這個價格便宜﹐在那個價格昂貴。

The habit of relating what is paid to what is being offered is an invaluable trait in investment.
了解價格-價值的關係﹐這是絕招。

we advised the readers to buy their stocks as they bought theirs groceries, not as they bought their perfume.

買股票要好像窮佬買雜貨﹐不應該像闊太買香水。