1、追求一个合理的收益率，你可以做到，所以，我卖出比较随意，只要感觉能让我获得一个比较满意的年化收益率即可，也就是我说的画好自己的收益率曲线。他的原话是：I just want to grow 15% to 20% a year, and my average is 17%. I"ll take my profit when it comes.

(资料图片)

2、尽量获得一个较低的成本，要达到这个目标，一是安全边际，二是摊薄成本。所以，我的股票，一般很少有亏损达到25%以上的。根据股票的质量和股价的活跃程度，一般质量较好的低风险股票，账面亏损幅度会控制在10%以内，或很活跃的、高风险股票，控制在25%以内。他的原话是： As the saying goes, a stock well bought is half sold.

3、尽可能让投资变得简单，或说，投资那些评估起来比较简单的股票。（当然，也会尝试一些复杂一点的，但一般不会上很高的仓位。这其实也是格雷厄姆为什么投资NET-NET股票的原因，买入净现金资产高于市值的股票，然后让管理层分红，几乎是无风险。）介绍他的人评价他：He tried to keep things simple.

4、买入观察仓，慢慢了解不熟悉的股票，只有拥有了股票，你才会真正关注它。他的原话是：But we may buy a little bit of a stock, to get our feet wet, and get a feeling for it. 以及另外一句话：One of the great sayings is that you never really know all about a stock until you own it. 以及：You"re looking at the stock originally as an outsider and you don"t get emotionally involved. After you get into it, that changes. You see the flaws much more clearly. 还有：Of course, after you"ve owned something for awhile, you find that there are a lot of opportunities you didn"t see at first.

5、不追求卖在最高处，并能坦然处之。这是如何看待金钱的问题，你越不重视它，越容易拥有它。他的原话是：But people have to be very humble about money if they want to keep it.

6、更不重视分析未来，未来极难预测。他的原话是：But you never know how things are going to turn out. It could have gone the other way.

7、更能坦然面对下跌，如果有了充分准备，股票下跌幅度出乎意料也是非常正常的，所以有时候我会说股票价格的下跌不是买入者或持有者的错，而是卖出者的错。他有这样一句话：It went down to $11-1/2 at one point didn"t mean that it was a bad investment at $16.

8、对格雷厄姆买NET-NET有更深的理解，因为，在他那个时代，那是最容易、最简单的方法，如果格雷厄姆活到现在，且掌握着数百亿美元的资金，他也许会投资好生意。施洛斯是这么说的：If he were alive today and couldn"t find working capital stocks, he"d very likely be looking around for something else.

9、卖出后，股票价格再上涨很多倍，也能泰然处之。我应该写过（？）一篇小文章谈施洛斯卖出后又涨了很多的股票，有很多股票在他卖出后又上涨很多倍。他曾经说：But sometimes you have to take advantage of the opportunity to sell and then say OK, it"ll go higher. 以及：You know, you never get the high or you never get the low. 还给出过自己卖飞的股票实例，如：We bought a lot of it at 12-1/2. Oh, this was great. And we doubled our money and we sold it at something like $28, $30 a share and that was pretty good in two years. When next I looked it was $70 a share.

10、买入后，对于二线公司的负面信息有一定的抵抗能力。施洛斯认为你不能离这种公司太近，否则你就不敢买入，有一次他举例说：If we"d lived in Cleveland, we probably wouldn"t have bought it because we would have been too close to all the bad things.

11、持股更有耐心，施洛斯的持仓更新一遍大概需要4年的时间，那么有些股票持有到6年应该不是令人奇怪的事情。他还说过：Also, many stocks we buy take years to work out. They don"t go up right away after you buy them. 以及：There"s a life cycleto these things.

12、买入前会反复看K线，复权和不复权都看，以此保证买入价格不会太高。1994年给出的16条中的第10条是这样写的：When buying a stock, I found it helpful to buy near the low of past few years. A stock may go as high as 125 and decline to 60 and you think it attractive. 3 years before the stock sold at 20 which shows that there is vulnerability in it.

13、了解自己的优缺点，他多次说过要了解自己的优缺点，并说巴菲特能做的，自己做不了，因为巴菲特在看人和理解生意方面非常人能比。但实际上，施洛斯谈起一些生意也头头是道。他曾经这样评价巴菲特：But Warren is a very good judge of people and he"s a very good judge of businesses. And what Warren does is fine. It"s just that it"s not our--we just really can"t do it that way and find five businesses that he understands, and most of them are financial businesses, and he"s very good at it. But you"ve got to know your limitations.

14、收益可以不多，但必须要有收益。他认为格雷厄姆的方法就是持续地让自己的资产增值，但每次又不那么显著，这种方法的目的就是每隔一段时间就让你的资产翻一次番。他说：The thing about Ben Graham"s approach is that you made money but not a great dealof money. You would double your money and then get out of the stock. His focus was on doubling your money and that"s it.

15、在有一定利润后慢慢卖出，以往也不是一次卖出，但是，在读了施洛斯以后，目的性更强一些。他在一次访谈中这样说道：we used to do that we buy stocks on the way down and sell them on the way up.

总之，施洛斯合集是以访谈为主，其中有着大量的个人经历和心路历程，所以，施洛斯合集可以与那些与投资相关的专业书籍结合着读，互为补充，这样可以让自己获得更丰富的投资知识，也有利于心理建设。

非常感谢这位老人的实践和总结，我在他身上受益匪浅。

关键词：