1、 - 1 - 外文翻译 Best Investment Strategy Material Source： http:/ Auther： Oates, Clementine Personal investing seems incredibly complex, but the best investment strategy also tends to be a more simple investment strategy The complexity of personal investment management is driven by the nature of investin
2、g in securities that have uncertain and unknowable future values. Nobody amateur or professional has a working crystal ball that can predict future asset values. Anyone can have a more or less well-informed outlook and operate with an evolving set of theories as to what might happen. In general, it
3、is this very uncertainty that provides investors with opportunities (however unpredictable) to earn over time more or less than a market return on their invested assets. Investing involves varying degrees of risk and participants in real time securities markets buy securities at what they perceive t
4、o be a discount against their expectations for higher future values. They sell when they think current market prices exceed the future opportunity. Thus, the uncertainty about the future drives much of the inherent complexity of investing. Everybody wants a magic system to beat the market and to do
5、better than the other guy, but when you take the time to think about it, you realize that the future cannot be known until it arrives and that there can be no magic bullets, reliable systems, or sure bets with investing. Nevertheless, the inherent complexity of investing is greatly exacerbated by th
6、e proliferation of investment products and services aggressively promoted by a securities and financial services industry that purports to serve your best interests. However, this proliferation of complex investment products most often seems only to serve the financial self-interests of the securiti
7、es industry itself. Averaged across all retail investors, the high fees of the financial service industry dramatically reduce rather than help to increase retail investors net assets. Personal investing can be simplified greatly by focusing only on valid strategies that have support in the investmen
8、t research literature. This personal investment planning summary is intended to help you to understand that you can - 2 - manage your investments using strategies that have a demonstrated basis in the research literature. When one pursues strategies that are designed to focus solely on the fiduciary
9、 interests of individual investors, the vast majority of investment products promoted by the industry can simply and easily be eliminated from consideration. They cost far more than they are worth. Aggressive investment cost control is not a magic bullet to beat the market, but it is a very effectiv
10、e way to avoid being the rube who gets fleeced by the fast talking slick suit. Once you have committed to a durable long-term investment strategy, you can manage by yourself relatively easily the details of investment implementation. You do not need to pay high costs for something you can do yoursel
11、f. You can build an easy-to-manage, do-it-yo urself, lifetime investment strategy based upon these principles: To improve your long-term investment returns, move fully toward the completely passive, globally diversified, and extremely low cost end of the investment securities products spectrum. Inve
12、st only in a variety of passive, very broadly diversified, and low cost investment funds. Understand better your investment risk tolerance relative to the larger population of investors and decide how much you are willing to be exposed to investment risk. Your investment risk tolerance leads to your
13、 asset allocation strategy, which sets the balance of overall expected investment risk and return in your personal portfolio. Get invested and stay invested in the global securities markets according to your asset allocation through thick and thin. Never attempt to second-guess the markets or to tim
14、e the markets by moving assets around hoping to beat the markets. When you hold securities with an asset allocation that is commensurate with your tolerance for risk, you can ride out market panics without panicking, so you will also be in the markets when they rise toward new highs. The academic re
15、search shows clearly that nobody really knows how to time the markets and jumping in/out when you are confident/scared usually leads to inferior results. Only buy investment mutual funds from mutual fund companies that deal directly with the public. Only buy exchange-traded funds (ETFs) through disc
16、ount brokers. Only a small fraction of either mutual funds or ETFs are low cost, broadly diversified, passive funds with low turnover. Buy them and ignore the rest with middling or higher fees. And, if you do not have a clear understanding of ETF - 3 - trading, buy only mutual funds. After the May 6
17、, 2010 stock market flash crash, it should be clear that naive traders fooling with ETF market orders and stop loss orders that automatically convert to market orders unwittingly could do real damage to their portfolios Never pay any broker or any other commissioned financial advisor another dime du
18、ring your lifetime to tell you what funds you should buy. They do not know what will happen to future asset values, because they have no information to make such judgments. Instead, their high advisory costs will be extracted from your assets up front and along the way. Purchasing investment funds t
19、hrough an advisor is far more likely to reduce rather than increase your wealth. Investment cost are not “just a few percent.” For the average investor, average investment costs consume about one-third of average annual investment returns year after year after year after year. The cumulative losses
20、with even average investment costs are huge and simply horrendous across the lifetime of the average investor. Improve your overall net investment portfolio returns by consciously managing the asset “tax location” of your investment assets, which can reduce the investment taxes that you pay. Federal
21、 capital gains investment tax rates vary by holding period and different types of assets have returns that are treated differently under the federal tax code. Take advantage of the opportunities that you have to arrange your assets for minimal taxation. Focus the time that you spend on financial aff
22、airs during your lifetime on increasing your income and/or managing your consumption to increase your savings rate. In addition to reducing your investment costs, saving more is the single most effective way to accumulate assets for retirement and other personal finance goals. Enjoy your life and re
23、sist the compulsion to act as an amateur investment portfolio manager. By ceasing their amateur investment management activities, most people can free up substantial amounts of time to spend on far more pleasurable activities. Dont you have other things you would rather do than spend your life playi
24、ng futile investment games? Most people waste a great deal of time on investment activities, tactics, and strategies that are more likely to reduce rather than increase their investment portfolios. Very low cost, professional index fund managers can manage your money far more efficiently in terms of
25、 much lower costs, far greater diversification, better returns, lower taxes, and significantly less time than you can ever realistically hope - 4 - to do as a personal investment portfolio manager. Do yourself a favor and decide to fire yourself as a personal investment manager in favor of a handful
26、 of index fund managers running very broadly diversified, low cost funds. Despite these factors, some people just cannot resist the personal investment management game. If you simply cannot resist the temptation to play personal investment portfolio manager, then understand clearly that this is like
27、ly to be one of the most costly hobbies that you could have. If you are anything like the average investor (and you probably are), then your self-managed personal investment portfolio is highly likely to cost you money through inferior returns, higher costs, and inadequate diversification. Moreover,
28、 this hobby is extremely likely to waste a significant amount of your valuable time over your lifespan. However, if you must play investment manager, then never play with the rent money, the babys milk money, or the money that you are relying upon for your retirement, your kids education, or other i
29、mportant obligations. Since investment portfolio self-management is not likely to be a value-added activity, never allocate more than 10% of your overall investment assets to this hobby. Invest the remaining 90+% in accordance with the investment methods summarized above. You investments should work
30、 for you rather than you working for them. Avoid all the financial industry games designed to make money off of your assets and to keep you moving assets around chasing performance gains that have already passed you by. Instead, simplify your investment program, and use your financial assets to enri
31、ch and protect your life and the lives of those you love. - 5 - 最好的投资策略 资料来源： http:/www.myfinancialfreedomplan 作者： Oates, Clementine 个人投资是极其复杂 ,但越发简单的投资策略也往往是最有效最好的。投资理财的复杂性使得投资证券未来价值的不确定性和不可知。虽然有人可能有 或多或少的消息，知道市场前景和操作理论的发展 ,会发生什么事，但没有人（业余或专业） ,能预测未来的资产价值。 一般来说 ,这一不确定性 ,为投资者提供机会 (不可预知的 )使其家庭的年收入或多或少
32、会超过市场投资回报资产。投资在不同程度的风险和参与实时证券市场购买证券，在他们看来对他们的折扣更高的未来预期值。他们卖当他们认为当前市场价格超出了未来的机会。 因此 ,未来的不确定因素 ,使得越来越多的固有的复杂的投资存在。每个人都想要一个神奇的操作系统赢过市场。但是当你花时间去想它 ,你会发现未来是无法认识到的知道他发生 。没有魔弹、可靠的系统、或 100%可以去投资的。 然而 ,增殖复杂的投资产品最常似乎只奉行与金融自身利益证券业本身。在所有的散户投资者 ,平均的高昂费用的金融服务业大幅降低 ,而不是帮助增加个人投资者净资产。 个人投资 ,将会极大地简化了仅侧重有效的策略投资研究文献的支持
33、。摘要个人投资规划的目的是帮助你明白 ,你可以管理好自己的投资使用策略的基础上 ,建立良好的研究文学。 当一个国家在追求策略 ,这种设计是只关注个人投资者的信托利益 ,绝大多数的投资产品推动的产业可以简单 ,否则容易被淘汰。它们的成本远多于他 们价值的补偿。一旦你已经致力于稳定的长期的投资策略 ,你可以靠他们自己相对弱化细节的投资实施，您不需要支付很高的代价自己能做的事情。 你可以根据以下原则建立一个容易做 ,自己做 ,一辈子做的投资策略 : 1 通过向完全消极被动 ,全球性多元化 ,而且非常低成本的产品投资证券投资转变，提高你的长期投资收益。只投资在不同的被动的 ,非常宽广地多样化、低成本的
34、投资基金。 2 更好的理解你的投资风险承受度，从而决定你愿意在风险投资多少。您的投资风险承受度主导你的资产配置策略 ,这台整体的平衡风险和收益预 计投资在你的个人公事包。 3 获得的投资继续投资于全球证券市场 ,根据你的资产配置共同发挥作用。不要企图的猜测市场或时间通过移动资产市场而希望避开市场。当你拥有与把证券资产配置和实力相称的宽容时 ,在风险上 ,你就能驾驭恐慌市场 ,而不至于惊慌失措 ,所以你也可以等到它们重新在市场上的出现新高。学术研究表明 ,没- 6 - 有人真正知道如何在时间市场上跳跃，而在当你太有信心或害怕通常会导致劣质的结果。 4 通过经纪公司开始只买指数股票型基金 (etf
35、)。只有一小部份的不是共有基金或 etf 是低成本 ,一般多样化 ,被动基金与低营业额。在 2010年 5月 6日股市闪光崩溃了 ,它应该清楚天真的商人欺骗和 ETF 市场秩序和止损单 ,自动转换为市场订单能做 ,不知不觉中真正损害了自己的投资组合 5 永远不要向任何经纪人或任何其他委托财务顾问咨询类似：麻烦在你一生中 ,告诉你基金你应该买。他们不知道未来会发生什么资产价值 ,因为他们没有证券信息的判断。相反，在前进的道路上，它们的高咨询的费用将从你的资产中提取。采购投资基 金通过的知道是减少的可能性要大得多 ,而不是增加您的财富。对普通投资者来说 ,平均投资成本消耗平均每年大约有三分之一的投
36、资收益 ,年复一年复一年复一年。累积损失甚至比平均投资额花费巨大 ,简单的可怕的在普通投资者实现。 6 降低你得付出代价的投资税收，提高你的整体净投资组合的回报。联邦资本收益投资税率受控股时期和在联邦政府税务规章中不同类型的资产返回受到的待遇不同。利用这个机会 ,你必须安排你的资产为最小税收。 7 在你的一生中，集中时间提高你的收入和或管理你的消费增加你的存款比率。除了能减少你的投资 成本 ,节省是唯一最有效的途径来储备资产来实现退休和其他个人理财目标。 8 享受你的生活 ,抵御强迫性的行为作为一名业余的投资组合经理。停止他们的业余投资管理活动中 ,大多数人都能释放大量的时间花费在更愉快的活动
37、。你没别的东西你宁愿比度过你的一生打无用的投资游戏吗 ? 大多数人浪费了大量的时间在投资活动的策略、战术上，反而更有可能减少而不是增加他们的投资组合。 成本很低且专业的指数基金经理们可以以多样化、更好的利润、减税，从低得多的成本管理你的钱。比你能期待个人做投资组合经理，它更有效地并极大地减少的时间。帮你自己一个忙 ,决定一个投资经理并在他的协助下把指数基金运行得更广泛更多元化、更低成本。 尽管有这些因素 ,有些人就是无法抵挡这个人投资理财的比赛。如果你不能简单地抗拒诱惑，不支付个人投资证券的投资经理的费用，而清醒地认识到 ,这可能是其中最昂贵的爱好 ,你就完了。如果你是任何类似的普通投资者你可
38、能 ),那么你的自我管理的个人投资组合很可能花你钱是通过低收益 ,高成本 ,不充分的多样化。此外，这种爱好是极有可能浪费了大量宝贵的时间在你的寿命。 然而 ,如果你必须扮演投资经理的角色，就不要动 用到租金 ,孩子的牛奶钱 ,- 7 - 或对你的退休 ,你的孩子教育、或其他重要的义务的资产。因为投资组合的自我管理是不大可能一个增值的活动 ,从不分配超过 10%的整体的资产投资到这个爱好。按以上总结的投资方法投资剩下的 90%。 此外 ,学习如何仔细、准确地追踪你的投资业绩能使你们不能欺骗自己以为你有比你实际多的技能 ,即使在相对于适当的被动的市场基准。在一个上升的市场里，假如不在相对于适当的被动市场基准进行跟踪性，那每个人都是一个投资天才。学术研究清楚地显示 ,在相对被动的市场情况下，利用非多元化的资产组合投资引起的更高风险且不必 要的风险，常常会达到最优投资效益。 投资应该帮助你而不是你为他们工作。避免所有的金融业游戏设计使你在追求增值的时候资产已经离你而去。相反 ,简化你的投资计划 ,用你的金融资产 ,能够丰富和保护您的生命和你爱的人。
