1. Sell stocks of companies that announce huge acquisitions, that overdiversify, or that spend a fortune on a lavish new headquarters, he said. (Hello, New York Times.)
1. 如果一个公司宣布大的收购，或花钱建奢侈的总部的时候，卖掉该公司的股票。
2. Avoid stocks where management picks fights with analysts (or, by extension, hedge funds), Dan said. (Overstock.com did this in 2005; Netflix in 2010.)
2. 避免那些和分析师打口水战的公司。
3. Watch out when executives start selling a lot of stock — though they will, he added, always offer a plausible-sounding excuse when doing so. (Top executives in homebuilding companies, mortgage banks and Wall Street firms dumped billions of dollars’ worth of stock before 2008.)
3. 如果一个公司的执行团队开始卖股票，要小心了。
4. “Run a mile” from all stocks in an industry going through a huge investment boom: This will lead to massive overcapacity and a consequent collapse. (Cite any recent bubbles you care to name.) Avoid the fallen stars after the bubble bursts, too.
4. 避免那些过分投资的工业，因为过度的投资最终导致崩溃。 也要避免泡沫破裂后剩下的那些”星星“公司。
5. As a rule, steer clear of investing in manufacturing companies. Their industries are usually plagued with extreme cycles of boom and bust, overcapacity and slumps.
5. 不要投资制造业，因为这个工业面临极度的盛衰，过剩和不景气。
6. Pay little attention to economists or market “gurus,” Dan always advised. (Incidentally, the corollary of economists always predicting a recession is that they generally fail to predict one when it actually does happen.)
6. 要忽略那些所谓的市场”大拿“，尤其是那些所谓的经济学家。
7. Mistrust all mathematical trading formulas as well. Dan noted, they invariably fail just when you most need them to work.
7. 不要迷信所谓的数学交易模型，在你最需要他们的时候几乎可以肯定不灵。
8. Look for companies where the insiders are buying lots of stock, he said.
8. 如果一个公司的内部开始买很多股票的时候，你也要留心。
9. Look for companies generating a lot of cash, as that is almost always the start of sustained outperformance.
9. 找那些能带来很多现金的公司，因为那几乎是可以持续盈利的开始。
10. Look for companies which have monopolies, or near monopolies, and those which manage to take out their main competitors.
10. 找那些几近垄断的公司，那些能吧对手干掉的公司。
11. Remember you are buying businesses, not just stocks. So pay close attention to the quality of the business, and especially the quality of the management. They make an enormous difference. Over time, Dan would say, “class shows.”
11. 记住你是买这个公司，而不仅仅是股票。 所以要注意这个公司的质量， 管理层的质量。那差别大了去了， 因为长期下来，品牌说话。
12. Look for companies in the consumer sectors — in particular, companies which have earned the trust of consumers, and which have very strong brand names. “As a rule, the closer you are to the consumer, the more money you will make,” he said. “The ultimate guarantee of profit is to possess the trust of the consumer.”
12. 找那些在销售者领域的公司， 那些赢得消费者信任的公司。 因为你越接近消费者，你就越能盈利。消费者的信任是最终盈利的保证。 |
发表于 2012-12-2 00:53
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发表于 2012-12-2 09:16
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