[心得]讀書筆記: Margin of Safety (Seth Klarman, 1991)

Introduction: Benjamin Graham, David Dodd, Warren Buffett. value-investment process.

1. "The greatest challenge is maintaining the requisite patience and discipline to buy only when prices are attractive and to sell when they are not, avoiding the short-term performance frenzy that engulfs most market participants."

要有耐心和原則，在價格被低估時買，不要對短期表現狂熱。

2. 不要只看短期return，也要看到risk。

3. 普通投資者和價值投資者的區別。

Chap 1: Where Most Investors Stumble (哪裡是大多數投資者失策的地方？)
1. investors vs. speculators.
前者重視潛在的生意價值，後者只靠猜測股票價錢和分析市場波動方向，我現在屬於後者，在玩一種“誰最笨”的遊戲: "...playing a "greater-fool game," buying overvalued securities and expecting-hoping-to find someone, a greater fool, to buy from them at a still higher price. "
2.

不懂："Professional traders and so-called investors alike prize thirty- year Treasury bonds for their liquidity and use them to speculate on short-term interest rate movements, while never contemplating the prospect of actually holding them to maturity."