2010年6月13日

William Bernstein對年輕入門投資者的建議

原文出處:William Bernstein: Wild Ride Hasn’t Changed ‘Verities’ Of Investing 


Olivier Ludwig:What would be your advice to young investors, kids just getting out of college and in their first jobs?

William Bernstein:Take your time and use that time to inform yourself. Read John Bogle, read Burton Malkiel; learn about the mendacity of the financial-services industry and learn about the basics of asset allocation. Get your feet wet very slowly, and encounter your first bear market with a relatively low equity allocation, say 30 or 40 percent. Then, slowly through your young adulthood raise your allocation to where your real risk tolerance is. You become a lean, disciplined investor that way.

But that’s not the way most people approach it. The worst thing you can do is to invest all your 401(k) assets at age 20 into the best-performing equity fund in your plan and then five years later watch that $30,000 get cut in half. You’ll swear off stocks for the rest of your life.

Young people aren’t terribly risk tolerant. There’s a wonderful expression that Navy pilots use to describe their first landing on an aircraft carrier: It’s like losing your virginity and being in a car crash at the same time. In the same way, your first experience with a bear market is something you’ll never forget.


中譯:William Bernstein認為剛出社會的年輕人在找到第一份工作的時候,對投資不必太著急,應該先花時間認清自己,然後閱讀John Bogle和Burton Malkiel的書,學習關於金融產業的謊言,也學習一些資產配置的基礎知識。不需要太快讓自己投入市場,在你的資產配置中,先讓股票佔大約三四成左右就好,直到你第一次遇到熊市。然後,慢慢增加你資產配置中股票的比例,直到符合你真正的風險忍受程度,這樣你將會變成一個幹練而有紀律的投資人。

但是現在大多數人都不是這樣做。通常大多數人會採取但卻是最糟糕的投資策略,其實就是在20歲的時候,把資產都投進績效最好的股票基金,然後五年後看著已經放進去的三萬美元腰斬,然後發誓這一輩子都不要再碰股票了。

年輕人往往並不是很厲害的風險承受者。海軍有一個很好的例子,當一個飛行員第一次把飛機降落在航空母艦上的感覺,就像是在你失去童真的時候同時也發生了車禍那樣。這種情況所遇到的風險,你第一次遇到熊市的經驗將會是你永遠也忘不了的。

1 則留言:

  1. good read. thanks.

    投入股市前,多看點書真是比較好啊

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