如何看待市场波动篇精选
Selected Quotes on How to View Market Volatility
💡 Core Golden Quotes
- “Fear is inversely proportional to understanding”
- “I don’t watch the market; I watch businesses”
- “In every stock market, most ‘investors’ are hopeless—whether it’s a bull or bear market”
- “Time is the friend of excellent enterprises and the enemy of mediocre ones”
- “People who buy no stocks at all are actually winners—better than 85% of people”
❓ Selected Q&A
Q: How should we understand that fear is inversely proportional to understanding?
A: Fear is inversely proportional to understanding. It has nothing to do with psychological quality—it’s because you don’t understand what so-called “value” is. You fundamentally don’t understand the difference between public and private companies, so you’ll be afraid again next time. (2011-10-25)
Q: Is there an essential difference between listed and unlisted companies?
A: Precisely because there’s essentially no difference, where would market fear come from? For example, the European financial crisis has nothing to do with the house I live in—though if I bought it with borrowed money, then maybe it does. (2011-10-25)
Q: How do you judge whether a stock price is cheap or expensive?
A: This is a question only asked by people who focus on short-term and watch the market. I don’t consider this question. I focus on the long term and don’t touch what I can’t understand. Any approach that thinks about the market or timing might be wrong. I don’t watch the market; I watch businesses. You say a certain stock is expensive—how do you know? Looking from now back at 10 years ago, everything probably seemed expensive. If you look from 10 years in the future at now and find companies you understand that are cheap—just buy them. (2018-09-30)
Q: How do you consider companies with mediocre quality but very cheap prices?
A: Use a 10-year or 20-year perspective; don’t think about the market. (2018-01-10)
Q: Do A-share investors have hope?
A: In any stock market, most “investors” are hopeless—same in bull or bear markets. Good “investors” can eventually find opportunities in any market! (2011-12-15)
Q: What about people who buy no stocks at all?
A: Actually, people who buy no stocks at all are winners—they’re better than 85% of people. (2013-12-22)
Q: How do you know if you truly understand a company?
A: There’s no formula here, but when you truly understand, you’ll know. The most important thing is being able to genuinely ignore market volatility and focus on the business. Imagine you’re planning to buy a company—you could hold it for 10 years without it going public and still sleep well at night. Then you probably understand. (2019-05-04)
Q: What kind of person makes up those who lose money long-term in the stock market?
A: Those who lose money long-term in the stock market mostly belong to those who don’t know how big their circle of competence is. (2010-06-21)
Q: How should we understand that understanding value investing doesn’t equal making money in the stock market?
A: Understanding value investing doesn’t equal making money in the stock market, just as knowing to “do the right thing” doesn’t equal being able to do it. (2010-06-21)
Q: How should we understand that time is the friend of excellent enterprises and enemy of mediocre ones?
A: (Quoting Buffett) Time is the friend of excellent enterprises and the enemy of mediocre ones. You may think this principle sounds ordinary, but I learned it through profound lessons. (2015-03-26)
Q: How should we understand that bargains aren’t always available?
A: Bargains aren’t always available, and they certainly can’t be found just by reading Buffett’s books. (2010-06-21)
🔗 Related Notes
Related Concepts Buying Stocks Means Buying Companies · Ordinary Mindset (Pingchangxin) · Long-termism · Circle of Competence Related People Duan Yongping · Warren Buffett Related Topics How to View Market Volatility · Sell Timing & Holding Logic · Duan Yongping’s Value Investing System
如何看待市场波动篇精选
💡 核心金句
- “恐惧程度和了解程度成反比”
- “我不看市场，我看生意”
- “哪个股票市场里大部分’投资者’都是没希望的，牛市熊市都一样”
- “时间是优秀企业的朋友，平庸企业的敌人”
- “其实什么股票都不买的人都是赢家，比85%的人要强”
❓ 精选问答
问：恐惧程度和了解程度成反比，这句话怎么理解？
答：恐惧程度和了解程度成反比。跟心理素质没关系，是因为你不明白所谓”价值”为何物。你根本就没明白上市公司和不上市公司的区别，所以你下次还会恐惧。（2011-10-25）
问：上市公司和不上市公司有本质区别吗？
答：就是因为本没有区别，哪来的市场恐惧呢？比如欧洲金融危机和我住的房子是没关系的，当然如果你是借钱买的可能就有关系了。（2011-10-25）
问：怎么判断股价便不便宜？
答：这是关注短期关注市场的人才会问的问题。我不考虑这个问题。我关注长期，看不懂的不碰。任何想市场，想时机的做法，可能都是错误的，我不看市场，我看生意。你说某只股票贵，how do you know？站在现在看10年前，估计什么都是贵的。你站在10年后看现在，能看懂而且便宜的公司，买就行了。（2018-09-30）
问：怎么考虑质地一般但很便宜的公司？
答：用拥有10年或20年的角度看，不要想市场。（2018-01-10）
问：A股的投资者有希望吗？
答：哪个股票市场里大部分”投资者”都是没希望的，牛市熊市都一样。好的”投资者”在哪个市场最后都能找到机会！（2011-12-15）
问：什么股票都不买的人怎么样？
答：其实什么股票都不买的人都是赢家，比85%的人要强。（2013-12-22）
问：怎么才算真正懂一家公司？
答：这里没有一个公式，但你真的懂的时候你会知道的。最重要的东西是你能真正忽略市场的波动，聚焦在生意上。想象你打算买一家公司，拿着10年都不上市你依然能睡好觉，那你大概就懂了。（2019-05-04）
问：股市上那些长期亏钱的大多属于什么人？
答：股市上那些长期亏钱的大多属于不知道自己能力圈有多大的人。（2010-06-21）
问：理解价值投资不等于就能在股市上赚到钱，这句话怎么理解？
答：理解价值投资不等于就能在股市上赚到钱，就像知道要”做对的事情”不等于就能做到一样。（2010-06-21）
问：时间是优秀企业的朋友，平庸企业的敌人，这句话怎么理解？
答：（引用巴菲特）时间是优秀企业的朋友，平庸企业的敌人。你可能认为这个原则平淡无奇，但我是通过深刻的教训才学习到的。（2015-03-26）
问：便宜货不是随时都有，这句话怎么理解？
答：便宜货不是随时都有，更不是看完巴菲特的书就能找到的。（2010-06-21）
🔗 相关笔记
相关概念 买股票就是买公司 · 平常心 · 长期主义 · 能力圈 相关人物 段永平 · 巴菲特 相关主题 如何看待市场波动 · 买卖时机与持股逻辑篇精选 · 段永平的价值投资体系