雜誌《財富》獲得了「股神」巴菲特每年一次致股東的信函摘錄，提出了五大投資準則，掌中投醒投資者應把股票投資當成物業投資，注重長期盈利潛力，而不是短期價格波動。巴菲特又引用恩師Ben Graham名句 “Investment is most Intelligent when it is most businesslike”作為信函的開場白。
1. 「你不需要成為專家，來實現滿意的投資回報。」巴菲特還警告，投資者應認識到其局限，別把事情搞複雜。
You don't need to be an expert in order to achieve satisfactory investment returns. But if you aren't, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don't swing for the fences. When promised quick profits, respond with a quick "no."
2. 「關注你所考慮投資的未來生產力。」巴菲特指，沒人能夠完美預測一項投資的未來盈利性。「無所不知沒有必要的，你只要理解你採取的行動。」
Focus on the future productivity of the asset you are considering. If you don't feel comfortable making a rough estimate of the asset's future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn't necessary; you only need to understand the actions you undertake.
3. 「若你相反去盯著一項投資的預期價格變動，你是在投機。」巴菲特並不反對價格投機，但他強調，重要的是分清對資產生產力的投資和投資於資產價格變動期望的不同。
If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that a given asset has appreciated in the recent past is never a reason to buy it.
4. 「考慮到我的兩次小型投資，我在乎的只是資產將會創造出什麼，根本不在乎其每日價格波動。比賽輸贏是由注意力集中於賽場的人決定的，而不是目不轉睛盯著記分牌的家伙。如果你能夠享受周末，不去查看股價，你就該試試交易日也這麼做。」總之就是關注長期。
With my two small investments, I thought only of what the properties would produce and cared not at all about their daily valuations. Games are won by players who focus on the playing field -- not by those whose eyes are glued to the scoreboard. If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.
5. 「形成宏觀觀點，或聽其他人對宏觀或市場的看法，都是浪費時間。實際上，這是危險的，因為這或影響你看待真正重要的事實。」
Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. (When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle's scathing comment: "You don't know how easy this game is until you get into that broadcasting booth.")
2014年2月25日 星期二
2014年2月12日 星期三
月供 2800 盈富基金 Jul 2013 - Feb 2014
| Date | Cost | Share Price | No. of Shares | HSI PE / Yield |
| 2013-07-11 | $4,988.10 | $21.85 | 226 | 10.42 / 3.48 |
| 2013-08-13 | $4,984.25 | $22.95 | 215 | 10.96 / 3.31 |
| 2013-09-11 | $4,990.00 | $23.75 | 208 | 11.22 / 3.25 |
| 2013-10-11 | $4,980.25 | $24.05 | 205 | 11.36 / 3.21 |
| 2013-11-12 | $4,979.00 | $23.25 | 212 | 11.21 / 3.26 |
| 2013-11-29 | -$495.00 | $0.058 (Fin Div) | ||
| 2013-12-11 | $4,976.60 | $23.80 | 207 | 11.44 / 3.2 |
| 2014-01-13 | $4,980.95 | $23.15 | 213 | 11.22 / 3.26 |
| 2014-02-11 | $4,988.75 | $21.95 | 225 | 10.78 / 3.4 |
| Unit Cost | ||||
| Total | $39,372.90 | $23.01 | 1711 |
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