来源：市场资讯

（来源：Charlie伴你投资）

以下内容节选自塞思·卡拉曼的书籍《Margin of Safety》：

There is nothing inherent in a security or business that alone makes it an attractive investment. Investment opportunity is a function of price, which is established in the marketplace.

无论是证券还是企业，其本身并没有任何内在的特质能够单凭这一点就使其成为一项有吸引力的投资。投资机会取决于市场价格，而价格则由市场决定。

Some investors buy and hold for the long term, stashing their securities in the proverbial vault for years. While such a strategy may have made sense at some time in the past, it seems misguided today. This is because the financial markets are prolific creators of investment opportunities. Investors who are out of touch with the markets will find it difficult to be in touch with buying and selling opportunities regularly created by the markets. Today with so many market participants having little or no fundamental knowledge of the businesses their investments represent, opportunities to buy and sell seem to present themselves at a rapid pace. Given the geopolitical and macro-economic uncertainties we face in the early 1990s and are likely to continue to face in the future, why would abstaining from trading be better than periodically reviewing one’s holdings?

一些投资者买入后长期持有，把证券藏在所谓的保险箱里一放就是多年。虽然这种策略在过去某个时期或许还说得通，但在今天看来却是一种错误的观念。这是因为金融市场源源不断地创造着投资机会。那些与市场脱节的投资者会发现，自己很难把握市场持续涌现的买卖机会。如今，大量市场参与者对其投资所代表的企业几乎毫无基本面认知，买卖机会似乎正以飞快的速度不断出现。鉴于我们在1990年代初期面临的——以及未来很可能继续面临的——地缘政治与宏观经济的不确定性，一味持有而不交易、不定期审视自己的持仓，又怎能是更优的选择呢？

声明：非投资建议